Spruce Power turns Q3 net income positive as SG&A falls
SPRU•Spruce Power reported Q3 net income of $6.18 million as SG&A expenses fell 23% year over year. Revenue declined slightly, and the company paid down $21.9 million of debt principal.
1. Profit and expenses
Spruce Power’s net income attributable to stockholders turned positive from a loss in the prior-year period. Q3 revenue was $29.69 million, while income from operations was $8.46 million and operating expenses were $21.24 million.
2. Cost cuts and debt
SG&A expenses fell 23% year over year due to streamlining and cost management, including targeted use of AI, CEO Chris Hayes said. Revenue declined slightly because of lower Solar Renewable Energy Credit and performance-based incentive revenue. The company paid down $21.9 million of debt principal and said it met a refinancing milestone, extending the SP1 facility maturity to January 2027.
