Spruce Power Reports Fourth Quarter and Full-Year 2024 Results
Spruce Power (NYSE: SPRU) reported Q4 2024 financial results with revenues of $20.2 million, up from $15.7 million in Q4 2023, and a net loss of $5.9 million. Operating EBITDA reached $10.8 million.
The company expanded its portfolio by acquiring approximately 9,800 home solar assets from NJR Clean Energy Ventures, growing its total asset base to roughly 85,000 home solar systems across 18 U.S. states. Customer satisfaction improved to 83% in 2024 from 74% in 2023.
Key financial metrics include:
- Total operating expenses: $26.7 million
- Liquidity position: $72.8 million in unrestricted cash
- Total debt: $730.6 million at 6.0% blended interest rate
- Gross portfolio value: $910.0 million
Notable developments include launching Spruce Pro and securing a servicing agreement with ADT for approximately 60,000 residential solar systems.
Spruce Power (NYSE: SPRU) ha riportato i risultati finanziari del Q4 2024 con ricavi di 20,2 milioni di dollari, in aumento rispetto ai 15,7 milioni di dollari nel Q4 2023, e una perdita netta di 5,9 milioni di dollari. L'EBITDA operativo ha raggiunto i 10,8 milioni di dollari.
L'azienda ha ampliato il suo portafoglio acquisendo circa 9.800 impianti solari domestici da NJR Clean Energy Ventures, aumentando la sua base totale di asset a circa 85.000 sistemi solari domestici in 18 stati degli Stati Uniti. La soddisfazione dei clienti è migliorata all'83% nel 2024 rispetto al 74% nel 2023.
I principali indicatori finanziari includono:
- Spese operative totali: 26,7 milioni di dollari
- Posizione di liquidità: 72,8 milioni di dollari in contante non vincolato
- Debito totale: 730,6 milioni di dollari con un tasso di interesse misto del 6,0%
- Valore totale del portafoglio: 910,0 milioni di dollari
Sviluppi notevoli includono il lancio di Spruce Pro e la stipula di un accordo di servizio con ADT per circa 60.000 sistemi solari residenziali.
Spruce Power (NYSE: SPRU) reportó resultados financieros del Q4 2024 con ingresos de 20,2 millones de dólares, un aumento con respecto a los 15,7 millones de dólares en el Q4 2023, y una pérdida neta de 5,9 millones de dólares. El EBITDA operativo alcanzó los 10,8 millones de dólares.
La compañía amplió su cartera al adquirir aproximadamente 9.800 activos solares residenciales de NJR Clean Energy Ventures, aumentando su base total de activos a aproximadamente 85.000 sistemas solares residenciales en 18 estados de EE. UU. La satisfacción del cliente mejoró al 83% en 2024 desde el 74% en 2023.
Los principales indicadores financieros incluyen:
- Gastos operativos totales: 26,7 millones de dólares
- Posición de liquidez: 72,8 millones de dólares en efectivo no restringido
- Deuda total: 730,6 millones de dólares a una tasa de interés combinada del 6,0%
- Valor bruto de la cartera: 910,0 millones de dólares
Desarrollos notables incluyen el lanzamiento de Spruce Pro y la obtención de un acuerdo de servicio con ADT para aproximadamente 60.000 sistemas solares residenciales.
Spruce Power (NYSE: SPRU)는 2024년 4분기 재무 결과를 보고하며, 수익이 2020만 달러로 2023년 4분기의 1570만 달러에서 증가했으며, 순손실은 590만 달러입니다. 운영 EBITDA는 1080만 달러에 도달했습니다.
회사는 NJR Clean Energy Ventures로부터 약 9,800개의 주택용 태양광 자산을 인수하여 총 자산 규모를 미국 18개 주에 걸쳐 약 85,000개의 주택용 태양광 시스템으로 확대했습니다. 고객 만족도는 2023년 74%에서 2024년 83%로 개선되었습니다.
주요 재무 지표는 다음과 같습니다:
- 총 운영 비용: 2670만 달러
- 유동성 위치: 제한 없는 현금 7280만 달러
- 총 부채: 7억 3060만 달러, 혼합 이자율 6.0%
- 총 포트폴리오 가치: 9억 1000만 달러
주요 개발 사항으로는 Spruce Pro의 출시와 ADT와의 약 6만 개 주택용 태양광 시스템에 대한 서비스 계약 체결이 포함됩니다.
