Spruce Power Q4 revenue jumps, driven by portfolio growth

Overview

• U.S. distributed solar asset owner's Q4 revenue rose 19% yr/yr

• Operating EBITDA for full yr jumped 49%, reflecting structural cost reductions

• Company paid down $35.1 mln in debt and ended yr with $93.1 mln in cash

Result Drivers

• PORTFOLIO EXPANSION - Revenue growth in Q4 was mainly driven by the acquisition of a residential solar portfolio and increased solar renewable energy credits revenue

• COST REDUCTIONS - Lower operations and maintenance costs and ongoing cost management, including vertical integration of servicing teams, reduced operating expenses

• SG&A DECREASE - Selling, general and administrative expenses fell due to labor reductions and lower professional service fees

Company press release: ID:nBw2874Bja

Key Details

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