SPRU · SPRUCE POWER HOLDING CORP

Spruce Power Holding Corporation owns and operates distributed solar energy assets in the United States. The company offers electricity for homeowners through subscription-based payments and solar renewable energy credits (SRECs) for contracted prices, which are generated by home solar energy systems. It also provides Spruce Pro servicing platform, which provides home and third party-owned solar energy systems with portfolio managed services, including billing and collections/asset recovery, account support services, financial asset management, homeowner support and servicing technology, asset operations, and transaction and execution services related to SRECs; and Spruce Pro, which offers third-party owners a range of services for residential, commercial, and industrial assets. Spruce Power Holding Corporation was founded in 2009 and is headquartered in Houston, Texas

Cap structure and valuation

Cap structure
SP	$2.01
SO	19.3M
Options	0.5M
Warrants	0.0M
FD SO	19.7M
MC	$39.7M

Cash	$44.7M
Total debt	$679.5M
EV	$674.6M

TTM Multiples
EV / Revenue	6.2x
EV / EBITDA	12.3x
MC / Net Income	—
EV / FCF	341.5x
MC / FCF	20.1x

Ownership & coverage
Institutional	33.5%
Insiders	12.4%
# Institutions	53
Analysts	0
Consensus	—
Avg target	—

Short % float	5.8%
Days to cover	11.47

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-10. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-24 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.

Financial statements

	6/30/26	3/31/26	12/31/25	9/30/25
Total Revenue	30.35	23.42	24.03	30.73
Revenue YoY %	(8.7%)	(1.7%)	18.8%	43.7%
Gross Profit	21.05	15.43	15.22	21.43
Gross Profit YoY %	(12.7%)	19.0%	68.7%	82.8%
Gross Margin %	69.4%	65.9%	63.3%	69.7%

SG&A	11.28	11.58	12.97	12.94

Operating Income	9.78	3.85	2.25	8.48
Operating Income YoY %	10.0%	326.6%	134.9%	122.8%
Operating Margin %	32.2%	16.4%	9.4%	27.6%
EBITDA	17.47	11.36	9.58	16.24
EBITDA Margin %	57.6%	48.5%	39.9%	52.8%

Interest Expense	12.87	12.29	12.62	12.81
Other Income / (Expense)	6.57	5.58	3.56	3.62
Pretax Income	3.47	(2.85)	(6.81)	(0.71)
Tax Provision	0.00	0.00	0.00	0.00
Net Income	3.47	(2.85)	(6.81)	(0.71)
Net Income to Common	3.32	(2.92)	(6.86)	(0.86)
Net Margin %	11.4%	(12.2%)	(28.4%)	(2.3%)

Diluted EPS	$0.15	-$0.16	-$0.38	-$0.05
Basic EPS	$0.18	-$0.16	-$0.38	-$0.05
Diluted Avg Shares	21.9	18.2	—	18.0
Basic Avg Shares	18.6	18.2	—	18.0

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	108.52	111.81	82.11	79.86	23.19
Revenue YoY %	(2.9%)	36.2%	2.8%	244.3%	—
Cost of Revenue	—	—	—	37.81	9.95
Gross Profit	73.13	73.05	8.50	42.05	13.24
Gross Profit YoY %	0.1%	759.9%	(79.8%)	217.4%	—
Gross Margin %	67.4%	65.3%	10.3%	52.7%	57.1%

SG&A	48.77	55.11	58.89	56.12	73.12
Operating Expense	—	—	—	78.86	72.54

Operating Income	24.36	17.94	(50.39)	(36.82)	(59.29)
Operating Income YoY %	35.8%	135.6%	(36.9%)	37.9%	—
Operating Margin %	22.4%	16.0%	(61.4%)	(46.1%)	(255.6%)
EBITDA	54.65	48.13	(26.01)	(15.23)	(52.84)
EBITDA Margin %	50.4%	43.0%	(31.7%)	(19.1%)	(227.8%)

Interest Expense	50.59	50.92	40.23	41.94	11.40
Other Income / (Expense)	19.32	7.27	20.57	12.14	(22.10)
Pretax Income	(6.91)	(25.71)	(70.05)	(66.61)	(92.79)
Tax Provision	0.00	0.00	—	—	—
Net Income	(6.91)	(25.71)	(70.05)	(66.61)	(92.79)
Net Income to Common	(7.33)	(26.03)	(70.49)	(65.83)	(93.93)
Net Margin %	(6.4%)	(23.0%)	(85.3%)	(83.4%)	(400.1%)

Diluted EPS	-$0.44	-$1.44	-$3.82	-$3.58	-$5.27
Basic EPS	-$0.41	-$1.44	-$3.82	-$3.58	-$5.27
Diluted Avg Shares	21.9	18.1	18.5	18.4	17.8
Basic Avg Shares	18.6	18.1	18.5	18.4	17.8

	6/30/26	3/31/26	12/31/25	9/30/25
Cash & Equivalents	44.66	50.02	54.84	53.65
Receivables	25.72	18.81	15.75	18.09
Other Current Assets	43.95	42.52	45.28	53.70
Total Current Assets	114.33	111.35	115.87	125.43

Net PPE	544.76	553.06	561.39	569.28
Operating Lease ROU	3.82	4.00	4.21	4.42
Intangible Assets	7.27	7.55	7.83	8.11
Other Assets	148.22	148.42	147.97	149.81
Total Assets	818.40	824.37	837.27	857.06

Accounts Payable	1.41	1.14	1.92	1.46
Current Debt	269.62	207.92	213.83	218.48
Current Lease Liabilities	0.94	0.94	0.94	0.94
Other Current Liabilities	17.41	21.01	22.07	26.22
Total Current Liabilities	289.38	231.01	238.76	247.09
Long-term Debt	392.96	460.34	462.94	466.76
Long-term Lease Liabilities	3.72	3.95	4.18	4.42
Other Liabilities	9.43	9.72	10.14	11.45
Total Liabilities	695.48	705.03	716.02	729.72

Retained Earnings	(354.01)	(357.33)	(354.40)	(347.54)
Total Equity	122.92	119.34	121.25	127.34

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	44.66	54.84	72.80	141.35	220.32
Receivables	25.72	15.75	15.00	9.19	8.34
Other Current Assets	43.95	45.28	48.63	52.80	46.30
Total Current Assets	114.33	115.87	136.43	203.34	274.96

Net PPE	544.76	561.39	589.01	484.41	396.17
Operating Lease ROU	3.82	4.21	4.75	5.93	2.80
Goodwill	—	—	0.00	28.80	28.76
Intangible Assets	7.27	7.83	8.96	10.20	0.00
Other Assets	148.22	147.97	159.33	162.34	123.87
Total Assets	818.40	837.27	898.48	895.02	826.55

Accounts Payable	1.41	1.92	0.99	1.12	2.90
Current Debt	269.62	213.83	28.31	27.91	25.31
Current Lease Liabilities	0.94	0.94	0.89	1.17	0.83
Other Current Liabilities	17.41	22.07	29.38	41.51	30.64
Total Current Liabilities	289.38	238.76	59.57	71.71	59.70
Long-term Debt	392.96	462.94	677.02	590.87	474.44
Long-term Lease Liabilities	3.72	4.18	4.85	5.73	2.43
Other Liabilities	9.43	10.14	10.89	12.04	—
Total Liabilities	695.48	716.02	752.33	680.35	537.58
Mezzanine Equity	—	—	0.00	0.00	0.09

Retained Earnings	(354.01)	(354.40)	(328.38)	(257.89)	(193.34)
Total Equity	122.92	121.25	146.15	214.67	288.89

	6/30/26	3/31/26	12/31/25	9/30/25
Net Income	3.47	(2.85)	(6.81)	(0.71)
D&A	7.70	7.51	7.33	7.75
Stock-Based Comp	0.16	1.01	0.84	0.73
Δ Working Cap & Other	(14.56)	(8.36)	(4.66)	3.47
Operating Cash Flow	(3.23)	(2.70)	(3.30)	11.24

