Recent Updates — SPRU
The board of directors approved the change in domicile from Delaware to Texas on May 1, 2026, and stockholders approved the proposal with approximately 86% support at the reconvened annual meeting on August 25, 2026. The company expects the redomiciliation to be effective on or about October 20, 2026, through a statutory conversion that will maintain its name and NYSE listing under the symbol SPRU. This transaction does not alter the company's headquarters, business operations, management team, assets, liabilities, or net worth, aside from associated transaction costs and franchise taxes. Spruce Power Holding Corporation operates in the energy sector, focusing on power generation and infrastructure.
Clara Nagy McBane’s resignation from the Board of Directors became effective on September 18, 2026, following satisfaction of contingencies regarding equity awards and indemnification. Benjamin Rosenzweig was appointed to fill the resulting vacancy as a Class B director. The Board accelerated the vesting of 93,678 unvested restricted stock units held by Ms. McBane, with share delivery delayed until the earliest of the Q3 earnings release, December 15, 2026, or a Change in Control. Mr. Rosenzweig received RSUs valued at $225,000 based on the September 18 closing price. Shawn Kravetz and Mr. Rosenzweig were appointed to the Audit and Compensation Committees, respectively. Spruce Power Holding Corporation operates in the renewable energy sector, focusing on solar power generation.
On September 10, 2026, Clara Nagy McBane notified Spruce Power Holding Corporation of her resignation from the Board of Directors. The resignation is contingent upon agreement regarding outstanding equity awards and confirmation of indemnification obligations and D&O insurance coverage. Upon satisfaction of these contingencies, Benjamin Rosenzweig will be appointed as a Class B director to fill the resulting vacancy. Mr. Rosenzweig is employed by Steel Partners Holdings L.P., an affiliate of SP Strategic Holdings LLC, which holds approximately 17.8% of the company's common stock. Spruce Power Holding Corporation operates in the energy sector, focusing on power generation and infrastructure.
Spruce Power Holding Corporation reported second quarter 2026 financial results, achieving operating income of $9.8 million and net income attributable to stockholders of $3.3 million, or $0.15 diluted earnings per share. Revenues decreased 9% year-over-year to $30.3 million due to lower Solar Renewable Energy Credits and Performance Based Incentives. Operating EBITDA rose 7% to a record $26.5 million, driven by cost management that reduced SG&A expenses by 26%. The company generated $4.8 million in Adjusted Cash Flow from Operations and repaid $7.9 million of debt principal, reducing total non-recourse debt to $679.5 million. As of June 30, 2026, the company held $81.5 million in cash and restricted cash, equivalent to $4.24 per share. Spruce Power Holding Corporation operates as a leading owner and operator of distributed solar energy assets across the United States.
Spruce Power Holding Corporation reported second quarter 2026 financial results, announcing operating income of $9.8 million and net income attributable to stockholders of $3.3 million. Revenues decreased 9% year-over-year to $30.3 million due to lower Solar Renewable Energy Credits and Performance Based Incentives. Operating EBITDA rose 7% to a record $26.5 million, driven by cost management that reduced SG&A expenses by 26%. The company ended the quarter with $81.5 million in cash and paid down $7.9 million of debt principal, reducing total non-recourse debt to $679.5 million. Diluted earnings per share were $0.14 compared to a loss of $0.17 in the prior year period. Spruce Power Holding Corporation is a leading owner and operator of distributed solar energy assets across the United States.