SPRUCE POWER HOLDING CORP — fact timeline

SPRUCE POWER HOLDING CORP reported first quarter ended March 31, 2026 results: revenue $23.4 million, net income $2.9 million net loss, EPS $0.16 per share.

“Revenues totaled $23.4 million for the first quarter of 2026 , compared with $23.8 million for the first quarter of 2025. Revenues for the first quarter are in line with prior year revenues, representing stable asset performance. Total operating expenses were $19.6 million for the first quarter of 2026, compared to $25.5 million for the first quarter of 2025. The year-over-year decline in operating expense is attributed primarily to a decrease in operations and maintenance costs and ongoing cost management efforts implemented in the third quarter 2025. Core Operating Expenses, which includes both SG&A expenses and O&M expenses was $12.7 million in the aggregate for the first quarter of 2026, down from $18.6 million in the year-earlier period. This includes $11.6 million of SG&A expenses and O&M expenses of $1.2 million in the first quarter of 2026, down from SG&A expense of $14.7 million and O&M expense of $3.9 million for the first quarter of 2025. The decreases in both total operatin”

SPRUCE POWER HOLDING CORP reported the full-year ended December 31, 2025 results: net income $26.0 million.

“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”

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.

“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”

SPRUCE POWER HOLDING CORP announced a restructuring with charges of approximately $1 million (approximately 40 employees and contractors, representing approximately 19% of the Company’s workforce).

“who were informed of the reduction in force on September 24, 2025. In connection with the reduction in force, the Company estimates that it will incur charges of approximately $1 million, consisting primarily of cash expenditures for employee severance and related costs. The Company expects to recognize the majority of these charges in the third quarter of 2025.”

SPRUCE POWER HOLDING CORP completed an acquisition involving NJR Clean Energy Ventures II Corporation for approximately $0.2 million in cash (closed 2025-09-05).

“On September 5, 2025, the Company acquired 7 additional solar energy systems from CEV, pursuant to the APA, for approximately $0.2 million in cash, subject to the terms and conditions set forth therein.”

SPRUCE POWER HOLDING CORP completed an acquisition involving NJR Clean Energy Ventures II Corporation for approximately $0.5 million in cash (closed 2025-06-26).

“On June 26, 2025, the Company acquired 18 additional solar energy systems from CEV, pursuant to the APA, for approximately $0.5 million in cash”

SPRUCE POWER HOLDING CORP completed an acquisition involving NJR Clean Energy Ventures II Corporation for approximately $0.7 million in cash (closed 2025-06-10).

“On June 10, 2025, the Company acquired 25 additional solar energy systems from CEV, pursuant to the APA, for approximately $0.7 million in cash, subject to the terms and conditions set forth therein.”

Thomas J. Cimino was appointed as Interim Chief Financial Officer at SPRUCE POWER HOLDING CORP.

“The Board of Directors of the Company has appointed Mr. Cimino as the Company’s Interim Chief Financial Officer to serve as the Company’s principal financial officer and principal accounting officer effective June 5, 2025.”

Sarah Wells resigned as Chief Financial Officer and Head of Sustainability at SPRUCE POWER HOLDING CORP.

“On April 29, 2025 , Sarah Wells notified Spruce Power Holding Corporation (the “Company”) of her decision to resign as Chief Financial Officer and Head of Sustainability, effective May 14, 2025.”

SPRUCE POWER HOLDING CORP completed an acquisition involving NJR Clean Energy Ventures II Corporation for approximately $1.7 million in cash (closed 2025-04-24).

“On April 24, 2025, the Company acquired 66 additional solar energy systems from CEV, pursuant to the APA, for approximately $1.7 million in cash, subject to the terms and conditions set forth therein.”

SPRUCE POWER HOLDING CORP completed an acquisition involving NJR Clean Energy Ventures II Corporation for approximately $1.0 million (closed 2025-02-28).

“On February 28, 2025, the Company acquired 42 additional solar energy systems from CEV, pursuant to the APA, for approximately $1.0 million in cash, subject to the terms and conditions set forth therein.”

SPRUCE POWER HOLDING CORP completed an acquisition involving NJR Clean Energy Ventures II Corporation (CEV) for approximately $0.5 million in cash (closed 2025-01-29).

“On January 29, 2025, the Company acquired 41 additional solar energy systems from CEV, pursuant to the APA, for approximately $0.5 million in cash, subject to the terms and conditions set forth therein.”

