# Spruce Power Holding Corporation (SPRU)

> Source: Nexqual · https://nexqual.com/SPRU · data as of 2026-10-23 17:01 UTC · cite as "Nexqual, Spruce Power Holding Corporation (SPRU), nexqual.com/SPRU" · informational, not investment advice.

**Price:** USD 1.35 (+1.14% today) · US market open, as of October 23, 2026 at 17:01 UTC; quotes may be delayed. Prev close 1.33 · day 1.31–1.35 · 52w 1.29–6.75 · market cap $25.9M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $109M, net income -$7.3M (-6.8% margin), free cash flow $2.0M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $43K; 1 not under a Rule 10b5-1 plan ($43K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $275K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y -50.5% vs S&P 500 +14.4%; 5Y -96.9% vs S&P 500 +77.0%.
- Next earnings: 2026-11-10, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $23.2M | $79.9M | $82.1M | $112M | $109M |
| Gross profit | -$696K | $13.2M | $42.0M | — | — | — |
| Operating income | -$35.1M | -$59.3M | -$36.8M | -$50.4M | $17.9M | $24.4M |
| Net income | $28.8M | -$93.9M | -$65.8M | -$70.5M | -$26.0M | -$7.3M |
| EPS (diluted) | $1.52 | -$5.27 | -$3.58 | -$3.82 | -$1.44 | — |
| Free cash flow | -$52.1M | -$63.5M | -$34.2M | -$42.2M | -$3.8M | $2.0M |
| Gross margin | — | 57.1% | 52.7% | — | — | — |
| Operating margin | — | -255.6% | -46.1% | -61.4% | 16.0% | 22.4% |
| Net margin | — | -405.0% | -82.4% | -85.9% | -23.3% | -6.8% |
| Revenue growth | -100.0% | — | +244.3% | +2.8% | +36.2% | — |
| Cash + short-term investments | $352M | $220M | $141M | $72.8M | $54.8M | — |
| Total debt | $78K | $533M | $647M | $731M | $696M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/EBITDA 12.1x · EV/Sales 6.1x · P/FCF 13.1x · P/B 0.2x · FCF yield 7.63% · Earnings yield -28.30% · Net debt $635M · EV $661M

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-15 | Norling Jonathan McWhinnie | Chief Legal Officer | 15,000 | $43K | 3.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $275K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-20 | Steel Partners Holdings L.P. |  | 24,335 | $100K | 4.13 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15…2026-04-17 | Steel Partners Holdings L.P. |  | 14,244 | $58K | 4.08 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-10…2026-04-14 | Steel Partners Holdings L.P. |  | 9,702 | $39K | 4.03 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-07…2026-04-09 | Steel Partners Holdings L.P. |  | 19,532 | $78K | 3.99 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -50.5% | -96.9% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | -50.6% | -50.2% |
| Volatility (annualized) | 91.6% | 76.0% |
| Max drawdown | -79.7% (Jan 2026→Oct 2026) | -97.3% (Oct 2021→Jul 2025) |

## Peers (Solar)
JKS (JinkoSolar Holding Company Limi) USD 8.33 +2.33% · ARRY (Array Technologies, Inc.) USD 3.18 -3.79% · CSIQ (Canadian Solar Inc.) USD 9.21 -0.11% · SHLS (Shoals Technologies Group, Inc.) USD 7.59 -1.88% · RUN (Sunrun Inc.) USD 7.54 -2.08% · SEDG (SolarEdge Technologies, Inc.) USD 33.21 +0.82%

## More
Full page: https://nexqual.com/SPRU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SPRU's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/1772720/000162828026022506/spru-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Parker-Hannifin Corp (PH) | "The case related to a contract for the purchase of motors designed, produced and manufactured by Parker-Hannifin for XL Hybrids, Inc. which was executed in July 2019." |
| Customer | XL Fleet | "Historically, as XL Fleet Corp. ("XL Fleet"), we provided fleet electrification solutions for commercial vehicles in North America, offering our systems for vehicle electrification (the "Drivetrain" business) and offerin…" |
| Partner | Banco Santander, S.A. (SAN) | "In November 2024, we entered into a non-recourse credit agreement with Banco Santander, S.A., New York (the "SP5 Facility"), which provided a term loan of approximately $109.8 million, of which proceeds were used to part…" |
| Partner | Barings GPSF | "In June 2024, we entered into a non-recourse credit agreement with Barings GPSF LLC (the "SET Facility"), which provided a fixed interest term loan of $130.0 million." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| PPA revenues | $12.2M | 40.2% | +0.7% |
| SLA revenues | $10.3M | 34.0% | +3.2% |
| Solar renewable energy credit revenues | $6.1M | 20.1% | -15.2% |
| Other revenue | $1.0M | 3.4% | +25.1% |
| Servicing revenues | $382,000 | 1.3% | -47.7% |
| Performance-based incentives | $214,000 | 0.7% | -87.0% |
| Intangibles amortization, unfavorable solar renewable energy revenue agreements | $93,000 | 0.3% | -87.6% |
| Total revenue | $30.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 13% of revenue from unnamed direct customers (10-Q, filed 2026-08-13).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2025-06-30) | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |