What is Spruce Power's operating income?

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

Spruce Power (SPRU) Financials

$2.40 +0.09 (+3.72%)

As of 02:12 PM Eastern

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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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-19	-30	-2.45	-8.58	-54	-5.93	-15	-2.97	-0.86	-6.86	-2.93
Consolidated Net Income / (Loss)	-19	-30	-2.45	-8.57	-54	-5.48	-15	-2.87	-0.71	-6.81	-2.86
Net Income / (Loss) Continuing Operations	-19	-30	-2.45	-8.79	-54	-5.29	-15	-2.85	-0.68	-6.80	-2.86
Total Pre-Tax Income	-19	-30	-2.45	-8.79	-54	-5.29	-15	-2.85	-0.68	-6.80	-2.86
Total Operating Income	-25	-8.51	-3.60	-3.36	-37	-6.28	-1.70	8.90	8.48	2.25	3.85
Total Gross Profit	13	4.15	9.42	12	12	8.65	13	24	21	15	15
Total Revenue	23	16	18	22	21	20	24	33	31	24	23
Operating Revenue	23	16	18	22	21	20	24	33	31	24	23
Total Cost of Revenue	9.81	12	8.87	10	9.66	11	11	9.43	9.34	8.96	8.44
Operating Cost of Revenue	9.81	12	8.87	10	9.66	11	11	9.43	9.34	8.96	8.44
Total Operating Expenses	38	13	13	16	49	15	14	15	13	13	11
Selling, General & Admin Expense	12	12	13	17	14	15	15	15	13	13	12
Other Special Charges / (Income)	26	0.63	-0.45	-1.00	6.60	-0.27	-0.34	-0.19	-0.04	-0.15	-0.45
Total Other Income / (Expense), net	5.55	-22	1.15	-5.43	-16	0.99	-14	-12	-9.16	-9.05	-6.70
Interest Expense	11	11	11	7.59	11	10	13	13	13	13	12
Interest & Investment Income	8.26	5.69	5.39	5.26	6.27	5.85	5.27	5.17	5.19	5.09	4.78
Other Income / (Expense), net	8.49	-16	6.70	-3.10	-11	5.47	-6.22	-4.11	-1.54	-1.52	0.80
Net Income / (Loss) Attributable to Noncontrolling Interest	0.15	-0.02	0.00	0.01	-0.03	0.45	0.02	0.10	0.15	0.05	0.07
Basic Earnings per Share	($1.11)	($1.64)	($0.13)	($0.45)	($2.88)	($0.32)	($0.84)	($0.17)	($0.05)	($0.38)	($0.16)
Weighted Average Basic Shares Outstanding	17.35M	18.39M	19.10M	19.27M	18.57M	18.47M	18.19M	17.92M	18.00M	18.07M	18.17M
Diluted Earnings per Share	($1.11)	($1.64)	($0.13)	($0.45)	($2.88)	($0.32)	($0.84)	($0.17)	($0.05)	($0.38)	($0.16)
Weighted Average Diluted Shares Outstanding	17.35M	18.39M	19.10M	19.27M	18.57M	18.47M	18.19M	17.92M	18.00M	18.07M	18.17M
Weighted Average Basic & Diluted Shares Outstanding	18.23M	0.00	18.39M	18.56M	18.60M	18.08M	17.83M	17.83M	18.17M	18.17M	18.37M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	0.62	-20	-23	0.54	-0.23	-41	-13	-6.01	8.31	-5.62	-7.52
Net Cash From Operating Activities	2.35	-18	-22	-5.12	-1.05	-13	-9.12	-2.34	11	-3.30	-2.70
Net Cash From Continuing Operating Activities	2.29	-18	-22	-5.20	-0.86	-13	-9.12	-2.31	11	-3.28	-2.70
Net Income / (Loss) Continuing Operations	-19	-30	-2.45	-8.79	-53	-5.45	-15	-2.85	-0.68	-6.80	-2.86
Consolidated Net Income / (Loss)	-19	-30	-2.45	-8.57	-54	-5.48	-15	-2.87	-0.71	-6.81	-2.86
Depreciation Expense	5.56	5.14	5.23	5.23	7.83	6.09	7.55	6.81	9.25	7.33	7.51
Amortization Expense	1.51	1.38	1.42	1.43	-1.68	0.56	0.80	1.57	-0.68	0.78	1.40
Non-Cash Adjustments To Reconcile Net Income	-13	13	-9.22	-0.88	36	-9.26	2.51	0.70	-2.51	-3.38	-4.06
Changes in Operating Assets and Liabilities, net	27	-6.83	-17	-2.19	10	-5.35	-4.67	-8.54	5.91	-1.21	-4.69
Net Cash From Investing Activities	-11	8.07	5.69	7.80	9.91	-125	4.18	4.12	8.61	7.88	5.33
Net Cash From Continuing Investing Activities	-11	8.07	5.69	7.80	9.91	-125	4.18	4.12	8.61	7.88	5.33
Purchase of Property, Plant & Equipment	-0.16	-0.21	-0.07	-0.08	-0.03	-0.17	-0.09	-0.10	-0.04	-0.00	0.00
Acquisitions	-20	-	0.00	-	-	-133	-1.62	-2.92	-0.28	-0.51	0.00
Sale of Property, Plant & Equipment	1.44	1.23	1.26	1.60	1.86	1.38	1.36	1.20	1.50	1.55	1.44
Other Investing Activities, net	7.90	7.05	4.50	6.28	8.08	6.75	4.53	5.94	7.42	6.85	3.89
Net Cash From Financing Activities	8.84	-10	-6.78	-2.14	-9.09	97	-7.73	-7.79	-12	-10	-10
Net Cash From Continuing Financing Activities	8.84	-10	-6.78	-2.22	-9.09	97	-7.73	-7.79	-12	-10	-10
Repayment of Debt	-9.05	-10	-6.70	-132	-9.01	-11	-6.85	-6.72	-11	-10	-10
Repurchase of Common Equity	-3.56	-0.31	0.00	-	-	-0.85	-0.81	-1.01	-	-	0.00
Payment of Dividends	-0.13	-0.10	-0.08	-0.06	-0.08	-0.11	-0.08	-0.06	-0.09	-0.11	-0.07
Cash Income Taxes Paid	8.13	13	6.33	10	5.49	13	6.28	14	7.86	14	7.55

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

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

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	147,225,403.00	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
DEI Adjusted Shares Outstanding	18,403,175.00	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
DEI Earnings Per Adjusted Shares Outstanding	-1.05	-1.66	-0.13	-0.47	-2.88	-0.32	-0.85	-0.17	-0.05	-0.38	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	357.68%	-13.32%	1.06%	-1.46%	-8.05%	27.13%	30.33%	47.85%	43.73%	20.37%	-1.74%
EBITDA Growth	31.90%	-24.48%	1,488.48%	-98.67%	-372.01%	131.78%	-95.52%	6,389.66%	136.69%	51.40%	3,002.75%
EBIT Growth	-7.81%	-25.82%	138.07%	-171.73%	-202.31%	96.77%	-354.72%	174.22%	114.34%	190.31%	158.73%
NOPAT Growth	-1.39%	51.63%	-27.69%	-141.98%	-51.56%	26.25%	52.79%	364.94%	122.83%	135.81%	326.62%
Net Income Growth	11.21%	28.82%	87.00%	-634.48%	-179.41%	81.87%	-525.06%	66.56%	98.67%	-24.40%	81.36%
EPS Growth	11.21%	32.23%	87.74%	-400.00%	-159.46%	80.49%	-546.15%	62.22%	98.26%	-18.75%	80.95%
Operating Cash Flow Growth	114.55%	-3.79%	-168.90%	48.95%	-144.78%	24.12%	58.88%	54.19%	1,169.36%	75.46%	70.44%
Free Cash Flow Firm Growth	84.17%	79.24%	121.48%	124.03%	293.53%	142.44%	-144.57%	-138.32%	-154.94%	-30.98%	148.07%
Invested Capital Growth	13.42%	20.78%	-21.50%	-23.97%	-31.55%	-8.35%	11.77%	13.09%	23.54%	-5.53%	-4.71%
Revenue Q/Q Growth	1.92%	-32.47%	16.47%	22.93%	-4.91%	-6.63%	19.40%	39.55%	-7.56%	-21.80%	-2.53%
EBITDA Q/Q Growth	-158.51%	-105.10%	153.12%	-97.92%	-20,933.50%	113.81%	-92.52%	2,887.30%	17.78%	-43.01%	53.33%
EBIT Q/Q Growth	-278.01%	-55.37%	112.48%	-307.85%	-650.20%	98.34%	-883.11%	160.59%	44.94%	-89.54%	539.34%
NOPAT Q/Q Growth	-1,665.63%	65.29%	57.74%	6.59%	-1,005.92%	83.11%	72.95%	625.50%	-4.70%	-73.50%	71.17%
Net Income Q/Q Growth	-1,294.95%	-57.58%	91.89%	-249.92%	-524.68%	89.77%	-179.66%	81.28%	75.10%	-854.06%	58.09%
EPS Q/Q Growth	-1,294.95%	-47.75%	92.07%	-246.15%	-540.00%	88.89%	-162.50%	79.76%	70.59%	-660.00%	57.89%
Operating Cash Flow Q/Q Growth	123.42%	-855.73%	-25.09%	76.95%	79.45%	-1,180.49%	32.20%	74.32%	579.68%	-129.38%	18.32%
Free Cash Flow Firm Q/Q Growth	85.57%	-21.77%	220.16%	13.79%	16.23%	-73.30%	-226.21%	2.15%	-66.62%	133.55%	-12.11%
Invested Capital Q/Q Growth	-1.05%	-3.54%	-19.17%	-1.45%	-10.92%	29.16%	-1.42%	-0.29%	-2.69%	-1.23%	-0.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.81%	26.40%	51.51%	54.90%	54.83%	43.34%	53.00%	71.64%	69.61%	62.72%	63.96%
EBITDA Margin	-38.54%	-117.04%	53.38%	0.90%	-197.83%	29.26%	1.83%	39.63%	50.50%	36.80%	57.90%
Operating Margin	-105.45%	-54.21%	-19.67%	-14.95%	-173.82%	-31.45%	-7.12%	26.78%	27.61%	9.36%	16.43%
EBIT Margin	-68.93%	-158.59%	16.99%	-28.73%	-226.63%	-4.03%	-33.20%	14.42%	22.61%	3.03%	19.85%
Profit (Net Income) Margin	-82.44%	-192.36%	-13.40%	-38.13%	-250.51%	-27.43%	-64.25%	-8.63%	-2.32%	-28.35%	-12.19%
Tax Burden Percent	101.08%	99.57%	100.04%	97.51%	100.01%	103.57%	100.00%	100.49%	105.47%	100.13%	100.00%
Interest Burden Percent	118.33%	121.82%	-78.82%	136.14%	110.53%	656.77%	193.51%	-59.52%	-9.75%	-935.76%	-61.42%
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)	-9.42%	-5.02%	-1.82%	-1.37%	-16.42%	-2.85%	-0.77%	3.29%	3.97%	1.24%	2.20%
ROIC Less NNEP Spread (ROIC-NNEP)	-10.01%	-11.91%	-1.80%	-3.03%	-23.69%	-3.09%	-4.36%	0.98%	2.24%	-0.60%	0.99%
Return on Net Nonoperating Assets (RNNOA)	-11.17%	-16.64%	-2.76%	-4.82%	-45.36%	-7.76%	-9.99%	2.34%	6.19%	-2.04%	3.61%
