SPRUCE POWER HOLDING CORP
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Consolidated Balance Sheets as of December 31, 202 and
Consolidated Balance Sheets
| As of December 31, | ||
|---|---|---|
| (In thousands, except share and per share amounts) | 2025 | 2024 |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $54,842 | $72,802 |
| Restricted cash | 38,303 | 36,346 |
| Accounts receivable, net of allowance of $0.8 million and $0.8 million as of December 31, 2025 and 2024, respectively | 15,748 | 15,010 |
| Interest rate swap assets, current | 3,791 | 6,258 |
| Prepaid expenses and other current assets | 3,189 | 6,014 |
| Total current assets | 115,873 | 136,430 |
| Investment related to SEMTH master lease agreement | 132,843 | 136,942 |
| Property and equipment, net | 561,388 | 589,014 |
| Interest rate swap assets, non-current | 9,990 | 18,414 |
| Intangible assets, net | 7,830 | 8,957 |
| Deferred rent assets | 4,872 | 3,717 |
| Right-of-use assets, net | 4,208 | 4,750 |
| Other assets | 269 | 255 |
| Total assets 1 | $837,273 | $898,479 |
| Liabilities, stockholders’ equity and noncontrolling interests | ||
| Current liabilities | ||
| Accounts payable | $1,916 | $987 |
| Non-recourse debt, current | 213,826 | 28,310 |
| Accrued expenses and other current liabilities | 20,308 | 28,125 |
| Deferred revenue, current | 1,210 | 1,194 |
| Lease liability, current | 945 | 892 |
| Interest rate swap liabilities, current | 545 | — |
| Current liabilities of discontinued operations | 12 | 61 |
| Total current liabilities | 238,762 | 59,569 |
| Non-recourse debt, non-current | 462,942 | 677,021 |
| Deferred revenue, non-current | 3,831 | 2,790 |
| Lease liability, non-current | 4,181 | 4,848 |
| Unfavorable solar renewable energy agreements, net | 779 | 4,134 |
| Interest rate swap liabilities, non-current | 1,633 | 385 |
| Other long-term liabilities | 3,865 | 3,540 |
| Long-term liabilities of discontinued operations | 28 | 40 |
| Total liabilities 2 | 716,021 | 752,327 |
| Commitments and contingencies (Note 14) | ||
| Stockholders’ equity: | ||
| Common stock, $0.0001 par value; 350,000,000 shares authorized at December 31, 2025 and 2024; 20,041,252 and 18,170,425 shares issued and outstanding at December 31, 2025, respectively, and 19,403,262 and 18,311,054 issued and outstanding at December 31, 2024, respectively | 2 | 2 |
| Additional paid-in capital | 481,327 | 478,366 |
| Accumulated deficit | (354,404) | (328,377) |
| Treasury stock at cost, 1,870,827 shares and 1,092,208 at December 31, 2025 and 2024, respectively | (8,095) | (6,277) |
|---|---|---|
| Noncontrolling interests | 2,422 | 2,438 |
| Total equity | 121,252 | 146,152 |
| Total liabilities, stockholders’ equity and noncontrolling interests | $837,273 | $898,479 |
(1)The company’s consolidated assets include $35.1 million of assets from consolidated variable interest entities (“VIEs”) as of December 31, 2025 that can only be used to settle obligations of VIEs, see Note 13 Noncontrolling Interests.
(2)The company’s consolidated liabilities include $2.0 million of liabilities from consolidated variable interest entities (“VIEs”) as of December 31, 2025, for which creditors do not have recourse to the general credit of the Company, see Note 13 Noncontrolling Interests.
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