Every 10-K that Spruce Power Holding Corporation (SPRU) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow SPRU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SPRU filings page.
Spruce Power Holding Corporation filed Amendment No. 3 to its annual report for the year ended December 31, 2025. The amendment primarily corrects exhibit references and files updated auditor consents; financial statements and other disclosures are unchanged from the prior amendment.
For 2025, Spruce Power generated $111.8 million in revenue, compared with $82.1 million in 2024, and reported a net loss attributable to stockholders of $26.0 million, versus $70.5 million. At year-end, total assets were about $837.3 million, total equity $121.3 million, non-recourse debt $676.8 million, and cash, cash equivalents and restricted cash $93.1 million.
Both management and the independent auditor highlight substantial doubt about Spruce Power’s ability to continue as a going concern, citing a large SP1 Facility debt maturing on October 30, 2026 (potentially January 30, 2027), negative working capital of $122.9 million, recurring net losses, and negative operating cash flows. Management plans to refinance the SP1 Facility but notes there is no committed financing; failure to refinance could lead to foreclosure on collateral and a cross-default on another non-recourse facility.
Spruce Power Holding Corporation filed Amendment No. 2 to its annual report to add the Part III sections on directors, executive compensation, ownership, and auditor matters. The amendment does not include financial statements or update prior disclosures.
The filing details 2025 pay for four named executives, including CEO Christopher Hayes with a $650,000 salary, a $650,000 cash bonus and $894,806 in RSU grants, all heavily tied to performance-based cash incentives and multi-year RSU vesting. A Short-Term Incentive Compensation Plan sets 2025 goals around adjusted free cash flow, new business net revenue and portfolio size, with bonuses ranging from 0% to 200% of target. An Executive Severance Plan outlines severance multiples and change-in-control protections for senior leaders. The amendment also shows auditor fees of $2.46 million for 2025 and that Steel Partners Holdings L.P. beneficially owned 3,366,567 shares, or 18.4%, of Spruce Power as of April 8, 2026.
Spruce Power Holding Corporation filed an amended annual report that leaves 2025 results unchanged but corrects the independent auditor’s report date and adds the auditor’s consent.
For 2025, Spruce Power generated $111.8 million of revenue and a net loss attributable to stockholders of $26.0 million, an improvement from a $70.5 million loss in 2024. Cash and cash equivalents were $54.8 million as of December 31, 2025, with total non‑recourse debt of $676.8 million, including $213.8 million classified as current. Management and the new auditor, CohnReznick LLP, state that debt maturing within twelve months, negative working capital of $122.9 million and recurring losses and negative operating cash flows raise substantial doubt about the company’s ability to continue as a going concern.
Spruce Power Holding Corporation files its annual report describing a distributed solar business built around roughly 84,000 home solar assets and customer contracts across 14 portfolios totaling about 509 MWdc. The company focuses on long-term subscription revenues, portfolio acquisitions, and its Spruce Pro servicing platform.
Recent growth has come from the SEMTH, Tredegar and NJR acquisitions, plus a 20‑year use right to about 22,500 customer payment streams. As of June 30, 2025, public float was valued at about $31.6 million, while long-term debt totaled $695.5 million as of December 31, 2025, contributing to explicit going concern and refinancing risks.