SPRU NYSE Electric Services Financials FY2019βFY2025
Spruce Power Holding Corp had $112M of revenue in fiscal 2025, up 36.2% on the year before. Over five years, revenue changed +40.6% a year on average.
Last close Β· Oct 23, 2026
$1.33
0.0%Hi! I read Spruce Power Holding Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+36.2%
Yes. Sales grew 36.2% last year.
Does it make a profit?
β23.3%
No. It lost money last year.
Does profit turn into cash?
β3.4%
No. It spent more cash than it brought in.
Is debt under control?
13.3x
Heavy. Repaying its debt would take 13.3 years of operating profit.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Spruce Power Holding Corp had $112M of revenue in fiscal 2025, up 36.2% on the year before. Over five years, revenue changed +40.6% a year on average. Its operating margin was 16.0%, up 77.4Β pts: of every 100 in sales, about 16 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Spruce Power Holding Corp lost $26.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$3.8M in fiscal 2025, β3.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $8.6M and sold $0.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$8.6M
6 insiders
Sold, 12 months
$0.2M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 21, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 52,780 | $2.04 | $0.1M | Form 4 |
| Jun 15, 2026 | Jonathan McWhinnie NorlingChief Legal Officer | Sold | 15,000 | $2.84 | $0.0M | Form 4 |
| Apr 20, 2026 | Steel Connect LLC10% owner | Bought | 24,335 | $4.13 | $0.1M | Form 4 |
| Apr 17, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 3,640 | $4.03 | $0.0M | Form 4 |
| Apr 16, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 141 | $4.10 | $0.0M | Form 4 |
| Apr 15, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 10,463 | $4.09 | $0.0M | Form 4 |
| Apr 14, 2026 | Steel Connect LLC10% owner | Bought | 5,027 | $4.05 | $0.0M | Form 4 |
| Apr 13, 2026 | Steel Connect LLC10% owner | Bought | 2,975 | $4.00 | $0.0M | Form 4 |
| Apr 10, 2026 | Steel Connect LLC10% owner | Bought | 1,700 | $4.00 | $0.0M | Form 4 |
| Apr 9, 2026 | Steel Partners Holdings L.P.10% owner | Bought | 14,532 | $3.98 | $0.1M | Form 4 |
| Apr 7, 2026 | Steel Partners Holdings L.P.10% owner | Bought | 5,000 | $4.00 | $0.0M | Form 4 |
| Apr 2, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 1,409 | $4.05 | $0.0M | Form 4 |
| Mar 31, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 11,228 | $4.03 | $0.0M | Form 4 |
| Mar 30, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 20,555 | $4.00 | $0.1M | Form 4 |
| Mar 27, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 5,391 | $3.98 | $0.0M | Form 4 |
| Mar 26, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 2,857 | $4.00 | $0.0M | Form 4 |
| Mar 20, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 46,682 | $4.32 | $0.2M | Form 4 |
| Mar 19, 2026 | Steel Partners Holdings GP Inc.10% owner | Bought | 13,739 | $3.74 | $0.1M | Form 4 |
| Mar 13, 2026 | Steel Partners Holdings L.P.10% owner | Bought | 2,947 | $4.30 | $0.0M | Form 4 |
| Mar 12, 2026 | Steel Partners Holdings L.P.10% owner | Bought | 15,160 | $4.20 | $0.1M | Form 4 |
| Mar 11, 2026 | Steel Connect LLC10% owner | Bought | 6,211 | $4.15 | $0.0M | Form 4 |
