SPRUCE POWER HOLDING Reports Q2 FY2023 Earnings Results on June 30, 2023
August 21, 2023
🌥️Earnings Overview
SPRUCE POWER HOLDING ($NYSE:SPRU) announced their second quarter FY2023 earnings results on June 30 2023, showing a marked improvement on the same period of the previous year. Revenue for the quarter was USD 22.8 million, more than seven-fold higher than the 3.0 million reported in Q2 FY2022. Additionally, net income rose 124.1% to USD 3.1 million.
Market Price
The company opened their stock up at $0.9 and closed at $1.0, up by 1.1% from the last closing price of 0.9. Analysts predicted that the company’s financial performance would be better than expected due to their strategic decisions and forward thinking. The market responded positively to SPRUCE POWER HOLDING’s Q2 FY2023 earnings results as investors were offered an attractive return on investment while trusting the company to perform well in the future. The company has made significant changes to their organization structure, policies, and procedures to ensure that they are able to continue to meet their financial goals.
The company continues to focus on delivering quality services and products while understanding their financial targets. By investing in growing markets and using innovative approaches to meet customer needs, SPRUCE POWER HOLDING is committed to sustainable growth and long-term success in the industry. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for SPRU. More…
| Total Revenues | Net Income | Net Margin |
| 64.1 | -81.49 | -112.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for SPRU. More…
| Operations | Investing | Financing |
| -51.49 | -43.99 | -34.94 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for SPRU. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 917.2 | 651.03 | 1.78 |
Key Ratios Snapshot
Some of the financial key ratios for SPRU are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 47.6% | – | -52.8% |
| FCF Margin | ROE | ROA |
| -80.5% | -8.1% | -2.3% |
Analysis
At GoodWhale, we’ve taken a look at the financials of SPRUCE POWER HOLDING. After a careful analysis, we’ve come to the conclusion that this is a high risk investment in terms of financial and business aspects. We’ve identified three risk warnings in the income statement, balance sheet, and cash flow statement. If you’d like to find out more about these, please register on our website and take a look. We’re confident that this information can help you better understand the risks associated with SPRUCE POWER HOLDING. More…
Peers
With major competitors such as Sunnova Energy International Inc, Waaree Technologies Ltd, and Canadian Solar Inc, Spruce Power Holding Corp is constantly striving to stay ahead of the game. As these companies compete for market share, customers are benefitting from greater choice, better prices, and improved customer service.
– Sunnova Energy International Inc ($NYSE:NOVA)
Sunnova Energy International Inc is a leading residential solar and energy storage service provider. The company offers its customers a variety of solutions to meet their energy needs. Sunnova has a market cap of 1.51B as of 2023, which reflects the current market value of the company. The Return on Equity (ROE) of Sunnova is -0.92%, suggesting that the company is generating losses instead of profits from the capital invested by its shareholders. This indicates that Sunnova may need to rethink its business strategies in order to be more successful.
– Waaree Technologies Ltd ($BSE:539337)
Waaree Technologies Ltd is a leading Indian solar energy solutions provider and system integrator. Since its inception in 1989, the company has come a long way and has grown to become one of the most renowned players in the solar energy sector. As of 2023, the company boasts a market capitalization of 2.82B and has a Return on Equity (ROE) of 2.6%. This indicates that the company is investing in projects that can generate returns for its shareholders at a fairly reasonable rate. Waaree also stands out for its commitment to a sustainable future by providing comprehensive solar energy solutions that are tailored to meet every customer’s unique needs.
– Canadian Solar Inc ($NASDAQ:CSIQ)
Canadian Solar Inc. is a leading international provider of solar energy solutions, producing and selling a variety of solar products and services. With a market cap of 2.48 billion dollars and a Return on Equity of 14.45%, Canadian Solar Inc. is one of the most successful publicly traded solar energy companies in the world. Its products and services include solar modules, specialized solar applications, and solar power systems for residential, commercial, and industrial customers. Canadian Solar Inc. has become a major player in the solar energy industry, with a strong global presence in countries such as Canada, the United States, Germany, and Japan.
Summary
SPRUCE POWER HOLDING reported impressive earnings results for the second quarter of FY2023. Overall, this is a positive development for investors as it indicates the company is performing well and is on track to achieve greater success in the future. As such, investors may want to consider adding SPRUCE POWER HOLDING to their portfolio.
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