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Spruce Power (SPRU) Financials

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$2.01 -0.13 (-6.07%)
As of 08/26/2026 03:58 PM Eastern
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Annual Income Statements for Spruce Power

Annual Income Statements for Spruce Power

This table shows Spruce Power's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -15 -61 29 -94 -66 -70 -26
Consolidated Net Income / (Loss)		 -15 -61 29 -93 -67 -70 -26
Net Income / (Loss) Continuing Operations		 -15 -61 53 -53 -62 -70 -26
Total Pre-Tax Income 		-15 -61 53 -57 -62 -70 -26
Total Operating Income		 -14 -15 -35 -59 -37 -50 18
Total Gross Profit		 -0.86 2.74 0.00 13 42 42 73
Total Revenue		 7.22 20 0.00 23 80 82 112
Operating Revenue		 7.22 20 0.00 23 80 82 112
Total Cost of Revenue		 8.08 18 0.00 9.95 38 40 39
Operating Cost of Revenue		 8.08 18 0.00 9.95 38 40 39
Total Operating Expenses		 13 18 35 73 79 93 55
Selling, General & Admin Expense		 9.84 14 35 73 56 59 55
Impairment Charge		 - - - - 0.00 29 0.00
Other Special Charges / (Income)		 0.00 0.00 0.03 -0.58 23 4.88 -0.14
Total Other Income / (Expense), net		 -1.33 -45 88 2.09 -26 -20 -44
Interest Expense		 2.15 7.41 0.04 11 42 40 51
Interest & Investment Income		 - - - 1.34 20 23 21
Other Income / (Expense), net		 0.82 -38 88 12 -3.27 -2.21 -13
Net Income / (Loss) Discontinued Operations		 - - -24 -40 -4.12 0.03 -0.06
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 1.14 -0.78 0.44 0.32
Basic Earnings per Share		 ($0.19) ($0.72) $0.21 ($5.27) ($3.58) ($3.82) ($1.44)
Weighted Average Basic Shares Outstanding		 79.82M 84.57M 138.46M 17.84M 18.39M 18.47M 18.07M
Diluted Earnings per Share		 ($0.19) ($0.72) $0.19 ($5.27) ($3.58) ($3.82) ($1.44)
Weighted Average Diluted Shares Outstanding		 79.82M 84.57M 148.51M 17.84M 18.39M 18.47M 18.07M
Weighted Average Basic & Diluted Shares Outstanding		 79.82M 84.57M 141.41M 147.93M - 18.08M 18.17M

Quarterly Income Statements for Spruce Power

This table shows Spruce Power's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Total Costs & Expenses		 - - - - - - 24 - - - 21
Net Income / (Loss) Attributable to Common Shareholders		 -30 -2.45 -8.58 -54 -5.93 -15 -2.97 -0.86 -6.86 -2.93 3.32
Consolidated Net Income / (Loss)		 -30 -2.45 -8.57 -54 -5.48 -15 -2.87 -0.71 -6.81 -2.86 3.47
Net Income / (Loss) Continuing Operations		 -30 -2.45 -8.79 -54 -5.29 -15 4.42 -0.68 -6.80 -2.86 3.47
Total Pre-Tax Income 		-30 -2.45 -8.79 -54 -5.29 -15 4.42 -0.68 -6.80 -2.86 3.47
Total Operating Income		 -8.51 -3.60 -3.36 -37 -6.28 -1.70 8.89 8.48 2.25 3.85 9.78
Total Gross Profit		 4.15 9.42 12 12 8.65 13 31 21 15 15 21
Total Revenue		 16 18 22 21 20 24 33 31 24 23 30
Operating Revenue		 16 18 22 21 20 24 33 31 24 23 30
Total Cost of Revenue		 12 8.87 10 9.66 11 11 2.17 9.34 8.96 8.44 9.76
Operating Cost of Revenue		 12 8.87 10 9.66 11 11 2.17 9.34 8.96 8.44 9.76
Total Operating Expenses		 13 13 16 49 15 14 15 13 13 11 11
Selling, General & Admin Expense		 12 13 17 14 15 15 15 13 13 12 11
Other Special Charges / (Income)		 0.63 -0.45 -1.00 6.60 -0.27 -0.34 -0.33 -0.04 -0.15 -0.45 -0.47
Total Other Income / (Expense), net		 -22 1.15 -5.43 -16 0.99 -14 -12 -9.16 -9.05 -6.70 -6.30
Interest Expense		 11 11 7.59 11 10 13 13 13 13 12 13
Interest & Investment Income		 5.69 5.39 5.26 6.27 5.85 5.27 5.17 5.19 5.09 4.78 4.82
Other Income / (Expense), net		 -16 6.70 -3.10 -11 5.47 -6.22 -4.11 -1.54 -1.52 0.80 1.75
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.02 0.00 0.01 -0.03 0.45 0.02 0.10 0.15 0.05 0.07 0.15
Basic Earnings per Share		 ($1.64) ($0.13) ($0.45) ($2.88) ($0.32) ($0.84) ($0.17) ($0.05) ($0.38) ($0.16) $0.18
Weighted Average Basic Shares Outstanding		 18.39M 19.10M 19.27M 18.57M 18.47M 18.19M 17.92M 18.00M 18.07M 18.17M 18.62M
Diluted Earnings per Share		 ($1.64) ($0.13) ($0.45) ($2.88) ($0.32) ($0.84) ($0.17) ($0.05) ($0.38) ($0.16) $0.15
Weighted Average Diluted Shares Outstanding		 18.39M 19.10M 19.27M 18.57M 18.47M 18.19M 17.92M 18.00M 18.07M 18.17M 21.95M
Weighted Average Basic & Diluted Shares Outstanding		 0.00 18.39M 18.56M 18.60M 18.08M 17.83M 17.83M 18.17M 18.17M 18.37M 19.25M

