Spruce Power Reports 2024 Financial Results and Growth

Spruce Power Holding Corporation ( (SPRU) ) has released its Q4 earnings. Here is a breakdown of the information Spruce Power Holding Corporation presented to its investors.

Spruce Power Holding Corporation, a prominent player in the distributed solar energy sector in the United States, specializes in owning and operating solar energy assets, offering subscription-based services to homeowners for rooftop solar power and battery storage.

In its latest earnings report for the fourth quarter and full-year 2024, Spruce Power reported revenues of $20.2 million for the quarter, with a net loss attributable to stockholders of $5.9 million and an Operating EBITDA of $10.8 million. The company ended the quarter with a liquidity position of $72.8 million in unrestricted cash, supporting its future growth and operations.

Key highlights from the report include a 15% year-on-year growth in home solar assets, reaching approximately 85,000 contracts, and the signing of a significant customer agreement with ADT for servicing 60,000 residential solar systems. Additionally, Spruce Power’s customer satisfaction score improved to 83% in 2024 from 74% in the previous year, reflecting enhanced customer experience.

Looking ahead, Spruce Power’s management remains optimistic about the company’s potential for scale and long-term value creation. The focus will be on profitable growth, improving operating efficiency, and driving margin expansion, positioning the company for continued success in the evolving solar energy market.