While gross margins have expanded from 26.4% in 2023Q4 to 62.7% in 2026Q1, the company continues to report persistent net income deficits, including a -12.5% net margin in the most recent quarter.
| Sales/Revenue | 111.41M | 111.81M | 82.11M | 79.86M | 23.19M | 15.6M | 20.34M | 7.21M | 9.54M |
| Revenue Growth % | 26.75% | 36.18% | 2.81% | 244.31% | 48.68% | -23.3% | 181.89% | -24.41% | - |
| Cost of Goods Sold | 37.46M | 39.9M | 39.97M | 37.81M | 9.95M | 16.3M | 17.59M | 8.07M | 11.01M |
| COGS % of Revenue | - | 35.69% | 48.69% | 47.35% | 42.89% | 104.46% | 86.51% | 111.92% | 115.39% |
| Gross Profit | 73.95M | 71.91M | 42.13M | 42.05M | 13.24M | -696K | 2.74M | -860K | -1.47M |
| Gross Margin % | 66.38% | 64.31% | 51.31% | 52.65% | 57.11% | -4.46% | 13.49% | -11.92% | -15.39% |
| Gross Profit Growth % | - | 70.67% | 0.21% | 217.45% | 2003.02% | -125.36% | 419.07% | 41.46% | - |
| Operating Expenses | 51.3M | 54.11M | 92.53M | 78.86M | 72.54M | 58.21M | 18.04M | 12.71M | 11.23M |
| OpEx % of Revenue | - | 48.4% | 112.69% | 98.75% | 312.74% | 373.14% | 88.69% | 176.15% | 117.61% |
| Selling, General & Admin | 51.3M | 54.11M | 58.89M | 0 | 73.12M | 47.44M | 13.59M | 9.84M | 9.33M |
| SG&A % of Revenue | - | 48.4% | 71.72% | - | 315.25% | 304.07% | 66.84% | 136.31% | 97.78% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 10.78M | 4.45M | 2.87M | 1.89M |
| R&D % of Revenue | - | - | - | - | - | 69.07% | 21.86% | 39.83% | 19.83% |
| Other Operating Expenses | 0 | 0 | 33.64M | 78.86M | -580K | 0 | 0 | 0 | 0 |
| Operating Income | 22.66M | 17.8M | -50.39M | -36.82M | -59.29M | -58.91M | -15.29M | -13.57M | -12.7M |
| Operating Margin % | 20.33% | 15.92% | -61.37% | -46.1% | -255.64% | -377.6% | -75.2% | -188.07% | -133% |
| Operating Income Growth % | - | 135.31% | -36.87% | 37.91% | -0.66% | -285.16% | -12.71% | -6.88% | - |
| EBITDA | 53.14M | 48.31M | -29.11M | -15.23M | -52.84M | -58.25M | -14.67M | -13.25M | -12.44M |
| EBITDA Margin % | 47.7% | 43.21% | -35.45% | -19.07% | -227.8% | -373.42% | -72.14% | -183.65% | -130.28% |
| EBITDA Growth % | 305.95% | 265.98% | -91.12% | 71.17% | 9.3% | -297.04% | -10.73% | -6.55% | - |
| D&A (Non-Cash Add-back) | 30.49M | 30.52M | 21.28M | 21.59M | 6.46M | 653K | 622K | 319K | 260K |
| EBIT | 22.66M | 17.8M | -29.85M | -13.36M | -41.28M | 52.64M | -54.24M | -12.75M | -12.7M |
| Net Interest Income | -30.3M | -30.2M | -17.47M | -22.4M | -10.06M | -39K | -6.37M | -2.15M | 0 |
| Interest Income | 20.23M | 20.72M | 22.76M | 19.53M | 1.34M | 0 | 0 | 0 | 208K |
| Interest Expense | 50.54M | 50.92M | 40.23M | 41.94M | 11.4M | 39K | 6.37M | 2.15M | 0 |
| Other Income/Expense | -35.84M | -43.44M | -19.68M | -25.67M | 6.61M | 110.41M | -45.31M | -1.33M | -208K |
| Pretax Income | -13.19M | -25.64M | -70.08M | -62.49M | -52.68M | 51.51M | -60.61M | -14.9M | -12.9M |
| Pretax Margin % | -11.84% | -22.93% | -85.35% | -78.25% | -227.12% | 330.18% | -297.99% | -206.53% | -135.18% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -1.09M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -2.12% | 0% | 0% | 0% |
| Net Income | -13.56M | -25.96M | -70.49M | -65.83M | -93.93M | 28.79M | -60.61M | -14.9M | -12.9M |
| Net Margin % | -12.17% | -23.22% | -85.85% | -82.43% | -404.98% | 184.55% | -297.99% | -206.53% | -135.18% |
| Net Income Growth % | 83.74% | 63.17% | -7.08% | 29.92% | -426.26% | 147.5% | -306.72% | -15.48% | - |
| Net Income (Continuing) | -13.19M | -25.64M | -70.08M | -62.49M | -52.68M | 52.6M | -60.61M | -14.9M | -12.9M |
| Discontinued Operations | 0 | 0 | 25K | -4.12M | -40.11M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 2.42M | 2.44M | 2.33M | 9.03M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.75 | -1.44 | -3.82 | -3.58 | -2.59 | 1.66 | -2.96 | -4.89 | -10.07 |
| EPS Growth % | 83.43% | 62.3% | -6.7% | -38.22% | -256.02% | 156.08% | 39.47% | 51.44% | - |
| EPS (Basic) | - | -1.44 | -3.82 | -3.58 | -2.59 | 1.66 | -2.96 | -4.89 | -10.07 |
| Diluted Shares Outstanding | 18.17M | 18.07M | 18.47M | 18.39M | 17.84M | 18.56M | 10.57M | 3.49M | 1.28M |