Annual Cash Flow Statements for Spruce Power

This table details how cash moves in and out of Spruce Power's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -2.37 326 22 -112 -67 -64 -16
Net Cash From Operating Activities		 -12 -20 -48 -63 -34 -42 -3.53
Net Cash From Continuing Operating Activities		 -12 -20 -28 -48 -32 -42 -3.41
Net Income / (Loss) Continuing Operations		 -15 -61 53 -53 -62 -70 -26
Consolidated Net Income / (Loss)		 -15 -61 29 -93 -67 -70 -26
Net Income / (Loss) Discontinued Operations		 - - -24 -40 -4.12 0.03 -0.06
Depreciation Expense		 0.32 0.62 0.00 6.46 22 24 30
Amortization Expense		 1.60 4.63 0.07 1.48 5.77 1.74 3.23
Non-Cash Adjustments To Reconcile Net Income		 -0.51 41 -80 -3.84 -6.49 17 -2.67
Changes in Operating Assets and Liabilities, net		 1.94 -5.24 -1.06 0.93 9.90 -14 -8.51
Net Cash From Discontinued Operating Activities		 - - -20 -16 -1.95 -0.13 -0.13
Net Cash From Investing Activities		 -0.03 -0.15 -15 -29 -17 -101 25
Net Cash From Continuing Investing Activities		 -0.03 -0.15 -3.00 -30 -17 -101 25
Purchase of Property, Plant & Equipment		 -0.03 -0.15 - 0.00 -0.50 -0.35 -0.22
Acquisitions		 0.00 0.00 0.00 -33 -43 -133 -5.33
Sale of Property, Plant & Equipment		 - - 0.00 2.29 6.30 6.09 5.61
Other Investing Activities, net		 0.00 0.00 - 0.00 20 26 25
Net Cash From Financing Activities		 9.21 346 85 -19 -17 79 -37
Net Cash From Continuing Financing Activities		 9.21 346 86 -19 -17 79 -37
Repayment of Debt		 -3.29 -16 0.00 -9.30 -33 -159 -35
Repurchase of Common Equity		 - - - -8.28 -5.48 -0.85 -1.82
Payment of Dividends		 -0.01 0.00 0.00 -1.90 -0.48 -0.32 -0.34
Issuance of Debt		 13 8.10 - 0.00 21 240 0.00
Net Cash From Discontinued Financing Activities		 - - -0.50 -0.10 0.00 0.08 0.00
Cash Income Taxes Paid		 0.00 0.39 - 12 37 35 43

Quarterly Cash Flow Statements for Spruce Power

This table details how cash moves in and out of Spruce Power's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -20 -23 0.54 -0.23 -41 -13 -6.01 8.31 -5.62 -7.52 -4.08
Net Cash From Operating Activities		 -18 -22 -5.12 -1.05 -13 -9.12 -2.34 11 -3.30 -2.70 -3.23
Net Cash From Continuing Operating Activities		 -18 -22 -5.20 -0.86 -13 -9.12 -2.31 11 -3.28 -2.70 -3.23
Net Income / (Loss) Continuing Operations		 -30 -2.45 -8.79 -53 -5.45 -15 -2.85 -0.68 -6.80 -2.86 3.47
Consolidated Net Income / (Loss)		 -30 -2.45 -8.57 -54 -5.48 -15 -2.87 -0.71 -6.81 -2.86 3.47
Depreciation Expense		 5.14 5.23 5.23 7.83 6.09 7.55 6.81 9.25 7.33 7.51 7.70
Amortization Expense		 1.38 1.42 1.43 -1.68 0.56 0.80 1.57 -0.68 0.78 1.40 1.71
Non-Cash Adjustments To Reconcile Net Income		 13 -9.22 -0.88 36 -9.26 2.51 0.70 -2.51 -3.38 -4.06 -6.30
Changes in Operating Assets and Liabilities, net		 -6.83 -17 -2.19 10 -5.35 -4.67 -8.54 5.91 -1.21 -4.69 -9.81
Net Cash From Investing Activities		 8.07 5.69 7.80 9.91 -125 4.18 4.12 8.61 7.88 5.33 7.00
Net Cash From Continuing Investing Activities		 8.07 5.69 7.80 9.91 -125 4.18 4.12 8.61 7.88 5.33 7.00
Sale of Property, Plant & Equipment		 1.23 1.26 1.60 1.86 1.38 1.36 1.20 1.50 1.55 1.44 1.45
Other Investing Activities, net		 7.05 4.50 6.28 8.08 6.75 4.53 5.94 7.42 6.85 3.89 5.55
Net Cash From Financing Activities		 -10 -6.78 -2.14 -9.09 97 -7.73 -7.79 -12 -10 -10 -7.85
Net Cash From Continuing Financing Activities		 -10 -6.78 -2.22 -9.09 97 -7.73 -7.79 -12 -10 -10 -7.85
Repayment of Debt		 -10 -6.70 -132 -9.01 -11 -6.85 -6.72 -11 -10 -10 -7.93
Payment of Dividends		 -0.10 -0.08 -0.06 -0.08 -0.11 -0.08 -0.06 -0.09 -0.11 -0.07 -0.06
Cash Income Taxes Paid		 13 6.33 10 5.49 13 6.28 14 7.86 14 7.55 14

Annual Balance Sheets for Spruce Power

This table presents Spruce Power's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 9.25 347 393 827 895 898 837
Total Current Assets		 7.08 345 375 275 203 136 116
Cash & Equivalents		 3.39 330 352 220 141 73 55
Restricted Cash		 0.15 0.15 0.15 20 32 36 38
Accounts Receivable		 1.16 11 0.00 8.34 9.19 15 16
Prepaid Expenses		 0.15 1.40 0.31 5.32 9.88 6.01 3.19
Other Current Assets		 - - 0.00 10 11 6.26 3.79
Plant, Property, & Equipment, net		 0.84 0.58 0.00 396 484 589 561
Total Noncurrent Assets		 1.33 1.11 19 155 207 173 160
Long-Term Investments		 - - - - - 137 133
Noncurrent Note & Lease Receivables		 - - 0.00 1.63 2.45 3.72 4.87
Intangible Assets		 0.81 0.59 - 0.00 10 8.96 7.83
Other Noncurrent Operating Assets		 0.03 0.03 0.40 25 166 23 14
Total Liabilities & Shareholders' Equity		 9.25 347 393 827 895 898 837
Total Liabilities		 23 158 31 538 680 752 716
Total Current Liabilities		 15 9.08 17 60 72 60 239
Short-Term Debt		 11 0.11 0.00 25 28 28 214
Accounts Payable		 0.55 4.37 0.70 2.90 1.12 0.99 1.92
Current Deferred Revenue		 - - 0.00 0.04 0.88 1.19 1.22
Other Current Liabilities		 1.35 0.00 6.29 22 42 29 22
Total Noncurrent Liabilities		 7.46 149 15 478 609 693 477
Long-Term Debt		 1.85 0.10 0.00 474 591 677 463
Noncurrent Deferred Revenue		 0.13 0.31 0.00 0.45 1.86 2.79 3.83
Other Noncurrent Operating Liabilities		 5.48 149 11 2.69 16 13 10
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -14 189 362 289 215 146 121
Total Preferred & Common Equity		 -14 189 362 280 212 144 119
Total Common Equity		 -14 189 362 280 212 144 119
Common Stock		 54 317 461 473 476 478 481
Retained Earnings		 -68 -128 -99 -193 -258 -328 -354
Treasury Stock		 - - - 0.00 -5.42 -6.28 -8.10
Noncontrolling Interest		 - - 0.00 8.94 2.33 2.44 2.42

Quarterly Balance Sheets for Spruce Power

This table presents Spruce Power's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 940 868 858 807 878 863 857 824 818
Total Current Assets		 229 178 179 173 126 119 125 111 114
Cash & Equivalents		 154 121 117 114 62 54 54 50 45
Restricted Cash		 39 29 34 36 35 37 45 36 37
Accounts Receivable		 13 11 13 12 20 19 18 19 26
Prepaid Expenses		 9.48 5.38 5.14 4.78 4.45 4.40 4.19 2.89 2.71
Other Current Assets		 14 12 10 6.72 5.41 5.00 4.39 4.03 4.36
Plant, Property, & Equipment, net		 488 478 471 465 583 578 569 553 545
Total Noncurrent Assets		 223 212 208 169 169 166 162 160 159
Long-Term Investments		 - 143 141 138 138 137 135 133 132
Noncurrent Note & Lease Receivables		 148 - - - 3.98 4.23 4.48 4.96 5.60
Intangible Assets		 10 9.89 9.58 9.27 8.68 8.39 8.11 7.55 7.27
Other Noncurrent Operating Assets		 36 30 29 21 19 16 15 14 15
Total Liabilities & Shareholders' Equity		 940 868 858 807 878 863 857 824 818
Total Liabilities		 696 655 654 655 747 735 730 705 695
Total Current Liabilities		 82 53 54 63 59 239 247 231 289
Short-Term Debt		 28 28 28 28 28 216 218 208 270
Accounts Payable		 1.24 0.77 1.42 0.86 0.78 0.95 1.46 1.14 1.41
Current Deferred Revenue		 0.11 1.15 2.10 1.69 1.20 1.19 1.17 1.17 1.15
Other Current Liabilities		 53 23 22 32 29 22 26 21 17
Total Noncurrent Liabilities		 614 602 600 592 688 496 483 474 406
Long-Term Debt		 600 585 584 577 672 479 467 460 393
Noncurrent Deferred Revenue		 1.08 2.04 2.54 2.88 2.95 3.28 3.70 3.95 4.50
Other Noncurrent Operating Liabilities		 7.34 14 13 12 13 13 12 9.73 8.64
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 244 213 205 152 131 127 127 119 123
Total Preferred & Common Equity		 242 211 202 150 128 125 125 117 120
Total Common Equity		 242 211 202 150 128 125 125 117 120
Common Stock		 475 476 477 477 479 480 480 482 483
Retained Earnings		 -228 -260 -269 -322 -344 -347 -348 -357 -354
Treasury Stock		 -5.12 -5.42 -5.42 -5.42 -7.09 -8.10 -8.10 -8.10 -8.10
Noncontrolling Interest		 2.44 2.25 2.19 2.09 2.39 2.42 2.48 2.42 2.52

