Spruce Power Reports Second Quarter 2024 Results
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) ha riportato i risultati finanziari del Q2 2024, con ricavi di $22,5 milioni, una perdita netta di $8,6 milioni e un EBITDA operativo di $14,4 milioni. L'azienda ha chiuso il trimestre con $116,6 milioni di liquidità non vincolata. Spruce ha rifinanziato il suo impianto SP4, iniettando oltre $6 milioni di capitale aggiuntivo. L'azienda mantiene le previsioni per il 2024 di un EBITDA operativo compreso tra $68-$86 milioni e un flusso di cassa libero rettificato da $0-$5 milioni, tendendo verso il limite inferiore. Spruce possiede flussi di cassa da circa 75.000 impianti solari domestici in 18 stati americani, con una vita media residua del contratto di 11 anni. Il valore lordo del portafoglio dell'azienda era di $778,0 milioni al 30 giugno 2024.
Spruce Power Holding (NYSE: SPRU) reportó sus resultados financieros del Q2 2024, con ingresos de $22.5 millones, una pérdida neta de $8.6 millones y un EBITDA operativo de $14.4 millones. La empresa cerró el trimestre con $116.6 millones en efectivo no restringido. Spruce refinanció su instalación SP4, inyectando más de $6 millones de capital adicional. La empresa mantiene su guía para 2024 de un EBITDA operativo de entre $68-$86 millones y un flujo de caja libre ajustado de entre $0-$5 millones, con tendencia hacia el extremo inferior. Spruce posee flujos de efectivo de aproximadamente 75,000 activos solares residenciales en 18 estados de EE. UU., con una vida media de contrato restante de 11 años. El valor bruto de la cartera de la empresa era de $778.0 millones al 30 de junio de 2024.
Spruce Power Holding (NYSE: SPRU)는 2024년 2분기 재무 결과를 보고했으며, 수익은 $2250만, 순손실은 $860만, 운영 EBITDA는 $1440만입니다. 회사는 제한 없는 현금으로 $1억1660만을 보유한 상태로 분기를 종료했습니다. Spruce는 SP4 시설을 재융자하여 $600만 이상의 추가 자본을 주입했습니다. 회사는 운영 EBITDA에 대한 2024년 지침을 $6800만에서 $8600만으로 유지하고 있으며, 조정된 자유 현금 흐름은 $0에서 $500만으로 하향 추세를 보이고 있습니다. Spruce는 11년의 평균 계약 잔여 기간을 가지고 있는 18개 주에서 약 75,000개의 주택 태양광 자산의 현금 흐름을 소유하고 있습니다. 회사의 총 포트폴리오 가치는 2024년 6월 30일 기준으로 $7억7800만이었습니다.
Spruce Power Holding (NYSE: SPRU) a annoncé ses résultats financiers du 2ème trimestre 2024, avec des revenus de 22,5 millions de dollars, une perte nette de 8,6 millions de dollars et un EBITDA opérationnel de 14,4 millions de dollars. L'entreprise a terminé le trimestre avec 116,6 millions de dollars de liquidités non restreintes. Spruce a refinancé son installation SP4, injectant plus de 6 millions de dollars de capital supplémentaire. L'entreprise maintient ses prévisions pour 2024 d'un EBITDA opérationnel de 68-86 millions de dollars et d'un flux de trésorerie libre ajusté de 0-5 millions de dollars, tendant vers le bas. Spruce possède des flux de trésorerie provenant d'environ 75 000 actifs solaires résidentiels dans 18 états des États-Unis, avec une durée de contrat restante moyenne de 11 ans. La valeur brute du portefeuille de l'entreprise était de 778,0 millions de dollars au 30 juin 2024.