Clara Nagy McBane was appointed as Director at SPRUCE POWER HOLDING CORP.

“the Board appointed Ms. McBane to serve as a Class B director on the Board”

SPRUCE POWER HOLDING CORP reported the quarter ended March 31, 2024 results: revenue $18.3 million, net income net loss attributable to stockholders of $2.5 million. Guidance reaffirmed.

“of distributed solar energy assets across the United States, today reported financial results for the quarter ended March 31, 2024. Business Highlights • Reported 1Q revenue of $18.3 million, net loss attributable to stockholders of $2.5 million and Operating EBITDA of $10.7 million. • Ended quarter with strong liquidity position for future growth, with $120.6”

John Miller was appointed as Lead Director at SPRUCE POWER HOLDING CORP.

“John Miller, Chair of Nominating and Governance Committee and the newly appointed Lead Director of the Board”

Christian Fong resigned as Chief Executive Officer and President at SPRUCE POWER HOLDING CORP.

“Mr. Hayes succeeds Christian Fong, whose separation from the Company and resignation as a director is effective as of the Transition Date.”

Christopher Hayes was appointed as Chief Executive Officer and President at SPRUCE POWER HOLDING CORP.

“On April 12, 2024, the Board of Directors of the Company appointed Mr. Christopher Hayes, as Chief Executive Officer and President of the Company, effective April 12, 2024”

Christian Fong resigned as Chief Executive Officer and Director at SPRUCE POWER HOLDING CORP.

“Mr. Hayes succeeds Christian Fong, whose separation from the Company and resignation as a director is effective as of the Transition Date.”

Christopher Hayes was appointed as Chief Executive Officer and President at SPRUCE POWER HOLDING CORP.

“appointed Mr. Christopher Hayes, as Chief Executive Officer and President of the Company, effective April 12, 2024”

SPRUCE POWER HOLDING CORP updated its 2024 guidance (initiated).

“Initiated 2024 Operating EBITDA guidance between $68 - $86 million and 2024 Adjusted Free Cash Flow guidance between $0 - $5 million.”

SPRUCE POWER HOLDING CORP reported the fourth quarter and year ended December 31, 2023 results: revenue $15.7 million, net income $30.4 million. Guidance initiated.

“Revenues totaled $15.7 million for the fourth quarter of 2023”

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.

“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%”

SPRUCE POWER HOLDING CORP: Amendment to Second Amended and Restated Certificate of Incorporation to effect a 1-for-8 reverse stock split (effective 2023-10-06).

“On October 6, 2023, Spruce Power Holding Corporation (the “Company”), following stockholder approval at the Special Meeting of Stockholders (the “Special Meeting”) held on October 2, 2023, filed an Amendment to the Company’s Second Amended and Restated Certificate of Incorporation to effect a 1-for-8 reverse stock split”

SPRUCE POWER HOLDING CORP shareholders approved Approve adjournment of the Special Meeting to a later date, if necessary, to permit further solicitation and vote of proxies at the 2023-10-02 meeting.

“The proposal to approve an adjournment of the Special Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of either of the Reverse Stock Split Proposal was approved as follows: Votes For: 78,775,096 Votes Against: 11,459,755 Abstentions: 235,024 Broker Non-Votes 0”

SPRUCE POWER HOLDING CORP shareholders approved Approve amendment to Certificate of Incorporation to effect a reverse stock split of Common Stock at a ratio of 1-for-8 at the 2023-10-02 meeting.

“The proposal to approve an amendment to the Company’s Second Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s outstanding common stock, $0.0001 par value per share (the “Common Stock”), at a ratio of 1-for-8 (the “Reverse Stock Split Proposal”), was approved as follows: Votes For: 79,358,119 Votes Against: 11,015,721 Abstentions: 96,035 Broker Non-Votes 0”

SPRUCE POWER HOLDING CORP reported the second quarter ended June 30, 2023 results: revenue $22.8 million, net income $3.1 million. Guidance initiated.

“Reported 2Q revenue of $22.8 million, net income attributable to stockholders of $3.1 million, and adjusted EBITDA, together with proceeds from investment in lease agreement, of $13.8 million.”

SPRUCE POWER HOLDING CORP shareholders approved Advisory vote regarding executive compensation at the 2023-05-25 meeting.

“Proposal III –Advisory vote regarding executive compensation: For 46,883,312 Against 9,776,641 Abstain 695,613 Broker Non-Vote 36,548,208”

SPRUCE POWER HOLDING CORP shareholders approved Ratification of Audit Committee’s appointment of Deloitte & Touche LLP as independent public accountants for the fiscal year ending December 31, 2023 at the 2023-05-25 meeting.

“Proposal II – Ratification of Audit Committee’s appointment of Deloitte & Touche LLP as independent public accountants for the fiscal year ending December 31, 2023: For 92,994,639 Against 686,223 Abstain 222,912”

SPRUCE POWER HOLDING CORP shareholders approved Election of Directors at the 2023-05-25 meeting.

“Proposal I – Election of Directors Nominee For Withhold Broker Non-Vote Christian Fong 55,497,225 1,858,341 36,548,208 Jonathan Ledecky 40,989,514 16,366,052 36,548,208 Eric Tech 41,291,138 16,064,428 36,548,208”

SPRUCE POWER HOLDING CORP reported first quarter ended March 31, 2023 results: revenue $18.1 million, net income $19.4 million.

“over 72,000 ● Announced a new common share repurchase program for the repurchase of up to $50 million of the Company's outstanding common stock ● Reported 1Q total revenue of $18.1 million, Net Loss of $19.4 million, Adjusted EBITDA of $4.7 million ● Ended quarter with strong liquidity position for future growth and shareholder return initiatives, with $173”

Donald Klein was terminated as Chief Financial Officer at SPRUCE POWER HOLDING CORP.

“Donald Klein's position as Chief Financial Officer of the Company is terminated effective May 19, 2023, consistent with the previously announced transition from XL Fleet to Spruce Power executive management.”

Sarah Weber Wells was appointed as Chief Financial Officer at SPRUCE POWER HOLDING CORP.

“On May 11, 2023, Spruce Power Holding Corporation (the "Company") announced that effective on May 19, 2023, Sarah Weber Wells is appointed as Chief Financial Officer.”

SPRUCE POWER HOLDING CORP engaged Deloitte & Touche LLP as its auditor.

“f the Company’s Board of Directors approved the engagement of Deloitte & Touche LLP (“Deloitte”) as its independent registered public accounting firm, subject to Deloitte’s completion of its customary client acceptance”

SPRUCE POWER HOLDING CORP dismissed Marcum LLP as its auditor.

“On March 30, 2023, Marcum LLP had been dismissed as independent registered public accounting firm of the Company.”

SPRUCE POWER HOLDING CORP engaged Deloitte & Touche LLP as its auditor.

“appointed Deloitte & Touche LLP (“Deloitte”) as its new independent registered public accounting firm, subject to the completion of Deloitte’s customary client acceptance procedures”

SPRUCE POWER HOLDING CORP dismissed Marcum LLP as its auditor.

“On March 30, 2023, Spruce Power Holding Corporation (the "Company") dismissed Marcum LLP as its independent registered public accounting firm and appointed Deloitte & Touche LLP (“Deloitte”) as its new independent registered public accounting firm”

SPRUCE POWER HOLDING CORP engaged Deloitte & Touche LLP as its auditor.

“On March 30, 2023, Spruce Power Holding Corporation (the “Company”) dismissed Marcum LLP as its independent registered public accounting firm and appointed Deloitte & Touche LLP (“Deloitte”) as its new independent registered public accounting firm, subject to the completion of Deloitte’s customary client acceptance procedures.”

SPRUCE POWER HOLDING CORP dismissed Marcum LLP as its auditor.

“orporation (the “Company”) dismissed Marcum LLP as its independent registered public accounting firm and appointed”

SPRUCE POWER HOLDING CORP received a nyse deficiency notice notice regarding minimum bid price (rules 802.01C).

“March 28, 2023, Spruce Power Holding Corp. (the “Company”) was notified by the New York Stock Exchange (the “NYSE”) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s stock was less than $1.00 over a consecutive 30 day trading period. The Company will notify the NYSE on or prior to April 11, 2023 that it intends to cure the stock price deficiency and to return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of th”

SPRUCE POWER HOLDING CORP received a nyse deficiency notice notice regarding minimum bid price (rules 802.01C).

“March 28, 2023, Spruce Power Holding Corp. (the “Company”) was notified by the New York Stock Exchange (the “NYSE”) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s stock was less than $1.00 over a consecutive 30 day trading period. The Company will notify the NYSE on or prior to April 11, 2023 that it intends to cure the stock price deficiency and to return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of th”

SPRUCE POWER HOLDING CORP incurred term loan of $125,000,000 with Deutsche Bank AG, New York Branch at secured overnight financing rate as administered by the Federal Reserve Bank of maturing August 18, 2025.

