Spruce Power Holding Corp Financials
This page shows Spruce Power Holding Corp (SPRU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Spruce Power’s operating turnaround is becoming visible, but debt service and liquidity pressure still shape the economics.
From FY2023 to FY2025, the operating engine improved sharply: EBIT swung from-$36.8M to$17.9M . Yet the same period ended with cash down to$54.8M and the current ratio at 0.5x, so the company is repairing profitability faster than it is rebuilding near-term liquidity.
FY2025 looks like profitability before financing, not full earnings recovery. Operating income reached
There is also a cash-conversion gap. EBITDA was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Spruce Power Holding Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Spruce Power Holding Corp scores -0.53, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($39.9M) relative to total liabilities ($716.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Spruce Power Holding Corp passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Spruce Power Holding Corp generates $0.14 in operating cash flow (-$3.5M OCF vs -$26.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Spruce Power Holding Corp earns $0.4 in operating income for every $1 of interest expense ($17.9M vs $50.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Spruce Power Holding Corp generated $111.8M in revenue in fiscal year 2025. This represents an increase of 36.2% from the prior year.
Spruce Power Holding Corp's EBITDA was $48.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 285.0% from the prior year.
Spruce Power Holding Corp reported -$26.0M in net income in fiscal year 2025. This represents an increase of 63.1% from the prior year.
Spruce Power Holding Corp earned $-1.44 per diluted share (EPS) in fiscal year 2025. This represents an increase of 62.3% from the prior year.
Cash & Balance Sheet
Spruce Power Holding Corp generated -$3.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 91.1% from the prior year.
Spruce Power Holding Corp held $54.8M in cash against $462.9M in long-term debt as of fiscal year 2025.
Spruce Power Holding Corp had 18M shares outstanding in fiscal year 2025. This represents a decrease of 0.8% from the prior year.
Margins & Returns
Spruce Power Holding Corp's operating margin was 16.0% in fiscal year 2025, reflecting core business profitability. This is up 77.4 percentage points from the prior year.
Spruce Power Holding Corp's net profit margin was -23.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 62.6 percentage points from the prior year.
Spruce Power Holding Corp's ROE was -21.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.1 percentage points from the prior year.
Capital Allocation
Spruce Power Holding Corp spent $1.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 113.1% from the prior year.
Spruce Power Holding Corp invested $221K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 37.6% from the prior year.
SPRU Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.4M-2.5% | $24.0M-21.9% | $30.7M-7.6% | $33.2M+39.5% | $23.8M+19.4% | $20.0M-6.6% | $21.4M-4.9% | $22.5M |
| Cost of Revenue | $7.3M | N/A | N/A | N/A | N/A | N/A | $9.7M-4.8% | $10.1M |
| Gross Profit | $16.1M | N/A | N/A | N/A | N/A | N/A | $11.7M-5.0% | $12.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $11.6M-6.7% | $12.4M-4.1% | $12.9M-14.3% | $15.1M+3.0% | $14.7M-3.5% | $15.2M+12.4% | $13.5M-19.0% | $16.7M |
| Operating Income | $3.8M+70.9% | $2.3M-73.5% | $8.5M-4.7% | $8.9M+624.3% | -$1.7M+72.9% | -$6.3M+83.1% | -$37.2M-1005.9% | -$3.4M |
| Interest Expense | $12.3M-2.6% | $12.6M-1.6% | $12.8M0.0% | $12.8M+1.2% | $12.7M+22.6% | $10.3M-9.1% | $11.4M+49.7% | $7.6M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | N/A | $0 | $0 |
| Net Income | -$2.9M+57.4% | -$6.9M-698.0% | -$860K+71.0% | -$3.0M+80.7% | -$15.3M-158.7% | -$5.9M+88.9% | -$53.5M-524.0% | -$8.6M |
| EPS (Diluted) | $-0.16 | N/A | $-0.05+70.6% | $-0.17+79.8% | $-0.84 | N/A | $-2.88-540.0% | $-0.45 |
SPRU Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $824.4M-1.5% | $837.3M-2.3% | $857.1M-0.6% | $862.6M-1.7% | $878.0M-2.3% | $898.5M+11.4% | $806.8M-6.0% | $858.4M |
| Current Assets | $111.3M-3.9% | $115.9M-7.6% | $125.4M+5.1% | $119.3M-5.2% | $125.9M-7.7% | $136.4M-21.1% | $173.0M-3.3% | $178.9M |
| Cash & Equivalents | $50.0M-8.8% | $54.8M+2.2% | $53.6M+0.3% | $53.5M-13.6% | $61.9M-14.9% | $72.8M-35.9% | $113.7M-2.5% | $116.6M |
| Inventory | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $18.8M+19.4% | $15.7M-12.9% | $18.1M-7.0% | $19.4M-0.5% | $19.5M+30.3% | $15.0M+30.2% | $11.5M-13.0% | $13.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $28.8M |
| Total Liabilities | $705.0M-1.5% | $716.0M-1.9% | $729.7M-0.7% | $735.2M-1.6% | $747.2M-0.7% | $752.3M+14.8% | $655.1M+0.2% | $653.9M |
| Current Liabilities | $231.0M-3.2% | $238.8M-3.4% | $247.1M+3.2% | $239.5M+303.2% | $59.4M-0.3% | $59.6M-5.2% | $62.8M+16.7% | $53.8M |
| Long-Term Debt | $460.3M-0.6% | $462.9M-0.8% | $466.8M-2.6% | $479.4M-28.6% | $671.8M-0.8% | $677.0M+17.3% | $577.0M-1.3% | $584.5M |
