Spruce Power Holding Corp
NYSE:SPRU

  • LAST PRICE
    3.5100
  • TODAY'S CHANGE (%)
    -0.0200 (-0.5666%)
  • Bid / Lots
    3.5000/ 2
  • Ask / Lots
    3.6400/ 1
  • Open / Previous Close
    3.5000 / 3.5300
  • Day Range
    3.3900
    3.6300
  • 52 Week Range
    3.0898
    8.4000
  • Volume
    36,512

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  • May 15, 2024

      Show headlines and story abstract

    • 4:06PM ET on Wednesday May 15, 2024 by MT Newswires
      Companies Mentioned: SPRU
      04:06 PM EDT, 05/15/2024 (MT Newswires) -- ...

    • 4:05PM ET on Wednesday May 15, 2024 by Business Wire
      Companies Mentioned: SPRU

      Spruce Power Holding Corporation (NYSE: SPRU) ("Spruce" or the "Company"), a leading owner and operator of distributed solar energy assets across the United States, today reported financial results for the quarter ended March 31, 2024.

    • 4:05PM ET on Wednesday May 15, 2024 by Dow Jones
      Companies Mentioned: SPRU
      ========== ========== Spruce Power Holding Corporation Reconciliation of Non-GAAP Financial Measures For the Three Months Ended March 31, 2024 and 2023 Three Months Ended March 31, ------------------------- (In thousands) 2024 2023 --------------------------------------------- ------- ------- Reconciliation of Net Loss to EBITDA, Adjusted EBITDA and Operating EBITDA Net loss attributable to stockholders $ (2,454) $(19,395) Net income attributable to redeemable noncontrolling interests and noncontrolling interests 4 551 Interest income (5,386) (2,351) Interest expense, net 10,942 9,167 Depreciation and amortization 4,988 5,507 ------- ------- EBITDA 8,094 (6,521) Net loss from discontinued operations 1 3,866 Restructuring charges -- 672 Legal charges related to SEC investigation and shareholder lawsuits 720 2,153 Gain on asset disposal (453) (2,658) Change in fair value of interest rate swaps (6,409) 5,588 Meter upgrade campaign 258 554 Other one-time costs 163 720 Change in fair value warrant liabilities (9) (115) Stock based compensation 830 796 Bad debt expense 517 174 Accretion expense 59 -- Non-recurring acquisition/divestment expenses -- 409 ------- ------- Adjusted EBITDA 3,771 5,638 Proceeds from investment in lease agreement, net 3,863 809 Proceeds from buyouts / prepayments 1,431 2,033 Interest earned on cash investments 1,638 2,131 ------- ------- Operating EBITDA $ 10,703 $ 10,611 ======= ======= Spruce Power Holding Corporation Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 and December 31, 2023 As of ---------------------------- (In thousands, except share and per March 31, December 31, share amounts) 2024 2023 --------------------------------------- ---------- ---------------- Assets Current assets Cash and cash equivalents $ 120,581 $ 141,354 Restricted cash 29,087 31,587 Accounts receivable, net of allowance of $1.4 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively 10,961 9,188 Interest rate swap assets, current 12,232 11,333 Prepaid expenses and other current assets 5,377 9,879 -------- --------- Total current assets 178,238 203,341 Investment related to SEMTH master lease agreement 142,993 143,095 Property and equipment, net 477,834 484,406 Interest rate swap assets, non-current 21,489 16,550 Intangible assets, net 9,886 10,196 Deferred rent assets 2,809 2,454 Right-of-use assets, net 5,626 5,933 Goodwill 28,757 28,757 Other assets 255 257 Long-term assets of discontinued operations 1 32 -------- --------- Total assets $ 867,888 $ 895,021 ======== ========= Liabilities and stockholders' equity Current liabilities Accounts payable $ 769 $ 1,120 Non-recourse debt, current, net 28,181 27,914 Accrued expenses and other current liabilities 22,006 40,634 Deferred revenue, current 1,149 878 Lease liability, current 1,140 1,166 -------- --------- Total current liabilities 53,245 71,712 Non-recourse debt, non-current, net 585,355 590,866 Deferred revenue, non-current 2,038 1,858 Lease liability, non-current 5,472 5,731 Warrant liabilities 8 17 Unfavorable solar renewable energy agreements, net 5,242 6,108 Interest rate swap liabilities, non-current 270 843 Other long-term liabilities 3,107 3,047 Long-term liabilities of discontinued operations 187 170 -------- --------- Total liabilities 654,924 680,352 Commitments and contingencies Stockholders' equity: Common stock, $0.0001 par value; 350,000,000 shares authorized at March 31, 2024 and December 31, 2023; 19,098,246 and 18,297,596 shares issued and outstanding at March 31, 2024, respectively, and 19,093,186 issued and 18,292,536 outstanding at December 31, 2023 2 2 Additional paid-in capital 476,475 475,654 Accumulated deficit (260,342) (257,888) Treasury stock at cost, 800,650 shares at March 31, 2024 and December 31, 2023, respectively (5,424) (5,424) Noncontrolling interests 2,253 2,325 -------- --------- Total stockholders' equity 212,964 214,669 -------- --------- Total liabilities and stockholders' equity $ 867,888 $ 895,021 ======== =========

    • 4:05PM ET on Wednesday May 15, 2024 by Dow Jones
      Companies Mentioned: SPRU

  • May 6, 2024

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