Spruce Power Reports Strong Revenue Growth Amid Challenges

Spruce Power Holding Corporation ( (SPRU) ) has released its Q1 earnings. Here is a breakdown of the information Spruce Power Holding Corporation presented to its investors.

Spruce Power Holding Corporation is a prominent player in the distributed solar energy sector in the United States, providing subscription-based services that enable homeowners to access rooftop solar power and battery storage without significant upfront costs.

In its first quarter of 2025, Spruce Power reported a 30% increase in revenues to $23.8 million, driven largely by its acquisition of rooftop assets from NJR Clean Energy Ventures. Despite the revenue growth, the company faced a net loss attributable to stockholders of $15.3 million.

Key financial highlights include an operating EBITDA of $12.3 million, a 15% increase from the previous year, and a robust cash balance of $96.5 million. The company also boasts a portfolio of approximately 85,000 home solar assets across 18 states and is servicing 60,000 residential solar systems as a third-party provider. The increase in operating expenses, primarily due to higher selling, general, and administrative expenses, was noted as a factor impacting profitability.

Looking ahead, Spruce Power’s management remains optimistic about future growth opportunities, particularly in expanding its Spruce PRO servicing business and pursuing new acquisitions. The company is focused on managing costs and enhancing profitability while continuing to explore strategic acquisitions and shareholder return initiatives.