Spruce Power’s adjusted EBITDA up 33% in Q1 2023

Facebook
Twitter
LinkedIn
Reddit
Email
The company considers buying portfolios of residential solar assets to spur growth. Image: Getty

US distributed solar supplier Spruce Power has posted improved financial results as its adjusted EBITDA increased by 33.8% year-on-year in the first half of 2023. 

The company’s adjusted EBITDA in Q1 2023 reached US$4.67 million, increasing from US$3.49 million or by 33.8%. Revenues totalled US$18.1 million for Q1 2023, the same as Q4 2022. Spruce Power said lower sequential revenues from portfolio generation due to outsized weather impact during the quarter were offset by higher-than-expected solar renewable energy credit revenue proceeds.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Also, for Q1 2023 the net loss attributable to stockholders was US$19.4 million, up from US$16.1 million in Q1 2022, which included a loss from continuing operations of US$15 million and a loss from discontinued operations of US$3.9 million.

“We started the year off with Spruce Power’s largest acquisition in history which grew our ownership and control of home solar assets and contracts by about 44%. The Spruce Power 4 acquisition is transformative as it substantially bolstered our stream of contracted customer payments and allowed for a line of sight to positive run rate cash flow for the company,” said Christian Fong, CEO of Spruce Power. 

The Spruce Power 4 Portfolio features customer payment streams from about 22,500 residential solar contracts under which customers purchase the clean electricity generated by rooftop solar home power systems.

Looking ahead, the company said it would use its increased financial flexibility “in a disciplined manner to further enhance shareholder value”, be it through buying high quality portfolios of residential solar assets, through the repurchase of shares under its share repurchase programme, or through additional debt reduction.

Additionally, Spruce Power owned over 72,000 home solar assets and contracts across 18 US states, with an average remaining contract life of about 13 years as of 31 March 2023.

In the FY22 result announcement, Fong said the company aimed to grow its system and customer contract portfolio to 90,000 by the end of 2024, equivalent to about 80% growth in two years. Also, Spruce Power will use up to 20% of its EBITDA on capital improvements to its portfolio and servicing technologies, and the rest on a combination of acquisitions, and debt repayment, among other measures.

In September 2022, the company was acquired by electric vehicle solutions provider XL Fleet.

Read Next

September 4, 2025
Fraunhofer ISE has completed testing work of grid-forming inverters currently available in the energy industry.
September 3, 2025
LONGi, Jinko Solar, Trina Solar and JA Solar posted combined net losses of nearly RMB11 billion (US$1.54 billion) in H1 2025.
August 28, 2025
JinkoSolar has sold 41.8GW of PV modules in the first half of the year, despite growing financial losses for its manufacturing subsidiary.
August 26, 2025
Daqo New Energy has posted gross losses of US$81.4 million in Q2 2025, up from losses of US$81.5 million in Q1.
August 26, 2025
The Australian Government’s CER approved 56 new power stations, with 797MW of renewable energy capacity, in July this year.
August 20, 2025
Solar manufacturer T1 Energy has signed a 437MW module supply agreement with an as-yet undisclosed US utility.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines