Spruce Power (SPRU) - 2024 Q2 - Quarterly Results

Financial Performance - Reported Q2 2024 revenues of $22.5 million, a slight decrease from $22.8 million in Q2 2023, primarily due to lower solar renewable energy credit revenues[3] - Net loss attributable to stockholders for Q2 2024 was $8.6 million, with Operating EBITDA reported at $14.4 million[5] - Revenues for Q2 2024 were $22,481,000, a decrease of 1.5% compared to $22,813,000 in Q2 2023[21] - Net loss attributable to stockholders was $8,578,000 in Q2 2024, compared to a net income of $3,065,000 in Q2 2023[21] - Adjusted EBITDA for Q2 2024 was $5,402,000, down 52.1% from $11,231,000 in Q2 2023[22] - The company reported a net loss from continuing operations per share of $(0.46) for Q2 2024, compared to a profit of $0.10 per share in Q2 2023[21] Operating Expenses - Core operating expenses for Q2 2024 were $21.1 million, up from $19.0 million in Q2 2023, driven by higher compensation expenses including one-time severance costs[4] - Total operating expenses increased to $25,841,000 in Q2 2024, up 8.6% from $23,785,000 in Q2 2023[21] Cash and Assets - Total cash as of June 30, 2024, was $150.2 million, including $116.6 million in cash and cash equivalents, a decrease from $120.6 million as of March 31, 2024[6] - Cash and cash equivalents were $116,588,000 as of June 30, 2024, down from $141,354,000 at the end of 2023[23] - Total assets decreased to $858,434,000 as of June 30, 2024, from $895,021,000 at the end of 2023[23] - Total liabilities decreased to $653,871,000 as of June 30, 2024, from $680,352,000 at the end of 2023[24] Debt and Financing - Spruce Power closed a new $130 million non-recourse debt facility in June 2024, providing over $6 million in incremental capital[8] - The company has $44.7 million remaining under its $50 million common share repurchase program as of June 30, 2024[9] - Interest expense, net, was $7,591,000 in Q2 2024, down from $10,456,000 in Q2 2023[21] Future Outlook - The company maintains its 2024 Operating EBITDA guidance in the range of $68 - $86 million, with expectations trending towards the lower end[7] - Spruce continues to evaluate a pipeline of M&A opportunities and organic growth prospects through Spruce Pro[2] Portfolio and Operations - As of June 30, 2024, Spruce owned cash flows from approximately 75,000 home solar assets across 18 U.S. states, with a combined portfolio generation of approximately 133 thousand MWh of power[10] - Gross Portfolio Value as of June 30, 2024, was $778 million, reflecting the present value of future cash flows from customer contracts[10] - The weighted-average shares outstanding, basic, increased to 19,271,954 in Q2 2024 from 18,611,757 in Q2 2023[21]