“the Borrower entered into a Credit Agreement (the “Credit Agreement”) with Deutsche Bank AG, New York Branch, as facility agent, Computershare Trust Company, National Association, as collateral agent and as paying agent, and the financial institutions from time to time party thereto as Lenders, that provides for a 3-year term loan facility in an aggregate principal amount of $125,000,000 (the “Term Loan Facility”).”

SPRUCE POWER HOLDING CORP entered into Membership Interest Purchase and Sale Agreement with Mezzanine Partners III, L.P., AP Mezzanine Partners III, L.P., SS Offshore, L.P., and HPS Investment Partners, LLC valued at approximately $23 million in cash, net of cash acquired, and assumed $125 million in debt (effective 2023-03-23).

“On March 23, 2023, Spruce Power Holding Corporation (the “Company”) entered into a Membership Interest Purchase and Sale Agreement (the “Purchase Agreement”) with Mezzanine Partners III, L.P. (“Mezz Partners”), AP Mezzanine Partners III, L.P. (“AP Mezz Partners”), and SS Offshore, L.P. (“SS Offshore”, and, together with Mezz Partners and AP Mezz Partners, the “Sellers”), and HPS Investment Partners, LLC, a Delaware limited liability company, in its capacity as the Sellers’ Representative, pursuant to which, on the date thereof, the Company acquired 100% of the membership interests in SS Holdings 2017, LLC (“HPS Blocker”), SunStreet Energy Master Tenant Holdings, LLC (“ SEMTH” ), SunStreet Energy Tenant, LLC (“ SET” ), and SET Borrower 2022, LLC (the “ Borrower” and, together with HPS Blocker, SEMTH and SET, collectively, the “Target Companies”), from the Sellers for approximately $23 million in cash, net of cash acquired, and assumed $125 million in debt, subject to the terms and condi”

SPRUCE POWER HOLDING CORP reported the quarter and full year ended December 31, 2022 results: revenue $18.1 million, net income $43.2 million.

“in annual Adjusted EBITDA, and today announced the acquisition of the SEMTH Portfolio, adding approximately 22,500 residential solar customers ● Reported total revenue of $18.1 million in 4Q2022, reflecting the first full quarter contribution of Spruce Power ● Exited 4Q22 with approximately 51,000 customers and PV6 Gross Earning Assets of $739mm ● Christian”

Eric Tech resigned as Chief Executive Officer at SPRUCE POWER HOLDING CORP.

“Eric Tech resigned as Chief Executive Officer of the Company effective February 1, 2023.”

Christian Fong was appointed as Chief Executive Officer at SPRUCE POWER HOLDING CORP.

“Christian Fong was appointed as Chief Executive Officer of Spruce Power Holding Corporation (the "Company").”

Christopher Hayes was elected as Chair of the Board at SPRUCE POWER HOLDING CORP.

“In addition, Christopher Hayes has been elected as the new Chair of the Board.”

Sarah Sclarsic departed as Director at SPRUCE POWER HOLDING CORP.

“Also, on December 20, 2022, Sarah Sclarsic notified the Company that she is resigning from the Board of Directors of the Company effective December 31, 2022.”

Debora M. Frodl departed as Chair of the Board at SPRUCE POWER HOLDING CORP.

“On December 15, 2022, Debora M. Frodl notified Spruce Power Holding Corporation (the "Company") that she is retiring from her position as Chair of the Board and from the Board of Directors of the Company effective December 31, 2022.”

SPRUCE POWER HOLDING CORP: Approved and adopted amendment to Amended and Restated Bylaws to reflect the name change (effective 2022-11-10).

“In connection with the Name Change, effective November 10, 2022, the Company’s Board of Directors also approved and adopted an amendment (the “Bylaws Amendment”) to the Company’s Amended and Restated Bylaws (as so amended, the “Bylaws”) to reflect the Name Change.”

SPRUCE POWER HOLDING CORP: Company changed its name from XL Fleet Corp to Spruce Power Holding Corporation via Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation (effective 2022-11-10).

“On November 10, 2022, XL Fleet Corp. changed its corporate name (the “Name Change”) from “XL Fleet Corp” to “Spruce Power Holding Corporation” (in each case, the “Company”) pursuant to a Certificate of Amendment (the “Certificate of Amendment”) to the Company’s Second Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware. The Certificate of Amendment became effective on November 10, 2022.”