PRISM New Energy Index Company Spruce Power (SPRU) Announces Q1 Earnings
Owner and operator of residential solar power, Spruce Power Holding Corp. (SPRU) announced earnings yesterday that improved on EPS ($0.13) vs FactSet ($1.06). First quarter revenues came in at $18.3M compared to $18.1M a year ago and were attributed to incremental revenues from the Tredegar acquisition completed in August 2023. The company reported a net loss of $2.5M, however, its cash position ended the quarter strong at $120.6M.
Spruce Power’s servicing platform that was built over seven years, offers comprehensive integrated technology services. This allows the company to leverage fixed costs, which presents a business opportunity as they plan to pursue the servicing platform in a capital-light manner. Additionally, management has noticed a widening spread between bid and ask in M&A, indicating chaos and opportunity in the space.
As the company’s new CEO Chris Hayes steps into his role investors will be watching to see if he will be able to continue to brighten the company’s future.
Spruce participates in the PRISM New Energy Index. Follow along for more emerging companies in Solar.