Spruce Power (NYSE: SPRU) a annoncé les résultats financiers du T4 2024 avec des revenus de 20,2 millions de dollars, en hausse par rapport à 15,7 millions de dollars au T4 2023, et une perte nette de 5,9 millions de dollars. L'EBITDA opérationnel a atteint 10,8 millions de dollars.
L'entreprise a élargi son portefeuille en acquérant environ 9 800 actifs solaires résidentiels de NJR Clean Energy Ventures, portant sa base totale d'actifs à environ 85 000 systèmes solaires résidentiels dans 18 États américains. La satisfaction des clients est passée de 74 % en 2023 à 83 % en 2024.
Les principaux indicateurs financiers incluent:
- Dépenses d'exploitation totales : 26,7 millions de dollars
- Position de liquidité : 72,8 millions de dollars en espèces non restreints
- Dette totale : 730,6 millions de dollars à un taux d'intérêt mixte de 6,0 %
- Valeur brute du portefeuille : 910,0 millions de dollars
Les développements notables incluent le lancement de Spruce Pro et la conclusion d'un accord de service avec ADT pour environ 60 000 systèmes solaires résidentiels.
Spruce Power (NYSE: SPRU) hat die finanziellen Ergebnisse des Q4 2024 veröffentlicht, mit Einnahmen von 20,2 Millionen Dollar, ein Anstieg von 15,7 Millionen Dollar im Q4 2023, und einem Nettoverlust von 5,9 Millionen Dollar. Das operative EBITDA erreichte 10,8 Millionen Dollar.
Das Unternehmen hat sein Portfolio erweitert, indem es ungefähr 9.800 Solaranlagen für Privathaushalte von NJR Clean Energy Ventures erworben hat, wodurch sich die Gesamtzahl der Anlagen auf etwa 85.000 Solarsysteme in 18 Bundesstaaten der USA erhöht hat. Die Kundenzufriedenheit verbesserte sich von 74% im Jahr 2023 auf 83% im Jahr 2024.
Wichtige Finanzkennzahlen umfassen:
- Gesamtbetriebskosten: 26,7 Millionen Dollar
- Liquiditätsposition: 72,8 Millionen Dollar in ungebundenem Bargeld
- Gesamtschulden: 730,6 Millionen Dollar bei einem gemischten Zinssatz von 6,0%
- Bruttowert des Portfolios: 910,0 Millionen Dollar
Bemerkenswerte Entwicklungen umfassen den Start von Spruce Pro und die Sicherung eines Dienstleistungsvertrags mit ADT für ungefähr 60.000 Wohnsolaranlagen.
- Revenue increased 28.7% YoY to $20.2M in Q4 2024
- Portfolio expanded by 15% with acquisition of 9,800 solar assets
- Customer satisfaction improved from 74% to 83% in 2024
- Secured major servicing agreement for 60,000 residential solar systems
- Strong liquidity position with $72.8M in unrestricted cash
- Net loss of $5.9M in Q4 2024
- Operating expenses increased to $26.7M from $24.2M YoY
- Total cash decreased from $172.9M to $109.1M YoY
- High debt level at $730.6M
Insights
Spruce Power's Q4 2024 results paint a mixed financial picture with strategic growth offset by ongoing profitability challenges. The
While Operating EBITDA reached
The
Spruce's business model, focused on generating predictable cash flows from existing assets rather than depending on new installations, offers stability in the volatile residential solar market. The launch of Spruce Pro and securing a 60,000-system servicing agreement with ADT opens a promising revenue diversification channel, while improved customer satisfaction (
Spruce Power's Q4 results highlight a strategic positioning that differentiates it from most residential solar competitors. Unlike installation-dependent companies, Spruce has established itself as an asset owner-operator focused on extracting value from existing solar systems through operational improvements and portfolio expansion.
The acquisition of 9,800 home solar assets from NJR Clean Energy Ventures represents meaningful scale growth, increasing their asset base by approximately
The increased customer satisfaction score (to
Their portfolio generated approximately 515,000 MWh in 2024, creating a substantial environmental impact. With an average remaining contract life of 11 years, Spruce has visibility into long-term cash flows, though their financial structure requires careful management given the high debt-to-portfolio value ratio. The stated focus on improving operating efficiency could be critical to achieving the promised margin expansion needed to accelerate the path to profitability.
Business Highlights
-
Reported 4Q revenues of
, net loss attributable to stockholders of$20.2 million and Operating EBITDA of$5.9 million $10.8 million -
Ended quarter with liquidity position of
in unrestricted cash to support future growth and current operations$72.8 million -
Added approximately 9,800 home solar assets and customer contracts in 2024 via NJR Clean Energy Ventures, a subsidiary of New Jersey Resources Corporation (NYSE: NJR), for nearly
15% year-on-year growth, to reach approximately 85,000 home solar assets and contracts - Signed first customer agreement for Spruce Pro business with ADT to service a third party portfolio of approximately 60,000 residential solar systems
-
Customer Satisfaction (CSAT) score rose to
83% in 2024 from74% in 2023
Management Commentary and Outlook
"In this time of heightened uncertainty across the residential solar market, Spruce offers investors greater stability and predictability given that our business is predicated on generating long-term contracted cash flows from existing solar assets through operational efficiencies, maintenance and superior asset management," said Chris Hayes, Spruce's Chief Executive Officer. "Unlike many of our peers, we are not dependent on continuous growth in new solar installations, externally financed working capital or government support."
Hayes continued, "Spruce demonstrated important progress in 2024, driven by a targeted acquisition of residential solar systems in
Hayes concluded, "As we look forward to 2025, Spruce has built a highly attractive owner-operator platform that is poised for scale and long-term value creation. We continue to advance a pipeline of growth opportunities with a focus on profitable growth and driving inflection in the cash generating ability of our Company. Further, we are focused on improving operating efficiency, which we expect to drive margin expansion."
Consolidated Financial Results
Revenues totaled
Total operating expenses were
Net loss attributable to stockholders was
Management considers Operating EBITDA as a key measure in evaluating Spruce's operating performance. For the fourth quarter of 2024, Operating EBITDA was
Balance Sheet and Liquidity
The Company's total principal amount of outstanding debt as of December 31, 2024, was
Total cash as of December 31, 2024, was
Growth and Capital Allocation
Spruce is committed to maximizing long-term value for our shareholders through a disciplined approach that includes strategic acquisitions, capital expenditure projects, debt repayment, and shareholder return initiatives.
In January 2024, Spruce announced the launch of 'Spruce Pro', a brand that extends Spruce's distributed solar energy servicing capabilities into a new growth area of commercial solar.
In November 2024, Spruce acquired a portfolio of approximately 9,800 home solar assets and customer contracts, which is highly complementary to Spruce's existing asset base and funded the acquisition through a combination of cash on hand and non-recourse project level debt. Inclusive of this acquisition, the Company's gross portfolio value was
In December 2024, Spruce entered into a servicing agreement with a residential solar installer to provide servicing solutions to a portfolio with approximately 60,000 residential solar systems.
During the fourth quarter of 2024, Spruce repurchased 0.3 million shares of common stock at a weighted average price per share of
Key Operating Metrics
As of December 31, 2024, Spruce owned cash flows from approximately 85,000 home solar assets and contracts across 18 U.S. States with an average remaining contract life of approximately 11 years. Combined portfolio generation for the year ended December 31, 2024, was approximately 515 thousand MWh of power. In addition, the Company is also contracted to service over 60,000 third-party owned home solar systems as of December 31, 2024. Gross Portfolio Value, on a PV6 basis as described below, was
Conference Call Information
The Spruce management team will host a conference call for analysts and investors to discuss its fourth quarter and full-year 2024 financial results and business outlook today at 2:30 p.m. Mountain Time. The conference call can be accessed live over the telephone by dialing (646) 307-1963 and referencing Conference ID 3699222. Alternatively, the call can be accessed via a live webcast accessible at https://events.q4inc.com/attendee/493158938. An audio replay will be available shortly after the call and can be accessed by dialing (800) 770-2030. The passcode for the replay is 3699222. The replay will be available until April 11, 2025.