Spruce Power Holding (NYSE: SPRU) hat seine finanziellen Ergebnisse für das 2. Quartal 2024 veröffentlicht, mit Einnahmen von 22,5 Millionen US-Dollar, einem Nettoverlust von 8,6 Millionen US-Dollar und einem operativen EBITDA von 14,4 Millionen US-Dollar. Das Unternehmen schloss das Quartal mit 116,6 Millionen US-Dollar an nicht eingeschränkten Barmitteln ab. Spruce hat seine SP4-Anlage refinanziert und über 6 Millionen US-Dollar zusätzliches Kapital eingespritzt. Das Unternehmen hält an seiner Prognose für 2024 fest, die ein operatives EBITDA von 68-86 Millionen US-Dollar und einen bereinigten freien Cashflow von 0-5 Millionen US-Dollar vorsieht, mit einer Neigung zum unteren Ende. Spruce besitzt Cashflows aus etwa 75.000 Wohn-Solaranlagen in 18 US-Bundesstaaten mit einer durchschnittlichen verbleibenden Vertragslaufzeit von 11 Jahren. Der Bruttoportfolio-Wert des Unternehmens betrug am 30. Juni 2024 778,0 Millionen US-Dollar.
- Strong liquidity position with $116.6 million in unrestricted cash
- Refinanced SP4 Facility, providing over $6 million in incremental capital
- Owns cash flows from 75,000 home solar assets across 18 U.S. states
- Gross Portfolio Value of $778.0 million as of June 30, 2024
- Net loss of $8.6 million for Q2 2024
- Slight decrease in revenues from $22.8 million in Q2 2023 to $22.5 million in Q2 2024
- Increase in core operating expenses from $19.0 million in Q2 2023 to $21.1 million in Q2 2024
- Guidance trending towards the lower end of projected ranges
- Higher than expected operating expenses due to CEO transition costs and legal expenses
Insights
Spruce Power's Q2 2024 results show a mixed financial picture. Revenues of
The company's liquidity position remains strong with
Investors should note the company's maintained guidance for 2024, albeit trending towards the lower end. This, coupled with higher operating expenses due to unforeseen costs, suggests potential challenges ahead. The company's focus on M&A opportunities and organic growth through Spruce Pro could be key drivers for future performance.
The solar energy market continues to show promise, with Spruce Power benefiting from accelerating consumer preference for solar leases and PPAs. This trend supports the company's M&A-focused customer acquisition strategy and third-party servicing offerings.
Spruce's portfolio of approximately 75,000 home solar assets across 18 U.S. states provides a diverse and stable revenue base. The average remaining contract life of 11 years ensures long-term cash flow visibility. However, the slight decrease in home solar assets compared to previous projections warrants attention.
The company's expansion into servicing third-party owned systems (4,500 as of Q2 2024) represents a strategic move to diversify revenue streams. This could prove valuable in a competitive market landscape. Investors should monitor the growth of this segment as an indicator of Spruce's market positioning and adaptability.
From a legal perspective, Spruce Power's Q2 2024 report raises a few points of interest. The mention of increased legal expenses associated with a proxy contest that led to a cooperation agreement suggests potential corporate governance challenges. While the resolution through a cooperation agreement is positive, investors should remain vigilant about ongoing corporate governance practices.
The company's debt structure, consisting entirely of non-recourse project finance loans, provides a layer of protection for the parent company. However, the total principal amount of
The ongoing share repurchase program, with
Business Highlights
-
Reported 2Q revenues of
, net loss attributable to stockholders of$22.5 million and Operating EBITDA of$8.6 million .$14.4 million -
Ended quarter with strong liquidity position for future growth, with
of unrestricted cash.$116.6 million - Continued to evaluate a pipeline of both operating residential solar portfolio M&A opportunities and organic growth prospects through Spruce Pro.
