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Water Tower Research

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>CEO Chris Hayes hosted SPRU’s 1Q25 results call. 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.</li><li>Spruce now owns the cash flows from ~85,000 home solar assets and contracts, up from 21k in 2018. </li></ul>

CEO Chris Hayes hosted SPRU’s 1Q25 results call. 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.Spruce now owns the cash flows from ~85,000 home solar assets and contracts, up from 21k in 2018. 

Spruce Power Holding Corporation: 1Q25 Results; Operating EBITDA Up 15% Y/Y with SP5

<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

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: 1Q25 Results; Operating EBITDA Up 15% Y/Y with SP5

CEO Chris Hayes hosted SPRU’s 1Q25 results call. Spruce Power is a leading owner-operator of residential solar power purchase agreements (PPAs) and...

Water Tower Research

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

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