Revenue stagnation and absence of guidance suggest limited near-term catalysts. Watch for refinancing progress on SP1 facility and any update on the $42M buyback authorization. The stock trades at a deep discount to cash ($4.71/share vs ~$3.35), but historical momentum is poor. Next catalyst likely Q2 2026 earnings.
Price Chart
Executive Summary
Spruce Power Q1 2026 revenue was $23.4M, flat YoY (down ~1.7%), while operating income improved to $3.8M from a $1.7M loss. Net loss narrowed to $2.9M ($0.16/share) from $15.3M ($0.84) a year ago, and Operating EBITDA rose 49% to $18.4M. No numerical guidance was provided; the quarter shows continued cost discipline but a lack of top-line growth keeps the outlook uncertain.
Key Financial Metrics
Key Facts
- Revenue $23.4M vs $23.8M YoY (-1.7%), essentially flat
- Operating income $3.8M vs -$1.7M YoY, marking the second consecutive quarter of positive operating income
- Net loss attributable to stockholders $2.9M ($0.16/share) vs $15.3M ($0.84) YoY
- Operating EBITDA $18.4M, up 49% from $12.3M
- Cash balance $85.6M ($4.71/share); total debt $687.3M, with $8.2M repaid in Q1
- No share repurchases during the quarter; $42M remaining under buyback authorization
- Gross portfolio value (PV6) $840M, down from $848M at year-end 2025
Financial Impact
Q1 2026 revenue $23.4M (flat YoY), net loss narrowed to $2.9M from $15.3M, Operating EBITDA up 49% to $18.4M.
Risk Factors
- Revenue flat YoY; no growth catalysts visible
- High debt load ($687M) despite non-recourse structure
- Continuing net losses, albeit narrowing
- Micro-cap liquidity and low analyst coverage (0% bullish consensus)
- Historical price action shows persistent downward drift
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-034941 |
| Document: spru-20260513.htm | 0001628280-26-034941 |
| Document: 0001628280-26-034941-index-headers.html | 0001628280-26-034941 |
| Document: 0001628280-26-034941-index.html | 0001628280-26-034941 |
| Document: 0001628280-26-034941.txt | 0001628280-26-034941 |
| 8-K Data (Synthetic) | 0001628280-26-034941 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 8-K | $1.61 $1.62 | ▲ +0.62% | ▲ +0.86% | $1.36 (−15.53%) |
Sep 23, 2026 4w ago | SC 13D/A | $2.00 $1.94 | ▼ −3.00% | ▼ −3.54% | $1.36 (−32.00%) |
Sep 21, 2026 5w ago | 3 | $2.01 $1.92 | ▼ −4.48% | ▼ −3.76% | $1.36 (−32.34%) |
Sep 21, 2026 5w ago | SC 13D/A | $2.01 $1.92 | ▼ −4.48% | ▼ −3.76% | $1.36 (−32.34%) |
Sep 16, 2026 5w ago | 8-K | $1.63 $1.63 | · 0.00% | ▼ −1.13% | $1.36 (−16.56%) |
Aug 11, 2026 10w ago | DEFA14A | $2.09 $2.12 | ▲ +1.44% | ▲ +1.18% | $1.36 (−34.93%) |
Jul 24, 2026 13w ago | 10-K/A | $2.13 $2.10 | ▲ +1.41% | ▲ +1.65% | $1.36 (+36.15%) |
Jul 16, 2026 14w ago | 8-K | $2.31 $2.40 | ▲ +3.90% | ▲ +4.89% | $1.36 (−41.13%) |
May 14, 2026 23w ago | 8-K | $3.04 $2.84 | ▼ −6.58% | ▼ −5.35% | $1.36 (−55.26%) |
Apr 3, 2026 29w ago | 8-K | $4.13 $3.85 | ▼ −6.78% | ▼ −6.84% | $1.36 (−67.07%) |
US Market Status
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