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Spruce Power
Spruce Power (SPRU) investor relations material
Spruce Power Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Q3 2025 revenue rose 44% year-over-year to $30.7 million, driven by acquisitions and SREC revenue growth, while net loss attributable to stockholders improved to $0.9 million from $53.5 million in the prior-year period.
Operating EBITDA increased 48% year-over-year to $26.2 million, reflecting operational improvements, acquisitions, and cost reductions.
Cash generated from operations increased total cash to $98.8 million as of September 30, 2025.
Strategic initiatives included workforce reduction, office closure, and a $20 million annual cost savings program.
Portfolio expanded to 85,000 owned home solar assets and contracts, with servicing for 60,000 third-party systems.
Financial highlights
Q3 2025 revenue was $30.7 million, up from $21.4 million year-over-year; nine-month revenue was $87.8 million, up 42%.
Core operating expenses (SG&A and O&M) declined 15% year-over-year to $14.8 million.
Adjusted cash flow from operations was $20.2 million, up 104% year-over-year.
Principal debt payments of $11.4 million were made in Q3, reducing total debt principal to $705.6 million.
All debt is non-recourse project finance, with a blended interest rate of 6.1% and hedged into the early 2030s.
Outlook and guidance
No formal guidance provided; seasonality expected to reduce Q4 revenue due to lower sunlight.
Cost reduction initiatives are expected to further decrease core operating expenses through 2025 and into 2026.
Management is in discussions to refinance the $184.1 million SP1 Facility maturing April 2026, with term sheets under review.
No need to refinance non-recourse debt in 2025; first maturity in April 2026 can likely be rolled over.
Substantial doubt about the ability to continue as a going concern exists due to negative working capital and upcoming debt maturity, but management expects refinancing to be completed.
What market shifts drive TPO channel growth for Spruce?
Key criteria for M&A and programmatic deal selection
Sustainability of O&M and SG&A cost reductions
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Next Spruce Power earnings date
Q4 202520 Mar, 2026
Spruce Power
Next Spruce Power earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
Spruce Power Holding Corp (SPRU) is a prominent operator and owner of distributed solar energy assets throughout the United States. The company focuses on providing subscription-based services that enable homeowners and small businesses to own and maintain rooftop solar and battery storage solutions. Spruce Power's as-a-service model is designed to make renewable energy more accessible by eliminating the need for significant upfront investments and ongoing maintenance costs for consumers. This approach supports the company's mission to facilitate clean and efficient energy use towards a sustainable future. With approximately 72,000 customers, Spruce Power has established a significant presence in the renewable energy sector. Additionally, the company extends its services to include asset management and operating and maintenance services for residential solar photovoltaic projects, alongside loan servicing support for financing energy-efficient home improvements and solar energy systems. The company is headquartered in Denver, Colorado, and its shares are listed on the NYS.
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