Spruce Power Holding Corporation
- Open
- 2.40
- Day high
- 2.44
- Day low
- 2.27
- Prev close
- 2.31
- Volume
- 24K
- Mkt cap
- $44M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.4
- P/S
- 0.4
- Yield
- —
- Per share
- —
- ▲Insiders net buying $58K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions accumulating (13F)
Spruce Power Holding Corporation (SPRU) is a Energy company listed on NYSE. The stock is up 60% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4).
Spruce Power Holding Corporation (SPRU) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPRU earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | — | $-0.16 | — | $23M | — |
| Mar 30, 2026 | — | $-0.38 | — | $24M | +35.0% |
| Mar 31, 2025 | $-0.34 | $-0.29 | +14.7% | $20M | +16.3% |
| Aug 14, 2024 | $-0.07 | $-0.46 | -557.1% | $22M | -8.2% |
| May 15, 2024 | — | $-0.13 | — | $18M | -81.6% |
| Nov 9, 2023 | $-1.66 | $-0.06 | +96.4% | $23M | +178.1% |
| Aug 10, 2023 | $-1.66 | $-0.08 | +95.2% | $23M | +172.9% |
| May 15, 2023 | $-1.56 | $-0.16 | +89.7% | $18M | +116.4% |
| Mar 23, 2023 | $-1.36 | $-0.64 | +53.0% | $18M | +116.7% |
| Mar 1, 2022 | $-0.11 | $-0.05 | +54.5% | $8M | +54.5% |
| Nov 15, 2021 | $-0.10 | $-0.05 | +50.0% | $3M | — |
| Aug 12, 2021 | $-0.05 | $-0.08 | -60.0% | $4M | — |
SPRU insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 18, 2026 | Norling Jonathan McWhinnieofficer: Chief Legal Officer | Sell | 15,000 | $2.84 |
| May 13, 2026 | Norling Jonathan McWhinnieofficer: Chief Legal Officer | Tax | 18,669 | $3.24 |
| May 7, 2026 | Kravetz Shawn Wdirector | Grant | 112,500 | — |
| May 7, 2026 | Kravetz Shawn Wdirector | Grant | 75,000 | — |
| Apr 22, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 24,335 | $4.13 |
| Apr 17, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 3,640 | $4.03 |
| Apr 17, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 10,463 | $4.09 |
| Apr 17, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 141 | $4.10 |
| Apr 14, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 2,975 | $4.00 |
| Apr 14, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 5,027 | $4.05 |
| Apr 14, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 1,700 | $4.00 |
| Apr 10, 2026 | Norling Jonathan McWhinnieofficer: Chief Legal Officer | Tax | 6,032 | $4.13 |
| Apr 9, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 5,000 | $4.00 |
| Apr 9, 2026 | STEEL PARTNERS HOLDINGS L.P.10 percent owner | Buy | 14,532 | $3.98 |
| Apr 6, 2026 | Norling Jonathan McWhinnieofficer: Chief Legal Officer | Tax | 11,233 | $4.11 |
Source: SPRU SEC Form 4 filings, latest Jun 18, 2026. For informational purposes only — not investment advice.
See the full SPRU insider & 13F page →Spruce Power Holding Corporation company profile
Overview
Spruce Power Holding Corporation (NYSE:SPRU) is a residential solar energy company that owns and operates distributed solar assets across the United States. The company was formed through a business combination in 2021, emerging from what was previously XL Fleet Corp., a commercial vehicle electrification company that underwent a strategic transformation to focus exclusively on residential solar energy. Headquartered in Denver, Colorado, Spruce Power has built a portfolio of approximately 85,000 home solar installations across 18 states, making it one of the largest third-party owners of residential solar assets in the country.
Business
Spruce Power operates in the residential solar energy sector, specifically as a third-party owner and operator of distributed solar energy systems. The company does not install new solar panels on homes; instead, it acquires existing portfolios of residential solar installations from solar developers and installers who need to recycle capital for new projects. The solar energy industry operates on several business models. When homeowners want solar panels, they can either purchase the system outright or enter into financing arrangements. Two common financing structures are solar leases and power purchase agreements (PPAs). In a solar lease, homeowners pay a fixed monthly fee to use the solar system. In a PPA, homeowners pay for the actual electricity generated by the panels at a predetermined rate, typically lower than utility rates. In both cases, a third-party company owns the solar equipment and is responsible for maintenance and operations. Spruce Power's core business involves acquiring these existing solar lease and PPA contracts from the original installers. The company then becomes the long-term owner and operator of these systems, collecting monthly payments from homeowners over contract terms that typically span 15-25 years. The company's portfolio has an average remaining contract life of more than 11 years. Beyond asset ownership, Spruce Power has developed Spruce Pro, a third-party servicing platform that provides operations and maintenance services to other solar asset owners. This includes system monitoring, maintenance, customer service, billing, and management of Solar Renewable Energy Credits (SRECs) - tradeable certificates that represent the environmental benefits of solar energy generation. The company's revenue streams include: 1) Monthly collections from homeowners under solar leases and PPAs (primary revenue source representing the majority of income), 2) Third-party servicing fees through Spruce Pro, and 3) SREC monetization activities.
Revenue model
Spruce Power generates revenue primarily through subscription-based recurring payments from homeowners who have solar systems installed on their properties under lease or power purchase agreements. These customers make monthly payments over contract terms typically ranging from 15-25 years, providing predictable cash flows. The company reported annual run-rate business cash inflows of $120-130 million. The company's business model is asset-heavy, requiring significant upfront capital to acquire solar portfolios. However, once acquired, these assets generate steady recurring revenue with minimal ongoing capital requirements. Spruce Power finances these acquisitions through a combination of equity and non-recourse debt secured by the customer payment streams. A secondary revenue stream comes from Spruce Pro, the company's third-party servicing platform, which generates service fees from other solar asset owners. This represents a capital-light growth opportunity, as it leverages the company's existing operational infrastructure and expertise without requiring asset purchases. The company has signed servicing agreements covering over 60,000 systems, including a significant contract with ADT Solar. Several factors impact the company's margins and profitability. Favorable factors include rising utility electricity rates, which make solar energy more attractive to homeowners and reduce customer churn; economies of scale in operations and maintenance as the portfolio grows; and the ability to refinance debt at favorable rates given the predictable cash flows. Challenging factors include system maintenance costs that can vary based on equipment age and weather events; customer satisfaction issues that can lead to early contract terminations; regulatory changes affecting solar incentives or net metering policies; and competition for portfolio acquisitions that can drive up acquisition prices. The company's debt structure is notable in that all $730.6 million in long-term debt is non-recourse, meaning it is secured only by the specific solar assets and customer contracts, not by the company's other assets. This debt carries a blended interest rate of approximately 6% and is serviced directly by customer collections.
Competitive moat
Spruce Power's competitive moat is relatively modest but derives from several operational advantages. The company has built specialized expertise in managing large-scale residential solar portfolios, including customer service systems, billing platforms, maintenance networks, and regulatory compliance across multiple states. This operational infrastructure creates some barriers to entry for new competitors and provides cost advantages when bidding for portfolio acquisitions. The company's scale advantages become more pronounced as the portfolio grows, allowing for better negotiation with vendors, more efficient routing of maintenance crews, and spreading of fixed costs across a larger asset base. The long-term nature of customer contracts (11+ years remaining on average) provides some stability and predictability that competitors cannot easily replicate. However, the moat is not particularly strong. The solar servicing industry is fragmented with many regional operators, and large financial institutions or utilities could potentially enter the market with significant capital resources. Portfolio acquisition is largely a function of capital availability and pricing discipline rather than unique competitive advantages. The company competes primarily on price when bidding for solar portfolios, and there are multiple well-funded competitors in this space. The Spruce Pro servicing platform represents a potential source of differentiation, as it allows the company to monetize its operational expertise without requiring capital-intensive asset purchases. However, this market is also competitive, with established players and new entrants offering similar services. Regulatory and policy risks pose ongoing challenges, as changes to solar incentives, net metering policies, or utility rate structures could impact the attractiveness of solar energy and affect customer retention. The company's geographic diversification across 18 states provides some protection against localized policy changes, but systemic shifts in solar policy could impact the entire industry.
Risks & safety
The company presents moderate financial risk with some concerning liquidity trends but strong asset backing. • Cash and liquidity: $61.9 million in unrestricted cash as of Q1 2025, down from $72.8 million in Q4 2024, indicating ongoing cash consumption • Cash burn: Negative free cash flow of $42.2 million for full year 2024, with Q1 2025 showing continued negative $9.1 million free cash flow • Debt profile: $723.8 million in long-term debt at 6% blended rate, but notably all debt is non-recourse and secured by customer payment streams • Solvency: Current ratio of 2.12x provides adequate short-term liquidity; debt-to-equity ratio of 4.96x is high but manageable given asset-backed nature • Valuation metrics: Trading at 0.31x book value, negative P/E due to losses, EV/EBITDA not meaningful due to negative EBITDA in recent quarters • Asset coverage: Gross portfolio value of $910 million provides substantial asset backing relative to debt levels • Revenue stability: Recurring revenue model with long-term contracts provides some downside protection, though growth has been modest
Recent development
Over the past few years, Spruce Power has undergone significant strategic evolution. The company completed its transformation from XL Fleet, a commercial vehicle electrification company, into a pure-play residential solar operator, relocating headquarters from Boston to Denver in the process. The company has pursued an acquisition-focused growth strategy, completing the purchase of approximately 9,800 solar systems from NJR Clean Energy Ventures in late 2024, which increased its gross portfolio value from $749 million to $910 million. This acquisition expanded the company's presence and added systems with an average remaining contract life of more than 11 years. Operational improvements have been a major focus, with the company investing heavily in customer satisfaction initiatives. Customer satisfaction scores improved dramatically from 54% in early 2022 to 83% by the end of 2024. The company cleared a backlog of 10,000 service tickets, reduced service cycle times, and implemented advanced asset management systems and upgraded meters across the portfolio. The launch of Spruce Pro represents a strategic pivot toward capital-light growth. This third-party servicing platform leverages the company's operational expertise to provide services to other solar asset owners. The company has signed significant servicing agreements, including a contract with ADT Solar covering 60,000 systems, and is actively building a pipeline of additional opportunities. Recent management changes include the departure of long-time CFO Sarah Wells after seven years with the company, with an interim CFO appointment expected and a permanent search underway. The company has also been implementing cost containment measures and operational efficiency improvements to work toward positive free cash flow generation.
SPRU company profile · for informational purposes only — not investment advice.
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