-
Refinanced nearest maturing debt facility, the SP4 Facility, providing for a net injection of incremental capital into the Company of over
.$6 million
Management Commentary and Outlook
"In the second quarter, our owner-operator platform delivered solid performance, backed by reliable, long-term cash flows from approximately 75,000 home solar assets and contracts. We exited the quarter with substantial liquidity of over
Hayes continued, "The fundamentals of our business have never been stronger as consumer preference for solar leases and power purchase agreements (PPAs) continues to accelerate. This dynamic creates a strong tailwind for our M&A focused customer acquisition strategy and third-party servicing offerings through Spruce Pro. We are focused on disciplined execution and driving positive inflection in our platform's free cash flow generation."
Consolidated Financial Results
Revenues totaled
Core operating expenses (excluding depreciation), including both selling, general & administrative expenses ("SG&A") and operations & maintenance, were
Net loss attributable to stockholders was
Management considers Operating EBITDA a key measure in evaluating Spruce's operating performance. For the second quarter of 2024, Operating EBITDA was
Balance Sheet and Liquidity
The Company's total principal amount of outstanding debt as of June 30, 2024, was
Total cash as of June 30, 2024, was
2024 Guidance
Spruce Power maintains its guidance for 2024 Operating EBITDA in the range of
While Spruce's M&A pipeline continued to grow, home solar assets and contracts at the end of the second quarter were lower than the assumptions underlying the Company's previously disclosed full year 2024 guidance, which contemplated growth in home solar assets and contracts via M&A activity during the first half of the year. Further, operating expenses have been higher than initially projected given unforeseen CEO transition costs, an increase in legal expenses associated with the proxy contest, that ultimately led to the Company entering a cooperation agreement, and timing of non-routine operations and maintenance expenditures.
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.
During the second quarter of 2024, the Company continued to evaluate a pipeline of both operating residential solar portfolio M&A opportunities and organic growth prospects through Spruce Pro.
In June 2024, the Company closed on a new
There were no common stock repurchases made during the second quarter of 2024. There was
Key Operating Metrics
As of June 30, 2024, Spruce owned cash flows from approximately 75,000 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 second quarter ended June 30, 2024, was approximately 133 thousand MWh of power. In addition, the Company also serviced approximately 4,500 third-party owned home solar systems and third-party loans as of June 30, 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 second quarter 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 (888) 596-4144 and referencing Conference ID 6052195. Alternatively, the call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of the Company’s website at https://investors.sprucepower.com/overview/default.aspx. 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 6052195. The replay will be available until August 28, 2024.
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 federal securities laws. Forward-looking statements can be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “could,” “expect,” “intends,” “may,” “opportunity,” “plans,” “goals,” “target,” “predict,” “potential,” “estimate,” “should,” “will,” “would,” “continue,” “likely” or the negative of these terms or other words of similar meaning. These statements are based upon our current plans and strategies and reflect our current assessment of the risks and uncertainties. Forward-looking statements in this release include statements regarding 2024 guidance, potential future acquisitions and debt reductions, 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 as to the number of shares that may be purchased. These statements are based on various assumptions, whether or not identified in this press release and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry and home electrification; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company’s business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability 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; the introduction of new technologies; 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; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; 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. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.
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. These non-GAAP financial measures 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 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.
