SPRUCE POWER HOLDING CORP Q4 FY2024 earnings call

• Acquired a residential solar portfolio of approx 9,800 systems from NJR Clean Energy Ventures in November 2024, expanding presence in New Jersey with ~16,000 customers. Gross portfolio value in fourth quarter was $910 million including NJR vs $749 million without it. • Reconnected 4,800 systems, reduced ticket cycle times, cleared 10,000 backlog service tickets, upgraded meters, customer satisfaction score rose to 83% from 74% in 2023. • Legacy XL Fleet legal matters resolved. • Launched third-party servicing channel Spruce Pro, finalized agreement with ADT Solar covering ~60,000 systems. • Corporate strategy pillars: acquire installed systems portfolios, leverage Spruce Pro channel, expand subscription-based solutions for distributed energy. • 2025 cost optimization strategies: focus on reducing O&M costs, operational enhancements via strategic sourcing and procurement, better vendor management.

Fourth quarter revenue was $20.2 million compared to $15.7 million in the prior year period. Full year 2024 GAAP revenue was $82.1 million compared to $79.9 million in 2023. Fourth quarter core OpEx (SG&A and portfolio O&M) was $20.7 million vs $17.6 million prior year. Fourth quarter GAAP net loss attributable to stockholders was $5.9 million. Fourth quarter operating EBITDA was $10.8 million vs $11.3 million prior year. Full year 2024 operating EBITDA was $53.9 million, missing the guidance range of $57 million to $62 million due to O&M and legal expenses. End of fourth quarter total cash was approx $109.1 million, unrestricted cash $72.8 million. Long-term debt principal balance was $730.6 million with blended interest rate 6%. Hedge arrangements had net mark to market of positive $24.2 million at quarter-end.

Given the volatile residential solar, macroeconomic, inflationary, interest rate and utility rate environment, Spruce has decided not to provide financial guidance at this time.

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