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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Announced 4Q24 results. Spruce is a leading owner- operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).</li><li>The company grows through the acquisition of mature portfolios. Spruce now owns the cash flow from ~85k home solar assets and contracts, up from 21k in 2018.</li><li>The company offers a “Power-as-a-Service” business model and believes its own in-house technology-driven solar servicing platform is the most comprehensive on the market and hard to replicate. </li></ul>

Announced 4Q24 results. Spruce is a leading owner- operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).The company grows through the acquisition of mature portfolios. Spruce now owns the cash flow from ~85k home solar assets and contracts, up from 21k in 2018.The company offers a “Power-as-a-Service” business model and believes its own in-house technology-driven solar servicing platform is the most comprehensive on the market and hard to replicate. 

Spruce Power Holding Corporation - 4Q24 Results

<ul><li>Following 3Q24 results, we update our outlook for Spruce, a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).</li><li>Spruce grows through the acquisition of mature portfolios.</li><li>Its portfolio has expanded at a 29% CAGR since 2018 and Spruce now owns the cash flow from approximately 75,000 home solar assets and contracts.</li></ul>

Following 3Q24 results, we update our outlook for Spruce, a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).Spruce grows through the acquisition of mature portfolios.Its portfolio has expanded at a 29% CAGR since 2018 and Spruce now owns the cash flow from approximately 75,000 home solar assets and contracts.

SPRU: Adjusting Estimates Post 3Q24 Results; Acquisition an Upside Risk to Our Outlook

<ul><li>SPRU announced 3Q24 results yesterday. Spruce Power is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).</li><li>Spruce grows through the acquisition of mature portfolios. Its portfolio has expanded at a 29% CAGR since 2018 and Spruce now owns the cash flow from approximately 75,000 home solar assets and contracts.</li><li>Spruce offers a “Power-as-a-Service” business model and believes its own in-house technology-driven solar servicing platform is the most comprehensive on the market and hard to replicate. </li></ul>

SPRU announced 3Q24 results yesterday. Spruce Power is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).Spruce grows through the acquisition of mature portfolios. Its portfolio has expanded at a 29% CAGR since 2018 and Spruce now owns the cash flow from approximately 75,000 home solar assets and contracts.Spruce offers a “Power-as-a-Service” business model and believes its own in-house technology-driven solar servicing platform is the most comprehensive on the market and hard to replicate. 

Spruce Power Holding Corporation - Newly Announced Acquisition and Spruce Pro MoU

<ul><li>Spruce is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).</li><li>The company grows through the acquisition of mature portfolios. Its portfolio has expanded at a 29% CAGR since 2018.</li><li>Spruce now owns cash flow from approximately 75,000 home solar assets and contracts.</li></ul>

Spruce is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).The company grows through the acquisition of mature portfolios. Its portfolio has expanded at a 29% CAGR since 2018.Spruce now owns cash flow from approximately 75,000 home solar assets and contracts.

Spruce Power Holding Corporation SPRU - Adjusting Estimates Post 2Q24 Results

<ul><li>Spruce Power Holding Corporation (Spruce) is one of the largest third-party owner-operators of residential solar assets.</li><li>The company is not an installer of solar assets and instead grows through the acquisition of mature portfolios of residential solar assets and contracts.</li><li>Spruce’s portfolio consists of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs) and has grown at a 29% CAGR since 2018, reaching 75,000 home solar assets and contracts. </li></ul>

Spruce Power Holding Corporation (Spruce) is one of the largest third-party owner-operators of residential solar assets.The company is not an installer of solar assets and instead grows through the acquisition of mature portfolios of residential solar assets and contracts.Spruce’s portfolio consists of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs) and has grown at a 29% CAGR since 2018, reaching 75,000 home solar assets and contracts. 

Spruce Power Holding Corporation - Initiating Coverage

United States

Spruce Power Holding Corporation is an owner and operator of distributed solar energy assets. The Company provides subscription-based services for homeowners and small businesses to own and maintain rooftop solar and battery storage, as well as offers as-a-service model to access new technology without making a significant upfront investment and incurring maintenance costs.

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Spruce Power Holding (SPRU US)

Spruce Power Holding Corporation - 4Q24 Results

Announced 4Q24 results. Spruce is a leading owner- operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).

Water Tower Research

SPRU: Adjusting Estimates Post 3Q24 Results; Acquisition an Upside Risk to Our Outlook

Following 3Q24 results, we update our outlook for Spruce, a leading owner-operator of residential solar power purchase agreements (PPAs) and solar...

Water Tower Research

Spruce Power Holding Corporation - Newly Announced Acquisition and Spruce Pro MoU

SPRU announced 3Q24 results yesterday. Spruce Power is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar...

Water Tower Research

Spruce Power Holding Corporation SPRU - Adjusting Estimates Post 2Q24 Results

Spruce is a leading owner-operator of residential solar power purchase agreements (PPAs) and solar lease agreements (SLAs).

Water Tower Research

Spruce Power Holding Corporation - Initiating Coverage

Spruce Power Holding Corporation (Spruce) is one of the largest third-party owner-operators of residential solar assets.

Water Tower Research

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