Spruce Power Holding (SPRU)
NYSE:SPRU
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Spruce Power Holding
(NYSE:SPRU)
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Rating:44Neutral
Price Target:
$3.00
▼(-42.31% Downside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by high leverage and continued net losses despite improved operating profitability and modest positive TTM cash flow. Technicals are bearish (price below major moving averages with negative MACD), while the latest earnings call was a relative positive on cost control and EBITDA growth but still overshadowed by refinancing/going-concern timing risk.
Positive Factors
Margin Expansion / Improving Profitability
Sustained margin expansion (very strong gross margin ~77% and EBITDA margin ~42%) reflects operational leverage from the asset-owner model. Higher recurring operating EBITDA improves cash generation and resilience of the core business, supporting longer-term servicing and reinvestment capacity.
Negative Factors
High Leverage and Refinancing Risk
An elevated absolute debt load and thin equity base materially constrain financial flexibility. Near‑term maturities and an SP1 extension create execution risk: failed or costly refinancing could force asset sales, increase interest costs, or impair operational plans over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Expansion / Improving Profitability
Sustained margin expansion (very strong gross margin ~77% and EBITDA margin ~42%) reflects operational leverage from the asset-owner model. Higher recurring operating EBITDA improves cash generation and resilience of the core business, supporting longer-term servicing and reinvestment capacity.
Read all positive factors
Spruce Power Holding (SPRU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$52.54M
Dividend YieldN/A
Average Volume (3M)149.28K
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth26.46%
EPS Growth83.31%
CountryUS
Employees165
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.75
Shares Outstanding18,369,300
10 Day Avg. Volume117,239
30 Day Avg. Volume149,279
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.77
Price to Sales (P/S)0.82
P/FCF Ratio-24.52
Enterprise Value/Market Cap12.86
Enterprise Value/Revenue6.06
Enterprise Value/Gross Profit9.14
Enterprise Value/Ebitda12.71
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 makes money from contracted, recurring cash flows tied to residential solar systems it owns. Key revenue streams include: (1) customer payments under long-term agreements—such as leases or power purchase agreements (PPAs)—wh...
Spruce Power Holding Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful operational progress: strong margin expansion, large reductions in O&M and SG&A, a 49% increase in operating EBITDA, and a materially improved net loss, supported by a stable customer base and a solid cash balance. Offsetting these positives are a slight year-over-year revenue decline driven by weather, lower noncash amortization and customer buyouts, a going concern disclosure tied to the near‑term maturity classification of the SP1 facility, and substantial outstanding debt that requires successful refinancing. Management has secured an SP1 extension and is actively pursuing refinancing, which partially mitigates financing risk but leaves execution uncertainty. Overall, operational and profitability improvements are significant and appear to outweigh the financing and timing headwinds noted.Positive Updates
Strong Operating EBITDA Growth
Operating EBITDA of $18.4M in Q1 2026, up 49% year-over-year from $12.3M in Q1 2025, driven by margin expansion and operational efficiencies.
Negative Updates
Modest Revenue Decline
Revenue of $23.4M in Q1 2026, down from $23.8M in Q1 2025 (≈1.7% decline). Decline attributable to lower noncash amortization from acquired solar agreements, lower PPA revenue due to weather impacts and customer buyouts.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Operating EBITDA Growth
Operating EBITDA of $18.4M in Q1 2026, up 49% year-over-year from $12.3M in Q1 2025, driven by margin expansion and operational efficiencies.
Read all positive updates
Company Guidance
Management said its full‑year 2026 outlook remains generally consistent with prior expectations and they expect full‑year operating EBITDA to be in line with budget (Q1 operating EBITDA was $18.4M, +49% YoY), with lower Q1 O&M and collections being offset by higher servicing activity and collections in the second half; O&M is expected to increase sequentially through the year but remain generally in line with full‑year expectations (Q1 O&M $1.2M, down 70% YoY) and SG&A run‑rate should continue to improve (Q1 SG&A $11.6M, down 21% YoY). They continue to advance refinancing initiatives—SP1 maturity extended to October 2026 with a potential extension to January 2027 pending a signed term sheet—and highlighted liquidity and balance sheet metrics of $85.6M total cash (≈$50M unrestricted), $668M total debt with a blended interest rate of ~6.6% (including hedges), $8.2M of debt repaid in the quarter, and a contracted customer base of ~84,000.Spruce Power Holding Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
24
Negative
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 111.41M | 111.81M | 82.11M | 79.86M | 23.19M | 15.60M |
| Gross Profit | 73.95M | 71.91M | 42.13M | 42.05M | 13.24M | -696.00K |
| EBITDA | 53.14M | 48.31M | -8.56M | 8.23M | -34.82M | 53.29M |
| Net Income | -13.56M | -25.96M | -70.49M | -65.83M | -93.93M | 28.79M |
Balance Sheet | ||||||
| Total Assets | 824.37M | 837.27M | 898.48M | 895.02M | 895.90M | 393.22M |
| Cash, Cash Equivalents and Short-Term Investments | 50.02M | 54.84M | 72.80M | 141.35M | 240.14M | 351.68M |
| Total Debt | 673.16M | 681.89M | 711.07M | 625.68M | 503.01M | 4.60M |
| Total Liabilities | 705.03M | 716.02M | 752.33M | 680.35M | 606.93M | 31.41M |
| Stockholders Equity | 119.34M | 118.83M | 143.71M | 212.34M | 279.95M | 361.81M |
Cash Flow | ||||||
| Free Cash Flow | 855.00K | -3.75M | -42.16M | -34.16M | -63.49M | -48.49M |
| Operating Cash Flow | 989.00K | -3.53M | -41.81M | -33.66M | -63.49M | -48.49M |
| Investing Cash Flow | 25.94M | 24.78M | -101.41M | -16.73M | -37.29M | -14.83M |
| Financing Cash Flow | -37.77M | -37.25M | 79.43M | -16.81M | -10.90M | 85.36M |
Spruce Power Holding Technical Analysis
Negative
5.20
Price Trends
3.61
Negative
4.16
Negative
3.71
Negative
Market Momentum
-0.22
Negative
36.70
Neutral
40.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPRU, the sentiment is Negative. The current price of 5.2 is above the 20-day moving average (MA) of 3.08, above the 50-day MA of 3.61, and above the 200-day MA of 3.71, indicating a bearish trend. The MACD of -0.22 indicates Negative momentum. The RSI at 36.70 is Neutral, neither overbought nor oversold. The STOCH value of 40.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SPRU.
Spruce Power Holding Risk Analysis
Spruce Power Holding disclosed 1 risk factors in its most recent earnings report. Spruce Power Holding reported the most risks in the "Legal & Regulatory" 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% | |
49 Neutral | $33.08M | -1.70 | -73.50% | ― | -39.07% | 36.89% | |
44 Neutral | $52.54M | -3.86 | -11.11% | ― | 26.46% | 83.31% | |
| ― | $15.64M | -2.01 | -99.17% | ― | 119.26% | 65.50% | |
43 Neutral | $31.87M | -5.81 | 0.21% | ― | 309.46% | 71.91% |
* Technology Sector Average
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Spruce Power Holding Corporate Events
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Spruce Power Extends 2026 Shareholder Proposal Deadline Again
Neutral
Apr 3, 2026
Spruce Power Holding Corporation announced an additional extension to the deadline for shareholders to submit proposals or director nominations for inclusion at its 2026 annual meeting of stockholders. The company, which had previously extended th...
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.