Spruce Power (SPRU) - 2024 Q3 - Quarterly Results

Financial Performance - Reported Q3 2024 revenues of $21.4 million, a decrease from $23.3 million in Q3 2023, primarily due to lower solar renewable energy credit revenues and higher performance guarantee payments[4]. - Net loss attributable to stockholders for Q3 2024 was $53.5 million, with Operating EBITDA reported at $17.7 million[6]. - Revenues for Q3 2024 were $21,378,000, a decrease of 8.05% from $23,250,000 in Q3 2023[27]. - Net loss attributable to stockholders was $53,529,000 in Q3 2024, compared to a net loss of $19,313,000 in Q3 2023, representing a significant increase in losses[27]. - Adjusted EBITDA for Q3 2024 was $6,712,000, down 27.14% from $9,208,000 in Q3 2023[28]. - The company reported a net loss from continuing operations per share of $2.88 for Q3 2024, compared to a loss of $1.09 per share in Q3 2023[27]. - The company incurred impairment of goodwill amounting to $28,757,000 in Q3 2024, with no such charge in Q3 2023[27]. Cash and Assets - The company ended the quarter with $150.0 million in total cash, including $113.7 million in unrestricted cash[8]. - Cash and cash equivalents were $113,658,000 as of September 30, 2024, down from $141,354,000 at the end of 2023, a decrease of 19.63%[29]. - Total assets decreased to $806,774,000 as of September 30, 2024, from $895,021,000 at the end of 2023, reflecting a decline of 9.83%[29]. - Total liabilities decreased to $655,138,000 as of September 30, 2024, from $680,352,000 at the end of 2023[30]. Operating Expenses - Core operating expenses for Q3 2024 were $17.4 million, up from $15.9 million in Q3 2023, due to higher non-routine operations and maintenance costs[5]. - Total operating expenses increased to $58,537,000 in Q3 2024, up 22.66% from $47,767,000 in Q3 2023[27]. Debt and Financing - The total principal amount of outstanding debt was $631.0 million with a blended interest rate of 5.9%[7]. - The company plans to fund the acquisition of the solar assets through a combination of cash on hand and non-recourse project level debt[11]. Growth and Acquisitions - Executed a non-binding Letter of Intent to acquire approximately 10,000 home solar assets, which would represent over 10% growth in the rooftop solar portfolio if completed[4][11]. - As of September 30, 2024, the company owned cash flows from approximately 75,000 home solar assets with a Gross Portfolio Value of $766.0 million[14][24]. - The company serviced approximately 1,000 third-party owned home solar systems as of September 30, 2024[14]. Guidance - Revised 2024 guidance for Operating EBITDA to a range of $57 - $62 million and Adjusted Free Cash Flow to a range of ($12) - ($7) million[9]. Shareholder Information - Weighted-average shares outstanding increased to 18,566,015 in Q3 2024 from 17,351,796 in Q3 2023[27].