A Business at a Glance
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Company Overview Spruce Power Holding Corporation and its subsidiaries (“Spruce Power”) is a leading owner and operator of distributed solar energy assets across the United States (the “U.S.”), offering subscription-based services to approximately 85,000 home solar assets and customer contracts, making renewable energy more accessible to everyone. We are engaged in the ownership and maintenance of home solar energy systems for homeowners in the U.S. Our primary customers are homeowners and our core solar service offerings to these customers generate revenues primarily through (i) the sale of electricity generated by our home solar energy systems to homeowners pursuant to long-term Customer Agreements (as defined below) which require the homeowners to make recurring monthly payments, (ii) third party contracts to sell solar renewable energy credits (“SRECs”) generated by our home solar energy systems for contracted prices, and (iii) the servicing of third party-owned solar energy system
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | 108M | 82M | 80M | - | 0 |
| Net Income | -25M | -70M | -66M | -94M | 29M |
| EPS | $-1.38 | $-3.82 | $-3.58 | $-5.27 | $1.52 |
| Free Cash Flow | -14M | -42M | -34M | -63M | -28M |
| ROIC | 1.0% | -8.6% | -8.2% | -12.3% | 8.0% |
| Gross Margin | - | - | - | - | - |
| Debt/Equity | 5.49 | 4.83 | 2.88 | 1.73 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - |
| Operating Income | 9.3M | -50M | -37M | -59M | -35M |
| Operating Margin | 8.6% | -61.4% | -46.1% | - | - |
| ROE | -20.1% | -13.5% | -30.7% | -32.5% | 8.0% |
| Shares Outstanding | 18M | 18M | 18M | 18M | 19M |
| Metric | 2021 | 2022 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 0 | N/A | 80M | 82M | 108M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A |
| EBIT | -35M | -59M | -37M | -50M | 9.3M |
| Op. Margin | N/A | N/A | -46.1% | -61.4% | 8.6% |
| Net Income | 29M | -94M | -66M | -70M | -25M |
| Net Margin | N/A | N/A | -82.4% | -85.9% | -23.2% |
| Non-Recurring | -26K | 580K | 4.7M | 31M | 31M |
| Returns on Capital | |||||
| ROIC | 8.0% | -12.3% | -8.2% | -8.6% | 1.0% |
| ROE | 8.0% | -32.5% | -30.7% | -13.5% | -20.1% |
| ROA | 7.3% | -11.4% | -7.4% | -7.9% | -2.9% |
| Cash Flow | |||||
| Op. Cash Flow | -28M | -63M | -34M | -42M | -14M |
| Free Cash Flow | -28M | -63M | -34M | -42M | -14M |
| Owner Earnings | -36M | -80M | -58M | -66M | -38M |
| CapEx | 0 | 0 | 499K | 354K | 392K |
| Maint. CapEx | 0 | 6.5M | 22M | 21M | 21M |
| Growth CapEx | N/A | N/A | 0 | 0 | 0 |
| D&A | 0 | 6.5M | 22M | 21M | 21M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 5.4M | 853K | 853K |
| Buyback Yield | N/A | N/A | 6.6% | 1.5% | 1.2% |
| Stock-Based Comp | 7.9M | 10.0M | 2.9M | 2.7M | 2.7M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | -352M | 279M | 477M | 633M | 632M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | 54M |
| Long-Term Debt | 0 | 474M | 591M | 677M | 677M |
| Debt/Equity | 0.00 | 1.73 | 2.88 | 4.83 | 5.49 |
| Interest Coverage | N/A | -5.2 | -0.9 | -1.3 | -1.3 |
| Equity | 362M | 289M | 215M | 146M | 125M |
| Total Assets | 393M | 827M | 895M | 898M | 857M |
| Total Liabilities | 31M | 538M | 680M | 752M | 730M |
| Intangibles | N/A | 129M | 39M | 9.0M | 9.0M |
| Retained Earnings | -99M | -193M | -258M | -328M | -328M |
| Working Capital | 358M | 215M | 132M | 77M | 77M |
| Current Assets | 375M | 275M | 203M | 136M | 136M |
| Current Liabilities | 17M | 60M | 72M | 60M | 60M |
| Per Share Data | |||||
| EPS | 1.52 | -5.27 | -3.58 | -3.82 | -1.38 |
| Owner EPS | -1.90 | -4.49 | -3.16 | -3.57 | -2.07 |
| Book Value | 19.10 | 16.21 | 11.67 | 7.92 | 6.87 |
| Cash Flow/Share | -1.49 | -3.56 | -1.83 | -2.27 | -0.21 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 18.9M | 17.8M | 18.4M | 18.5M | 18.2M |
| Valuation | |||||
| P/E Ratio | 18.2 | N/A | N/A | N/A | -2.9 |
| P/FCF | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 76.2 |
| Price/Book | 1.4 | 0.4 | 0.4 | 0.4 | 0.6 |
| Price/Sales | N/A | N/A | 1.5 | 0.7 | 0.7 |
| FCF Yield | -5.4% | -50.0% | -41.7% | -74.9% | -19.1% |
| Market Cap | 523M | 127M | 82M | 56M | 74M |
| Avg. Price | 72.57 | 11.63 | 6.42 | 3.33 | 4.05 |
| Year-End Price | 27.60 | 7.12 | 4.45 | 3.05 | 4.05 |
SPRUCE POWER HOLDING CORP passes 1 of 9 quality checks, indicating weak fundamentals.
Total shareholder yield (buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is -11.6%.
SPRUCE POWER HOLDING CORP (SPRU) has a 5-year average return on invested capital (ROIC) of -5.3%. This is below average and may indicate limited pricing power.
SPRUCE POWER HOLDING CORP (SPRU) has a market capitalization of $74M. It is classified as a small-cap stock.
SPRUCE POWER HOLDING CORP (SPRU) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.16%.
SPRUCE POWER HOLDING CORP (SPRU) operates in the Electric Services industry, within the Utilities sector.
SPRUCE POWER HOLDING CORP (SPRU) reported annual revenue of $82 million in its most recent fiscal year, based on SEC EDGAR filings.
SPRUCE POWER HOLDING CORP (SPRU) has a net profit margin of -85.9%. The company is currently unprofitable.
SPRUCE POWER HOLDING CORP (SPRU) generated $-42 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
SPRUCE POWER HOLDING CORP (SPRU) has a debt-to-equity ratio of 4.83. This indicates higher leverage, which may increase financial risk.
SPRUCE POWER HOLDING CORP (SPRU) reported earnings per share (EPS) of $-3.82 in its most recent fiscal year.
SPRUCE POWER HOLDING CORP (SPRU) has a return on equity (ROE) of -13.5%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 4 years of financial data for SPRUCE POWER HOLDING CORP (SPRU), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SPRUCE POWER HOLDING CORP (SPRU) has a book value per share of $7.92, based on its most recent annual SEC filing.