Spruce Power Holding Corporation (SPRU) Income Statement
SPRU 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSPRU revenue and net income
Where SPRU's revenue goes
2025Each bar shows an amount and its share of revenue. SPRU kept −23.3% of revenue as net income.
SPRU profit margins
SPRU growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +36.2% | +68.9% | +40.6% | — |
| Gross profit | +73.0% | +76.6% | +92.7% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SPRU quarterly EPS vs estimates
Spruce Power beat the analyst EPS estimate in 0 of the last 3 quarters. Next report: November 10, 2026.
SPRU income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $111.8M | $82.1M | $79.9M | $23.2M | $15.6M | $20.3M | $7.2M | $9.5M |
| Cost of revenue | $38.9M | $40.0M | $37.8M | $9.9M | $16.3M | $17.6M | $8.1M | $11.0M |
| Gross profit | $72.9M | $42.1M | $42.0M | $13.2M | −$696,000 | $2.7M | −$860,000 | −$1.5M |
| Research & development | — | — | — | $9.8M | $10.8M | $4.4M | $2.9M | $1.9M |
| Sales, general & admin | $55.1M | $58.9M | $72.7M | $73.1M | $47.4M | $13.6M | $9.8M | — |
| Total operating expenses | $55.1M | $92.5M | $56.1M | $73.1M | $35.1M | $18.0M | $12.7M | $11.2M |
| Operating income | $17.8M | −$50.4M | −$14.1M | −$59.9M | −$35.1M | −$15.3M | −$13.6M | −$12.7M |
| Interest income | $20.7M | $22.8M | $19.5M | $1.3M | — | — | — | — |
| Interest expense | $50.9M | $40.2M | $41.9M | $11.4M | $39,000 | $6.4M | $2.2M | — |
| Income before taxes | −$25.6M | −$70.1M | −$62.5M | −$52.7M | $52.6M | −$25.6M | −$14.9M | −$12.9M |
| Income taxes | — | −$411,000 | $3.3M | −$6.4M | −$1.1M | $5.7M | $2.2M | — |
| Net income | −$26.0M | −$70.5M | −$65.8M | −$93.9M | $28.8M | −$31.3M | −$14.9M | −$12.9M |
| EBITDA | $55.5M | −$8.6M | $1.0M | −$34.8M | $52.6M | −$14.7M | −$12.4M | −$12.4M |
| EPS (diluted) | −$1.44 | −$0.84 | −$2.82 | −$2.32 | −$2.11 | −$0.25 | $0.34 | — |
| Gross margin | 65.2% | 51.3% | 52.7% | 57.1% | −4.5% | 13.5% | −11.9% | −15.4% |
| Operating margin | 15.9% | −61.4% | −17.6% | −258.1% | −225.0% | −75.2% | −188.1% | −133.0% |
| Net margin | −23.3% | −85.9% | −82.4% | −405.0% | 184.6% | −154.1% | −206.5% | −135.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.3M | $23.4M | $24.0M | $30.7M | $33.2M | $23.8M | $20.2M | $21.4M | $22.5M | $18.3M | $15.7M | $23.2M |
| Cost of revenue | $10.3M | $8.4M | $9.0M | $9.3M | $9.4M | $11.2M | $11.5M | $9.7M | $10.1M | $8.9M | $11.3M | $9.8M |
| Gross profit | $20.1M | $15.0M | $15.1M | $21.4M | $23.8M | $12.6M | $8.8M | $11.7M | $12.3M | $9.4M | $4.4M | $13.4M |
| Sales, general & admin | $11.3M | $11.6M | $13.0M | $12.9M | $15.1M | $14.1M | $15.5M | $13.5M | $16.7M | $13.5M | $12.0M | $12.4M |
| Total operating expenses | $10.7M | $11.6M | $13.0M | $12.9M | $15.1M | $14.3M | $15.2M | $48.9M | $15.7M | $13.0M | $12.5M | $38.0M |
| Operating income | $9.3M | $3.4M | $2.1M | $8.4M | $8.7M | −$1.7M | −$6.4M | −$37.2M | −$3.4M | −$3.6M | −$8.1M | −$24.5M |
| Interest income | $4.8M | $4.8M | $5.1M | $5.2M | $5.2M | $5.3M | $5.8M | $6.3M | $5.3M | $5.4M | — | $8.3M |
| Interest expense | $12.8M | $12.3M | $12.6M | $12.8M | $12.8M | $12.7M | $10.3M | $11.4M | $7.6M | $10.9M | $11.1M | $2.9M |
| Income before taxes | $3.5M | −$2.9M | −$6.8M | −$677,000 | −$2.9M | −$15.3M | −$5.5M | −$53.5M | −$8.8M | −$2.4M | −$30.5M | −$19.0M |
| Income taxes | — | — | — | — | — | — | — | — | $5,000 | $4,000 | −$145,000 | −$5.6M |
| Net income | $3.3M | −$2.9M | −$6.9M | −$860,000 | −$3.0M | −$15.3M | −$5.9M | −$53.5M | −$8.6M | −$2.5M | −$30.4M | −$19.3M |
| EBITDA | $17.0M | $16.9M | $13.1M | $21.4M | $16.0M | $5.3M | $10.5M | $3.4M | $4.0M | $1.2M | −$3.4M | $6.6M |
| EPS (diluted) | $0.14 | −$0.16 | — | −$0.05 | −$0.16 | −$0.32 | −$0.32 | −$0.24 | −$0.15 | −$0.13 | −$1.60 | −$1.11 |
| Gross margin | 66.1% | 64.0% | 62.7% | 69.6% | 71.6% | 53.1% | 43.3% | 54.8% | 54.9% | 51.5% | 27.8% | 57.8% |
| Operating margin | 30.7% | 14.5% | 8.7% | 27.5% | 26.2% | −7.1% | −31.8% | −173.8% | −14.9% | −19.7% | −51.5% | −105.4% |
| Net margin | 10.9% | −12.5% | −28.6% | −2.8% | −8.9% | −64.4% | −29.3% | −250.4% | −38.2% | −13.4% | −193.6% | −83.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SPRU's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SPRU financial results
In fiscal year 2025 (ended December 31, 2025), Spruce Power reported revenue of $111.8 million, up 36.2% from the year before. It had a net loss of $26.0 million, a net profit margin of −23.3%. Diluted earnings per share came to −$1.44. Over five years revenue grew at an average rate of 40.6% a year.
See the SPRU stock overview for the latest quote and news, or the SPRU chart for price history and technical indicators.
SPRU income statement FAQ
What is Spruce Power's annual revenue?
Spruce Power reported total revenue of $111.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 36.2% from $82.1 million the previous year.
Is Spruce Power profitable?
No. Spruce Power reported a net loss of $26.0 million in fiscal 2025, a net profit margin of −23.3%; its operating margin was 15.9%.
What is Spruce Power's gross margin?
Spruce Power's gross margin was 65.2% in fiscal 2025: for every $100 of revenue, Spruce Power kept $65 after the direct cost of its products and services.
How fast is Spruce Power growing?
Revenue grew 40.6% a year on average over the last five fiscal years, from $20.3 million to $111.8 million.
What are Spruce Power's earnings per share?
Spruce Power earned $-1.44 per diluted share in fiscal 2025, compared with $-0.84 a year earlier.
When will Spruce Power report its next earnings?
Spruce Power is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 after the market closes.
When does Spruce Power's fiscal year end?
Spruce Power's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.