Company Analysis
Sign in

Spruce Power Holding Corporation (SPRU)

NYSE: SPRU · Electric Services · Houston, TX · filing with the SEC since 2019
Full chart Alerts Compare
Grade4.2
◀ Past 3.7● Present 3.2▶ Future 6.3
1 est.
OverviewBusinessFinancialsGradeForecastSentimentOwnershipPeopleFilingsPatents Chart

The grade of Spruce Power Holding Corporation

Nine metrics read from its own filings, by tense
Headline grade
4.2/10
◀ Past3.725% of the headline
● Present3.245% of the headline
▶ Future6.330% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.7/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
0.3/10

Has it survived what it has been through?

12 warning events since 2019; the latest 2025-04-11.

weight 45% of this tense · 3rd percentile among 59 sector filers · read for itself

From the record

Spruce Power Holding Corporation's filings since 2019 show 12 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2023-03-31); a warning not to rely on past financial statements (8-K item 4.02, the latest 2021-05-11); an auditor change (8-K item 4.01, 6 times, the latest 2025-04-11); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2024-04-02) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
7.3/10

What has it actually done, year after year?

+68.9% a year over 4 filed years; profitable in 0 of 4.

weight 22% of this tense · 73rd percentile among 51 sector filers · read for its customers

From the record

Spruce Power Holding Corporation's 4 filed years say what it did: revenue went from $23 million in fiscal 2022 to $112 million in fiscal 2025, up 68.9% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span68.9%top 5% of its family
  • the share of years revenue rosetop 4% of its family
  • the share of filed years with a profitbottom 3% of its family
  • the deepest fall from a revenue peak0.0%top 4% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
5.8/10

How has it treated the people who own it?

SI estimate 5.8/10, confidence 35 of 100 (one part).

weight 33% of this tense · 58th percentile among 57 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the share count over the years, which ranks in the top 42% of 57 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: the share count over the years, the one part on file, ranked among 57 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Spruce Power Holding Corporation's shareholder treatment is put at 5.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the top 42% of 57 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.2/1045% of the headline grade · 3 of 3 filed

Financial health

as filed
3.9/10

Is it financially healthy right now?

ROE -21%: lost 21¢ per shareholder dollar. Leverage 86%: owes 86¢ per asset dollar.

weight 45% of this tense · 39th percentile among 53 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Spruce Power Holding Corporation lost about 21 cents for every dollar of shareholders' money. Leverage: it owed about 86 cents per dollar of assets, and net share issuance: its share count shrank 2.2% over the year (the filed statements).

What it rests on

  • what it owes per dollar of assetsbottom 13% of its family
  • return on equitybottom 10% of its family
  • the share count against the year beforetop 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed
3.9/10

How strong is its position in its industry?

bottom 39% of 52 in its family; net margin -23.3%.

weight 33% of this tense · 39th percentile among 52 sector filers · read for its customers

From the record

Spruce Power Holding Corporation's standing among 52 graded names in its industry family: revenue of $112 million in fiscal 2025 ranks in the bottom 9% by size; a net margin of -23.3% ranks in the bottom 9%; revenue growth of 68.9% a year over the last 3 filed years ranks in the top 1% (its annual reports).

What it rests on

  • revenue against the family$112Mbottom 9% of its family
  • net margin-23.3%bottom 9% of its family
  • three-year revenue growth68.9%top 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
0.6/10

What are the people in charge doing?

bottom 6% of 30 in its family for leadership.

weight 22% of this tense · 6th percentile among 30 sector filers · read for its shareholders

From the record

Spruce Power Holding Corporation's leadership, from its insiders' filings and its current reports: no one files under a chief executive's title, so that part is not read; the 10 officers and directors filing in the last fifteen months have been on the record a median of 1.9 years (bottom 8%); 10 officer or director changes were reported on Form 8-K since 2023-11-13, against the 10 people in charge now (bottom 4%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge10 in three years among 10 peoplebottom 4% of its family
  • the median years the people in charge have filed1.9 yearsbottom 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.3/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
2.3/10

How much room does it have to grow?

bottom 23% of 47 in its family for room to expand.

weight 22% of this tense · 23rd percentile among 47 sector filers · read for itself

From the record

Spruce Power Holding Corporation's room to grow, from the newest filed statements (fiscal 2025): cash of $93 million against debt of $696 million leaves -71.9% of its assets as net cash, bottom 1% of its family; cash from operations less capital spending is -3.4% of revenue (bottom 46%) (its annual report).

What it rests on

  • cash less debt against assets-71.9%bottom 1% of its family
  • cash from operations less capital spending against revenue-3.4%bottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
8.5/10

What could actually drive growth from here?

top 15% of 51 in its family for growth drivers.

weight 45% of this tense · 85th percentile among 51 sector filers · read for its customers

From the record

Spruce Power Holding Corporation's growth drivers, from the filed years to fiscal 2025: revenue grew 68.9% a year over the last three filed years against 68.9% over all 4, speeding up (top 39% of its family); the newest year grew 36.2% (top 1%); research spending grew 93.5% a year (top 5%) (its annual reports). Spruce Power Holding Corporation reported 7 product lines in fiscal 2025: SLA Revenue at $40 million (36%), PPA Revenue at $38 million (34%), Solar Renewable Energy Credit Revenue at $21 million (19%), and 4 more; 5 of 7 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span+0.0 points a yeartop 39% of its family
  • the newest year's revenue growth36.2%top 1% of its family
  • three-year growth of research spending93.5%top 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
5.9/10

Did its newest year beat what its own record pointed to?

top 41% of 49 in its family for expectations against reality.

weight 33% of this tense · 59th percentile among 49 sector filers · read for its shareholders

From the record

Spruce Power Holding Corporation's newest year against its own record: revenue of $112 million in fiscal 2025 came in 27.6% below the $154 million its prior three years' pace pointed to (bottom 5% of its family); net income of $26 million against a prior three-year average of $77 million (top 28%); a net margin of -23.3% against losses larger than its revenue before (top 1%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace-27.6%bottom 5% of its family
  • net income against the prior three years' average+66%top 28% of its family
  • net margin against its prior averageup more than 100 pointstop 1% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton SPRU · research, not advice