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 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 June 30,
|
|
Contracted Portfolio Value (1) |
$ |
701 |
Renewal Portfolio Value (2) |
|
61 |
Uncontracted Renewable Energy Credits (3) |
|
16 |
Gross Portfolio Value (4) |
$ |
778 |
(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
|
|||||||
|
Three Months Ended June 30, |
||||||
(In thousands, except per share and share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
Revenues |
$ |
22,481 |
|
|
$ |
22,813 |
|
Operating expenses: |
|
|
|
||||
Cost of revenues |
|
10,139 |
|
|
|
8,594 |
|
Selling, general and administrative expenses |
|
16,701 |
|
|
|
15,985 |
|
Gain on asset disposal |
|
(999 |
) |
|
|
(794 |
) |
Total operating expenses |
|
25,841 |
|
|
|
23,785 |
|
Loss from operations |
|
(3,360 |
) |
|
|
(972 |
) |
Other (income) expense: |
|
|
|
||||
Interest income |
|
(5,257 |
) |
|
|
(3,240 |
) |
Interest expense, net |
|
7,591 |
|
|
|
10,456 |
|
Change in fair value of warrant liabilities |
|
(6 |
) |
|
|
(33 |
) |
Change in fair value of interest rate swaps |
|
3,234 |
|
|
|
(9,190 |
) |
Other income, net |
|
(130 |
) |
|
|
(752 |
) |
Net income (loss) from continuing operations |
|
(8,792 |
) |
|
|
1,787 |
|
Net income (loss) from discontinued operations |
|
219 |
|
|
|
(183 |
) |
Net income (loss) |
|
(8,573 |
) |
|
|
1,604 |
|
Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests |
|
5 |
|
|
|
(1,461 |
) |
Net income (loss) attributable to stockholders |
$ |
(8,578 |
) |
|
$ |
3,065 |
|
Net income (loss) from continuing operations per share, basic |
$ |
(0.46 |
) |
|
$ |
0.10 |
|
Net income (loss) from continuing operations per share, diluted |
$ |
(0.46 |
) |
|
$ |
0.09 |
|
Net income (loss) from discontinued operations per share, basic |
$ |
0.01 |
|
|
$ |
(0.01 |
) |
Net income (loss) from discontinued operations per share, diluted |
$ |
0.01 |
|
|
$ |
(0.01 |
) |
Net income (loss) attributable to stockholders per share, basic |
$ |
(0.45 |
) |
|
$ |
0.16 |
|
Net income (loss) attributable to stockholders per share, diluted |
$ |
(0.45 |
) |
|
$ |
0.15 |
|
Weighted-average shares outstanding, basic |
|
19,271,954 |
|
|
|
18,611,757 |
|
Weighted-average shares outstanding, diluted |
|
19,271,954 |
|
|
|
20,200,832 |
|
Spruce Power Holding Corporation
|
|||||||
|
Three Months Ended June 30, |
||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA and Operating EBITDA |
|
|
|
||||
Net income (loss) attributable to stockholders |
$ |
(8,578 |
) |
|
$ |
3,065 |
|
Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests |
|
5 |
|
|
|
(1,461 |
) |
Interest income |
|
(5,257 |
) |
|
|
(3,240 |
) |
Interest expense, net |
|
7,591 |
|
|
|
10,456 |
|
Depreciation and amortization |
|
4,978 |
|
|
|
4,647 |
|
EBITDA |
|
(1,261 |
) |
|
|
13,467 |
|
Net (income) loss from discontinued operations |
|
(219 |
) |
|
|
183 |
|
Restructuring charges |
|
— |
|
|
|
293 |
|
Legal charges related to SEC investigation and shareholder lawsuits |
|
879 |
|
|
|
3,083 |
|
Gain on asset disposal |
|
(999 |
) |
|
|
(794 |
) |
Change in fair value of interest rate swaps |
|
3,234 |
|
|
|
(9,190 |
) |
Meter upgrade campaign |
|
431 |
|
|
|
1,122 |
|
Other one-time costs |
|
2,432 |
|
|
|
969 |
|
Change in fair value warrant liabilities |
|
(6 |
) |
|
|
(33 |
) |
Stock based compensation |
|
549 |
|
|
|
755 |
|
Bad debt expense |
|
302 |
|
|
|
