The company's financial leverage has intensified significantly, with the debt-to-equity ratio climbing from 2.91 in 2023Q4 to 5.64 in 2026Q1, while the current ratio has simultaneously plummeted to a precarious 0.48.
| Total Current Assets | 111.35M | 115.87M | 136.43M | 203.34M | 274.96M | 374.61M | 345.32M | 7.08M | 12.56M |
| Cash & Short-Term Investments | 50.02M | 54.84M | 72.8M | 141.35M | 240.14M | 351.68M | 329.64M | 3.39M | 5.68M |
| Cash Only | 50.02M | 54.84M | 72.8M | 141.35M | 240.14M | 351.68M | 329.64M | 3.39M | 5.68M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 18.81M | 15.75M | 15.01M | 9.19M | 8.34M | 0 | 10.56M | 1.16M | 3.79M |
| Days Sales Outstanding | 59.04 | 51.41 | 66.73 | 41.99 | 131.18 | - | 189.5 | 58.63 | 144.97 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 15.26M | 3.57M | 2.24M | 2.46M |
| Days Inventory Outstanding | - | - | - | - | - | 341.84 | 74.15 | 101.25 | 81.36 |
| Other Current Assets | 42.52M | 45.28M | 48.62M | 52.8M | 26.48M | 6.63M | 150K | 150K | 226K |
| Total Non-Current Assets | 713.02M | 721.4M | 762.05M | 691.68M | 620.95M | 18.62M | 1.69M | 2.17M | 983K |
| Property, Plant & Equipment | 557.05M | 565.6M | 593.76M | 490.34M | 3.14M | 8.06M | 579K | 840K | 670K |
| Fixed Asset Turnover | 0.20x | 0.20x | 0.14x | 0.16x | 7.38x | 1.94x | 35.13x | 8.59x | 14.25x |
| Goodwill | 0 | 0 | 0 | 28.76M | 128.55M | 8.61M | 489K | 489K | 0 |
| Intangible Assets | 7.55M | 7.83M | 8.96M | 10.2M | 0 | 1.86M | 593K | 809K | 0 |
| Long-Term Investments | 343.38M | 61.4M | 136.94M | 143.09M | 417.89M | -34.93M | 0 | 0 | 0 |
| Other Non-Current Assets | 148.42M | 86.57M | 22.39M | 19.29M | 2.01M | 88K | 32K | 30K | 313K |
| Total Assets | 824.37M | 837.27M | 898.48M | 895.02M | 895.9M | 393.22M | 347.01M | 9.25M | 13.54M |
| Asset Turnover | 0.13x | 0.13x | 0.09x | 0.09x | 0.03x | 0.04x | 0.06x | 0.78x | 0.70x |
| Asset Growth % | -6.2% | -6.81% | 0.39% | -0.1% | 127.84% | 13.32% | 3651.9% | -31.7% | - |
| Total Current Liabilities | 231.01M | 238.76M | 59.57M | 71.71M | 59.7M | 16.63M | 9.08M | 15.49M | 7.35M |
| Accounts Payable | 1.14M | 1.92M | 987K | 1.12M | 2.9M | 697K | 4.37M | 549K | 1.64M |
| Days Payables Outstanding | 13.3 | 17.53 | 9.01 | 10.81 | 106.54 | 15.61 | 90.7 | 24.82 | 54.28 |
| Short-Term Debt | 208.87M | 214.77M | 28.31M | 27.91M | 26.15M | 78K | 110K | 11.89M | 2.86M |
| Deferred Revenue (Current) | 4.74M | 1.21M | 1.19M | 878K | 39K | 691K | 926K | 638K | 0 |
| Other Current Liabilities | 19.84M | 20.86M | 5.61M | 3.24M | 24.08M | 13.29M | 75K | 398K | 1.51M |
| Current Ratio | 0.48x | 0.49x | 2.29x | 2.84x | 4.61x | 22.52x | 38.02x | 0.46x | 1.71x |
| Quick Ratio | 0.48x | 0.49x | 2.29x | 2.84x | 4.61x | 21.60x | 37.62x | 0.31x | 1.37x |
| Cash Conversion Cycle | 45.74 | - | - | - | - | - | 172.94 | 135.07 | 172.04 |
| Total Non-Current Liabilities | 474.02M | 477.26M | 692.76M | 608.64M | 547.23M | 14.78M | 149.03M | 7.46M | 5.34M |
| Long-Term Debt | 464.29M | 462.94M | 677.02M | 590.87M | 474.44M | 21K | 98K | 1.85M | 1.02M |
| Capital Lease Obligations | 13.26M | 4.18M | 4.85M | 5.73M | 2.43M | 91K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 69.35M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.72M | 6.3M | 8.1M | 10.19M | 560K | 14.67M | 148.63M | 5.48M | 4.32M |
| Total Liabilities | 705.03M | 716.02M | 752.33M | 680.35M | 606.93M | 31.41M | 158.12M | 22.95M | 12.7M |
| Total Debt | 673.16M | 681.89M | 711.07M | 625.68M | 503.01M | 4.6M | 208K | 13.73M | 3.89M |
| Net Debt | 623.14M | 627.05M | 638.27M | 484.32M | 262.87M | -347.08M | -329.43M | 10.35M | -1.79M |
| Debt / Equity | 5.64x | 5.62x | 4.87x | 2.91x | 1.74x | 0.01x | 0.00x | - | 4.60x |
| Debt / EBITDA | 12.67x | 14.11x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 11.73x | 12.98x | - | - | - | - | - | - | - |
| Interest Coverage | 0.45x | 0.35x | -0.74x | -0.32x | -3.62x | 1349.77x | -8.51x | -5.93x | - |
