Filing Flows › Spruce Power Holding (SPRU) › Q2 2025
Spruce Power Holding (SPRU) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 12, 2025
Spruce Power Holding (SPRU) reported revenue of $33.3M for the second quarter 2025 (Q2 2025), +48% from a year earlier and +40% from the quarter before. Operating margin was 26.7%, net loss $2.9M (8.6% of revenue).
Spruce Power Holding, Q2 2025: revenue $33.3M (+48% year over year), operating margin 26.7%, net loss $2.9M, operating cash flow −$2.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $33.3M | +40% | +48% |
| Operating profit | $8.9M | — | — |
| Net earnings | −$2.9M | — | — |
| Operating cash flow | −$2.3M | — | — |
What changed
Revenue was $33.3M in Q2 2025, up 48% year over year and up 40% from the previous quarter. PPA revenues was the largest line at 36% of revenue. Solar renewable energy credit revenues added $5.9M year over year (up 439%), 54% of the total change. PPA revenues declined 2%.
Operating profit was $8.9M, a 26.7% margin (up 41.7 points year over year). Total costs fell 6% while revenue rose 48%. The quarter ended with a net loss of $2.9M, narrower than the previous quarter's $15.3M loss. Net interest and other expense of $11.8M was the main reason.
Operating cash flow was −$2.3M. Non-cash charges added back $6.8M of depreciation and amortization and $569K of share-based compensation. Working capital and other items used $6.9M. Capital expenditures of $97K exceeded it, leaving free cash flow of −$2.4M.
Questions
What was Spruce Power Holding's revenue in the second quarter 2025?
Spruce Power Holding (SPRU) reported revenue of $33.3M for the second quarter 2025 (Q2 2025), +48% from a year earlier and +40% from the quarter before.
Was Spruce Power Holding profitable in the second quarter 2025?
Operating profit was $8.9M (26.7% of revenue) and net loss $2.9M.