In today’s briefing:
- KNR: Still Finding Its Footing After Dispositions
- Renewable Japan (9522 JP): Q3 FY12/24 flash update
- Spruce Power Holding Corporation – Newly Announced Acquisition and Spruce Pro MoU
KNR: Still Finding Its Footing After Dispositions
- Kontrol Technologies reported Q3 financial results yesterday after market close that were softer than expected.
- Revenue came in at $1.7M vs. our expected $2.0M.
- Subsequent to the quarter, KNR signed an LOI to acquire an Ontario-based business doing $525K in EBITDA.
Renewable Japan (9522 JP): Q3 FY12/24 flash update
- Cumulative Q3 FY12/24 saw YoY declines in revenue and profits, with Recurring business revenue down 2.7% YoY.
- The company revised earnings projections downward due to weak Spot business performance, maintaining net income forecast via asset sales.
- Recurring business gross profit grew 8.2% YoY, with significant growth in overseas Power Production and O&M business segments.
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 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.
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