Spruce Power Holding Corp Financials

SPRU

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Spruce Power Holding Corp (SPRU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 22/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Spruce Power Holding Corp has an operating margin of -61.4%, meaning the company retains $-61 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -46.1% the prior year.

Growth

Spruce Power Holding Corp's revenue grew a modest 2.8% year-over-year to $82.1M. This slow but positive growth earns a score of 37/100.

Leverage

Spruce Power Holding Corp has elevated debt relative to equity (D/E of 4.71), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

With a current ratio of 2.29, Spruce Power Holding Corp holds $2.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.

Cash Flow

While Spruce Power Holding Corp generated -$41.8M in operating cash flow, capex of $354K consumed most of it, leaving -$42.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

2/9

Spruce Power Holding Corp passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.59x

For every $1 of reported earnings, Spruce Power Holding Corp generates $0.59 in operating cash flow (-$41.8M OCF vs -$70.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-1.3x

Spruce Power Holding Corp earns $-1.3 in operating income for every $1 of interest expense (-$50.4M vs $40.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$82.1M

YoY+2.8%

5Y CAGR+62.6%

Spruce Power Holding Corp generated $82.1M in revenue in fiscal year 2024. This represents an increase of 2.8% from the prior year.

EBITDA

-$29.1M

YoY-91.1%

Spruce Power Holding Corp's EBITDA was -$29.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 91.1% from the prior year.

Free Cash Flow

-$42.2M

YoY-23.4%

Spruce Power Holding Corp generated -$42.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 23.4% from the prior year.

Net Income

-$70.5M

YoY-7.1%

Spruce Power Holding Corp reported -$70.5M in net income in fiscal year 2024. This represents a decrease of 7.1% from the prior year.

EPS (Diluted)

$-3.82

YoY-6.7%

Spruce Power Holding Corp earned $-3.82 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 6.7% from the prior year.

Cash & Debt

$72.8M

YoY-48.5%

5Y CAGR+83.1%

Spruce Power Holding Corp held $72.8M in cash against $677.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

18M

YoY+0.1%

Spruce Power Holding Corp had 18M shares outstanding in fiscal year 2024. This represents an increase of 0.1% from the prior year.

Gross Margin

N/A

Operating Margin

-61.4%

YoY-15.3pp

5Y CAGR+126.7pp

Spruce Power Holding Corp's operating margin was -61.4% in fiscal year 2024, reflecting core business profitability. This is down 15.3 percentage points from the prior year.

Net Margin

-85.9%

YoY-3.4pp

5Y CAGR+120.7pp

Spruce Power Holding Corp's net profit margin was -85.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$853K

YoY-84.3%

Spruce Power Holding Corp spent $853K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 84.3% from the prior year.

Capital Expenditures

$354K

YoY-29.1%

5Y CAGR+66.1%

Spruce Power Holding Corp invested $354K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 29.1% from the prior year.

SPRU Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$82.1M+2.8%	$79.9M+244.3%	$23.2M+48.7%	$15.6M-23.3%	$20.3M+181.9%	$7.2M
Cost of Revenue	N/A	$37.8M+280.1%	$9.9M-38.9%	$16.3M-7.4%	$17.6M+117.9%	$8.1M
Gross Profit	N/A	$42.0M+217.4%	$13.2M+2003.0%	-$696K-125.4%	$2.7M+419.1%	-$860K
R&D Expenses	N/A	N/A	N/A	$10.8M+142.4%	$4.4M+54.7%	$2.9M
SG&A Expenses	$58.9M+4.9%	$56.1M-23.2%	$73.1M+108.3%	$35.1M+158.2%	$13.6M+38.2%	$9.8M
Operating Income	-$50.4M-36.9%	-$36.8M+37.9%	-$59.3M-69.0%	-$35.1M-129.5%	-$15.3M-12.7%	-$13.6M
Interest Expense	$40.2M-4.1%	$41.9M+267.8%	$11.4M+30713.5%	$37K-60.6%	$94K-5.1%	$99K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$70.5M-7.1%	-$65.8M+29.9%	-$93.9M-426.3%	$28.8M+147.5%	-$60.6M-306.7%	-$14.9M
EPS (Diluted)	$-3.82-6.7%	$-3.58+32.1%	$-5.27	$0.19+126.4%	$-0.72-278.9%	$-0.19

