Company Overview - Spruce Power owns the cash flows from approximately 85,000 home solar assets and contracts representing 515 MW of capacity[6] - The company also provides management services to approximately 60,000 stand-alone systems owned by other companies, totaling approximately 145,000 systems and customer contracts[7] Financial Performance (1Q'25) - Revenue reached $24 million, a 30% year-over-year increase[9] - Adjusted Operating Margin was 24%[38] - Adjusted EBITDA Margin was 26%[38] - Total Cash was $96 million[9] Market Opportunity - The projected U.S solar build is 737 GW between 2024-2035[5] - U.S electricity consumption is expected to double by 2050[11] Acquisition Strategy - The company has acquired contracts related to over 67,000 home solar systems in 14 separate transactions since 4Q'18[22] - Spruce Power 5 Acquisition added cash flows from over 9,800 residential solar contracts in New Jersey[37] Debt and Portfolio Value - The company's debt has minimal exposure to interest rate fluctuations over the near-to-medium term as all debt is either floating rate debt that is hedged with interest rate swaps or fixed rate debt[45] - Spruce has $201 million in Net Portfolio Value as of 1Q'25, including Total Cash, Net Portfolio Value was $297 million[47]