Wed, May 14, 9:35 PM (61 days ago)
**Spruce Power Holding Corporation (SPRU) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** $23.8 million, up 30% YoY, driven by NJR acquisitions and increased SREC revenues. - **Net Loss:** $15.3 million, significantly higher than $2.5 million in Q1 2024, impacted by hedging portfolio fluctuations and operational costs. - **Operating Expenses:** $25.5 million, up 17% YoY, primarily due to increased depreciation and operations/maintenance costs from NJR acquisitions. - **Cash Flow:** Net cash used in operating activities was $9.1 million, an improvement from $22.2 million in Q1 2024. **Key Metrics:** - **Customer Satisfaction:** 79% in Q1 2025, down from 81% in Q1 2024. - **Power Generation:** 121,000 MWh in Q1 2025, up from 96,000 MWh in Q1 2024. - **Home Solar Assets:** 85,000 as of Q1 2025, up from 75,000 in Q1 2024. **Operational Highlights:** - **Acquisitions:** Completed the NJR acquisitions, adding 9,800 solar energy systems. - **Debt Management:** Non-recourse debt of $700.1 million, with the earliest maturity in April 2026. - **Share Repurchases:** Repurchased 0.3 million shares in Q1 2025, with $43.0 million remaining for future repurchases. **Uncertainties and Future Operations:** - **Market Risks:** Dependent on solar energy industry trends, financing availability, and economic conditions. - **Legal and Regulatory:** Ongoing legal proceedings and regulatory compliance requirements. - **Operational:** Challenges in integrating acquisitions and maintaining operational excellence. **Conclusion:** Spruce Power Holding Corporation showed revenue growth in Q1 2025 but faced increased net losses due to operational and hedging impacts. The company continues to focus on acquisitions, debt management, and operational efficiency to drive future growth. However, it faces uncertainties related to market conditions, legal proceedings, and operational challenges.