Free cash flow remains structurally negative in most periods, with the company failing to generate consistent self-sustaining cash flows despite maintaining a minimal CapEx/Revenue ratio often below 1%.
| Cash from Operations | 989K | -3.53M | -41.81M | -33.66M | -63.49M | -48.49M | -19.88M | -11.55M | -13.29M |
| Operating CF Margin % | - | -3.16% | -50.92% | -42.15% | -273.73% | -310.86% | -97.75% | -160.1% | -139.26% |
| Operating CF Growth % | 1348.55% | 91.56% | -24.21% | 46.98% | -30.92% | -143.92% | -72.11% | 13.1% | - |
| Net Income | -13.56M | -25.71M | -70.08M | -62.49M | -53.82M | 28.79M | -60.61M | -14.9M | -12.9M |
| Depreciation & Amortization | 23.48M | -317K | 21.28M | 21.59M | 7.5M | 72K | 622K | 319K | 260K |
| Stock-Based Compensation | 2.13M | 2.96M | 2.71M | 2.88M | 0 | 7.88M | 978K | 208K | 305K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -797K | 0 |
| Other Non-Cash Items | -2.9M | 27.97M | 18.52M | -5.55M | -18.6M | -84.81M | 44.37M | 1.68M | 859K |
| Working Capital Changes | -8.46M | -8.44M | -14.25M | 9.9M | 1.43M | -424K | -5.24M | 1.94M | -1.81M |
| Change in Receivables | -247K | -2.04M | -3.49M | 85K | 553K | 0 | -9.4M | 2.61M | -2.1M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -1.33M | 215K | -525K |
| Change in Payables | 360K | 929K | -133K | -1.78M | -1.7M | 0 | 3.82M | -1.09M | 0 |
| Cash from Investing | 25.94M | 24.78M | -101.41M | -16.73M | -37.29M | -14.83M | -145K | -28K | -146K |
| Capital Expenditures | -134K | -221K | -354K | -499K | 0 | 0 | -145K | -28K | -146K |
| CapEx % of Revenue | 0.12% | 0.2% | 0.43% | 0.62% | - | - | 0.71% | 0.39% | 1.53% |
| Acquisitions | -725K | 275K | -132.76M | -43.1M | -38.58M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.71M | 0 | 6.09M | 6.62M | 1.29M | -14.83M | 0 | 230M | 0 |
| Cash from Financing | -37.77M | -37.25M | 79.43M | -16.81M | -10.9M | 85.36M | 346.28M | 9.21M | 6.51M |
| Debt Issued (Net) | -36.43M | -35.1M | 83.9M | -11.61M | -9.54M | 0 | -6.33M | 9.39M | 928K |
| Equity Issued (Net) | -1.01M | -1.82M | -853K | -5.27M | 630K | 0 | 144.89M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K | 0 |
| Share Repurchases | -1.01M | -1.82M | -853K | -5.42M | 0 | 0 | 0 | -231.25M | 0 |
| Other Financing | -330K | -336K | -3.62M | 79K | -1.99M | 85.36M | 207.72M | -174K | 5.59M |
| Net Change in Cash | -10.84M | -16M | -63.79M | -67.2M | -111.68M | 22.04M | 326.25M | -2.37M | -6.92M |
| Free Cash Flow | 855K | -3.75M | -42.16M | -34.16M | -63.49M | -48.49M | -20.03M | -11.58M | -13.44M |
| FCF Margin % | 0.77% | -3.35% | -51.35% | -42.78% | -273.73% | -310.86% | -98.47% | -160.49% | -140.79% |
| FCF Growth % | 102.94% | 91.1% | -23.43% | 46.2% | -30.92% | -142.16% | -72.95% | 13.83% | - |
| FCF per Share | 0.05 | -0.21 | -2.28 | -1.86 | -3.56 | -2.61 | -1.89 | -3.32 | -10.48 |
| FCF Conversion (FCF/Net Income) | -0.06x | 0.14x | 0.59x | 0.51x | 0.68x | -1.68x | 0.33x | 0.78x | 1.03x |
| Interest Paid | 14.43M | 0 | 35.06M | 37.48M | 0 | 48K | 389K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High interest rate sensitivity
As reported in financial statements, SPRU exhibits a chronic divergence between net income and operating cash flow, with the OCF/NI ratio frequently reaching extreme levels, such as the 9.04x observed in 2024Q1, indicating that non-cash accounting charges significantly distort the company's underlying cash-generating capacity.
The wide gap between net losses and operating cash flow suggests that depreciation and amortization are the primary drivers of the reported figures rather than operational efficiency. Investors should interpret this as a sign that the company's reported net income is not a reliable proxy for its ability to fund operations internally.
Based on recent SEC filings, SPRU's free cash flow remains consistently negative in most periods, with a notable exception in 2025Q3, highlighting a structural inability to generate self-sustaining cash flows despite the company's transition toward a residential solar asset-ownership model over the last ten quarters.
The erratic nature of FCF, which swung from -$22.3M in 2024Q1 to $11.2M in 2025Q3, suggests that the business model is highly sensitive to the timing of portfolio acquisitions and financing costs. This volatility warrants caution, as it implies that the company remains reliant on external capital to bridge its operational funding gaps.
According to the provided cash flow data, SPRU experiences significant working capital swings, including a $17.2M outflow in 2024Q1 followed by a $10.5M inflow in 2024Q3, which suggests that the company's cash position is highly susceptible to the timing of collections and payables management.
These fluctuations indicate that the company's cash conversion cycle is not yet optimized, potentially creating liquidity crunches during periods of high acquisition activity. Analysts should monitor whether these swings stabilize as the portfolio matures or if they represent an inherent operational risk in the asset-aggregator model.
As indicated by the reported financial data, SPRU maintains an exceptionally low CapEx/Revenue ratio, often below 1%, which appears to reflect the company's strategy of acquiring existing solar portfolios rather than investing in the heavy upfront costs associated with new residential solar installations.
While low CapEx suggests a lean operational profile, it may also obscure the long-term maintenance requirements of an aging solar asset base. Investors should investigate whether the current level of spending is sufficient to prevent future performance degradation of the underlying solar arrays.
Quick answers to the most common questions about buying SPRU stock.
Spruce Power Holding Corporation (SPRU) generated $-3.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Spruce Power Holding Corporation (SPRU) reported negative free cash flow of $3.8M in 2025, indicating capital requirements exceeded cash from operations.
Spruce Power Holding Corporation (SPRU) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Spruce Power Holding Corporation (SPRU) spent $1.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.