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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
___________________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2024
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR
THE TRANSITION PERIOD FROM _________ TO _________
Commission File Number 001-38971
Spruce Power Holding Corporation
(Exact name of Registrant as specified in its Charter)
| | | | | | | | |
| Delaware | | 83-4109918 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification Number) |
| | | | | | | | |
2000 S Colorado Blvd, Suite 2-825 Denver, Colorado | | 80222 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (866) 777-8235
___________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of Each Class: | | Trading Symbol(s) | | Name of Each Exchange on Which Registered: |
| Shares of common stock, $0.0001 par value | | SPRU | | New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
| Large accelerated filer | o | Accelerated filer | o |
| Non-accelerated filer | x | Smaller reporting company | x |
| | Emerging growth company | o |
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of November 13, 2024, 18,602,612 shares of the registrant’s common stock, $0.0001 par value, were outstanding.
TABLE OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q 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 the plans, strategies and prospects, both business and financial, of Spruce Power Holding Corporation (the “Company”), 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, including the potential acquisition of approximately 10,000 home solar assets and contracts as contemplated by the non-binding Letter of Intent executed by the Company in September 2024 (the “Potential Acquisition”), 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,” “intend,” “may,” “opportunity,” “plan,” “predict,” “potential,” “estimate,” “should,” “will,” “would” or the negative of these terms or other words of similar meaning. These statements are based upon the Company’s current plans and strategies and reflect the Company’s 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 differ materially from the expectations we describe in our forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include the following:
•Uncertainties relating to the solar energy industry and the risk that sufficient additional demand for home solar energy systems may not develop or take longer to develop than we anticipate.
•Disruptions to our solar monitoring systems could negatively impact our revenues and increase our expenses.
•Warranties provided by the manufacturers of equipment for our assets and maintenance obligations may be inadequate to protect us.
•The solar energy systems we own or may acquire may have a limited operating history and may not perform as we expect, including as a result of unsuitable solar and meteorological conditions.
•Problems with performance of our solar energy systems may cause us to incur expenses, may lower the value of our solar energy systems and may damage our market reputation.
•Developments in technology or improvements in distributed solar energy generation and related technologies or components may materially adversely affect demand for our offerings.
•We could be harmed by a material reduction in the retail price of traditional utility generated electricity, electricity from other sources or renewable energy credits.
•We may fail to grow by expanding our market penetration or to manage our growth effectively.
•We may not enter into a definitive agreement to complete the Potential Acquisition, which is still subject to negotiation, the Potential Acquisition may not be completed in a timely manner or at all, and the Company may incur significant costs, fees and expenses related to the Potential Acquisition.
•We may not be able to identify strategic acquisition or strategic relationship opportunities, we may not be able to complete strategic acquisitions or strategic relationships, or we may experience difficulties in integrating strategic acquisitions, including the Potential Acquisition if it is completed.
•We may require additional financing to support the development of our business and implementation of our growth strategy.
•We are subject to risks relating to our outstanding debt, including risks relating to rising interest rates and the risk that we may not have sufficient cash flow to pay our debt.
•We may be adversely affected by the impact of natural disasters and other events beyond our control, such as hurricanes, wildfires or pandemics.
•We are subject to cybersecurity risks.
•We are subject to risks relating to global economic conditions.
•Governmental investigations, litigation or other claims may cause us to incur significant expense, hinder execution of business and growth strategy or impact the price of our Common Stock.
•Changes in tax laws may materially adversely affect our business, prospects, financial condition, and operating results.
•Our ability to use net operating loss carryforwards and other tax attributes may be limited in connection with business combinations or other ownership changes.
•We are subject to risks associated with construction, regulatory compliance, risks relating to changes in, and our compliance with, laws and regulations affecting our business, and other contingencies.
•Violations of export control and/or economic sanctions laws and regulations to which we are subject could have a material adverse effect on our business operations, financial position and results of operations.
•Our insurance coverage may not be adequate to protect us from all business risks.
•We face competition from traditional energy companies as well as solar and other renewable energy companies.
These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this Quarterly Report on Form 10-Q are more fully described in Part II, Item 1A under the heading “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and the risk factors set forth in Part I, Item 1A Risk Factors, within our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 9, 2024 (the “Annual Report”). These factors are not exhaustive. Other sections of this Quarterly Report on Form 10-Q, such as our Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in Item 2 describe additional factors that could adversely affect the business, financial condition or results of operations of the Company and its consolidated subsidiaries. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This report includes certain registered trademarks, including trademarks that are the property of the Company and its affiliates. This report also includes other trademarks, service marks and trade names owned by the Company or other persons. All trademarks, service marks and traded names included herein are the property of their respective owners. Use or display by us of other parties’ trademarks, trade dress, or products in this report is not intended to, and does not, imply a relationship with, or endorsements or sponsorship of, us by the trademark or trade dress owners.
Part I - Financial Information
Item 1. Financial Statements
Spruce Power Holding Corporation
Condensed Consolidated Balance Sheets (Unaudited)
| | | | | | | | | | | | | | |
| | As of |
| (In thousands, except share and per share amounts) | | September 30,
2024 | | December 31,
2023 |
| Assets | | | | |
| Current assets | | | | |
| Cash and cash equivalents | | $ | 113,658 | | | $ | 141,354 | |
| Restricted cash | | 36,323 | | | 31,587 | |
Accounts receivable, net of allowance of $0.9 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively | | 11,523 | | | 9,188 | |
| Interest rate swap assets, current | | 6,723 | | | 11,333 | |
| Prepaid expenses and other current assets | | 4,779 | | | 9,879 | |
| Total current assets | | 173,006 | | | 203,341 | |
| Investment related to SEMTH master lease agreement | | 138,340 | | | 143,095 | |
| Property and equipment, net | | 464,695 | | | 484,406 | |
| Interest rate swap assets, non-current | | 12,812 | | | 16,550 | |
| Intangible assets, net | | 9,267 | | | 10,196 | |
| Deferred rent assets | | 3,370 | | | 2,454 | |
| Right-of-use assets, net | | 5,029 | | | 5,933 | |
| Goodwill | | — | | | 28,757 | |
| Other assets | | 255 | | | 257 | |
| Long-term assets of discontinued operations | | — | | | 32 | |
| Total assets | | $ | 806,774 | | | $ | 895,021 | |
| | | | |
| Liabilities and stockholders’ equity | | | | |
| Current liabilities | | | | |
| Accounts payable | | $ | 858 | | | $ | 1,120 | |
| Non-recourse debt, current, net | | 28,351 | | | 27,914 | |
| Accrued expenses and other current liabilities | | 30,892 | | | 40,634 | |
| Deferred revenue, current | | 1,686 | | | 878 | |
| Lease liability, current | | 956 | | | 1,166 | |
| Current liabilities of discontinued operations | | 65 | | | — | |
| Total current liabilities | | 62,808 | | | 71,712 | |
| Non-recourse debt, non-current, net | | 577,005 | | | 590,866 | |
| Deferred revenue, non-current | | 2,876 | | | 1,858 | |
| Lease liability, non-current | | 5,061 | | | 5,731 | |
| Warrant liabilities | | — | | | 17 | |
| Unfavorable solar renewable energy agreements, net | | 3,510 | | | 6,108 | |
| Interest rate swap liabilities, non-current | | 607 | | | 843 | |
| Other long-term liabilities | | 3,219 | | | 3,047 | |
Long-term liabilities of discontinued operations | | 52 | | | 170 | |
| Total liabilities | | 655,138 | | | 680,352 | |
Commitments and contingencies (Note 14) | | | | |
| | | | |
| Stockholders’ equity: | | | | |
| | | | | | | | | | | | | | |
Common stock, $0.0001 par value; 350,000,000 shares authorized at September 30, 2024 and December 31, 2023; 19,398,378 and 18,597,728 shares issued and outstanding at September 30, 2024, respectively, and 19,093,186 and 18,292,536 shares issued and outstanding at December 31, 2023, respectively | | 2 | | | 2 | |
| Additional paid-in capital | | 477,413 | | | 475,654 | |
| Accumulated deficit | | (322,449) | | | (257,888) | |
Treasury stock at cost, 800,650 shares at September 30, 2024 and December 31, 2023 | | (5,424) | | | (5,424) | |
| Noncontrolling interests | | 2,094 | | | 2,325 | |
| Total stockholders’ equity | | 151,636 | | | 214,669 | |
| Total liabilities and stockholders’ equity | | $ | 806,774 | | | $ | 895,021 | |
| | | | |
See notes to unaudited condensed consolidated financial statements.
Spruce Power Holding Corporation
Condensed Consolidated Statements of Operations (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| (In thousands, except per share and share amounts) | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
| Revenues | | $ | 21,378 | | | $ | 23,250 | | | $ | 61,881 | | | $ | 64,158 | |
| Operating expenses: | | | | | | | | |
| Cost of revenues | | 9,657 | | | 9,810 | | | 28,500 | | | 26,257 | |
| Selling, general and administrative expenses | | 13,521 | | | 12,391 | | | 43,426 | | | 44,093 | |
| Litigation settlements, net | | 7,205 | | | 26,339 | | | 7,205 | | | 26,339 | |
| Gain on asset disposal | | (603) | | | (773) | | | (2,055) | | | (4,225) | |
| Impairment of goodwill | | 28,757 | | | — | | | 28,757 | | | — | |
| Total operating expenses | | 58,537 | | | 47,767 | | | 105,833 | | | 92,464 | |
| Loss from operations | | (37,159) | | | (24,517) | | | (43,952) | | | (28,306) | |
| Other (income) expense: | | | | | | | | |
| Interest income | | (6,265) | | | (8,255) | | | (16,908) | | | (13,846) | |
| Interest expense, net | | 11,367 | | | 11,192 | | | 29,900 | | | 30,815 | |
| Change in fair value of warrant liabilities | | (2) | | | (70) | | | (17) | | | (218) | |
| Change in fair value of interest rate swaps | | 11,328 | | | (8,061) | | | 8,153 | | | (11,663) | |
| Other income, net | | (37) | | | (360) | | | (453) | | | (1,240) | |
| Net loss from continuing operations | | (53,550) | | | (18,963) | | | (64,627) | | | (32,154) | |
Net income (loss) from discontinued operations (including loss on disposal of $0 and $3,083 for the three and nine months ended September 30, 2023, respectively) | | (4) | | | (204) | | | 50 | | | (4,253) | |
| Net loss | | (53,554) | | | (19,167) | | | (64,577) | | | (36,407) | |
| Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests | | (25) | | | 146 | | | (16) | | | (764) | |
| Net loss attributable to stockholders | | $ | (53,529) | | | $ | (19,313) | | | $ | (64,561) | | | $ | (35,643) | |
| Net loss from continuing operations per share, basic and diluted | | $ | (2.88) | | | $ | (1.09) | | | $ | (3.51) | | | $ | (1.78) | |
| | | | | | | | |
| Net loss from discontinued operations per share, basic and diluted | | $ | — | | | $ | (0.01) | | | $ | — | | | $ | (0.24) | |
| | | | | | | | |
| Net loss attributable to stockholders per share, basic and diluted | | $ | (2.88) | | | $ | (1.11) | | | $ | (3.50) | | | $ | (1.97) | |
| | | | | | | | |
| Weighted-average shares outstanding, basic and diluted | | 18,566,015 | | | 17,351,796 | | | 18,438,375 | | | 18,072,115 | |
| | | | | | | | |
See notes to unaudited condensed consolidated financial statements.
Spruce Power Holding Corporation
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three and Nine Months Ended
September 30, 2024 |
| | Common Stock | | Additional
Paid-In
Capital | | Accumulated
Deficit | | Treasury Stock | | Non controlling Interests | | Total Stockholders’
Equity |
| (In thousands, except share data) | | Shares | | Amount | | | | Shares | | Amount | | |
Balance at December 31, 2023 | | 19,093,186 | | | $ | 2 | | | $ | 475,654 | | | $ | (257,888) | | | 800,650 | | | $ | (5,424) | | | $ | 2,325 | | | $ | 214,669 | |
| Issuance of restricted stock | | 5,060 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Capital distributions to noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | (76) | | | (76) | |
| Stock-based compensation expense, net | | — | | | — | | | 821 | | | — | | | — | | | — | | | — | | | 821 | |
| Net income (loss) | | — | | | — | | | — | | | (2,454) | | | — | | | — | | | 4 | | | (2,450) | |
Balance at March 31, 2024 | | 19,098,246 | | | $ | 2 | | | $ | 476,475 | | | $ | (260,342) | | | 800,650 | | | $ | (5,424) | | | $ | 2,253 | | | $ | 212,964 | |
| | | | | | | | | | | | | | | | |
| Issuance of restricted stock | | 259,604 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | |
| Capital distributions to noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | (64) | | | (64) | |
| Stock-based compensation expense, net | | — | | | — | | | 236 | | | — | | | — | | | — | | | — | | | 236 | |
| Net income (loss) | | — | | | — | | | — | | | (8,578) | | | — | | | — | | | 5 | | | (8,573) | |
Balance at June 30, 2024 | | 19,357,850 | | | $ | 2 | | | $ | 476,711 | | | $ | (268,920) | | | 800,650 | | | $ | (5,424) | | | $ | 2,194 | | | $ | 204,563 | |
| Issuance of restricted stock | | 40,528 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Capital distributions to noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | (75) | | | (75) | |
| Stock-based compensation expense, net | | — | | | — | | | 702 | | | — | | | — | | | — | | | — | | | 702 | |
| Net loss | | — | | | — | | | — | | | (53,529) | | | — | | | — | | | (25) | | | (53,554) | |
Balance at September 30, 2024 | | 19,398,378 | | | $ | 2 | | | $ | 477,413 | | | $ | (322,449) | | | 800,650 | | | $ | (5,424) | | | $ | 2,094 | | | $ | 151,636 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three and Nine Months Ended
September 30, 2023 |
| | Redeemable Noncontrolling Interests | | Common Stock | | Additional
Paid-in
Capital | | Accumulated
Deficit | | Treasury Stock | | Non controlling Interests | | Total Stockholders’
Equity |
| (In thousands, except share data) | | | Shares | | Amount | | | | Shares | | Amount | | |
| Balance at December 31, 2022 | | $ | 85 | | | 18,046,903 | | | $ | 2 | | | $ | 473,289 | | | $ | (193,342) | | | — | | | $ | — | | | $ | 8,942 | | | $ | 288,891 | |
| Cumulative-effect adjustment of ASC 326 adoption | | — | | | — | | | — | | | — | | | 1,285 | | | — | | | — | | | — | | | 1,285 | |
| Purchase accounting measurement period adjustments | | 240 | | | — | | | — | | | (1,813) | | | — | | | — | | | — | | | (5,490) | | | (7,303) | |
| Exercise of stock options | | — | | | 135,210 | | | | | 283 | | | — | | | — | | | — | | | — | | | 283 | |
| Issuance of restricted stock | | — | | | 341,490 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Issuance of common stock | | — | | | 25,818 | | | — | | | 150 | | | — | | | — | | | — | | | — | | | 150 | |
| Capital distributions to noncontrolling interests | | (108) | | | — | | | — | | | — | | | — | | | — | | | — | | | (88) | | | (88) | |
| Stock-based compensation expense, net | | — | | | — | | | — | | | 796 | | | — | | | — | | | — | | | — | | | 796 | |
| Net income (loss) | | (39) | | | — | | | — | | | — | | | (19,395) | | | — | | | — | | | 590 | | | (18,805) | |
| Balance at March 31, 2023 | | $ | 178 | | | 18,549,421 | | | $ | 2 | | | $ | 472,705 | | | $ | (211,452) | | | — | | | $ | — | | | $ | 3,954 | | | $ | 265,209 | |
| Exercise of stock options | | — | | | 111,637 | | | $ | — | | | 252 | | | $ | — | | | — | | | $ | — | | | — | | | 252 | |
| Issuance of restricted stock | | — | | | 106,928 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Share repurchases | | — | | | — | | | — | | | — | | | — | | | 233,022 | | | (1,614) | | | — | | | (1,614) | |
| Stock-based compensation expense, net | | — | | | — | | | — | | | 593 | | | — | | | — | | | — | | | — | | | 593 | |
| Capital distributions to noncontrolling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (57) | | | (57) | |
| Net income (loss) | | 21 | | | — | | | — | | | — | | | 3,065 | | | — | | | — | | | (1,482) | | | 1,583 | |
| Balance at June 30, 2023 | | $ | 199 | | | 18,767,986 | | | $ | 2 | | | $ | 473,550 | | | $ | (208,387) | | | 233,022 | | | $ | (1,614) | | | $ | 2,415 | | | $ | 265,966 | |
| Exercise of stock options | | — | | | 84,245 | | | — | | | 165 | | | — | | | — | | | — | | | — | | | 165 | |
| Issuance of restricted stock | | — | | | 72,895 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Share repurchases | | — | | | — | | | — | | | — | | | — | | | 497,725 | | | (3,505) | | | — | | | (3,505) | |
| Stock-based compensation expense, net | | — | | | — | | | — | | | 660 | | | — | | | — | | | — | | | — | | | 660 | |
| Buyout of redeemable noncontrolling interests | | (55) | | | — | | | — | | | 139 | | | — | | | — | | | — | | | — | | | 139 | |
| Equity related to buyout of redeemable noncontrolling interest | | (139) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| Capital distributions to noncontrolling interests | | (26) | | | — | | | — | | | — | | | — | | | — | | | — | | | (102) | | | (102) | |
| Net income (loss) | | 21 | | | — | | | — | | | — | | | (19,313) | | | — | | | — | | | 125 | | | (19,188) | |
| Balance at September 30, 2023 | | $ | — | | | 18,925,126 | | | $ | 2 | | | $ | 474,514 | | | $ | (227,700) | | | 730,747 | | | $ | (5,119) | | | $ | 2,438 | | | $ | 244,135 | |
See notes to unaudited condensed consolidated financial statements.
Spruce Power Holding Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| (In thousands) | | 2024 | | 2023 |
| | | | |
| Operating activities: | | | | |
| Net loss | | $ | (64,577) | | | $ | (36,407) | |
| Adjust for net (income) loss from discontinued operations | | (50) | | | 4,253 | |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | |
| Stock-based compensation expense, net | | 1,759 | | | 2,049 | |
| Bad debt expense | | 1,128 | | | 2,436 | |
| Amortization of deferred revenue | | (671) | | | — | |
| Depreciation and amortization expense | | 15,695 | | | 16,445 | |
| Impairment of goodwill | | 28,757 | | | — | |
| Accretion expense | | 181 | | | — | |
| Change in fair value of interest rate swaps | | 8,153 | | | (11,663) | |
| Change in fair value of warrant liabilities | | (17) | | | (218) | |
| Interest income related to SEMTH master lease agreement | | (12,159) | | | (7,658) | |
| Gain on disposal of assets | | (2,055) | | | (4,225) | |
| Change in operating right-of-use assets | | 24 | | | 49 | |
| Amortization of fair value adjustment and deferred financing costs | | 4,447 | | | 4,390 | |
| Changes in operating assets and liabilities: | | | | |
| Accounts receivable, net | | (3,463) | | | (5,166) | |
| Deferred rent assets | | (916) | | | (488) | |
| Prepaid expenses and other current assets | | 4,961 | | | (1,992) | |
| Other assets | | 2 | | | 124 | |
| Accounts payable | | (262) | | | (1,667) | |
| Accrued expenses and other current liabilities | | (11,735) | | | 25,212 | |
| Other long-term liabilities | | (9) | | | 5 | |
| Deferred revenue | | 2,541 | | | 701 | |
| Net cash used in continuing operating activities | | (28,266) | | | (13,820) | |
| Net cash used in discontinued operating activities | | (87) | | | (2,104) | |
Net cash used in operating activities | | (28,353) | | | (15,924) | |
| Investing activities: | | | | |
| Proceeds from sale of solar energy systems | | 4,712 | | | 5,068 | |
| Proceeds from investment related to SEMTH master lease agreement | | 18,868 | | | 13,188 | |
| Cash paid for acquisitions, net of cash acquired | | — | | | (43,097) | |
| Purchases of other property and equipment | | (182) | | | (285) | |
| Net cash provided by (used in) continuing investing activities | | 23,398 | | | (25,126) | |
| Net cash provided by discontinued investing activities | | — | | | 325 | |
Net cash provided by (used in) investing activities | | 23,398 | | | (24,801) | |
| Financing activities: | | | | |
| Repayments of long-term non-recourse debt | | (145,763) | | | (22,821) | |
| Proceeds from issuance of non-recourse debt | | 130,000 | | | 21,396 | |
| Repayments under financing leases | | — | | | (165) | |
| | | | | | | | | | | | | | |
| Payment of deferred financing costs | | (2,108) | | | (391) | |
| Proceeds from issuance of common stock | | — | | | 150 | |
| Proceeds from exercise of stock options | | — | | | 700 | |
| Share repurchases | | — | | | (5,119) | |
| Buyout of redeemable non-controlling interest | | — | | | (55) | |
| Capital distributions to redeemable noncontrolling interests and noncontrolling interests | | (215) | | | (381) | |
| Net cash used in continuing financing activities | | (18,086) | | | (6,686) | |
| Net cash provided by discontinued financing activities | | 81 | | | — | |
Net cash used in financing activities | | (18,005) | | | (6,686) | |
| Net change in cash and cash equivalents and restricted cash: | | (22,960) | | | (47,411) | |
| Cash and cash equivalents and restricted cash, beginning of period | | 172,941 | | | 240,144 | |
| Cash and cash equivalents and restricted cash, end of period | | $ | 149,981 | | | $ | 192,733 | |
| Supplemental disclosure of cash flow information: | | | | |
| Cash paid for interest | | $ | 22,021 | | | $ | 24,105 | |
| Supplemental disclosures of noncash investing and financing information: | | | | |
| Right-of-use assets obtained in exchange for lease liability | | $ | — | | | $ | 933 | |
| Settlement of operating lease liability | | $ | — | | | $ | 436 | |
| Settlement of finance lease liability | | $ | — | | | $ | 43 | |
| | | | |
See notes to unaudited condensed consolidated financial statements.
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 1. Organization and Description of Business
Description of Business
Spruce Power Holding Corporation and its subsidiaries (“Spruce Power” or the “Company”) 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.
The Company is engaged in the ownership and maintenance of home solar energy systems for homeowners in the U.S. The Company provides clean, solar energy typically at savings compared to traditional utility energy. The Company’s primary customers are homeowners and the Company’s core solar service offerings generate revenues primarily through (i) the sale of electricity generated by its home solar energy systems to homeowners pursuant to long-term agreements, which requires the Company’s 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, the Company generates cash flows and earns interest income from an investment through a master lease agreement described below.
