Spruce Power Holding Corporation (SPRU) Earnings
Spruce Power Holding Corporation is expected to report next earnings on November 10, 2026 (in NaN days), with a consensus EPS estimate of $-0.28. SPRU has beaten EPS estimates in 7 of its last 8 reported quarters (average surprise -87.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | — | $0.14 | — | $30M | — |
| May 13, 2026 | — | $-0.16 | — | $23M | — |
| Mar 30, 2026 | — | $-0.38 | — | $24M | +35.0% |
| Mar 31, 2025 | $-0.34 | $-0.29 | +14.7% | $20M | +16.3% |
| Aug 14, 2024 | $-0.07 | $-0.46 | -557.1% | $22M | -8.2% |
| May 15, 2024 | — | $-0.13 | — | $18M | -81.6% |
| Nov 9, 2023 | $-1.66 | $-0.06 | +96.4% | $23M | +178.1% |
| Aug 10, 2023 | $-1.66 | $-0.08 | +95.2% | $23M | +172.9% |
| May 15, 2023 | $-1.56 | $-0.16 | +89.7% | $18M | +116.4% |
| Mar 23, 2023 | $-1.36 | $-0.64 | +53.0% | $18M | +116.7% |
| Mar 1, 2022 | $-0.11 | $-0.05 | +54.5% | $8M | +54.5% |
| Nov 15, 2021 | $-0.10 | $-0.05 | +50.0% | $3M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 12, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Overall Financial and Operating Performance - Delivered solid Q2 2026 results with disciplined company-wide execution, delivering higher operating EBITDA, increased operating income, a return to positive GAAP net income, and net debt reduction while maintaining disciplined liquidity management - Core recurring customer portfolio performance remained stable despite overall year-over-year revenue decline, driven by headwinds from lower SP5 SREC production and a slower-than-anticipated ramp in Spruce Pro revenue - Core operating expenses (SG&A + O&M) declined 21% year-over-year to $13.8 million, remaining below $15 million for four consecutive quarters, with structural cost improvements from earlier efficiency actions • Operational Strategy - Maintains an 83,000-contract, geographically diversified portfolio of long-term customer agreements, with a Q2 2026 customer satisfaction score of 80% - Rollout of an in-house field services model, initially deployed successfully to lower servicing costs in the New Jersey portfolio, is now expanding to Southern California; management expects this model to reduce per-system servicing costs, shorten repair cycle times, and improve control over service quality and system uptime - Evaluating targeted automation and artificial intelligence applications across customer service, asset management, finance, and other core functions to reduce manual work, improve data quality and service levels, and boost productivity without unnecessary overhead additions • Liquidity and Capital Structure - Ended the quarter with $81.5 million in total cash and restricted cash ($44.7 million in unrestricted cash), and repaid $7.9 million in debt principal during the quarter - Total debt principal outstanding as of Q2 end was $680 million, with 91% of floating rate term debt hedged via interest rate swaps; the company remains in compliance with all credit agreement covenants - Refinancing of the maturing SP1 (SB1) and SP2 (SB2) facilities is a critical near-term priority; the company is in preliminary discussions with potential lenders for SP1 and evaluating refinancing alternatives for both facilities, with a goal of completing solutions ahead of maturities while preserving appropriate liquidity and capital structure
Guidance
• Full year 2026 guidance is unchanged from prior forecasts • PPA and lease revenue is expected to remain consistent with first half 2026 portfolio performance and normal seasonal production patterns • SREC production and revenue, particularly for SP5, continues to be monitored, with full year revenue expected to align with first half 2026 performance • Full year O&M expense is expected to be broadly in line with the start-of-year expectations, as first half 2026 O&M cost favorability will be largely offset by higher service activity in the second half of 2026 • Recurring quarterly SG&A expense is expected to trend down from the approximately $11 million Q2 2026 level to approximately $10 million by the fourth quarter of 2026 • Management expects the business to continue generating stable recurring portfolio cash flows from operations while improving operating efficiency and advancing refinancing objectives
Segment performance
Total company revenue for Q2 2026 was $30.3 million, down from $33.3 million in Q2 2025. Combined Power Purchase Agreement (PPA) and Service Level Agreement (SLA) revenue increased 2% year-over-year to $22.5 million, accounting for 74.3% of total Q2 2026 revenue. The combined portfolio generated 196,000 MWh of power, up from 187,000 MWh in the prior year quarter. Performance-based incentive revenue decreased by $1.4 million year-over-year, SREC revenue decreased by $1.1 million, and other revenue had a net $900,000 year-over-year reduction. Solar energy system depreciation was essentially flat at $7.3 million year-over-year. SG&A expense was $11.3 million (37.3% of total revenue) down 26% year-over-year, and O&M expense was $2.5 million (8.3% of total revenue) up from $2.2 million in the prior year quarter. Total operating expenses were $20.6 million, down 16% year-over-year. Operating EBITDA was $26.5 million, up from $24.6 million in Q2 2025, and income from operations increased 10% to $9.8 million. Net income attributable to stockholders was $3.3 million, compared to a net loss of $3 million in Q2 2025.
Risks & headwinds
• A going concern disclosure is included in Q2 2026 financial statements under GAAP requirements, as the SP1 (SB1) and SP2 (SB2) facilities mature within 12 months of the financial statement issuance date, and no committed refinancing arrangements were in place as of quarter end • The current balance sheet classification of the maturing SP1 and SP2 facilities resulted in a reported negative working capital position at the end of Q2 2026 • There is no assurance that refinancing transactions for the maturing facilities will be completed on acceptable terms, on a timely basis, or at all • The slower-than-expected ramp of Spruce Pro revenue and lower-than-expected SP5 SREC production created material year-over-year revenue headwinds in Q2 2026, and SREC production performance remains a monitoring point for full year results