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Spruce Power Holding Corporation (SPRU) 10-Year Financial Performance & Capital Metrics

SPRU • • Industrial / General
EnergySolarSolar Project Development & InstallationIntegrated Solar Solutions
AboutXL Fleet Corp. provides fleet electrification solutions for commercial vehicles in North America. Its products include hybrid electric drive systems are comprised of an electric motor that is mounted onto the vehicle's drive shaft, an inverter motor controller, and a lithium-ion battery pack to store energy to be used for propulsion; plug-in hybrid electric drive system, which are fitted to vehicles. In addition, the company offers vehicle electrification and infrastructure solutions, and charging stations. It serves end-use customer base comprising Fortune 500 corporate enterprises, public utilities, and various municipalities. The company was incorporated in 2009 and is headquartered in Boston, Massachusetts.Show more
  • Revenue $82M +2.8%
  • EBITDA -$29M -91.1%
  • Net Income -$70M -7.1%
  • EPS (Diluted) -3.82 -6.7%
  • Gross Margin 51.31% -2.5%
  • EBITDA Margin -35.45% -85.9%
  • Operating Margin -61.37% -33.1%
  • Net Margin -85.85% -4.1%
  • ROE -39.07% -49.5%
  • ROIC -5.1% -15.4%
  • Debt/Equity 4.87 +66.9%
  • Interest Coverage -1.25 -42.7%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 96 (top 4%)
  • ✓Strong 5Y sales CAGR of 62.6%
  • ✓Trading at only 0.6x book value

✗Weaknesses

  • ✗High debt to equity ratio of 4.9x
  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y62.64%
3Y73.95%
TTM38.75%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM73.56%

EPS CAGR

10Y-
5Y-
3Y-
TTM72.98%

ROCE

10Y Avg-41.85%
5Y Avg-9.2%
3Y Avg-6.76%
Latest-6.06%

Peer Comparison

Integrated Solar Solutions
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
SPRUSpruce Power Holding Corporation93.02M5.12-1.342.81%-23.2%-19.68%4.87
SMXTSolarmax Technology Inc. Common Stock56.48M1.04-1.35-57.54%-18.4%
BEEMBeam Global31.4M1.65-2.14-26.75%-105.89%-110.47%0.05
SPWRSunPower Inc.189.09M1.69-2.2524.11%-11.14%

