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SPRU

Spruce Power Holding Corporation

https://www.xlfleet.com

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XL Fleet Corp. provides fleet electrification solutions for commercial vehicles in North America. Its products include hybrid electric drive systems are comprised of an electric motor that is mounted onto the vehicle's drive shaft, an inverter motor controller, and a lithium-ion battery pack to store energy to be used for propulsion; plug-in hybrid electric drive system, which are fitted to vehicles. In addition, the company offers vehicle electrification and infrastructure solutions, and charging stations. It serves end-use customer base comprising Fortune 500 corporate enterprises, public utilities, and various municipalities. The company was incorporated in 2009 and is headquartered in Boston, Massachusetts.

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Spruce Power maintains its 2024 guidance for Operating EBITDA in the range of $68M-$86M and Adjusted Free Cash Flow in the range of $0-$5M, with expectations trending to the lower end. The company faced higher operating expenses due to unforeseen CEO transition costs, increased legal expenses from a proxy contest, and non-routine operations and maintenance expenditures.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 8:07 pm

Spruce Power Holding (NYSE:SPRU) reported Q2 EPS of $(0.45), missing the $(0.07) estimate by 542.86%. Sales were $22.48M, missing the $24.48M estimate by 8.17%. This represents a 400% decrease in EPS and a 1.46% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2024 | 8:06 pm

Spruce Power announced that certain subsidiaries have closed on a $130 million non-recourse debt facility. This move is expected to provide significant financial flexibility and support the company's growth initiatives.

Portfolio Pulse from Benzinga Newsdesk

July 01, 2024 | 11:33 am

Spruce Power Holding reported its Q1 2024 earnings per share (EPS) of $(0.13), an improvement from $(1.06) year-over-year. The company's revenue increased to $18.287 million from $18.095 million year-over-year.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 8:39 pm

Spruce Power Holding Corporation (NYSE:SPRU) announced leadership changes with Chris Hayes, the current Chairman of the Board, appointed as President and CEO, effective April 12, 2024. Dr. Audrey Lee joins the Board of Directors. Hayes brings extensive experience in sustainable infrastructure and was a founder of Alturus and Altenex, the latter acquired by Edison International (NYSE:EIX) in 2015. Dr. Lee, currently Senior Director of Datacenter Energy Strategy at Microsoft (NASDAQ:MSFT), brings 20 years of clean energy experience to the board. The company aims to leverage its technology platform and 75,000 home solar assets to create new revenue streams.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:41 pm

Numerous companies are scheduled to report their earnings on March 14, 2024, covering a wide range of industries from technology to healthcare. The reports include a mix of expected quarterly earnings and losses, with key figures such as revenue and per-share earnings highlighted for each company.

Portfolio Pulse from Benzinga Insights

March 14, 2024 | 9:52 am

Spruce Power Holding (SPRU) has reached a settlement agreement to pay $19.5 million to resolve a class action litigation. The settlement received preliminary approval from the court and a final approval hearing is scheduled for April 30, 2024. The settlement fund will cover all claims, legal fees, and administrative costs, with no reversion to the company. SPRU's D&O liability insurers will fund $4 million, while SPRU will cover the remaining $15.5 million, which was accrued in Q3 2023 earnings.

Portfolio Pulse from Charles Gross

January 22, 2024 | 10:39 pm

Spruce Power Holding (NYSE:SPRU) reported Q3 2023 adjusted EPS of $(0.07), a 90.28% increase from $(0.72) YoY. The company's sales also increased by 178.11% to $23.25M from $8.36M YoY.

Portfolio Pulse from saritha@benzinga.com

November 09, 2023 | 10:11 pm

Spruce Power's stockholders have approved a 1-for-8 reverse stock split of its common stock. The split-adjusted trading is expected to begin on October 9, 2023. The reverse split, previously approved by the company's Board of Directors, aims to help Spruce comply with the NYSE's continued listing requirements.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 9:11 pm

Spruce Power has settled a civil enforcement action filed by the SEC related to its merger with XL Fleet. The details of the settlement have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 7:13 am

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