Spruce Power Holding Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Spruce Power Holding Corp. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

SPRUCE POWER HOLDING CORP (SPRU) filed a Annual Report (10-K) with the SEC on April 9, 2024. Spruce Power Holding Corp. filed its 2023 Form 10-K on April 9, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as XL Fleet Corp. and Pivotal Investment Corp II. Its principal business address is in Denver, Colorado. The SIC code for the company is 4911 (Electric Services).

Why It Matters

For investors and stakeholders tracking SPRUCE POWER HOLDING CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Spruce Power's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its current standing and future prospects. Understanding the company's historical name changes (XL Fleet Corp., Pivotal Investment Corp II) is important for tracking its evolution and potential impact on its business strategy and market perception.

Risk Assessment

Risk Level: medium — SPRUCE POWER HOLDING CORP shows moderate risk based on this filing. The company's financial performance and operational details are not fully available in this header-only filing, requiring a deeper dive into the full document for a complete risk assessment.

Analyst Insight

Review the full 10-K filing for Spruce Power Holding Corp. to analyze detailed financial statements, risk factors, and management's discussion and analysis to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-09 — Filing Date (Date of filing)
• 4911 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SPRUCE POWER HOLDING CORP (company) — Filer name
• XL Fleet Corp. (company) — Former company name
• Pivotal Investment Corp II (company) — Former company name
• Denver, CO (location) — Business address city and state

FAQ

Industry Context

Spruce Power Holding Corp. operates within the electric services industry, as indicated by its SIC code 4911.

Regulatory Implications

The filing is a standard Form 10-K, which is a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Thoroughly review the full 10-K document for detailed financial statements and disclosures.
2. Analyze the 'Risk Factors' section for potential challenges and uncertainties facing Spruce Power.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-09: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-K filing, which is an annual report. A comparison to a previous filing would require access to prior period filings.

Key Financial Figures

• $0.0001 — ch Registered: Shares of common stock, $0.0001 par value SPRU New York Stock Exchange
• $6.50 — orted by the New York Stock Exchange of $6.50 per share, was approximately $ 101.5 mi
• $1.00 — price of our common stock was less than $1.00 over a consecutive 30 day trading perio

Filing Documents

• spru-20231231.htm (10-K) — 1917KB
• ex105-sprux20231231x10k.htm (EX-10.5) — 138KB
• ex106-sprux20231231x10k.htm (EX-10.6) — 72KB
• ex107-sprux20231231x10k.htm (EX-10.7) — 46KB
• ex21-sprux20231231x10k.htm (EX-21) — 44KB
• ex231-sprux20231231x10k.htm (EX-23.1) — 3KB
• ex232-sprux20231231x10k.htm (EX-23.2) — 2KB
• ex311-sprux20231231x10k.htm (EX-31.1) — 10KB
• ex312-sprux20231231x10k.htm (EX-31.2) — 10KB
• ex321-sprux20231231x10k.htm (EX-32.1) — 5KB
• ex322-sprux20231231x10k.htm (EX-32.2) — 5KB
• ex97-sprux20231231x10k.htm (EX-97) — 29KB
• image_0.jpg (GRAPHIC) — 7KB
• image_0a.jpg (GRAPHIC) — 17KB
• image_2.jpg (GRAPHIC) — 0KB
• image_25.jpg (GRAPHIC) — 0KB
• 0001628280-24-015334.txt (&nbsp;) — 12216KB
• spru-20231231.xsd (EX-101.SCH) — 95KB
• spru-20231231_cal.xml (EX-101.CAL) — 123KB
• spru-20231231_def.xml (EX-101.DEF) — 461KB
• spru-20231231_lab.xml (EX-101.LAB) — 1044KB
• spru-20231231_pre.xml (EX-101.PRE) — 746KB
• spru-20231231_htm.xml (XML) — 1716KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity - Risk Management, Strategy and Governance 24 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. [Reserved] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90 Item 9A.

Controls and Procedures

Controls and Procedures 90 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 PART IV Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 97 2 Tab l e of Contents CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that relate to future events or our future financial performance including, but not limited to, statements regarding our plans, strategies and prospects, both business and financial, our growth plans, future financial and operating results, costs and expenses, the outcome of contingencies, financial condition, results of operations, liquidity, cost savings, business strategies, and other statements that are not historical facts. Forward-looking statements can be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "could," "expect," "intends," "may," "opportunity," "plans," "goals," "target" "predict," "potential," "estimate," "should," "will," "would," "continue," "likely" or the negative of these terms or other words of similar meaning. These statements are based upon our current plans and strategies and reflect our current assessment of the risks and uncertainties related to its business and are made as of the date of this report. These statements are inherently subject to known and unknown risks and uncertainties. You should read these statements carefully as they discuss our future expectations or state other "forward-looking" information. There may be events in the future that we are not able to accurately predict or control and our actual results may

Business

Item 1. Business Company Overview Spruce Power (formerly known as XL Fleet Corp.) is a leading owner and operator of distributed solar energy assets across the United States (the "U.S."), offering subscription-based services to approximately 75,000 home solar assets and customer contracts, making renewable energy more accessible to everyone. Our mission is to provide our customers with clean, affordable solar energy systems and an extraordinary customer experience. We are engaged in the ownership and maintenance of home solar energy systems for homeowners in the U.S. We provide clean, solar energy typically at savings compared to traditional utility energy. Our primary customers are homeowners and our core solar service offerings generate revenues primarily through (i) the sale of electricity generated by our home solar energy systems to homeowners pursuant to long-term agreements, which requires our subscribers to make recurring monthly payments, (ii) third party contracts to sell solar renewable energy credits (" SRECs") generated by the solar energy systems for fixed prices and (iii) the servicing of those agreements for other institutional owners of home solar energy systems. In addition, we generate cash flows and earn interest income from an investment through a master lease agreement. We hold subsidiary fund companies that own and operate portfolios of home solar energy systems, which are subject to solar lease agreements ("SLAs") and power purchase agreements ("PPAs", together with the SLAs, "Customer Agreements") with home solar customers who benefit from the production of electricity generated by the solar energy systems. The solar energy systems may qualify for subsidies, renewable energy credits and other incentives as provided by various states and local agencies. These benefits have generally been retained by our subsidiaries that own the solar energy systems, with the exception of the investment tax credit ("ITC") under Section 48 of the Internal

View Full Filing

View this 10-K filing on SEC EDGAR