Spruce Power Holding Corp

xlfleet.com

What Do They Do?

Owns and operates residential solar systems, sells their electricity to homeowners, and provides servicing and asset-management services to other solar-system owners.

Who Are Their Customers?

Homeowners contract with Spruce for electricity or access to solar systems. Other solar-system owners contract for portfolio management and servicing.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: no customer at 10% or more of revenue

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −9%; vs $33.3M in Q2 FY2025
Net income: ▲ Now profitable; vs −$3M in Q2 FY2025

SLA revenues share of revenue vs 30.1% in Q2 FY2025

Broader servicing market The earlier report describes servicing residential solar systems and loan support for homeowners; the latest report says Spruce Pro also serves commercial and industrial solar assets.

Revenue over time

PPA revenues SLA revenues Solar renewable energy credit revenues Performance-based incentives Servicing revenues Intangibles amortization, unfavorable solar renewable energy revenue agreements Other revenue

$200M$100M$0

FY2022 FY2023 FY2024 FY2025

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