About Spruce Power
Spruce Power is a leading owner and operator of distributed solar energy assets across
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are characterized by the use of certain words or phrases (and their derivatives) such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “opportunity,” “plan,” “goals,” “target” “predict,” “potential,” “estimate,” “should,” “will,” “would,” “continue,” “likely,” and similar expressions that predict or indicate future events or trends that are not statements of historical matters. These statements are based upon our current plans and strategies and management’s assumptions and expectations about future events and market conditions, and reflect our current assessment of the risks and uncertainties related to our business as of the date of this release. Forward-looking statements in this release may include, without limitation, statements made in Mr. Hayes’ quotations, statements regarding contracted portfolio value and renewal portfolio value, potential future acquisitions, potential future repurchases under the stock repurchase program, and the Company's prospects for long-term growth in revenues, business cash inflows and earnings. Repurchases under the stock repurchase program will depend upon market prices, trading volume, available cash and other factors, and therefore, there is no guarantee that any repurchases will be completed or as to the number of shares that may be purchased. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of the Company’s existing knowledge of its business and operation, there can be no assurance that actual future results, performance or achievements of, or trends affecting, the Company will not differ materially from any future results, performance, achievements or trends expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from historical results or the forward-looking statements contained herein, including but not limited to: uncertainties relating to the solar energy industry and the risk that sufficient additional demand for home solar energy systems may not develop or take longer to develop than the Company anticipates; disruptions to our solar monitoring systems; problems with performance of our solar energy systems or our solar energy systems not performing as well as expected; the ability to identify and complete future acquisitions or strategic relationships and the ability to integrate strategic acquisitions; the ability to develop and market new products and services; changes in, and our compliance with, laws and regulations affecting our business; the highly competitive nature of the Company’s business and markets; the ability to manage our growth effectively or grow by expanding our market penetration or acquiring additional home solar portfolios; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability claims or other claims, government investigations and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services, including due to tariffs or trade restrictions; developments in technology or improvements in distributed solar energy generation and related technologies or components; a material reduction in the retail price of traditional utility generated electricity, electricity from other sources or renewable energy credits; the impact of natural disasters and other events beyond our control, such as hurricanes, wildfires or pandemics, on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; cybersecurity risks; the loss or transition of key employees or senior management or the Company’s inability to attract and retain qualified personnel; failure to remediate the Company’s previously identified material weaknesses in the Company’s internal control over financial reporting, the identification of additional material weaknesses, or failure to maintain an effective system of internal control; general economic, financial, legal, political and business conditions, supply chain constraints and changes in domestic and foreign markets; the availability of capital and additional financing; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 9, 2024, subsequent Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Readers are cautioned not to rely too heavily on forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise, except as otherwise required by law.
Use of Non-GAAP Financial Information
This press release includes references to certain non-GAAP financial measures. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter, without the impact of items or events that may obscure trends in our underlying financial performance. These non-GAAP financial measures should not be considered in isolation and should be considered as a supplement to, and not as a substitute for or superior to, the GAAP financial measures presented in this press release, our financial statements, and other publicly filed reports. This prospective financial information was not prepared with a view toward compliance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information or
Definitions of Non-GAAP Financial Information
Earnings (Loss) Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”):
We define EBITDA as our consolidated net income (loss) and adding back interest expense, net, income taxes, and depreciation and amortization. We believe EBITDA provides meaningful information to the performance of our business and therefore we use it to supplement our GAAP reporting. We believe that Adjusted EBITDA, which excludes certain identified items that we do not consider to be part of our ongoing business, improves the comparability of year-to-year results, and is representative of our underlying performance. Management uses this information to assess and measure the performance of our operating segment. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the below reconciliations, and to provide an additional measure of performance.
Operating EBITDA:
We define Operating EBITDA as Adjusted EBITDA plus proceeds from investment in master lease agreement, net, proceeds from buyouts / prepayments and interest earned on cash investments. Proceeds from investment in lease agreement, net, represent cash flows from the Company's Spruce Power 4 Portfolio, which holds the 20-year use rights to customer payment streams of approximately 22,500 solar lease and power purchase agreements, net of servicing costs. Proceeds from buyouts / prepayments represent cash inflows from the early buyout of customer solar contracts and cash inflows from the prepayment of customer solar contracts. Interest earned on cash investments represent cash interest received on investments in money market funds /
Adjusted Free Cash Flow:
We define Adjusted Free Cash Flow as Operating EBITDA less project finance debt service, platform capital expenditures, and other non-cash items. Project finance debt service represents principal and interest payments, including sweeps where applicable, on Spruce's non-recourse, project finance debt facilities. Other non-cash items represent miscellaneous non-cash income or expense associated with our various operating portfolios of residential solar assets.
Core Operating Expenses:
We define Core Operating Expenses as the sum of our SG&A and our O&M expenses.
Portfolio Value Metrics:
We believe Portfolio Value Metrics are helpful to management, investors, and analysts to understand the value of our business and to evaluate the estimated remaining value of our customer contracts, including present value implied from future, uncontracted sales of solar renewable energy credits ("SRECs") generated from assets that the Company owns today.