930 |
|
Accretion expense |
|
60 |
|
|
|
— |
|
Non-recurring acquisition/divestment expenses |
|
— |
|
|
|
446 |
|
Adjusted EBITDA |
|
5,402 |
|
|
|
11,231 |
|
Proceeds from investment in lease agreement, net |
|
5,637 |
|
|
|
3,695 |
|
Proceeds from buyouts / prepayments |
|
1,902 |
|
|
|
1,943 |
|
Interest earned on cash investments |
|
1,502 |
|
|
|
2,054 |
|
Operating EBITDA |
$ |
14,443 |
|
|
$ |
18,923 |
|
Spruce Power Holding Corporation
|
||||||||
|
|
As of |
||||||
(In thousands, except share and per share amounts) |
|
June 30, 2024 |
|
December 31,
|
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
116,588 |
|
|
$ |
141,354 |
|
Restricted cash |
|
|
33,621 |
|
|
|
31,587 |
|
Accounts receivable, net of allowance of |
|
|
13,252 |
|
|
|
9,188 |
|
Interest rate swap assets, current |
|
|
10,273 |
|
|
|
11,333 |
|
Prepaid expenses and other current assets |
|
|
5,136 |
|
|
|
9,879 |
|
Total current assets |
|
|
178,870 |
|
|
|
203,341 |
|
Investment related to SEMTH master lease agreement |
|
|
141,078 |
|
|
|
143,095 |
|
Property and equipment, net |
|
|
471,302 |
|
|
|
484,406 |
|
Interest rate swap assets, non-current |
|
|
20,116 |
|
|
|
16,550 |
|
Intangible assets, net |
|
|
9,577 |
|
|
|
10,196 |
|
Deferred rent assets |
|
|
3,155 |
|
|
|
2,454 |
|
Right-of-use assets, net |
|
|
5,324 |
|
|
|
5,933 |
|
Goodwill |
|
|
28,757 |
|
|
|
28,757 |
|
Other assets |
|
|
255 |
|
|
|
257 |
|
Long-term assets of discontinued operations |
|
|
— |
|
|
|
32 |
|
Total assets |
|
$ |
858,434 |
|
|
$ |
895,021 |
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable |
|
$ |
1,417 |
|
|
$ |
1,120 |
|
Non-recourse debt, current, net |
|
|
28,374 |
|
|
|
27,914 |
|
Accrued expenses and other current liabilities |
|
|
20,811 |
|
|
|
40,634 |
|
Deferred revenue, current |
|
|
2,101 |
|
|
|
878 |
|
Lease liability, current |
|
|
1,042 |
|
|
|
1,166 |
|
Current liabilities of discontinued operations |
|
|
65 |
|
|
|
— |
|
Total current liabilities |
|
|
53,810 |
|
|
|
71,712 |
|
Non-recourse debt, non-current, net |
|
|
584,478 |
|
|
|
590,866 |
|
Deferred revenue, non-current |
|
|
2,537 |
|
|
|
1,858 |
|
Lease liability, non-current |
|
|
5,269 |
|
|
|
5,731 |
|
Warrant liabilities |
|
|
2 |
|
|
|
17 |
|
Unfavorable solar renewable energy agreements, net |
|
|
4,376 |
|
|
|
6,108 |
|
Interest rate swap liabilities, non-current |
|
|
174 |
|
|
|
843 |
|
Other long-term liabilities |
|
|
3,157 |
|
|
|
3,047 |
|
Long-term liabilities of discontinued operations |
|
|
68 |
|
|
|
170 |
|
Total liabilities |
|
|
653,871 |
|
|
|
680,352 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock, |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
476,711 |
|
|
|
475,654 |
|
Accumulated deficit |
|
|
(268,920 |
) |
|
|
(257,888 |
) |
Treasury stock at cost, 800,650 shares at June 30, 2024 and December 31, 2023, respectively |
|
|
(5,424 |
) |
|
|
(5,424 |
) |
Noncontrolling interests |
|
|
2,194 |
|
|
|
2,325 |
|
Total stockholders’ equity |
|
|
204,563 |
|
|
|
214,669 |
|
Total liabilities and stockholders’ equity |
|
$ |
858,434 |
|
|
$ |
895,021 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240814353193/en/
For More Information
Investor Contact: investors@sprucepower.com
Head of Investor Relations: Bronson Fleig
Media Contact: publicrelations@sprucepower.com
Source: Spruce Power Holding Corporation
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