SPRU

MKT CAP:$65M

Spruce Power Holding Corporation

Market Cap

$65M

Energy·Solar·🇺🇸 United States·NYSE

Energy·Solar·🇺🇸·NYSE

Stock Price

$4.03-$1.27 (-23.96%)

Apr 17, 2026

Company Details

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 inver...

CEO

Christopher Hayes

IPO Date

Sep 3, 2019

Website

www.xlfleet.com

Key Metrics TTM

Revenue

$67M

+114.9% YoY

Net Income

-$79M

EPS (Diluted)

-$4.28

Free Cash Flow

-$47M

Revenue / Share

$3.67

Gross Margin

51.7%

Operating Margin

-86.6%

Net Margin

-118.2%

FCF Margin

-71.0%

P/S

1.0x

P/E

—

Earnings Reports

Q2 2025

May 13, 2026

PENDING

Q1 2025

May 14, 2025

$24M+30.2%EPS -$0.84

Q3 2024

Nov 14, 2024

$21MEPS -$2.88

Q1 2024

May 15, 2024

$18MEPS -$0.13

FY 2021

Mar 1, 2022

$16M-23.3%EPS $1.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$2M	-$81.0K	-$3M
Q2 19	$2M	-$81.0K	-$3M
Q3 19	$3M	-$95.0K	-$4M
Q4 19	$281.0K	-$603.0K	-$4M
Q1 20	$1M	-$52.0K	-$4M
Q2 20	$2M	$44.0K	-$4M
Q3 20	$6M	$767.0K	-$6M
Q4 20	$20M	$2M	-$13M
Q1 21	$675.0K	-$716.0K	-$10M
Q2 21	$4M	$962.0K	-$13M
Q3 21	$3M	$690.0K	-$15M
Q1 24	$18M	$9M	-$4M
Q3 24	$21M	$12M	-$37M
Q1 25	$24M	$13M	-$2M

Valuation

Quarter	P/S	P/E
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	38.2x	—
Q1 20	127.3x	—
Q2 20	140.4x	—
Q3 20	93.4x	—
Q4 20	80.5x	—
Q1 21	46.2x	—
Q2 21	37.8x	—
Q3 21	34.2x	—
Q1 24	2.7x	1.7x
Q3 24	1.2x	—
Q1 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	-$3M	-$3M
Q2 19	-$3M	-$3M
Q3 19	-$4M	-$4M
Q4 19	-$2M	-$2M
Q1 20	-$5M	-$5M
Q2 20	-$3M	-$3M
Q3 20	-$5M	-$5M
Q4 20	-$19M	-$19M
Q1 21	-$10M	-$11M
Q2 21	-$11M	-$11M
Q3 21	-$14M	-$15M
Q1 24	-$22M	-$22M
Q3 24	-$1M	-$1M
Q1 25	-$9M	-$9M

Capital Expenditures

Quarter	CapEx
Q1 19	$0
Q2 19	$0
Q3 19	$5.0K
Q4 19	$23.0K
Q1 20	$94.0K
Q2 20	$33.0K
Q3 20	$35.0K
Q4 20	$145.0K
Q1 21	$1M
Q2 21	$670.0K
Q3 21	$1M
Q1 24	$67.0K
Q3 24	$32.0K
Q1 25	$87.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	-43.3%	-5.1%
Q2 20	-12.0%	+9.2%
Q3 20	+144.2%	+91.5%
Q4 20	+7137.7%	+703.2%
Q1 21	-45.2%	+124.7%
Q2 21	+93.2%	+197.1%
Q3 21	-49.4%	+47.6%
Q1 24	-10.1%	-34.5%
Q3 24	+3067.1%	+444.0%
Q1 25	+544.8%	+55.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$53.0K	2.4%
Q2 19	$53.0K	2.4%
Q3 19	$112.0K	4.3%
Q4 19	-$10.0K	-3.6%
Q1 20	$52.0K	4.2%
Q2 20	$225.0K	11.8%
Q3 20	$386.0K	6.1%
Q4 20	$0	0.0%
Q1 21	$442.0K	65.5%
Q2 21	$754.0K	20.4%
Q3 21	$0	0.0%
Q1 24	$821.0K	4.5%
Q3 24	$702.0K	3.3%
Q1 25	$826.0K	3.5%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 19	$616.0K	$2M
Q2 19	$616.0K	$2M
Q3 19	$511.0K	$3M
Q4 19	$1M	—
Q1 20	$1M	—
Q2 20	$637.0K	—
Q3 20	$2M	$5M
Q4 20	$4M	$11M
Q1 21	$1M	$8M
Q2 21	$3M	—
Q3 21	$3M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$333M	$0	$333M
Q2 22	$322M	$0	$322M
Q3 22	$272M	$7M	$279M
Q4 22	$240M	$0	$240M
Q1 23	$173M	$0	$173M
Q2 23	$163M	$0	$163M
Q3 23	$154M	$0	$154M
Q4 23	$141M	$0	$141M
Q1 24	$121M	$0	$121M
Q2 24	$117M	$0	$117M
Q3 24	$114M	$0	$114M
Q4 24	$73M	$0	$73M
Q1 25	$62M	$0	$62M
Q2 25	$54M	$0	$54M
Q3 25	$99M	$0	$99M
Q4 25	$55M	$0	$55M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	1M	—	—
Q2 19	1M	0.0%	—
Q3 19	1M	+5.2%	—
Q4 19	7M	+406.4%	—
Q1 20	10M	+49.3%	+695.6%
Q2 20	10M	+1.0%	+703.6%
Q3 20	10M	+0.4%	+666.4%
Q4 20	11M	+7.8%	+63.1%
Q1 21	19M	+65.5%	+80.8%
Q2 21	17M	-6.3%	+67.8%
Q3 21	17M	+0.1%	+67.3%
Q1 24	19M	+9.6%	+70.2%
Q3 24	19M	-2.8%	-0.0%
Q1 25	18M	-2.0%	+4.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q1 24	$128.8K	142
Q3 24	$150.5K	142
Q1 25	$144.4K	165

Revenue / Employee