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+9.54M7.21M20.34M15.6M23.19M79.86M82.11M
Revenue Growth %--0.24%1.82%-0.23%0.49%2.44%0.03%
Cost of Goods Sold+11.01M8.07M17.59M16.3M9.95M37.81M39.97M
COGS % of Revenue1.15%1.12%0.87%1.04%0.43%0.47%0.49%
Gross Profit+-1.47M-860K2.74M-696K13.24M42.05M42.13M
Gross Margin %-0.15%-0.12%0.13%-0.04%0.57%0.53%0.51%
Gross Profit Growth %-0.41%4.19%-1.25%20.03%2.17%0%
Operating Expenses+11.23M12.71M18.04M58.21M72.54M78.86M92.53M
OpEx % of Revenue1.18%1.76%0.89%3.73%3.13%0.99%1.13%
Selling, General & Admin9.33M9.84M13.59M47.44M73.12M058.89M
SG&A % of Revenue0.98%1.36%0.67%3.04%3.15%-0.72%
Research & Development1.89M2.87M4.45M10.78M000
R&D % of Revenue0.2%0.4%0.22%0.69%---
Other Operating Expenses0000-580K78.86M33.64M
Operating Income+-12.7M-13.57M-15.29M-58.91M-59.29M-36.82M-50.39M
Operating Margin %-1.33%-1.88%-0.75%-3.78%-2.56%-0.46%-0.61%
Operating Income Growth %--0.07%-0.13%-2.85%-0.01%0.38%-0.37%
EBITDA+-12.44M-13.25M-14.67M-58.25M-52.84M-15.23M-29.11M
EBITDA Margin %-1.3%-1.84%-0.72%-3.73%-2.28%-0.19%-0.35%
EBITDA Growth %--0.07%-0.11%-2.97%0.09%0.71%-0.91%
D&A (Non-Cash Add-back)260K319K622K653K6.46M21.59M21.28M
EBIT-12.7M-12.75M-54.24M52.64M-41.28M-13.36M-29.85M
Net Interest Income+0-2.15M-6.37M-39K-10.06M-22.4M-17.47M
Interest Income208K0001.34M19.53M22.76M
Interest Expense02.15M6.37M39K11.4M41.94M40.23M
Other Income/Expense-208K-1.33M-45.31M110.41M6.61M-25.67M-19.68M
Pretax Income+-12.9M-14.9M-60.61M51.51M-52.68M-62.49M-70.08M
Pretax Margin %-1.35%-2.07%-2.98%3.3%-2.27%-0.78%-0.85%
Income Tax+000-1.09M000
Effective Tax Rate %1%1%1%0.56%1.78%1.05%1.01%
Net Income+-12.9M-14.9M-60.61M28.79M-93.93M-65.83M-70.49M
Net Margin %-1.35%-2.07%-2.98%1.85%-4.05%-0.82%-0.86%
Net Income Growth %--0.15%-3.07%1.48%-4.26%0.3%-0.07%
Net Income (Continuing)-12.9M-14.9M-60.61M52.6M-52.68M-62.49M-70.08M
Discontinued Operations0000-40.11M-4.12M25K
Minority Interest00009.03M2.33M2.44M
EPS (Diluted)+-10.07-4.89-2.961.66-2.59-3.58-3.82
EPS Growth %-0.51%0.39%1.56%-2.56%-0.38%-0.07%
EPS (Basic)-10.07-4.89-2.961.66-2.59-3.58-3.82
Diluted Shares Outstanding1.28M3.49M10.57M18.56M17.84M18.39M18.47M
Basic Shares Outstanding1.28M3.49M10.57M17.31M17.84M18.39M18.47M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+12.56M7.08M345.32M374.61M274.96M203.34M136.43M
Cash & Short-Term Investments5.68M3.39M329.64M351.68M240.14M141.35M72.8M
Cash Only5.68M3.39M329.64M351.68M240.14M141.35M72.8M
Short-Term Investments0000000
Accounts Receivable3.79M1.16M10.56M08.34M9.19M15.01M
Days Sales Outstanding144.9758.63189.5-131.1841.9966.73
Inventory2.46M2.24M3.57M15.26M000
Days Inventory Outstanding81.36101.2574.15341.84---
Other Current Assets226K150K150K6.63M26.48M52.8M48.62M
Total Non-Current Assets+983K2.17M1.69M18.62M620.95M691.68M762.05M
Property, Plant & Equipment670K840K579K8.06M3.14M490.34M593.76M
Fixed Asset Turnover14.25x8.59x35.13x1.94x7.38x0.16x0.14x
Goodwill0489K489K8.61M128.55M28.76M0
Intangible Assets0809K593K1.86M010.2M8.96M
Long-Term Investments000-34.93M417.89M143.09M136.94M
Other Non-Current Assets313K30K32K88K2.01M19.29M22.39M
Total Assets+13.54M9.25M347.01M393.22M895.9M895.02M898.48M
Asset Turnover0.70x0.78x0.06x0.04x0.03x0.09x0.09x
Asset Growth %--0.32%36.52%0.13%1.28%-0%0%
Total Current Liabilities+7.35M15.49M9.08M16.63M59.7M71.71M59.57M
Accounts Payable1.64M549K4.37M697K2.9M1.12M987K
Days Payables Outstanding54.2824.8290.715.61106.5410.819.01
Short-Term Debt2.86M11.89M110K78K26.15M27.91M28.31M
Deferred Revenue (Current)0638K926K691K39K878K1000K
Other Current Liabilities1.51M398K75K13.29M24.08M3.24M5.61M
Current Ratio1.71x0.46x38.02x22.52x4.61x2.84x2.29x
Quick Ratio1.37x0.31x37.62x21.60x4.61x2.84x2.29x
Cash Conversion Cycle172.04135.07172.94----
Total Non-Current Liabilities+5.34M7.46M149.03M14.78M547.23M608.64M692.76M
Long-Term Debt1.02M1.85M98K21K474.44M590.87M677.02M
Capital Lease Obligations00091K2.43M5.73M4.85M
Deferred Tax Liabilities0009.93M69.35M00
Other Non-Current Liabilities4.32M5.48M148.63M14.67M560K10.19M8.1M
Total Liabilities12.7M22.95M158.12M31.41M606.93M680.35M752.33M
Total Debt+3.89M13.73M208K4.6M503.01M625.68M711.07M
Net Debt-1.79M10.35M-329.43M-347.08M262.87M484.32M638.27M
Debt / Equity4.60x-0.00x0.01x1.74x2.91x4.87x
Debt / EBITDA-------
Net Debt / EBITDA-------
Interest Coverage--6.31x-2.40x-1510.41x-5.20x-0.88x-1.25x
Total Equity+846K-13.7M188.9M361.81M288.98M214.67M146.15M
Equity Growth %--17.19%14.79%0.92%-0.2%-0.26%-0.32%
Book Value per Share0.66-3.9317.8719.4916.2011.677.91
Total Shareholders' Equity846K-13.7M188.9M361.81M279.95M212.34M143.71M
Common Stock1K8K13K14K14K2K2K
Retained Earnings-52.68M-67.59M-128.2M-99.41M-193.34M-257.89M-328.38M
Treasury Stock00000-5.42M-6.28M
Accumulated OCI0000000
Minority Interest00009.03M2.33M2.44M

