Spruce Power Holding Corporation (NYSE:SPRU) reported fourth-quarter revenue of $24.0 million, representing a 19% increase year-over-year, supported by growth in its portfolio and expanded servicing operations. The company posted an adjusted EPS loss of $0.38 for the quarter ending December 31, 2025.
Shares of the power company rose 1.29% in after-hours trading following the earnings announcement.
Quarterly revenue surpassed the $20.2 million reported in the same period a year earlier, marking the strongest performance in the company’s history. For the full year, revenue reached $111.8 million, up 36% from $82.1 million in 2024.
The company recorded operating income of $17.9 million for 2025, compared with an operating loss of $50.4 million in the previous year. Operating EBITDA increased 49% to $80.1 million for the full year, while fourth-quarter operating EBITDA rose 57%.
Operating expenses declined significantly during the quarter. Operations and maintenance costs fell 64% to $1.9 million, compared with $5.3 million in the fourth quarter of the prior year.
Selling, general and administrative expenses dropped 16% to $13.0 million, down from $15.5 million a year earlier. The company said the reductions were driven by the completion of meter upgrade programs and the vertical integration of servicing teams across key markets.
“2025 was the best year in Spruce’s history, and our fourth quarter results reflect a business that is hitting its stride,” said Chris Hayes, Chief Executive Officer. “The cost reductions we have achieved—particularly in O&M and SG&A—are structural and position us to continue expanding margins as we scale.”
Spruce finished the year with $93.1 million in cash, equivalent to $5.13 per share, including $54.8 million in cash and cash equivalents and $38.3 million in restricted cash.
During 2025, the company repaid $35.1 million of debt, lowering total outstanding borrowings to $695.5 million with a blended interest rate of 6.1%.