The Company holds subsidiary fund companies, defined below as the Funds, 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 residential 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 the Company's subsidiaries that own the systems, with the exception of the investment tax credit (“ITCs”) under Section 48 of the Internal Revenue Code, as amended, which were generally passed through to the various financing partners of the solar energy systems. The Company also offers services which include asset management services and operating and maintenance services for home solar energy systems.
Historically, the Company provided fleet electrification solutions for commercial vehicles in North America, offering its systems for vehicle electrification (the “Drivetrain” operations) and through its energy efficiency and infrastructure solutions business, offering and installing charging stations to enable customers develop the charging infrastructure required for their electrified vehicles (the “XL Grid” operations). The Company ceased the Drivetrain and XL Grid operations in late 2022, and both are presented as discontinued operations in the unaudited condensed consolidated financial statements (see Note 16. Discontinued Operations).
Note 2. Summary of Significant Accounting Policies
Basis of unaudited condensed consolidated financial statement presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and Article 8 of Regulation S-X. The Company has condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As such, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2023 annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s interim unaudited condensed consolidated financial statements reflect all normal and recurring adjustments necessary, in its opinion, to state fairly the financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period due to the Company’s continual growth, seasonal fluctuations in solar energy generation, timing of maintenance and other expenditures, changes in interest expense and other factors.
The Company's accompanying unaudited condensed consolidated financial statements include the accounts of its wholly owned subsidiaries and variable interest entities (“VIEs”), for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been
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reclassified to conform to the Company’s current presentation and such reclassifications had no effect on the Company’s previously reported financial position, results of operations, or cash flows.
On October 6, 2023, the Company effected a one-for-eight reverse stock split with respect to its issued and outstanding shares of common stock (the “Reverse Stock Split”). Excluding the par value and the number of authorized shares of the Company’s common stock, all share amounts, all per share amounts, and the values of the common stock outstanding and related effect on additional paid in capital included in this Form 10-Q have been retrospectively presented as if the Reverse Stock Split had been effective from the beginning of the earliest period presented.
Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of income and expenses during the reporting period. The Company’s most significant estimates and judgments involve (i) deferred income taxes, (ii) warranty reserves, (iii) valuation of stock-based compensation, (iv) valuation of warrant liability, (v) the useful lives of certain assets and liabilities, (vi) the allowance for current expected credit losses and (vii) the valuation of business combinations, including the fair values and useful lives of acquired assets and assumed liabilities, goodwill and the fair value of purchase consideration of asset acquisitions. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company’s financial statements.
Variable interest entities
The Company consolidates any VIE of which it is the primary beneficiary. The Company formed or acquired VIEs which are partially funded by tax equity investors in order to facilitate the funding and monetization of certain attributes associated with solar energy systems. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. A variable interest holder is required to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when the Company is not considered the primary beneficiary. The Company evaluates its relationships with the VIEs on an ongoing basis to determine if it is the primary beneficiary. The Company's initial investments in Volta Solar Owner II, LLC and ORE F4 HoldCo, LLC (collectively, the “Funds”) were determined to be VIEs and remained as such as of September 30, 2024. During the three months ended September 30, 2023, the Company purchased all membership interests in Level Solar Fund IV and it ceased being a VIE as of September 30, 2023.
Cash and cash equivalents
The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks, money market accounts, and U.S. Treasury securities. Cash equivalents are carried at cost, which approximates fair value due to their short-term nature. The Company’s cash and cash equivalents are placed with large financial institutions, and at times exceed federally insured limits. To date, the Company has not experienced any credit loss relating to its cash and cash equivalents.
Concentration of credit and revenue risks
Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. At times, such cash may be in excess of the Federal Deposit Insurance Corporation limit. At September 30, 2024 and December 31, 2023, the Company had cash in excess of the $250,000 federally insured limit. The Company
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believes that its credit risk is not significant on cash and cash equivalents as most of the balances are kept in treasury bills, which are government backed securities.
For the three and nine months ended September 30, 2024 and 2023, the Company had no customers that represented at least 10% of the Company’s revenues. As of September 30, 2024 and December 31, 2023, the Company had no customers that represented at least 10% of the Company’s accounts receivable balances.
Restricted cash
Restricted cash held at September 30, 2024 and December 31, 2023 of $36.3 million and $31.6 million, respectively, primarily consists of cash that is subject to restriction due to provisions in the Company's financing agreements and the operating agreements of the Funds. The carrying amount reported in the unaudited condensed consolidated balance sheets for restricted cash approximates its fair value.
The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash balances to the total amounts shown in the unaudited condensed consolidated statements of cash flows for the end of the periods: | | | | | | | | | | | |
| As of |
| (Amounts in thousands) | September 30, 2024 | | September 30, 2023 |
| Cash and cash equivalents | $ | 113,658 | | | $ | 154,209 | |
| Restricted cash | 36,323 | | | 38,524 | |
| Total cash, cash equivalents and restricted cash | $ | 149,981 | | | $ | 192,733 | |
Accounts receivable, net
Accounts receivable primarily represent amounts due from the Company’s customers. Accounts receivable is recorded net of an allowance for expected credit losses, which is determined by the Company’s assessment of the collectability of customer accounts based on the best available data at the time of the assessment. Management reviews the allowance by considering factors such as historical experience, contractual term, aging category and current economic conditions that may affect customers. The following table presents the changes in the allowance for credit losses recorded against accounts receivable, net on the unaudited condensed consolidated balance sheets: | | | | | | | | | | | | |
| As of | |
| (Amounts in thousands) | September 30, 2024 | | December 31, 2023 | |
| Balance at the beginning of the period | $ | 1,693 | | | $ | 12,164 | | |
| Impact of ASC 326 adoption | — | | | (1,285) | | |
| Write-off of uncollectible accounts | (1,881) | | | (11,447) | | |
Provision recognized upon valuation of assets acquired | — | | | 420 | | |
| Provision for current expected credit losses | 1,128 | | | 1,841 | | |
| Balance at the end of the period | $ | 940 | | | $ | 1,693 | | |
Investment related to SEMTH master lease agreement and interest income
The Company accounts for its investment related to the SEMTH (as defined below) master lease agreement in accordance with Accounting Standards Codification (“ASC”) 325-40, Investments—Other—Beneficial Interests in Securitized Financial Assets. The Company recognizes accretable yield as interest income over the life of the related beneficial interest using the effective yield method, which is reflected within interest income in the unaudited condensed consolidated statements of operations in the amount of $4.8 million and $12.3 million for the three and nine months ended September 30, 2024, respectively. On a recurring basis, the Company evaluates changes in the cash flows expected to be collected from the cash flows previously projected, and when favorable or adverse changes are deemed other than temporary, the
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Company prospectively updates its expectation of cash flows to be collected and recalculates the amount of accretable yield for the related beneficial interest.
Favorable or adverse changes deemed other than temporary are accounted for as a change in estimate in conformity with ASC 250, Accounting Changes and Error Corrections, with the amount of periodic accretion adjusted over the remaining life of the master lease agreement. During the three months period ended September 30, 2024, the Company revised its estimated cash flows expected to be collected related to the SEMTH master lease agreement. As a result, the Company recognized additional accretable yield of $0.9 million within interest income in the unaudited condensed consolidated statements of operations. The Company estimates approximately $3.0 million of additional interest income per year over the life of the related beneficial interest.
Impairment of long-lived assets
The Company reviews long-lived assets, such as property and equipment and intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that an asset group’s carrying amount may not be recoverable. The Company groups assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluates the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value. There were no long-lived asset impairment charges for the three and nine months ended September 30, 2024 and 2023.
Impairment of goodwill
Goodwill represents the excess of cost over the fair market value of tangible and intangible assets acquired and liabilities assumed of acquired businesses. Goodwill is not amortized, however it is annually tested for impairment, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. The Company has historically recorded goodwill in connection with its business acquisitions.
The Company performs its annual goodwill impairment assessment on October 1 of each fiscal year, or more frequently if events or circumstances arise which indicate that goodwill may be impaired. An assessment can be performed by first completing a qualitative assessment of the Company’s single reporting unit. The Company can also bypass the qualitative assessment in any period and proceed directly to the quantitative impairment test, and then resume the qualitative assessment in any subsequent period. Qualitative indicators that may trigger the need for annual or interim quantitative impairment testing include, among other things, deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of the reporting unit. Additionally, a significant change in business climate, a loss of a significant customer, increased competition, a sustained decrease in share price, or a decrease in estimated fair value below book value may trigger the need for interim impairment testing of goodwill.
If the Company believes that, as a result of its qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test is required. The quantitative test involves comparing the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recorded as a reduction to goodwill with a corresponding charge to earnings in the period the goodwill is determined to be impaired. The income tax effect associated with an impairment of tax-deductible goodwill is also considered in the measurement of the goodwill impairment. Any goodwill impairment is limited to the total amount of goodwill.
The Company evaluates the fair value of the Company’s reporting unit using the market and income approach. Under the market approach, the Company uses multiples of EBITDA or revenues of the comparable guideline public companies by selecting a population of public companies with similar operations and attributes. Using this guideline public company data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The income approach of computing fair value is based on the present value of the expected future economic benefits generated by the asset or business, such as cash flows or profits which will then be compared to its book value. See Note 11. Goodwill for further information on the Company’s determination relating to impairment of goodwill.
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Note 2. Summary of Significant Accounting Policies, continued
Contingencies
When it is probable that a loss has occurred and the loss amount can be reasonably estimated, the Company records liabilities for loss contingencies. In certain cases, the Company may be covered by one or more corporate insurance policies, resulting in insurance loss recoveries. When such recoveries are in excess of a loss recognized in the Company’s financial statements, the Company recognizes a gain contingency at the earlier of when the gain has been realized or when it is realizable, however when the Company expects recovery of proceeds up to the amount of the loss recognized, a receivable, which offsets the related loss contingency, is recognized when realization of the claim for recovery is determined to be probable.
Fair value measurements
The fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, the Company classifies each fair value measurement as follows:
•Level 1: Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.
•Level 2: Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy must be determined based on the lowest level input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability being measured.
The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, net, accounts payable, accrued expenses and other current liabilities, non-recourse debt, and interest rate swaps. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximates fair value due to the short-term nature of those instruments. See Note 10. Fair Value Measurements for additional information on assets and liabilities measured at fair value.
Revenues
The Company’s revenue is derived from its home solar energy portfolio and servicing platform, which primarily generates revenue through the sale to homeowners of power generated by the home solar energy systems and the rental of solar equipment by certain homeowners, pursuant to long-term agreements. Pursuant to Accounting Standard Codification 606 (“ASC 606”) defined below, the Company has elected the “right to invoice” practical expedient, and revenues for the performance obligations related to energy generation and servicing revenue are recognized as services are rendered based upon the underlying contractual arrangements.
The following table presents the detail of the Company’s revenues as reflected within the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023:
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| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| PPA revenues | $ | 11,458 | | | $ | 11,370 | | | $ | 31,297 | | | $ | 30,731 | |
| SLA revenues | 6,702 | | | 7,596 | | | 20,574 | | | 22,543 | |
| Solar renewable energy credit revenues | 1,222 | | | 2,072 | | | 4,396 | | | 5,268 | |
| Government incentives | 110 | | | 68 | | | 333 | | | 164 | |
| Servicing revenues | 178 | | | 100 | | | 534 | | | 325 | |
| Intangibles amortization, unfavorable solar renewable energy agreements | 746 | | | 974 | | | 2,239 | | | 2,393 | |
| Other revenues | 962 | | | 1,070 | | | 2,508 | | | 2,734 | |
| Total | $ | 21,378 | | | $ | 23,250 | | | $ | 61,881 | | | $ | 64,158 | |
Energy generation
Customers purchase solar energy from the Company under PPAs or SLAs, both defined above. Revenue is recognized from contracts with customers as performance obligations are satisfied at a transaction price reflecting an amount of consideration based upon an estimated rate of return which is expressed as the solar rate per kilowatt hour or a flat rate per month as defined in the customer contracts.
•PPA revenues - Under ASC 606, Revenue from Contracts with Customers issued by the Financial Accounting Standards Board (“FASB”), PPA revenue is recognized when generated based upon the amount of electricity delivered as determined by remote monitoring equipment at solar rates specified under the PPAs.
•SLA revenues - The Company has SLAs, which do not meet the definition of a lease under ASC 842, Leases, and are accounted for as contracts with customers under ASC 606. Revenue is recognized on a straight-line basis over the contract term as the obligation to provide continuous access to the solar energy system is satisfied. The amount of revenue recognized may not equal customer cash payments due to the performance obligation being satisfied ahead of cash receipt or evenly as continuous access to the solar energy system has been provided. The differences between revenue recognition and cash payments received are reflected as deferred rent assets on the unaudited condensed consolidated balance sheets. Certain SLAs contain provisions to provide customers a performance guarantee that each solar energy system will achieve certain specified minimum solar energy production output. If the solar energy system does not produce the guaranteed production amount, the Company is obligated to pay a performance guarantee calculated as the product of (a) the shortfall production amount and (b) guaranteed rate per kWh as defined in the SLA.
Solar renewable energy credit revenues
The Company enters contracts with third parties to sell Solar Renewable Energy Credits ("SRECs") generated by the solar energy systems for fixed prices. Certain contracts that meet the definition of a derivative may be exempted as normal purchase or normal sales transactions ("NPNS"). NPNS are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Certain SREC contracts meet these requirements and are designated as NPNS contracts. Such SRECs are exempted from the derivative accounting and reporting requirements, and the Company recognizes revenues in accordance with ASC 606. The Company recognizes revenue for SRECs based on pricing predetermined within the respective contracts at a point in time when the SRECs are transferred. As SRECs can be sold separate from the actual electricity generated by the renewable-based generation source, the Company accounts for the SRECs it generates from its solar energy systems as governmental incentives and do not consider those SRECs output of the underlying solar energy systems. The Company classifies these SRECs as inventory held until sold and delivered to third parties. As the Company did not incur costs to obtain these governmental incentives, the inventory carrying value for the SRECs was $0 as of September 30, 2024 and December 31, 2023.
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Deferred revenue
Deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes prepayments received for unfulfilled performance obligations that will be recognized on a straight-line basis over the remaining term of the respective customer agreements. Deferred revenue, in the aggregate, as of September 30, 2024 and December 31, 2023 was $4.6 million and $2.7 million, respectively. The Company recognized revenues of $0.1 million related to deferred revenue as of the start of the period during each of the three and nine months ended September 30, 2024 and 2023.
Income taxes
The Company accounts for income taxes using the asset and liability method under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Deferred income taxes are provided for the temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and net operating loss carry-forwards and credits. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which the differences are expected to be recovered or settled. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in the unaudited condensed consolidated statements of operations in the period in which the enactment rate changes. The ultimate recovery of deferred tax assets is dependent upon the amount and timing of future taxable income and other factors, such as the taxing jurisdiction in which the asset is to be recovered. Deferred tax assets are reduced through the establishment of a valuation allowance if, based on available evidence, it is more likely than not that the deferred tax assets will not be realized.
Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the more likely than not threshold for financial statement recognition and measurement. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. For the three and nine months ended September 30, 2024 and 2023, there were no uncertain tax positions taken or expected to be taken in the Company’s tax returns.
In the normal course of business, the Company is subject to regular audits by U.S. federal and state and local tax authorities. With few exceptions, the Company is no longer subject to federal, state or local tax examinations by tax authorities in its major jurisdictions for tax years prior to 2021. However, net operating loss carryforwards remain subject to examination to the extent they are carried forward and impact a year that is open to examination by tax authorities.
The Company did not recognize any tax related interest or penalties during the periods presented in the accompanying unaudited condensed consolidated financial statements, however, would record any such interest and penalties as a component of the provision for income taxes.
There has historically been no federal or state provision for income taxes since the Company has historically incurred net operating losses and maintains a full valuation allowance against its net deferred tax assets. For the three and nine months ended September 30, 2024 and 2023, the Company recognized no provision for income taxes consistent with its losses incurred and the valuation allowance against its deferred tax assets. As a result, the Company's effective income tax rate was 0% for the three and nine months ended September 30, 2024 and 2023.
Related parties
A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, the board of directors, as well as members of their immediate families and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or that has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.
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SEC Climate Disclosure Rule
In March 2024, the SEC adopted final rules requiring public entities to disclose certain climate-related information in their registration statements and annual reports. The rules will be effective for non-accelerated filers and smaller reporting companies commencing with the fiscal year beginning on or after January 1, 2027. In April 2024, the SEC issued an administrative stay of the implementation of these rules, pending judicial review. The Company is evaluating the impact of the final rules on its unaudited condensed consolidated financial statements and related disclosures.
Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, (“ASU 2023-09”), which requires enhancements regarding the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company on December 31, 2025. The Company will adopt this ASU as of December 31, 2025 and will prospectively apply its requirements to income tax disclosures presented in the notes to the condensed consolidated financial statements in the period of adoption. The Company is currently evaluating the impact of this standard but does not expect that it will have a material impact on its unaudited condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures, (“ASU 2023-07”), which requires enhanced disclosures for reportable segments, primarily in relation to significant segment expenses, even in the event an entity has a single reportable segment in accordance with Topic 280. ASU 2023-07 is effective for the Company on December 31, 2024. The Company will adopt this ASU as of December 31, 2024 and will retrospectively apply its requirements to all prior periods based on the significant segment expense categories identified and disclosed in its condensed consolidated financial statements in the period of adoption. The Company is currently evaluating the impact of this standard but does not expect that it will have a material impact on its unaudited condensed consolidated financial statements.
Note 3. Business Combinations
Legacy Spruce Power
On September 9, 2022 (the “Acquisition Date”), the Company acquired Spruce Holding Company 1 LLC, Spruce Holding Company 2 LLC, Spruce Holding Company 3 LLC, and Spruce Manager LLC (collectively and together with their subsidiaries, “Legacy Spruce Power”) for $32.6 million, which consisted of cash payments of $61.8 million less cash and restricted cash acquired of $29.2 million. Management evaluated which entity should be considered the accounting acquirer in the transaction by giving consideration to the form of consideration transferred, the composition of the equity holders, the composition of voting rights of the Board of Directors, continuity of management structure, and size of the respective organizations. Based on the evaluation of the applicable factors, management noted that all factors, with the exception of the relative size of organization, were indicators that the Company was the acquiring entity resulting in management’s conclusion that for accounting purposes, the Company acquired Legacy Spruce Power.
The acquisition was accounted for as a business combination. The Company allocated the Legacy Spruce Power purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the Acquisition Date. The excess of the purchase price over those fair values was recorded as goodwill.
The Company’s evaluations of the facts and circumstances available as of the Acquisition Date, to assign fair values to assets acquired and liabilities assumed, remained ongoing subsequent to the Acquisition Date. As the Company completed further analysis of assets including solar systems, intangible assets, as well as noncontrolling interests and non-recourse debt, additional information on the assets acquired and liabilities assumed became available. Changes in information related to the value of net assets acquired changed the amount of the purchase price initially assigned to goodwill, and as a result, the fair values set forth below were subject to adjustments as additional information was obtained and valuations completed. These provisional adjustments were recognized during the reporting period in which the adjustments were determined. The Company has finalized its purchase price allocation as of September 8, 2023.
Accounting for business combinations requires management to make significant estimates and assumptions, especially at the Acquisition Date, including the Company’s estimates of the fair value of solar systems, production based incentives,
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Note 3. Business Combinations, continued
solar renewable energy agreements, non-controlling interest, trade name and non-recourse debt, where applicable. The Company believes the assumptions and estimates are based on information obtained from the management of the acquired companies and are inherently uncertain. Critical estimates in valuing solar systems under the income approach include future expected cash flows and discount rate. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results.
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the acquisition of Legacy Spruce Power, as adjusted, during the measurement period:
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| (Amounts in thousands) | | Initial Purchase Price Allocation | | Measurement Period Adjustments | | Updated Purchase Price Allocation | | | | | | | | | | | | |
| Total purchase consideration: | | | | | | | | | | | | | | | | | | |
| Cash, net of cash acquired, and restricted cash | | $ | 32,585 | | | $ | — | | | $ | 32,585 | | | | | | | | | | | | | |
| Allocation of consideration to assets acquired and liabilities assumed: | | | | | | | | | | | | | | | | | | |
| Accounts receivable, net | | 10,995 | | | — | | | 10,995 | | | | | | | | | | | | | |
| Prepaid expenses and other current assets | | 6,768 | | | (2,405) | | | 4,363 | | | | | | | | | | | | | |
| Solar energy systems | | 406,298 | | | 89,268 | | | 495,566 | | | | | | | | | | | | | |
| Other property and equipment | | 337 | | | — | | | 337 | | | | | | | | | | | | | |
| Intangible assets | | — | | | 11,980 | | | 11,980 | | | | | | | | | | | | | |
| Interest rate swap assets | | 26,698 | | | — | | | 26,698 | | | | | | | | | | | | | |
| Right-of-use asset | | 3,279 | | | (328) | | | 2,951 | | | | | | | | | | | | | |
| Other assets | | 358 | | | (102) | | | 256 | | | | | | | | | | | | | |
| Goodwill | | 158,636 | | | (129,879) | | | 28,757 | | | | | | | | | | | | | |
| Accounts payable | | (2,620) | | | (22) | | | (2,642) | | | | | | | | | | | | | |
| Unfavorable solar renewable energy agreements | | — | | | (10,500) | | | (10,500) | | | | | | | | | | | | | |
| Accrued expenses | | (13,061) | | | (241) | | | (13,302) | | | | | | | | | | | | | |
| Lease liability | | (3,382) | | | 42 | | | (3,340) | | | | | | | | | | | | | |
| Long-term debt | | (510,002) | | | 2,772 | | | (507,230) | | | | | | | | | | | | | |
| Other liabilities | | (335) | | | 292 | | | (43) | | | | | | | | | | | | | |
| Redeemable noncontrolling interests and noncontrolling interests | | (51,384) | | | 39,123 | | | (12,261) | | | | | | | | | | | | | |
| Total assets acquired and liabilities assumed | | $ | 32,585 | | | $ | — | | | $ | 32,585 | | | | | | | | | | | | | |
As reflected in the preceding table, as a result of third party valuation reports received in the first quarter of 2023, the Company adjusted solar energy systems and intangible assets with corresponding changes to goodwill. In the first quarter of 2023, due to a change in the provisional amounts assigned to intangible assets and solar energy systems, the Company recognized $0.4 million of revenue, $1.9 million of depreciation expense and $0.4 million of trade name amortization, of which $0.5 million of revenue, $0.9 million of depreciation expense and $0.3 million of trade name amortization related to the previous year.
