Spruce Power (SPRU)
Market Price (2/24/2026): $4.19 | Market Cap: $75.4 MilSector: Information Technology | Industry: Semiconductors
Spruce Power (SPRU)
Market Price (2/24/2026): $4.19Market Cap: $75.4 MilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39% | Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -124% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 851% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Stock price has recently run up significantly6M Rtn6 month market price return is 187% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 56% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -38% | ||
| High stock price volatilityVol 12M is 105% | ||
| Key risksSPRU key risks include [1] exceptionally high stock volatility and [2] poor financial performance, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 39% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -29%, 3Y Excs Rtn is -124% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 851% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 187% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 56% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -38% |
| High stock price volatilityVol 12M is 105% |
| Key risksSPRU key risks include [1] exceptionally high stock volatility and [2] poor financial performance, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Spruce Power (SPRU) stock has gained about 50% since 10/31/2025 because of the following key factors:
1. Robust Q3 2025 Financial Performance: Spruce Power's stock trend was significantly driven by its strong third-quarter 2025 financial results, reported on November 11, 2025. The company announced a 44% year-over-year increase in revenue, reaching $30.7 million, and a 48% rise in operating EBITDA, which stood at $26.2 million. Additionally, Spruce Power achieved positive free cash flow and reduced core operating expenses by 15% year-over-year.
2. Strategic Expansion and Cost Reduction via Vertical Integration: A core reason for the positive stock movement was the successful execution of Spruce Power's strategy to reduce operating and maintenance (O&M) costs through vertical integration. In January 2026, the company announced the expansion of its in-house field services operations to Southern California, following a proven model in New Jersey that delivered approximately 25% reduction in O&M costs across its portfolio there.
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1. Robust Q3 2025 Financial Performance: Spruce Power's stock trend was significantly driven by its strong third-quarter 2025 financial results, reported on November 11, 2025. The company announced a 44% year-over-year increase in revenue, reaching $30.7 million, and a 48% rise in operating EBITDA, which stood at $26.2 million. Additionally, Spruce Power achieved positive free cash flow and reduced core operating expenses by 15% year-over-year.
2. Strategic Expansion and Cost Reduction via Vertical Integration: A core reason for the positive stock movement was the successful execution of Spruce Power's strategy to reduce operating and maintenance (O&M) costs through vertical integration. In January 2026, the company announced the expansion of its in-house field services operations to Southern California, following a proven model in New Jersey that delivered approximately 25% reduction in O&M costs across its portfolio there.
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Stock Movement Drivers
Fundamental Drivers
The 48.6% change in SPRU stock from 10/31/2025 to 2/23/2026 was primarily driven by a 36.3% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.80 | 4.16 | 48.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 99 | 108 | 9.5% |
| P/S Multiple | 0.5 | 0.7 | 36.3% |
| Shares Outstanding (Mil) | 18 | 18 | -0.5% |
| Cumulative Contribution | 48.6% |
Market Drivers
10/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| SPRU | 48.6% | |
| Market (SPY) | 0.0% | -5.7% |
| Sector (XLK) | -7.9% | -1.9% |
Fundamental Drivers
The 227.6% change in SPRU stock from 7/31/2025 to 2/23/2026 was primarily driven by a 163.8% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.27 | 4.16 | 227.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 88 | 108 | 22.9% |
| P/S Multiple | 0.3 | 0.7 | 163.8% |
| Shares Outstanding (Mil) | 18 | 18 | 1.0% |
| Cumulative Contribution | 227.6% |
Market Drivers
7/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| SPRU | 227.6% | |
| Market (SPY) | 8.3% | 5.9% |
| Sector (XLK) | 5.6% | 5.4% |
Fundamental Drivers
The 58.2% change in SPRU stock from 1/31/2025 to 2/23/2026 was primarily driven by a 38.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.63 | 4.16 | 58.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 78 | 108 | 38.7% |
| P/S Multiple | 0.6 | 0.7 | 10.5% |
| Shares Outstanding (Mil) | 19 | 18 | 3.1% |
| Cumulative Contribution | 58.2% |
Market Drivers
1/31/2025 to 2/23/2026| Return | Correlation | |
|---|---|---|
| SPRU | 58.2% | |
| Market (SPY) | 14.4% | 13.4% |
| Sector (XLK) | 20.6% | 11.8% |
Fundamental Drivers
The -65.1% change in SPRU stock from 1/31/2023 to 2/23/2026 was primarily driven by a -4439.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312023 | 2232026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.92 | 4.16 | -65.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -2 | 108 | -4439.5% |
| P/S Multiple | -85.5 | 0.7 | -100.8% |
| Shares Outstanding (Mil) | 18 | 18 | -0.8% |
| Cumulative Contribution | -65.1% |
Market Drivers
1/31/2023 to 2/23/2026| Return | Correlation | |
|---|---|---|
| SPRU | -65.1% | |
| Market (SPY) | 74.1% | 15.1% |
| Sector (XLK) | 107.9% | 10.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPRU Return | -86% | -72% | -40% | -33% | 71% | -18% | -98% |
| Peers Return | 42% | -15% | 60% | 30% | 13% | 13% | 223% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| SPRU Win Rate | 17% | 25% | 42% | 42% | 50% | 50% | |
| Peers Win Rate | 53% | 40% | 57% | 50% | 53% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SPRU Max Drawdown | -87% | -78% | -55% | -48% | -61% | -21% | |
| Peers Max Drawdown | -15% | -42% | -12% | -17% | -32% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: QCOM, FSLR, SLAB, POWI, NVDA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/23/2026 (YTD)
How Low Can It Go
| Event | SPRU | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -98.3% | -25.4% |
| % Gain to Breakeven | 5618.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -30.0% | -33.9% |
| % Gain to Breakeven | 42.9% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
Compare to QCOM, FSLR, SLAB, POWI, NVDA
In The Past
Spruce Power's stock fell -98.3% during the 2022 Inflation Shock from a high on 1/1/2021. A -98.3% loss requires a 5618.1% gain to breakeven.
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About Spruce Power (SPRU)
XL Fleet Corp. provides fleet electrification solutions for commercial vehicles in North America. Its products include hybrid electric drive systems are comprised of an electric motor that is mounted onto the vehicle's drive shaft, an inverter motor controller, and a lithium-ion battery pack to store energy to be used for propulsion; plug-in hybrid electric drive system, which are fitted to vehicles. In addition, the company offers vehicle electrification and infrastructure solutions, and charging stations. It serves end-use customer base comprising Fortune 500 corporate enterprises, public utilities, and various municipalities. The company was incorporated in 2009 and is headquartered in Boston, Massachusetts.
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Here are 1-3 brief analogies to describe Spruce Power:
- Like a REIT (Real Estate Investment Trust), but for residential solar systems.
- The American Tower of home solar.
AI Analysis | Feedback
- Residential Solar System Management: Spruce Power acquires, owns, and manages residential solar energy systems, providing clean electricity to homeowners through long-term contracts.
- Residential Battery Storage System Management: The company acquires, owns, and manages residential battery storage systems, often paired with solar, to enhance energy resilience and efficiency for homeowners.
- Clean Energy Asset Operations & Maintenance: Spruce Power provides comprehensive operations, maintenance, monitoring, and customer support services for the distributed clean energy systems it owns.
AI Analysis | Feedback
Spruce Power (symbol: SPRU) primarily sells its services to **individual homeowners** rather than directly to other companies.
The company focuses on owning and operating distributed residential solar and battery assets across the United States. Its revenue primarily comes from monthly payments made by homeowners under long-term leases or Power Purchase Agreements (PPAs) for the electricity generated or the use of the equipment.
Below are up to three categories of individual customers that Spruce Power serves:
- Homeowners with Leased Solar Systems or Power Purchase Agreements (PPAs): This core customer group consists of individuals who have residential solar panels and/or battery storage systems installed on their property, where Spruce Power owns the equipment and receives regular monthly payments for the energy produced or for the lease of the system.
- Homeowners whose existing Solar Service Contracts were Acquired by Spruce Power: A significant portion of Spruce Power's customer base originates from the acquisition of large portfolios of existing solar contracts from other developers, installers, or financiers. These homeowners transition from their original service provider to Spruce Power, which then assumes responsibility for billing, monitoring, maintenance, and customer service for their solar assets.
- Homeowners Utilizing Advanced Energy Management and Optimization Services: Beyond standard billing for solar energy, Spruce Power also provides services focused on optimizing energy usage, managing battery storage for improved resilience, and offering insights for cost savings. This category encompasses homeowners who engage with Spruce Power for a more integrated and active management of their home's energy profile.
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- FranklinWH Energy Storage Inc. (private company)
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Chris Hayes, Chief Executive Officer, Chairman, and PresidentChris Hayes is a visionary leader with a history of pioneering new markets and delivering exceptional financial results for investors. Most recently, he was the founder and managing partner of Alturus, a company focused on developing, owning, and operating sustainable infrastructure projects for Fortune 1000 companies, pioneering an "energy-as-a-service" (EaaS) platform for decarbonization. Hayes was also a founder and managing partner at Altenex, which created the "virtual power purchase agreement" for Fortune 500 companies to purchase offsite wind power. Altenex was acquired by Edison International in 2015. He assumed the role of President and CEO of Spruce Power in April 2024.
Thomas Cimino, Interim Chief Financial Officer
Thomas Cimino was appointed Interim Chief Financial Officer of Spruce Power, effective June 5, 2025. He brings over 25 years of experience in financial reporting, internal controls, budget and planning, capital markets, and business strategy. His prior experience includes serving as CFO at Vantage Drilling International and AEI Services, and as Executive Vice President of Finance and Administration for EnfraGen. Earlier in his career, he was a Director in PricewaterhouseCoopers Global Capital Markets Group.
Jon Norling, Chief Legal Officer
Jon Norling serves as the Chief Legal Officer for Spruce Power, where he manages legal affairs, advises the Board and executive management on corporate and strategic matters, and oversees the Legal Department. Before joining Spruce Power as General Counsel in 2017, Norling was the General Counsel of Renewable Energy Trust Capital (RET), which acquired and developed over one billion dollars of wind and solar PV assets. His previous roles also include General Counsel to Columbia Energy Partners, corporate counsel at Vestas, and Shareholder at Lane Powell, where he chaired the firm's Energy Practice. He has also been an Adjunct Professor of Law at Lewis & Clark College since 2010, teaching classes in renewable energy development and finance.
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The key risks to Spruce Power's (SPRU) business include high stock volatility, uncertainties within the solar energy industry and intense competition, and challenges in financial performance and profitability.
- High Stock Volatility: Spruce Power's stock exhibits significant volatility, with its daily return volatility being substantially higher than broader market indices. Macroaxis indicates that Spruce Power carries a 6.4957% risk (volatility on return distribution) over a 90-day horizon, compared to the Dow Jones Industrial's 0.5936% volatility. The company's stock is considered "dangerous" given a three-month investment horizon, and its shares have been highly volatile over the past three months compared to the US market. StockInvest.us also classifies the stock as "high risk" due to its potential for significant daily price movements.
- Uncertainties in the Solar Energy Industry and Competition: The company faces inherent risks associated with the solar energy industry, including the uncertainty of whether sufficient additional demand for residential solar energy systems will develop as anticipated, or if it will take longer to materialize. Spruce Power also operates in a highly competitive landscape, facing competition from traditional energy companies as well as other solar and renewable energy providers.
- Financial Performance and Profitability Challenges: Spruce Power has demonstrated a negative P/E ratio and other troubling financial metrics, leading to assessments of the company being overvalued and risky by some analysts. The company has experienced declining earnings, with a 34.4% annual decline over the past five years. Additionally, there is a moderate chance of financial distress.
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The rapid acceleration and widespread adoption of advanced Virtual Power Plant (VPP) technologies and associated grid services markets present a clear emerging threat to Spruce Power.
VPPs aggregate distributed energy resources, such as residential solar and storage systems, allowing them to provide valuable services to the grid (e.g., demand response, frequency regulation, peak shaving) and potentially earn dynamic revenue. This differs from Spruce Power's core business model of acquiring and managing residential solar assets under long-term, fixed-term contracts like Power Purchase Agreements (PPAs) and leases.
The threat emerges as:
- **Shifting Customer Value Proposition:** If other companies or utilities offer homeowners more attractive and dynamic compensation for participating their solar and storage systems in VPPs, it could diminish the appeal of Spruce Power's traditional fixed-payment contracts for new customers. Homeowners might prefer models that allow them to capture more value from their assets' grid services.