Annual Metrics And Ratios for Spruce Power

This table displays calculated financial ratios and metrics derived from Spruce Power's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 28,750,000.00 28,750,000.00 139,418,820.00 144,120,662.00 18,226,169.00 18,602,612.00 18,168,863.00
DEI Adjusted Shares Outstanding		 3,593,750.00 3,593,750.00 17,427,353.00 18,015,083.00 18,226,169.00 18,602,612.00 18,168,863.00
DEI Earnings Per Adjusted Shares Outstanding		 -4.15 -16.86 1.65 -5.21 -3.61 -3.79 -1.43
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 181.89% -100.00% 0.00% 244.31% 2.82% 36.18%
EBITDA Growth		 0.00% -342.60% 209.99% -174.34% 67.54% -108.12% 243.37%
EBIT Growth		 0.00% -317.24% 199.00% -189.51% 14.97% -31.23% 108.66%
NOPAT Growth		 0.00% -12.71% -227.80% -18.27% 37.91% -36.87% 135.60%
Net Income Growth		 0.00% -306.72% 147.50% -422.30% 28.22% -5.17% 63.30%
EPS Growth		 0.00% -278.95% 126.39% -422.30% 32.07% -6.70% 62.30%
Operating Cash Flow Growth		 0.00% -72.12% -143.92% -30.92% 46.98% -24.21% 91.56%
Free Cash Flow Firm Growth		 0.00% 0.00% -227.02% -280.86% 76.97% 114.26% 131.53%
Invested Capital Growth		 0.00% -2,800.76% 88.03% 3,348.42% 20.78% -8.35% -5.53%
Revenue Q/Q Growth		 0.00% 0.00% -100.00% 1,031.86% -2.93% 5.47% 3.77%
EBITDA Q/Q Growth		 0.00% 0.00% 546.87% -170.01% -39.66% 47.76% 8.58%
EBIT Q/Q Growth		 0.00% 0.00% 860.20% -186.26% -14.61% 31.42% 50.64%
NOPAT Q/Q Growth		 0.00% 0.00% 12.23% -52.94% 19.79% 4.25% 90.55%
Net Income Q/Q Growth		 0.00% 0.00% 419.86% -41.70% 15.51% 26.09% -5.48%
EPS Q/Q Growth		 0.00% 0.00% 375.00% -41.70% 21.15% 25.10% -3.60%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -18.25% -4.63% -1.96% 9.28% 74.21%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 4.02% -23.17% -88.91% 144.34%
Invested Capital Q/Q Growth		 0.00% 0.00% -6,135.48% -9.41% -3.54% 29.16% -1.23%
Profitability Metrics		 - - - - - - -
Gross Margin		 -11.92% 13.49% 0.00% 57.11% 52.65% 51.31% 65.21%
EBITDA Margin		 -150.15% -235.75% 0.00% -169.04% -15.94% -32.26% 33.96%
Operating Margin		 -188.07% -75.20% 0.00% -255.64% -46.10% -61.37% 16.04%
EBIT Margin		 -176.72% -261.57% 0.00% -203.26% -50.19% -64.07% 4.08%
Profit (Net Income) Margin		 -206.53% -297.99% 0.00% -400.06% -83.41% -85.32% -22.99%
Tax Burden Percent		 100.00% 100.00% 54.70% 162.21% 106.60% 99.96% 100.25%
Interest Burden Percent		 116.87% 113.93% 99.93% 121.34% 155.89% 133.22% -562.72%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -15.66% -4.27% -5.57% 2.13%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 69.38% -15.87% -13.26% -6.28%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% -12.86% -22.18% -33.26% -21.36%
Return on Equity (ROE)		 108.77% -69.19% 10.46% -28.52% -26.45% -38.83% -19.23%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -110.67% -23.09% 3.14% 7.82%
Operating Return on Assets (OROA)		 -137.85% -29.86% 0.00% -7.73% -4.66% -5.87% 0.53%
Return on Assets (ROA)		 -161.11% -34.02% 0.00% -15.21% -7.74% -7.81% -2.96%
Return on Common Equity (ROCE)		 108.77% -69.18% 10.46% -28.12% -25.86% -38.32% -18.88%
Return on Equity Simple (ROE_SIMPLE)		 108.77% -32.08% 7.96% -33.15% -31.37% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.50 -11 -35 -42 -26 -35 13
NOPAT Margin		 -131.65% -52.64% 0.00% -178.95% -32.27% -42.96% 11.23%
Net Nonoperating Expense Percent (NNEP)		 61.05% -31.12% 18.04% -85.03% 11.60% 7.68% 8.41%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -3.09% -4.14% 1.57%
Cost of Revenue to Revenue		 111.92% 86.51% 0.00% 42.89% 47.35% 48.69% 34.79%
SG&A Expenses to Revenue		 136.31% 66.84% 0.00% 315.25% 70.28% 71.72% 49.29%
R&D to Revenue		 39.83% 21.86% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 176.15% 88.69% 0.00% 312.74% 98.75% 112.69% 49.16%
Earnings before Interest and Taxes (EBIT)		 -13 -53 53 -47 -40 -53 4.56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -11 -48 53 -39 -13 -26 38
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 3.61 1.28 0.47 0.38 0.38 0.78
Price to Tangible Book Value (P/TBV)		 0.00 3.63 1.28 0.87 0.46 0.41 0.83
Price to Revenue (P/Rev)		 39.61 33.55 0.00 5.71 1.01 0.67 0.83
Price to Earnings (P/E)		 0.00 0.00 16.03 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 6.24% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.73 0.80 0.85 0.95
Enterprise Value to Revenue (EV/Rev)		 40.84 17.34 0.00 17.29 6.62 6.30 4.88
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 2.08 0.00 0.00 0.00 14.37
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 2.08 0.00 0.00 0.00 119.75
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 43.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 2.82 0.00 0.00 0.00 26.01 11.86
Leverage & Solvency		 - - - - - - -
Debt to Equity		 -0.90 0.00 0.00 1.73 2.88 4.83 5.58
Long-Term Debt to Equity		 -0.14 0.00 0.00 1.64 2.75 4.63 3.82
