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Spruce Power (SPRU) - 2024 Q3 - Quarterly Results
SPRUSpruce Power (SPRU)2024-11-13 21:08

Financial Performance - Reported Q3 2024 revenues of 21.4million,adecreasefrom21.4 million, a decrease from 23.3 million in Q3 2023, primarily due to lower solar renewable energy credit revenues and higher performance guarantee payments[4]. - Net loss attributable to stockholders for Q3 2024 was 53.5million,withOperatingEBITDAreportedat53.5 million, with Operating EBITDA reported at 17.7 million[6]. - Revenues for Q3 2024 were 21,378,000,adecreaseof8.0521,378,000, a decrease of 8.05% from 23,250,000 in Q3 2023[27]. - Net loss attributable to stockholders was 53,529,000inQ32024,comparedtoanetlossof53,529,000 in Q3 2024, compared to a net loss of 19,313,000 in Q3 2023, representing a significant increase in losses[27]. - Adjusted EBITDA for Q3 2024 was 6,712,000,down27.146,712,000, down 27.14% from 9,208,000 in Q3 2023[28]. - The company reported a net loss from continuing operations per share of 2.88forQ32024,comparedtoalossof2.88 for Q3 2024, compared to a loss of 1.09 per share in Q3 2023[27]. - The company incurred impairment of goodwill amounting to 28,757,000inQ32024,withnosuchchargeinQ32023[27].CashandAssets−Thecompanyendedthequarterwith28,757,000 in Q3 2024, with no such charge in Q3 2023[27]. Cash and Assets - The company ended the quarter with 150.0 million in total cash, including 113.7millioninunrestrictedcash[8].−Cashandcashequivalentswere113.7 million in unrestricted cash[8]. - Cash and cash equivalents were 113,658,000 as of September 30, 2024, down from 141,354,000attheendof2023,adecreaseof19.63141,354,000 at the end of 2023, a decrease of 19.63%[29]. - Total assets decreased to 806,774,000 as of September 30, 2024, from 895,021,000attheendof2023,reflectingadeclineof9.83895,021,000 at the end of 2023, reflecting a decline of 9.83%[29]. - Total liabilities decreased to 655,138,000 as of September 30, 2024, from 680,352,000attheendof2023[30].OperatingExpenses−CoreoperatingexpensesforQ32024were680,352,000 at the end of 2023[30]. Operating Expenses - Core operating expenses for Q3 2024 were 17.4 million, up from 15.9millioninQ32023,duetohighernon−routineoperationsandmaintenancecosts[5].−Totaloperatingexpensesincreasedto15.9 million in Q3 2023, due to higher non-routine operations and maintenance costs[5]. - Total operating expenses increased to 58,537,000 in Q3 2024, up 22.66% from 47,767,000inQ32023[27].DebtandFinancing−Thetotalprincipalamountofoutstandingdebtwas47,767,000 in Q3 2023[27]. Debt and Financing - The total principal amount of outstanding debt was 631.0 million with a blended interest rate of 5.9%[7]. - The company plans to fund the acquisition of the solar assets through a combination of cash on hand and non-recourse project level debt[11]. Growth and Acquisitions - Executed a non-binding Letter of Intent to acquire approximately 10,000 home solar assets, which would represent over 10% growth in the rooftop solar portfolio if completed[4][11]. - As of September 30, 2024, the company owned cash flows from approximately 75,000 home solar assets with a Gross Portfolio Value of 766.0million[14][24].−Thecompanyservicedapproximately1,000third−partyownedhomesolarsystemsasofSeptember30,2024[14].Guidance−Revised2024guidanceforOperatingEBITDAtoarangeof766.0 million[14][24]. - The company serviced approximately 1,000 third-party owned home solar systems as of September 30, 2024[14]. Guidance - Revised 2024 guidance for Operating EBITDA to a range of 57 - 62millionandAdjustedFreeCashFlowtoarangeof(62 million and Adjusted Free Cash Flow to a range of (12) - ($7) million[9]. Shareholder Information - Weighted-average shares outstanding increased to 18,566,015 in Q3 2024 from 17,351,796 in Q3 2023[27].