Spruce Power Holding Corporation (NYSE: SPRU) is a distributed solar energy company that owns and operates rooftop solar energy systems installed at residential properties across the United States. Revenue comes primarily from long-term Customer Agreements under which homeowners make recurring monthly payments for the lease of solar systems or the electricity those systems generate, supplemented by sales of solar renewable energy credits (SRECs) to third parties. The company serves approximately 84,000 home solar assets and customer contracts as of the 10-K filed March 31, 2026. Spruce Power was formerly XL Fleet Corp., a commercial vehicle electrification business, and pivoted to residential solar through the September 2022 acquisition of Legacy Spruce Power, subsequently renaming the company and changing its ticker from XL to SPRU. For FY2025, revenues totaled $111.8 million, up from $82.1 million in FY2024, with the increase driven in part by the NJR Acquisition completed in November 2024. The company reported a net loss attributable to stockholders of $26.0 million in FY2025. The portfolio generated approximately 709 thousand MWh of power in FY2025.

Revenue model

Recurring monthly payments from homeowners under long-term Customer Agreements structured as either solar system leases or power purchase agreements (electricity sales); third-party sales of solar renewable energy credits (SRECs) generated by the portfolio.

Products and services

Ownership and maintenance of residential rooftop solar energy systems; subscription-based home solar services; SREC monetization; energy storage offerings noted as a future service category; Spruce Pro servicing platform for residential solar management.

Customers and end markets

Primary customers are homeowners in the United States under long-term bilateral contracts. The company also serves the SREC market through third-party contracts. Portfolio spans approximately 84,000 home solar assets and customer contracts as of the filing date.

Value-chain role

Asset owner and operator. Spruce Power owns the solar systems installed on customer rooftops, handles maintenance through qualified field service partners, manages customer billing in-house, and monetizes both electricity generation and renewable energy credits. It acquires existing operating portfolios from other companies or investment funds rather than installing new systems as its primary growth channel.

Geographic exposure

United States, with operations described as distributed across the country. No specific state-level revenue breakdown is provided in the excerpts.

Competitors

Other solar companies with vertically integrated business models, Existing solar servicing companies, Finance-focused organizations acquiring solar portfolios, Regulated utility holding companies

Source: SEC 10-K, filed 2026-03-31

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