Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data SPRUCE POWER HOLDING CORP files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
7.22
20.3
0
23.2
79.9
82.1
112
Cost of revenue
8.08
17.6
16.3
9.95
37.8
Gross profit
-0.86
2.74
-0.7
13.2
42
Research and development
2.87
4.45
10.8
Selling, general and administrative
9.84
13.6
35.1
73.1
56.1
58.9
55.1
Operating expenses
35.1
83.1
Operating income
-13.6
-15.3
-35.1
-59.3
-36.8
-50.4
17.9
Interest expense
0.1
0.09
0.04
11.4
41.9
40.2
50.9
Interest income
1.34
19.5
22.8
20.7
Income tax
0
Net income to minority interests
0
1.14
-0.78
0.44
0.32
Net income
-14.9
-60.6
28.8
-93.9
-65.8
-70.5
-26
EBITDA
-13.3
-14.7
-35.1
-52.8
-15.2
-26
48.1
EPS, basic
-1.52
-5.75
1.68
-5.27
-3.58
-3.82
-1.44
EPS, diluted
-1.52
-5.75
1.52
-5.27
-3.58
-3.82
-1.44
Shares, basic (weighted)
10
10.6
17.3
17.8
18.4
18.5
18.1
Shares, diluted (weighted)
10
10.6
18.6
17.8
18.4
18.5
18.1
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
3.54
330
352
220
141
72.8
54.8
Receivables
1.16
10.6
0
8.34
9.19
15
15.7
Inventory
2.24
3.57
15.3
Other current assets
0.15
1.4
0.31
5.32
9.88
6.01
3.19
Total current assets
7.08
345
375
275
203
136
116
Property, plant and equipment
0.84
0.58
0
396
484
589
561
Lease right-of-use assets
0.15
2.8
5.93
4.75
4.21
Goodwill
0.49
0.49
0
28.8
28.8
0
Intangible assets
0.81
0.59
4.87
0
10.2
8.96
7.83
Other non-current assets
0.03
0.03
0
0.38
0.26
0.26
0.27
Total assets
9.25
347
393
827
895
898
837
Accounts payable
0.55
4.37
0.7
2.9
1.12
0.99
1.92
Deferred revenue
0
0.04
0.88
1.19
1.22
Short-term debt
1.44
0.11
0.08
25.3
27.9
28.3
214
Total current liabilities
15.5
9.08
16.6
59.7
71.7
59.6
239
Long-term debt
0.1
0
474
591
677
463
Lease liabilities
0.09
2.43
5.73
4.85
4.18
Other non-current liabilities
0
0.01
3.05
3.54
3.87
Total liabilities
22.9
158
31.4
538
680
752
716
Total debt
1.85
0.1
0.02
533
647
731
696
Paid-in capital
53.9
317
461
473
476
478
481
Retained earnings
-67.6
-128
-99.4
-193
-258
-328
-354
Treasury stock
0
-5.42
-6.28
-8.1
Shareholders' equity
-13.7
189
362
144
119
Minority interests
0
8.94
2.33
2.44
2.42
Total equity
-13.7
189
362
289
215
146
121
Total liabilities and equity
9.25
347
393
827
895
898
837
Shares outstanding
10.1
16.5
17.6
18
18.3
18.3
18.2
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-14.9
-60.6
28.8
-92.8
-66.6
-70.1
-25.7
Depreciation and amortization
0.32
0.62
0
6.46
21.6
24.4
30.2
Stock-based compensation
0.21
0.98
7.88
10
2.89
2.71
2.96
Change in receivables
2.61
-9.4
0
0.55
0.09
-3.49
-2.04
Change in inventory
0.22
-1.33
-10.4
-1.63
-0.83
-1.26
-1.16
Change in payables
-1.09
3.82
-0.58
-1.7
-1.78
-0.13
0.93
Cash from operations
-11.6
-19.9
-48.5
-63.5
-33.7
-41.8
-3.53
Capital expenditures
-0.03
-0.15
-3.64
0
-0.5
-0.35
-0.22
Acquisitions
0
-32.6
-43.1
-133
-5.33
Purchases of investments
-3
0
Cash from investing
-0.03
-0.15
-14.8
-29
-16.7
-101
24.8
Debt issued
2.5
0
21.4
240
0
Stock issued
0.01
145
0.23
0
0.15
0
0.1
Share buybacks
0
-5.42
-0.85
-1.82
Cash from financing
9.21
346
85.4
-19.2
-16.8
79.4
-37.3
Net change in cash
-2.37
326
22
-112
-67.2
-63.8
-16
Free cash flow
-11.6
-20
-52.1
-63.5
-34.2
-42.2
-3.75
Interest paid
0.39
0.05
12.4
Income taxes paid
0.39
0.05
12.4
37.5
35.1
43
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.94 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
22.5%
Operating income / revenue.
EBITDA margin
50.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-6.8%
Net income / revenue.
FCF margin
1.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
1.9%
Cash from operations / revenue.
Return on equity (ROE)
-6.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-0.9%
Net income / average total assets.
Return on invested capital (ROIC)
2.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
45.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
3.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
27.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
36.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
68.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
40.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-17.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
-8.9%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-6.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
0.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
19.3%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
-2.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
11.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.40x
Current assets / current liabilities.
Quick ratio
0.24x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.15x
(Cash + short-term investments) / current liabilities.
Debt / equity
5.64x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
83.0%
Total debt / total assets.
Liabilities / assets
85.0%
Total liabilities / total assets.
Net debt
$634.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA
11.6x
Net debt / EBITDA (twelve months), when EBITDA is positive.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.33
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$4.94
Revenue / diluted weighted shares.
FCF per share
$0.09
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.09
Cash from operations / diluted weighted shares.
Book value per share
$6.25
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$37.3M
Share price x shares outstanding.
Enterprise value
$672.2M
Market cap + total debt - cash - short-term investments.
P/S
0.34x
Market cap / revenue.
P/B
0.31x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.33x
Market cap / tangible book value, when positive.
P/FCF
18.9x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
18.6x
Market cap / cash from operations, when positive.
EV/Sales
6.20x
Enterprise value / revenue.
EV/EBIT
27.6x
Enterprise value / operating income, when both are positive.
EV/EBITDA
12.3x
Enterprise value / EBITDA, when both are positive.
EV/FCF
340x
Enterprise value / free cash flow, when both are positive.
FCF yield
5.3%
Free cash flow / market cap.
Earnings yield
-19.6%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was SPRUCE POWER HOLDING CORP's revenue in fiscal 2025?
SPRUCE POWER HOLDING CORP reported revenue of $111.8M for fiscal 2025, 36.2% higher than the year before.
Was SPRUCE POWER HOLDING CORP profitable in fiscal 2025?
No. It reported a net loss of $26.0M.
How much free cash flow did SPRUCE POWER HOLDING CORP generate in fiscal 2025?
Cash from operations of $3.5M minus capital expenditures of $221.0K left free cash flow of -$3.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.