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-13.29M-11.55M-19.88M-48.49M-63.49M-33.66M-41.81M
Operating CF Margin %-1.39%-1.6%-0.98%-3.11%-2.74%-0.42%-0.51%
Operating CF Growth %-0.13%-0.72%-1.44%-0.31%0.47%-0.24%
Net Income-12.9M-14.9M-60.61M28.79M-53.82M-62.49M-70.08M
Depreciation & Amortization260K319K622K72K7.5M21.59M21.28M
Stock-Based Compensation305K208K978K7.88M02.88M2.71M
Deferred Taxes0-797K00000
Other Non-Cash Items859K1.68M44.37M-84.81M-18.6M-5.55M18.52M
Working Capital Changes-1.81M1.94M-5.24M-424K1.43M9.9M-14.25M
Change in Receivables-2.1M2.61M-9.4M0553K85K-3.49M
Change in Inventory-525K215K-1.33M0000
Change in Payables0-1.09M3.82M0-1.7M-1.78M-133K
Cash from Investing+-146K-28K-145K-14.83M-37.29M-16.73M-101.41M
Capital Expenditures-146K-28K-145K00-499K-354K
CapEx % of Revenue0.02%0%0.01%--0.01%0%
Acquisitions-------
Investments-------
Other Investing0230M0-14.83M1.29M6.62M6.09M
Cash from Financing+6.51M9.21M346.28M85.36M-10.9M-16.81M79.43M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0-10K00000
Share Repurchases-------
Other Financing5.59M-174K207.72M85.36M-1.99M79K-3.62M
Net Change in Cash-------
Free Cash Flow+-13.44M-11.58M-20.03M-48.49M-63.49M-34.16M-42.16M
FCF Margin %-1.41%-1.6%-0.98%-3.11%-2.74%-0.43%-0.51%
FCF Growth %-0.14%-0.73%-1.42%-0.31%0.46%-0.23%
FCF per Share-10.48-3.32-1.89-2.61-3.56-1.86-2.28
FCF Conversion (FCF/Net Income)1.03x0.78x0.33x-1.68x0.68x0.51x0.59x
Interest Paid00389K48K037.48M35.06M
Taxes Paid0000000

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)-1525.18%--69.19%10.46%-28.87%-26.14%-39.07%
Return on Invested Capital (ROIC)----299.89%-15.7%-4.42%-5.1%
Gross Margin-15.39%-11.92%13.49%-4.46%57.11%52.65%51.31%
Net Margin-135.18%-206.53%-297.99%184.55%-404.98%-82.43%-85.85%
Debt / Equity4.60x-0.00x0.01x1.74x2.91x4.87x
Interest Coverage--6.31x-2.40x-1510.41x-5.20x-0.88x-1.25x
FCF Conversion1.03x0.78x0.33x-1.68x0.68x0.51x0.59x
Revenue Growth--24.41%181.89%-23.3%48.68%244.31%2.81%

Revenue by Segment

202220232024
PPA Revenue8.76M36.36M38.39M
PPA Revenue Growth-315.26%5.59%
Product and Service, Other-3.2M3.23M
Product and Service, Other Growth--0.91%
Service-767K778K
Service Growth--1.43%
Other Revenue577K--
Other Revenue Growth---
Loan Servicing196K--
Loan Servicing Growth---

Frequently Asked Questions

Growth & Financials

Spruce Power Holding Corporation (SPRU) reported $108.0M in revenue for fiscal year 2024. This represents a 1032% increase from $9.5M in 2018.

Spruce Power Holding Corporation (SPRU) grew revenue by 2.8% over the past year. Growth has been modest.

Spruce Power Holding Corporation (SPRU) reported a net loss of $25.1M for fiscal year 2024.

Dividend & Returns

Spruce Power Holding Corporation (SPRU) has a return on equity (ROE) of -39.1%. Negative ROE indicates the company is unprofitable.

Spruce Power Holding Corporation (SPRU) had negative free cash flow of $25.3M in fiscal year 2024, likely due to heavy capital investments.

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