SPRUCE POWER HOLDING CORP
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Item 8.
Note 21. Discontinued Operations
The following table provides supplemental details of the Company’s discontinued operations contained within the consolidated statements of operations for the years ended December 31, 2024 and 2023:
| Years Ended December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2024 | 2023 |
| Net income (loss) from discontinued operations: | ||
| Drivetrain | $25 | $(4,123) |
Notes to Consolidated Financial Statements
XL Grid
XL Grid had no activity during the year ended December 31, 2024. The following table presents financial results of XL Grid operations for the year ended December 31, 2023:
| Year Ended December 31, | |
|---|---|
| (Amounts in thousands) | 2023 |
| Revenues | $149 |
| Operating expenses: | |
| Cost of revenues - operations and maintenance | 148 |
| Selling, general, and administrative expenses | 743 |
| Gain on asset disposal | (742) |
| Total operating expenses | 149 |
| Net loss from discontinued operations | $— |
Drivetrain
The following table presents financial results of Drivetrain operations:
| Years Ended December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2024 | 2023 |
| Revenues | $69 | $42 |
| Operating expenses: | ||
| Cost of revenues - operations and maintenance | 125 | 106 |
| (Gain) loss on asset disposal | (81) | 4,071 |
| Other (income) | — | (12) |
| Total operating expenses | 44 | 4,165 |
| Net income (loss) from discontinued operations | $25 | $(4,123) |
The following table presents aggregate carrying amounts of assets and liabilities of discontinued operations contained within the consolidated balance sheets:
| As of December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2024 | 2023 |
| Assets from discontinued operations: | ||
| Drivetrain | $— | $32 |
| Total assets from discontinued operations | $— | $32 |
| Liabilities from discontinued operations: | ||
| Drivetrain | $40 | $170 |
| Total liabilities from discontinued operations | $40 | $170 |
Note 22. Segment Information
Notes to Consolidated Financial Statements
As of December 31, 2024 and 2023, the Company hasone reportable segment, which sells electricity to homeowners and provides related services to the homeowners, as well as to third party owners.
The Company’s CODM is its CEO who is focused on strategic planning aimed at generating revenue and monetizing the Company’s home solar energy systems and its ability to provide top-tier related servicing solutions to its customers and third-parties. The CEO is provided on a quarterly basis with the Company’s consolidated segment expenses as presented within the consolidated statements of operations for the years ended December 31, 2024 and 2023, which the CEO utilizes to assess the Company’s performance and for making decisions about resource allocation. The following table presents the Company’s significant segment expenses for the years ended December 31, 2024 and 2023:
| Years Ended December 31, | ||
|---|---|---|
| (Amounts in thousands) | 2024 | 2023 |
| Revenues | $82,107 | $79,859 |
| Cost of revenues - solar energy systems depreciation | 23,377 | 23,823 |
| Cost of revenues - operations and maintenance | 16,597 | 13,990 |
| Selling, general and administrative expenses | 58,889 | 56,122 |
| Interest expense, net | 40,232 | 41,936 |
| Litigation settlements, net | 7,384 | 27,465 |
| Impairment of goodwill | 28,757 | — |
| Other segment items | (23,076) | (16,867) |
| Net loss | $(70,053) | $(66,610) |
No segment asset information is presented in these consolidated financial statements since the CEO does not review segment information at a different level or category other than that presented on the Company’s consolidated balance sheets as of December 31, 2024 and 2023.
Note 23. Subsequent Events
In January 2025, a series of wildfires broke out in the Los Angeles area of California, resulting in real and personal property and natural resource damage, personal injuries and loss of life. The Company is currently assessing the impact of these wildfires on its home solar systems in the area; however, the Company has not been able to validate the extent of the related damages due to limited access to the area. The Company does not expect this event to have a material impact on its financial position, operating results or cash flows.
Management has reviewed all events subsequent to December 31, 2024 and prior to the filing of these consolidated financial statements, and except as referenced within the notes to the consolidated financial statements, the Company has determined there have been no events that have occurred that would require adjustments or disclosures within the consolidated financial statements.
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