SPRUCE POWER HOLDING CORP
SPRUNYSEUtilities · Electric Services · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $111.8M | $82.1M | $79.9M | $23.2M | $0 | $20.3M |
| Operating income | $17.9M | −$50.4M | −$36.8M | −$59.3M | −$35.1M | −$15.3M |
| Net income | −$26.0M | −$70.5M | −$65.8M | −$93.9M | $28.8M | −$60.6M |
| Total assets | $837.3M | $898.5M | $895.0M | $826.6M | $393.2M | $347.0M |
| Total liabilities | $716.0M | $752.3M | $680.4M | $537.6M | $31.4M | $158.1M |
| Equity | $121.3M | $146.2M | $214.7M | $288.9M | $361.8M | $188.9M |
| EPS (diluted) | $-1.44 | $-3.82 | $-3.58 | $-5.27 | $0.19 | $-0.72 |
| Shares out. | 18.1M | 18.3M | 147.9M | 141.4M | 139.1M | 131.4M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 16.0%
- Net margin
- −23.3%
- Return on equity
- −21.5%
- Return on assets
- −3.1%
- Return on capital (ROCE)
- 3.0%
- Liabilities / assets
- 85.5%
- Debt / equity
- 5.91×
- Book value / share
- $6.71
- Revenue growth (YoY)
- 36.2%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -2.02distress
- Accruals / assets
- −2.7%clean
- Piotroski F-Score
- 5/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 3 warning● 3 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Reported a net loss
- High leverage (liabilities > 70% of assets)
- Negative operating cash flow
- Operating margin is positive
- Revenue is growing year-over-year
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗Apr 2, 2024
- NT 10-Qmissed a reporting deadline ↗May 15, 2023
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Steel Partners Holdings L.P.Activist (13D)Mar 16, 2026
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Steel Partners Holdings L.P.10% owner | Apr 15, 2026 | Buy | 10,463 | $4.09 |
| Steel Partners Holdings L.P.10% owner | Apr 10, 2026 | Buy | 1,700 | $4.00 |
| Norling Jonathan McwhinnieOfficer — Chief Legal Officer | Apr 3, 2026 | Tax withholding | 6,032 | $4.13 |
| Steel Partners Holdings L.P.10% owner | Apr 7, 2026 | Buy | 5,000 | $4.00 |
| Norling Jonathan McwhinnieOfficer — Chief Legal Officer | Apr 1, 2026 | Tax withholding | 11,233 | $4.11 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 832,181 | 15.4 | +0.5% |
| Apr 30, 2026 | 828,089 | 13.2 | -1.5% |
| Apr 15, 2026 | 840,872 | 24.6 | +0.9% |
| Mar 31, 2026 | 833,458 | 14.4 | -0.1% |
| Mar 13, 2026 | 834,715 | 19.6 | -0.2% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 14, 2026
- Other material eventApr 3, 2026
- Results of operationsMar 30, 2026
- Other material eventMar 25, 2026
- Director / officer change · Regulation FD disclosureDec 10, 2025
- Results of operationsNov 12, 2025
- Costs from exit or disposal · Regulation FD disclosureSep 24, 2025
- Results of operationsAug 11, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- PRER14AMay 22, 2026
- 10-QMay 14, 2026
- 8-KMay 14, 2026
- 4May 13, 2026
- PRE 14AMay 8, 2026
- 4FORM 4May 7, 2026
- 10-K/AApr 23, 2026
- 4OWNERSHIP DOCUMENTApr 22, 2026
- 4OWNERSHIP DOCUMENTApr 17, 2026
- 4OWNERSHIP DOCUMENTApr 14, 2026
- 4Apr 10, 2026
- 4OWNERSHIP DOCUMENTApr 9, 2026
- 4Apr 6, 2026
- 10-K/AApr 3, 2026
- 8-KCURRENT REPORTApr 3, 2026
Event-driven situations (2)
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