SPRUCE POWER HOLDING CORP

Notes to Unaudited Condensed Consolidated Financial Statements

Note 13. Net Income (Loss) Per Share

The following is a reconciliation of the numerator and denominator used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025:

For the three and six months ended June 30, 2025, potentially dilutive outstanding securities, which include stock options restricted stock units, and warrants have been excluded from the computation of diluted net loss per share as their effect would be anti-dilutive for each period presented. As such, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share are the same for each period presented.

Note 14. Segment Information

As of June 30, 2026 and December 31, 2025, the Company hadone 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 chief executive officer (“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, which the CEO utilizes to assess the Company’s performance and for making decisions about resource allocation.

Notes to Unaudited Condensed Consolidated Financial Statements

The following table presents the Company’s significant segment expenses for the three and six months ended June 30, 2026 and 2025:

(1) Comprised of gain on asset disposal, net, interest income, change in fair value of interest rate swaps, and other income (expense), net for each of the three and six months ended June 30, 2026 and 2025.

No segment asset information is presented in these unaudited condensed consolidated financial statements since the Company’s CEO does not review segment information at a different level or category other than that presented on the Company’s unaudited condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

Note 15. Share Repurchase Program

In May 2023, the Company’s Board of Directors (the “Board”) approved a share repurchase program for the repurchase of up to $50.0 million of the Company's outstanding common stock through May 15, 2025 (the “Repurchase Program”). In May 2025, the Board authorized the extension of the Repurchase Program to expire on May 15, 2027. The Repurchase Program authorizes the Company to effect repurchases through open market transactions, privately negotiated transactions, Rule 10b5-1 trading plans and/or Rule 10b-18 trading plans, and other means. The Company is not obligated to repurchase any specific number of shares or dollar amount and may discontinue the Repurchase Program at any time. The timing, number and purchase price of share repurchases, if any, will be determined by the Company’s management in its discretion and will depend on a number of factors, including the market price of shares, general market and economic conditions, and other alternatives available to the Company.

The Company repurchasedno shares of common stock under the Repurchase Program during the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, the Company repurchased 0.5 million and 0.8 million shares, respectively, of common stock under the Repurchase Program in open market transactions at a weighted-average price of $2.10 and $2.33 per share, for an aggregate purchase price of $1.0 million and $1.8 million, respectively, inclusive of transaction costs.

Note 16. Subsequent Events

Management has reviewed all events subsequent to June 30, 2026 and prior to the filing of these unaudited condensed financial statements, the Company has determined there have been no events that have occurred that would require adjustments or disclosures within the unaudited condensed consolidated financial statements.