The company's structural cost reductions and strong EBITDA growth signal improving margins and scalability; monitor the upcoming conference call for guidance on 2026 growth and refinancing plans.
Price Chart
Executive Summary
Spruce Power reported fourth quarter and full-year 2025 results, achieving record operating income of $17.9 million and full-year Operating EBITDA of $80.1 million, up 49% year-over-year. Revenues rose 36% for the year, driven by portfolio growth and servicing expansion, while the company reduced core operating costs and exited the year with $93.1 million in cash, or $5.13 per share.
Key Financial Metrics
Key Facts
- Full-year 2025 Operating Income of $17.9 million vs. a loss of $50.4 million in 2024
- Full-year Operating EBITDA of $80.1 million, up 49% year-over-year
- Revenues of $24.0 million in Q4 2025, up 19% year-over-year, and $111.8 million for the full year, up 36%
- Reduced core operating costs, with a 64% decline in OM expense and 16% decline in SGA expense in Q4
- Ended 2025 with $93.1 million in cash, or $5.13 per share, after paying down $35.1 million in debt
Financial Impact
Revenues up 36% year-over-year, Operating EBITDA up 49%, and cash position of $5.13 per share
Risk Factors
- Forward-looking statements about refinancing SP1 debt and future growth are subject to market conditions and execution risk
- The company's reliance on solar renewable energy credits (SRECs) revenue could be impacted by regulatory changes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-022031 |
| Document: spru-20260330.htm | 0001628280-26-022031 |
| Document: 0001628280-26-022031-index-headers.html | 0001628280-26-022031 |
| Document: 0001628280-26-022031-index.html | 0001628280-26-022031 |
| Document: 0001628280-26-022031.txt | 0001628280-26-022031 |
| 8-K Data (Synthetic) | 0001628280-26-022031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 8-K | $1.61 $1.62 | ▲ +0.62% | ▲ +0.86% | $1.33 (−17.39%) |
Sep 23, 2026 4w ago | SC 13D/A | $2.00 $1.94 | ▼ −3.00% | ▼ −3.54% | $1.33 (−33.50%) |
Sep 21, 2026 5w ago | 3 | $2.01 $1.92 | ▼ −4.48% | ▼ −3.76% | $1.33 (−33.83%) |
Sep 21, 2026 5w ago | SC 13D/A | $2.01 $1.92 | ▼ −4.48% | ▼ −3.76% | $1.33 (−33.83%) |
Sep 16, 2026 5w ago | 8-K | $1.63 $1.63 | · 0.00% | ▼ −1.13% | $1.33 (−18.40%) |
Aug 11, 2026 10w ago | DEFA14A | $2.09 $2.12 | ▲ +1.44% | ▲ +1.18% | $1.33 (−36.36%) |
Jul 24, 2026 13w ago | 10-K/A | $2.13 $2.10 | ▲ +1.41% | ▲ +1.65% | $1.33 (+37.56%) |
Jul 16, 2026 14w ago | 8-K | $2.31 $2.40 | ▲ +3.90% | ▲ +4.89% | $1.33 (−42.42%) |
May 14, 2026 23w ago | 8-K | $3.04 $2.84 | ▼ −6.58% | ▼ −5.35% | $1.33 (−56.25%) |
Apr 3, 2026 29w ago | 8-K | $4.13 $3.85 | ▼ −6.78% | ▼ −6.84% | $1.33 (−67.80%) |
US Market Status
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