-
Gross Portfolio Value reflects the remaining projected net cash flows from current customers discounted at
6% (“PV6”) - Projected cash flows include the customer’s initial agreement plus renewal
($ in millions) |
As of December 31, 2024 |
|
Contracted Portfolio Value (1) |
$ |
797 |
Renewal Portfolio Value (2) |
|
69 |
Uncontracted Renewable Energy Credits (3) |
|
44 |
Gross Portfolio Value (4) |
$ |
910 |
(1) Contracted Portfolio Value represents the present value of the remaining net cash flows discounted at
(2) Renewal Portfolio Value is the forecasted net present value the Company would receive upon or following the expiration of the initial customer agreement term, but before the 30th anniversary of the system’s activation in the form of cash payments during any applicable renewal period for customers as of the measurement date. The Company calculates the Renewal Portfolio Value amount at the expiration of the initial contract term assuming that, on average, Spruce's customers choose to renew
(3) Uncontracted sales of SRECs based on forward market REC pricing curves, adjusted for liquidity discounts.
(4) Gross Portfolio Value represents the sum of Contracted Portfolio Value, Renewal Portfolio Value and Uncontracted SRECs.
Spruce Power Holding Corporation
Consolidated Statements of Operations
For the Three Months and Years Ended December 31, 2024 and 2023
|
Three Months Ended
|
|
Years Ended December 31, |
||||||||||||
(In thousands, except per share and share amounts) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
20,226 |
|
|
$ |
15,701 |
|
|
$ |
82,107 |
|
|
$ |
79,859 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of revenues - solar energy systems depreciation |
|
6,189 |
|
|
|
5,952 |
|
|
|
23,377 |
|
|
|
23,823 |
|
Cost of revenues - operations and maintenance |
|
5,285 |
|
|
|
5,604 |
|
|
|
16,597 |
|
|
|
13,990 |
|
Selling, general and administrative expenses |
|
15,463 |
|
|
|
12,029 |
|
|
|
58,889 |
|
|
|
56,122 |
|
Litigation settlements, net |
|
179 |
|
|
|
1,126 |
|
|
|
7,384 |
|
|
|
27,465 |
|
Gain on asset disposal |
|
(449 |
) |
|
|
(499 |
) |
|
|
(2,504 |
) |
|
|
(4,724 |
) |
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
28,757 |
|
|
|
— |
|
Total operating expenses |
|
26,667 |
|
|
|
24,212 |
|
|
|
132,500 |
|
|
|
116,676 |
|
Loss from operations |
|
(6,441 |
) |
|
|
(8,511 |
) |
|
|
(50,393 |
) |
|
|
(36,817 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
||||||||
Interest income |
|
(5,850 |
) |
|
|
(5,688 |
) |
|
|
(22,758 |
) |
|
|
(19,534 |
) |
Interest expense, net |
|
10,332 |
|
|
|
11,121 |
|
|
|
40,232 |
|
|
|
41,936 |
|
Change in fair value of warrant liabilities |
|
— |
|
|
|
(21 |
) |
|
|
(17 |
) |
|
|
(239 |
) |
Change in fair value of interest rate swaps |
|
(5,400 |
) |
|
|
16,479 |
|
|
|
2,753 |
|
|
|
4,816 |
|
Other income, net |
|
(72 |
) |
|
|
(69 |
) |
|
|
(525 |
) |
|
|
(1,309 |
) |
Net loss from continuing operations |
|
(5,451 |
) |
|
|
(30,333 |
) |
|
|
(70,078 |
) |
|
|
(62,487 |
) |
Net income (loss) from discontinued operations
(including loss on disposal of |
|
(25 |
) |
|
|
130 |
|
|
|
25 |
|
|
|
(4,123 |
) |
Net loss |
|
(5,476 |
) |
|
|
(30,203 |
) |
|
|
(70,053 |
) |
|
|
(66,610 |
) |
Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests |
|
452 |
|
|
|
(15 |
) |
|
|
436 |
|
|
|
(779 |
) |
Net loss attributable to stockholders |
$ |
