Spruce Power Holding Corporation reported Q2 earnings aided by cost cuts and growth in PPA-lease agreements. Q2 results with cost reductions and PPA-lease expansion point to moderate effects on operations and investor views.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | 4 | 7 | 2 | — | 5 | 4 | — | — | — | — | — |
| Sell | — | — | 1 | — | — | — | — | — | 1 | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2019 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 172.94 | 109.15 | 93.15 | 81.54 |
| Receivables | 9.19 | 15.01 | 15.75 | 25.72 |
| Inventory | — | — | — | — |
| Other | 11.33 | 6.26 | 3.79 | 4.36 |
| 203.34 | 136.43 | 115.87 | 114.33 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1.12 | 0.99 | 1.92 | 1.41 |
| ST’ Debt | 27.91 | 28.31 | 213.83 | 269.62 |
| Other | — | — | 0.55 | 0.17 |
| 71.71 | 59.57 | 238.76 | 289.38 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 23.42 | 30.35 | — | — |
—
|
| ’25 | 23.83 | 33.26 | 30.73 | 24.00 |
111.81
|
| ’24 | 18.29 | 22.48 | 21.38 | 19.96 |
82.11
|
| ’23 | 18.10 | 22.81 | 23.25 | 15.70 |
79.86
|
| ’22 | 4.76 | 3.01 | 5.08 | 18.11 |
23.19
|
| ’21 | 0.68 | 3.69 | 3.20 | (7.57) |
15.60
|
| ’20 | 1.23 | 1.91 | 6.33 | 10.87 |
20.34
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (2.70) | (3.23) | — | — |
—
|
| ’25 | (9.12) | (2.34) | 11.24 | (3.30) |
(3.53)
|
| ’24 | (22.19) | (5.11) | (1.05) | (13.46) |
(41.81)
|
| ’23 | (8.25) | (10.02) | 2.35 | (17.74) |
(33.66)
|
| ’22 | (19.10) | (11.18) | (16.13) | (17.09) |
(63.49)
|
| ’21 | (9.96) | (10.58) | (13.67) | (14.28) |
(48.49)
|
| ’20 | (4.51) | (3.31) | (5.26) | (6.79) |
(19.88)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (1.25) | (1.77) | — | — |
—
|
| ’25 | (7.85) | (1.24) | 12.71 | (1.76) |
1.86
|
| ’24 | (21.00) | (3.60) | 0.78 | (12.25) |
(36.07)
|
| ’23 | (6.50) | (8.26) | 3.62 | (16.72) |
(27.86)
|
| ’22 | (19.12) | (11.21) | (15.88) | (15.05) |
(61.20)
|
| ’21 | (11.07) | (11.25) | (14.81) | (15.00) |
(52.13)
|
| ’20 | (4.60) | (3.35) | (5.30) | (6.78) |
(20.03)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.16) | 0.14 | — | — |
—
|
| ’25 | (0.84) | (0.17) | (0.05) | (0.38) |
(1.44)
|
| ’24 | (0.13) | (0.45) | (2.88) | (0.32) |
(3.82)
|
| ’23 | (1.04) | 0.16 | (1.11) | (1.60) |
(3.59)
|
| ’22 | (0.88) | (0.72) | (1.20) | (2.40) |
(5.28)
|
| ’21 | 3.36 | (0.64) | (0.40) | (0.88) |
1.52
|
| ’20 | (0.08) | (0.16) | (2.08) | (0.48) |
(2.40)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 5.52 | 3.27 | 2.17 | 1.13 | — | — | — |
Low Price
|
| — | — | — | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.48 | 12.40 | 4.89 | 6.11 | — | — | — |
High Price
|
| — | — | — | — | ‡‡‡‡ | ‡‡‡‡‡ | 318 | 142 | 165 | 159 | — | — | — |
Employees
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.07 | 0.56 | 0.50 | 0.70 | — | — | — |
Revenue/Emp
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.19 | 79.86 | 82.11 | 111.81 | — | — | — |
Revenue
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 57.11% | 52.65% | 51.31% | 65.21% | — | — | — |
Gross Margin
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (52.68) | (62.49) | (70.08) | (25.64) | — | — | — |
EBT
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (227.12%) | (78.25%) | (85.35%) | (22.93%) | — | — | — |
EBT Margin
|
| — | ‡‡‡ | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (92.79) | (66.61) | (70.05) | (25.71) | — | — | — |
Net Income
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.42 | 27.36 | 26.12 | 33.42 | — | — | — |
Depreciation
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.30 | 4.34 | 4.45 | 6.19 | — | — | — |
Revenue/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | (5.28) | (3.59) | (3.82) | (1.44) | — | — | — |
Earnings/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.56) | (1.83) | (2.26) | (0.20) | — | — | — |
Cash Flow/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.13 | 0.32 | 0.31 | 0.30 | — | — | — |
Capex/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.43) | (1.51) | (1.95) | 0.10 | — | — | — |
Free CF/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.20 | 11.67 | 7.91 | 6.71 | — | — | — |
Book Value/Sh
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.84 | 18.39 | 18.47 | 18.07 | — | — | — |
Shares
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
PE Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | 4.65 | 1.08 | 0.67 | 0.82 | — | — | — |
PS Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.50 | 0.40 | 0.38 | 0.76 | — | — | — |
PB Ratio
|
| — | — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | 13.04 | 6.66 | 7.93 | 6.04 | — | — | — |
EV/Sales
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (6.59) | (19.10) | (18.05) | 363.61 | — | — | — |
EV/FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (63.49) | (33.66) | (41.81) | (3.53) | — | — | — |
Op' Cash Flow
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.29 | 5.80 | 5.74 | 5.39 | — | — | — |
Capex
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (61.20) | (27.86) | (36.07) | 1.86 | — | — | — |
FCF
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 215.26 | 131.63 | 76.86 | (122.89) | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 499.76 | 618.78 | 705.33 | 676.77 | — | — | — |
Total Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 259.61 | 445.84 | 596.18 | 583.62 | — | — | — |
Net Debt
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 288.89 | 214.67 | 146.15 | 121.25 | — | — | — |
Sh' Equity
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (15.40%) | (7.65%) | (7.86%) | (3.00%) | — | — | — |
ROA
|
| — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (6.76%) | (3.48%) | (4.24%) | 1.59% | — | — | — |
ROIC
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (28.87%) | (26.15%) | (39.07%) | (19.47%) | — | — | — |
ROE
|
Spruce Power Holding Corporation (SPRU) stands as a stark warning of SPAC-driven hype in renewables, transforming from a modest solar servicer into a debt-laden entity trading at capitulation lows—down over 98% from 2020 peaks—despite analyst targets implying a staggering 990% upside. Explosive revenue growth, with a 60% CAGR to $82.1 million in 2024 fueled by portfolio acquisitions, masks deepening losses: EBT margins at -85%, free cash flow per share plunging 28% to -$1.95, and total debt surging 41% to $705 million, eroding book value 62% and ROE to -39%.
Insider activity offers a bullish counterpoint, with a 10% owner snapping up 1.7 million shares for $7.6 million in late 2025-early 2026, dwarfing minor sells—net accumulation 37x higher. Yet, amid flat 2025 revenue forecasts, ballooning interest costs, subsidy risks, and solar sector headwinds like rising rates and competition, this optimism clashes with fundamentals: negative FCF, leverage explosion, and stagnant productivity. Is SPRU a turnaround gem or a debt trap waiting to implode? Dive deeper for the quantitative risks and probabilistic outcomes.
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