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Spruce Power Holding Corporation Class A (SPRU+3.90%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Spruce Power's operations as a leading owner and operator of distributed solar energy assets in the U.S., with approximately 85,000 home solar assets and customer contracts.
Spruce Power reported revenues of $82.1 million for 2024, a 3% increase from $79.9 million in 2023, primarily due to increased power purchase agreement revenues.
Operating expenses totaled $132.5 million, a 14% increase from the previous year, driven by higher operations and maintenance costs and a $28.8 million goodwill impairment.
The company recorded a net loss of $70.5 million, compared to a net loss of $65.8 million in 2023, with the increase attributed to the goodwill impairment and litigation settlements.
Spruce Power's cash and cash equivalents were $72.8 million as of December 31, 2024, with total assets amounting to $898.5 million.
The company completed the acquisition of approximately 9,800 solar energy systems in November 2024, expanding its portfolio and long-term customer agreements.
Spruce Power's non-recourse debt stood at $705.3 million, with a significant portion related to recent acquisitions and refinancing activities.
The company continues to focus on leveraging its platform for growth in distributed energy resources and aims to increase shareholder value through predictable revenues and cash flow.
Spruce Power's management identified material weaknesses in internal controls over financial reporting, specifically related to revenue recognition and control environment, which they are actively working to remediate.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.