Spruce Power Holding Corp

NYSE:SPRUUnited States

Nov 13, 2024

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• -- Earnings Flash (SPRU) SPRUCE POWER HOLDING CORPORATION Posts Q3 Revenue $21.4M, from 4:30PM ET on Wednesday Nov 13, 2024 by MT Newswires

  4:30PM ET on Wednesday Nov 13, 2024 by MT Newswires
  Companies Mentioned: SPRU
  04:30 PM EST, 11/13/2024 (MT Newswires) -- ...

• Spruce Power Reports Third Quarter 2024 Results, from 4:05PM ET on Wednesday Nov 13, 2024 by Dow Jones

  4:05PM ET on Wednesday Nov 13, 2024 by Dow Jones
  Companies Mentioned: SPRU
  Net loss (53,554) (19,167) Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests (25) 146 ------------ ----------- Net loss attributable to stockholders $ (53,529) $ (19,313) ============ =========== Net loss from continuing operations per share, basic and diluted $ (2.88) $ (1.09) ============ =========== Net loss from discontinued operations per share, basic and diluted $ -- $ (0.01) ============ =========== Net loss attributable to stockholders per share, basic and diluted $ (2.88) $ (1.11) ============ =========== Weighted-average shares outstanding, basic and diluted 18,566,015 17,351,796 ============ =========== Spruce Power Holding Corporation Reconciliation of Non-GAAP Financial Measures For the Three Months Ended September 30, 2024 and 2023 Three Months Ended September 30, ---------------------- (In thousands) 2024 2023 ---------------------------------------------- ------- ------- Reconciliation of Net Loss to EBITDA, Adjusted EBITDA and Operating EBITDA Net loss attributable to stockholders $(53,529) $(19,313) Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests (25) 146 Interest income (6,265) (8,255) Interest expense, net 11,367 11,192 Depreciation and amortization 4,983 5,324 ------- ------- EBITDA (43,469) (10,906) Net loss from discontinued operations 4 204 Impairment of goodwill 28,757 -- Legal charges related to SEC investigation and shareholder lawsuits 7,078 24,451 Gain on asset disposal (603) (773) Change in fair value of interest rate swaps 11,328 (8,061) Meter upgrade campaign 954 1,254 Other one-time costs 1,533 572 Change in fair value warrant liabilities (2) (70) Stock based compensation 761 850 Bad debt expense 309 1,332 Accretion expense 62 -- Non-recurring acquisition/divestment expenses -- 355 ------- ------- Adjusted EBITDA 6,712 9,208 Proceeds from investment in lease agreement, net 7,495 7,247 Proceeds from buyouts / prepayments 1,945 1,518 Interest earned on cash investments 1,596 1,811 ------- ------- Operating EBITDA $ 17,748 $ 19,784 ======= ======= Spruce Power Holding Corporation Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 and December 31, 2023 As of --------------------------------- (In thousands, except share and per September 30, December 31, share amounts) 2024 2023 ------------------------------------ --------------- ---------------- Assets Current assets Cash and cash equivalents $ 113,658 $ 141,354 Restricted cash 36,323 31,587 Accounts receivable, net of allowance of $0.9 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively 11,523 9,188 Interest rate swap assets, current 6,723 11,333 Prepaid expenses and other current assets 4,779 9,879 ---------- --------- Total current assets 173,006 203,341 Investment related to SEMTH master lease agreement 138,340 143,095 Property and equipment, net 464,695 484,406 Interest rate swap assets, non-current 12,812 16,550 Intangible assets, net 9,267 10,196 Deferred rent assets 3,370 2,454 Right-of-use assets, net 5,029 5,933 Goodwill -- 28,757 Other assets 255 257 Long-term assets of discontinued operations -- 32 ---------- --------- Total assets $ 806,774 $ 895,021 ========== ========= Liabilities and stockholders' equity Current liabilities Accounts payable $ 858 $ 1,120 Non-recourse debt, current, net 28,351 27,914 Accrued expenses and other current liabilities 30,892 40,634 Deferred revenue, current 1,686 878 Lease liability, current 956 1,166 Current liabilities of discontinued operations 65 -- ---------- --------- Total current liabilities 62,808 71,712 Non-recourse debt, non-current, net 577,005 590,866 Deferred revenue, non-current 2,876 1,858 Lease liability, non-current 5,061 5,731 Warrant liabilities -- 17 Unfavorable solar renewable energy agreements, net 3,510 6,108 Interest rate swap liabilities, non-current 607 843 Other long-term liabilities 3,219 3,047 Long-term liabilities of discontinued operations 52 170 ---------- --------- Total liabilities 655,138 680,352 Commitments and contingencies Stockholders' equity: Common stock, $0.0001 par value; 350,000,000 shares authorized at September 30, 2024 and December 31, 2023; 19,398,378 and 18,597,728 shares issued and outstanding at September 30, 2024, respectively, and 19,093,186 issued and 18,292,536 outstanding at December 31, 2023 2 2 Additional paid-in capital 477,413 475,654 Accumulated deficit (322,449) (257,888) Treasury stock at cost, 800,650 shares at September 30, 2024 and December 31, 2023 (5,424) (5,424) Noncontrolling interests 2,094 2,325 ---------- --------- Total stockholders' equity 151,636 214,669 ---------- --------- Total liabilities and stockholders' equity $ 806,774 $ 895,021 ========== =========