SPRU on NYSE
SPRUCE POWER HOLDING CORP
American electric services company based in Houston, incorporated in Delaware.
$1.46 down 0.01 (0.59%)Price as of Oct 15, 2026 at 17:33 UTC
Last updated Oct 18, 2026.
Overview
Compare with Ellomay Capital Ltd, HALLADOR ENERGY CO or Enlight Renewable Energy Ltd., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
16.0%Operating margin4
-23.3%Net margin4
36.2%Revenue growth, 20254
-21.5%Return on equity4
3.82×Debt to equity4
-$3.8MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
SLA Revenue brought in 36% of the revenue SPRUCE POWER HOLDING CORP broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| SLA Revenue | $29.0M | $39.9M |
| PPA Revenue | $38.4M | $38.0M |
| Solar Renewable Energy Credit Revenue | $7.2M | $21.4M |
| Service | $778.0K | $3.8M |
| Product and Service, Other | $3.2M | $3.6M |
| Amortization Of Intangible Assets | $3.1M | $3.0M |
| Government Incentives | $425.0K | $2.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Selling, general and admin49¢$55.1M
- Other costs51¢$56.7M
Out of $111.8M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenues | $111.8M | $82.1M |
| Selling, general and administrative expenses | $55.1M | $58.9M |
| Litigation settlements | $1.7M | $7.4M |
| Gain on asset disposal, net | -$1.9M | -$2.5M |
| Impairment of goodwill | $0 | $28.8M |
| Total operating expenses | $93.9M | $132.5M |
| Income (loss) from operations | $17.9M | -$50.4M |
| Interest income | -$20.7M | -$22.8M |
| Interest expense, net | $50.9M | $40.2M |
| Change in fair value of warrant liabilities | $0 | -$17.0K |
| Change in fair value of interest rate swaps | $12.7M | $2.8M |
| Other expense (income) | $699.0K | -$525.0K |
| Net loss from continuing operations | -$25.6M | -$70.1M |
| Net income (loss) from discontinued operations | -$64.0K | $25.0K |
| Net loss | -$25.7M | -$70.1M |
| Less: Net income attributable to noncontrolling interests | $320.0K | $436.0K |
| Net loss attributable to stockholders | -$26.0M | -$70.5M |
| Net loss from continuing operations per share, basic (in dollars per share) | -$1 | -$4 |
| Net loss from continuing operations per share, diluted (in dollars per share) | -$1 | -$4 |
| Net income (loss) from discontinued operations, per share, basic (in dollars per share) | $0 | $0 |
| Net income (loss) from discontinued operations per share, diluted (in dollars per share) | $0 | $0 |
| Net loss attributable to stockholders per share, basic (in dollars per share) | -$1.44 | -$3.82 |
| Net loss attributable to stockholders per share, diluted (in dollars per share) | -$1.44 | -$3.82 |
| Weighted-average shares outstanding, basic (in shares) | 18.1M shares | 18.5M shares |
| Weighted-average shares outstanding, diluted (in shares) | 18.1M shares | 18.5M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $54.8M | $72.8M | |
| Restricted cash | $38.3M | $36.3M | |
| Accounts receivable, net of allowance of $0.8 million and $0.8 million as of December 31, 2025 and 2024, respectively | $15.7M | $15.0M | |
| Interest rate swap assets, current | $3.8M | $6.3M | |
| Prepaid expenses and other current assets | $3.2M | $6.0M | |
| Total current assets | $115.9M | $136.4M | |
| Investment related to SEMTH master lease agreement | $132.8M | $136.9M | |
| Property and equipment, net | $561.4M | $589.0M | |
| Interest rate swap assets, non-current | $10.0M | $18.4M | |
| Intangible assets, net | $7.8M | $9.0M | |
| Deferred rent assets | $4.9M | $3.7M | $2.5M |
| Right-of-use assets, net | $4.2M | $4.8M | |
| Other assets | $269.0K | $255.0K | |
| Accounts payable | $1.9M | $987.0K | |
| Non-recourse debt, current | $213.8M | $28.3M | |