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$30.7M-7.6%	$33.2M+39.6%	$23.8M+19.3%	$20.0M-6.6%	$21.4M-4.9%	$22.5M+22.9%	$18.3M+16.5%	$15.7M
Cost of Revenue	N/A	N/A	N/A	N/A	$9.7M-4.8%	$10.1M+14.3%	$8.9M-23.3%	$11.6M
Gross Profit	N/A	N/A	N/A	N/A	$11.7M-5.0%	$12.3M+31.0%	$9.4M+127.2%	$4.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$12.9M-14.3%	$15.1M+7.1%	$14.1M-7.2%	$15.2M+12.4%	$13.5M-19.0%	$16.7M+24.0%	$13.5M+12.0%	$12.0M
Operating Income	$8.5M-4.7%	$8.9M+625.5%	-$1.7M+73.0%	-$6.3M+83.1%	-$37.2M-1005.9%	-$3.4M+6.6%	-$3.6M+57.7%	-$8.5M
Interest Expense	$12.8M0.0%	$12.8M+1.2%	$12.7M+22.6%	$10.3M-9.1%	$11.4M+49.7%	$7.6M-30.6%	$10.9M-1.6%	$11.1M
Income Tax	$0	$0	$0	N/A	$0	$0	$0	N/A
Net Income	-$860K+71.0%	-$3.0M+80.7%	-$15.3M-158.7%	-$5.9M+88.9%	-$53.5M-524.0%	-$8.6M-249.6%	-$2.5M+91.9%	-$30.2M
EPS (Diluted)	$-0.05+70.6%	$-0.17+79.8%	$-0.84-133.3%	$-0.36+87.5%	$-2.88-540.0%	$-0.45-246.2%	$-0.13+91.7%	$-1.56

SPRU Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$898.5M+0.4%	$895.0M+8.3%	$826.6M+110.2%	$393.2M+13.3%	$347.0M+3651.9%	$9.2M
Current Assets	$136.4M-32.9%	$203.3M-26.0%	$275.0M-26.6%	$374.6M+8.5%	$345.3M+4776.7%	$7.1M
Cash & Equivalents	$72.8M-48.5%	$141.4M-35.8%	$220.3M-37.4%	$351.7M+6.7%	$329.6M+9222.4%	$3.5M
Inventory	N/A	N/A	N/A	$15.3M+327.0%	$3.6M+59.6%	$2.2M
Accounts Receivable	$15.0M+63.4%	$9.2M+10.2%	$8.3M	$0-100.0%	$10.6M+811.0%	$1.2M
Goodwill	$0-100.0%	$28.8M0.0%	$28.8M	$0-100.0%	$489K0.0%	$489K
Total Liabilities	$752.3M+10.6%	$680.4M+26.6%	$537.6M+1611.4%	$31.4M-80.1%	$158.1M+589.0%	$22.9M
Current Liabilities	$59.6M-16.9%	$71.7M+20.1%	$59.7M+258.9%	$16.6M+83.1%	$9.1M-41.4%	$15.5M
Long-Term Debt	$677.0M+14.6%	$590.9M+24.5%	$474.4M	$0-100.0%	$98K-94.7%	$1.8M
Total Equity	$143.7M-33.1%	$214.7M-25.7%	$288.9M-20.2%	$361.8M+91.5%	$188.9M+1478.8%	-$13.7M
Retained Earnings	-$328.4M-27.3%	-$257.9M-33.4%	-$193.3M-94.5%	-$99.4M+22.5%	-$128.2M-89.7%	-$67.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$857.1M-0.6%	$862.6M-1.7%	$878.0M-2.3%	$898.5M+11.4%	$806.8M-6.0%	$858.4M-1.1%	$867.9M-3.0%	$895.0M
Current Assets	$125.4M+5.1%	$119.3M-5.2%	$125.9M-7.7%	$136.4M-21.1%	$173.0M-3.3%	$178.9M+0.4%	$178.2M-12.3%	$203.3M
Cash & Equivalents	$53.6M+0.3%	$53.5M-13.6%	$61.9M-14.9%	$72.8M-35.9%	$113.7M-2.5%	$116.6M-3.3%	$120.6M-14.7%	$141.4M
Inventory	N/A	N/A	N/A	$2.2M	N/A	N/A	N/A	N/A
Accounts Receivable	$18.1M-7.0%	$19.4M-0.5%	$19.5M+30.2%	$15.0M+30.3%	$11.5M-13.0%	$13.3M+20.9%	$11.0M+19.3%	$9.2M
Goodwill	N/A	N/A	N/A	$0	$0-100.0%	$28.8M0.0%	$28.8M0.0%	$28.8M
Total Liabilities	$729.7M-0.7%	$735.2M-1.6%	$747.2M-0.7%	$752.3M+14.8%	$655.1M+0.2%	$653.9M-0.2%	$654.9M-3.7%	$680.4M
Current Liabilities	$247.1M+3.2%	$239.5M+303.2%	$59.4M-0.3%	$59.6M-5.2%	$62.8M+16.7%	$53.8M+1.1%	$53.2M-25.8%	$71.7M
Long-Term Debt	$466.8M-2.6%	$479.4M-28.6%	$671.8M-0.8%	$677.0M+17.3%	$577.0M-1.3%	$584.5M-0.1%	$585.4M-0.9%	$590.9M
Total Equity	$124.9M-0.1%	$125.0M-4.4%	$130.8M-9.0%	$143.7M-5.2%	$151.6M-25.9%	$204.6M-3.9%	$213.0M-0.8%	$214.7M
Retained Earnings	-$347.5M-0.2%	-$346.7M-0.9%	-$343.7M-4.7%	-$328.4M-1.8%	-$322.4M-19.9%	-$268.9M-3.3%	-$260.3M-1.0%	-$257.9M