Financial Leverage		 -0.65 -1.83 -1.29 -0.19 1.40 2.51 3.40
Leverage Ratio		 -0.68 2.03 1.34 1.87 3.42 4.97 6.49
Compound Leverage Factor		 -0.79 2.32 1.34 2.27 5.33 6.62 -36.53
Debt to Total Capital		 -942.62% 0.11% 0.00% 63.36% 74.24% 82.84% 84.81%
Short-Term Debt to Total Capital		 -801.90% 0.06% 0.00% 3.21% 3.35% 3.32% 26.79%
Long-Term Debt to Total Capital		 -140.72% 0.05% 0.00% 60.15% 70.89% 79.51% 58.01%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 1.14% 0.28% 0.29% 0.30%
Common Equity to Total Capital		 1,042.62% 99.88% 100.00% 35.49% 25.48% 16.88% 14.89%
Debt to EBITDA		 -1.14 0.00 0.00 -12.75 -48.62 -26.63 17.82
Net Debt to EBITDA		 -0.82 6.87 0.00 -6.62 -35.03 -17.34 11.87
Long-Term Debt to EBITDA		 -0.17 0.00 0.00 -12.10 -46.43 -25.56 12.19
Debt to NOPAT		 -1.30 -0.02 0.00 -12.04 -24.01 -20.00 53.89
Net Debt to NOPAT		 -0.93 30.79 0.00 -6.25 -17.30 -13.02 35.90
Long-Term Debt to NOPAT		 -0.19 -0.01 0.00 -11.43 -22.93 -19.19 36.86
Altman Z-Score		 -7.62 2.79 10.00 -0.03 -0.21 -0.47 -0.54
Noncontrolling Interest Sharing Ratio		 0.00% 0.01% 0.00% 1.39% 2.25% 1.32% 1.82%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.46 38.02 22.52 4.61 2.84 2.29 0.49
Quick Ratio		 0.29 37.45 21.14 3.83 2.10 1.47 0.30
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 125 -159 -605 -139 20 46
Operating Cash Flow to CapEx		 -41,253.57% -13,711.03% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 16.89 -4,075.44 -53.10 -3.32 0.49 0.90
Operating Cash Flow to Interest Expense		 -5.37 -2.68 -1,243.44 -5.57 -0.80 -1.04 -0.07
Operating Cash Flow Less CapEx to Interest Expense		 -5.38 -2.70 -1,243.44 -5.37 -0.66 -0.90 0.04
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.78 0.11 0.00 0.04 0.09 0.09 0.13
Accounts Receivable Turnover		 6.23 3.47 0.00 0.00 9.11 6.79 7.27
Inventory Turnover		 3.60 6.05 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 8.59 28.67 0.00 0.00 0.18 0.15 0.19
Accounts Payable Turnover		 14.71 7.15 0.00 5.53 18.79 37.94 26.80
Days Sales Outstanding (DSO)		 58.63 105.15 0.00 0.00 40.05 53.79 50.20
Days Inventory Outstanding (DIO)		 101.25 60.31 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 24.82 51.04 0.00 66.06 19.42 9.62 13.62
Cash Conversion Cycle (CCC)		 135.07 114.41 0.00 -66.06 20.63 44.17 36.58
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 -4.85 -141 -17 547 661 605 572
Invested Capital Turnover		 -1.49 -0.28 0.00 0.09 0.13 0.13 0.19
Increase / (Decrease) in Invested Capital		 0.00 -136 124 564 114 -55 -33
Enterprise Value (EV)		 295 353 110 401 529 517 546
Market Capitalization		 286 682 461 132 81 55 92
Book Value per Share		 ($0.48) $6.57 $2.60 $1.94 $11.65 $7.73 $6.54
Tangible Book Value per Share		 ($0.52) $6.53 $2.60 $1.05 $9.51 $7.24 $6.11
Total Capital		 -1.31 189 362 789 833 851 798
Total Debt		 12 0.21 0.00 500 619 705 677
Total Long-Term Debt		 1.85 0.10 0.00 474 591 677 463
Net Debt		 8.85 -330 -352 260 446 459 451
Capital Expenditures (CapEx)		 0.03 0.15 0.00 -2.29 -5.80 -5.74 -5.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.41 6.56 6.15 0.43 -13 -3.98 -2.21
Debt-free Net Working Capital (DFNWC)		 2.13 336 358 241 160 105 91
Net Working Capital (NWC)		 -8.41 336 358 215 132 77 -123
Net Nonoperating Expense (NNE)		 5.40 50 -64 51 41 35 38
Net Nonoperating Obligations (NNO)		 8.85 -330 -379 258 446 459 451
Total Depreciation and Amortization (D&A)		 1.92 5.25 0.07 7.94 27 26 33
Debt-free, Cash-free Net Working Capital to Revenue		 -19.50% 32.24% 0.00% 1.85% -16.78% -4.84% -1.97%
Debt-free Net Working Capital to Revenue		 29.51% 1,653.79% 0.00% 1,037.22% 199.78% 128.09% 81.33%
Net Working Capital to Revenue		 -116.54% 1,653.25% 0.00% 928.08% 164.83% 93.61% -109.91%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $1.68 ($5.28) ($3.58) ($3.82) ($1.44)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 17.68M 17.84M 18.39M 18.47M 18.07M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $1.52 ($5.28) ($3.58) ($3.82) ($1.44)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 18.56M 17.84M 18.39M 18.47M 18.07M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 17.68M 18.49M 0.00 18.08M 18.17M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.50 -11 -25 -42 -9.85 -12 12
Normalized NOPAT Margin		 -131.65% -52.64% 0.00% -180.70% -12.34% -14.29% 11.14%
Pre Tax Income Margin		 -206.53% -297.99% 0.00% -246.64% -78.25% -85.35% -22.93%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -5.93 -7.18 1,350.44 -4.14 -0.96 -1.31 0.09
NOPAT to Interest Expense		 -4.42 -1.45 -899.85 -3.64 -0.61 -0.88 0.25
EBIT Less CapEx to Interest Expense		 -5.94 -7.20 1,350.44 -3.93 -0.82 -1.16 0.20
NOPAT Less CapEx to Interest Expense		 -4.43 -1.46 -899.85 -3.44 -0.48 -0.73 0.35
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 -0.07% 0.00% 0.00% -2.04% -0.72% -0.46% -1.31%
Augmented Payout Ratio		 -0.07% 0.00% 0.00% -10.97% -8.94% -1.68% -8.38%

