Spruce Power reports record 2025: operating income $17.9M, Op EBITDA $80.1M up 49%

SPRUCE POWER HOLDING CORP

Q4 revenue $24.0M (+19% YoY); full-year revenue up 36%; net loss $6.9M in Q4, $26.0M in FY.
Full-year operating income of $17.9M vs loss of $50.4M in 2024; Operating EBITDA $80.1M up 49%.
Core operating expenses down 28% in Q4; O&M expense fell 64%, SG&A down 16% YoY.
Cash $93.1M ($5.13/share); debt $695.5M at 6.1% blended rate; paid down $35.1M debt in 2025.
Portfolio of ~84,000 home solar assets; extended SP1 facility to pursue broader refinancing.

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