SPRU Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$41.8M-24.2%	-$33.7M+47.0%	-$63.5M-30.9%	-$48.5M-143.9%	-$19.9M-72.1%	-$11.6M
Capital Expenditures	$354K-29.1%	$499K	$0-100.0%	$3.6M+2411.0%	$145K+417.9%	$28K
Free Cash Flow	-$42.2M-23.4%	-$34.2M+46.2%	-$63.5M-21.8%	-$52.1M-160.3%	-$20.0M-73.0%	-$11.6M
Investing Cash Flow	-$101.4M-506.0%	-$16.7M+42.3%	-$29.0M-95.6%	-$14.8M-10126.9%	-$145K-417.9%	-$28K
Financing Cash Flow	$79.4M+572.6%	-$16.8M+12.4%	-$19.2M-122.5%	$85.4M-75.4%	$346.3M+3660.7%	$9.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$853K-84.3%	$5.4M	$0	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$11.2M+579.7%	-$2.3M+74.3%	-$9.1M+32.2%	-$13.5M-1180.5%	-$1.1M+79.5%	-$5.1M+76.9%	-$22.2M-25.1%	-$17.7M
Capital Expenditures	$36K-62.9%	$97K+11.5%	$87K-49.4%	$172K+437.5%	$32K-61.4%	$83K+23.9%	$67K-68.7%	$214K
Free Cash Flow	$11.2M+559.1%	-$2.4M+73.5%	-$9.2M+32.4%	-$13.6M-1158.5%	-$1.1M+79.2%	-$5.2M+76.6%	-$22.3M-24.0%	-$18.0M
Investing Cash Flow	$8.6M+108.9%	$4.1M-1.3%	$4.2M+103.3%	-$124.8M-1359.3%	$9.9M+27.1%	$7.8M+37.0%	$5.7M-29.4%	$8.1M
Financing Cash Flow	-$11.5M-48.1%	-$7.8M-0.8%	-$7.7M-107.9%	$97.4M+1172.1%	-$9.1M-324.7%	-$2.1M+68.4%	-$6.8M+33.0%	-$10.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0-100.0%	$1.0M+25.0%	$808K-5.3%	$853K	$0	$0	$0-100.0%	$305K

SPRU Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	52.6%-4.5pp	57.1%+61.6pp	-4.5%-17.9pp	13.5%+25.4pp	-11.9%
Operating Margin	-61.4%-15.3pp	-46.1%+209.5pp	-255.6%-30.7pp	-225.0%-149.8pp	-75.2%+112.9pp	-188.1%
Net Margin	-85.9%-3.4pp	-82.4%+322.6pp	-405.0%-589.5pp	184.5%+482.5pp	-298.0%-91.5pp	-206.5%
Return on Equity	N/A	N/A	N/A	8.0%	N/A	N/A
Return on Assets	-7.8%-0.5pp	-7.4%+4.0pp	-11.4%-18.7pp	7.3%+24.8pp	-17.5%+143.6pp	-161.1%
Current Ratio	2.29-0.5	2.84-1.8	4.61-17.9	22.52-15.5	38.02+37.6	0.46
Debt-to-Equity	4.71+2.0	2.75+1.1	1.64+1.6	0.000.0	0.00+0.1	-0.14
FCF Margin	-51.3%-8.6pp	-42.8%+230.9pp	-273.7%+60.5pp	-334.2%-235.7pp	-98.5%+62.0pp	-160.5%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	N/A	N/A	N/A	N/A	54.8%-0.1pp	54.9%+3.4pp	51.5%+25.1pp	26.4%
Operating Margin	27.6%+0.8pp	26.8%+33.9pp	-7.1%+24.3pp	-31.4%+142.4pp	-173.8%-158.9pp	-14.9%+4.7pp	-19.7%+34.5pp	-54.2%
Net Margin	-2.8%+6.1pp	-8.9%+55.5pp	-64.4%-34.7pp	-29.7%+220.7pp	-250.4%-212.2pp	-38.2%-24.7pp	-13.4%+178.8pp	-192.3%
Return on Equity	N/A	N/A	N/A	N/A	13.3%	N/A	N/A	N/A
Return on Assets	-0.1%+0.2pp	-0.3%+1.4pp	-1.8%-1.1pp	-0.7%+6.0pp	-6.6%-5.6pp	-1.0%-0.7pp	-0.3%+3.1pp	-3.4%
Current Ratio	0.510.0	0.50-1.6	2.12-0.2	2.29-0.5	2.75-0.6	3.32-0.0	3.35+0.5	2.84
Debt-to-Equity	3.74-0.1	3.84-1.3	5.14+0.4	4.71+0.9	3.81+0.9	2.86+0.1	2.750.0	2.75
FCF Margin	36.5%+43.8pp	-7.3%+31.3pp	-38.7%+29.6pp	-68.3%-63.2pp	-5.1%+18.1pp	-23.1%+98.6pp	-121.7%-7.4pp	-114.3%

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Frequently Asked Questions

What is Spruce Power Holding Corp's annual revenue?

Spruce Power Holding Corp (SPRU) reported $82.1M in total revenue for fiscal year 2024. This represents a 2.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Spruce Power Holding Corp's revenue growing?

Spruce Power Holding Corp (SPRU) revenue grew by 2.8% year-over-year, from $79.9M to $82.1M in fiscal year 2024.

Is Spruce Power Holding Corp profitable?

No, Spruce Power Holding Corp (SPRU) reported a net income of -$70.5M in fiscal year 2024, with a net profit margin of -85.9%.

What is Spruce Power Holding Corp's earnings per share (EPS)?

Spruce Power Holding Corp (SPRU) reported diluted earnings per share of $-3.82 for fiscal year 2024. This represents a -6.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Spruce Power Holding Corp's EBITDA?

Spruce Power Holding Corp (SPRU) had EBITDA of -$29.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Spruce Power Holding Corp have?

As of fiscal year 2024, Spruce Power Holding Corp (SPRU) had $72.8M in cash and equivalents against $677.0M in long-term debt.

What is Spruce Power Holding Corp's operating margin?

Spruce Power Holding Corp (SPRU) had an operating margin of -61.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Spruce Power Holding Corp's net profit margin?

Spruce Power Holding Corp (SPRU) had a net profit margin of -85.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Spruce Power Holding Corp's free cash flow?

Spruce Power Holding Corp (SPRU) generated -$42.2M in free cash flow during fiscal year 2024. This represents a -23.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Spruce Power Holding Corp's operating cash flow?

Spruce Power Holding Corp (SPRU) generated -$41.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Spruce Power Holding Corp's total assets?

Spruce Power Holding Corp (SPRU) had $898.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Spruce Power Holding Corp's capital expenditures?

Spruce Power Holding Corp (SPRU) invested $354K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Spruce Power Holding Corp buy back shares?

Yes, Spruce Power Holding Corp (SPRU) spent $853K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Spruce Power Holding Corp have outstanding?

Spruce Power Holding Corp (SPRU) had 18M shares outstanding as of fiscal year 2024.

What is Spruce Power Holding Corp's current ratio?

Spruce Power Holding Corp (SPRU) had a current ratio of 2.29 as of fiscal year 2024, which is generally considered healthy.

What is Spruce Power Holding Corp's debt-to-equity ratio?

Spruce Power Holding Corp (SPRU) had a debt-to-equity ratio of 4.71 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Spruce Power Holding Corp's return on assets (ROA)?

Spruce Power Holding Corp (SPRU) had a return on assets of -7.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Spruce Power Holding Corp's cash runway?

Based on fiscal year 2024 data, Spruce Power Holding Corp (SPRU) had $72.8M in cash against an annual operating cash burn of $41.8M. This gives an estimated cash runway of approximately 21 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Spruce Power Holding Corp's Piotroski F-Score?

Spruce Power Holding Corp (SPRU) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Spruce Power Holding Corp's earnings high quality?

Spruce Power Holding Corp (SPRU) has an earnings quality ratio of 0.59x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Spruce Power Holding Corp cover its interest payments?

Spruce Power Holding Corp (SPRU) has an interest coverage ratio of -1.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Spruce Power Holding Corp?

Spruce Power Holding Corp (SPRU) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.