Quarterly Metrics And Ratios for Spruce Power

This table displays calculated financial ratios and metrics derived from Spruce Power's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 18,226,169.00 18,226,169.00 18,394,829.00 18,557,200.00 18,602,612.00 18,078,238.00 17,826,560.00 17,834,368.00 18,168,863.00 36,337,726.00 18,369,300.00
DEI Adjusted Shares Outstanding		 18,226,169.00 18,226,169.00 18,394,829.00 18,557,200.00 18,602,612.00 18,078,238.00 17,826,560.00 17,834,368.00 18,168,863.00 36,337,726.00 18,369,300.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.66 -0.13 -0.47 -2.88 -0.32 -0.85 -0.17 -0.05 -0.38 -0.08 0.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -13.32% 1.06% -1.46% -8.05% 27.13% 30.33% 47.85% 43.73% 20.37% -1.74% -8.75%
EBITDA Growth		 -24.48% 1,488.48% -98.67% -372.01% 131.78% -95.52% 6,389.66% 136.69% 51.40% 3,002.75% 59.00%
EBIT Growth		 -25.82% 138.07% -171.73% -202.31% 96.77% -354.72% 174.22% 114.34% 190.31% 158.73% 141.10%
NOPAT Growth		 51.63% -27.69% -141.98% -51.56% 26.25% 52.79% 364.94% 122.83% 135.81% 326.62% 9.98%
Net Income Growth		 28.82% 87.00% -634.48% -179.41% 81.87% -525.06% 66.56% 98.67% -24.40% 81.36% 221.14%
EPS Growth		 32.23% 87.74% -400.00% -159.46% 80.49% -546.15% 62.22% 98.26% -18.75% 80.95% 188.24%
Operating Cash Flow Growth		 -3.79% -168.90% 48.95% -144.78% 24.12% 58.88% 54.19% 1,169.36% 75.46% 70.44% -37.77%
Free Cash Flow Firm Growth		 79.24% 121.48% 124.03% 293.53% 142.44% -144.57% -138.32% -154.94% -30.98% 148.07% 154.60%
Invested Capital Growth		 20.78% -21.50% -23.97% -31.55% -8.35% 11.77% 13.09% 23.54% -5.53% -4.71% -3.86%
Revenue Q/Q Growth		 -32.47% 16.47% 22.93% -4.91% -6.63% 19.40% 39.55% -7.56% -21.80% -2.53% 29.58%
EBITDA Q/Q Growth		 -105.10% 153.12% -97.92% -20,933.50% 113.81% -92.52% 2,887.30% 17.78% -43.01% 53.33% 54.33%
EBIT Q/Q Growth		 -55.37% 112.48% -307.85% -650.20% 98.34% -883.11% 160.59% 44.94% -89.54% 539.34% 147.89%
NOPAT Q/Q Growth		 65.29% 57.74% 6.59% -1,005.92% 83.11% 72.95% 625.50% -4.70% -73.50% 71.17% 262.90%
Net Income Q/Q Growth		 -57.58% 91.89% -249.92% -524.68% 89.77% -179.66% 81.28% 75.10% -854.06% 58.09% 221.65%
EPS Q/Q Growth		 -47.75% 92.07% -246.15% -540.00% 88.89% -162.50% 79.76% 70.59% -660.00% 57.89% 193.75%
Operating Cash Flow Q/Q Growth		 -855.73% -25.09% 76.95% 79.45% -1,180.49% 32.20% 74.32% 579.68% -129.38% 18.32% -19.69%
Free Cash Flow Firm Q/Q Growth		 -21.77% 220.16% 13.79% 16.23% -73.30% -226.21% 2.15% -66.62% 133.55% -12.11% 6.43%
Invested Capital Q/Q Growth		 -3.54% -19.17% -1.45% -10.92% 29.16% -1.42% -0.29% -2.69% -1.23% -0.57% 0.59%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 26.40% 51.51% 54.90% 54.83% 43.34% 53.00% 71.64% 69.61% 62.72% 63.96% 67.84%
EBITDA Margin		 -117.04% 53.38% 0.90% -197.83% 29.26% 1.83% 39.63% 50.50% 36.80% 57.90% 68.95%
Operating Margin		 -54.21% -19.67% -14.95% -173.82% -31.45% -7.12% 26.78% 27.61% 9.36% 16.43% 32.21%
EBIT Margin		 -158.59% 16.99% -28.73% -226.63% -4.03% -33.20% 14.42% 22.61% 3.03% 19.85% 37.97%
Profit (Net Income) Margin		 -192.36% -13.40% -38.13% -250.51% -27.43% -64.25% -8.63% -2.32% -28.35% -12.19% 11.44%
Tax Burden Percent		 99.57% 100.04% 97.51% 100.01% 103.57% 100.00% 100.49% 105.47% 100.13% 100.00% 100.00%
Interest Burden Percent		 121.82% -78.82% 136.14% 110.53% 656.77% 193.51% -59.52% -9.75% -935.76% -61.42% 30.14%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -5.02% -1.82% -1.37% -16.42% -2.85% -0.77% 3.29% 3.97% 1.24% 2.20% 5.99%
ROIC Less NNEP Spread (ROIC-NNEP)		 -11.91% -1.80% -3.03% -23.69% -3.09% -4.36% 0.98% 2.24% -0.60% 0.99% 4.61%
Return on Net Nonoperating Assets (RNNOA)		 -16.64% -2.76% -4.82% -45.36% -7.76% -9.99% 2.34% 6.19% -2.04% 3.61% 16.90%
Return on Equity (ROE)		 -21.66% -4.58% -6.19% -61.78% -10.62% -10.76% 5.63% 10.16% -0.80% 5.81% 22.88%
Cash Return on Invested Capital (CROIC)		 -23.09% 19.75% 22.64% 31.08% 3.14% -17.12% -16.81% -19.81% 7.82% 7.64% 6.86%
Operating Return on Assets (OROA)		 -14.71% 1.52% -2.58% -20.20% -0.37% -3.33% 1.65% 2.93% 0.39% 2.60% 4.90%
Return on Assets (ROA)		 -17.85% -1.20% -3.42% -22.33% -2.51% -6.45% -0.99% -0.30% -3.65% -1.60% 1.48%
Return on Common Equity (ROCE)		 -21.17% -4.52% -6.12% -61.08% -10.48% -10.62% 5.55% 9.99% -0.78% 5.70% 22.43%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -23.83% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -5.96 -2.52 -2.35 -26 -4.39 -1.19 6.23 5.94 1.57 2.69 9.78
NOPAT Margin		 -37.94% -13.77% -10.46% -121.67% -22.01% -4.99% 18.75% 19.33% 6.55% 11.50% 32.21%
Net Nonoperating Expense Percent (NNEP)		 6.89% -0.02% 1.66% 7.27% 0.24% 3.59% 2.31% 1.73% 1.84% 1.21% 1.37%
Return On Investment Capital (ROIC_SIMPLE)		 -0.71% -0.30% -0.29% -3.44% -0.52% -0.14% 0.76% 0.73% 0.20% 0.34% 1.24%
Cost of Revenue to Revenue		 73.60% 48.49% 45.10% 45.17% 56.66% 47.00% 28.36% 30.39% 37.28% 36.04% 32.16%
SG&A Expenses to Revenue		 76.61% 73.65% 74.29% 63.25% 76.14% 61.53% 45.43% 42.12% 53.99% 49.44% 37.17%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 80.61% 71.18% 69.85% 228.65% 74.79% 60.13% 44.85% 42.00% 53.37% 47.53% 35.62%
Earnings before Interest and Taxes (EBIT)		 -25 3.11 -6.46 -48 -0.81 -7.91 4.79 6.95 0.73 4.65 12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -18 9.76 0.20 -42 5.84 0.44 13 16 8.84 14 21
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.38 0.34 0.33 0.35 0.38 0.34 0.29 0.35 0.78 0.64 0.39
Price to Tangible Book Value (P/TBV)		 0.46 0.42 0.41 0.38 0.41 0.36 0.31 0.37 0.83 0.68 0.42
Price to Revenue (P/Rev)		 1.01 0.90 0.84 0.68 0.67 0.50 0.37 0.41 0.83 0.67 0.44
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.80 0.74 0.74 0.79 0.85 0.86 0.85 0.86 0.95 0.93 0.87
Enterprise Value to Revenue (EV/Rev)		 6.62 4.94 4.90 4.78 6.30 5.84 5.14 4.62 4.88 4.73 4.60
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.24 14.37 10.30 8.48
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 164.61 119.75 30.75 20.92
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 75.56 43.45 32.02 29.26
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 181.70 248.09
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 3.30 2.83 2.07 26.01 0.00 0.00 0.00 11.86 11.82 12.46
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.88 2.88 3.00 3.99 4.83 5.35 5.46 5.38 5.58 5.60 5.39
Long-Term Debt to Equity		 2.75 2.75 2.86 3.81 4.63 5.14 3.76 3.67 3.82 3.86 3.20
