Significant Revenue Growth
Revenue grew 44% compared to the year earlier period, primarily due to the acquisition of rooftop assets and growth in solar renewable energy credits (SREC).
Increase in Operating EBITDA
Operating EBITDA increased by 48% year-over-year, reflecting positive impacts from acquisitions and cost management.
Positive Free Cash Flow
The company achieved positive free cash flow, increasing total cash to $98.8 million from $90.4 million at the start of the quarter.
Cost Reduction Success
Core operating expenses decreased by 15% from the year earlier period, with significant reductions in SG&A and O&M expenses.
Strong Position in Residential Solar Market
Spruce Power's model generates stable cash flows from a portfolio of approximately 85,000 home solar assets and customer contracts, allowing for growth despite market challenges.