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Spruce Power Holding Corporation Class A (SPRU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $21.4 million from $23.3 million in the same quarter the previous year. The decrease is attributed to lower solar renewable energy credit revenues and higher performance guarantee obligations.
Cost of revenues for the quarter was $9.7 million, representing 45% of revenues, compared to 42% in the same quarter of the previous year. This increase is due to higher operation and maintenance costs.
The company reported a net loss from continuing operations of $53.6 million for the quarter, compared to $19.0 million in the previous year, with the increase attributed to a goodwill impairment charge of $28.8 million.
Interest income decreased to $6.3 million from $8.3 million, primarily due to lower interest income from investments.
Interest expense was $11.4 million, slightly up from $11.2 million, primarily due to changes in the fair value of interest rate swaps.
Net loss attributable to stockholders was $53.5 million, compared to $19.3 million in the previous year. The loss per share was $2.88, compared to $1.11 in the previous year.
Cash used in operating activities was $28.3 million, while cash provided by investing activities was $23.4 million, primarily from proceeds related to the SEMTH investment and sale of solar energy systems.
The company had a working capital of $110.2 million as of September 30, 2024. Management believes no additional capital will be needed to execute its business plan over the next 12 months.
The filing also details legal proceedings, including settlements related to securities class actions and shareholder derivative actions.
Spruce Power continues to focus on expanding its home solar energy systems and acquiring additional assets, with a non-binding letter of intent to acquire approximately 10,000 home solar assets.
The company acknowledges its dependence on the development of distributed energy assets and the availability of financing to support future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spruce Power Holding Corporation Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.