Return on Equity (ROE)	-20.59%	-21.66%	-4.58%	-6.19%	-61.78%	-10.62%	-10.76%	5.63%	10.16%	-0.80%	5.81%
Cash Return on Invested Capital (CROIC)	-17.57%	-23.09%	19.75%	22.64%	31.08%	3.14%	-17.12%	-16.81%	-19.81%	7.82%	7.64%
Operating Return on Assets (OROA)	-6.11%	-14.71%	1.52%	-2.58%	-20.20%	-0.37%	-3.33%	1.65%	2.93%	0.39%	2.60%
Return on Assets (ROA)	-7.30%	-17.85%	-1.20%	-3.42%	-22.33%	-2.51%	-6.45%	-0.99%	-0.30%	-3.65%	-1.60%
Return on Common Equity (ROCE)	-18.78%	-21.17%	-4.52%	-6.12%	-61.08%	-10.48%	-10.62%	5.55%	9.99%	-0.78%	5.70%
Return on Equity Simple (ROE_SIMPLE)	-32.62%	0.00%	-23.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-17	-5.96	-2.52	-2.35	-26	-4.39	-1.19	6.23	5.94	1.57	2.69
NOPAT Margin	-73.81%	-37.94%	-13.77%	-10.46%	-121.67%	-22.01%	-4.99%	18.75%	19.33%	6.55%	11.50%
Net Nonoperating Expense Percent (NNEP)	0.59%	6.89%	-0.02%	1.66%	7.27%	0.24%	3.59%	2.31%	1.73%	1.84%	1.21%
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%
Cost of Revenue to Revenue	42.19%	73.60%	48.49%	45.10%	45.17%	56.66%	47.00%	28.36%	30.39%	37.28%	36.04%
SG&A Expenses to Revenue	53.29%	76.61%	73.65%	74.29%	63.25%	76.14%	61.53%	45.43%	42.12%	53.99%	49.44%
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	163.26%	80.61%	71.18%	69.85%	228.65%	74.79%	60.13%	44.85%	42.00%	53.37%	47.53%
Earnings before Interest and Taxes (EBIT)	-16	-25	3.11	-6.46	-48	-0.81	-7.91	4.79	6.95	0.73	4.65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.96	-18	9.76	0.20	-42	5.84	0.44	13	16	8.84	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.41	0.38	0.34	0.33	0.35	0.38	0.34	0.29	0.35	0.78	0.64
Price to Tangible Book Value (P/TBV)	0.49	0.46	0.42	0.41	0.38	0.41	0.36	0.31	0.37	0.83	0.68
Price to Revenue (P/Rev)	1.22	1.01	0.90	0.84	0.68	0.67	0.50	0.37	0.41	0.83	0.67
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)	0.79	0.80	0.74	0.74	0.79	0.85	0.86	0.85	0.86	0.95	0.93
Enterprise Value to Revenue (EV/Rev)	6.60	6.62	4.94	4.90	4.78	6.30	5.84	5.14	4.62	4.88	4.73
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.24	14.37	10.30
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	164.61	119.75	30.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	75.56	43.45	32.02
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	0.00	181.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	3.30	2.83	2.07	26.01	0.00	0.00	0.00	11.86	11.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.59	2.88	2.88	3.00	3.99	4.83	5.35	5.46	5.38	5.58	5.60
Long-Term Debt to Equity	2.48	2.75	2.75	2.86	3.81	4.63	5.14	3.76	3.67	3.82	3.86
Financial Leverage	1.12	1.40	1.54	1.59	1.92	2.51	2.29	2.38	2.76	3.40	3.66
Leverage Ratio	3.05	3.42	3.75	3.77	4.41	4.97	5.08	5.18	5.96	6.49	6.81
Compound Leverage Factor	3.61	4.16	-2.96	5.14	4.88	32.65	9.83	-3.09	-0.58	-60.74	-4.18
Debt to Total Capital	72.18%	74.24%	74.23%	74.97%	79.97%	82.84%	84.26%	84.51%	84.33%	84.81%	84.85%
Short-Term Debt to Total Capital	3.16%	3.35%	3.41%	3.47%	3.75%	3.32%	3.41%	26.22%	26.89%	26.79%	26.40%
Long-Term Debt to Total Capital	69.02%	70.89%	70.82%	71.50%	76.22%	79.51%	80.85%	58.29%	57.44%	58.01%	58.45%
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%	0.28%	0.27%	0.27%	0.28%	0.29%	0.29%	0.29%	0.31%	0.30%	0.31%
Common Equity to Total Capital	27.54%	25.48%	25.49%	24.76%	19.75%	16.88%	15.45%	15.20%	15.37%	14.89%	14.84%
Debt to EBITDA	-69.50	-48.62	-271.12	-35.28	-11.94	-26.63	-19.55	-30.44	19.59	17.82	13.08
