Spruce Power Holding Corp Stock Price, News & Analysis

Spruce Power Holding (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the United States, announced it will release its third quarter 2024 financial results after market close on Wednesday, November 13. The results will be available on the Investor Relations section of its website. Management will host a conference call and webcast for investors and analysts to discuss the results at 2:30 P.M. MST on the same day. The call can be accessed by dialing 800-715-9871 with Conference ID 6052195. A replay will be available until November 27, 2024, by dialing 800-770-2030 and referencing the same ID.

Spruce Power Holding (NYSE: SPRU) reported its Q2 2024 financial results, with revenues of $22.5 million, a net loss of $8.6 million, and Operating EBITDA of $14.4 million. The company ended the quarter with $116.6 million in unrestricted cash. Spruce refinanced its SP4 Facility, injecting over $6 million of incremental capital. The company maintains its 2024 guidance for Operating EBITDA of $68-$86 million and Adjusted Free Cash Flow of $0-$5 million, trending towards the lower end. Spruce owns cash flows from approximately 75,000 home solar assets across 18 U.S. states, with an average remaining contract life of 11 years. The company's Gross Portfolio Value was $778.0 million as of June 30, 2024.

Spruce Power Holding (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the US, will report its second quarter 2024 financial results after market close on August 14, 2024.

Following the release, management will host a conference call and webcast at 2:30 P.M. MDT to discuss the results with investors and analysts.

The press release will be available in the Investor Relations section of Spruce's website. The conference call can be accessed by dialing 888-596-4144 with Conference ID 6052195, and a replay will be available until August 28, 2024, by dialing 800-770-2030 with the same Conference ID.

Webcast link: https://events.q4inc.com/attendee/279658323.

Spruce Power Holding (NYSE: SPRU) has appointed Richard DiMatteo as Senior Vice President, Head of Spruce Pro. This move aligns with Spruce's strategy to expand its distributed energy platform by extending its servicing solutions to third-party asset owners. Richard DiMatteo, with a robust background in renewable energy services, will oversee product innovation, market strategy, and leverage Spruce’s existing capabilities to boost high-margin organic revenue. DiMatteo’s prior roles include Co-founder and EVP at Highland Electric Fleets, where he pioneered the Transportation Equipment Services Agreement (TESA) for fleet electrification. His experience also spans roles at Edison Energy, SunEdison, and GE.

Spruce Power has closed a $130 million non-recourse debt facility with Barings This new financing replaces the company's previous $125 million term loan, adding net incremental capital. The facility, rated A+ by Kroll, is priced at a fixed rate of 6.889%. It is backed by contracted cash flows from over 22,000 solar contracts in Spruce's portfolio, with a 69% advance rate. The refinancing provides a net capital injection of over $6 million after fees and the termination of interest rate swaps. The company expects continued strong performance from its variable rate PPAs, particularly in California, where rising retail electric prices have boosted cash flows.

Spruce Power Holding (NYSE: SPRU), a leading distributed solar energy asset operator in the U.S., announced the appointment of Clara Nagy McBane to its Board of Directors. The Board now comprises seven members. Clara's extensive experience in renewable energy, including her role as CEO of Ventura Energy, is expected to bolster the company's strategic vision. The appointment follows a Cooperation Agreement with Clayton Capital Appreciation Fund, L.P. and Clayton Partners , which includes various customary provisions and will be documented in a Form 8-K with the SEC. Clara's past roles include senior positions at SOURCE Global PBC, Advanced Microgrid Solutions, and Sunlink

Spruce Power Holding (NYSE: SPRU) reported its Q1 2024 financial results, revealing $18.3 million in revenue, a net loss of $2.5 million, and an Operating EBITDA of $10.7 million. The company ended the quarter with $120.6 million in unrestricted cash. Newly appointed CEO Chris Hayes aims for growth through the Spruce Pro servicing platform. Core operating expenses were $16.6 million, down from the previous year's $17.6 million. The total cash position decreased to $149.7 million due to legal settlements. Spruce reaffirmed its 2024 guidance with Operating EBITDA expected between $68-$86 million.

Spruce Power Holding (NYSE: SPRU) has announced a notice regarding the settlement of stockholder derivative matters, involving claims of breach of fiduciary duty in connection with a merger. The proposed settlement aims to resolve the claims and provide corporate governance reforms. Current stockholders are advised of their rights in relation to the settlement and the upcoming hearing. The settlement involves a court-approved Stipulation that requires the company to adopt certain reforms and procedures. The court will determine the fee and expense amount for plaintiffs' counsel. Stockholders have the right to object to the settlement and must follow specific procedures to do so.

Spruce Power Holding (NYSE: SPRU) will release its first quarter 2024 financial results on May 15 after the stock market close. The company will host a conference call and webcast to discuss the results with investors and analysts.