- **Disintermediation:** Dedicated VPP aggregators could bypass traditional asset managers like Spruce Power by directly contracting with homeowners to integrate their systems into grid service markets. While Spruce Power could adapt by becoming a VPP aggregator itself, failure to do so effectively or quickly could lead to competitive disadvantage.
- **Technological Expertise:** VPPs require sophisticated software platforms, real-time data analytics, and expertise in energy market operations. If Spruce Power's core competencies in asset acquisition and financial management do not evolve to meet these technological demands, it could be outmaneuvered by more agile, tech-focused companies in the emerging VPP space.
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Spruce Power (symbol: SPRU) operates in the distributed solar energy sector, offering subscription-based services for residential solar power and battery storage, as well as providing servicing platforms for home and third-party owned solar energy systems. The addressable markets for their main products and services are identified as follows:Addressable Markets for Spruce Power's Main Products and Services
- U.S. Residential Solar PV Market: The U.S. residential solar PV market was estimated at USD 7.90 billion in 2024. It is projected to grow to USD 17.68 billion by 2030, with a compound annual growth rate (CAGR) of 14.4% from 2024 to 2030.
- U.S. Residential Battery Energy Storage Systems Market: The U.S. residential lithium-ion battery energy storage systems market generated approximately USD 943.4 million in revenue in 2023 and is expected to reach USD 6,864.3 million by 2030, growing at a CAGR of 32.8% from 2024 to 2030.
- Global Residential Battery Energy Storage Market: The global residential battery energy storage market size was valued at USD 5.13 billion in 2024. It is projected to reach USD 27.66 billion by 2032, exhibiting a CAGR of 22.05% during the forecast period.
- U.S. Home Energy Management System Market: The U.S. Home Energy Management System market was valued at USD 1.34 billion in 2024 and is expected to reach USD 3.82 billion by 2032, growing at a CAGR of 13.96% from 2025-2032.
- Global Home Energy Management System Market: The global Home Energy Management System market was valued at USD 4.88 billion in 2024 and is expected to reach USD 14.14 billion by 2032, growing at a CAGR of 14.30% from 2025-2032.
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Expected Drivers of Future Revenue Growth for Spruce Power (SPRU)
Over the next 2-3 years, Spruce Power (SPRU) is expected to drive future revenue growth through several key initiatives:- Acquisitions of Distributed Solar Energy Assets: Spruce Power actively pursues strategic acquisitions of installed solar systems and portfolios. The November 2024 acquisition of approximately 9,800 rooftop assets from NJR resources significantly contributed to revenue growth, and the company has signed a Letter of Intent to acquire an additional 10,000 home solar assets, which could increase their portfolio by over 10%. This strategy allows Spruce to gain long-term, contracted cash flows.
- Programmatic Offtake Partnerships: Spruce Power is developing programmatic offtake initiatives, seeking to acquire and/or service newly installed systems on an ongoing basis from partners such as home builders and legacy solar loan originators. This approach is anticipated to generate consistent new installations and double-digit internal rates of return (IRRs).
- Expansion of Spruce Pro Third-Party Solar Servicing Platform: The company is expanding its Spruce Pro platform, which leverages its expertise to offer a suite of services to third-party owners of distributed generation assets. A strategic service agreement with ADT in December 2024, covering approximately 60,000 systems, was a primary driver of first-quarter 2025 revenue growth. This platform is seen as a capital-light organic growth channel.
- Growth in Solar Renewable Energy Credits (SREC) Revenue: SREC revenue has been identified as a significant contributor to Spruce Power's financial performance. The November 2024 NJR acquisition, for example, positively impacted SREC-related revenue. The company is also leveraging its platform to capture the benefits of SRECs as a low-cost, low-risk opportunity for capital-light, high-margin cash flow.
- Expansion into Home Battery Storage: Spruce Power is accelerating its expansion into home battery storage, partnering to open a new avenue of growth. This indicates a diversification of its service offerings to meet evolving market demands for renewable energy solutions.
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Share Repurchases
- Spruce Power authorized a new share repurchase program on May 14, 2025, to repurchase up to $50 million of its common stock on or before May 15, 2027.
- Under a previous program, Spruce repurchased 1,870,827 shares at a weighted average price of approximately $4.33 per share between May 15, 2023, and May 12, 2025.