| Total Equity | $116.9M-1.6% | $118.8M-4.8% | $124.9M-0.1% | $125.0M-4.4% | $130.8M-9.0% | $143.7M-5.2% | $151.6M-25.9% | $204.6M |
| Retained Earnings | -$357.3M-0.8% | -$354.4M-2.0% | -$347.5M-0.2% | -$346.7M-0.9% | -$343.7M-4.7% | -$328.4M-1.8% | -$322.4M-19.9% | -$268.9M |
SPRU Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.7M+18.3% | -$3.3M-129.4% | $11.2M+579.7% | -$2.3M+74.3% | -$9.1M+32.2% | -$13.5M-1180.5% | -$1.1M+79.5% | -$5.1M |
| Capital Expenditures | $0-100.0% | $1K-97.2% | $36K-62.9% | $97K+11.5% | $87K-49.4% | $172K+437.5% | $32K-61.4% | $83K |
| Free Cash Flow | -$2.7M+18.3% | -$3.3M-129.5% | $11.2M+559.1% | -$2.4M+73.5% | -$9.2M+32.4% | -$13.6M-1158.5% | -$1.1M+79.2% | -$5.2M |
| Investing Cash Flow | $5.3M-32.3% | $7.9M-8.5% | $8.6M+108.9% | $4.1M-1.3% | $4.2M+103.3% | -$124.8M-1359.3% | $9.9M+27.1% | $7.8M |
| Financing Cash Flow | -$10.2M+0.4% | -$10.2M+11.6% | -$11.5M-48.1% | -$7.8M-0.8% | -$7.7M-107.9% | $97.4M+1172.1% | -$9.1M-324.7% | -$2.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0-100.0% | $1.0M+25.0% | $808K-5.3% | $853K | $0 | $0 |
SPRU Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.0% | N/A | N/A | N/A | N/A | N/A | 54.8%-0.1pp | 54.9% |
| Operating Margin | 16.4%+7.1pp | 9.4%-18.2pp | 27.6%+0.8pp | 26.8%+33.9pp | -7.1%+24.3pp | -31.4%+142.4pp | -173.8%-158.9pp | -14.9% |
| Net Margin | -12.5%+16.1pp | -28.6%-25.8pp | -2.8%+6.1pp | -8.9%+55.4pp | -64.3%-34.6pp | -29.7%+220.7pp | -250.4%-212.2pp | -38.2% |
| Return on Equity | -2.5%+3.3pp | -5.8%-5.1pp | -0.7%+1.7pp | -2.4%+9.4pp | -11.7%-7.6pp | -4.1%+31.2pp | -35.3%-31.1pp | -4.2% |
| Return on Assets | -0.4%+0.5pp | -0.8%-0.7pp | -0.1%+0.2pp | -0.3%+1.4pp | -1.8%-1.1pp | -0.7%+6.0pp | -6.6%-5.6pp | -1.0% |
| Current Ratio | 0.480.0 | 0.49-0.0 | 0.510.0 | 0.50-1.6 | 2.12-0.2 | 2.29-0.5 | 2.75-0.6 | 3.32 |
| Debt-to-Equity | 3.94+0.0 | 3.90+0.2 | 3.74-0.1 | 3.84-1.3 | 5.14+0.4 | 4.71+0.9 | 3.81+0.9 | 2.86 |
| FCF Margin | -11.5%+2.2pp | -13.8%-50.2pp | 36.5%+43.8pp | -7.3%+31.3pp | -38.6%+29.6pp | -68.3%-63.2pp | -5.1%+18.1pp | -23.1% |
Note: The current ratio is below 1.0 (0.49), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Spruce Power Holding Corp's annual revenue?
Spruce Power Holding Corp (SPRU) reported $111.8M in total revenue for fiscal year 2025. This represents a 36.2% 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 36.2% year-over-year, from $82.1M to $111.8M in fiscal year 2025.
Is Spruce Power Holding Corp profitable?
No, Spruce Power Holding Corp (SPRU) reported a net income of -$26.0M in fiscal year 2025, with a net profit margin of -23.3%.
What is Spruce Power Holding Corp's EBITDA?
Spruce Power Holding Corp (SPRU) had EBITDA of $48.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Spruce Power Holding Corp have?
As of fiscal year 2025, Spruce Power Holding Corp (SPRU) had $54.8M in cash and equivalents against $462.9M in long-term debt.
What is Spruce Power Holding Corp's operating margin?
Spruce Power Holding Corp (SPRU) had an operating margin of 16.0% in fiscal year 2025, 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 -23.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Spruce Power Holding Corp's return on equity (ROE)?
Spruce Power Holding Corp (SPRU) has a return on equity of -21.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Spruce Power Holding Corp's free cash flow?
Spruce Power Holding Corp (SPRU) generated -$3.8M in free cash flow during fiscal year 2025. This represents a 91.1% 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 -$3.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Spruce Power Holding Corp's total assets?
Spruce Power Holding Corp (SPRU) had $837.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Spruce Power Holding Corp's capital expenditures?
Spruce Power Holding Corp (SPRU) invested $221K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Spruce Power Holding Corp's current ratio?
Spruce Power Holding Corp (SPRU) had a current ratio of 0.49 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Spruce Power Holding Corp's debt-to-equity ratio?
Spruce Power Holding Corp (SPRU) had a debt-to-equity ratio of 3.90 as of fiscal year 2025, 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 -3.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spruce Power Holding Corp's cash runway?
Based on fiscal year 2025 data, Spruce Power Holding Corp (SPRU) had $54.8M in cash against an annual operating cash burn of $3.5M. This gives an estimated cash runway of approximately 186 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 Altman Z-Score?
Spruce Power Holding Corp (SPRU) has an Altman Z-Score of -0.53, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Spruce Power Holding Corp's Piotroski F-Score?
Spruce Power Holding Corp (SPRU) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 0.14x, 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 0.4x, 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 58 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.