| Mar 10, 2026 | Steel Connect LLC10% owner | Bought | 11,823 | $4.13 | $0.0M | Form 4 |
| Mar 9, 2026 | Steel Connect LLC10% owner | Bought | 6,039 | $3.60 | $0.0M | Form 4 |
| Jan 15, 2026 | Steel Partners Holdings L.P.10% owner | Bought | 137 | $5.10 | $0.0M | Form 4 |
| Jan 14, 2026 | SPH Group Holdings LLC10% owner | Bought | 3,426 | $5.10 | $0.0M | Form 4 |
| Jan 13, 2026 | SPH Group Holdings LLC10% owner | Bought | 6,493 | $5.10 | $0.0M | Form 4 |
| Jan 12, 2026 | SPH Group Holdings LLC10% owner | Bought | 10,001 | $5.03 | $0.1M | Form 4 |
| Dec 31, 2025 | Steel Partners Holdings GP Inc.10% owner | Bought | 8,702 | $5.03 | $0.0M | Form 4 |
| Dec 29, 2025 | Steel Excel Inc.10% owner | Bought | 7,499 | $5.02 | $0.0M | Form 4 |
| Dec 26, 2025 | Steel Excel Inc.10% owner | Bought | 1,206 | $5.05 | $0.0M | Form 4 |
| Dec 24, 2025 | Steel Excel Inc.10% owner | Bought | 1,503 | $5.05 | $0.0M | Form 4 |
| Dec 23, 2025 | Steel Excel Inc.10% owner | Bought | 16,660 | $5.05 | $0.1M | Form 4 |
| Dec 19, 2025 | Steel Excel Inc.10% owner | Bought | 373 | $5.00 | $0.0M | Form 4 |
| Dec 18, 2025 | Steel Excel Inc.10% owner | Bought | 12,968 | $5.00 | $0.1M | Form 4 |
| Dec 17, 2025 | Steel Excel Inc.10% owner | Bought | 57,775 | $4.99 | $0.3M | Form 4 |
| Dec 16, 2025 | Steel Excel Inc.10% owner | Bought | 11,469 | $5.05 | $0.1M | Form 4 |
| Dec 15, 2025 | McBane Clara NagyDirector | Sold | 40,000 | $5.06 | $0.2M | Form 4 |
| Dec 15, 2025 | SPH Group Holdings LLC10% owner | Bought | 26,197 | $5.05 | $0.1M | Form 4 |
| Dec 11, 2025 | SPH Group Holdings LLC10% owner | Bought | 12,233 | $5.10 | $0.1M | Form 4 |
| Dec 9, 2025 | Steel Partners Holdings L.P.10% owner | Bought | 28,127 | $5.09 | $0.1M | Form 4 |
| Dec 8, 2025 | Steel Partners Holdings L.P.10% owner | Bought | 35,956 | $5.10 | $0.2M | Form 4 |
| Dec 5, 2025 | Steel Partners Holdings L.P.10% owner | Bought | 4,206 | $5.10 | $0.0M | Form 4 |
| Dec 4, 2025 | Steel Excel Inc.10% owner | Bought | 615 | $5.10 | $0.0M | Form 4 |
| Dec 2, 2025 | Steel Excel Inc.10% owner | Bought | 5,546 | $5.00 | $0.0M | Form 4 |
| Nov 28, 2025 | SPH Group LLC10% owner | Bought | 1,940 | $4.88 | $0.0M | Form 4 |
| Nov 26, 2025 | SPH Group LLC10% owner | Bought | 64,031 | $4.97 | $0.3M | Form 4 |
| Nov 25, 2025 | SPH Group LLC10% owner | Bought | 34,851 | $4.56 | $0.2M | Form 4 |
| Nov 24, 2025 | Steel Partners Holdings GP Inc.10% owner | Bought | 121,388 | $4.63 | $0.6M | Form 4 |
| Nov 21, 2025 | Steel Partners Holdings GP Inc.10% owner | Bought | 17,688 | $4.95 | $0.1M | Form 4 |
| Nov 20, 2025 | Steel Partners Holdings GP Inc.10% owner | Bought | 69,375 | $4.97 | $0.3M | Form 4 |
| Nov 19, 2025 | Steel Excel Inc.10% owner | Bought | 64,658 | $4.57 | $0.3M | Form 4 |
| Nov 17, 2025 | Steel Excel Inc.10% owner | Bought | 5,000 | $5.00 | $0.0M | Form 4 |
| Nov 14, 2025 | SPH Group LLC10% owner | Bought | 52,454 | $5.00 | $0.3M | Form 4 |
| Nov 13, 2025 | SPH Group LLC10% owner | Bought | 102,948 | $4.99 | $0.5M | Form 4 |
| Nov 12, 2025 | SPH Group LLC10% owner | Bought | 586,151 | $4.30 | $2.5M | Form 4 |
| Nov 11, 2025 | SPH Group LLC10% owner | Bought | 405,998 | $3.04 | $1.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Spruce Power Holding Corp owes $641M more than it holds in cash, about 13.3 years of operating profit.
