Spruce Power Holding Corporation
SPRU Technology Solar
Spruce Power Holding Corporation’s revenue for fiscal 2025 (year ended December 2025) was $111.8 million, up 36.2% from fiscal 2024. In the quarter to June 2026, revenue fell 8.75%, EPS grew 194.1%, free cash flow fell 43.4% and total debt fell 4.67%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Spruce Power Holding Corporation (SPRU) Piotroski F-score
Spruce Power Holding Corporation's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 1 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 5.00 |
| FY2024 | 1 | (3.00) |
| FY2023 | 4 | 2.00 |
| FY2022 | 2 | (1.00) |
| FY2021 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (3.00%) | (7.86%) | Fail | 0 |
| Positive operating cash flow | (3.53m) | (41.81m) | Fail | 0 |
| Rising return on assets | (3.00%) | (7.86%) | Pass | 1 |
| Cash flow above net income | 22.50m | 28.68m | Pass | 1 |
| Falling long-term leverage | 0.53 | 0.75 | Pass | 1 |
| Rising current ratio | 0.49 | 2.29 | Fail | 0 |
| No new shares issued | 18,068,100 | 18,470,900 | Pass | 1 |
| Rising gross margin | 65.21% | 51.31% | Pass | 1 |
| Rising asset turnover | 0.13 | 0.09 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SUNE SUNation Energy Inc. compare | 7 |
| SPRU Spruce Power Holding Corporation | 6 |
| SMXT Solarmax Technology, Inc. compare | 6 |
| SPIEQ SPI Energy Co., Ltd. compare | 5 |
| ASTI Ascent Solar Technologies Inc. compare | 5 |
| ZEO Zeo Energy Corp. compare | 4 |
| FTCI FTC Solar, Inc. compare | 3 |
| BEEM Beam Global compare | — |
| PN PN Smart Energy Limited compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover