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Spruce Power

(NYSE) XL

Current PriceN/A
Market CapN/AMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2019)-97%
5 Year-96%
1 Year+51%
1 Month-22%
Spruce Power last closing stock price
MetricPriceDate
Last closeUSD 2.272026-07-20
Spruce Power stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-2.58%USD 2.332026-07-13
1 month-21.72%USD 2.902026-06-18
3 month-44.09%USD 4.062026-04-21
Year to date-55.4%USD 5.092025-12-31
1 year+51.33%USD 1.502025-07-18
3 year-69.65%USD 7.482023-07-21
5 year-95.99%USD 56.562021-07-21
Since inception-96.94%USD 78.322019-09-03

Spruce Power Financials at a Glance

Market Cap

N/AMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$111.41M

Net Income (TTM)

-$13.62M

EPS (TTM)

N/A

P/E Ratio

N/A

Dividend

N/A

Beta (Volatility)

N/A

Price

N/A

Volume

N/A

Open

N/A

Previous Close

N/A

Daily Range

N/A

52-Week Range

N/A

Estimated Earnings Date

N/A

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Page 1

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About Spruce Power

Spruce Power helps homeowners use solar energy through long-term service contracts. Its main services include leasing rooftop solar systems and managing solar assets for others. These offerings lower electricity bills and make renewable energy more accessible for families.

Products and Services

  • Home Solar Leases: Long-term contracts for rooftop solar systems; targets homeowners.
  • Service Agreements: Subscription-based solar services; 36% of 2025 revenue; provides ongoing maintenance and support.
  • Solar Renewable Energy Credits (SRECs): Sells credits earned from solar power generation; 19% of 2025 revenue; mainly to utilities and energy buyers.
  • Performance Incentives: Earns payments for meeting energy production targets; 2% of 2025 revenue.
  • Third-Party Servicing (Spruce Pro): Manages and maintains solar systems owned by other companies; 3% of 2025 revenue; serves institutional asset owners.
  • Other Revenue: Includes minor sources such as asset sales and one-time fees; 3% of 2025 revenue.

Growth and Expansion

  • Acquired 9,800 home solar assets from NJR in Q4 2024, expanding its portfolio.
  • Launched the Spruce Pro servicing platform in Q1 2024, entering the commercial solar market.
  • Acquired 200 additional home solar systems in 2025, continuing its portfolio growth strategy.
  • Previously acquired portfolios from SEMTH and Tredegar, building scale through acquisitions.

What Makes Spruce Power Stand Out

Spruce Power operates across 18 U.S. states, managing over 84,000 home solar assets. Its in-house servicing platform supports both owned and third-party systems, creating operational efficiencies. The company’s acquisition-driven model helps reduce customer acquisition costs and diversify risk.

Five Things You Need to Know

  • Revenue was $111.8 million in 2025, up 36% from 2024.
  • Net loss improved to $26.0 million in 2025 from $70.5 million in 2024.
  • Cash flow from operations was negative $3.4 million in 2025, improving from negative $41.7 million in 2024.
  • Portfolio includes about 84,000 home solar assets and 60,000 third-party systems as of December 2025.
  • Negative working capital of $122.9 million as of December 2025, mainly due to debt maturities.

Bottom Line

Spruce Power has shifted from vehicle electrification to focus on residential solar assets and servicing. Its growth relies on acquisitions and recurring revenue, but it faces ongoing debt and liquidity challenges.

AI Generated • Apr 16, 2026

Industry

Independent Power and Renewable Electricity Producers

Sector

Utilities

Employees

159

CEO

Christopher M Hayes

Website

sprucepower.com

Headquarters

Boston, MA 02135, US

XL Financials

Key Financial Metrics (TTM)

Gross Margin

73.86%

Operating Margin

21.07%

Net Income Margin

-12.22%

Return on Equity

-10.51%

Return on Capital

2.23%

Return on Assets

-1.65%

Earnings Yield

N/A

Dividend Yield

0.00%

Payout Ratio

0.00%

Stock Overview

Market Cap

N/AMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

N/A

Volume

N/A

Avg. Volume

N/A

Financials (TTM)

Gross Profit

$82.29M

Operating Income

$23.48M

EBITDA

$34.72M

Operating Cash Flow

$3.00M

Capital Expenditure

$0.00

Free Cash Flow

$3.00M

Cash & ST Invst.

$50.02M

Total Debt

$673.16M

Spruce Power Performance Analysis

Spruce Power annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 23,194,000N/A
20232023-12-31USD 80,659,000247.8%
20242024-12-31USD 82,607,0002.4%
20252025-12-31USD 111,812,00035.4%
Spruce Power sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-3039.6%
Q32025-09-30-7.6%
Q42025-12-31-21.8%
Q12026-03-31-2.5%
Spruce Power annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD -5.27N/A
20232023-12-31USD -3.41-35.2%
20242024-12-31USD -3.8211.9%
20252025-12-31USD -1.44-62.4%
Spruce Power sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-3079.8%
Q32025-09-3070.6%
Q42025-12-31-660.0%
Q12026-03-3157.9%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q1 2026YOY CHG

Revenue

$23.42M

-1.7%

Gross Profit

$16.15M

-2.3%

Gross Margin

68.95%

N/A

Market Cap

N/AMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

N/A

N/A

Employees

177

N/A

Net Income

-$2.93M

+80.9%

EBITDA

$3.85M

+327.2%

Quarterly Fundamentals

Name
Q1 2026YOY CHG

Total Cash

$50.02M

-19.2%

Total Debt

$673.16M

-4.6%

Accounts Receivable

$18.81M

-3.8%

Inventory

$0.00

N/A

Long Term Debt

$464.29M

-31.4%

Short Term Debt

$208.87M

+615.6%

Return on Assets

-1.65%

N/A

Return on Invested Capital

3.96%

N/A

Free Cash Flow

-$2.70M

+70.4%

Operating Cash Flow

-$2.70M

+70.4%

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Questions About XL

What is the current price of Spruce Power?

Spruce Power is trading at N/A per share.

What is the 52-week range for Spruce Power?

Over the past 52 weeks, Spruce Power has traded between N/A and N/A.

How much debt does Spruce Power have?

As of the most recent reporting period, Spruce Power reported total debt of $673.16M.

How much cash does Spruce Power have on hand?

Spruce Power reported $85.63M in cash and cash equivalents in its most recent financial results.

What is Spruce Power’s dividend yield?

Spruce Power does not currently have a dividend yield.

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