Cash, debt and the ratios that show how comfortably Spruce Power Holding Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $352M | $220M | $141M | $72.8M | $54.8M |
| Debt incl. finance leases | $0.1M | $533M | $647M | $731M | $696M |
| Net debt / EBITDA | β | β | β | β | 13.3x |
| Debt / equity | 0.0x | 1.8x | 3.0x | 5.1x | 5.9x |
| Interest coverage | β948.5x | β5.2x | β0.9x | β1.3x | 0.4x |
| Current ratio | 22.5x | 4.6x | 2.8x | 2.3x | 0.5x |
| Quick ratio | 21.6x | 4.6x | 2.8x | 2.3x | 0.5x |
| Total assets | $393M | $827M | $895M | $898M | $837M |
| Total liabilities | $31.4M | $538M | $680M | $752M | $716M |
| Shareholders' equity | $362M | $289M | $215M | $144M | $119M |
| Net debt (β = net cash) | β$352M | $313M | $505M | $658M | $641M |
KIRA Β· Its return on capital was 1.9%: every 100 invested in the business earned about 2 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Spruce Power Holding Corp passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | 5 / 9 | 3 / 8 | 3 / 8 | 3 / 9 | 2 / 8 | 4 / 8 |
| Accruals ratio | β36.2% | β22.9% | 20.9% | β5.0% | β3.7% | β3.2% | β2.6% |
| Altman Z'' | β40.27 | 6.11 | 16.64 | 1.03 | 0.08 | β0.81 | β2.02 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $7.2M | $20.3M | $0.0M | $23.2M | $79.9M | $82.1M | $112M |
| Net interest income | β$2.2M | β$6.4M | β$0.0M | β$10.1M | β | β | β |
| Gross profit | β$0.9M | $2.7M | β$0.7M | $13.2M | $42.0M | β | β |
| Research and development | $2.9M | $4.4M | $10.8M | β | β | β | β |
| Operating income | β$13.6M | β$15.3M | β$35.1M | β$59.3M | β$36.8M | β$50.4M | $17.9M |
| Interest expense | $0.1M | $0.1M | $0.0M | $11.4M | $41.9M | $40.2M | $50.9M |
| Income tax | β | β | β | β | β | β | $0.0M |
| Net income | β$14.9M | β$60.6M | $28.8M | β$93.9M | β$65.8M | β$70.5M | β$26.0M |
| Diluted EPS | β$0.19 | β$0.72 | $0.19 | β$5.27 | β$3.58 | β$3.82 | β$1.44 |
| Diluted shares | 0.08B | 0.08B | 0.15B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | |||||||
| Cash from operations | β$11.6M | β$19.9M | β$48.5M | β$63.5M | β$33.7M | β$41.8M | β$3.5M |
| Capital expenditure | $0.0M | $0.1M | $3.6M | $0.0M | $0.5M | $0.4M | $0.2M |
| Free cash flow | β$11.6M | β$20.0M | β$52.1M | β$63.5M | β$34.2M | β$42.2M | β$3.8M |
| Depreciation and amortization | $0.3M | $0.6M | $0.0M | $6.5M | $21.6M | $24.4M | $30.2M |
| Stock-based compensation | $0.2M | $1.0M | $7.9M | $10.0M | $2.9M | $2.7M | $3.0M |
| Acquisitions | β | β | $0.0M | $32.6M | $43.1M | $133M | $5.3M |
| Balance sheet | |||||||
| Cash and short-term investments | $3.5M | $330M | $352M | $220M | $141M | $72.8M | $54.8M |
| Total debt | $3.3M | $0.2M | $0.1M | $533M | $647M | $731M | $696M |
| Finance lease liabilities | β | $0.9M | β | β | β | β | β |