| Accrued expenses and other current liabilities | $20.3M | $28.1M | |
| Deferred revenue, current | $1.2M | $1.2M | |
| Lease liability, current | $945.0K | $892.0K | |
| Interest rate swap liabilities, current | $545.0K | $0 | |
| Current liabilities of discontinued operations | $12.0K | $61.0K | |
| Total current liabilities | $238.8M | $59.6M | |
| Non-recourse debt, non-current | $462.9M | $677.0M | |
| Deferred revenue, non-current | $3.8M | $2.8M | |
| Lease liability, non-current | $4.2M | $4.8M | |
| Unfavorable solar renewable energy agreements, net | $779.0K | $4.1M | |
| Interest rate swap liabilities, non-current | $1.6M | $385.0K | |
| Other long-term liabilities | $3.9M | $3.5M | |
| Long-term liabilities of discontinued operations | $28.0K | $40.0K | |
| Common stock, $0.0001 par value; 350,000,000 shares authorized at December 31, 2025 and 2024; 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively, and 19,403,262 and 18,311,054 issued and outstanding at December 31, 2024, respectively | $2.0K | $2.0K | |
| Additional paid-in capital | $481.3M | $478.4M | |
| Accumulated deficit | -$354.4M | -$328.4M | |
| Treasury stock at cost, 1,870,827 shares and 1,092,208 at December 31, 2025 and 2024, respectively | -$8.1M | -$6.3M | |
| Noncontrolling interests | $2.4M | $2.4M | |
| Total equity | $121.3M | $146.2M | $214.7M |
| Total liabilities, stockholders equity and noncontrolling interests | $837.3M | $898.5M | |
| Allowance for doubtful accounts, current | $800.0K | $800.0K | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, authorized (in shares) | 350.0M shares | 350.0M shares | |
| Common stock, issued (in shares) | 20.0M shares | 19.4M shares | |
| Common stock, outstanding (in shares) | 18.2M shares | 18.3M shares | |
| Treasury stock, common, (in shares) | 1.9M shares | 1.1M shares | |
| Assets | $837.3M | $898.5M | |
| Liabilities | $716.0M | $752.3M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $54.8M | $72.8M | |
| Restricted cash | $38.3M | $36.3M | |
| Accounts receivable, net of allowance of $0.8 million and $0.8 million as of December 31, 2025 and 2024, respectively | $15.7M | $15.0M | |
| Interest rate swap assets, current | $3.8M | $6.3M | |
| Prepaid expenses and other current assets | $3.2M | $6.0M | |
| Total current assets | $115.9M | $136.4M | |
| Investment related to SEMTH master lease agreement | $132.8M | $136.9M | |
| Property and equipment, net | $561.4M | $589.0M | |
| Interest rate swap assets, non-current | $10.0M | $18.4M | |
| Intangible assets, net | $7.8M | $9.0M | |
| Deferred rent assets | $4.9M | $3.7M | $2.5M |
| Right-of-use assets, net | $4.2M | $4.8M | |
| Other assets | $269.0K | $255.0K | |
| Accounts payable | $1.9M | $987.0K | |
| Non-recourse debt, current | $213.8M | $28.3M | |
| Accrued expenses and other current liabilities | $20.3M | $28.1M | |
| Deferred revenue, current | $1.2M | $1.2M | |
| Lease liability, current | $945.0K | $892.0K | |
| Interest rate swap liabilities, current | $545.0K | $0 | |
| Current liabilities of discontinued operations | $12.0K | $61.0K | |
| Total current liabilities | $238.8M | $59.6M | |
| Non-recourse debt, non-current | $462.9M | $677.0M | |
| Deferred revenue, non-current | $3.8M | $2.8M | |
| Lease liability, non-current | $4.2M | $4.8M | |
| Unfavorable solar renewable energy agreements, net | $779.0K | $4.1M | |
| Interest rate swap liabilities, non-current | $1.6M | $385.0K | |
| Other long-term liabilities | $3.9M | $3.5M | |
| Long-term liabilities of discontinued operations | $28.0K | $40.0K | |
