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Spruce Power (SPRU) - 2024 Q2 - Quarterly Results
SPRUSpruce Power (SPRU)2024-08-14 20:19

Financial Performance - Reported Q2 2024 revenues of 22.5million,aslightdecreasefrom22.5 million, a slight decrease from 22.8 million in Q2 2023, primarily due to lower solar renewable energy credit revenues[3] - Net loss attributable to stockholders for Q2 2024 was 8.6million,withOperatingEBITDAreportedat8.6 million, with Operating EBITDA reported at 14.4 million[5] - Revenues for Q2 2024 were 22,481,000,adecreaseof1.522,481,000, a decrease of 1.5% compared to 22,813,000 in Q2 2023[21] - Net loss attributable to stockholders was 8,578,000inQ22024,comparedtoanetincomeof8,578,000 in Q2 2024, compared to a net income of 3,065,000 in Q2 2023[21] - Adjusted EBITDA for Q2 2024 was 5,402,000,down52.15,402,000, down 52.1% from 11,231,000 in Q2 2023[22] - The company reported a net loss from continuing operations per share of (0.46)forQ22024,comparedtoaprofitof(0.46) for Q2 2024, compared to a profit of 0.10 per share in Q2 2023[21] Operating Expenses - Core operating expenses for Q2 2024 were 21.1million,upfrom21.1 million, up from 19.0 million in Q2 2023, driven by higher compensation expenses including one-time severance costs[4] - Total operating expenses increased to 25,841,000inQ22024,up8.625,841,000 in Q2 2024, up 8.6% from 23,785,000 in Q2 2023[21] Cash and Assets - Total cash as of June 30, 2024, was 150.2million,including150.2 million, including 116.6 million in cash and cash equivalents, a decrease from 120.6millionasofMarch31,2024[6]−Cashandcashequivalentswere120.6 million as of March 31, 2024[6] - Cash and cash equivalents were 116,588,000 as of June 30, 2024, down from 141,354,000attheendof2023[23]−Totalassetsdecreasedto141,354,000 at the end of 2023[23] - Total assets decreased to 858,434,000 as of June 30, 2024, from 895,021,000attheendof2023[23]−Totalliabilitiesdecreasedto895,021,000 at the end of 2023[23] - Total liabilities decreased to 653,871,000 as of June 30, 2024, from 680,352,000attheendof2023[24]DebtandFinancing−SprucePowerclosedanew680,352,000 at the end of 2023[24] Debt and Financing - Spruce Power closed a new 130 million non-recourse debt facility in June 2024, providing over 6millioninincrementalcapital[8]−Thecompanyhas6 million in incremental capital[8] - The company has 44.7 million remaining under its 50millioncommonsharerepurchaseprogramasofJune30,2024[9]−Interestexpense,net,was50 million common share repurchase program as of June 30, 2024[9] - Interest expense, net, was 7,591,000 in Q2 2024, down from 10,456,000inQ22023[21]FutureOutlook−Thecompanymaintainsits2024OperatingEBITDAguidanceintherangeof10,456,000 in Q2 2023[21] Future Outlook - The company maintains its 2024 Operating EBITDA guidance in the range of 68 - 86 million, with expectations trending towards the lower end[7] - Spruce continues to evaluate a pipeline of M&A opportunities and organic growth prospects through Spruce Pro[2] Portfolio and Operations - As of June 30, 2024, Spruce owned cash flows from approximately 75,000 home solar assets across 18 U.S. states, with a combined portfolio generation of approximately 133 thousand MWh of power[10] - Gross Portfolio Value as of June 30, 2024, was 778 million, reflecting the present value of future cash flows from customer contracts[10] - The weighted-average shares outstanding, basic, increased to 19,271,954 in Q2 2024 from 18,611,757 in Q2 2023[21]