During the first quarter of 2023, the Company adjusted the fair value of its noncontrolling interest and its redeemable noncontrolling interest in the Company's financials, which resulted in related downward revision of $5.5 million and upward revision of $0.2 million, respectively. Additional paid in capital was also downward revised by $1.8 million, which included the fair value adjustment associated with the purchase of 100% of the membership interests in Ampere Solar Owner IV, LLC, ORE F5A HoldCo, LLC, ORE F6 HoldCo, LLC, RPV Fund 11 LLC and RPV Fund 13 LLC, Sunserve Residential Solar I, LLC's and Level Solar Fund III, LLC in 2022.
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 3. Business Combinations, continued
The gross intangibles acquired are amortized over their respective estimated useful lives as follows:
| | | | | | | | | | | | | | | | | | | | |
| (Amounts in thousands) | | Asset | | Liability | | Estimated Life (in years) |
| Solar renewable energy agreements | | $ | 340 | | | $ | 10,500 | | | 3 to 6 |
| Performance based incentives agreements | | 3,240 | | | — | | | 13 |
| Trade name | | 8,400 | | | — | | | 30 |
| Total intangibles acquired | | $ | 11,980 | | | $ | 10,500 | | | |
The weighted-average useful life of the intangibles identified above is approximately 16 years, which approximates the period over which the Company expects to gain the estimated economic benefits.
Goodwill represents the excess of the purchase consideration over the estimated fair value of the net assets acquired. Goodwill is primarily attributable to the Company's ability to leverage and use its existing capital and access to capital markets along with Legacy Spruce Power's established operations and mergers and acquisition capabilities to grow the Spruce Power business.
Note 4. Acquisitions
SEMTH Master Lease Agreement
In furtherance of its growth strategy, on March 23, 2023, the Company completed the acquisition of all the issued and outstanding interests in SS Holdings 2017, LLC and its subsidiaries (“SEMTH”) from certain funds, pursuant to a membership interest purchase and sale agreement dated March 23, 2023 (the “SEMTH Acquisition”). SEMTH’s assets include 20-year use rights to customer payment streams of approximately 22,500 home SLAs and PPAs (the “SEMTH Master Lease”). The Company acquired SEMTH for approximately $23.0 million of cash, net of cash received, and assumed $125.0 million of outstanding senior indebtedness under the SP4 Facility (See Note 8. Non-Recourse Debt) and interest rate swaps with Deutsche Bank AG, New York Bank held by SEMTH and its subsidiaries at the close of the acquisition.
The purchase of SEMTH's future revenue has been accounted for as an acquisition of financial assets. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed based on their relative fair value. All fair value measurements of assets acquired and liabilities assumed were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future utility prices.
For the purposes of establishing the fair value of the Company's investment in the SEMTH Master Lease, its analysis considered cash flows beginning in March 2023 (the effective date of the transaction). The Company estimated the fair value of its investment in the SEMTH Master Lease to be approximately $146.9 million on the transaction date.
Tredegar Acquisition
On August 18, 2023, the Company acquired approximately 2,400 home solar assets and contracts from a publicly traded, regulated utility company for $20.9 million (the “Tredegar Acquisition”). The home solar assets acquired had an average remaining contract life of approximately 11 years. The Tredegar Acquisition was funded by term loans from the concurrent amendment of the Company’s existing debt facility as of the acquisition date.
The Tredegar Acquisition has been accounted for as an acquisition of assets, wherein the total consideration paid was allocated to the assets acquired and liabilities assumed based on their relative fair value. The Company’s determination of the fair value of assets acquired and liabilities assumed was based on an independent third-party valuation, which involved significant estimates and assumptions, including Level 3 (unobservable) inputs, using the income method approach to value long-lived assets. The Company estimated the fair value of the Tredegar Acquisition to be approximately $21.2 million, inclusive of transaction costs of $0.3 million, of which $19.6 million was allocated to the solar energy systems.
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 5. Property and Equipment, Net
Property and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | |
| As of |
| (Amounts in thousands) | September 30, 2024 | | December 31, 2023 |
| | | |
| Solar energy systems | $ | 510,947 | | | $ | 513,526 | |
| Less: Accumulated depreciation | (46,732) | | | (29,594) | |
| Solar energy systems, net | $ | 464,215 | | | $ | 483,932 | |
| | | |
| Equipment | $ | — | | | $ | 157 | |
| Furniture and fixtures | 430 | | | 461 | |
| Computers and related equipment | 272 | | | 218 | |
| Software | — | | | 8 | |
| Leasehold improvements | 30 | | | 59 | |
| Gross other property and equipment | 732 | | | 903 | |
| Less: Accumulated depreciation | (252) | | | (429) | |
| Other property and equipment, net | $ | 480 | | | $ | 474 | |
| | | |
| Property and equipment, net | $ | 464,695 | | | $ | 484,406 | |
Depreciation expense related to solar energy systems is included within cost of revenues in the unaudited condensed statements of operations, and for the three and nine months ended September 30, 2024 was $5.7 million and $17.1 million, respectively, and for the three and nine months ended September 30, 2023 was $6.3 million and $17.9 million, respectively. Depreciation expense related to other property and equipment is included within selling, general and administrative expenses in the unaudited condensed statements of operations, and for the three and nine months ended September 30, 2024 was $0.1 million and $0.2 million, respectively, and for each of three and nine months ended September 30, 2023 was $0.1 million.
Note 6. Intangible Assets, Net
The following table presents the detail of intangible assets, net as recorded in the unaudited condensed consolidated balance sheets: | | | | | | | | | | | |
| As of |
| (Amounts in thousands) | September 30, 2024 | | December 31, 2023 |
| | | |
| Intangible assets: | | | |
| Solar renewable energy agreements | $ | 340 | | | $ | 340 | |
| Performance based incentives agreements | 3,240 | | | 3,240 | |
| Trade name | 8,400 | | | 8,400 | |
Gross intangible assets | 11,980 | | | 11,980 | |
| Less: Accumulated amortization | (2,713) | | | (1,784) | |
| | | |
| Intangible assets, net | $ | 9,267 | | | $ | 10,196 | |
| | | |
Amortization of intangible assets for the three and nine months ended September 30, 2024 was $0.3 million and $0.9 million, respectively. For the three months ended September 30, 2024, $0.1 million and $0.2 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
operations, respectively, and for the nine months ended September 30, 2024, $0.3 million and $0.6 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations, respectively. Amortization of intangible assets for the three and nine months ended September 30, 2023 was $0.3 million and $0.9 million, respectively. For the three months ended September 30, 2023, $0.1 million and $0.2 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations, respectively, and for the nine months ended September 30, 2023, $0.3 million and $0.5 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations, respectively.
As of September 30, 2024, expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows:
| | | | | |
| As of September 30, |
| (Amounts in thousands) | 2024 |
| Remainder of 2024 | $ | 310 | |
| 2025 | 1,126 | |
| 2026 | 1,122 | |
| 2027 | 978 | |
| 2028 | 878 | |
Thereafter | 4,853 | |
Total | $ | 9,267 | |
Note 7. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | |
| | As of |
| (Amounts in thousands) | | September 30, 2024 | | December 31, 2023 |
| Accrued interest | | $ | 11,545 | | | $ | 8,587 | |
| Accrued professional fees | | 2,249 | | | 2,386 | |
| Accrued contingencies (See Note 14. Commitments and Contingencies) | | 8,030 | | | 21,300 | |
| Accrued compensation and related benefits | | 4,764 | | | 3,237 | |
| Accrued expenses, other | | 1,030 | | | 2,293 | |
| Accrued operating and maintenance expenses | | 2,102 | | | 2,079 | |
| Accrued taxes, stock-based compensation | | 1,132 | | | 752 | |
| Current portion of interest rate swap liability | | 40 | | | — | |
Accrued expenses and other current liabilities | | $ | 30,892 | | | $ | 40,634 | |
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 8. Non-Recourse Debt
The following table provides a summary of the Company’s non-recourse debt as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | |
| | | | As of |
| (Amounts in thousands) | | Due | | September 30, 2024 | | December 31, 2023 |
SVB Credit Agreement, SP1 Facility (1) | | April 2026 | | $ | 202,753 | | | $ | 214,803 | |
Second SVB Credit Agreement, SP2 Facility (1) | | May 2027 | | 80,233 | | | 85,231 | |
KeyBank Credit Agreement, SP3 Facility (1) | | November 2027 | | 55,260 | | | 58,962 | |
Second KeyBank Credit Agreement (1) | | April 2030 | | 162,712 | | | 162,725 | |
| Deutsche Bank Credit Agreement, SP4 Facility | | August 2025 | | — | | | 125,000 | |
| Barings GPSF Credit Agreement, SET Facility | | April 2042 | | 130,000 | | | — | |
Less: Unamortized fair value adjustment (1) | | | | (23,348) | | | (27,600) | |
Less: Unamortized deferred financing costs (1) | | | | (2,254) | | | (341) | |
| Total Non-recourse debt | | | | 605,356 | | | 618,780 | |
| Less: Non-recourse debt, current | | | | (28,351) | | | (27,914) | |
| Non-recourse debt, non-current | | | | $ | 577,005 | | | $ | 590,866 | |
(1) In connection with the acquisition of Legacy Spruce Power effective September 9, 2022, the Company assumed all non-recourse debt instruments valued at approximately $507.2 million as of that date. In connection with accounting for the business combination, the Company adjusted the carrying value of this non-recourse debt to its fair value as of the Acquisition Date. This fair value adjustment resulted in a reduction of the carrying value of the debt by $35.2 million. This adjustment to fair value and associated adjustment to unamortized deferred financing costs is being amortized to interest expense over the life of the related debt instruments using the effective interest method. Amortization expense for the fair value adjustment and deferred financing costs for the three and nine months ended September 30, 2024 were $1.5 million and $4.4 million, respectively, and for the three and nine months ended September 30, 2023 were $1.5 million and $4.4 million, respectively.
On June 26, 2024, Spruce SET Borrower 2024, LLC (the “Borrower”), a wholly owned subsidiary of the Company, entered into a non-recourse Credit Agreement with Barings GPSF LLC, which provided a fixed interest term loan in the aggregate principal amount of $130.0 million (the “SET Facility”). The proceeds of the SET Facility were primarily used to repay the SP4 Facility of $125.0 million. The repayment of the SP4 Facility was treated as a debt extinguishment under ASC 470-50, Debt—Modifications and Extinguishments. In connection with the repayment of the SP4 Facility, the Company settled the related interest rate swap contracts (see Note 9. Interest Rate Swaps for further discussion). The Borrower incurred approximately $2.1 million of deferred financing costs related to the SET Facility, which are being amortized on a straight-line basis over the anticipated debt servicing period. The SET Facility matures on April 17, 2042 and requires quarterly interest payments at 6.889% per annum beginning August 2024. Effective December 26, 2027, the SET Facility requires additional interest to be accrued on any outstanding aggregate principal or unpaid accrued interest. The SET Facility is collateralized by all of the assets and property of the Borrower. The SET Facility requires the Borrower to be in compliance with various covenants, and the Borrower was in compliance with the required covenants under the SET Facility as of September 30, 2024.
Note 9. Interest Rate Swaps
The purpose of the Company’s interest rate swaps is to convert the floating interest rate on the Company's Credit Agreements to a fixed rate. As of September 30, 2024, the notional amount of the interest rate swaps covers approximately 99% of the balance of the Company’s floating rate term loans.
During the three and nine months ended September 30, 2024, the change in the fair value of the interest rate swaps was $(11.3) million and $(8.2) million, respectively, and for the three and nine months ended September 30, 2023 was $8.1 million and $11.8 million, respectively, which are reflected in change in fair value of interest rate swaps within the unaudited condensed consolidated statements of operations. The Company also recognized $3.0 million and $13.8 million
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 9. Interest Rate Swaps, continue
of realized gains for the three and nine months ended September 30, 2024, and for the three and nine months ended September 30, 2023, realized gains of $3.8 million and $9.7 million, respectively, reflected within interest expense, net within the unaudited condensed consolidated statements of operations.
In June 2024, interest rate swaps related to the SP4 Facility were settled concurrently with the full repayment of the SP4 Facility (see Note 8. Non-Recourse Debt), and as a result, the Company recorded a gain of approximately $3.6 million within interest expense, net during the nine months ended September 30, 2024.
See Note 10. Fair Value Measurements for further information on the Company’s determination of the fair value of its interest rate swaps.
Note 10. Fair Value Measurements
The Company uses various assumptions and methods in estimating the fair values of its financial instruments.
The Company’s private warrants are valued using a Black-Scholes model, pursuant to the inputs provided in the table below:
| | | | | | | | | | | | | | |
| Input | | September 30, 2024 | | December 31, 2023 |
| Risk-free rate | | 3.9 | % | | 4.2 | % |
| Remaining term in years | | 1.23 | | 1.98 |
| Expected volatility | | 59.7 | % | | 82.0 | % |
| Exercise price | | $ | 92.00 | | | $ | 92.00 | |
| Fair value of common stock | | $ | 2.84 | | | $ | 4.42 | |
The Company's interest rate swaps are not traded on a market exchange and the fair values are determined using a valuation model based on a discounted cash flow analysis. This analysis reflects the contractual terms of the interest rate swap agreements and uses observable market-based inputs, including estimated future SOFR interest rates. The fair value of the Company's interest rate swap is the net difference in the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates and are observable inputs available to a market participant. The interest rate swap valuation is classified in Level 2 of the fair value hierarchy.
The fair value of the Company’s non-recourse debt as of September 30, 2024 and December 31, 2023 was $626.1 million and $628.2 million, respectively.
The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value Measurements as of
September 30, 2024 |
| (Amounts in thousands) | | Level I | | Level II | | Level III | | Total |
| Asset: | | | | | | | | |
| Interest rate swaps | | $ | — | | | $ | 19,535 | | | $ | — | | | $ | 19,535 | |
| Money market accounts | | 106,790 | | | — | | | — | | | 106,790 | |
| Total | | $ | 106,790 | | | $ | 19,535 | | | $ | — | | | $ | 126,325 | |
| | | | | | | | |
| Liabilities: | | | | | | | | |
| Interest rate swaps | | $ | — | | | $ | 647 | | | $ | — | | | $ | 647 | |
| Total | | $ | — | | | $ | 647 | | | $ | — | | | $ | 647 | |
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 10. Fair Value Measurements, continued
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value Measurements as of
December 31, 2023 |
| (Amounts in thousands) | | Level I | | Level II | | Level III | | Total |
| Asset: | | | | | | | | |
| Interest rate swaps | | $ | — | | | $ | 27,883 | | | $ | — | | | $ | 27,883 | |
| Money market accounts | | 21,475 | | | — | | | — | | | 21,475 | |
| U.S. Treasury securities | | 108,964 | | | — | | | — | | | 108,964 | |
| Total | | $ | 130,439 | | | $ | 27,883 | | | $ | — | | | $ | 158,322 | |
| | | | | | | | |
| Liabilities: | | | | | | | | |
| Private warrants | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | |
| Total | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | |
The following is a roll forward of the Company’s Level 3 liability instruments:
| | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | Nine Months Ended
September 30, 2024 |
| (Amounts in thousands) | | | |
| | | |
| Balance at the beginning of the period | $ | 2 | | | $ | 17 | |
| Fair value adjustments – warrant liability | (2) | | | (17) | |
| Balance at the end of the period | $ | — | | | $ | — | |
Note 11. Goodwill
During the three months ended September 30, 2024, the Company identified that there were indicators that the carrying amount of its goodwill may be impaired due to a continuous decline in the Company’s stock price and market capitalization. The Company performed a quantitative test using a market approach, which resulted in an impairment of goodwill during the three months ended September 30, 2024. As a result, the Company recorded a charge of $28.8 million to fully impair its goodwill within the unaudited condensed consolidated statements of operations.
| | | | | | | | | | | |
| As of |
| September 30, 2024 | | December 31, 2023 |
| (Amounts in thousands) | | | |
| Goodwill, beginning balance | $ | 28,757 | | | $ | 28,757 | |
| Impairment of goodwill | (28,757) | | | — | |
| Goodwill, ending balance | $ | — | | | $ | 28,757 | |
Note 12. Stock-Based Compensation Expense
Stock-based compensation expense related to stock options and restricted stock units for the three and nine months ended September 30, 2024 was $0.7 million and $2.1 million, and for the three and nine months ended September 30, 2023 was $0.9 million and $2.4 million, respectively. As of September 30, 2024, there was $8.2 million of unrecognized compensation cost related to stock options and restricted stock units which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.7 years.
Stock Options
The Company grants stock options to certain employees that will vest over a period of one to four years. A summary of stock option award activity for the nine months ended September 30, 2024 was as follows:
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 12. Stock-Based Compensation Expense, continued
| | | | | | | | | | | | | | | | | | | | |
| Options | | Shares | | Weighted Average
Exercise Price | | Weighted Average Remaining Contractual Term |
| | | | | | |
| Outstanding at December 31, 2023 | | 193,156 | | | $ | 17.89 | | | 5.8 |
| Granted | | 295,229 | | | 3.74 | | | |
| Exercised | | — | | | — | | | |
| Cancelled or forfeited | | — | | | — | | | |
| Outstanding at September 30, 2024 | | 488,385 | | | $ | 9.34 | | | 7.8 |
| Exercisable at September 30, 2024 | | 192,523 | | | $ | 17.76 | | | 5.0 |
The aggregate intrinsic value of stock options outstanding as of September 30, 2024 was $0.1 million. During the nine months ended September 30, 2024, the Company granted 295,229 stock options to its President and Chief Executive Officer (“CEO”) upon his appointment to such positions effective April 12, 2024.
A summary of stock option award activity for the nine months ended September 30, 2023 was as follows:
| | | | | | | | | | | | | | | | | | | | |
| Options | | Shares | | Weighted Average
Exercise Price | | Weighted Average Remaining Contractual Term |
| | | | | | |
| Outstanding at December 31, 2022 | | 761,408 | | | $ | 11.12 | | | 2.7 |
| Granted | | — | | | — | | | |
| Exercised | | (331,091) | | | 1.95 | | | |
| Cancelled or forfeited | | (78,797) | | | 51.48 | | | |
| Outstanding at September 30, 2023 | | 351,520 | | | $ | 10.69 | | | 3.4 |
| Exercisable at September 30, 2023 | | 349,529 | | | $ | 10.38 | | | 3.4 |
Restricted Stock Units
The Company grants restricted stock units to certain employees that will generally vest over a period of four years. The fair value of restricted stock unit awards is estimated by the fair value of the Company’s common stock at the date of grant. Restricted stock units activity during the nine months ended September 30, 2024 was as follows:
| | | | | | | | | | | |
| Number of
Shares | | Weighted Average Grant Date Fair Value Per Share |
| Non-vested, at December 31, 2023 | 1,102,095 | | | $ | 7.74 | |
| Granted | 1,925,157 | | | 3.50 | |
| Vested | (305,192) | | | 6.63 | |
| Cancelled or forfeited | (635,299) | | | 5.22 | |
| Non-vested, at September 30, 2024 | 2,086,761 | | | $ | 4.77 | |
During the nine months ended September 30, 2024, the Company granted restricted stock unit awards of 88,636 shares of common stock to the CEO upon his appointment effective April 12, 2024. In addition, upon the separation of the prior President and Chief Executive Officer (“Former CEO”) from the Company effective April 12, 2024, 97,994 and 244,267 restricted stock units awarded to the Former CEO were vested and forfeited, respectively. The Company recorded $0.5 million of expense related to the 97,994 vested awards during the nine months ended September 30, 2024.
Restricted stock units activity during the nine months ended September 30, 2023 was as follows:
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 12. Stock-Based Compensation Expense, continued
| | | | | | | | | | | |
| Number of
Shares | | Weighted Average Grant Date Fair Value Per Share |
| Non-vested, at December 31, 2022 | 1,229,089 | | | $ | 10.40 | |
| Granted | 653,425 | | | 6.50 | |
| Vested | (521,313) | | | 12.63 | |
| Cancelled or forfeited | (266,162) | | | 10.32 | |
| Non-vested, at September 30, 2023 | 1,095,039 | | | $ | 7.88 | |
Former CEO's Ladder Restricted Stock Unit Award
On September 9, 2022, in connection with the acquisition of Legacy Spruce Power and his appointment as the Company's President, the Company granted to its Former CEO, a restricted stock unit award (the “Ladder RSUs”) of 208,333 shares of common stock. The Ladder RSUs vest in 10% increments on the dates the Plan administrator certifies the applicable milestone stock prices have been achieved or exceeded, provided that the Former CEO remains employed on the date of certification and such achievement occurs within ten years of the date of the grant.
The Company used a Monte Carlo simulation valuation model to determine the fair value of the award as of the Acquisition Date. The following inputs were used in the simulation: grant date stock price of $9.36 per share, annual volatility of 85.0%, risk-free interest rate of 3.3% and dividend yield of 0.0%. For each tranche, a fair value was calculated as well as a derived service period which represents the median number of years it is expected to take for the Ladder RSUs to meet their corresponding milestone stock price excluding the simulation paths that result in the Ladder RSUs not vesting within the 10-year term of the agreement. Each tranche's fair value will be amortized ratably over the respective derived service period.
The Company recognized expense related to the Ladder RSUs of approximately $0.1 million and $0.3 million for the three and nine months ended September 30, 2023, respectively. Upon separation of the Former CEO from the Company effective April 12, 2024, the Ladder RSUs were terminated and the Company recorded a gain of $0.7 million during the nine months ended September 30, 2024.
Note 13. Noncontrolling Interests
The following table summarizes the Company’s noncontrolling interests as of September 30, 2024:
| | | | | | | | |
| Tax Equity Entity | | Date Class A Member Admitted |
| | |
| | |
| | |
| | |
| ORE F4 Holdco, LLC | | August 2014 |
| Volta Solar Owner II, LLC | | August 2017 |
The tax equity entities were structured at inception so that the allocations of income and loss for tax purposes will flip at a future date. The terms of the tax equity entities' operating agreements contain allocations of taxable income (loss), Section 48(a) ITCs and cash distributions that vary over time and adjust between the members on an agreed date (referred to as the flip date). The operating agreements specify either a certain flip date or an internal rate of return ("IRR") flip date. The certain flip date is based on the passage of a fixed period of time as defined in the operating agreements for each entity. The IRR flip date is the date on which the tax equity investor has achieved a contractual rate of return. From inception through the flip date, the Class A members' allocation of taxable income (loss) and Section 48(a) ITCs is generally 99% and the Class B members' allocation of taxable income (loss) and Section 48(a) ITCs is generally 1%. After the related flip date (or, if the tax equity investor has a deficit capital account, typically after such deficit has been eliminated), the Class A members' allocation of taxable income (loss) will typically decrease to 5% (or, in some cases, a higher percentage if required by the tax equity investor) and the Class B members' allocation of taxable income (loss) will increase by an inverse amount.
Spruce Power Holding Corporation
| | |
| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 13. Noncontrolling Interests, continued
The historical redeemable noncontrolling interests and noncontrolling interests are comprised of Class A units, which represent the tax equity investors' interest in the tax equity entities. Both the Class A members and Class B members may have call options to allow either member to redeem the other member's interest in the tax equity entities upon the occurrence of certain contingent events, such as bankruptcy, dissolution/liquidation and forced divestitures of the tax equity entities. Additionally, the Class B members may have the option to purchase all Class A units, which is typically exercisable at any time during the periods specified under their respective governing documents, and, in regards to the tax equity entities historically classified as redeemable noncontrolling interests, they had the contingent obligation to purchase all Class A units if the Class A members exercise their right to withdraw, which is typically exercisable at any time during the three-month period commencing upon the applicable flip date. The Company had no redeemable noncontrolling interests as of September 30, 2024 and December 31, 2023.
Total assets on the unaudited condensed consolidated balance sheets includes $37.0 million as of September 30, 2024 and $38.0 million as of December 31, 2023 of assets held by the Company's VIEs, which can only be used to settle obligations of the VIEs.
Total liabilities on the unaudited condensed consolidated balance sheets includes $0.8 million as of September 30, 2024 and $0.8 million as of December 31, 2023 of liabilities that are the obligations of the Company's VIEs.
Note 14. Commitments and Contingencies
Legal Proceedings
The Company is periodically involved in legal proceedings and claims arising in the normal course of business, including proceedings relating to intellectual property, employment and other matters. Management believes the outcome of these proceedings will not have a significant adverse effect on the Company’s financial position, operating results, or cash flow.
Securities Class Action Proceedings
On March 8, 2021, two putative securities class action complaints were filed against the Company, and certain of its current and former officers and directors in the federal district court for the Southern District of New York. Those cases were ultimately consolidated under C.A. No. 1:21-cv-2002, and a lead plaintiff was appointed in June 2021. On July 20, 2021, an amended complaint was filed alleging that certain public statements made by the defendants between October 2, 2020, and March 2, 2021, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Following negotiations with a mediator, in September 2023, the Company and the plaintiffs agreed on a settlement in principle in the aggregate amount of $19.5 million (the “Settlement Amount”), and on December 6, 2023, the lead plaintiff and the defendants entered into a stipulation and agreement of settlement requiring the Company to pay the Settlement Amount to resolve the class action litigation and the related legal fees and administration costs. On April 30, 2024, the New York Court approved a final settlement of the Class Action Litigation. The Settlement Amount was offset by approximately $4.5 million of related loss recoveries from the Company’s directors and officers liability insurance policy with third parties, which was paid out in February 2024. The Company paid the $15.0 million net settlement amount to the settlement claims administrator in February 2024.
On September 20, 2021, and October 19, 2021, two class action complaints were filed in the Delaware Court of Chancery against certain of the Company’s current officers and directors, and the Company’s sponsor of its special purpose acquisition company merger, Pivotal Investment Holdings II LLC. These actions were consolidated as in re XL Fleet Corp. (Pivotal) Stockholder Litigation, C.A. No. 2021-0808, and an amended complaint was filed on January 31, 2022. Defendants filed a motion to dismiss the amended complaint on May 13, 2022, and on July 11, 2022, plaintiffs filed a second amended complaint. The second amended complaint alleges various breaches of fiduciary duty against the Company and/or its officers, several allegedly misleading statements made in connection with the merger, and aiding and abetting breaches of fiduciary duty in connection with the negotiation and approval of the December 21, 2020 merger and organization of XL Hybrids, Inc., a Delaware corporation (“Legacy XL”) to become XL Fleet Corp. On August 19, 2022, defendants moved to dismiss the second amended complaint, which was granted in part and denied in part on June 9, 2023. The parties then engaged in discovery. On November 13, 2024, the Company filed a stipulation and settlement agreement
Spruce Power Holding Corporation
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| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 14. Commitments and Contingencies, continued
seeking court approval to settle this matter in full for $4.75 million, which is currently accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities).
Shareholder Derivative Actions
On June 23, 2022, the Company received a shareholder derivative complaint filed in the U.S. District Court for the District of Massachusetts, captioned Val Kay derivatively on behalf of nominal defendant XL Fleet Corp., against all current directors and former officers and directors, C.A. No. 1:22-cv-10977. The action was filed by a shareholder purportedly on XL Fleet Corp.’s behalf, and raises claims for contribution, as well as claims for breach of fiduciary duty, waste of corporate assets, unjust enrichment, and abuse of control. In March 2023, two shareholder derivative actions were filed in the U.S. District Court for the District of Delaware, namely Reali v. Griffin, et al., C.A. No. 1:23-cv-00289 and Tucci v. Ledecky, et al., C.A. 1:23-cv-00322. These actions were consolidated and captioned In re Spruce Power Holding Corporation Shareholder Derivative Litigation, C.A. No. 1:23-cv-00289. In August 2023, an additional derivative action was filed in the U.S. District Court for the Southern District of New York, captioned Boyce v. Ledecky, et al., C.A. No. 1:23-cv-8591 (collectively, the “Derivative Matters”).
On December 8, 2023, the parties reached a settlement-in-principle to settle, the Derivative Matters. The court granted preliminary approval of the settlement on May 1, 2024, and final approval in full on August 8, 2024. The settlement provides for certain corporate governance enhancements and no monetary payments. On August 14, 2024, the court awarded attorney fees of $1.0 million, which were paid in September 2024.
State Attorney Generals' Investigations
The Company has been asked to provide information and documents in response to subpoenas and other requests for information from certain state attorney generals’ offices regarding, among other things, its sales and marketing protocols. The Company has been cooperating with these investigations and intends to continue to do so until they are resolved. At this time, the Company is unable to estimate potential losses, if any, related to these matters.
Securities and Exchange Commission Civil Enforcement Action
On January 6, 2022, the Company received a subpoena from the Division of Enforcement of the SEC requesting, among other things, information and documents concerning the XL Fleet Corp. business combination with Legacy XL, the Company’s sales pipeline and revenue projections, California Air Resources Board approvals, and other related matters. In June 2023, the SEC proposed an Offer of Settlement for the purpose of resolving the proposed SEC action against the Company. Following negotiations with the SEC staff, in September 2023, the Company reached a settlement with the SEC pursuant to which the Company did not admit or deny the SEC’s allegations regarding the above-referenced issues. In connection with the settlement, in October 2023, the Company (among other things) paid a civil monetary penalty of $11.0 million which, subject to the discretion of the SEC, will be made available to eligible legacy shareholders through a Fair Fund, termed and administered by the SEC.
US Bank
On February 9, 2023, US Bank, through its affiliate, Firstar Development, LLC (“Firstar”), filed a motion for summary judgment in lieu of a complaint in New York Supreme Court (the trial level in New York) alleging that the Company failed to fulfill its reimbursement obligations under a 2019 tax recapture guaranty agreement between the parties arising from the alleged recapture by the Internal Revenue Service of tax credits taken by Firstar as an investor in the Company’s subsidiary, Ampere Solar Owner I, LLC. On May 23, 2023, the Company reached a settlement agreement with Firstar, as the plaintiff, for $2.3 million whereby the plaintiff discharged all claims filed against the Company.
BMZ USA, Inc.
On February 11, 2022, BMZ USA Inc. (“BMZ”), a battery manufacturer, sued XL Hybrids for breach of contract, alleging that XL Hybrids failed to timely purchase the full allotment of batteries required under a certain master supply agreement between the parties. In January 2024, BMZ obtained a judgment for $3.9 million against XL Hybrids, Inc. The Company is appealing the ruling while simultaneously pursuing a settlement. The Company currently estimates the potential loss to be
Spruce Power Holding Corporation
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| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 14. Commitments and Contingencies, continued
approximately $1.2 million, which has been accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities).
ITC Recapture Provisions
The IRS may disallow and recapture some, or all, of the Investment Tax Credits due to improperly calculated basis after a project was placed in service ("Recapture Event"). If a Recapture Event occurs, Spruce Power is obligated to pay the applicable Class A Member a recapture adjustment, which includes the amounts the Class A Members are required to repay the IRS, including interest and penalties, as well as any third-party legal and accounting fees incurred by the Class A Members in connection to the Recapture Event, as specified in the operating agreements. Such a payment by Spruce Power to the Class A Members are not to be considered a capital contribution to the fund per the operating agreements, nor would it be considered a distribution to the Class A Members. With the exception of the tax matter related to Ampere Solar Owner I noted above, a Recapture Event was not deemed to be probable by the Company, therefore no accrual has been recorded as of September 30, 2024.
Plastic Omnium
Plastic Omnium is the assignee of the contractual rights of Actia Corp. under a certain battery purchase order between XL Hybrids and Actia Corp. On March 17, 2023, Plastic Omnium sued Legacy XL and the Company for breach of contract, alleging that Legacy XL ordered a total of 1,000 batteries from Plastic Omnium, paid for 455 of those batteries, and then reneged on 545 of those products. While Plastic Omnium admits it never actually delivered the remaining 545 products, it claims it purchased materials to complete the order, and as a result, Legacy XL and the Company are liable for at least approximately $2.5 million. The Company has reached a settlement in principle to settle the matter for $1.25 million, which is currently accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities).
Parker-Hannifin
On March 11, 2024, the Company filed a lawsuit against Parker-Hannifin for a declaratory judgment, captioned
XL Hybrids, Inc. v. Parker-Hannifin Corporation, No. 1:24-cv-10894-WGY (D. Mass, removed from Mass. State Court No. 2484-CV-00661). The case related to a contract for the purchase of motors designed, produced and manufactured by Parker-Hannifin for XL Hybrids, Inc. which was executed in July 2019. On April 5, 2024, Parker-Hannafin filed counterclaims, alleging that XL Hybrids, Inc. and the Company were in breach of the contract. On November 1, 2024, the parties reached a settlement in principle to settle the matter for $0.5 million, which is currently accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities).
Master SREC Purchase and Sale Agreement
The Company has forward sales agreements, which are related to a certain number of SRECs, to be generated from the Company’s solar energy systems located in Maryland, Massachusetts, Delaware, and New Jersey to be sold at fixed prices over varying terms of up to 20 years. In the event the Company does not deliver such SRECs to the counterparty, the Company could be forced to pay additional penalties and fees as stipulated within the contracts.
Guarantees
In connection with the acquisition of RPV Holdco 1, LLC, a wholly owned subsidiary of the Company, guaranty agreements were established in May 2020 by and between Spruce Holding Company 1, LLC, Spruce Holding Company 2, LLC, and Spruce Holding Company 3, LLC (“Spruce Guarantors”) and the investor members in the Funds. The Spruce Guarantors entered into guarantees in favor of the tax equity investors wherein they guaranteed the payment and performance of Solar Service Experts, LLC, a wholly owned subsidiary of the Company, under the Spruce Power 2 Maintenance Services Agreement and the Class B Member under the Limited Liability Company Agreement (“LLCA”).
Spruce Power Holding Corporation
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| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 14. Commitments and Contingencies, continued
These guaranties are subject to a maximum of the aggregate amount of capital contributions made by the Class A Member under the LLCA.
Indemnities and Guarantees
During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions. The duration of the Company’s indemnities and guarantees varies, however the majority of these indemnities and guarantees are limited in duration. No liabilities have been recorded for these indemnities and guarantees as of September 30, 2024.
Insurance Claims and Recoveries related to Maui Fires
In August 2023, a series of wildfires broke out in Hawaii, predominantly on the island of Maui, resulting in real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages. The Company received $0.2 million related to the insurance recoveries during the three and nine months ended September 30, 2024.
Note 15. Net Loss Per Share
The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (Amounts in thousands, except share data) | 2024 | | 2023 | | 2024 | | 2023 |
| Numerator: | | | | | | | |
| Net loss attributable to stockholders | $ | (53,529) | | | $ | (19,313) | | | $ | (64,561) | | | $ | (35,643) | |
| Denominator: | | | | | | | |
| Weighted average shares outstanding, basic | 18,566,015 | | | 17,351,796 | | | 18,438,375 | | | 18,072,115 | |
| Dilutive effect of stock options and restricted stock units | — | | | — | | | — | | | — | |
| Weighted average shares outstanding, diluted | 18,566,015 | | | 17,351,796 | | | 18,438,375 | | | 18,072,115 | |
| Net loss attributable to stockholders per share, basic and diluted | $ | (2.88) | | | $ | (1.11) | | | $ | (3.50) | | | $ | (1.97) | |
| | | | | | | |
For any periods presented with a net loss, potentially dilutive outstanding securities, which include stock options, restricted stock units, and warrants, have been excluded from the computation of diluted net loss per share as their effect would be anti-dilutive for those periods. As such, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share are the same for those periods.
Note 16. Discontinued Operations
In the fourth quarter of 2022, the Company discontinued the operations of its Drivetrain and XL Grid operations. The following table provides supplemental detail of the Company’s discontinued operations contained within the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023:
Spruce Power Holding Corporation
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| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 16. Discontinued Operations, continued
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
Net income (loss) from discontinued operations: | | | | | | | |
| Drivetrain | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | |
| Total | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | |
XL Grid
The following table presents financial results of XL Grid operations:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
| Revenues | $ | — | | | $ | — | | | $ | — | | | $ | 149 | |
| Operating expenses: | | | | | | | |
| Cost of revenues | — | | | — | | | — | | | 148 | |
| Selling, general, and administrative expenses | — | | | — | | | — | | | 743 | |
| Gain on asset disposal | — | | | — | | | — | | | (742) | |
| | | | | | | |
| Total operating expenses | — | | | — | | | — | | | 149 | |
| Net loss from discontinued operations | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | |
Drivetrain
The following table presents financial results of Drivetrain operations:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
| Revenues | $ | 16 | | | $ | 9 | | | $ | 53 | | | $ | 29 | |
| Operating expenses: | | | | | | | |
| Cost of revenues | 20 | | | 34 | | | 84 | | | 63 | |
| Selling, general, and administrative expenses | — | | | — | | | — | | | 742 | |
| (Gain) loss on asset disposal | — | | | 179 | | | (81) | | | 3,489 | |
| Other | — | | | — | | | — | | | (12) | |
| Total operating expenses | 20 | | | 213 | | | 3 | | | 4,282 | |
| Net income (loss) from discontinued operations | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | |
Spruce Power Holding Corporation
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| Notes to Unaudited Condensed Consolidated Financial Statements |
Note 16. Discontinued Operations, continued
The following table presents aggregate carrying amounts of assets and liabilities of discontinued operations contained within the unaudited condensed consolidated balance sheets:
| | | | | | | | | | | | | | |
| | As of |
| (Amounts in thousands) | | September 30, 2024 | | December 31, 2023 |
| Assets from discontinued operations: | | | | |
| Drivetrain | | $ | — | | | $ | 32 | |
| | | | |
| Total assets from discontinued operations | | $ | — | | | $ | 32 | |
| | | | |
| Liabilities from discontinued operations: | | | | |
| Drivetrain | | $ | 117 | | | $ | 170 | |
| Total liabilities from discontinued operations | | $ | 117 | | | $ | 170 | |
Note 17. Subsequent Events
Management has reviewed events subsequent to September 30, 2024 and prior to the filing of financial statements, and except as referenced within this Form 10-Q, the Company has determined there have been no other events that have occurred that would require adjustments or disclosures within the unaudited condensed consolidated financial statements.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of our financial condition and results of operations. This discussion and analysis should be read together with our results of operations and financial condition and the unaudited condensed consolidated financial statements and related notes that are included elsewhere in this Quarterly Report on Form 10-Q and the audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 9, 2024 (the “Annual Report”). In addition to historical financial information, this discussion and analysis contains forward-looking statements based upon current expectations that involve risks, uncertainties and assumptions. See the section entitled “Cautionary Note Regarding Forward-Looking Statements.” Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors. The following information and any forward-looking statements should be considered in light of factors discussed elsewhere in this Quarterly Report on Form 10-Q and under “Risk Factors” in Item 1A of the Annual Report.
Certain figures, such as interest rates and other percentages, included in this section have been rounded for ease of presentation. Percentage figures included in this section have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this section may vary slightly from those obtained by performing the same calculations using the figures in our unaudited condensed consolidated financial statements or in the associated text. Certain other amounts that appear in this section may similarly not sum due to rounding.
As used in this discussion and analysis, references to “SPRU,” “the Company,” “we,” “us” or “our” refer only to Spruce Power Holding Corporation and its consolidated subsidiaries. Depending on the context, "Spruce Power" may refer to Legacy Spruce Power prior to its acquisition by the Company on September 9, 2022, or it may also refer to the operation of Legacy Spruce Power's business by the Company after such acquisition.
Overview
Spruce Power is a leading owner and operator of distributed solar energy assets across the United States, owning cash flows from approximately 75,000 home solar assets and contracts across the United States and making renewable energy more accessible to everyone. We generate revenues primarily through the sale of electricity generated by our home solar energy systems to homeowners pursuant to long-term agreements that obligate our subscribers to make recurring monthly payments, and the servicing of those agreements for other institutional owners of home solar energy systems. In addition, we also earn interest income from the investment made under the master lease with SS Holdings 2017, LLC and its subsidiaries ("SEMTH").
Corporate Strategy
Our corporate strategy has three key elements:
Leveraging the Spruce Power platform to become a leading provider of subscription-based solutions for distributed energy resources
We have more than a decade of experience owning and operating rooftop solar systems, as well as energy efficiency upgrades. We believe our proven platform for managing home solar can be extended to other categories of distributed energy resources, and by leveraging our platform, we intend to grow our revenues by providing subscription-based solutions for rooftop solar and energy storage and other future energy-related products to homeowners and businesses, including commercial and industrial (“C&I”) solar developers. We are focused on delivering best-in-class customer service, with investment into process and platform improvement for on-site monitoring, customer billing and working with qualified partners for field services.
Profitably growing return on assets by focusing on channels with the lowest customer acquisition cost
We seek to grow our subscriber revenues by focusing on those channels that have lowest customer acquisition costs and the ability to increase return on assets, including acquiring existing systems from other companies or investment funds, selling additional services to existing subscribers, selling services to new customers online and partnering with selected independent installers to provide a subscription-based solution for their customers. During the three months ended
September 30, 2024, we entered into a non-binding letter of intent to acquire a portfolio of approximately 10,000 home solar assets and contracts (the “Potential Acquisition”), which if completed would bring ownership of total home solar assets and contracts to approximately 85,000. While management is pursuing the Potential Acquisition, there is no guarantee that we will complete the intended acquisition.
Increasing shareholder value by delivering predictable revenues, profits and cash flow
By focusing on subscription-based solutions with long-term customer contracts, we seek to generate consistent revenues, profits and cash flow.
Key Factors Affecting Operating Results
We are a leading owner and operator of distributed solar energy assets across the United States, offering subscription-based solutions to homeowners for rooftop solar energy storage and other energy-related products. Additionally, we provide servicing functions for our assets and customers, as well as for other institutional owners of home solar energy systems. Our operating results and ability to grow its business over time could be impacted by certain factors and trends that affect our industry, as well as elements of our strategy, such as:
Development of Distributed Energy Assets
Our future growth depends significantly on our ability to acquire operating home solar energy systems “in-bulk” from other companies. Industry data suggests there is a substantial existing base of operating home solar energy systems, providing us opportunities to pursue acquisitions. Over the long-term, the continued ability to pursue acquisitions is dependent on development of distributed energy assets, namely home solar energy systems, by third parties. This development may be impacted by numerous factors that influence homeowner demand for home solar energy systems including but not limited to macroeconomic dynamics, climate change impacts, and government policy and incentives.
Availability of Financing
Our ability to raise capital from third parties at reasonable terms is a critical element in supporting ownership of our existing home solar energy assets as well as enabling our future growth. We have historically utilized non-recourse, project-level debt as a primary source of capital for acquisitions. Our ability to raise debt either as means to refinance existing indebtedness or for future acquisitions may be impacted by general macroeconomic conditions, the health of debt capital markets, the interest rate environment, and general concerns over its industry or specific concerns over its business.
Results of Operations
The results of operations related to our Drivetrain and XL Grid businesses, which were determined to be discontinued operations in the fourth quarter of 2022, are presented as net income (loss) from discontinued operations in our unaudited condensed consolidated statements of operations. As a result, the continuing operational results reflect the operations related to our corporate functions and the results of operations for Legacy Spruce Power since its acquisition on September 9, 2022.
Comparison of the Three Months Ended September 30, 2024 and 2023
Information with respect to our unaudited condensed consolidated statements of operations for the three months ended September 30, 2024 and 2023 are presented below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | | |
| (In thousands, except per share and share amounts) | | 2024 | | 2023 | | $
Change | | %
Change |
| Revenues | | $ | 21,378 | | | $ | 23,250 | | | $ | (1,872) | | | (8) | % |
| Operating expenses: | | | | | | | | |
| Cost of revenues | | 9,657 | | | 9,810 | | | (153) | | | (2) | |
| Selling, general and administrative expenses | | 13,521 | | | 12,391 | | | 1,130 | | | 9 | |
| Litigation settlements, net | | 7,205 | | | 26,339 | | | (19,134) | | | (73) | |
| Gain on asset disposal | | (603) | | | (773) | | | 170 | | | (22) | |
| Impairment of goodwill | | 28,757 | | | — | | | 28,757 | | | — | |
| Loss from operations | | (37,159) | | | (24,517) | | | (12,642) | | | 52 | |
| Other (income) expense: | | | | | | | | |
| Interest income | | (6,265) | | | (8,255) | | | 1,990 | | | (24) | |
| Interest expense, net | | 11,367 | | | 11,192 | | | 175 | | | 2 | |
| Other (income) expense, net | | 11,289 | | | (8,491) | | | 19,780 | | | (233) | |
| Net loss from continuing operations | | (53,550) | | | (18,963) | | | (34,587) | | | 182 | |
| Net income (loss) from discontinued operations | | (4) | | | (204) | | | 200 | | | (98) | |
| Net loss | | (53,554) | | | (19,167) | | | (34,387) | | | 179 | |
| Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests | | (25) | | | 146 | | | (171) | | | (117) | |
| Net loss attributable to stockholders | | $ | (53,529) | | | $ | (19,313) | | | $ | (34,216) | | | 177 | |
| | | | | | | | |
| Net loss per common share: | | | | | | | | |
| Basic and diluted | | $ | (2.88) | | | $ | (1.11) | | | $ | (1.77) | | | 159 | |
| | | | | | | | |
Revenues and Cost of Revenues
Revenues decreased by $1.9 million, or 8.1%, to $21.4 million in the three months ended September 30, 2024 from $23.3 million for the three months ended September 30, 2023. The decrease was primarily due to a decrease in SREC revenues and a decrease in SLA revenue primarily due to higher performance guarantee obligations recorded during the three months ended September 30, 2024.
Cost of revenues decreased by less than $0.2 million, or 1.6%, to $9.7 million in the three months ended September 30, 2024 from $9.8 million for the three months ended September 30, 2023. The decrease was primarily due to lower cost of operations and maintenance in the current period. Cost of revenues related to our Drivetrain and XL Grid operations are included in net income (loss) from discontinued operations.
Selling, General and Administrative
Selling, general and administrative expenses increased by $1.1 million, or 9.1%, to $13.5 million in the three months ended September 30, 2024 from $12.4 million for the three months ended September 30, 2023. The increase was primarily due to various factors including an increase in legal fees incurred in connection with our legal settlements and other ongoing legal proceedings (See Note 14. Commitments and Contingencies) and an increase in compensation expense for the three months ended September 30, 2024 as compared to the prior period. Selling, general and administrative expenses for the three months ended September 30, 2023 include the ongoing operations of our home solar business and corporate functions, as
well as certain remaining costs associated with our historic operations, including certain integration related costs. Selling, general and administrative expenses related to the Drivetrain and XL Grid operations are included in net income (loss) from discontinued operations.
Litigation settlement, net
Litigation settlement, net decreased by $19.1 million, or 72.6%, to $7.2 million in the three months ended September 30, 2024 from $26.3 million for the three months ended September 30, 2023. The decrease is primarily attributed to $26.0 million incurred during the three months ended September 30, 2023, associated with settlements of the SEC inquiry and shareholder lawsuits, net of related insurance recoveries from third parties, partially offset by $7.2 million in additional settlement costs associated with various settled and ongoing legal proceedings (See Note 14. Commitments and Contingencies) recorded during the three months ended September 30, 2024.
Impairment of Goodwill
Impairment of goodwill of $28.8 million was recognized during the three months ended September 30, 2024 due to a continuous decline in our stock price and market capitalization.
Interest Income
Interest income decreased by $2.0 million, or 24.1%, to $6.3 million in the three months ended September 30, 2024 from $8.3 million for the three months ended September 30, 2023. The decrease is primarily due to additional interest income of $2.4 million associated with the SEMTH Master Lease recognized in the prior period, slightly offset by a $0.4 million decrease in interest income earned on investments in U.S. Treasury securities during the current period.
Other (Income) Expense, net
Other (income) expense, net was a $11.3 million expense for the three months ended September 30, 2024, an increase of $19.8 million from an income of $8.5 million for the three months ended September 30, 2023. The increase is primarily the result of change in fair value of our interest rate swap agreements.
Comparison of the Nine Months Ended September 30, 2024 and 2023
Information with respect to our unaudited condensed consolidated statements of operations for the nine months ended September 30, 2024 and 2023 are presented below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | | | |
| (In thousands, except per share and share amounts) | | 2024 | | 2023 | | $
Change | | %
Change |
| Revenues | | $ | 61,881 | | | $ | 64,158 | | | $ | (2,277) | | | (4) | % |
| Operating expenses: | | | | | | | | |
| Cost of revenues | | 28,500 | | | 26,257 | | | 2,243 | | | 9 | |
| Selling, general and administrative expenses | | 43,426 | | | 44,093 | | | (667) | | | (2) | |
| Litigation settlements, net | | 7,205 | | | 26,339 | | | (19,134) | | | (73) | |
| Gain on asset disposal | | (2,055) | | | (4,225) | | | 2,170 | | | (51) | |
| Impairment of goodwill | | 28,757 | | | — | | | 28,757 | | | — | |
| Loss from operations | | (43,952) | | | (28,306) | | | (15,646) | | | 55 | |
| Other (income) expense: | | | | | | | | |
| Interest income | | (16,908) | | | (13,846) | | | (3,062) | | | 22 | |
| Interest expense, net | | 29,900 | | | 30,815 | | | (915) | | | (3) | |
Other income, net | | 7,683 | | | (13,121) | | | 20,804 | | | (159) | |
| Net loss from continuing operations | | (64,627) | | | (32,154) | | | (32,473) | | | 101 | |
Net income (loss) from discontinued operations | | 50 | | | (4,253) | | | 4,303 | | | (101) | |
| Net loss | | (64,577) | | | (36,407) | | | (28,170) | | | 77 | % |
Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests | | (16) | | | (764) | | | 748 | | | (98) | |
| Net loss attributable to stockholders | | $ | (64,561) | | | $ | (35,643) | | | $ | (28,918) | | | 81 | |
| | | | | | | | |
| Net loss per common share: | | | | | | | | |
| Basic and diluted | | $ | (3.50) | | | $ | (1.97) | | | $ | (1.53) | | | 78 | |
Revenues and Cost of Revenues
Revenues decreased by $2.3 million, or 3.5%, to $61.9 million in the nine months ended September 30, 2024 from $64.2 million for the nine months ended September 30, 2023. The decrease is primarily due to a decrease in SREC revenue and a decrease in SLA revenue primarily due to higher performance guarantee obligations recorded during the nine months ended September 30, 2024. This decrease was partially offset by an increase in PPA revenues in the current period related to the Tredegar Acquisition.
Cost of revenues increased by $2.2 million, or 8.5%, to $28.5 million in the nine months ended September 30, 2024 from $26.3 million for the nine months ended September 30, 2023. The increase is primarily due to an increase in certain operation and maintenance costs. Cost of revenues related to our Drivetrain and XL Grid operations are included in net income (loss) from discontinued operations.
Selling, General and Administrative
Selling, general and administrative expenses decreased by $0.7 million, or 1.5%, to $43.4 million in the nine months ended September 30, 2024 from $44.1 million for the nine months ended September 30, 2023. Selling, general and administrative expenses for the three months ended September 30, 2023 include the ongoing operations of our home solar business and corporate functions, as well as certain remaining costs associated with our historic operations, including certain integration related costs. Selling, general and administrative expenses related to the Drivetrain and XL Grid operations are included in net income (loss) from discontinued operations.
Litigation settlement, net
Litigation settlement, net decreased by $19.1 million, or 72.6%, to $7.2 million in the nine months ended September 30, 2024 from $26.3 million for the nine months ended September 30, 2023. The decrease is primarily attributed to $26.0 million incurred during the nine months ended September 30, 2023 associated with settlements of the SEC inquiry and shareholder lawsuits, net of related insurance recoveries from third parties, partially offset by $7.2 million in additional settlement costs associated with various settled and ongoing legal proceedings (See Note 14. Commitments and Contingencies) recorded during the nine months ended September 30, 2024.
Gain on Asset Disposal
Gain on asset disposal decreased by less than $2.2 million, or 51.4%, to $2.1 million in the nine months ended September 30, 2024 from $4.2 million for the nine months ended September 30, 2023. The decrease is primarily the result of updated valuation reports and adjustments to provisional amounts assigned to gain on asset disposal recognized in the prior period, partially offset by a $0.2 million gain recognized in the current period for insurance proceeds related to Maui wildfire.
Impairment of Goodwill
Impairment of goodwill of $28.8 million was recognized during the nine months ended September 30, 2024 due to a continuous decline in our stock price and market capitalization.
Interest Income
Interest income increased by $3.1 million, or 22.1%, to $16.9 million in the nine months ended September 30, 2024 from $13.8 million for the nine months ended September 30, 2023. The increase is primarily due to three full quarters of interest income related to the SEMTH Acquisition, which was completed in March 2023, recognized in the current period as compared to the prior period.
Interest Expense, net
Interest expense, net decreased by $0.9 million, or 3.0%, to $29.9 million in the nine months ended September 30, 2024 from $30.8 million for the nine months ended September 30, 2023. The decrease is primarily due to a gain recognized during the current period due to settlement of our interest rate swaps related to the repayment of SP4 Facility, partially offset by incremental expenses associated with three full quarters of interest expense related to the SP4 Facility assumed in connection with the SEMTH acquisition completed in 2023.
Other (Income) Expense, net
Other (income) expense, net was $7.7 million for the nine months ended September 30, 2024, a decrease of $20.8 million from income of $13.1 million for the nine months ended September 30, 2023. The decrease is primarily due to an unfavorable change in the value of interest swaps in the current period.
Liquidity and Capital Resources
Our cash requirements depend on many factors, including the execution of our business strategy. We remain focused on carefully managing costs, including capital expenditures, maintaining a strong balance sheet, and ensuring adequate liquidity. Our primary cash needs are for debt service, acquisition of solar systems, operating expenses, working capital and capital expenditures to support the growth of our business. Working capital is impacted by the timing and extent of the business needs. As of September 30, 2024, we had net working capital of $110.2 million, including cash and cash equivalents and restricted cash of $150.0 million.
With the acquisition of Legacy Spruce Power in September 2022, we assumed all of the outstanding non-recourse debt of Legacy Spruce Power, which had a principal balance of $542.5 million on the date of the acquisition. With the SEMTH acquisition in the first quarter of 2023, we assumed $125.0 million of non-recourse debt, which was repaid in full in June 2024, see Note 8. Non-Recourse Debt to the accompanying unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. During the third quarter of 2023, we entered into a second amendment to our existing SP2 Facility, resulting in incremental term loans of approximately $21.4 million, proceeds of which were used to primarily fund the Tredegar acquisition.
During the second quarter of 2024, we obtained new term loans in the aggregate principal amount of $130.0 million, the proceeds of which were primarily used to repay $125.0 million related to the SEMTH acquisition. As of September 30, 2024, we had $605.4 million of aggregate non-recourse debt, including current portions. We are required to complete debt service coverage ratio calculations on a quarterly basis as part of our debt covenants. All debt covenant requirements were satisfied as of September 30, 2024. Based on our current liquidity, management believes that no additional capital will be needed to execute its current business plan over the next 12 months. We continually evaluate our cash needs to raise additional funds or seek alternative sources to invest in growth opportunities and other purposes.
Cash Flows Summary
Presented below is a summary of our operating, investing and financing cash flows:
| | | | | | | | | | | |
| Nine Months Ended |
| (Amounts in thousands) | September 30, 2024 | | September 30, 2023 |
| Net cash provided by (used in) | | | |
| Continuing operating activities | $ | (28,266) | | | $ | (13,820) | |
| Discontinued operating activities | (87) | | | (2,104) | |
| Continuing investing activities | 23,398 | | | (25,126) | |
| Discontinued investing activities | — | | | 325 | |
| Continuing financing activities | (18,086) | | | (6,686) | |
| Discontinued financing activities | 81 | | | — | |
| Net change in cash and cash equivalents and restricted cash | $ | (22,960) | | | $ | (47,411) | |
Cash Flows Used in Operating Activities
The net cash used in continuing operations for the nine months ended September 30, 2024 consists of our corporate costs and certain other costs that were not allocated to our discontinued operations.
Cash Flows Provided by Investing Activities
Cash provided by investing activity related to continuing operations for the nine months ended September 30, 2024 primarily includes $18.9 million of proceeds from the SEMTH investment and $4.7 million of proceeds from the sale of solar energy systems.
Cash Flows Used in Financing Activities
The net cash used in financing activities related to continuing operations for the nine months ended September 30, 2024 primarily includes $145.8 million for the repayment of our long term non-recourse debt, inclusive of the $125 million of SP4 Facility repayment, partially offset by new long term non-recourse debt obtained via the SET Facility of $130.0 million.
Critical Accounting Policies and Estimates
The unaudited condensed consolidated financial statements have been prepared in accordance with the generally accepted accounting principles of the U.S. as set forth in the Financial Accounting Standards Board’s Accounting Standards Codification, and we evaluate the various staff accounting bulletins and other applicable guidance issued by the SEC. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the consolidated balance sheet date, as well as the reported expenses incurred during the reporting periods. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to our unaudited condensed consolidated financial statements.
Our significant accounting policies are consistent with those discussed in Note 2. Summary of Significant Accounting Policies of the consolidated financial statements and the MD&A sections of our Annual Report on Form 10-K for the year ended December 31, 2023 and Note 2. Summary of Significant Accounting Policies to the accompanying unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
New and Recently Adopted Accounting Pronouncements
For information with respect to recent accounting pronouncements and the impact of these pronouncements in our unaudited condensed consolidated financial statements, see Note 2. Summary of Significant Accounting Policies to the accompanying unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The term “disclosure controls and procedures” is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as “controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act are recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms.” The Company’s disclosure controls and procedures are designed to ensure that material information relating to the Company and its consolidated subsidiaries is accumulated and communicated to its management, including its Chief Executive Officer and its Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.
The Company’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of its disclosure controls and procedures as of September 30, 2024. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure
controls and procedures were not effective as of that date, due to the material weaknesses in internal control over financial reporting described below.
Material Weaknesses in Internal Control over Financial Reporting
A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the financial statements would not be prevented or detected on a timely basis. These deficiencies could result in misstatements to the Company's condensed consolidated financial statements that would be material and would not be prevented or detected on a timely basis.
As previously disclosed under “Item 9A – Controls and Procedures” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, management concluded that the Company did not maintain an effective control environment based on the criteria established in the Committee of Sponsoring Organizations (“COSO”) Framework, and its relevant components, which resulted in deficiencies that constitute material weaknesses, either individually or in the aggregate.
Control Environment
The Company failed to maintain a sufficient complement of qualified personnel to perform control activities. The lack of sufficient appropriately qualified personnel contributed to our failure to: (i) design and implement certain risk-mitigating internal controls; and (ii) consistently operate our internal controls. The control environment material weaknesses contributed to material weaknesses within our system of internal control over financial reporting in the Control Activities component of the Committee of Sponsoring Organizations (“COSO”) Framework.
Control Activities
The Company did not maintain effective control activities based on the criteria established in the COSO Framework and identified the following control deficiencies that constitute material weaknesses from the lack of effectively designed and implemented controls, either individually or in the aggregate:
•review and approval of manual journal entries, including implementing appropriate segregation of duties;
•complex transactions, inclusive of accounting for business combinations and the Company’s investment related to the SEMTH Master Lease Agreement and the related interest income; and
•revenue recognition, including the review of the contracts upon inception and/or acquisition and the accounting for revenue recognition under ASC 606, Revenue from Contracts with Customers.
These deficiencies in control activities contributed to the potential for there to have been material accounting errors in multiple financial statement account balances and disclosures that would not have been prevented or detected timely.
However, after giving full consideration to these material weaknesses, and the additional analyses and other procedures that were performed to ensure that the Company’s unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q were prepared in accordance with GAAP, management has concluded that our unaudited condensed consolidated financial statements present fairly, in all material respects, our financial position, results of operations and cash flows as of and for the periods disclosed in conformity with GAAP.
Remediation Plan
The Company is committed to maintaining strong internal control over financial reporting. In response to the material weaknesses described above, management, with the oversight of the Audit Committee, has taken and is taking comprehensive actions to remediate the above material weaknesses. The remediation plan includes the following:
•developed and presented a training program educating control owners concerning financial statement risk and the principles of the Internal Control - Integrated Framework issued by COSO;
•implemented a formal journal entry review policy to govern the process by which all manual journal entry approvers would adhere to;
•implemented a system-based journal entry approval workflow to ensure manual journal entries have proper segregation of duties between journal entry creators and approvers;
•hiring professionals with the appropriate skills to perform control activities, including those involving complex and/or non-routine transactions;
•designing and implementing additional and/or enhanced controls in the areas of account reconciliations, contract accounting, revenue recognition, and financial statement analysis prepared in conformity with GAAP, and manual journal entries; and
•designing and implementing controls to address the identification, accounting, review and reporting of complex and/or non-routine transactions.
While management believes that these efforts will improve the Company's internal control over financial reporting, the implementation of these measures is ongoing and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles.
Management believes the Company is making progress toward achieving the effectiveness of its internal controls and disclosure controls. The actions that management is taking are subject to ongoing management review, as well as Audit Committee oversight. Management will continue to assess the effectiveness of the Company’s internal control over financial reporting and take steps to remediate the known material weaknesses expeditiously.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company's internal control over financial reporting during the quarter ended September 30, 2024, as such term is defined in Rules 13a-15(f) and 15(d)-15(f) promulgated under the Securities Exchange Act of 1934, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
For a description of our material pending legal proceedings, see Legal Proceedings in Note 14. Commitments and Contingencies to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q and incorporated herein by reference.
Item 1A. Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risks and uncertainties relating to the Company's business disclosed in Part I, Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K, except as described below. Additional risks that we do not yet know of or that we currently think are immaterial may also impair our business operations.
Our performance may be negatively impacted by our recent Chief Executive Officer transition
On April 12, 2024, we announced that our Chairman, Christopher Hayes, had been named President and Chief Executive Officer to replace our Former CEO. There are a number of risks associated with a CEO transition, any of which may harm the Company. If the new CEO is unsuccessful at leading the management team or is unable to articulate and execute the Company’s strategy and vision, our business may be harmed, and our stock price may decline. If we do not successfully manage our CEO transition, it could be viewed negatively by our customers, employees or investors and could have an adverse impact on our business, financial condition, and operating results. With the change in leadership, there is a risk to retention of other members of senior management, as well as to continuity of business initiatives, plans, and strategies through the transition period and if we are unable to execute an orderly transition, our business may be adversely affected.
We are subject to risks associated with proxy contests and other actions of activist stockholders.
Publicly traded companies have increasingly become subject to campaigns by activist investors advocating corporate actions such as governance changes, financial restructurings, increased borrowings, special dividends, stock repurchases or even sales of assets or entire companies to third parties or the activists themselves. We received a notice dated April 17, 2024 from Clayton Capital Appreciation Fund, L.P. and its affiliates, Clayton Partners LLC, the JSCC Family Trust, and Jason Stankowski (collectively, “Clayton”), which owned approximately 2.1% of the Company’s outstanding shares at the time of submission, purporting to nominate a slate of two candidates for election as directors at our 2024 Annual Meeting of Stockholders. On June 21, 2024, we entered into a Cooperation Agreement with Clayton (the “Cooperation Agreement”) pursuant to which, among other things, we agreed to increase the size of our Board from six to seven directors and to take all necessary actions to appoint Clara Nagy McBane to our Board to fill the directorship resulting from the increase in the size of our Board and Clayton agreed to certain customary standstill provisions that will remain in effect until the date that is the earlier of (i) the date Clayton receives notice that we will not nominate Ms. McBane for re-election to our Board at the 2025 Annual Meeting of Stockholders, (ii) immediately following the closing of the polls on the election of directors at the 2025 Annual Meeting of Stockholders, (iii) August 31, 2025 if the 2025 Annual Meeting of Stockholders has not been held by that date, and (iv) in the event that any party materially breaches the Cooperation Agreement, the date that is 30 calendar days following written notice of such breach from the non-breaching party, if such breach (if capable of being cured) has not been cured by such date, or, if impossible to cure within 30 calendar days, such party has not taken substantive action to correct by such date. A proxy contest or related activities on the part of activist stockholders could adversely affect our business for a number of reasons, including, without limitation, the following:
•responding to proxy contests and other actions by activist stockholders can be costly and time-consuming, disrupting our operations and diverting the attention of our Board of Directors, management and our employees;
•perceived uncertainties as to our future direction may result in the loss of potential business opportunities and may make it more difficult to attract and retain qualified personnel, business partners, customers and others important to our success, any of which could negatively affect our business and our results of operations and financial condition;
•actions by activist stockholders may be exploited by our competitors, cause concern to our current or potential customers and make it more difficult to attract and retain qualified personnel;
•if nominees advanced by activist stockholders are elected or appointed to our Board of Directors with a specific agenda, it may adversely affect our ability to effectively and timely implement our strategic plans or to realize long-term value from our assets, and this could in turn have an adverse effect on our business and on our results of operations and financial condition; and
•proxy contests may cause our stock price to experience periods of volatility.