| Current assets | $7.1M | $345M | $375M | $275M | $203M | $136M | $116M |
| Current liabilities | $15.5M | $9.1M | $16.6M | $59.7M | $71.7M | $59.6M | $239M |
| Inventory | $2.2M | $3.6M | $15.3M | β | β | β | β |
| Property and equipment, net | $0.8M | $0.6M | $0.0M | $396M | $484M | $589M | $561M |
| Goodwill | $0.5M | $0.5M | $0.0M | $28.8M | $28.8M | $0.0M | β |
| Intangible assets | $0.8M | $0.6M | $4.9M | $0.0M | $10.2M | $9.0M | $7.8M |
| Total assets | $9.2M | $347M | $393M | $827M | $895M | $898M | $837M |
| Total liabilities | $22.9M | $158M | $31.4M | $538M | $680M | $752M | $716M |
| Shareholders' equity | β$13.7M | $189M | $362M | $289M | $215M | $144M | $119M |
| Margins | |||||||
| Gross margin | β11.9% | 13.5% | β | 57.1% | 52.7% | β | β |
| Operating margin | β188.1% | β75.2% | β | β255.6% | β46.1% | β61.4% | 16.0% |
| EBITDA margin | β183.6% | β72.1% | β | β227.8% | β19.1% | β31.7% | 43.0% |
| Net margin | β206.5% | β298.0% | β | β405.0% | β82.4% | β85.9% | β23.3% |
| FCF margin | β160.5% | β98.5% | β | β273.7% | β42.8% | β51.4% | β3.4% |
| Net interest share of revenue | β29.8% | β31.3% | β | β43.4% | β | β | β |
| Returns | |||||||
| Return on capital | β | β | β270.9% | β7.8% | β4.0% | β5.0% | 1.9% |
| Return on capital employed | 217.5% | β4.5% | β9.3% | β7.7% | β4.5% | β6.0% | 3.0% |
| Return on equity | β | β69.2% | 10.5% | β28.9% | β26.1% | β39.3% | β19.8% |
| Return on assets | β161.1% | β34.0% | 7.8% | β15.4% | β7.6% | β7.9% | β3.0% |
| Return on tangible equity | β | β32.3% | 8.1% | β36.1% | β37.5% | β52.3% | β23.4% |
| Growth | |||||||
| Revenue growth | β | 181.9% | β100.0% | β | 244.3% | 2.8% | 36.2% |
| Net income growth | β | β | β | β426.3% | β | β | β |
| EPS growth | β | β | β | β2,873.7% | β | β | β |
| Share count change | β | 5.9% | 75.6% | β88.0% | 3.1% | 0.4% | β2.2% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β | β | β | β | 13.3x |
| Debt / equity | β | 0.0x | 0.0x | 1.8x | 3.0x | 5.1x | 5.9x |
| Interest coverage | β137.1x | β162.7x | β948.5x | β5.2x | β0.9x | β1.3x | 0.4x |
| Current ratio | 0.5x | 38.0x | 22.5x | 4.6x | 2.8x | 2.3x | 0.5x |
| Quick ratio | 0.3x | 37.6x | 21.6x | 4.6x | 2.8x | 2.3x | 0.5x |
| Capital allocation | |||||||
| Capex / revenue | 0.4% | 0.7% | β | 0.0% | 0.6% | 0.4% | 0.2% |
| Stock comp / revenue | 2.9% | 4.8% | β | 43.1% | 3.6% | 3.3% | 2.6% |
| Quality scores | |||||||
| Piotroski F-score | β | 5.0 | 3.0 | 3.0 | 3.0 | 2.0 | 4.0 |
| Altman Z'' | β40.3 | 6.1 | 16.6 | 1.0 | 0.1 | β0.8 | β2.0 |
| Accruals ratio | β36.2% | β22.9% | 20.9% | β5.0% | β3.7% | β3.2% | β2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001772720). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
