- Spruce Power Holding Corporation (SPRU, Financial) reported a 30% revenue increase to $23.8 million for Q1 2025 compared to the same period last year.
- Net loss attributable to stockholders was $15.3 million, while Operating EBITDA saw a 15% rise to $12.3 million year-over-year.
- The company's cash balance stood at $96.5 million, with a portfolio of around 85,000 home solar assets.
Spruce Power Holding Corporation (SPRU), a prominent owner and operator of distributed solar energy assets, announced a significant increase in its first-quarter financial performance for 2025. Revenue reached $23.8 million, marking a 30% increase over the previous year's $18.3 million. This revenue growth was fueled partly by the acquisition of a residential solar portfolio from NJR Clean Energy Ventures in November 2024 and the Spruce PRO service agreement established with ADT in December 2024.
The company reported a net loss attributable to stockholders of $15.3 million, compared to a net loss of $2.4 million in the same quarter of the previous year. Operating EBITDA for Q1 2025 was $12.3 million, reflecting a 15% year-over-year increase from $10.7 million. This improvement primarily resulted from Spruce's acquisition activities, though it was partially offset by increased operating expenses and a decline in interest income.
As of March 31, 2025, Spruce Power's cash balance was approximately $96.5 million, comprising $61.9 million in cash and cash equivalents and $34.5 million in restricted cash. The slight decrease from $109.1 million at the end of 2024 was attributed to timing in collections, share repurchases, and general business seasonality.
Spruce Power's portfolio includes approximately 85,000 home solar assets and contracts across 18 U.S. states. The company is also contracted to service around 60,000 residential solar systems as a third party. The combined portfolio generated approximately 121,000 MWh of power during the first quarter of 2025.
CEO Chris Hayes expressed optimism for the year ahead, highlighting the company's strong balance sheet and their strategic focus on new acquisition opportunities and the expansion of the Spruce PRO servicing business. The company also signed ADT as its first third-party client, further solidifying its market position.
Regarding its financial strategies, Spruce repurchased 0.3 million shares of common stock at an average price of $2.70 per share, resulting in a total cost of $0.8 million. As of March 31, 2025, $43.0 million remains under their authorized $50.0 million share repurchase program.
The company aims to continue enhancing its operating performance and shareholder value through disciplined capital allocation, reflected in its current gross portfolio value of $901.0 million.
