Spruce Power Holding Corporation (SPRU) Stock

Spruce Power Holding Corporation (SPRU) is a Utilities stock trading at $1.95 (as of 2026-08-21), with a market capitalization of $35.82M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

The provided materials do not include Spruce Power Holding Corporation’s SEC 10-K Item 1 “Business” text, and the only secondary description supplied appears to relate to a different company; therefore no verified, source-based facts are available to accurately describe Spruce Power’s products or customers.

Understand Spruce Power Holding Corporation: how it makes money

Spruce Power Holding Corporation offers fleet electrification solutions for commercial vehicles, including hybrid and plug-in hybrid electric drive systems, plus vehicle electrification and charging stations, and it also records solar-style recurring revenue streams such as Solar Renewable Energy Certificates, Power Purchase Agreement Revenue, and Residential Solar Lease Revenue.

The profit engine is built on contracted, long-duration cash flows from customer solar arrangements, where key signals are the size of the customer contract base and the average remaining contract life, supported by asset and performance tracking.

Revenue by segment (latest quarter)
SREC	$0.0B
PPA	$0.0B
SolarLease	$0.0B

Business quality (Mixed): Key operating and portfolio metrics are provided (customer contracts, contract life, and performance), but the dataset is internally inconsistent (reported revenue is 0.0B while solar segment revenue candidates each show 0.01B), so investors should treat the mix and totals as low confidence until reconciled.

Bull case

Long-dated contract structure: Average Remaining Contract Life is 10 (unit shown as count), which supports the idea that earnings are tied to a multi-year contracted portfolio rather than purely spot sales.
Portfolio scale and operating quality indicators: The company reports 84,000 customer contracts, 18 states served, and a Customer Satisfaction Score of 81% plus a Performance Ratio of 94%.

Bear case

Revenue reporting inconsistency: In the provided facts, total revenue is listed as 0.0B while segment revenue candidates each show 0.01B, which creates uncertainty about the reported revenue base and mix.
Execution and asset performance risk: Because operating metrics include Performance Ratio (94%) and systems reconnection activity (Systems Reconnected is 4,800), performance or operational disruptions could pressure results over time.

Valuation — source: SEC EDGAR (first-party)
Price	$1.95
Market Cap	$35.82M
EV / EBITDA	7.8
Price / Book	0.29
Price / Sales	0.33
FCF Yield	-32.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$111.81M
Net Margin	-23.3%
Revenue Growth (YoY)	36.2%
EPS Growth (YoY)	-62.3%
FCF Growth (YoY)	-91.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	-0.53 (distress)

Valuation vs Sector & Industry
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Buys (12mo)	33
Insider Sells (12mo)	1
Top Institutional Holder	STEEL PARTNERS HOLDINGS L.P. ($13.78M)
Institutional Holders Tracked	10

Company
Sector	Utilities
Industry	Utilities
CEO	Christopher Hayes
Employees	165
Country	US
IPO Date	2019-09-03

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.