Spruce Power Q2 revenue up 48%
Overview
Spruce Power Holding Q2 revenue rises 48% yr/yr to $33.2 mln
Operating EBITDA surges 71% to $24.6 mln, driven by acquisitions and cost cuts
Net loss improves to $3.0 mln from $8.6 mln yr/yr
Outlook
Spruce Power expects minimal impact from H.R. 1 tax reconciliation bill passed in July
Company sees rising utility rates supporting solar development
Company highlights significant market potential despite policy changes
Result Drivers
ACQUISITION IMPACT - Revenue growth driven by acquisition of NJR Clean Energy Ventures' residential solar portfolio
SRECS REVENUE - Improved solar renewable energy credits revenue contributed to increased revenue
O&M EFFICIENCIES - Decline in operations and maintenance expenses due to efficiencies and completion of meter upgrades
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $33.24 mln |
|
Q2 Net Income |
| -$2.87 mln |
|
Q2 Income From Operations |
| $8.90 mln |
|
Q2 Net Income continuing operations |
| -$2.85 mln |
|
Q2 Operating Expenses |
| $24.34 mln |
|
Press Release: ID:nBwbSp3Wta