Net Debt to EBITDA	-48.35	-35.03	-141.79	-18.51	-6.25	-17.34	-13.01	-20.48	12.92	11.87	8.80
Long-Term Debt to EBITDA	-66.46	-46.43	-258.66	-33.64	-11.38	-25.56	-18.76	-20.99	13.35	12.19	9.01
Debt to NOPAT	-19.71	-24.01	-23.31	-21.90	-16.43	-20.00	-20.62	-27.41	103.97	53.89	40.65
Net Debt to NOPAT	-13.71	-17.30	-12.19	-11.49	-8.61	-13.02	-13.73	-18.44	68.55	35.90	27.34
Long-Term Debt to NOPAT	-18.85	-22.93	-22.24	-20.88	-15.66	-19.19	-19.79	-18.91	70.82	36.86	28.00
Altman Z-Score	-0.03	-0.16	-0.08	-0.13	-0.45	-0.28	-0.35	-0.57	-0.55	-0.55	-0.56
Noncontrolling Interest Sharing Ratio	8.81%	2.25%	1.33%	1.02%	1.15%	1.32%	1.35%	1.39%	1.64%	1.82%	1.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.80	2.84	3.35	3.32	2.75	2.29	2.12	0.50	0.51	0.49	0.48
Quick Ratio	2.04	2.10	2.47	2.41	1.99	1.47	1.37	0.30	0.29	0.30	0.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-98	-120	144	164	190	51	-64	-63	-104	35	31
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	-8.78	-10.75	13.13	21.54	16.72	4.91	-5.06	-4.89	-8.15	2.78	2.51
Operating Cash Flow to Interest Expense	0.21	-1.59	-2.03	-0.67	-0.09	-1.30	-0.72	-0.18	0.88	-0.26	-0.22
Operating Cash Flow Less CapEx to Interest Expense	0.32	-1.50	-1.92	-0.47	0.07	-1.19	-0.62	-0.10	0.99	-0.14	-0.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.11	0.13	0.13	0.13
Accounts Receivable Turnover	5.53	9.11	7.16	5.95	6.46	6.79	5.75	6.02	7.28	7.27	5.81
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	0.18	0.17	0.17	0.16	0.15	0.17	0.19	0.21	0.19	0.20
Accounts Payable Turnover	8.51	18.79	26.10	17.15	38.40	37.94	54.80	35.10	35.61	26.80	37.85
Days Sales Outstanding (DSO)	65.95	40.05	50.97	61.39	56.49	53.79	63.52	60.65	50.15	50.20	62.83
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)	42.88	19.42	13.98	21.28	9.51	9.62	6.66	10.40	10.25	13.62	9.64
Cash Conversion Cycle (CCC)	23.07	20.63	36.98	40.11	46.98	44.17	56.85	50.25	39.90	36.58	53.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	685	661	534	526	469	605	597	595	579	572	569
Invested Capital Turnover	0.13	0.13	0.13	0.13	0.14	0.13	0.16	0.18	0.21	0.19	0.19
Increase / (Decrease) in Invested Capital	81	114	-146	-166	-216	-55	63	69	110	-33	-28
Enterprise Value (EV)	543	529	395	391	372	517	512	506	498	546	526
Market Capitalization	100	81	72	67	53	55	44	36	44	92	74
Book Value per Share	$1.64	$11.65	$11.56	$11.00	$8.06	$7.73	$6.90	$7.01	$7.00	$6.54	$6.44
Tangible Book Value per Share	$1.38	$9.51	$9.44	$8.92	$7.56	$7.24	$6.44	$6.54	$6.55	$6.11	$6.02
Total Capital	877	833	827	817	757	851	831	822	813	798	788
Total Debt	633	619	614	613	605	705	700	695	685	677	668
Total Long-Term Debt	606	591	585	584	577	677	672	479	467	463	460
Net Debt	441	446	321	322	317	459	466	468	452	451	449
Capital Expenditures (CapEx)	-1.28	-1.02	-1.19	-1.51	-1.83	-1.21	-1.27	-1.11	-1.47	-1.55	-1.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-18	-13	3.51	3.23	-11	-3.98	-1.65	4.98	-1.95	-2.21	2.63
Debt-free Net Working Capital (DFNWC)	175	160	153	153	139	105	95	95	97	91	88
Net Working Capital (NWC)	147	132	125	125	110	77	66	-120	-122	-123	-120
Net Nonoperating Expense (NNE)	2.01	24	-0.07	6.22	28	1.08	14	9.10	6.65	8.39	5.55
Net Nonoperating Obligations (NNO)	441	446	321	322	317	459	466	468	452	451	449
Total Depreciation and Amortization (D&A)	7.07	6.52	6.65	6.66	6.16	6.65	8.35	8.38	8.57	8.12	8.91
Debt-free, Cash-free Net Working Capital to Revenue	-22.11%	-16.78%	4.38%	4.05%	-14.69%	-4.84%	-1.88%	5.06%	-1.81%	-1.97%	2.36%
