10-K - SPRUCE POWER HOLDING CORP (0001772720) (Filer)

Mon, Mar 31, 9:07 PM (27 days ago)

**Summary of Spruce Power Holding Corporation (SPRU) Annual Report 2024** **Financial Performance:** - **Revenue:** $82.1 million (2024) vs. $79.9 million (2023) - **Net Loss:** $70.5 million (2024) vs. $65.8 million (2023) - **Operating Expenses:** $132.5 million (2024) vs. $116.7 million (2023) **Key Financial Metrics:** - **Customer Satisfaction Score:** Improved to 83% (2024) from 74% (2023) - **Portfolio Generation:** 515,000 MWh (2024) vs. 417,000 MWh (2023) - **Home Solar Assets:** 85,000 (2024) vs. 75,000 (2023) **Strategic Overview:** - **Acquisitions:** Completed acquisitions of SEMTH, Tredegar, and NJR, adding 9,800 solar energy systems. - **Growth Strategy:** Focus on subscription-based solutions, customer acquisition, and strategic partnerships. - **Market Position:** Leading owner and operator of distributed solar energy assets in the U.S. **Future Outlook:** - **Growth Plans:** Continue to expand portfolio through acquisitions and strategic partnerships. - **Financial Condition:** Strong balance sheet and liquidity, with $109.1 million in cash and cash equivalents. - **Market Position:** Well-positioned to execute long-term strategy based on competitive strengths. **Risk Factors:** - **Industry Risks:** Dependence on solar energy market development, competition, and regulatory environment. - **Operational Risks:** Dependence on acquisitions, customer retention, and operational efficiency. - **Financial Risks:** Dependence on financing, debt servicing, and market conditions. **Financial Condition:** - **Debt:** $705.3 million in long-term debt, with a strong debt servicing capability. - **Liquidity:** Adequate liquidity to meet current obligations and support growth. **Market Position Changes:** - **Competitive Strengths:** Management expertise, contracted assets, geographic diversification, and flexible customer service platforms. - **Market Challenges:** Competition from traditional energy companies and other renewable energy providers.