XVARY Composite Score
25
/ 100
Weak
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Spruce owns solar assets and sells power, credits, and servicing to homeowners and businesses.
How it gets paid
Last year Spruce Power made $82M in revenue. Subscription electricity was the main engine at $34M, or 42% of sales.
What just happened
Spruce posted $88M of quarterly revenue and still lost $1.06 a share.
At a Glance
C balance sheet — red flag territory — real financial stress
20/100 earnings predictability — expect surprises
8.0% return on capital — nothing to write home about
-$2.26 fy2024 eps est
$82M fy2024 rev est
XVARY composite: 25/100 — weak
What They Do
Spruce owns solar assets and sells power, credits, and servicing to homeowners and businesses.
You are not buying a shiny app. You are buying installed solar assets, billing, and collections. Spruce says it is expanding in-house field services, and it has 165 employees. That matters because $82M of annual revenue is easier to defend when the work stays inside the company.
How They Make Money
$82M
annual revenue
Subscription electricity
$34M
+12.0%
SREC monetization
$16M
+9.0%
Spruce Pro servicing
$14M
+25.0%
Third-party asset services
$10M
+18.0%
Field services and recovery
$8M
+30.0%
The Products That Matter
Owns and operates home solar assets
Residential Solar Portfolio
$108M trailing revenue
this is the whole business — $108M in trailing revenue tied to long-term customer contracts and a portfolio value marked at $170M.
entire business
In-house servicing and maintenance
Spruce Pro Platform
margin fix attempt
the point of this platform is cost control. with a -23% net margin today, you need proof that in-house servicing changes the math rather than just changes the org chart.
watch margins
Key Numbers
$471M
long-term debt
That is more than 6x the market cap. You are looking at a balance-sheet story, not a clean growth story.
86%
debt/capital
That means leverage is the main risk. Small changes in rates or cash flow matter a lot more here.
61.4%
operating margin
For every $1 of revenue, Spruce loses about 61 cents before interest and taxes.
5
risk rank
That is the lowest bucket. The market already knows this stock is fragile.
Financial Health
C
Strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $471M (86% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
missed estimates
Spruce posted $88M of quarterly revenue and still lost $1.06 a share.
Revenue was up 186% vs. prior year. The business is growing fast, but the earnings line still bleeds.
$88M
revenue
-$1.06
eps
n/a
n/a
the number that mattered
Revenue reached $88M, but that did not turn into profit. In this stock, growth and cash flow are still in different rooms.
source: company earnings report, 2026
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What Could Go Wrong
The #1 risk here is portfolio value compression in residential solar contracts — because the asset value is the equity story.
High
Portfolio value keeps falling
the net portfolio value was $170M in Q2 2025. that is the key support under a company worth about $74M in the market.
if the portfolio is worth less than investors think, the discount-to-assets thesis weakens fast.
High
Negative margins stay negative
a -23% net margin means the company loses $0.23 for every $1 of revenue.
if revenue growth does not convert into better margins, the business stays dependent on financing rather than funding itself.
High
Debt overwhelms the equity story
long-term debt is $471M, or 86% of capital. that is a lot of leverage for a company with a $74M market cap.
even modest operating misses matter more when the capital structure is this tight.
Med
Spruce pro does not fix the cost structure
in-house servicing is supposed to improve economics, but the snapshot does not yet show proof that it has materially changed results.
if servicing stays a story instead of becoming a margin improvement, the turnaround case loses its main operational lever.
with $170M of portfolio value against $471M of long-term debt and a -23% net margin, the equity can move a lot on small changes in asset marks or servicing performance.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Calendar
Q4 2025 earnings report
scheduled for march 30, 2026. you want updates on cash flow, portfolio value, and whether in-house servicing is helping.
Metric
Net portfolio value
the latest asset mark shown here is $170M. if that number falls again, the discount case gets weaker.
Risk
Debt and refinancing pressure
$471M of long-term debt is 86% of capital. this stock does not get the luxury of a messy balance sheet.
Trend
Margin direction after spruce pro
watch whether the -23% net margin starts moving toward something less painful. that is the operating trend that matters.
Analyst Rankings
earnings predictability
20 / 100
low predictability means quarterly numbers can swing. in human-speak, analysts do not trust this business to print smooth results.
risk rank
5
risk rank 5 means it is safer than only 5% of stocks in the dataset. that is the opposite of a defensive name.
price stability
5 / 100
price stability measures how erratic the stock has been. a 5 / 100 score tells you the tape has been chaotic.
Source: institutional data
Institutional Activity
institutional ownership data for SPRU is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$4
Current price
Target midpoint · from current
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