| Total Equity | 119.34M | 121.25M | 146.15M | 214.67M | 288.98M | 361.81M | 188.9M | -13.7M | 846K |
| Equity Growth % | -79.53% | -17.04% | -31.92% | -25.71% | -20.13% | 91.54% | 1478.8% | -1719.39% | - |
| Book Value per Share | 6.57 | 6.71 | 7.91 | 11.67 | 16.20 | 19.49 | 17.87 | -3.93 | 0.66 |
| Total Shareholders' Equity | 119.34M | 118.83M | 143.71M | 212.34M | 279.95M | 361.81M | 188.9M | -13.7M | 846K |
| Common Stock | 2K | 2K | 2K | 2K | 14K | 14K | 13K | 8K | 1K |
| Retained Earnings | -357.33M | -354.4M | -328.38M | -257.89M | -193.34M | -99.41M | -128.2M | -67.59M | -52.68M |
| Treasury Stock | 0 | -8.1M | -6.28M | -5.42M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 2.42M | 2.44M | 2.33M | 9.03M | 0 | 0 | 0 | 0 |
High debt-to-equity leverage
According to reported financial statements, SPRU's equity base has contracted from $212.3M in 2023Q4 to $119.3M by 2026Q1, signaling a weakening balance sheet trajectory as the company aggressively leverages its asset base to fund portfolio growth while failing to achieve consistent profitability.
The consistent decline in equity, coupled with persistent negative retained earnings, suggests that the company is eroding its book value to sustain its current business model. Investors should monitor whether this trend of capital depletion continues, as it may eventually limit the company's capacity to acquire additional solar portfolios.
Based on the provided data, SPRU's debt-to-equity ratio has surged from 2.91 in 2023Q4 to 5.64 in 2026Q1, indicating that the company is increasingly reliant on debt financing to support its solar asset-ownership model, which warrants further investigation into its long-term solvency.
The significant increase in leverage suggests that the company's growth strategy is heavily dependent on external financing, which may expose it to refinancing risks in a high-interest-rate environment. This level of debt relative to equity appears to limit the company's ability to absorb operational shocks or unexpected declines in asset performance.
As reported in recent filings, SPRU's current ratio has plummeted from 2.84 in 2023Q4 to a precarious 0.48 in 2026Q1, suggesting that the company's ability to meet short-term obligations has significantly deteriorated over the last ten quarters.
The sharp decline in the current ratio indicates that current liabilities are now significantly outpacing current assets, which may imply a reliance on external capital or refinancing to maintain day-to-day operations. This liquidity profile appears vulnerable and suggests that the company may face challenges if it cannot generate sufficient cash from its existing solar assets.
Based on the provided balance sheet figures, the company's reliance on PPE as its primary asset, which grew to $557.1M by 2026Q1, may mask significant impairment risks if the underlying solar energy production fails to meet projected long-term performance expectations.
While the asset-heavy model provides a predictable revenue stream, the concentration of value in solar arrays makes the balance sheet highly sensitive to technological obsolescence or maintenance cost spikes. Investors should consider that the book value of these assets may not accurately reflect their market value if regulatory changes or performance degradation occur.
Quick answers to the most common questions about buying SPRU stock.
As of 2025, Spruce Power Holding Corporation (SPRU) had total assets of $837.3M including $115.9M in current assets.
Spruce Power Holding Corporation (SPRU) carries total debt of $681.9M, offset by $54.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spruce Power Holding Corporation (SPRU) has total shareholders' equity (book value) of $118.8M ($6.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spruce Power Holding Corporation (SPRU) reported a current ratio of 0.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.