We have received subpoenas from states attorneys general requesting information about our business. These investigations could result in substantial legal fees, fines, penalties or damages and may divert Management’s time and attention from our business
We have received subpoenas from state attorneys general requesting information about our business. These investigations could result in substantial legal fees, fines, penalties, or damages and may divert Management’s time and attention from our business. Specifically, we have received subpoenas from the attorneys general for the states of Connecticut, New Jersey, New York, and Texas regarding, among other things, our sales, marketing and billing practices. We are cooperating with these investigations, each of which have involved requests for a substantial volume of documents to be produced by the Company. While we are responding to these subpoenas with the assistance of counsel, it is possible that these investigations may result in a fine, penalty or injunction which may adversely affect our ability to operate in these states.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
There were no share repurchases during the three months ended September 30, 2024.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Exhibit No. | | Description | | Included | | Form | | Filing Date |
| 3.1 | | | | By Reference | | 8-K | | December 23, 2020 |
| 3.2 | | | | By Reference | | 8-K | | October 6, 2023 |
| 3.3 | | | | By Reference | | 8-K | | November 14, 2022 |
| 3.4 | | | | By Reference | | 8-K | | October 6, 2023 |
| 3.5 | | | | By Reference | | 8-K | | November 14, 2022 |
| 31.1* | | | | Herewith | | | | |
| 31.2* | | | | Herewith | | | | |
| 32.1^* | | | | Herewith | | | | |
| 32.2^* | | | | Herewith | | | | |
| 101.INS* | | Inline XBRL Instance Document | | Herewith | | | | |
| 101.SCH* | | Inline XBRL Taxonomy Extension Schema Document | | Herewith | | | | |
| 101.CAL* | | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | |
| 101.DEF* | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | Herewith | | | | |
| 101.LAB* | | Inline XBRL Taxonomy Extension Label Linkbase Document | | Herewith | | | | |
| 101.PRE* | | XBRL Taxonomy Extension Presentation Linkbase Document | | Herewith | | | | |
| 104* | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | | Herewith | | | | |
| | | | | |
| * | Filed herewith |
| |
| + | Indicates a management contract or compensatory plan or arrangement. |
| |
| ∧ | In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act or deemed to be incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933 except to the extent that the registrant specifically incorporates it by reference. |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | |
| SPRUCE POWER HOLDING CORPORATION |
| | |
Date: November 14, 2024 | By: | /s/ Christopher Hayes |
| Name: | Christopher Hayes |
| Title: | Chief Executive Officer
(Principal Executive Officer) |
| | |
Date: November 14, 2024 | By: | /s/ Sarah Weber Wells |
| Name: | Sarah Weber Wells |
| Title: | Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer) |
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECURITIES EXCHANGE ACT RULES 13a-14(a) and 15d-14(a) AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Chris Hayes, certify that:
1.I have reviewed this Form 10-Q of Spruce Power Holding Corporation;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: November 14, 2024 | By: | /s/ Chris Hayes |
| | Chris Hayes |
| | Chief Executive Officer
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECURITIES EXCHANGE ACT RULES 13a-14(a) and 15d-14(a) AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Sarah Weber Wells, certify that:
1.I have reviewed this Form 10-Q of Spruce Power Holding Corporation.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: November 14, 2024 | By: | /s/ Sarah Weber Wells |
| | Sarah Weber Wells |
| | Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer ) |
Exhibit 32.1
CERTIFICATION PURSUANT TO SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Spruce Power Holding Corporation (the “Corporation”) on Form 10-Q for the fiscal quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Chris Hayes, as Chief Executive Officer of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.
| | | | | | | | |
Date: November 14, 2024 | By: | /s/ Chris Hayes |
| | Chris Hayes
Chief Executive Officer
(Principal Executive Officer) |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. This certification shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18 of the Exchange Act. Such certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Exhibit 32.2
CERTIFICATION PURSUANT TO SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Spruce Power Holding Corporation (the “Corporation”) on Form 10-Q for the fiscal quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sarah Weber Wells, as Chief Financial Officer of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.
| | | | | | | | |
Date: November 14, 2024 | By: | /s/ Sarah Weber Wells |
| | Sarah Weber Wells,
Chief Financial Officer |
| | (Principal Financial Officer and
Principal Accounting Officer ) |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. This certification shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18 of the Exchange Act. Such certification shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
v3.24.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Nov. 13, 2024 |
| Cover [Abstract] |
|
|
| Document type |
10-Q
|
|
| Document quarterly report |
true
|
|
| Document period end date |
Sep. 30, 2024
|
|
| Document transition report |
false
|
|
| Entity file number |
001-38971
|
|
| Entity registrant name |
Spruce Power Holding Corporation
|
|
| Entity incorporation, state or country code |
DE
|
|
| Entity tax identification number |
83-4109918
|
|
| Entity address, address line one |
2000 S Colorado Blvd, Suite 2-825
|
|
| Entity address, city or town |
Denver
|
|
| Entity address, state or province |
CO
|
|
| Entity address, postal zip code |
80222
|
|
| City area code |
(866)
|
|
| Local phone number |
777-8235
|
|
| Title of 12(b) security |
Shares of common stock, $0.0001 par value
|
|
| Trading symbol |
SPRU
|
|
| Security exchange name |
NYSE
|
|
| Entity current reporting status |
Yes
|
|
| Entity interactive data current |
Yes
|
|
| Entity filer category |
Non-accelerated Filer
|
|
| Entity small business |
true
|
|
| Entity emerging growth company |
false
|
|
| Entity shell company |
false
|
|
| Entity common stock, shares outstanding |
|
18,602,612
|
| Entity central index key |
0001772720
|
|
| Current fiscal year end date |
--12-31
|
|
| Document fiscal period focus |
Q3
|
|
| Document fiscal year focus |
2024
|
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false
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v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 113,658
|
$ 141,354
|
| Restricted cash |
36,323
|
31,587
|
| Accounts receivable, net of allowance of $0.9 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively |
11,523
|
9,188
|
| Interest rate swap assets, current |
6,723
|
11,333
|
| Prepaid expenses and other current assets |
4,779
|
9,879
|
| Total current assets |
173,006
|
203,341
|
| Investment related to SEMTH master lease agreement |
138,340
|
143,095
|
| Property and equipment, net |
464,695
|
484,406
|
| Interest rate swap assets, non-current |
12,812
|
16,550
|
| Intangible assets, net |
9,267
|
10,196
|
| Deferred rent assets |
3,370
|
2,454
|
| Right-of-use assets, net |
5,029
|
5,933
|
| Goodwill |
0
|
28,757
|
| Other assets |
255
|
257
|
| Long-term assets of discontinued operations |
0
|
32
|
| Total assets |
806,774
|
895,021
|
| Current liabilities |
|
|
| Accounts payable |
858
|
1,120
|
| Non-recourse debt, current, net |
28,351
|
27,914
|
| Accrued expenses and other current liabilities |
30,892
|
40,634
|
| Deferred revenue, current |
1,686
|
878
|
| Lease liability, current |
956
|
1,166
|
| Current liabilities of discontinued operations |
65
|
0
|
| Total current liabilities |
62,808
|
71,712
|
| Non-recourse debt, non-current, net |
577,005
|
590,866
|
| Deferred revenue, non-current |
2,876
|
1,858
|
| Lease liability, non-current |
5,061
|
5,731
|
| Warrant liabilities |
0
|
17
|
| Unfavorable solar renewable energy agreements, net |
3,510
|
6,108
|
| Interest rate swap liabilities, non-current |
607
|
843
|
| Other long-term liabilities |
3,219
|
3,047
|
| Long-term liabilities of discontinued operations |
52
|
170
|
| Total liabilities |
655,138
|
680,352
|
| Commitments and contingencies (Note 14) |
|
|
| Stockholders’ equity: |
|
|
| Common stock, $0.0001 par value; 350,000,000 shares authorized at September 30, 2024 and December 31, 2023; 19,398,378 and 18,597,728 shares issued and outstanding at September 30, 2024, respectively, and 19,093,186 and $18,292,536 shares issued and outstanding at December 31, 2023, respectively |
2
|
2
|
| Additional paid-in capital |
477,413
|
475,654
|
| Accumulated deficit |
(322,449)
|
(257,888)
|
| Treasury stock at cost, 800,650 shares at September 30, 2024 and December 31, 2023 |
(5,424)
|
(5,424)
|
| Noncontrolling interests |
2,094
|
2,325
|
| Total stockholders’ equity |
151,636
|
214,669
|
| Total liabilities and stockholders’ equity |
$ 806,774
|
$ 895,021
|
| Treasury stock, common, (in shares) |
800,650
|
800,650
|
| Common stock, issued (in shares) |
19,398,378
|
19,093,186
|
| Common stock, outstanding (in shares) |
18,597,728
|
18,292,536
|
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v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)
$ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Allowance for doubtful accounts, current |
$ 0.9
|
$ 1.7
|
| Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
| Common stock, authorized (in shares) |
350,000,000
|
350,000,000
|
| Common stock, issued (in shares) |
19,398,378
|
19,093,186
|
| Common stock, outstanding (in shares) |
18,597,728
|
18,292,536
|
| Treasury stock, common, (in shares) |
800,650
|
800,650
|
| X |
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v3.24.3
Unaudited Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Income Statement [Abstract] |
|
|
|
|
| Revenues |
$ 21,378
|
$ 23,250
|
$ 61,881
|
$ 64,158
|
| Operating expenses: |
|
|
|
|
| Cost of revenues |
9,657
|
9,810
|
28,500
|
26,257
|
| Selling, general and administrative expenses |
13,521
|
12,391
|
43,426
|
44,093
|
| Litigation settlements, net |
7,205
|
26,339
|
7,205
|
26,339
|
| Gain on asset disposal |
(603)
|
(773)
|
(2,055)
|
(4,225)
|
| Impairment of goodwill |
28,757
|
0
|
28,757
|
0
|
| Total operating expenses |
58,537
|
47,767
|
105,833
|
92,464
|
| Loss from operations |
(37,159)
|
(24,517)
|
(43,952)
|
(28,306)
|
| Other (income) expense: |
|
|
|
|
| Interest income |
(6,265)
|
(8,255)
|
(16,908)
|
(13,846)
|
| Interest expense, net |
11,367
|
11,192
|
29,900
|
30,815
|
| Change in fair value of warrant liabilities |
(2)
|
(70)
|
(17)
|
(218)
|
| Change in fair value of interest rate swaps |
11,328
|
(8,061)
|
8,153
|
(11,663)
|
| Other income, net |
(37)
|
(360)
|
(453)
|
(1,240)
|
| Net loss from continuing operations |
(53,550)
|
(18,963)
|
(64,627)
|
(32,154)
|
| Net income (loss) from discontinued operations (including loss on disposal of $0 and $3,083 for the three and nine months ended September 30, 2023, respectively) |
(4)
|
(204)
|
50
|
(4,253)
|
| Net loss |
(53,554)
|
(19,167)
|
(64,577)
|
(36,407)
|
| Less: Net income (loss) attributable to redeemable noncontrolling interests and noncontrolling interests |
(25)
|
146
|
(16)
|
(764)
|
| Net loss attributable to stockholders |
$ (53,529)
|
$ (19,313)
|
$ (64,561)
|
$ (35,643)
|
| Net income (loss) from continuing operations per share, basic (in dollars per share) |
$ (2.88)
|
$ (1.09)
|
$ (3.51)
|
$ (1.78)
|
| Net income (loss) from continuing operations per share, diluted (in dollars per share) |
(2.88)
|
(1.09)
|
(3.51)
|
(1.78)
|
| Net income (loss) from discontinued operations - basic (in dollars per share) |
0
|
(0.01)
|
0
|
(0.24)
|
| Net income (loss) from discontinued operations - diluted (in dollars per share) |
0
|
(0.01)
|
0
|
(0.24)
|
| Net income (loss) attributable to stockholders per share, basic (in dollars per share) |
(2.88)
|
(1.11)
|
(3.50)
|
(1.97)
|
| Net income (loss) attributable to stockholders per share, diluted (in dollars per share) |
$ (2.88)
|
$ (1.11)
|
$ (3.50)
|
$ (1.97)
|
| Weighted average shares outstanding, basic (in shares) |
18,566,015
|
17,351,796
|
18,438,375
|
18,072,115
|
| Weighted-average shares outstanding, diluted (in shares) |
18,566,015
|
17,351,796
|
18,438,375
|
18,072,115
|
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|
v3.24.3
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands |
Total |
Impact of ASC 326 adoption |
Common Stock |
Additional Paid-In Capital |
Non controlling Interests |
Accumulated Deficit |
Accumulated Deficit
Impact of ASC 326 adoption
|
Treasury Stock |
| Accounting Standards Update [Extensible Enumeration] |
Accounting Standards Update 2016-13 [Member]
|
|
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 85
|
|
|
|
|
|
|
|
| Redeemable Noncontrolling Interests |
|
|
|
|
|
|
|
|
| Purchase accounting measurement period adjustments |
240
|
|
|
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(108)
|
|
|
|
|
|
|
|
| Net income (loss) |
(39)
|
|
|
|
|
|
|
|
| Ending balance at Mar. 31, 2023 |
178
|
|
|
|
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2022 |
|
|
18,046,903
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
288,891
|
$ 1,285
|
$ 2
|
$ 473,289
|
$ 8,942
|
$ (193,342)
|
$ 1,285
|
$ 0
|
| Beginning balance (in shares) at Dec. 31, 2022 |
|
|
|
|
|
|
|
0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Purchase accounting measurement period adjustments |
(7,303)
|
|
|
(1,813)
|
(5,490)
|
|
|
|
| Exercise of stock options (in shares) |
|
|
135,210
|
|
|
|
|
|
| Exercise of stock options |
283
|
|
|
283
|
|
|
|
|
| Issuance of restricted stock (in shares) |
|
|
341,490
|
|
|
|
|
|
| Issuance of common stock (in shares) |
|
|
25,818
|
|
|
|
|
|
| Issuance of common stock |
150
|
|
|
150
|
|
|
|
|
| Stock-based compensation expense, net |
796
|
|
|
796
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(88)
|
|
|
|
(88)
|
|
|
|
| Net income (loss) |
(18,805)
|
|
|
|
590
|
(19,395)
|
|
|
| Ending balance (in shares) at Mar. 31, 2023 |
|
|
18,549,421
|
|
|
|
|
|
| Ending balance at Mar. 31, 2023 |
265,209
|
|
$ 2
|
472,705
|
3,954
|
(211,452)
|
|
$ 0
|
| Ending balance (in shares) at Mar. 31, 2023 |
|
|
|
|
|
|
|
0
|
| Redeemable Noncontrolling Interests |
|
|
|
|
|
|
|
|
| Net income (loss) |
21
|
|
|
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
199
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Exercise of stock options (in shares) |
|
|
111,637
|
|
|
|
|
|
| Exercise of stock options |
252
|
|
|
252
|
|
|
|
|
| Issuance of restricted stock (in shares) |
|
|
106,928
|
|
|
|
|
|
| Share repurchases (in shares) |
|
|
|
|
|
|
|
233,022
|
| Share repurchases |
(1,614)
|
|
|
|
|
|
|
$ (1,614)
|
| Stock-based compensation expense, net |
593
|
|
|
593
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(57)
|
|
|
|
(57)
|
|
|
|
| Net income (loss) |
1,583
|
|
|
|
(1,482)
|
3,065
|
|
|
| Ending balance (in shares) at Jun. 30, 2023 |
|
|
18,767,986
|
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
265,966
|
|
$ 2
|
473,550
|
2,415
|
(208,387)
|
|
$ (1,614)
|
| Ending balance (in shares) at Jun. 30, 2023 |
|
|
|
|
|
|
|
233,022
|
| Redeemable Noncontrolling Interests |
|
|
|
|
|
|
|
|
| Buyout of redeemable noncontrolling interests |
(55)
|
|
|
|
|
|
|
|
| Equity related to buyout of redeemable noncontrolling interest |
(139)
|
|
|
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(26)
|
|
|
|
|
|
|
|
| Net income (loss) |
21
|
|
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
0
|
|
|
|
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Exercise of stock options (in shares) |
|
|
84,245
|
|
|
|
|
|
| Exercise of stock options |
165
|
|
|
165
|
|
|
|
|
| Issuance of restricted stock (in shares) |
|
|
72,895
|
|
|
|
|
|
| Share repurchases (in shares) |
|
|
|
|
|
|
|
497,725
|
| Share repurchases |
(3,505)
|
|
|
|
|
|
|
$ (3,505)
|
| Stock-based compensation expense, net |
660
|
|
|
660
|
|
|
|
|
| Buyout of redeemable noncontrolling interests |
139
|
|
|
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(102)
|
|
|
|
(102)
|
|
|
|
| Net income (loss) |
(19,188)
|
|
|
|
125
|
(19,313)
|
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
18,925,126
|
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
244,135
|
|
$ 2
|
474,514
|
2,438
|
(227,700)
|
|
$ (5,119)
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
|
|
|
|
|
|
730,747
|
| Beginning balance (in shares) at Dec. 31, 2023 |
|
|
19,093,186
|
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 214,669
|
|
$ 2
|
475,654
|
2,325
|
(257,888)
|
|
$ (5,424)
|
| Beginning balance (in shares) at Dec. 31, 2023 |
800,650
|
|
|
|
|
|
|
800,650
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Issuance of restricted stock (in shares) |
|
|
5,060
|
|
|
|
|
|
| Stock-based compensation expense, net |
$ 821
|
|
|
821
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(76)
|
|
|
|
(76)
|
|
|
|
| Net income (loss) |
(2,450)
|
|
|
|
4
|
(2,454)
|
|
|
| Ending balance (in shares) at Mar. 31, 2024 |
|
|
19,098,246
|
|
|
|
|
|
| Ending balance at Mar. 31, 2024 |
212,964
|
|
$ 2
|
476,475
|
2,253
|
(260,342)
|
|
$ (5,424)
|
| Ending balance (in shares) at Mar. 31, 2024 |
|
|
|
|
|
|
|
800,650
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Issuance of restricted stock (in shares) |
|
|
259,604
|
|
|
|
|
|
| Stock-based compensation expense, net |
236
|
|
|
236
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(64)
|
|
|
|
(64)
|
|
|
|
| Net income (loss) |
(8,573)
|
|
|
|
5
|
(8,578)
|
|
|
| Ending balance (in shares) at Jun. 30, 2024 |
|
|
19,357,850
|
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
204,563
|
|
$ 2
|
476,711
|
2,194
|
(268,920)
|
|
$ (5,424)
|
| Ending balance (in shares) at Jun. 30, 2024 |
|
|
|
|
|
|
|
800,650
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
| Issuance of restricted stock (in shares) |
|
|
40,528
|
|
|
|
|
|
| Stock-based compensation expense, net |
702
|
|
|
702
|
|
|
|
|
| Capital distributions to noncontrolling interests |
(75)
|
|
|
|
(75)
|
|
|
|
| Net income (loss) |
(53,554)
|
|
|
|
(25)
|
(53,529)
|
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
|
|
19,398,378
|
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 151,636
|
|
$ 2
|
$ 477,413
|
$ 2,094
|
$ (322,449)
|
|
$ (5,424)
|
| Ending balance (in shares) at Sep. 30, 2024 |
800,650
|
|
|
|
|
|
|
800,650
|
| X |
- DefinitionAdjustments To Additional Paid In Capital, Buyout Of Redeemable NonControlling Interest
| Name: |
spru_AdjustmentsToAdditionalPaidInCapitalBuyoutOfRedeemableNonControllingInterest |
| Namespace Prefix: |
spru_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAdjustments To Additional Paid In Capital, Fair Value Adjustment For Acquisition
| Name: |
spru_AdjustmentsToAdditionalPaidInCapitalFairValueAdjustmentForAcquisition |
| Namespace Prefix: |
spru_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionTemporary Equity, Capital Distributions To Noncontrolling Interests
| Name: |
spru_TemporaryEquityCapitalDistributionsToNoncontrollingInterests |
| Namespace Prefix: |
spru_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionTemporary Equity, Decrease From Redemptions Or Purchase Of Interests
| Name: |
spru_TemporaryEquityDecreaseFromRedemptionsOrPurchaseOfInterests |
| Namespace Prefix: |
spru_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionTemporary Equity, Fair Value Adjustment For Acquisition
| Name: |
spru_TemporaryEquityFairValueAdjustmentForAcquisition |
| Namespace Prefix: |
spru_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionIndicates amendment to accounting standards. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
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-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
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-Topic 848
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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-Topic 740
-SubTopic 323
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-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
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-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
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-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
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-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477123/405-50-65-1
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482477/820-10-65-13
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482477/820-10-65-13
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5
Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
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v3.24.3
Unaudited Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Operating activities: |
|
|
|
|
|
| Net income (loss) |
$ (53,554)
|
$ (19,167)
|
$ (64,577)
|
$ (36,407)
|
|
| Adjust for net (income) loss from discontinued operations |
4
|
204
|
(50)
|
4,253
|
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
| Stock-based compensation expense, net |
|
|
1,759
|
2,049
|
|
| Bad debt expense |
|
|
1,128
|
2,436
|
$ 1,841
|
| Amortization of deferred revenue |
|
|
(671)
|
0
|
|
| Depreciation and amortization expense |
|
|
15,695
|
16,445
|
|
| Impairment of goodwill |
28,757
|
0
|
28,757
|
0
|
0
|
| Accretion expense |
|
|
181
|
0
|
|
| Change in fair value of interest rate swaps |
11,328
|
(8,061)
|
8,153
|
(11,663)
|
|
| Change in fair value of warrant liabilities |
|
|
(17)
|
(218)
|
|
| Interest income related to SEMTH master lease agreement |
|
|
(12,159)
|
(7,658)
|
|
| Gain on disposal of assets |
|
|
(2,055)
|
(4,225)
|
|
| Change in operating right-of-use assets |
|
|
24
|
49
|
|
| Amortization of fair value adjustment and deferred financing costs |
|
|
4,447
|
4,390
|
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
| Accounts receivable, net |
|
|
(3,463)
|
(5,166)
|
|
| Deferred rent assets |
|
|
(916)
|
(488)
|
|
| Prepaid expenses and other current assets |
|
|
4,961
|
(1,992)
|
|
| Other assets |
|
|
2
|
124
|
|
| Accounts payable |
|
|
(262)
|
(1,667)
|
|
| Accrued expenses and other current liabilities |
|
|
(11,735)
|
25,212
|
|
| Other long-term liabilities |
|
|
(9)
|
5
|
|
| Deferred revenue |
|
|
2,541
|
701
|
|
| Net cash used in continuing operating activities |
|
|
(28,266)
|
(13,820)
|
|
| Net cash used in discontinued operating activities |
|
|
(87)
|
(2,104)
|
|
| Net cash used in operating activities |
|
|
(28,353)
|
(15,924)
|
|
| Investing activities: |
|
|
|
|
|
| Proceeds from sale of solar energy systems |
|
|
4,712
|
5,068
|
|
| Proceeds from investment related to SEMTH master lease agreement |
|
|
18,868
|
13,188
|
|
| Cash paid for acquisitions, net of cash acquired |
|
|
0
|
(43,097)
|
|
| Purchases of other property and equipment |
|
|
(182)
|
(285)
|
|
| Net cash provided by (used in) continuing investing activities |
|
|
23,398
|
(25,126)
|
|
| Net cash provided by discontinued investing activities |
|
|
0
|
325
|
|
| Net cash provided by (used in) investing activities |
|
|
23,398
|
(24,801)
|
|
| Financing activities: |
|
|
|
|
|
| Repayments of long-term non-recourse debt |
|
|
(145,763)
|
(22,821)
|
|
| Proceeds from issuance of non-recourse debt |
|
|
130,000
|
21,396
|
|
| Repayments under financing leases |
|
|
0
|
(165)
|
|
| Payment of deferred financing costs |
|
|
(2,108)
|
(391)
|
|
| Proceeds from issuance of common stock |
|
|
0
|
150
|
|
| Proceeds from exercise of stock options |
|
|
0
|
700
|
|
| Share repurchases |
|
|
0
|
(5,119)
|
|
| Buyout of redeemable non-controlling interest |
|
|
0
|
(55)
|
|
| Capital distributions to redeemable noncontrolling interests and noncontrolling interests |
|
|
(215)
|
(381)
|
|
| Net cash used in continuing financing activities |
|
|
(18,086)
|
(6,686)
|
|
| Net cash provided by discontinued financing activities |
|
|
81
|
0
|
|
| Net cash used in financing activities |
|
|
(18,005)
|
(6,686)
|
|
| Net change in cash and cash equivalents and restricted cash: |
|
|
(22,960)
|
(47,411)
|
|
| Cash and cash equivalents and restricted cash, beginning of period |
|
|
172,941
|
240,144
|
240,144
|
| Cash and cash equivalents and restricted cash, end of period |
$ 149,981
|
$ 192,733
|
149,981
|
192,733
|
$ 172,941
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
| Cash paid for interest |
|
|
22,021
|
24,105
|
|
| Supplemental disclosures of noncash investing and financing information: |
|
|
|
|
|
| Right-of-use assets obtained in exchange for lease liability |
|
|
0
|
933
|
|
| Settlement of operating lease liability |
|
|
0
|
436
|
|
| Settlement of finance lease liability |
|
|
$ 0
|
$ (43)
|
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-Paragraph 3
-Subparagraph (c)
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-Paragraph 7
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-Paragraph 4J
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v3.24.3
Organization and Description of Business
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Organization and Description of Business |
Organization and Description of Business Description of Business Spruce Power Holding Corporation and its subsidiaries (“Spruce Power” or the “Company”) 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. The Company is engaged in the ownership and maintenance of home solar energy systems for homeowners in the U.S. The Company provides clean, solar energy typically at savings compared to traditional utility energy. The Company’s primary customers are homeowners and the Company’s core solar service offerings generate revenues primarily through (i) the sale of electricity generated by its home solar energy systems to homeowners pursuant to long-term agreements, which requires the Company’s 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, the Company generates cash flows and earns interest income from an investment through a master lease agreement described below.
The Company holds subsidiary fund companies, defined below as the Funds, 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 residential 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 the Company's subsidiaries that own the systems, with the exception of the investment tax credit (“ITCs”) under Section 48 of the Internal Revenue Code, as amended, which were generally passed through to the various financing partners of the solar energy systems. The Company also offers services which include asset management services and operating and maintenance services for home solar energy systems. Historically, the Company provided fleet electrification solutions for commercial vehicles in North America, offering its systems for vehicle electrification (the “Drivetrain” operations) and through its energy efficiency and infrastructure solutions business, offering and installing charging stations to enable customers develop the charging infrastructure required for their electrified vehicles (the “XL Grid” operations). The Company ceased the Drivetrain and XL Grid operations in late 2022, and both are presented as discontinued operations in the unaudited condensed consolidated financial statements (see Note 16. Discontinued Operations).
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v3.24.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Basis of unaudited condensed consolidated financial statement presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and Article 8 of Regulation S-X. The Company has condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As such, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2023 annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s interim unaudited condensed consolidated financial statements reflect all normal and recurring adjustments necessary, in its opinion, to state fairly the financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period due to the Company’s continual growth, seasonal fluctuations in solar energy generation, timing of maintenance and other expenditures, changes in interest expense and other factors. The Company's accompanying unaudited condensed consolidated financial statements include the accounts of its wholly owned subsidiaries and variable interest entities (“VIEs”), for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the Company’s current presentation and such reclassifications had no effect on the Company’s previously reported financial position, results of operations, or cash flows. On October 6, 2023, the Company effected a one-for-eight reverse stock split with respect to its issued and outstanding shares of common stock (the “Reverse Stock Split”). Excluding the par value and the number of authorized shares of the Company’s common stock, all share amounts, all per share amounts, and the values of the common stock outstanding and related effect on additional paid in capital included in this Form 10-Q have been retrospectively presented as if the Reverse Stock Split had been effective from the beginning of the earliest period presented. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of income and expenses during the reporting period. The Company’s most significant estimates and judgments involve (i) deferred income taxes, (ii) warranty reserves, (iii) valuation of stock-based compensation, (iv) valuation of warrant liability, (v) the useful lives of certain assets and liabilities, (vi) the allowance for current expected credit losses and (vii) the valuation of business combinations, including the fair values and useful lives of acquired assets and assumed liabilities, goodwill and the fair value of purchase consideration of asset acquisitions. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company’s financial statements. Variable interest entities The Company consolidates any VIE of which it is the primary beneficiary. The Company formed or acquired VIEs which are partially funded by tax equity investors in order to facilitate the funding and monetization of certain attributes associated with solar energy systems. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. A variable interest holder is required to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when the Company is not considered the primary beneficiary. The Company evaluates its relationships with the VIEs on an ongoing basis to determine if it is the primary beneficiary. The Company's initial investments in Volta Solar Owner II, LLC and ORE F4 HoldCo, LLC (collectively, the “Funds”) were determined to be VIEs and remained as such as of September 30, 2024. During the three months ended September 30, 2023, the Company purchased all membership interests in Level Solar Fund IV and it ceased being a VIE as of September 30, 2023. Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks, money market accounts, and U.S. Treasury securities. Cash equivalents are carried at cost, which approximates fair value due to their short-term nature. The Company’s cash and cash equivalents are placed with large financial institutions, and at times exceed federally insured limits. To date, the Company has not experienced any credit loss relating to its cash and cash equivalents. Concentration of credit and revenue risks Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. At times, such cash may be in excess of the Federal Deposit Insurance Corporation limit. At September 30, 2024 and December 31, 2023, the Company had cash in excess of the $250,000 federally insured limit. The Company believes that its credit risk is not significant on cash and cash equivalents as most of the balances are kept in treasury bills, which are government backed securities. For the three and nine months ended September 30, 2024 and 2023, the Company had no customers that represented at least 10% of the Company’s revenues. As of September 30, 2024 and December 31, 2023, the Company had no customers that represented at least 10% of the Company’s accounts receivable balances. Restricted cash Restricted cash held at September 30, 2024 and December 31, 2023 of $36.3 million and $31.6 million, respectively, primarily consists of cash that is subject to restriction due to provisions in the Company's financing agreements and the operating agreements of the Funds. The carrying amount reported in the unaudited condensed consolidated balance sheets for restricted cash approximates its fair value. The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash balances to the total amounts shown in the unaudited condensed consolidated statements of cash flows for the end of the periods: | | | | | | | | | | | | | As of | | (Amounts in thousands) | September 30, 2024 | | September 30, 2023 | | Cash and cash equivalents | $ | 113,658 | | | $ | 154,209 | | | Restricted cash | 36,323 | | | 38,524 | | | Total cash, cash equivalents and restricted cash | $ | 149,981 | | | $ | 192,733 | |
Accounts receivable, net Accounts receivable primarily represent amounts due from the Company’s customers. Accounts receivable is recorded net of an allowance for expected credit losses, which is determined by the Company’s assessment of the collectability of customer accounts based on the best available data at the time of the assessment. Management reviews the allowance by considering factors such as historical experience, contractual term, aging category and current economic conditions that may affect customers. The following table presents the changes in the allowance for credit losses recorded against accounts receivable, net on the unaudited condensed consolidated balance sheets: | | | | | | | | | | | | | | As of | | | (Amounts in thousands) | September 30, 2024 | | December 31, 2023 | | | Balance at the beginning of the period | $ | 1,693 | | | $ | 12,164 | | | | Impact of ASC 326 adoption | — | | | (1,285) | | | | Write-off of uncollectible accounts | (1,881) | | | (11,447) | | | Provision recognized upon valuation of assets acquired | — | | | 420 | | | | Provision for current expected credit losses | 1,128 | | | 1,841 | | | | Balance at the end of the period | $ | 940 | | | $ | 1,693 | | |
Investment related to SEMTH master lease agreement and interest income
The Company accounts for its investment related to the SEMTH (as defined below) master lease agreement in accordance with Accounting Standards Codification (“ASC”) 325-40, Investments—Other—Beneficial Interests in Securitized Financial Assets. The Company recognizes accretable yield as interest income over the life of the related beneficial interest using the effective yield method, which is reflected within interest income in the unaudited condensed consolidated statements of operations in the amount of $4.8 million and $12.3 million for the three and nine months ended September 30, 2024, respectively. On a recurring basis, the Company evaluates changes in the cash flows expected to be collected from the cash flows previously projected, and when favorable or adverse changes are deemed other than temporary, the Company prospectively updates its expectation of cash flows to be collected and recalculates the amount of accretable yield for the related beneficial interest.
Favorable or adverse changes deemed other than temporary are accounted for as a change in estimate in conformity with ASC 250, Accounting Changes and Error Corrections, with the amount of periodic accretion adjusted over the remaining life of the master lease agreement. During the three months period ended September 30, 2024, the Company revised its estimated cash flows expected to be collected related to the SEMTH master lease agreement. As a result, the Company recognized additional accretable yield of $0.9 million within interest income in the unaudited condensed consolidated statements of operations. The Company estimates approximately $3.0 million of additional interest income per year over the life of the related beneficial interest. Impairment of long-lived assets The Company reviews long-lived assets, such as property and equipment and intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that an asset group’s carrying amount may not be recoverable. The Company groups assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluates the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value. There were no long-lived asset impairment charges for the three and nine months ended September 30, 2024 and 2023. Impairment of goodwill Goodwill represents the excess of cost over the fair market value of tangible and intangible assets acquired and liabilities assumed of acquired businesses. Goodwill is not amortized, however it is annually tested for impairment, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. The Company has historically recorded goodwill in connection with its business acquisitions. The Company performs its annual goodwill impairment assessment on October 1 of each fiscal year, or more frequently if events or circumstances arise which indicate that goodwill may be impaired. An assessment can be performed by first completing a qualitative assessment of the Company’s single reporting unit. The Company can also bypass the qualitative assessment in any period and proceed directly to the quantitative impairment test, and then resume the qualitative assessment in any subsequent period. Qualitative indicators that may trigger the need for annual or interim quantitative impairment testing include, among other things, deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of the reporting unit. Additionally, a significant change in business climate, a loss of a significant customer, increased competition, a sustained decrease in share price, or a decrease in estimated fair value below book value may trigger the need for interim impairment testing of goodwill. If the Company believes that, as a result of its qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test is required. The quantitative test involves comparing the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recorded as a reduction to goodwill with a corresponding charge to earnings in the period the goodwill is determined to be impaired. The income tax effect associated with an impairment of tax-deductible goodwill is also considered in the measurement of the goodwill impairment. Any goodwill impairment is limited to the total amount of goodwill. The Company evaluates the fair value of the Company’s reporting unit using the market and income approach. Under the market approach, the Company uses multiples of EBITDA or revenues of the comparable guideline public companies by selecting a population of public companies with similar operations and attributes. Using this guideline public company data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The income approach of computing fair value is based on the present value of the expected future economic benefits generated by the asset or business, such as cash flows or profits which will then be compared to its book value. See Note 11. Goodwill for further information on the Company’s determination relating to impairment of goodwill. Contingencies When it is probable that a loss has occurred and the loss amount can be reasonably estimated, the Company records liabilities for loss contingencies. In certain cases, the Company may be covered by one or more corporate insurance policies, resulting in insurance loss recoveries. When such recoveries are in excess of a loss recognized in the Company’s financial statements, the Company recognizes a gain contingency at the earlier of when the gain has been realized or when it is realizable, however when the Company expects recovery of proceeds up to the amount of the loss recognized, a receivable, which offsets the related loss contingency, is recognized when realization of the claim for recovery is determined to be probable. Fair value measurements The fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, the Company classifies each fair value measurement as follows: •Level 1: Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. •Level 2: Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy must be determined based on the lowest level input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability being measured. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, net, accounts payable, accrued expenses and other current liabilities, non-recourse debt, and interest rate swaps. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximates fair value due to the short-term nature of those instruments. See Note 10. Fair Value Measurements for additional information on assets and liabilities measured at fair value. Revenues The Company’s revenue is derived from its home solar energy portfolio and servicing platform, which primarily generates revenue through the sale to homeowners of power generated by the home solar energy systems and the rental of solar equipment by certain homeowners, pursuant to long-term agreements. Pursuant to Accounting Standard Codification 606 (“ASC 606”) defined below, the Company has elected the “right to invoice” practical expedient, and revenues for the performance obligations related to energy generation and servicing revenue are recognized as services are rendered based upon the underlying contractual arrangements. The following table presents the detail of the Company’s revenues as reflected within the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | PPA revenues | $ | 11,458 | | | $ | 11,370 | | | $ | 31,297 | | | $ | 30,731 | | | SLA revenues | 6,702 | | | 7,596 | | | 20,574 | | | 22,543 | | | Solar renewable energy credit revenues | 1,222 | | | 2,072 | | | 4,396 | | | 5,268 | | | Government incentives | 110 | | | 68 | | | 333 | | | 164 | | | Servicing revenues | 178 | | | 100 | | | 534 | | | 325 | | | Intangibles amortization, unfavorable solar renewable energy agreements | 746 | | | 974 | | | 2,239 | | | 2,393 | | | Other revenues | 962 | | | 1,070 | | | 2,508 | | | 2,734 | | | Total | $ | 21,378 | | | $ | 23,250 | | | $ | 61,881 | | | $ | 64,158 | |
Energy generation Customers purchase solar energy from the Company under PPAs or SLAs, both defined above. Revenue is recognized from contracts with customers as performance obligations are satisfied at a transaction price reflecting an amount of consideration based upon an estimated rate of return which is expressed as the solar rate per kilowatt hour or a flat rate per month as defined in the customer contracts. •PPA revenues - Under ASC 606, Revenue from Contracts with Customers issued by the Financial Accounting Standards Board (“FASB”), PPA revenue is recognized when generated based upon the amount of electricity delivered as determined by remote monitoring equipment at solar rates specified under the PPAs. •SLA revenues - The Company has SLAs, which do not meet the definition of a lease under ASC 842, Leases, and are accounted for as contracts with customers under ASC 606. Revenue is recognized on a straight-line basis over the contract term as the obligation to provide continuous access to the solar energy system is satisfied. The amount of revenue recognized may not equal customer cash payments due to the performance obligation being satisfied ahead of cash receipt or evenly as continuous access to the solar energy system has been provided. The differences between revenue recognition and cash payments received are reflected as deferred rent assets on the unaudited condensed consolidated balance sheets. Certain SLAs contain provisions to provide customers a performance guarantee that each solar energy system will achieve certain specified minimum solar energy production output. If the solar energy system does not produce the guaranteed production amount, the Company is obligated to pay a performance guarantee calculated as the product of (a) the shortfall production amount and (b) guaranteed rate per kWh as defined in the SLA. Solar renewable energy credit revenues The Company enters contracts with third parties to sell Solar Renewable Energy Credits ("SRECs") generated by the solar energy systems for fixed prices. Certain contracts that meet the definition of a derivative may be exempted as normal purchase or normal sales transactions ("NPNS"). NPNS are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Certain SREC contracts meet these requirements and are designated as NPNS contracts. Such SRECs are exempted from the derivative accounting and reporting requirements, and the Company recognizes revenues in accordance with ASC 606. The Company recognizes revenue for SRECs based on pricing predetermined within the respective contracts at a point in time when the SRECs are transferred. As SRECs can be sold separate from the actual electricity generated by the renewable-based generation source, the Company accounts for the SRECs it generates from its solar energy systems as governmental incentives and do not consider those SRECs output of the underlying solar energy systems. The Company classifies these SRECs as inventory held until sold and delivered to third parties. As the Company did not incur costs to obtain these governmental incentives, the inventory carrying value for the SRECs was $0 as of September 30, 2024 and December 31, 2023. Deferred revenue Deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes prepayments received for unfulfilled performance obligations that will be recognized on a straight-line basis over the remaining term of the respective customer agreements. Deferred revenue, in the aggregate, as of September 30, 2024 and December 31, 2023 was $4.6 million and $2.7 million, respectively. The Company recognized revenues of $0.1 million related to deferred revenue as of the start of the period during each of the three and nine months ended September 30, 2024 and 2023. Income taxes The Company accounts for income taxes using the asset and liability method under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Deferred income taxes are provided for the temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and net operating loss carry-forwards and credits. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which the differences are expected to be recovered or settled. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in the unaudited condensed consolidated statements of operations in the period in which the enactment rate changes. The ultimate recovery of deferred tax assets is dependent upon the amount and timing of future taxable income and other factors, such as the taxing jurisdiction in which the asset is to be recovered. Deferred tax assets are reduced through the establishment of a valuation allowance if, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the more likely than not threshold for financial statement recognition and measurement. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. For the three and nine months ended September 30, 2024 and 2023, there were no uncertain tax positions taken or expected to be taken in the Company’s tax returns. In the normal course of business, the Company is subject to regular audits by U.S. federal and state and local tax authorities. With few exceptions, the Company is no longer subject to federal, state or local tax examinations by tax authorities in its major jurisdictions for tax years prior to 2021. However, net operating loss carryforwards remain subject to examination to the extent they are carried forward and impact a year that is open to examination by tax authorities. The Company did not recognize any tax related interest or penalties during the periods presented in the accompanying unaudited condensed consolidated financial statements, however, would record any such interest and penalties as a component of the provision for income taxes. There has historically been no federal or state provision for income taxes since the Company has historically incurred net operating losses and maintains a full valuation allowance against its net deferred tax assets. For the three and nine months ended September 30, 2024 and 2023, the Company recognized no provision for income taxes consistent with its losses incurred and the valuation allowance against its deferred tax assets. As a result, the Company's effective income tax rate was 0% for the three and nine months ended September 30, 2024 and 2023. Related parties A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, the board of directors, as well as members of their immediate families and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or that has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. SEC Climate Disclosure Rule
In March 2024, the SEC adopted final rules requiring public entities to disclose certain climate-related information in their registration statements and annual reports. The rules will be effective for non-accelerated filers and smaller reporting companies commencing with the fiscal year beginning on or after January 1, 2027. In April 2024, the SEC issued an administrative stay of the implementation of these rules, pending judicial review. The Company is evaluating the impact of the final rules on its unaudited condensed consolidated financial statements and related disclosures. Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, (“ASU 2023-09”), which requires enhancements regarding the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company on December 31, 2025. The Company will adopt this ASU as of December 31, 2025 and will prospectively apply its requirements to income tax disclosures presented in the notes to the condensed consolidated financial statements in the period of adoption. The Company is currently evaluating the impact of this standard but does not expect that it will have a material impact on its unaudited condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures, (“ASU 2023-07”), which requires enhanced disclosures for reportable segments, primarily in relation to significant segment expenses, even in the event an entity has a single reportable segment in accordance with Topic 280. ASU 2023-07 is effective for the Company on December 31, 2024. The Company will adopt this ASU as of December 31, 2024 and will retrospectively apply its requirements to all prior periods based on the significant segment expense categories identified and disclosed in its condensed consolidated financial statements in the period of adoption. The Company is currently evaluating the impact of this standard but does not expect that it will have a material impact on its unaudited condensed consolidated financial statements.
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-Topic 235
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v3.24.3
Business Combinations
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
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| Business Combinations |
Business Combinations Legacy Spruce Power
On September 9, 2022 (the “Acquisition Date”), the Company acquired Spruce Holding Company 1 LLC, Spruce Holding Company 2 LLC, Spruce Holding Company 3 LLC, and Spruce Manager LLC (collectively and together with their subsidiaries, “Legacy Spruce Power”) for $32.6 million, which consisted of cash payments of $61.8 million less cash and restricted cash acquired of $29.2 million. Management evaluated which entity should be considered the accounting acquirer in the transaction by giving consideration to the form of consideration transferred, the composition of the equity holders, the composition of voting rights of the Board of Directors, continuity of management structure, and size of the respective organizations. Based on the evaluation of the applicable factors, management noted that all factors, with the exception of the relative size of organization, were indicators that the Company was the acquiring entity resulting in management’s conclusion that for accounting purposes, the Company acquired Legacy Spruce Power. The acquisition was accounted for as a business combination. The Company allocated the Legacy Spruce Power purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the Acquisition Date. The excess of the purchase price over those fair values was recorded as goodwill. The Company’s evaluations of the facts and circumstances available as of the Acquisition Date, to assign fair values to assets acquired and liabilities assumed, remained ongoing subsequent to the Acquisition Date. As the Company completed further analysis of assets including solar systems, intangible assets, as well as noncontrolling interests and non-recourse debt, additional information on the assets acquired and liabilities assumed became available. Changes in information related to the value of net assets acquired changed the amount of the purchase price initially assigned to goodwill, and as a result, the fair values set forth below were subject to adjustments as additional information was obtained and valuations completed. These provisional adjustments were recognized during the reporting period in which the adjustments were determined. The Company has finalized its purchase price allocation as of September 8, 2023. Accounting for business combinations requires management to make significant estimates and assumptions, especially at the Acquisition Date, including the Company’s estimates of the fair value of solar systems, production based incentives, solar renewable energy agreements, non-controlling interest, trade name and non-recourse debt, where applicable. The Company believes the assumptions and estimates are based on information obtained from the management of the acquired companies and are inherently uncertain. Critical estimates in valuing solar systems under the income approach include future expected cash flows and discount rate. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the acquisition of Legacy Spruce Power, as adjusted, during the measurement period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | | Initial Purchase Price Allocation | | Measurement Period Adjustments | | Updated Purchase Price Allocation | | | | | | | | | | | | | | Total purchase consideration: | | | | | | | | | | | | | | | | | | | | Cash, net of cash acquired, and restricted cash | | $ | 32,585 | | | $ | — | | | $ | 32,585 | | | | | | | | | | | | | | | Allocation of consideration to assets acquired and liabilities assumed: | | | | | | | | | | | | | | | | | | | | Accounts receivable, net | | 10,995 | | | — | | | 10,995 | | | | | | | | | | | | | | | Prepaid expenses and other current assets | | 6,768 | | | (2,405) | | | 4,363 | | | | | | | | | | | | | | | Solar energy systems | | 406,298 | | | 89,268 | | | 495,566 | | | | | | | | | | | | | | | Other property and equipment | | 337 | | | — | | | 337 | | | | | | | | | | | | | | | Intangible assets | | — | | | 11,980 | | | 11,980 | | | | | | | | | | | | | | | Interest rate swap assets | | 26,698 | | | — | | | 26,698 | | | | | | | | | | | | | | | Right-of-use asset | | 3,279 | | | (328) | | | 2,951 | | | | | | | | | | | | | | | Other assets | | 358 | | | (102) | | | 256 | | | | | | | | | | | | | | | Goodwill | | 158,636 | | | (129,879) | | | 28,757 | | | | | | | | | | | | | | | Accounts payable | | (2,620) | | | (22) | | | (2,642) | | | | | | | | | | | | | | | Unfavorable solar renewable energy agreements | | — | | | (10,500) | | | (10,500) | | | | | | | | | | | | | | | Accrued expenses | | (13,061) | | | (241) | | | (13,302) | | | | | | | | | | | | | | | Lease liability | | (3,382) | | | 42 | | | (3,340) | | | | | | | | | | | | | | | Long-term debt | | (510,002) | | | 2,772 | | | (507,230) | | | | | | | | | | | | | | | Other liabilities | | (335) | | | 292 | | | (43) | | | | | | | | | | | | | | | Redeemable noncontrolling interests and noncontrolling interests | | (51,384) | | | 39,123 | | | (12,261) | | | | | | | | | | | | | | | Total assets acquired and liabilities assumed | | $ | 32,585 | | | $ | — | | | $ | 32,585 | | | | | | | | | | | | | |
As reflected in the preceding table, as a result of third party valuation reports received in the first quarter of 2023, the Company adjusted solar energy systems and intangible assets with corresponding changes to goodwill. In the first quarter of 2023, due to a change in the provisional amounts assigned to intangible assets and solar energy systems, the Company recognized $0.4 million of revenue, $1.9 million of depreciation expense and $0.4 million of trade name amortization, of which $0.5 million of revenue, $0.9 million of depreciation expense and $0.3 million of trade name amortization related to the previous year. During the first quarter of 2023, the Company adjusted the fair value of its noncontrolling interest and its redeemable noncontrolling interest in the Company's financials, which resulted in related downward revision of $5.5 million and upward revision of $0.2 million, respectively. Additional paid in capital was also downward revised by $1.8 million, which included the fair value adjustment associated with the purchase of 100% of the membership interests in Ampere Solar Owner IV, LLC, ORE F5A HoldCo, LLC, ORE F6 HoldCo, LLC, RPV Fund 11 LLC and RPV Fund 13 LLC, Sunserve Residential Solar I, LLC's and Level Solar Fund III, LLC in 2022. The gross intangibles acquired are amortized over their respective estimated useful lives as follows:
| | | | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | | Asset | | Liability | | Estimated Life (in years) | | Solar renewable energy agreements | | $ | 340 | | | $ | 10,500 | | | 3 to 6 | | Performance based incentives agreements | | 3,240 | | | — | | | 13 | | Trade name | | 8,400 | | | — | | | 30 | | Total intangibles acquired | | $ | 11,980 | | | $ | 10,500 | | | |
The weighted-average useful life of the intangibles identified above is approximately 16 years, which approximates the period over which the Company expects to gain the estimated economic benefits. Goodwill represents the excess of the purchase consideration over the estimated fair value of the net assets acquired. Goodwill is primarily attributable to the Company's ability to leverage and use its existing capital and access to capital markets along with Legacy Spruce Power's established operations and mergers and acquisition capabilities to grow the Spruce Power business.
