Spruce Power Holding Corporation reported its financial results for the second quarter of 2026, revealing a revenue of $30.3 million, a decrease of 9% from $33.3 million in the same period last year. For the first half of 2026, the company generated $53.8 million in revenue, down from $57.1 million in the first half of 2025. The net income attributable to stockholders for the second quarter was $3.3 million, a significant turnaround from a net loss of $3.0 million in the prior year. For the six months ended June 30, 2026, the company reported a net income of $394,000, compared to a net loss of $18.3 million in the same period of 2025.
The company’s operational performance showed improvements, with a notable reduction in selling, general, and administrative expenses, which fell by 26% to $11.3 million in the second quarter. This decrease was attributed to lower compensation costs and reduced professional fees. Additionally, the cost of revenues related to operations and maintenance increased by 16% to $2.5 million, reflecting the timing of non-routine services. The company also reported a flat depreciation cost of $7.3 million for solar energy systems, consistent with the previous year.
Spruce Power continues to expand its customer base, servicing approximately 83,000 home solar assets. The company has also been actively involved in acquisitions, having completed the NJR Acquisition in November 2024, which involved acquiring 9,800 solar energy systems for approximately $132.5 million. The company is focused on leveraging its existing customer base and proven servicing platform to enhance its growth in distributed solar and battery storage services.
Despite these positive developments, the company faces challenges, particularly regarding its debt obligations. As of June 30, 2026, Spruce Power reported a negative working capital of $175 million, primarily due to the classification of its non-recourse debt as current liabilities. The company is working to refinance its SP1 and SP2 facilities, which have maturity dates approaching in late 2026 and 2027, respectively. The management has engaged a financial advisor to assist in securing financing, but there is substantial doubt about the company's ability to continue as a going concern if refinancing efforts are unsuccessful.
Looking ahead, Spruce Power aims to enhance its operational efficiency and continue its growth trajectory by focusing on subscription-based solutions and strategic acquisitions. The company remains committed to managing costs and ensuring adequate liquidity to support its business strategy, while also navigating the challenges posed by market conditions and its debt obligations.
About SPRUCE POWER HOLDING CORP
Spruce Power is a leading owner and operator of distributed solar energy assets in the U.S., providing subscription-based solar energy systems and related services to homeowners. Its core offerings include long-term customer agreements, solar renewable energy credits, and portfolio managed services. The company focuses on stable cash flows from contracted assets, leveraging acquisitions and efficient customer service platforms to grow in the competitive renewable energy market.
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