- During the second quarter of 2025, the company repurchased 479,667 shares for a total cost of $1.0 million, with $42.0 million remaining under the authorized $50.0 million program as of June 30, 2025.
Share Issuance
- As of June 30, 2025, Spruce Power had 17,834,368 shares of common stock issued and outstanding.
- As of May 12, 2025, there were 17,826,560 shares of common stock outstanding.
Outbound Investments
- On September 9, 2022, Spruce Power Holding Corporation (formerly XL Fleet Corp.) completed the acquisition of Legacy Spruce Power, which included Spruce Holding Company 1 LLC, Spruce Holding Company 2 LLC, Spruce Holding Company 3 LLC, and Spruce Manager, LLC.
- In November 2024, Spruce Power acquired a residential solar portfolio of approximately 9,800 rooftop assets from NJR Clean Energy Ventures.
Capital Expenditures
- Spruce Power considers capital expenditure projects as part of its disciplined approach to maximizing long-term shareholder value.
- The company's strategic purchases include investment in Property, Plant, and Equipment (PPE) to support sustained growth.
- Spruce Power is focused on achieving positive free cash flow, which involves managing capital expenditures and implementing cost-containment measures.
Trade Ideas
Select ideas related to SPRU.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 01302026 | ROP | Roper Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -9.6% | -9.6% | -15.0% |
| 01302026 | TDC | Teradata | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -1.4% | -1.4% | -8.7% |
| 01302026 | CVLT | CommVault Systems | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -0.8% | -0.8% | -5.1% |
| 01302026 | NTNX | Nutanix | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -5.0% | -5.0% | -6.3% |
| 01302026 | FICO | Fair Isaac | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -12.4% | -12.4% | -12.4% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 165.98 |
| Mkt Cap | 16.3 |
| Rev LTM | 2,918 |
| Op Inc LTM | 758 |
| FCF LTM | 351 |
| FCF 3Y Avg | 31 |
| CFO LTM | 869 |
| CFO 3Y Avg | 615 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 32.7% |
| Rev Chg 3Y Avg | 14.2% |
| Rev Chg Q | 34.5% |
| QoQ Delta Rev Chg LTM | 7.6% |
| Op Mgn LTM | 17.8% |
| Op Mgn 3Y Avg | 15.5% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 28.6% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 15.9% |
| FCF/Rev 3Y Avg | 7.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.3 |
| P/S | 5.4 |
| P/EBIT | 14.2 |
| P/E | 23.3 |
| P/CFO | 19.3 |
| Total Yield | 2.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.7% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.0% |
| 3M Rtn | -0.9% |
| 6M Rtn | 14.0% |
| 12M Rtn | 37.0% |
| 3Y Rtn | 19.3% |
| 1M Excs Rtn | 1.7% |
| 3M Excs Rtn | -3.5% |
| 6M Excs Rtn | 10.5% |
| 12M Excs Rtn | 20.9% |
| 3Y Excs Rtn | -54.2% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Sells electricity to homeowners and provides related services to the homeowners, as well as to third | 80 | ||||
| Government incentives | 0 | ||||
| Intangibles amortization, unfavorable solar renewable energy agreements | 0 | ||||
| Other revenues | 1 | ||||
| Power Purchase Agreements(PPA) revenues | 9 | ||||
| Servicing revenues | 1 | ||||
| Solar Lease Agreements (SLA) revenues | 11 | ||||
| Solar renewable energy credit revenues | 2 | ||||
| Single Segment | 20 | 7 | |||
| Total | 80 | 23 | 20 | 7 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Sells electricity to homeowners and provides related services to the homeowners, as well as to third | -67 | ||||
| Total | -67 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Single Segment | 393 | ||||