CapEx	0.00	0.00	(0.00)	(0.04)
Acquisitions	0.00	0.00	(0.51)	(0.28)
Other Investing	7.00	5.33	8.39	8.92
Investing Cash Flow	7.00	5.33	7.88	8.61

Debt Issuance	—	—	0.00	0.00
Other Financing	(7.85)	(10.16)	(10.20)	(11.53)
Financing Cash Flow	(7.85)	(10.16)	(10.20)	(11.53)

Free Cash Flow	(3.23)	(2.70)	(3.30)	11.20

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(6.91)	(25.71)	(70.05)	(66.61)	(92.79)
D&A	30.29	30.19	24.38	21.59	6.46
Stock-Based Comp	2.74	2.96	2.71	2.88	10.00
Δ Working Cap & Other	(24.11)	(10.97)	1.15	8.48	12.85
Operating Cash Flow	2.01	(3.53)	(41.81)	(33.66)	(63.49)

CapEx	(0.04)	(0.22)	(0.35)	(0.50)	0.00
Acquisitions	(0.79)	(5.33)	(132.76)	(43.10)	(32.59)
Other Investing	29.64	30.34	31.70	26.86	3.58
Investing Cash Flow	28.82	24.78	(101.41)	(16.73)	(29.01)

Debt Issuance	—	0.00	239.84	21.40	0.00
Stock Issuance	—	—	0.00	0.15	0.00
Other Financing	(39.74)	(37.25)	(160.41)	(38.35)	(19.19)
Financing Cash Flow	(39.74)	(37.25)	79.43	(16.81)	(19.19)

Free Cash Flow	1.98	(3.75)	(42.16)	(34.16)	(63.49)

