Spruce Power Q3 revenue record $23.3M; net loss $19.3M; settles legacy XL Fleet matters

SPRUCE POWER HOLDING CORP

2023-Q3 EPS reported -$1.97 revenue$64,158,000

Record quarterly revenue of $23.3M; net loss attributable to stockholders of $19.3M.
Adjusted EBITDA plus lease proceeds was $14.9M; adjusted net loss $1.2M.
Portfolio grew to over 75,000 home solar assets (+49% YoY) after acquiring 2,400 contracts.
Accrued $11M SEC settlement and $19.5M class-action settlement; both related to XL Fleet Corp.
Repurchased 0.5M shares at avg $7.04; cash of $192.7M; FY business cash inflow guidance $120-130M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SPRUCE POWER HOLDING CORP reported third quarter ended September 30, 2023 results: revenue $23.3 million, net income Net loss attributable to stockholders was $19.3 million for the third quarter of 2023. Guidance reaffirmed.

Period: third quarter ended September 30, 2023
Revenue: $23.3 million
Net income: Net loss attributable to stockholders was $19.3 million for the third quarter of 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

assets across the United States, today reported financial results for the quarter ended September 30, 2023. Business Highlights • Third quarter revenue reaches a record level of $23.3 million. • By acquiring over 2,400 customer contracts in the third quarter, Spruce has grown its home solar assets and contracts to over 75,000, representing growth of 49%

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Source: SEC EDGAR

accession 0001628280-23-038691

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