Spruce Power
Owns and maintains home solar systems while managing customer contracts and third-party portfolios.
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Profile
Revenue comes from long-term leases or electricity-sales agreements, solar renewable-energy credits, and Spruce Pro servicing for third-party-owned systems. The company is a US-focused portfolio owner and servicer rather than a solar installer.
Owns and maintains residential solar systems for US homeowners, collecting cash flows through long-term leases or electricity-sales agreements. It also sells solar renewable-energy credits tied to its portfolio.
Spruce Pro services solar systems owned by third parties, adding portfolio management beside the company's owned assets. The current business followed the 2022 acquisition of Legacy Spruce Power and exit from the former XL Fleet drivetrain operations. Customer retention, system performance and maintenance, financing and cash-flow ownership, renewable-energy-credit arrangements, and third-party servicing shape the model. The portfolio and its customer contracts are concentrated in the United States.
Company facts
Categories
Key statistics
Year to date −64.4% · Average volume (30d) 61.9K
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | — | $0.14 | — | — | $30.3M | — | −13.68% |
| May 13, 2026Q1 FY26 | — | −$0.16 | — | — | $23.4M | — | −7.88% |
| Mar 30, 2026Q4 FY25 | — | −$0.38 | — | $17.8M | $24.0M | +35.0% | +2.50% |
| Nov 11, 2025Q3 FY25 | — | −$0.04 | — | $22.7M | $30.7M | +35.4% | +54.75% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $23.8M | $33.2M | $30.7M | $24.0M | $23.4M | $30.3M | |
| Gross profit | $12.6M | $23.8M | $21.4M | $15.1M | $15.0M | $20.1M | |
| Operating income | −$1.7M | $8.7M | $8.4M | $2.1M | $3.4M | $9.3M | |
| Net income | −$15.3M | −$3.0M | −$860.0K | −$6.9M | −$2.9M | $3.3M | |
| Diluted EPS | −$0.84 | −$0.16 | −$0.05 | −$0.38 | −$0.16 | $0.15 | |
| Gross margin | 53.1% | 71.6% | 69.6% | 62.7% | 64.0% | 66.1% | |
| Operating margin | -7.1% | 26.2% | 27.5% | 8.7% | 14.5% | 30.7% |
Fiscal years (4-quarter sums)FY21 $15.6M · FY22 $19.9M · FY23 $79.9M · FY24 $82.4M · FY25 $111.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $44.7M · Total debt $667.2M · Total assets $818.4M · Shareholders' equity $120.4M
Dividends
No dividends on record.
Ownership
Shares outstanding 18.37M · Float 14.11M · 76.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Steel Partners Holdings L.P. | 3.43M | 18.67% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 773.0K | 4.21% | 13F | Aug 12, 2026 |
| Christopher M. Hayes · director, officer: President & CEO | 695.0K | 3.78% | Form 4 | May 14, 2025 |
| Vanguard Capital Management LLC | 648.1K | 3.53% | 13F | Aug 13, 2026 |
| Kevin Griffin · director | 502.8K | 2.74% | Form 4 | Mar 21, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Jonathan McWhinnie Norling | officer: Chief Legal Officer | −15,000 | $2.84 |
| Apr 20, 2026 | Steel Partners Holdings L.P. | 10 percent owner | +24,335 | $4.13 |
| Apr 15, 2026 | Steel Partners Holdings L.P. | 10 percent owner | +10,463 | $4.09 |
| Apr 16, 2026 | Steel Partners Holdings L.P. | 10 percent owner | +141 | $4.10 |
| Apr 17, 2026 | Steel Partners Holdings L.P. | 10 percent owner | +3,640 | $4.03 |
Peers
- Sunrun
Residential solar leases, PPAs, ownership and maintenance.
- Tesla
Residential solar and Powerwall systems with purchase and lease options.
- Enphase Energy
Home-solar, storage and cloud-monitored energy management systems.
- SolarEdge Technologies
Residential solar hardware and cloud monitoring for system operations.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Spruce Power | $1.90 | +0.53% | $34.4M | — | — | 0.3 | −8.7% |
| Sunrun | $8.80 | +0.27% | $2.09B | 5.9 | 13.7 | 0.6 | +52.8% |
| Tesla | $348.19 | −0.16% | $1.38T | 322.9 | 174.6 | 13.3 | +25.5% |
| Enphase Energy | $37.35 | +0.24% | $4.92B | 37.3 | 19.0 | 3.7 | −19.6% |
| SolarEdge Technologies | $31.18 | −0.80% | $1.91B | — | 81.2 | 1.4 | +19.6% |
| Median | 37.3 | 50.1 | 2.6 | +22.6% |