| Basic Shares Outstanding | 18.17M | 18.07M | 18.47M | 18.39M | 17.84M | 17.31M | 10.57M | 3.49M | 1.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High interest rate sensitivity
According to the provided financial data, SPRU's quarterly revenue growth has fluctuated significantly, peaking at 47.9% in 2025Q2 before decelerating to -1.7% in 2026Q1, suggesting that the company's reliance on inorganic portfolio acquisitions creates a lumpy and unpredictable top-line trajectory for investors to monitor.
The volatility in revenue growth indicates that the company lacks a consistent organic engine, making its performance highly dependent on the timing and scale of asset acquisitions. Investors should be cautious, as the inability to maintain steady growth suggests that the current business model may struggle to scale efficiently without continuous capital deployment.
As reported in recent financial statements, SPRU has successfully expanded its gross margin from 26.4% in 2023Q4 to 62.7% in 2026Q1, reflecting a shift toward a higher-margin asset-ownership model that benefits from the low variable costs inherent in solar energy production.
This margin expansion appears to be a direct result of the company's strategic pivot away from lower-margin manufacturing and installation activities. While the gross margin profile is now robust, the sustainability of these levels warrants further investigation into whether maintenance costs for aging solar arrays will eventually exert downward pressure on profitability.
Based on the income statement history, SPRU's operating income has failed to scale consistently with gross profit, as evidenced by the erratic operating margin which swung from -173.8% in 2024Q3 to 14.5% in 2026Q1, indicating significant inefficiencies in managing corporate overhead relative to revenue.
The lack of clear operating leverage suggests that the company's fixed cost base remains too high to support its current revenue scale. Investors should monitor whether management can rationalize SG&A expenses, as the current volatility in operating margins implies that the business is not yet optimized for sustainable profitability.
Financial filings reveal that SPRU has consistently reported negative net income over the last ten quarters, with a net margin of -12.5% in 2026Q1, suggesting that non-operating items and interest burdens continue to overwhelm the company's core operational gains.
The recurring net losses indicate that the company's capital structure may be poorly aligned with its current earnings power. The presence of stock-based compensation, while relatively modest, further complicates the path to GAAP profitability, and investors should remain skeptical of the company's ability to generate positive bottom-line results in the near term.
A critical review of the income statement suggests that SPRU's reliance on debt-funded asset acquisitions may be masking underlying operational risks, as the company's negative net margins persist despite the high gross margins typically associated with solar energy production.
Short-sellers might focus on the company's inability to achieve consistent net profitability, arguing that the business model is overly sensitive to interest rate fluctuations and the potential for asset impairment. The historical volatility in operating results warrants caution, as it may indicate that the company is struggling to integrate its acquired portfolios effectively.
Quick answers to the most common questions about buying SPRU stock.
For fiscal year 2025, Spruce Power Holding Corporation (SPRU) reported total revenue of $111.8M. This represents a 1071.4% increase compared to $9.5M in 2018.
Spruce Power Holding Corporation (SPRU) reported a net loss of $26.0M for the fiscal year ending 2025.
Spruce Power Holding Corporation (SPRU) reported an operating income of $17.8M, resulting in an operating profit margin of 15.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Spruce Power Holding Corporation (SPRU) generated $71.9M in gross profit for the year, representing a gross profit margin of 64.3%. This demonstrates the company's core pricing power and production efficiency.