Spruce Power Holding (SPRU)
NYSE:SPRU
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Spruce Power Holding
(NYSE:SPRU)
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Rating:43Neutral
Price Target:
$4.00
▼(-23.08% Downside)
Action:ReiteratedDate:03/31/26
Overall score is held down primarily by the highly leveraged balance sheet, continued net losses, and negative cash flow despite improved 2025 operating results. Technical signals are mixed but not strongly bullish, and valuation is difficult to support with a negative P/E and no dividend data. Earnings-call commentary is constructive on operations, but refinancing/going-concern timing remains a key risk.
Positive Factors
Recurring contracted revenue (leases & PPAs)
A portfolio of long-term leases and PPAs creates predictable, recurring cash flows tied to residential solar assets. This contract base provides durable revenue visibility, supports portfolio scaling and servicing economics, and reduces dependence on volatile spot commodity or one-time sales.
Negative Factors
Very high leverage and weakened equity
A debt-to-equity ratio north of 5x and materially reduced equity capitalize the business with little cushion for shocks. High absolute debt amplifies refinancing, interest and covenant risk, constrains strategic flexibility and makes consistent deleveraging a prerequisite for durable financial health.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring contracted revenue (leases & PPAs)
A portfolio of long-term leases and PPAs creates predictable, recurring cash flows tied to residential solar assets. This contract base provides durable revenue visibility, supports portfolio scaling and servicing economics, and reduces dependence on volatile spot commodity or one-time sales.
Read all positive factors
Spruce Power Holding (SPRU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$73.22M
Dividend YieldN/A
Average Volume (3M)149.28K
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth37.59%
EPS Growth72.94%
CountryUS
Employees165
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.38
Shares Outstanding18,168,863
10 Day Avg. Volume117,239
30 Day Avg. Volume149,279
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.76
Price to Sales (P/S)0.82
P/FCF Ratio-27.01
Enterprise Value/Market Cap9.56
Enterprise Value/Revenue6.26
Enterprise Value/Gross Profit8.47
Enterprise Value/Ebitda14.49
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Spruce Power Holding Business Overview & Revenue Model
Company Description
XL Fleet Corp. provides fleet electrification solutions for commercial vehicles in North America. Its products include hybrid electric drive systems are comprised of an electric motor that is mounted onto the vehicle's drive shaft, an inverter mot...
How the Company Makes Money
Spruce Power primarily generates revenue from long-term contracted cash flows tied to residential solar systems it owns. Key revenue streams include: (1) Customer payments under solar leases and PPAs, where homeowners either pay a fixed lease paym...
Spruce Power Holding Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The call presented a strong operational turnaround: double-digit revenue growth, substantial EBITDA expansion, a swing to positive operating income, large year-over-year cost reductions and restored positive adjusted cash flow. These positive developments are tempered by material absolute leverage, a going concern disclosure driven by the timing of a planned refinancing, and reliance on executing a comprehensive capital solution. Management conveyed confidence and lender interest, but financing execution risk and seasonal variability remain near-term concerns.Positive Updates
Quarterly Revenue Growth
Q4 revenue of approximately $24.0M, up 19% year-over-year (from $20.2M in Q4 2024).
Negative Updates
Going Concern Disclosure and Financing Uncertainty
A going concern disclosure will appear in the upcoming 10-K driven by accounting/timing of the refinancing process. Management states this is procedural, but the company is actively pursuing a comprehensive refinancing across SP1, SP2 and SP3.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth
Q4 revenue of approximately $24.0M, up 19% year-over-year (from $20.2M in Q4 2024).
Read all positive updates
Company Guidance
Management guided that 2026 will focus on continued margin expansion, disciplined growth via portfolio acquisitions, programmatic partnerships and scaling Spruce Pro, and a comprehensive refinancing (SP1 extended to Jan 30, 2027 with a term‑sheet milestone of Oct 30, 2026) to better align capital; they cited Q4 and FY25 metrics underpinning this view—Q4 revenue ~$24.0M (+19% YoY), operating EBITDA ~$17.0M, adjusted cash flow from operations +$5.1M (vs -$4.1M LY), Q4 SG&A $13.0M and O&M $1.9M (O&M down 64% YoY, SG&A down 16% YoY), total operating expense $21.8M (vs $26.7M LY), core operating expense $14.9M, full‑year revenue +36% vs 2024, operating EBITDA $80.1M (+49% YoY), income from operations +$17.9M (vs -$50.4M LY), $35.1M debt repaid in 2025 ($10.1M in Q4), year‑end cash $93.1M (Q3 $98.8M, Q2 ~ $90M), total principal debt $695.5M at a ~6.1% blended rate, and revenue components including SREC $21M and system lease/PPA $78M—while stressing the going‑concern disclosure is an accounting/timing matter, not a reflection of operating performance.Spruce Power Holding Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
22
Negative
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 111.81M | 82.11M | 79.86M | 23.19M | 15.60M |
| Gross Profit | 82.67M | 42.13M | 42.05M | 13.24M | -696.00K |
| EBITDA | 48.31M | -8.56M | 8.23M | -34.82M | 53.29M |
| Net Income | -26.03M | -70.49M | -65.83M | -93.93M | 28.79M |
Balance Sheet | |||||
| Total Assets | 837.27M | 898.48M | 895.02M | 895.90M | 393.22M |
| Cash, Cash Equivalents and Short-Term Investments | 54.84M | 72.80M | 141.35M | 240.14M | 351.68M |
| Total Debt | 681.89M | 711.07M | 625.68M | 503.01M | 4.60M |
| Total Liabilities | 716.02M | 752.33M | 680.35M | 606.93M | 31.41M |
| Stockholders Equity | 118.83M | 143.71M | 212.34M | 279.95M | 361.81M |
Cash Flow | |||||
| Free Cash Flow | -3.75M | -42.16M | -34.16M | -63.49M | -48.49M |
| Operating Cash Flow | -3.53M | -41.81M | -33.66M | -63.49M | -48.49M |
| Investing Cash Flow | 24.78M | -101.41M | -16.73M | -37.29M | -14.83M |
| Financing Cash Flow | -37.25M | 79.43M | -16.81M | -10.90M | 85.36M |
Spruce Power Holding Technical Analysis
Positive
5.20
Price Trends
4.32
Negative
4.77
Negative
3.37
Positive
Market Momentum
-0.05
Negative
48.63
Neutral
38.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPRU, the sentiment is Positive. The current price of 5.2 is above the 20-day moving average (MA) of 4.03, above the 50-day MA of 4.32, and above the 200-day MA of 3.37, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 48.63 is Neutral, neither overbought nor oversold. The STOCH value of 38.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPRU.
Spruce Power Holding Risk Analysis
Spruce Power Holding disclosed 36 risk factors in its most recent earnings report. Spruce Power Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Spruce Power Holding Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
43 Neutral | $73.22M | -3.53 | -20.95% | ― | 37.59% | 72.94% | |
42 Neutral | $29.69M | -2.62 | -80.33% | ― | -54.56% | -133.60% | |
42 Neutral | $23.49M | -0.39 | 54.21% | ― | -54.68% | 63.56% | |
| ― | $25.23M | -0.84 | -99.17% | ― | -5.74% | 54.80% | |
40 Underperform | $30.79M | -6.49 | 0.21% | ― | 76.60% | 70.94% |
* Technology Sector Average
SPRU
Spruce Power Holding
4.03
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Spruce Power Holding Corporate Events
Regulatory Filings and ComplianceShareholder Meetings
Spruce Power Updates Deadline for 2026 Shareholder Proposals
Neutral
Mar 25, 2026
Spruce Power Holding Corporation has extended the deadline for shareholders to submit proposals or director nominations for consideration at its 2026 annual meeting of stockholders. The company stated that submissions must arrive at its principal ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.