Financial Leverage		 1.40 1.54 1.59 1.92 2.51 2.29 2.38 2.76 3.40 3.66 3.66
Leverage Ratio		 3.42 3.75 3.77 4.41 4.97 5.08 5.18 5.96 6.49 6.81 6.72
Compound Leverage Factor		 4.16 -2.96 5.14 4.88 32.65 9.83 -3.09 -0.58 -60.74 -4.18 2.02
Debt to Total Capital		 74.24% 74.23% 74.97% 79.97% 82.84% 84.26% 84.51% 84.33% 84.81% 84.85% 84.35%
Short-Term Debt to Total Capital		 3.35% 3.41% 3.47% 3.75% 3.32% 3.41% 26.22% 26.89% 26.79% 26.40% 34.32%
Long-Term Debt to Total Capital		 70.89% 70.82% 71.50% 76.22% 79.51% 80.85% 58.29% 57.44% 58.01% 58.45% 50.03%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.28% 0.27% 0.27% 0.28% 0.29% 0.29% 0.29% 0.31% 0.30% 0.31% 0.32%
Common Equity to Total Capital		 25.48% 25.49% 24.76% 19.75% 16.88% 15.45% 15.20% 15.37% 14.89% 14.84% 15.33%
Debt to EBITDA		 -48.62 -271.12 -35.28 -11.94 -26.63 -19.55 -30.44 19.59 17.82 13.08 11.26
Net Debt to EBITDA		 -35.03 -141.79 -18.51 -6.25 -17.34 -13.01 -20.48 12.92 11.87 8.80 7.63
Long-Term Debt to EBITDA		 -46.43 -258.66 -33.64 -11.38 -25.56 -18.76 -20.99 13.35 12.19 9.01 6.68
Debt to NOPAT		 -24.01 -23.31 -21.90 -16.43 -20.00 -20.62 -27.41 103.97 53.89 40.65 38.84
Net Debt to NOPAT		 -17.30 -12.19 -11.49 -8.61 -13.02 -13.73 -18.44 68.55 35.90 27.34 26.33
Long-Term Debt to NOPAT		 -22.93 -22.24 -20.88 -15.66 -19.19 -19.79 -18.91 70.82 36.86 28.00 23.03
Altman Z-Score		 -0.16 -0.08 -0.13 -0.45 -0.28 -0.35 -0.57 -0.55 -0.55 -0.56 -0.64
Noncontrolling Interest Sharing Ratio		 2.25% 1.33% 1.02% 1.15% 1.32% 1.35% 1.39% 1.64% 1.82% 1.92% 1.97%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.84 3.35 3.32 2.75 2.29 2.12 0.50 0.51 0.49 0.48 0.40
Quick Ratio		 2.10 2.47 2.41 1.99 1.47 1.37 0.30 0.29 0.30 0.30 0.24
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -120 144 164 190 51 -64 -63 -104 35 31 33
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -10.75 13.13 21.54 16.72 4.91 -5.06 -4.89 -8.15 2.78 2.51 2.55
Operating Cash Flow to Interest Expense		 -1.59 -2.03 -0.67 -0.09 -1.30 -0.72 -0.18 0.88 -0.26 -0.22 -0.25
Operating Cash Flow Less CapEx to Interest Expense		 -1.50 -1.92 -0.47 0.07 -1.19 -0.62 -0.10 0.99 -0.14 -0.10 -0.14
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.09 0.09 0.09 0.09 0.09 0.10 0.11 0.13 0.13 0.13 0.13
Accounts Receivable Turnover		 9.11 7.16 5.95 6.46 6.79 5.75 6.02 7.28 7.27 5.81 4.80
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.18 0.17 0.17 0.16 0.15 0.17 0.19 0.21 0.19 0.20 0.19
Accounts Payable Turnover		 18.79 26.10 17.15 38.40 37.94 54.80 35.10 35.61 26.80 37.85 37.05
Days Sales Outstanding (DSO)		 40.05 50.97 61.39 56.49 53.79 63.52 60.65 50.15 50.20 62.83 75.98
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 19.42 13.98 21.28 9.51 9.62 6.66 10.40 10.25 13.62 9.64 9.85
Cash Conversion Cycle (CCC)		 20.63 36.98 40.11 46.98 44.17 56.85 50.25 39.90 36.58 53.19 66.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 661 534 526 469 605 597 595 579 572 569 572
Invested Capital Turnover		 0.13 0.13 0.13 0.14 0.13 0.16 0.18 0.21 0.19 0.19 0.19
Increase / (Decrease) in Invested Capital		 114 -146 -166 -216 -55 63 69 110 -33 -28 -23
Enterprise Value (EV)		 529 395 391 372 517 512 506 498 546 526 499
Market Capitalization		 81 72 67 53 55 44 36 44 92 74 47
Book Value per Share		 $11.65 $11.56 $11.00 $8.06 $7.73 $6.90 $7.01 $7.00 $6.54 $6.44 $6.55
Tangible Book Value per Share		 $9.51 $9.44 $8.92 $7.56 $7.24 $6.44 $6.54 $6.55 $6.11 $6.02 $6.16
Total Capital		 833 827 817 757 851 831 822 813 798 788 785
Total Debt		 619 614 613 605 705 700 695 685 677 668 663
Total Long-Term Debt		 591 585 584 577 677 672 479 467 463 460 393
Net Debt		 446 321 322 317 459 466 468 452 451 449 449
Capital Expenditures (CapEx)		 -1.02 -1.19 -1.51 -1.83 -1.21 -1.27 -1.11 -1.47 -1.55 -1.44 -1.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -13 3.51 3.23 -11 -3.98 -1.65 4.98 -1.95 -2.21 2.63 13
Debt-free Net Working Capital (DFNWC)		 160 153 153 139 105 95 95 97 91 88 95
Net Working Capital (NWC)		 132 125 125 110 77 66 -120 -122 -123 -120 -175
Net Nonoperating Expense (NNE)		 24 -0.07 6.22 28 1.08 14 9.10 6.65 8.39 5.55 6.30
Net Nonoperating Obligations (NNO)		 446 321 322 317 459 466 468 452 451 449 449
Total Depreciation and Amortization (D&A)		 6.52 6.65 6.66 6.16 6.65 8.35 8.38 8.57 8.12 8.91 9.40
Debt-free, Cash-free Net Working Capital to Revenue		 -16.78% 4.38% 4.05% -14.69% -4.84% -1.88% 5.06% -1.81% -1.97% 2.36% 12.01%
Debt-free Net Working Capital to Revenue		 199.78% 191.35% 192.47% 177.98% 128.09% 108.18% 96.99% 89.86% 81.33% 79.23% 87.17%
Net Working Capital to Revenue		 164.83% 156.14% 156.88% 141.56% 93.61% 75.84% -122.14% -112.91% -109.91% -107.42% -161.35%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.64) ($0.13) ($0.45) ($2.88) ($0.32) ($0.84) ($0.17) ($0.05) ($0.38) ($0.16) $0.18
Adjusted Weighted Average Basic Shares Outstanding		 18.39M 19.10M 19.27M 18.57M 18.47M 18.19M 17.92M 18.00M 18.07M 18.17M 18.62M
Adjusted Diluted Earnings per Share		 ($1.64) ($0.13) ($0.45) ($2.88) ($0.32) ($0.84) ($0.17) ($0.05) ($0.38) ($0.16) $0.15
Adjusted Weighted Average Diluted Shares Outstanding		 18.39M 19.10M 19.27M 18.57M 18.47M 18.19M 17.92M 18.00M 18.07M 18.17M 21.95M
Adjusted Basic & Diluted Earnings per Share		 ($1.64) $0.00 $0.00 $0.00 ($0.32) $0.00 $0.00 $0.00 ($0.38) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 18.39M 18.56M 18.60M 18.08M 17.83M 17.83M 18.17M 18.17M 18.37M 19.25M
Normalized Net Operating Profit after Tax (NOPAT)		 -5.52 -2.84 -3.05 -1.26 -4.58 -1.42 6.10 5.91 1.47 2.38 6.51
Normalized NOPAT Margin		 -35.15% -15.50% -13.57% -5.89% -22.96% -5.97% 18.35% 19.25% 6.11% 10.16% 21.47%
Pre Tax Income Margin		 -193.19% -13.39% -39.11% -250.49% -26.49% -64.25% -8.58% -2.20% -28.31% -12.19% 11.44%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.24 0.28 -0.85 -4.26 -0.08 -0.62 0.37 0.54 0.06 0.38 0.90
NOPAT to Interest Expense		 -0.54 -0.23 -0.31 -2.29 -0.43 -0.09 0.49 0.46 0.12 0.22 0.76
EBIT Less CapEx to Interest Expense		 -2.15 0.39 -0.65 -4.10 0.04 -0.52 0.46 0.66 0.18 0.50 1.01
NOPAT Less CapEx to Interest Expense		 -0.44 -0.12 -0.11 -2.13 -0.31 0.01 0.57 0.58 0.25 0.34 0.87
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -0.72% -0.71% -0.61% -0.33% -0.46% -0.39% -0.42% -1.37% -1.31% -2.49% -4.70%
Augmented Payout Ratio		 -8.94% -0.71% -7.01% -0.65% -1.68% -2.39% -3.88% -12.33% -8.38% -10.11% -4.70%

Financials Breakdown Chart

Key Financial Trends

Spruce Power (NYSE: SPRU) remains a mixed story: revenue is holding up reasonably well, but profitability and cash generation are still weak, and the balance sheet remains highly leveraged. The latest quarter showed modest year-over-year revenue growth, a smaller net loss than the same period last year, and a significant improvement in cash flow versus late 2024. However, the company is still losing money, operating cash flow was negative, and debt remains very large relative to equity.

  • Revenue improved year over year in Q1 2026, rising to $23.4 million from $22.5 million in Q2 2025 and $18.3 million in Q1 2024, showing the business is still generating a solid top line.
  • Gross profit remained healthy at $15.0 million in Q1 2026, with gross margin of about 64%, which suggests the core service economics are still relatively strong.
  • Operating income improved sharply to $3.8 million in Q1 2026, up from $2.2 million in Q4 2025 and a loss in Q1 2024, indicating better operating leverage.
  • Cash generation from investing activities was positive in Q1 2026 at $5.3 million, helped by asset sales and other investing items.
  • Quarterly net loss narrowed significantly to $2.9 million in Q1 2026 from $6.8 million in Q4 2025 and $15.3 million in Q1 2025, showing a clear improvement trend.
  • Share count has been more stable than in prior periods, which helps avoid major dilution pressure in the near term.
  • Cash and equivalents were strong at $50.0 million in Q1 2026, but the company also held $35.6 million of restricted cash, so not all of that liquidity is freely available.
  • Total assets were $824.4 million and equity was $116.9 million, so the company still has a meaningful asset base, but most of it is tied to long-lived solar-related assets and receivables.
  • Operating revenue has been relatively stable over the past several quarters, moving in a fairly narrow range rather than showing strong growth or steep decline.
  • Spruce Power is still unprofitable, posting a Q1 2026 net loss of $2.9 million and a loss attributable to common shareholders of $2.9 million.
  • Operating cash flow was negative at $2.7 million in Q1 2026, which means earnings are not yet translating into cash generation.
  • Debt remains very high, with $207.9 million of short-term debt and $460.3 million of long-term debt as of Q1 2026.
  • Interest expense continues to weigh heavily on results; in Q1 2026, interest expense was $12.3 million versus operating income of only $3.8 million.
  • Financing cash flow was a major drag in Q1 2026, with $10.2 million used in financing activities, largely from debt repayment.
  • Balance-sheet leverage is still a concern, with liabilities of $705.0 million versus total equity and noncontrolling interests of $119.3 million.
  • Retained earnings remain deeply negative at $357.3 million, reflecting years of accumulated losses.

Bottom line: Spruce Power is showing some operating improvement, and the latest quarter was better than the prior few periods on earnings and cash flow. But the company still carries a heavy debt load, remains loss-making, and has not yet demonstrated consistent positive operating cash flow. For retail investors, the key question is whether improving operating income can continue long enough to meaningfully reduce leverage and stabilize free cash flow.

08/27/26 06:13 AM ETAI Generated. May Contain Errors.

Spruce Power Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Spruce Power's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Spruce Power's net income appears to be on an upward trend, with a most recent value of -$25.71 million in 2025, rising from -$14.90 million in 2019. The previous period was -$70.05 million in 2024. See where experts think Spruce Power is headed by visiting Spruce Power's forecast page.

Spruce Power's total operating income in 2025 was $17.94 million, based on the following breakdown:
  • Total Gross Profit: $72.91 million
  • Total Operating Expenses: $54.97 million

Over the last 6 years, Spruce Power's total revenue changed from $7.22 million in 2019 to $111.81 million in 2025, a change of 1,449.7%.

Spruce Power's total liabilities were at $716.02 million at the end of 2025, a 4.8% decrease from 2024, and a 3,020.1% increase since 2019.

In the past 6 years, Spruce Power's cash and equivalents has ranged from $3.39 million in 2019 to $351.68 million in 2021, and is currently $54.84 million as of their latest financial filing in 2025.

Over the last 6 years, Spruce Power's book value per share changed from -0.48 in 2019 to 6.54 in 2025, a change of -1,472.6%.


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Financial statements for NYSE:SPRU last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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