SPRUNYSEElectric ServicesUS GAAP · USD

Spruce Power Holding Corporation

Spruce Power Holding Corp. owns and operates distributed solar energy assets across the United States through long-term customer contracts. Its business combines subscription-based home solar services, asset management, and operations and maintenance for both its own portfolio and third-party-owned systems.

Kysy yhtiöstä
Liikevaihto112milj. USD
+36,2 %v/v
Liikevoitto (EBIT)17,9milj. USD
+135,6 %v/v
EBIT-marginaali16,0%
+77,4 %-yks.v/v
Nettotulos−26,0milj. USD
+63,1 %v/v
Vapaa kassavirta−3,8milj. USD
+91,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−100−50050100150milj. USD2020: 20 milj. USD2020: EBIT −15 milj. USD20202021: 16 milj. USD2021: EBIT −35 milj. USD20212022: 23 milj. USD2022: EBIT −59 milj. USD20222023: 80 milj. USD2023: EBIT −37 milj. USD20232024: 82 milj. USD2024: EBIT −50 milj. USD20242025: 112 milj. USD2025: EBIT 18 milj. USD202511218
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Spruce Power Holding Corporation

Liiketoiminta

Osuus liikevaihdosta
Subscription solar services55 %

Long-term customer contracts for residential rooftop solar assets and related services.

Third-party servicing20 %

Asset management, billing, monitoring, and O&M services for systems owned by others.

Solar renewable energy credits20 %

SREC-related revenues generated from solar asset output and contract arrangements.

Other energy-related services5 %

Additional subscription and service offerings tied to distributed energy resources.

Tuotteet

Raportoitu · osuus liikevaihdosta
35,7%34,0%19,1%FY2025100 %
  • SLA Revenue35,7 %
  • PPA Revenue34,0 %
  • Solar Renewable Energy Credit Revenue19,1 %
  • Services3,4 %
  • Other3,2 %
  • Muut4,6 %

Lähde: 10-K/A FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

The company serves homeowners with rooftop solar systems who prefer subscription-based access rather than direct ownership. It also serves institutional owners and other third parties that need servicing, monitoring, billing, and field support for distributed solar portfolios. The business is built around long-duration customer contracts, which makes customer retention and service quality central to the model.

Residential solar customers

Homeowners with rooftop solar assets who buy subscription-based solar service and support.

Third-party asset owners

Institutional owners of solar systems that outsource servicing, monitoring, and O&M.

Independent installers

Installers that partner with Spruce to offer subscription solutions to their customers.

Existing customer base

Current contract holders that may add services or renew into new offerings.

Strategia

Spruce Power is focused on expanding its subscription-based platform for distributed energy resources while using acquisitions and servicing relationships to grow its asset base. It emphasizes low customer acquisition cost channels, operational excellence, and long-duration contracts to support more predictable cash generation.

Acquire operating solar portfoliosLyhyt aikaväli

Bulk acquisitions expand the installed base without relying only on new system development.

Scale servicing platformKeskipitkä aikaväli

Third-party servicing creates recurring revenue and leverages the same operating infrastructure.

Extend into broader distributed energy resourcesKeskipitkä aikaväli

Battery storage and related products can broaden the addressable market beyond rooftop solar.

Maantiede

Spruce Power operates across the United States, with customer contracts and owned cash flows spanning 18 states. Its business is tied to U.S. rooftop solar adoption, state-level utility economics, and local policy incentives that influence system economics and acquisition opportunities.

Riskit

The business depends on continued access to attractive solar asset acquisitions, stable financing, and favorable homeowner demand for distributed solar. It also faces execution risk from management turnover, interest-rate sensitivity, and operational complexity in servicing a large installed base across many states.

Järjestetty vakavuuden mukaan
Dependence on bulk acquisitions of operating solar systemsKorkea

Growth relies on finding existing portfolios to buy rather than only organic installs.

Kohdistuu: Portfolio expansion and revenue growth

Availability and cost of financingKorkea

The model uses capital to acquire assets and support long-duration contracts.

Kohdistuu: Growth funding and returns on assets

Management and key personnel turnoverKeskitaso

Service-heavy operations depend on experienced leadership and execution continuity.

Kohdistuu: Operational continuity

Interest rate and derivative volatilityKeskitaso

Swap valuations and debt-related costs can create earnings volatility.

Kohdistuu: Reported earnings and cash flow

Policy and utility-rate dependenceKeskitaso

Solar adoption and asset economics are influenced by incentives and local electricity pricing.

Kohdistuu: Demand and acquisition economics

Kysy Clarifolta: Spruce Power Holding Corporation

Kirjanpito

Harkinnanvaraiset erät
Solar energy system depreciation

Owned rooftop solar assets are depreciated over time and drive reported cost of revenues.

Vaikutus: Affects operating profit and asset book value

Interest rate swaps and hedging valuation

Fair value changes on swaps flow through other income/expense and can swing earnings.

Vaikutus: Affects net income and volatility

Revenue recognition for servicing and SREC revenues

Different contract types may recognize revenue over time or as delivered.

Vaikutus: Affects quarterly comparability and revenue mix

Debt amortization estimates

Valuation models are used to determine future principal debt amortization on credit facilities.

Vaikutus: Affects interest expense and leverage presentation

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Päivitetty: 24.9.2026