Filing Flows › Spruce Power Holding (SPRU) › Q1 2025
Spruce Power Holding (SPRU) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 14, 2025
Spruce Power Holding (SPRU) reported revenue of $23.8M for the first quarter 2025 (Q1 2025), +30% from a year earlier and +18% from the quarter before. Operating margin was -7.1%, net loss $15.3M (64.3% of revenue).
Spruce Power Holding, Q1 2025: revenue $23.8M (+30% year over year), operating margin -7.1%, net loss $15.3M, operating cash flow −$9.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.8M | +18% | +30% |
| Operating profit | −$1.7M | — | — |
| Net earnings | −$15.3M | — | — |
| Operating cash flow | −$9.1M | — | — |
What changed
Revenue was $23.8M in Q1 2025, up 30% year over year and up 18% from the previous quarter. SLA revenues was the largest line at 42% of revenue. SLA revenues added $2.6M year over year (up 36%), 48% of the total change. Other revenue declined 19%.
Operating costs exceeded revenue by $1.7M, an operating margin of -7.1%. Total costs grew 17% against revenue growth of 30%. The quarter ended with a net loss of $15.3M, wider than the previous quarter's $5.5M loss. Net interest and other expense of $13.6M was the main reason.
Operating cash flow was −$9.1M. Non-cash charges added back $6.8M of depreciation and amortization and $826K of share-based compensation. Working capital and other items used $1.4M. Capital expenditures of $87K exceeded it, leaving free cash flow of −$9.2M.
Questions
What was Spruce Power Holding's revenue in the first quarter 2025?
Spruce Power Holding (SPRU) reported revenue of $23.8M for the first quarter 2025 (Q1 2025), +30% from a year earlier and +18% from the quarter before.
Was Spruce Power Holding profitable in the first quarter 2025?
Operating loss was $1.7M (-7.1% of revenue) and net loss $15.3M.