	6/30/26	3/31/26	12/31/25	9/30/25
Current Ratio	0.40	0.48	0.49	0.51
Quick Ratio	—	—	—	—
Debt / Equity	5.39	5.60	5.58	5.38
EBITDA Margin %	57.6%	48.5%	39.9%	52.8%
Working Capital	(175.05)	(119.67)	(122.89)	(121.66)
Net Debt	617.91	618.25	621.93	631.60
ROE %	2.8%	(2.4%)	(5.6%)	(0.6%)
ROA %	0.4%	(0.3%)	(0.8%)	(0.1%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	0.40	0.49	2.29	2.84	4.61
Quick Ratio	—	—	—	—	—
Debt / Equity	5.39	5.58	4.83	2.88	1.73
EBITDA Margin %	50.4%	43.0%	(31.7%)	(19.1%)	(227.8%)
Working Capital	(175.05)	(122.89)	76.86	131.63	215.26
Net Debt	617.91	621.93	632.53	477.43	279.43
ROE %	(5.6%)	(21.2%)	(47.9%)	(31.0%)	(32.1%)
ROA %	(0.8%)	(3.1%)	(7.8%)	(7.4%)	(11.2%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-09-23	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-09-21	P	52,780	$2.04	$107,671
2026-09-21	Rosenzweig Benjamin L	Director	2026-09-18	A	117,801	$1.91	$225,000
2026-09-09	Owens Bobby	Officer (General Counsel)	2026-09-04	A	42,918	—	$0
2026-09-04	HOWARD JACK L	Director, Other (See Explanation of Responses)	2026-09-02	A	105,140	$2.14	$225,000
2026-06-18	Norling Jonathan McWhinnie	Officer (Chief Legal Officer)	2026-06-15	S	(15,000)	$2.84	-$42,540
2026-05-13	Norling Jonathan McWhinnie	Officer (Chief Legal Officer)	2026-05-12	F	(18,669)	$3.24	-$60,488
2026-05-07	Kravetz Shawn W	Director	2025-06-24	A	75,000	—	$0
2026-05-07	Kravetz Shawn W	Director	2025-06-24	A	112,500	—	$0
2026-04-22	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-20	P	24,335	$4.13	$100,416
2026-04-17	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-17	P	3,640	$4.03	$14,679
2026-04-17	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-16	P	141	$4.10	$578
2026-04-17	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-15	P	10,463	$4.09	$42,843
2026-04-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-14	P	5,027	$4.05	$20,359
2026-04-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-13	P	2,975	$4.00	$11,900
2026-04-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-10	P	1,700	$4.00	$6,800
2026-04-10	Norling Jonathan McWhinnie	Officer (Chief Legal Officer)	2026-04-03	F	(6,032)	$4.13	-$24,912
2026-04-09	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-09	P	14,532	$3.98	$57,900
2026-04-09	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-07	P	5,000	$4.00	$20,000
2026-04-06	Norling Jonathan McWhinnie	Officer (Chief Legal Officer)	2026-04-01	F	(11,233)	$4.11	-$46,168
2026-04-02	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-04-02	P	1,409	$4.05	$5,706
2026-04-02	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-31	P	11,228	$4.03	$45,207
2026-03-30	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-30	P	20,555	$4.00	$82,142
2026-03-30	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-27	P	5,391	$3.98	$21,471
2026-03-30	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-26	P	2,857	$4.00	$11,426
2026-03-23	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-20	P	46,682	$4.32	$201,606
2026-03-23	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-19	P	13,739	$3.74	$51,369
2026-03-16	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-13	P	2,947	$4.30	$12,662
2026-03-16	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-12	P	15,160	$4.20	$63,672
2026-03-11	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-11	P	6,211	$4.15	$25,774
2026-03-11	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-10	P	11,823	$4.13	$48,792
2026-03-11	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-03-09	P	6,039	$3.60	$21,740
2026-02-20	Cimino Thomas James	Officer (CFO)	2025-12-08	A	60,000	—	$0
2026-02-20	LEDECKY JONATHAN J	Director	2025-06-24	A	75,000	—	$0
2026-02-20	Lee Ja-Chin	Director	2025-06-24	A	75,000	—	$0
2026-02-06	Miller John P.	Director	2025-06-24	A	75,000	—	$0
2026-01-20	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-01-15	P	137	$5.10	$699
2026-01-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-01-14	P	3,426	$5.10	$17,473
2026-01-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-01-13	P	6,493	$5.10	$33,114
2026-01-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2026-01-12	P	10,001	$5.03	$50,353
2026-01-05	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-31	P	8,702	$5.03	$43,782
2025-12-29	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-29	P	7,499	$5.02	$37,622
2025-12-29	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-26	P	1,206	$5.05	$6,090
2025-12-29	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-24	P	1,503	$5.05	$7,590
2025-12-23	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-23	P	16,660	$5.05	$84,126
