---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-022031"
form_type: "8-K"
ticker: "SPRU"
cik: "0001772720"
company_name: "SPRUCE POWER HOLDING CORP"
filed_at: "2026-03-30T23:59:59+00:00"
generated_at: "2026-05-15T08:25:13.723602+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-26-022031
- form_type: 8-K
- ticker: SPRU
- cik: 0001772720
- company_name: SPRUCE POWER HOLDING CORP
- filed_at: 2026-03-30T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1772720/000162828026022031/0001628280-26-022031-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1772720/000162828026022031/spru-20260330.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-022031
- JSON: https://secwatch.observer/filing/0001628280-26-022031.json
- Plain text: https://secwatch.observer/filing/0001628280-26-022031.txt

## Key facts
- Earnings Releases
  SPRUCE POWER HOLDING CORP reported the full-year ended December 31, 2025 results: net income $26.0 million.
  - Period: the full-year ended December 31, 2025
  - Net income: $26.0 million
  - Result: reported results
  source text: Net loss attributable to stockholders of $6.9 million and $26.0 million for the quarter and year, respectively, compared to net loss attributable to stockholders of $5.9 million and $70.5 million for the year-earlier periods
  evidence_url: https://www.sec.gov/Archives/edgar/data/1772720/000162828026022031/0001628280-26-022031-index.htm
- Earnings Releases
  SPRUCE POWER HOLDING CORP reported the fourth quarter ended December 31, 2025 results: revenue $24.0 million, net income $6.9 million, EPS $0.38 per share.
  - Period: the fourth quarter ended December 31, 2025
  - Revenue: $24.0 million
  - Net income: $6.9 million
  - EPS: $0.38 per share
  - Result: reported results
  source text: Consolidated Financial Results Revenues totaled $24.0 million for the fourth quarter of 2025 , compared with $20.2 million for the fourth quarter of 2024. The year-over-year increase was primarily due to the November 2024 acquisition of a residential solar portfolio from NJR Clean Energy Ventures ("NJR") and improved solar renewable energy credits ("SRECs") revenue. The Spruce PRO service agreement signed with ADT in December 2024 also contributed to growth. Total operating expenses were $21.8 million for the fourth quarter of 2025, compared to $26.7 million for the fourth quarter of 2024. The year-over-year decline in operating expense is attributed primarily to a decrease in operations and maintenance costs and ongoing cost management efforts. Core Operating Expenses, which includes both SG&A expenses and O&M expenses was $14.9 million in the aggregate for the fourth quarter of 2025, down from $20.7 million in the year-earlier period. This includes $13.0 million of SG&A expenses and
  evidence_url: https://www.sec.gov/Archives/edgar/data/1772720/000162828026022031/0001628280-26-022031-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.