Debt-free Net Working Capital to Revenue	212.16%	199.78%	191.35%	192.47%	177.98%	128.09%	108.18%	96.99%	89.86%	81.33%	79.23%
Net Working Capital to Revenue	178.47%	164.83%	156.14%	156.88%	141.56%	93.61%	75.84%	-122.14%	-112.91%	-109.91%	-107.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.11)	($1.64)	($0.13)	($0.45)	($2.88)	($0.32)	($0.84)	($0.17)	($0.05)	($0.38)	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	17.35M	18.39M	19.10M	19.27M	18.57M	18.47M	18.19M	17.92M	18.00M	18.07M	18.17M
Adjusted Diluted Earnings per Share	($1.11)	($1.64)	($0.13)	($0.45)	($2.88)	($0.32)	($0.84)	($0.17)	($0.05)	($0.38)	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	17.35M	18.39M	19.10M	19.27M	18.57M	18.47M	18.19M	17.92M	18.00M	18.07M	18.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	($1.64)	$0.00	$0.00	$0.00	($0.32)	$0.00	$0.00	$0.00	($0.38)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	18.23M	0.00	18.39M	18.56M	18.60M	18.08M	17.83M	17.83M	18.17M	18.17M	18.37M
Normalized Net Operating Profit after Tax (NOPAT)	0.73	-5.52	-2.84	-3.05	-1.26	-4.58	-1.42	6.10	5.91	1.47	2.38
Normalized NOPAT Margin	3.16%	-35.15%	-15.50%	-13.57%	-5.89%	-22.96%	-5.97%	18.35%	19.25%	6.11%	10.16%
Pre Tax Income Margin	-81.56%	-193.19%	-13.39%	-39.11%	-250.49%	-26.49%	-64.25%	-8.58%	-2.20%	-28.31%	-12.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.43	-2.24	0.28	-0.85	-4.26	-0.08	-0.62	0.37	0.54	0.06	0.38
NOPAT to Interest Expense	-1.53	-0.54	-0.23	-0.31	-2.29	-0.43	-0.09	0.49	0.46	0.12	0.22
EBIT Less CapEx to Interest Expense	-1.32	-2.15	0.39	-0.65	-4.10	0.04	-0.52	0.46	0.66	0.18	0.50
NOPAT Less CapEx to Interest Expense	-1.42	-0.44	-0.12	-0.11	-2.13	-0.31	0.01	0.57	0.58	0.25	0.34
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.38%	-0.72%	-0.71%	-0.61%	-0.33%	-0.46%	-0.39%	-0.42%	-1.37%	-1.31%	-2.49%
Augmented Payout Ratio	-16.69%	-8.94%	-0.71%	-7.01%	-0.65%	-1.68%	-2.39%	-3.88%	-12.33%	-8.38%	-10.11%

Financials Breakdown Chart

Spruce Power Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Spruce Power's financial year ends in December. Their financial 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. View Spruce Power's forecast to see where analysts expect Spruce Power to go next.

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 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Spruce Power (SPRU) Financials

Financials Breakdown Chart

Spruce Power Financials - Frequently Asked Questions

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Spruce Power (SPRU) Financials

Annual Income Statements for Spruce Power

Quarterly Income Statements for Spruce Power

Annual Cash Flow Statements for Spruce Power

Quarterly Cash Flow Statements for Spruce Power

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Quarterly Balance Sheets for Spruce Power

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Quarterly Metrics And Ratios for Spruce Power

Financials Breakdown Chart

Spruce Power Financials - Frequently Asked Questions

When does Spruce Power's fiscal year end?

How has Spruce Power's net income changed over the last 6 years?

What is Spruce Power's operating income?

How has Spruce Power's revenue changed over the last 6 years?

How much debt does Spruce Power have?

How much cash does Spruce Power have?

How has Spruce Power's book value per share changed over the last 6 years?

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