10-K · July 24, 2026
Spruce Power delivered a strong FY2025 operating recovery: revenue grew 36% to $111.8M, gross margin rose to 65.2%, and operating results turned to a $17.9M profit from a $50.4M loss. The strategy centers on recurring…
Earnings analysis · 10-Q
SPRU earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Spruce reported $30.347 million of Q2 2026 revenue and $0.14 diluted EPS, with revenue up sequentially but down approximately 8% year over year. Profitability improved materially as operating income reached $9.8 million…
Read full summary
Spruce reported $30.347 million of Q2 2026 revenue and $0.14 diluted EPS, with revenue up sequentially but down approximately 8% year over year. Profitability improved materially as operating income reached $9.8 million and operating expenses declined 16% to $20.6 million. However, operating cash flow remained negative at $3.2 million, and the company continues to face refinancing risk; no quantitative forward guidance or material risk-factor changes were provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.14
- Operating margin
- 32.3%
What stood out
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Sequential revenue rebound
Revenue was $30.347 million, up from approximately $23 million in Q1 2026, but down from approximately $33 million in Q2 2025, representing roughly 32% sequential growth and 8% year-over-year contraction.
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Returned to profitability
Diluted EPS improved to $0.14 from a $0.16 loss in Q1 2026 and a $0.17 loss in Q2 2025, marking a return to quarterly profitability.
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Cost reductions lifted profit
Operating income increased to $9.8 million while operating expenses fell 16% to $20.6 million, supporting an approximately 32.3% operating margin.
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Refinancing plan underway
Management stated that it expects to pursue broader portfolio refinancing during the second half of 2026, with the objective of creating sustainable shareholder value.
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Controls remained effective
Disclosure controls and procedures were concluded to be effective as of June 30, 2026, and management reported no material changes in internal control over financial reporting during the quarter.
What to watch
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Top-line contraction
Revenue declined approximately 8% year over year, from approximately $33 million in Q2 2025 to $30.347 million in Q2 2026, indicating continued top-line pressure despite sequential improvement.
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Negative operating cash flow
Operating cash flow remained negative at $3.2 million for the quarter, creating a liquidity risk even as the company reported $0.14 of diluted EPS.
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Refinancing and leverage risk
The filing includes credit-agreement amendments dated March 27, 2026 and July 31, 2026, while management expects broader portfolio refinancing in the second half of 2026; execution and refinancing risk remain material.
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No new risk-factor changes
The company stated that there were no material changes to the risk factors disclosed in its December 31, 2025 Form 10-K, so no new risk-factor update was identified in this 10-Q.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects to pursue broader portfolio refinancing and sustainable shareholder value during the second half of 2026.
Earlier filings 4
10-Q · May 14, 2026
Spruce Power reported Q4 2026 results with revenues of $24.0 million, reflecting a 2% decline from the prior year but improved operational efficiency resulting in significant reductions in net loss from $15.3 million to…
10-K · April 23, 2026
This Amendment No. 2 to the Form 10-K (filed April 23, 2026) supplements the Original Form 10-K by adding Part III (Items 10–14) disclosures on governance, director composition, executive compensation and related-party…
10-K · March 31, 2026
Spruce Power positions itself as a leading owner/operator of distributed residential solar with a subscription-based model covering approximately 84,000 home solar assets and customer contracts and a combined portfolio…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.