Solar services firm Spruce Power Q3 revenue jumps, helped by NJR acquisition
Spruce Power reported a 44% year-over-year increase in Q3 revenue, attributed to the NJR acquisition and improved SRECs revenue. The company's net loss narrowed significantly, while operating EBITDA rose 48%. Spruce plans to reduce SG&A costs through workforce cuts and office closures, and is in talks with financial institutions regarding 2026 debt obligations. Key metrics include Q3 revenue of $30.73 million and a net loss of $714,000.
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Overview
- Spruce Power Q3 revenue rises 44% yr/yr, driven by acquisitions and service agreements
- Net loss for Q3 narrows significantly compared to the previous year
- Operating EBITDA for Q3 increases 48% yr/yr, reflecting cost management
Outlook
- Spruce plans to decrease SG&A costs through workforce reduction and office closure
- Company engaged in discussions with financial institutions regarding 2026 debt obligations
Result Drivers
- REVENUE GROWTH - Revenue increased 44% yr/yr, driven by NJR acquisition and improved SRECs revenue
- COST REDUCTIONS - O&M expenses down 53% yr/yr due to meter upgrades and cost management
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
Q3 $30.73
Revenue mln
Q3 EPS -$0.05
Q3 Net -$714,00
Income 0
Q3 $8.48
Income mln
From
Operatio
ns
Q3 Net -$677,00
Income 0
continui
ng
operatio
ns
Q3 $22.24
Operatin mln
g
Expenses
Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