2025-12-23	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-19	P	373	$5.00	$1,863
2025-12-18	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-18	P	12,968	$5.00	$64,810
2025-12-18	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-17	P	57,775	$4.99	$288,320
2025-12-18	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-16	P	11,469	$5.05	$57,918
2025-12-17	Nagy McBane Clara	Director	2025-12-15	S	(40,000)	$5.06	-$202,280
2025-12-17	Nagy McBane Clara	Director	2025-06-24	A	75,000	—	$0
2025-12-15	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-15	P	26,197	$5.05	$132,182
2025-12-15	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-11	P	12,233	$5.10	$62,388
2025-12-11	Cimino Thomas James	Officer (Chief Financial Officer)	2025-12-08	A	60,000	—	$0
2025-12-09	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-09	P	28,127	$5.09	$143,256
2025-12-09	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-08	P	35,956	$5.10	$183,368
2025-12-09	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-05	P	4,206	$5.10	$21,451
2025-12-04	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-04	P	615	$5.10	$3,136
2025-12-04	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-12-02	P	5,546	$5.00	$27,716
2025-11-28	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-28	P	1,940	$4.88	$9,467
2025-11-28	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-26	P	64,031	$4.97	$318,144
2025-11-28	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-25	P	34,851	$4.56	$159,008
2025-11-24	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-24	P	6,688	$3.88	$25,962
2025-11-24	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-24	P	114,700	$4.67	$535,270
2025-11-24	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-21	P	17,688	$4.95	$87,497
2025-11-24	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-20	P	69,375	$4.97	$344,461
2025-11-19	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-19	P	64,658	$4.57	$295,209
2025-11-19	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-17	P	5,000	$5.00	$25,000
2025-11-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-14	P	52,454	$5.00	$262,254
2025-11-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-13	P	102,948	$4.99	$513,649
2025-11-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-12	P	586,151	$4.30	$2,519,511
2025-11-14	STEEL PARTNERS HOLDINGS L.P.	10% Owner	2025-11-11	P	405,998	$3.04	$1,233,016
2025-09-11	Norling Jonathan M	Officer (Chief Legal Officer)	2025-09-09	F	(5,899)	$1.59	-$9,379
2025-05-14	Norling Jonathan M	Officer (Chief Legal Officer)	2025-05-12	A	230,500	—	$0
2025-05-14	Hayes Christopher M.	Director, Officer (President & CEO)	2025-05-12	A	539,040	—	$0
2025-04-07	Wells Sarah Weber	Officer (Chief Financial Officer)	2025-04-03	F	(4,504)	$2.09	-$9,413
2025-04-07	Norling Jonathan M	Officer (Chief Legal Officer)	2025-04-03	F	(6,099)	$2.09	-$12,747
2025-04-03	Norling Jonathan M	Officer (Chief Legal Officer)	2025-04-01	F	(11,233)	$2.12	-$23,814
2025-04-03	Wells Sarah Weber	Officer (Chief Financial Officer)	2025-04-01	F	(8,823)	$2.12	-$18,705
2025-03-31	Tech Eric M.	Director	2024-08-12	A	48,232	—	$0
2025-03-31	Tech Eric M.	Director	2024-05-29	F	(8,772)	$0.44	-$3,849
2025-03-31	Fong Christian S.	Director, Officer (President and CEO)	2024-04-01	A	278,340	—	$0
2025-03-31	Tech Eric M.	Director	2023-03-15	S	(8,560)	$0.81	-$6,955
2025-03-27	Miller John P.	Director	2024-08-12	A	48,232	—	$0
2025-03-27	LEDECKY JONATHAN J	Director	2024-08-12	A	48,232	—	$0
2025-03-21	Nagy McBane Clara	Director	2024-08-12	A	48,232	—	$0
2025-03-21	Lee Ja-Chin	Director	2024-08-12	A	48,232	—	$0
2025-03-21	Griffin Kevin	Director	2024-08-12	A	54,662	—	$0
2025-03-21	Norling Jonathan M	Officer (Chief Legal Officer)	2024-04-01	A	119,020	—	$0
2025-03-21	Wells Sarah Weber	Officer (Chief Financial Officer)	2024-04-01	A	119,020	—	$0
2024-12-16	Tech Eric M.	Director	2024-12-13	P	4,000	$2.80	$11,200
2024-12-09	Tech Eric M.	Director	2024-12-06	P	1,000	$2.82	$2,821
2024-12-09	Tech Eric M.	Director	2024-12-06	P	1,000	$2.82	$2,821
2024-12-05	Lee Ja-Chin	Director	2024-12-03	P	1,769	$2.75	$4,865
2024-12-05	Tech Eric M.	Director	2024-12-02	P	2,000	$2.55	$5,100
2024-12-04	Miller John P.	Director	2024-12-02	P	20,000	$2.62	$52,400
2024-12-04	Hayes Christopher M.	Director	2024-12-02	P	1,827	$2.59	$4,730
2024-12-03	LEDECKY JONATHAN J	Director	2024-11-29	P	2,000	$2.51	$5,019
2024-12-02	Nagy McBane Clara	Director	2024-11-27	P	2,000	$2.40	$4,800
2024-12-02	Griffin Kevin	Director	2024-11-27	P	10,000	$2.37	$23,653
2024-12-02	Hayes Christopher M.	Director	2024-11-27	P	11,440	$2.39	$27,375