Filing Flows › Spruce Power Holding (SPRU) › Q3 2025
Spruce Power Holding (SPRU) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Spruce Power Holding (SPRU) reported revenue of $30.7M for the third quarter 2025 (Q3 2025), +44% from a year earlier and -8% from the quarter before. Operating margin was 27.6%, net loss $714K (2.3% of revenue).
Spruce Power Holding, Q3 2025: revenue $30.7M (+44% year over year), operating margin 27.6%, net loss $714K, operating cash flow $11.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.7M | -8% | +44% |
| Operating profit | $8.5M | -5% | — |
| Net earnings | −$714K | — | — |
| Operating cash flow | $11.2M | — | — |
| Free cash flow | $11.2M | — | — |
What changed
Revenue was $30.7M in Q3 2025, up 44% year over year and down 8% from the previous quarter. PPA revenues was the largest line at 37% of revenue. Solar renewable energy credit revenues added $5.3M year over year (up 436%), 57% of the total change.
Operating profit was $8.5M, a 27.6% margin (up 201.4 points year over year). Total costs fell 62% while revenue rose 44%. The quarter ended with a net loss of $714K, narrower than the previous quarter's $2.9M loss. Net interest and other expense of $9.2M was the main reason.
Operating cash flow was $11.2M. Non-cash charges added back $9.2M of depreciation and amortization and $727K of share-based compensation. Working capital and other items added $2.0M. Capital expenditures of $36K left free cash flow of $11.2M.
Questions
What was Spruce Power Holding's revenue in the third quarter 2025?
Spruce Power Holding (SPRU) reported revenue of $30.7M for the third quarter 2025 (Q3 2025), +44% from a year earlier and -8% from the quarter before.
Was Spruce Power Holding profitable in the third quarter 2025?
Operating profit was $8.5M (27.6% of revenue) and net loss $714K.