SPRU
SPRUCE POWER HOLDING CORP
Next earnings Aug 10, 2026
Last earnings -7.9% on 2026-05-14
$2.46
▼ -6.82%$2.46▲ +21.18%
over 1Y
L $1.16H $6.46
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-6.8%
1W-4.3%
1M-15.2%
3M-39.3%
YTD-53.6%
1Y+21.2%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 6 analysts
Sell
Cheap on sales and book, but a $214M near-term debt wall against $54.8M cash and still-negative cash flow make SPRU speculative.
Revenue $112M · FY2025
Spruce Power is a distributed-solar owner/operator running ~84,000 home solar assets on subscription contracts, plus a capital-light Spruce Pro servicing platform for ~60,000 third-party systems. The MD&A confirms the top line is acquisition-driven: FY2025 revenue of $111.8M (+36% YoY) 'reflects the full impact of the NJR Acquisition in November 2024,' which added ~9,800 systems for ~$132.5M and lifted generation to 709k MWh from 515k. The operating story is genuinely improving — operating income swung to +$17.9M (16% operating margin) and the net loss narrowed sharply to -$26.0M from -$70.5M, aided by the absence of the FY2024 goodwill impairment and legal settlements. On the tape it screens cheap: a $44.7M market cap is 0.4x sales and ~0.37x the $121M of stated equity.
The problem is the balance sheet and the cash. Liabilities of $716M sit on $121M of equity for 5.91x leverage, and the accumulated deficit is -$354M — this company has lost money every year since 2021. Most alarming, the current portion of long-term debt exploded to $214M (+655% YoY) while cash fell 24.7% to $54.8M, and operating cash flow was still -$3.53M. Current liabilities ($239M) now exceed current assets ($116M) by $123M — a working-capital deficit that points to a large near-term refinancing/maturity that the $54.8M cash pile cannot cover internally.
Is SPRU a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 2.5 @ ~0.24 est
- Short put 2 @ ~0.05 est
debit $19max +$31max −$19BE 2.31
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $23.2M | $79.9M | $82.1M | $112M |
| Gross profit | -$696K | — | — | — | — |
| Operating income | -$35.1M | -$59.3M | -$36.8M | -$50.4M | $17.9M |
| Net income | $28.8M | -$93.9M | -$65.8M | -$70.5M | -$26.0M |
| Diluted EPS | $0.19 | -$5.27 | -$3.58 | -$3.82 | -$1.44 |
| Net margin | — | -405.0% | -82.4% | -85.9% | -23.3% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$667M
EV / EBITDA13.9
EV / Sales6.0
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-57.6%
FCF yield-8.3%
Quality & risk
ROIC (est.)1.8%
Free cash flow-$3.75M
Total debt$677M
Net cash-$622M
Altman Z-Score-0.53 distress
Piotroski F-Score4/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+0.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-06-24
Leadership change (Item 5.02) — officer/director departure or appointment disclosed
- DEF 14A Proxy statement2026-06-23
Annual-meeting proxy: director slate, comp and auditor up for shareholder vote
- 8-K Earnings results2026-05-14
Q1 2026 report; watch $214M current debt and $54.8M cash after NJR ramp
- 10-Q Quarterly report2026-05-14
Q1 2026 report; watch $214M current debt and $54.8M cash after NJR ramp
- 10-K/A Restated periodic report2026-04-23
Second FY2025 10-K amendment, likely Part III/exhibit completion, no restatement
- 8-K Other event2026-04-03
FY2025 10-K amendment adding Part III proxy info; financials unchanged
- 10-K/A Restated periodic report2026-04-03
FY2025 10-K amendment adding Part III proxy info; financials unchanged
- 10-K Annual report2026-03-31
FY2025: rev $112M, loss cut to -$26M, 84k assets; but $214M debt now current
- 8-K Earnings results2026-03-30
FY2025 results: revenue +36% to $112M, net loss narrowed 63% to -$26M
Recent filings
all on EDGAR ↗SCHEDULE 13D/AFiling2026-06-25open ↗8-KPeriod ending 2026-06-172026-06-24open ↗DEF 14APeriod ending 2026-06-232026-06-23open ↗4Period ending 2026-06-152026-06-18open ↗PRER14AFiling2026-06-09open ↗PRER14AFiling2026-05-22open ↗10-QPeriod ending 2026-03-312026-05-14open ↗8-KPeriod ending 2026-05-132026-05-14open ↗4Period ending 2026-05-122026-05-13open ↗PRE 14APeriod ending 2026-05-082026-05-08open ↗4Period ending 2025-06-242026-05-07open ↗10-K/APeriod ending 2025-12-312026-04-23open ↗
Frequently asked
- Is SPRUCE POWER HOLDING CORP (SPRU) a buy?
- SPRU currently carries a Avoid rating with 3/5 conviction, derived from its latest SEC filings. Cheap on sales and book, but a $214M near-term debt wall against $54.8M cash and still-negative cash flow make SPRU speculative.
- What is SPRUCE POWER HOLDING CORP's quality score?
- SPRU scores 61.03607775871927/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001772720, latest 10-Q filed 2026-05-14) · EODHD · Proprietary analysis · as of 7/4/2026, 3:43:47 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 11:43 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.