| Common stock, $0.0001 par value; 350,000,000 shares authorized at December 31, 2025 and 2024; 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively, and 19,403,262 and 18,311,054 issued and outstanding at December 31, 2024, respectively | $2.0K | $2.0K | |
| Additional paid-in capital | $481.3M | $478.4M | |
| Accumulated deficit | -$354.4M | -$328.4M | |
| Treasury stock at cost, 1,870,827 shares and 1,092,208 at December 31, 2025 and 2024, respectively | -$8.1M | -$6.3M | |
| Noncontrolling interests | $2.4M | $2.4M | |
| Total equity | $121.3M | $146.2M | $214.7M |
| Total liabilities, stockholders equity and noncontrolling interests | $837.3M | $898.5M | |
| Allowance for doubtful accounts, current | $800.0K | $800.0K | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, authorized (in shares) | 350.0M shares | 350.0M shares | |
| Common stock, issued (in shares) | 20.0M shares | 19.4M shares | |
| Common stock, outstanding (in shares) | 18.2M shares | 18.3M shares | |
| Treasury stock, common, (in shares) | 1.9M shares | 1.1M shares | |
| Assets | $837.3M | $898.5M | |
| Liabilities | $716.0M | $752.3M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$25.7M | -$70.1M |
| Add back: Net loss (income) from discontinued operations | $64.0K | -$25.0K |
| Stock-based compensation, net | $3.0M | $2.7M |
| Bad debt expense | $1.3M | $1.4M |
| Amortization of deferred revenue | -$317.0K | -$1.2M |
| Depreciation and amortization expense | $30.2M | $24.4M |
| Amortization related to unfavorable solar renewable energy agreements | -$3.0M | -$3.1M |
| Impairment of goodwill | $0 | $28.8M |
| Accretion expense | $328.0K | $236.0K |
| Change in fair value of interest rate swaps | $12.7M | $2.8M |
| Change in fair value of warrant liabilities | $0 | -$17.0K |
| Interest income related to SEMTH master lease agreement | -$18.1M | -$16.8M |
| Gain on disposal of assets | -$1.9M | -$2.5M |
| Change in operating right-of-use assets and lease liability | -$72.0K | $26.0K |
| Amortization of debt discount and deferred financing costs | $6.5M | $6.0M |
| Accounts receivable, net | -$2.0M | -$3.5M |
| Deferred rent assets | -$1.2M | -$1.3M |
| Prepaid expenses and other current assets | $2.8M | $3.7M |
| Other assets | -$13.0K | $2.0K |
| Accounts payable | $929.0K | -$133.0K |
| Accrued expenses and other current liabilities | -$10.4M | -$15.6M |
| Other long-term liabilities | $0 | -$9.0K |
| Deferred revenue | $1.4M | $2.5M |
| Net cash used in continuing operating activities | -$3.4M | -$41.7M |
| Net cash used in discontinued operating activities | -$125.0K | -$125.0K |
| Net cash used in operating activities | -$3.5M | -$41.8M |
| Proceeds from sale of solar energy systems | $5.6M | $6.1M |
| Proceeds from investment related to SEMTH master lease agreement | $24.7M | $25.6M |
| Cash paid for acquisitions | -$5.3M | -$132.8M |
| Purchases of other property and equipment | -$221.0K | -$354.0K |
| Net cash provided by (used in) continuing investing activities | $24.8M | -$101.4M |
| Proceeds from issuance of non-recourse debt | $0 | $239.8M |
| Payment of deferred financing costs | $0 | -$3.4M |
| Repayments of non-recourse debt | -$35.1M | -$155.9M |
| Share repurchases | -$1.8M | -$853.0K |
| Capital distributions to noncontrolling interests | -$336.0K | -$323.0K |
| Net cash provided by (used in) continuing financing activities | -$37.3M | $79.3M |
| Net cash provided by discontinued financing activities | $0 | $81.0K |
| Net cash provided by (used in) financing activities | -$37.3M | $79.4M |
| Net change in cash and cash equivalents and restricted cash: | -$16.0M | -$63.8M |
| Cash paid for interest | $43.0M | $35.1M |
| Right-of-use asset obtained in exchange for lease liability | $307.0K | $0 |
No quarter-by-quarter statement was filed.
Leadership
Who has led SPRUCE POWER HOLDING CORP, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
20202025
- Chief executive officerChristopher M. Hayes Apr 16, 2024 to now12
- Chief executive officerChristian S. Fong May 19, 2023 to Apr 16, 202413
- Chief executive officerEric M. Tech Dec 2, 2021 to Nov 16, 202214
- Chief executive officerDimitri Kazarinoff Dec 23, 2020 to Dec 23, 202015
- PresidentChristopher M. Hayes Apr 16, 2024 to now12
- PresidentChristian S. Fong Sep 13, 2022 to Apr 16, 202416
- Chief financial officerThomas James Cimino Jun 30, 2025 to now17
- Chief financial officerSarah Weber Wells Sep 12, 2023 to Jun 30, 202518
- Chief financial officerDonald P. Klein Apr 12, 2022 to Apr 28, 202319
- Chief financial officerCielo Hernandez Apr 20, 2021 to Apr 20, 202120
- Chief financial officerJames Hr Brady Jul 11, 2019 to Jul 11, 201921
Board members and other officers (21)
- SVP of Fin & Acc & Sustain'Sarah Weber Wells Apr 3, 2023 to Apr 5, 202322
- VP / GM of XL GridColleen Calhoun May 20, 2022 to May 23, 202223
- CTO and VP of EngineeringMichael Kenhard May 20, 2022 to May 23, 202224
- Board memberBenjamin L. Rosenzweig Sep 21, 2026 to now25
- Board memberShawn W. Kravetz Jul 1, 2025 to now26
- Board memberJa-Chin Lee Apr 16, 2024 to now27
- Board memberMcBane Clara Nagy Jun 25, 2024 to now28
- Board memberChristian S. Fong Sep 13, 2022 to now16
- Board memberEric M. Tech Dec 2, 2021 to now14
- Board memberChristopher M. Hayes Dec 23, 2020 to now29
- Board memberDebora M. Frodl Dec 23, 2020 to May 6, 202230
- Board memberDeclan Flanagan Dec 23, 2020 to May 28, 202131
- Board memberDimitri Kazarinoff Dec 23, 2020 to Dec 23, 202015
- Board memberNiharika Ramdev Dec 23, 2020 to Dec 15, 202132
- Board memberEfrat Epstein Jul 11, 2019 to Jul 11, 201933
- Board memberKatrina Adams Jul 11, 2019 to Jul 11, 201934
- Board memberKevin Griffin Jul 11, 2019 to Mar 21, 202535
- Board memberSarah Sclarsic Jul 11, 2019 to May 6, 202236
- General counselJonathan M. Norling Apr 3, 2023 to now37
- General counselStacey Constas May 20, 2022 to Jun 30, 202338
- General counselJames P. Berklas Jr. Jan 13, 2021 to Apr 22, 202239
Former names
Timeline
Filings
323 filings to the SEC since October 2021: 9 annual reports, 15 quarterly reports, 88 major events, 142 insider forms, 13 large holders, 56 other. The latest 20:
- Oct 6, 20268-K EDGAR
- Sep 23, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 23, 2026SCHEDULE 13D/A EDGAR
- Sep 21, 20268-K/A EDGAR
- Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 21, 20263 OWNERSHIP DOCUMENT EDGAR
- Sep 21, 2026SCHEDULE 13D/A EDGAR
- Sep 16, 20268-K EDGAR
- Sep 9, 20264 PRIMARY DOCUMENT EDGAR
- Sep 9, 20263 PRIMARY DOCUMENT EDGAR
- Sep 8, 2026144 EDGAR
- Sep 4, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 27, 2026144 EDGAR
- Aug 26, 2026144 EDGAR
- Aug 26, 20268-K EDGAR
- Aug 25, 2026144 EDGAR
- Aug 24, 2026144 EDGAR
- Aug 21, 2026144 EDGAR
- Aug 20, 2026144 EDGAR
- Aug 17, 2026144 EDGAR
The 323 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 13 such filings since October 2021, the latest 10:
- Sep 23, 2026SCHEDULE 13D/A
- Sep 21, 2026SCHEDULE 13D/A
- Jun 25, 2026SCHEDULE 13D/A
- Mar 16, 2026SCHEDULE 13D/A
- Dec 15, 2025SCHEDULE 13D/A
- Nov 24, 2025SCHEDULE 13D/A
- Nov 13, 2025SCHEDULE 13D
- Aug 4, 2023SC 13G/A
- Feb 9, 2023SC 13G/A
- Mar 31, 2022SC 13D/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 45. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2Yahoo FinanceSPRU quote
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- 16SEC EDGARChristian S. Fong, President
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- 22
- 23SEC EDGARColleen Calhoun, VP / GM of XL Grid
- 24
- 25SEC EDGARBenjamin L. Rosenzweig, Board member
- 26SEC EDGARShawn W. Kravetz, Board member
- 27SEC EDGARJa-Chin Lee, Board member
- 28SEC EDGARMcBane Clara Nagy, Board member
- 29SEC EDGARChristopher M. Hayes, Board member
- 30SEC EDGARDebora M. Frodl, Board member
- 31SEC EDGARDeclan Flanagan, Board member
- 32SEC EDGARNiharika Ramdev, Board member
- 33SEC EDGAREfrat Epstein, Board member
- 34SEC EDGARKatrina Adams, Board member
- 35SEC EDGARKevin Griffin, Board member
- 36SEC EDGARSarah Sclarsic, Board member
- 37SEC EDGARJonathan M. Norling, General counsel
- 38SEC EDGARStacey Constas, General counsel
- 39