(5,928 |
) |
|
$ |
(30,188 |
) |
|
$ |
(70,489 |
) |
|
$ |
(65,831 |
) |
Net loss from continuing operations per share, basic and diluted |
$ |
(0.29 |
) |
|
$ |
(1.60 |
) |
|
$ |
(3.79 |
) |
|
$ |
(3.40 |
) |
Net income (loss) from discontinued operations, basic and diluted |
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
— |
|
|
$ |
(0.22 |
) |
Net loss attributable to stockholders per share, basic and diluted |
$ |
(0.32 |
) |
|
$ |
(1.59 |
) |
|
$ |
(3.82 |
) |
|
$ |
(3.58 |
) |
Weighted-average shares outstanding, basic and diluted |
|
18,567,868 |
|
|
|
18,990,603 |
|
|
|
18,470,926 |
|
|
18,391,436 |
Spruce Power Holding Corporation
Reconciliation of Non-GAAP Financial Measures
For the Three Months and Years Ended December 31, 2024 and 2023
|
Three Months Ended
|
|
Years Ended December 31, |
||||||||||||
(In thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Reconciliation of Net Loss to EBITDA, Adjusted EBITDA, and Operating EBITDA |
|
|
|
|
|
|
|
||||||||
Net loss attributable to stockholders |
$ |
(5,928 |
) |
|
$ |
(30,188 |
) |
|
$ |
(70,489 |
) |
|
$ |
(65,831 |
) |
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests |
|
452 |
|
|
|
(15 |
) |
|
|
436 |
|
|
|
(779 |
) |
Interest income |
|
(5,850 |
) |
|
|
(5,688 |
) |
|
|
(22,758 |
) |
|
|
(19,534 |
) |
Interest expense, net |
|
10,332 |
|
|
|
11,121 |
|
|
|
40,232 |
|
|
|
41,936 |
|
Depreciation and amortization |
|
5,331 |
|
|
|
4,752 |
|
|
|
20,280 |
|
|
|
20,230 |
|
EBITDA |
|
4,337 |
|
|
|
(20,018 |
) |
|
|
(32,299 |
) |
|
|
(23,978 |
) |
Net (income) loss from discontinued operations |
|
25 |
|
|
|
(130 |
) |
|
|
(25 |
) |
|
|
4,123 |
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
|
28,757 |
|
|
|
— |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
965 |
|
Legal charges related to SEC investigation and shareholder lawsuits |
|
275 |
|
|
|
1,713 |
|
|
|
8,952 |
|
|
|
31,400 |
|
Gain on asset disposal |
|
(449 |
) |
|
|
(499 |
) |
|
|
(2,504 |
) |
|
|
(4,724 |
) |
Change in fair value of interest rate swaps |
|
(5,400 |
) |
|
|
16,479 |
|
|
|
2,753 |
|
|
|
4,816 |
|
Meter upgrade campaign |
|
480 |
|
|
|
2,545 |
|
|
|
2,123 |
|
|
|
4,353 |
|
Other one-time costs |
|
183 |
|
|
|
106 |
|
|
|
4,311 |
|
|
|
2,367 |
|
Change in fair value warrant liabilities |
|
— |
|
|
|
(21 |
) |
|
|
(17 |
) |
|
|
(239 |
) |
Stock based compensation |
|
957 |
|
|
|
836 |
|
|
|
3,097 |
|
|
|
2,885 |
|
Bad debt expense |
|
258 |
|
|
|
(595 |
) |
|
|
1,386 |
|
|
|
1,841 |
|
Accretion expense |
|
55 |
|
|
|
300 |
|
|
|
236 |
|
|
|
300 |
|
Non-recurring acquisition/divestment expenses |
|
1,161 |
|
|
|
367 |
|
|
|
1,161 |
|
|
|
1,577 |
|
Adjusted EBITDA |
|
1,882 |
|
|
|
1,083 |
|
|
|
17,931 |
|
|
|
25,686 |
|
Proceeds from investment in master lease agreement, net |
|
6,082 |
|
|
|
6,420 |
|
|
|
23,077 |
|
|
|
18,171 |
|
Proceeds from buyouts / prepayments |
|
1,656 |
|
|
|
1,956 |
|
|
|
6,934 |
|
|
|
7,450 |
|
Interest earned on cash investments |
|
1,186 |
|
|
|
1,855 |
|
|
|
5,922 |
|
|
|
7,851 |
|
Operating EBITDA |
$ |
10,806 |
|
|
$ |
11,314 |
|
|
$ |
53,864 |
|
|
$ |
59,158 |
|
Spruce Power Holding Corporation
Calculation of Core Operating Expenses
For the Three Months and Years Ended December 31, 2024 and 2023
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||
(In thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Calculation of core operating expenses: |
|
|
|
|
|
|
|
||||
Cost of revenues - operations and maintenance |
$ |
5,285 |
|
$ |
5,604 |
|
$ |
16,597 |
|
$ |
13,990 |
Selling, general and administrative expenses |
|
15,463 |
|
|
12,029 |
|
|
58,889 |
|
|
56,122 |
Core operating expenses |
$ |
20,748 |
|
$ |
17,633 |
|
$ |
75,486 |
|
$ |
70,112 |
Spruce Power Holding Corporation
Consolidated Balance Sheets
December 31, 2024 and 2023
|
|
As of December 31, |
||||||
(In thousands, except share and per share amounts) |
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
72,802 |
|
|
$ |
141,354 |
|
Restricted cash |
|
|
36,346 |
|
|
|
31,587 |
|
Accounts receivable, net of allowance of |
|
|
15,010 |
|
|
|
9,188 |
|
Interest rate swap assets, current |
|
|
6,258 |
|
|
|
11,333 |
|
Prepaid expenses and other current assets |
|
|
6,014 |
|
|
|
9,879 |
|
Total current assets |
|
|
136,430 |
|
|
|
203,341 |
|
Investment related to SEMTH master lease agreement |
|
|
136,942 |
|
|
|
143,095 |
|
Property and equipment, net |
|
|
589,014 |
|
|
|
484,406 |
|
Interest rate swap assets, non-current |
|
|
18,414 |
|
|
|
16,550 |
|
Intangible assets, net |
|
|
8,957 |
|
|
|
10,196 |
|
Deferred rent assets |
|
|
3,717 |
|
|
|
2,454 |
|
Right-of-use assets, net |
|
|
4,750 |
|
|
|
5,933 |
|
Goodwill |
|
|
— |
|
|
|
28,757 |
|
Other assets |
|
|
255 |
|
|
|
257 |
|
Long-term assets of discontinued operations |
|
|
— |
|
|
|
32 |
|
Total assets |
|
$ |
898,479 |
|
|
$ |
895,021 |
|
Liabilities, noncontrolling interests and stockholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
|
987 |
|
|
|
1,120 |
|
Non-recourse debt, current |
|
$ |
28,310 |
|
|
$ |
27,914 |
|
Accrued expenses and other current liabilities |
|
|
28,125 |
|
|
|
40,634 |
|
Deferred revenue, current |
|
|
1,194 |
|
|
|
878 |
|
Lease liability, current |
|
|
892 |
|
|
|
1,166 |
|
Current liabilities of discontinued operations |
|
|
61 |
|
|
|
— |
|
Total current liabilities |
|
|
59,569 |
|
|
|
71,712 |
|
Non-recourse debt, non-current |
|
|
677,021 |
|
|
|
590,866 |
|
Deferred revenue, non-current |
|
|
2,790 |
|
|
|
1,858 |
|
Lease liability, non-current |
|
|
4,848 |
|
|
|
5,731 |
|
Warrant liabilities |
|
|
— |
|
|
|
17 |
|
Unfavorable solar renewable energy agreements, net |
|
|
4,134 |
|
|
|
6,108 |
|
Interest rate swap liabilities, non-current |
|
|
385 |
|
|
|
843 |
|
Other long-term liabilities |
|
|
3,540 |
|
|
|
3,047 |
|
Long-term liabilities of discontinued operations |
|
|
40 |
|
|
|
170 |
|
Total liabilities |
|
|
752,327 |
|
|
|
680,352 |
|
Commitments and contingencies |
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock, |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
478,366 |
|
|
|
475,654 |
|
Accumulated deficit |
|
|
(328,377 |
) |
|
|
(257,888 |
) |
Treasury stock at cost, 1,092,208 shares and 800,650 at December 31, 2024 and 2023, respectively |
|
|
(6,277 |
) |
|
|
(5,424 |
) |
Noncontrolling interests |
|
|
2,438 |
|
|
|
2,325 |
|
Total stockholders’ equity |
|
|
146,152 |
|
|
|
214,669 |
|
Total liabilities, noncontrolling interests and stockholders’ equity |
|
$ |
898,479 |
|
|
$ |
895,021 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331790822/en/
For More Information
Investor Contact: investors@sprucepower.com
Head of Investor Relations: Scott Kozak
Media Contact: publicrelations@sprucepower.com
Source: Spruce Power Holding Corporation