| Total | 393 |
Price Behavior
Price Behavior
| Market Price | $4.16 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 09/03/2019 | |
| Distance from 52W High | -35.6% | |
| 50 Days | 200 Days | |
| DMA Price | $5.14 | $3.05 |
| DMA Trend | up | up |
| Distance from DMA | -19.1% | 36.5% |
| 3M | 1YR | |
| Volatility | 75.3% | 105.2% |
| Downside Capture | 148.41 | 51.93 |
| Upside Capture | 86.69 | 95.87 |
| Correlation (SPY) | 3.2% | 13.5% |
SPRU Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.80 | -0.42 | -1.75 | 0.07 | 0.67 | 0.77 |
| Up Beta | 1.40 | 3.37 | -2.82 | -1.45 | 0.58 | 0.62 |
| Down Beta | -1.57 | -1.58 | -3.59 | -0.64 | 0.86 | 0.98 |
| Up Capture | -107% | -7% | 146% | 432% | 89% | 19% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 11 | 21 | 32 | 67 | 113 | 333 |
| Down Capture | -507% | -88% | -411% | -247% | 25% | 99% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 8 | 17 | 26 | 52 | 120 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPRU | |
|---|---|---|---|---|
| SPRU | 67.9% | 104.9% | 0.94 | - |
| Sector ETF (XLK) | 15.4% | 27.6% | 0.50 | 11.7% |
| Equity (SPY) | 12.8% | 19.4% | 0.50 | 13.3% |
| Gold (GLD) | 79.1% | 25.7% | 2.25 | 7.2% |
| Commodities (DBC) | 7.7% | 16.9% | 0.27 | 0.9% |
| Real Estate (VNQ) | 6.6% | 16.7% | 0.21 | 4.4% |
| Bitcoin (BTCUSD) | -30.9% | 44.9% | -0.69 | 6.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPRU | |
|---|---|---|---|---|
| SPRU | -51.6% | 81.1% | -0.54 | - |
| Sector ETF (XLK) | 15.8% | 24.8% | 0.58 | 21.9% |
| Equity (SPY) | 13.2% | 17.0% | 0.61 | 24.2% |
| Gold (GLD) | 23.6% | 17.1% | 1.12 | 8.3% |
| Commodities (DBC) | 10.7% | 19.0% | 0.45 | 5.9% |
| Real Estate (VNQ) | 5.1% | 18.8% | 0.18 | 17.6% |
| Bitcoin (BTCUSD) | 6.7% | 57.1% | 0.34 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPRU | |
|---|---|---|---|---|
| SPRU | -26.1% | 84.6% | -0.25 | - |
| Sector ETF (XLK) | 22.9% | 24.2% | 0.86 | 16.8% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 17.9% |
| Gold (GLD) | 15.1% | 15.6% | 0.81 | 6.1% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 6.2% |
| Real Estate (VNQ) | 6.9% | 20.7% | 0.30 | 12.0% |
| Bitcoin (BTCUSD) | 67.8% | 66.8% | 1.07 | 8.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/12/2025 | 54.8% | 96.1% | 74.8% |
| 8/11/2025 | -4.8% | -2.8% | 11.0% |
| 5/14/2025 | 12.0% | 24.1% | 16.5% |
| 11/13/2024 | -8.0% | -6.8% | 9.2% |
| 8/14/2024 | -8.1% | -9.9% | -20.1% |
| 3/14/2024 | 1.6% | 4.2% | -18.6% |
| 11/13/2023 | -3.4% | -13.6% | 7.3% |
| 8/10/2023 | -6.1% | -16.3% | -16.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 8 |
| # Negative | 10 | 9 | 8 |
| Median Positive | 9.8% | 24.1% | 13.3% |
| Median Negative | -7.1% | -6.8% | -19.3% |
| Max Positive | 54.8% | 96.1% | 74.8% |
| Max Negative | -13.8% | -20.6% | -25.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/09/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/18/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Steel, Partners Holdings Lp | Steel Connect Sub LLC | Buy | 1052026 | 5.03 | 8,702 | 43,782 | 16,087,106 | Form | |
| 2 | Steel, Partners Holdings Lp | Steel Connect Sub LLC | Buy | 12292025 | 5.05 | 1,503 | 7,590 | 16,059,313 | Form | |
| 3 | Steel, Partners Holdings Lp | Steel Connect Sub LLC | Buy | 12292025 | 5.05 | 1,206 | 6,090 | 16,065,403 | Form | |
| 4 | Steel, Partners Holdings Lp | Steel Connect Sub LLC | Buy | 12292025 | 5.02 | 7,499 | 37,622 | 15,998,044 | Form | |
| 5 | Steel, Partners Holdings Lp | Steel Connect Sub LLC | Buy | 12232025 | 5.00 | 373 | 1,863 | 15,793,686 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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