$SPRU

SPRUCE POWER HOLDING CORP

CIK:0001772720|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 30,347	$ 33,256	$ 53,767	$ 57,091
Operating expenses:
Selling, general and administrative expenses	11,279	15,234	22,859	29,901
Gain on asset disposal, net	(468)	(325)	(917)	(660)
Total operating expenses	20,572	24,368	40,144	49,901
Income from operations	9,775	8,888	13,623	7,190
Other (income)/expense:
Interest income	(4,818)	(5,174)	(9,602)	(10,441)
Interest expense, net	12,867	12,820	25,154	25,487
Change in fair value of interest rate swaps	(1,899)	4,128	(2,699)	10,365
Other expense/(income), net	152	(19)	152	(40)
Net income (loss)	3,473	(2,867)	618	(18,181)
Less: Net income attributable to noncontrolling interests	154	99	224	123
Net income (loss) attributable to stockholders	$ 3,319	$ (2,966)	$ 394	$ (18,304)
Net income (loss) per share, basic (in dollars per share)	$ 0.19	$ (0.16)	$ 0.03	$ (1.01)
Net income (loss) per share, diluted (in dollars per share)	0.16	(0.16)	0.03	(1.01)
Net income (loss) attributable to stockholders per share, basic (in dollars per share)	0.18	(0.17)	0.02	(1.01)
Net income (loss) attributable to stockholders per share, diluted (in dollars per share)	$ 0.15	$ (0.17)	$ 0.02	$ (1.01)
Weighted average shares outstanding, basic (in shares)	18,620,006	17,917,611	18,396,457	18,052,559
Weighted average shares outstanding, diluted (in shares)	21,948,624	17,917,611	21,955,338	18,052,559
Solar Energy Systems Depreciation
Operating expenses:
Cost of revenue	$ 7,252		$ 14,524
Operations and Maintenance
Operating expenses:
Cost of revenue	$ 2,509	$ 2,168	$ 3,678	$ 6,084

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ 618	$ (18,181)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation, net	1,176	1,395
Bad debt expense	596	1,008
Amortization of deferred revenue	(182)	(155)
Depreciation and amortization expense	15,205	15,103
Amortization related to unfavorable solar renewable energy agreements	(399)	(1,496)
Accretion expense	174	161
Change in fair value of interest rate swaps	(2,699)	10,365
Interest income related to SEMTH master lease agreement	(8,686)	(9,042)
Gain on disposal of assets	(917)	(660)
Change in operating right-of-use assets and lease liability	(79)	(37)
Amortization of debt discount and deferred financing costs	3,690	3,280
Changes in operating assets and liabilities:
Accounts receivable, net	(10,566)	(5,952)
Deferred rent assets	(724)	(512)
Prepaid expenses and other current assets	479	1,617
Other assets	(5)	(14)
Accounts payable	(507)	(35)
Accrued expenses and other current liabilities	(3,913)	(8,921)
Other long-term liabilities	52	0
Deferred revenue	762	609
Net cash used in operating activities	(5,925)	(11,467)
Investing activities:
Proceeds from sale of solar energy systems	2,896	2,560
Proceeds from investment related to SEMTH master lease agreement	9,437	10,464
Cash paid for acquisitions	0	(4,544)
Purchases of other property and equipment	0	(184)
Net cash provided by investing activities	12,333	8,296
Financing activities:
Proceeds from issuance of non-recourse debt	135	0
Payment of deferred financing costs	(1,908)	0
Repayments of non-recourse debt	(16,110)	(13,564)
Share repurchases	0	(1,818)
Capital distributions to noncontrolling interests	(127)	(138)
Net cash used in financing activities	(18,010)	(15,520)
Net change in cash and cash equivalents and restricted cash:	(11,602)	(18,691)
Cash and cash equivalents and restricted cash, beginning of period	93,145	109,148
Cash and cash equivalents and restricted cash, end of period	81,543	90,457
Supplemental disclosure of cash flow information:
Cash paid for interest	21,471	20,707
Supplemental disclosure of noncash investing and financing information:
Right-of-use asset obtained in exchange for lease liability	$ 0	$ 307

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets

Cash and cash equivalents

$ 44,660

$ 54,842

Restricted cash

36,883

38,303

Accounts receivable, net of allowance for credit losses of $0.5 million and $0.8 million as of June 30, 2026 and December 31, 2025, respectively

25,719

15,748

Interest rate swap assets, current

4,358

3,791

Prepaid expenses and other current assets

2,710

3,189

Total current assets

114,330

115,873

131,779

132,843

Property and equipment, net

544,765

561,388

Interest rate swap assets, non-current

10,567

9,990

Intangible assets, net

7,269

7,830

Deferred rent assets

5,596

4,872

Right-of-use assets, net

3,820

4,208

Other assets

274

269

Total assets

^[1]

818,400

837,273

Current liabilities

Accounts payable

1,409

1,916

Accrued expenses and other current liabilities

16,093

20,308

Non-recourse debt, current

269,617

213,826

Deferred revenue, current

1,146

1,222

Lease liability, current

941

945

Interest rate swap liabilities, current

173

545

Total current liabilities

289,379

238,762

Non-recourse debt, non-current

392,958

462,942

Deferred revenue, non-current

4,503

3,831

Lease liability, non-current

3,718

4,181

Unfavorable solar renewable energy agreements, net

380

807

Interest rate swap liabilities, non-current

448

1,633

Other long-term liabilities

4,096

3,865

Total liabilities

^[2]

695,482

716,021

Commitments and contingencies (Note 12)

Stockholders’ equity:

Common stock, $0.0001 par value; 350,000,000 shares authorized at June 30, 2026 and December 31, 2025; 21,120,498 and 19,249,671 shares issued and outstanding at June 30, 2026, respectively, and 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively

Additional paid-in capital

482,502

481,327

Accumulated deficit

(354,010)

(354,404)

Treasury stock at cost, 1,870,827 shares and 1,870,827 at June 30, 2026 and December 31, 2025, respectively

(8,095)

Total stockholders’ equity

120,399

118,830

Noncontrolling interests

2,519

2,422

Total equity

122,918

121,252

Total liabilities, stockholders’ equity and noncontrolling interests

$ 818,400

$ 837,273

[1]	The Company’s consolidated assets include $34.7 million of assets from consolidated variable interest entities (“VIEs”) as of June 30, 2026 that can only be used to settle obligations of VIEs, see Note 11 Noncontrolling Interests.
[2]	The Company’s consolidated liabilities include $1.9 million of liabilities from consolidated variable interest entities (“VIEs”) as of June 30, 2026, for which creditors do not have recourse to the general credit of the Company, see Note 11 Noncontrolling Interests