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v3.24.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| Acquisitions |
Acquisitions SEMTH Master Lease Agreement In furtherance of its growth strategy, on March 23, 2023, the Company completed the acquisition of all the issued and outstanding interests in SS Holdings 2017, LLC and its subsidiaries (“SEMTH”) from certain funds, pursuant to a membership interest purchase and sale agreement dated March 23, 2023 (the “SEMTH Acquisition”). SEMTH’s assets include 20-year use rights to customer payment streams of approximately 22,500 home SLAs and PPAs (the “SEMTH Master Lease”). The Company acquired SEMTH for approximately $23.0 million of cash, net of cash received, and assumed $125.0 million of outstanding senior indebtedness under the SP4 Facility (See Note 8. Non-Recourse Debt) and interest rate swaps with Deutsche Bank AG, New York Bank held by SEMTH and its subsidiaries at the close of the acquisition. The purchase of SEMTH's future revenue has been accounted for as an acquisition of financial assets. Under the acquisition method, the purchase price was allocated to the assets acquired and liabilities assumed based on their relative fair value. All fair value measurements of assets acquired and liabilities assumed were based on significant estimates and assumptions, including Level 3 (unobservable) inputs, which require judgment. Estimates and assumptions include the projected timing and amount of future cash flows, discount rates reflecting risk inherent in future cash flows and future utility prices. For the purposes of establishing the fair value of the Company's investment in the SEMTH Master Lease, its analysis considered cash flows beginning in March 2023 (the effective date of the transaction). The Company estimated the fair value of its investment in the SEMTH Master Lease to be approximately $146.9 million on the transaction date. Tredegar Acquisition On August 18, 2023, the Company acquired approximately 2,400 home solar assets and contracts from a publicly traded, regulated utility company for $20.9 million (the “Tredegar Acquisition”). The home solar assets acquired had an average remaining contract life of approximately 11 years. The Tredegar Acquisition was funded by term loans from the concurrent amendment of the Company’s existing debt facility as of the acquisition date. The Tredegar Acquisition has been accounted for as an acquisition of assets, wherein the total consideration paid was allocated to the assets acquired and liabilities assumed based on their relative fair value. The Company’s determination of the fair value of assets acquired and liabilities assumed was based on an independent third-party valuation, which involved significant estimates and assumptions, including Level 3 (unobservable) inputs, using the income method approach to value long-lived assets. The Company estimated the fair value of the Tredegar Acquisition to be approximately $21.2 million, inclusive of transaction costs of $0.3 million, of which $19.6 million was allocated to the solar energy systems.
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- DefinitionThe entire disclosure for asset acquisition. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 50
-Name Accounting Standards Codification
-Section 15
-Paragraph 3
-Publisher FASB
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v3.24.3
Property and Equipment, Net
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property and Equipment, Net |
Property and Equipment, Net Property and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | As of | | (Amounts in thousands) | September 30, 2024 | | December 31, 2023 | | | | | | Solar energy systems | $ | 510,947 | | | $ | 513,526 | | | Less: Accumulated depreciation | (46,732) | | | (29,594) | | | Solar energy systems, net | $ | 464,215 | | | $ | 483,932 | | | | | | | Equipment | $ | — | | | $ | 157 | | | Furniture and fixtures | 430 | | | 461 | | | Computers and related equipment | 272 | | | 218 | | | Software | — | | | 8 | | | Leasehold improvements | 30 | | | 59 | | | Gross other property and equipment | 732 | | | 903 | | | Less: Accumulated depreciation | (252) | | | (429) | | | Other property and equipment, net | $ | 480 | | | $ | 474 | | | | | | | Property and equipment, net | $ | 464,695 | | | $ | 484,406 | |
Depreciation expense related to solar energy systems is included within cost of revenues in the unaudited condensed statements of operations, and for the three and nine months ended September 30, 2024 was $5.7 million and $17.1 million, respectively, and for the three and nine months ended September 30, 2023 was $6.3 million and $17.9 million, respectively. Depreciation expense related to other property and equipment is included within selling, general and administrative expenses in the unaudited condensed statements of operations, and for the three and nine months ended September 30, 2024 was $0.1 million and $0.2 million, respectively, and for each of three and nine months ended September 30, 2023 was $0.1 million.
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v3.24.3
Intangible Assets, net
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Intangible Assets, net |
Intangible Assets, NetThe following table presents the detail of intangible assets, net as recorded in the unaudited condensed consolidated balance sheets: | | | | | | | | | | | | | As of | | (Amounts in thousands) | September 30, 2024 | | December 31, 2023 | | | | | | Intangible assets: | | | | | Solar renewable energy agreements | $ | 340 | | | $ | 340 | | | Performance based incentives agreements | 3,240 | | | 3,240 | | | Trade name | 8,400 | | | 8,400 | | Gross intangible assets | 11,980 | | | 11,980 | | | Less: Accumulated amortization | (2,713) | | | (1,784) | | | | | | | Intangible assets, net | $ | 9,267 | | | $ | 10,196 | | | | | |
Amortization of intangible assets for the three and nine months ended September 30, 2024 was $0.3 million and $0.9 million, respectively. For the three months ended September 30, 2024, $0.1 million and $0.2 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations, respectively, and for the nine months ended September 30, 2024, $0.3 million and $0.6 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations, respectively. Amortization of intangible assets for the three and nine months ended September 30, 2023 was $0.3 million and $0.9 million, respectively. For the three months ended September 30, 2023, $0.1 million and $0.2 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations, respectively, and for the nine months ended September 30, 2023, $0.3 million and $0.5 million were recorded within revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations, respectively. As of September 30, 2024, expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows:
| | | | | | | As of September 30, | | (Amounts in thousands) | 2024 | | Remainder of 2024 | $ | 310 | | | 2025 | 1,126 | | | 2026 | 1,122 | | | 2027 | 978 | | | 2028 | 878 | | Thereafter | 4,853 | | Total | $ | 9,267 | |
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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v3.24.3
Accrued Expenses and Other Current Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accrued Liabilities and Other Liabilities [Abstract] |
|
| Accrued Expenses and Other Current Liabilities |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | As of | | (Amounts in thousands) | | September 30, 2024 | | December 31, 2023 | | Accrued interest | | $ | 11,545 | | | $ | 8,587 | | | Accrued professional fees | | 2,249 | | | 2,386 | | | Accrued contingencies (See Note 14. Commitments and Contingencies) | | 8,030 | | | 21,300 | | | Accrued compensation and related benefits | | 4,764 | | | 3,237 | | | Accrued expenses, other | | 1,030 | | | 2,293 | | | Accrued operating and maintenance expenses | | 2,102 | | | 2,079 | | | Accrued taxes, stock-based compensation | | 1,132 | | | 752 | | | Current portion of interest rate swap liability | | 40 | | | — | | Accrued expenses and other current liabilities | | $ | 30,892 | | | $ | 40,634 | |
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-Topic 720
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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v3.24.3
Non-Recourse Debt
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Non-Recourse Debt |
Non-Recourse Debt The following table provides a summary of the Company’s non-recourse debt as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | As of | | (Amounts in thousands) | | Due | | September 30, 2024 | | December 31, 2023 | SVB Credit Agreement, SP1 Facility (1) | | April 2026 | | $ | 202,753 | | | $ | 214,803 | | Second SVB Credit Agreement, SP2 Facility (1) | | May 2027 | | 80,233 | | | 85,231 | | KeyBank Credit Agreement, SP3 Facility (1) | | November 2027 | | 55,260 | | | 58,962 | | Second KeyBank Credit Agreement (1) | | April 2030 | | 162,712 | | | 162,725 | | | Deutsche Bank Credit Agreement, SP4 Facility | | August 2025 | | — | | | 125,000 | | | Barings GPSF Credit Agreement, SET Facility | | April 2042 | | 130,000 | | | — | | Less: Unamortized fair value adjustment (1) | | | | (23,348) | | | (27,600) | | Less: Unamortized deferred financing costs (1) | | | | (2,254) | | | (341) | | | Total Non-recourse debt | | | | 605,356 | | | 618,780 | | | Less: Non-recourse debt, current | | | | (28,351) | | | (27,914) | | | Non-recourse debt, non-current | | | | $ | 577,005 | | | $ | 590,866 | |
(1) In connection with the acquisition of Legacy Spruce Power effective September 9, 2022, the Company assumed all non-recourse debt instruments valued at approximately $507.2 million as of that date. In connection with accounting for the business combination, the Company adjusted the carrying value of this non-recourse debt to its fair value as of the Acquisition Date. This fair value adjustment resulted in a reduction of the carrying value of the debt by $35.2 million. This adjustment to fair value and associated adjustment to unamortized deferred financing costs is being amortized to interest expense over the life of the related debt instruments using the effective interest method. Amortization expense for the fair value adjustment and deferred financing costs for the three and nine months ended September 30, 2024 were $1.5 million and $4.4 million, respectively, and for the three and nine months ended September 30, 2023 were $1.5 million and $4.4 million, respectively. On June 26, 2024, Spruce SET Borrower 2024, LLC (the “Borrower”), a wholly owned subsidiary of the Company, entered into a non-recourse Credit Agreement with Barings GPSF LLC, which provided a fixed interest term loan in the aggregate principal amount of $130.0 million (the “SET Facility”). The proceeds of the SET Facility were primarily used to repay the SP4 Facility of $125.0 million. The repayment of the SP4 Facility was treated as a debt extinguishment under ASC 470-50, Debt—Modifications and Extinguishments. In connection with the repayment of the SP4 Facility, the Company settled the related interest rate swap contracts (see Note 9. Interest Rate Swaps for further discussion). The Borrower incurred approximately $2.1 million of deferred financing costs related to the SET Facility, which are being amortized on a straight-line basis over the anticipated debt servicing period. The SET Facility matures on April 17, 2042 and requires quarterly interest payments at 6.889% per annum beginning August 2024. Effective December 26, 2027, the SET Facility requires additional interest to be accrued on any outstanding aggregate principal or unpaid accrued interest. The SET Facility is collateralized by all of the assets and property of the Borrower. The SET Facility requires the Borrower to be in compliance with various covenants, and the Borrower was in compliance with the required covenants under the SET Facility as of September 30, 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
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v3.24.3
Interest Rate Swaps
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Interest Rate Swaps |
Interest Rate Swaps The purpose of the Company’s interest rate swaps is to convert the floating interest rate on the Company's Credit Agreements to a fixed rate. As of September 30, 2024, the notional amount of the interest rate swaps covers approximately 99% of the balance of the Company’s floating rate term loans. During the three and nine months ended September 30, 2024, the change in the fair value of the interest rate swaps was $(11.3) million and $(8.2) million, respectively, and for the three and nine months ended September 30, 2023 was $8.1 million and $11.8 million, respectively, which are reflected in change in fair value of interest rate swaps within the unaudited condensed consolidated statements of operations. The Company also recognized $3.0 million and $13.8 million of realized gains for the three and nine months ended September 30, 2024, and for the three and nine months ended September 30, 2023, realized gains of $3.8 million and $9.7 million, respectively, reflected within interest expense, net within the unaudited condensed consolidated statements of operations. In June 2024, interest rate swaps related to the SP4 Facility were settled concurrently with the full repayment of the SP4 Facility (see Note 8. Non-Recourse Debt), and as a result, the Company recorded a gain of approximately $3.6 million within interest expense, net during the nine months ended September 30, 2024. See Note 10. Fair Value Measurements for further information on the Company’s determination of the fair value of its interest rate swaps.
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v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements The Company uses various assumptions and methods in estimating the fair values of its financial instruments. The Company’s private warrants are valued using a Black-Scholes model, pursuant to the inputs provided in the table below: | | | | | | | | | | | | | | | | Input | | September 30, 2024 | | December 31, 2023 | | Risk-free rate | | 3.9 | % | | 4.2 | % | | Remaining term in years | | 1.23 | | 1.98 | | Expected volatility | | 59.7 | % | | 82.0 | % | | Exercise price | | $ | 92.00 | | | $ | 92.00 | | | Fair value of common stock | | $ | 2.84 | | | $ | 4.42 | |
The Company's interest rate swaps are not traded on a market exchange and the fair values are determined using a valuation model based on a discounted cash flow analysis. This analysis reflects the contractual terms of the interest rate swap agreements and uses observable market-based inputs, including estimated future SOFR interest rates. The fair value of the Company's interest rate swap is the net difference in the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates and are observable inputs available to a market participant. The interest rate swap valuation is classified in Level 2 of the fair value hierarchy. The fair value of the Company’s non-recourse debt as of September 30, 2024 and December 31, 2023 was $626.1 million and $628.2 million, respectively. The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of
September 30, 2024 | | (Amounts in thousands) | | Level I | | Level II | | Level III | | Total | | Asset: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 19,535 | | | $ | — | | | $ | 19,535 | | | Money market accounts | | 106,790 | | | — | | | — | | | 106,790 | | | Total | | $ | 106,790 | | | $ | 19,535 | | | $ | — | | | $ | 126,325 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 647 | | | $ | — | | | $ | 647 | | | Total | | $ | — | | | $ | 647 | | | $ | — | | | $ | 647 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of
December 31, 2023 | | (Amounts in thousands) | | Level I | | Level II | | Level III | | Total | | Asset: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 27,883 | | | $ | — | | | $ | 27,883 | | | Money market accounts | | 21,475 | | | — | | | — | | | 21,475 | | | U.S. Treasury securities | | 108,964 | | | — | | | — | | | 108,964 | | | Total | | $ | 130,439 | | | $ | 27,883 | | | $ | — | | | $ | 158,322 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Private warrants | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | | | Total | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | |
The following is a roll forward of the Company’s Level 3 liability instruments: | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Nine Months Ended
September 30, 2024 | | (Amounts in thousands) | | | | | | | | | Balance at the beginning of the period | $ | 2 | | | $ | 17 | | | Fair value adjustments – warrant liability | (2) | | | (17) | | | Balance at the end of the period | $ | — | | | $ | — | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 107
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-Subparagraph (c)(3)
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-Subparagraph (a)
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-Paragraph 2E
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-Subparagraph (h)
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v3.24.3
Intangible Assets, Goodwill and Other
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Goodwill |
Note 11. Goodwill
During the three months ended September 30, 2024, the Company identified that there were indicators that the carrying amount of its goodwill may be impaired due to a continuous decline in the Company’s stock price and market capitalization. The Company performed a quantitative test using a market approach, which resulted in an impairment of goodwill during the three months ended September 30, 2024. As a result, the Company recorded a charge of $28.8 million to fully impair its goodwill within the unaudited condensed consolidated statements of operations.
| | | | | | | | | | | | | As of | | September 30, 2024 | | December 31, 2023 | | (Amounts in thousands) | | | | | Goodwill, beginning balance | $ | 28,757 | | | $ | 28,757 | | | Impairment of goodwill | (28,757) | | | — | | | Goodwill, ending balance | $ | — | | | $ | 28,757 | |
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- DefinitionThe entire disclosure for goodwill and intangible assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/350-30/tableOfContent
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v3.24.3
Share-Based Compensation Expense
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Share-Based Compensation Expense |
Stock-Based Compensation Expense Stock-based compensation expense related to stock options and restricted stock units for the three and nine months ended September 30, 2024 was $0.7 million and $2.1 million, and for the three and nine months ended September 30, 2023 was $0.9 million and $2.4 million, respectively. As of September 30, 2024, there was $8.2 million of unrecognized compensation cost related to stock options and restricted stock units which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.7 years. Stock Options The Company grants stock options to certain employees that will vest over a period of one to four years. A summary of stock option award activity for the nine months ended September 30, 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | Options | | Shares | | Weighted Average
Exercise Price | | Weighted Average Remaining Contractual Term | | | | | | | | | Outstanding at December 31, 2023 | | 193,156 | | | $ | 17.89 | | | 5.8 | | Granted | | 295,229 | | | 3.74 | | | | | Exercised | | — | | | — | | | | | Cancelled or forfeited | | — | | | — | | | | | Outstanding at September 30, 2024 | | 488,385 | | | $ | 9.34 | | | 7.8 | | Exercisable at September 30, 2024 | | 192,523 | | | $ | 17.76 | | | 5.0 |
The aggregate intrinsic value of stock options outstanding as of September 30, 2024 was $0.1 million. During the nine months ended September 30, 2024, the Company granted 295,229 stock options to its President and Chief Executive Officer (“CEO”) upon his appointment to such positions effective April 12, 2024. A summary of stock option award activity for the nine months ended September 30, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | Options | | Shares | | Weighted Average
Exercise Price | | Weighted Average Remaining Contractual Term | | | | | | | | | Outstanding at December 31, 2022 | | 761,408 | | | $ | 11.12 | | | 2.7 | | Granted | | — | | | — | | | | | Exercised | | (331,091) | | | 1.95 | | | | | Cancelled or forfeited | | (78,797) | | | 51.48 | | | | | Outstanding at September 30, 2023 | | 351,520 | | | $ | 10.69 | | | 3.4 | | Exercisable at September 30, 2023 | | 349,529 | | | $ | 10.38 | | | 3.4 |
Restricted Stock Units The Company grants restricted stock units to certain employees that will generally vest over a period of four years. The fair value of restricted stock unit awards is estimated by the fair value of the Company’s common stock at the date of grant. Restricted stock units activity during the nine months ended September 30, 2024 was as follows:
| | | | | | | | | | | | | Number of
Shares | | Weighted Average Grant Date Fair Value Per Share | | Non-vested, at December 31, 2023 | 1,102,095 | | | $ | 7.74 | | | Granted | 1,925,157 | | | 3.50 | | | Vested | (305,192) | | | 6.63 | | | Cancelled or forfeited | (635,299) | | | 5.22 | | | Non-vested, at September 30, 2024 | 2,086,761 | | | $ | 4.77 | |
During the nine months ended September 30, 2024, the Company granted restricted stock unit awards of 88,636 shares of common stock to the CEO upon his appointment effective April 12, 2024. In addition, upon the separation of the prior President and Chief Executive Officer (“Former CEO”) from the Company effective April 12, 2024, 97,994 and 244,267 restricted stock units awarded to the Former CEO were vested and forfeited, respectively. The Company recorded $0.5 million of expense related to the 97,994 vested awards during the nine months ended September 30, 2024. Restricted stock units activity during the nine months ended September 30, 2023 was as follows: | | | | | | | | | | | | | Number of
Shares | | Weighted Average Grant Date Fair Value Per Share | | Non-vested, at December 31, 2022 | 1,229,089 | | | $ | 10.40 | | | Granted | 653,425 | | | 6.50 | | | Vested | (521,313) | | | 12.63 | | | Cancelled or forfeited | (266,162) | | | 10.32 | | | Non-vested, at September 30, 2023 | 1,095,039 | | | $ | 7.88 | |
Former CEO's Ladder Restricted Stock Unit Award On September 9, 2022, in connection with the acquisition of Legacy Spruce Power and his appointment as the Company's President, the Company granted to its Former CEO, a restricted stock unit award (the “Ladder RSUs”) of 208,333 shares of common stock. The Ladder RSUs vest in 10% increments on the dates the Plan administrator certifies the applicable milestone stock prices have been achieved or exceeded, provided that the Former CEO remains employed on the date of certification and such achievement occurs within ten years of the date of the grant. The Company used a Monte Carlo simulation valuation model to determine the fair value of the award as of the Acquisition Date. The following inputs were used in the simulation: grant date stock price of $9.36 per share, annual volatility of 85.0%, risk-free interest rate of 3.3% and dividend yield of 0.0%. For each tranche, a fair value was calculated as well as a derived service period which represents the median number of years it is expected to take for the Ladder RSUs to meet their corresponding milestone stock price excluding the simulation paths that result in the Ladder RSUs not vesting within the 10-year term of the agreement. Each tranche's fair value will be amortized ratably over the respective derived service period. The Company recognized expense related to the Ladder RSUs of approximately $0.1 million and $0.3 million for the three and nine months ended September 30, 2023, respectively. Upon separation of the Former CEO from the Company effective April 12, 2024, the Ladder RSUs were terminated and the Company recorded a gain of $0.7 million during the nine months ended September 30, 2024.
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-Subparagraph (h)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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-Subparagraph (l)
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v3.24.3
Noncontrolling Interests
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Noncontrolling Interest [Abstract] |
|
| Noncontrolling Interests |
Noncontrolling Interests The following table summarizes the Company’s noncontrolling interests as of September 30, 2024: | | | | | | | | | | Tax Equity Entity | | Date Class A Member Admitted | | | | | | | | | | | | | | ORE F4 Holdco, LLC | | August 2014 | | Volta Solar Owner II, LLC | | August 2017 |
The tax equity entities were structured at inception so that the allocations of income and loss for tax purposes will flip at a future date. The terms of the tax equity entities' operating agreements contain allocations of taxable income (loss), Section 48(a) ITCs and cash distributions that vary over time and adjust between the members on an agreed date (referred to as the flip date). The operating agreements specify either a certain flip date or an internal rate of return ("IRR") flip date. The certain flip date is based on the passage of a fixed period of time as defined in the operating agreements for each entity. The IRR flip date is the date on which the tax equity investor has achieved a contractual rate of return. From inception through the flip date, the Class A members' allocation of taxable income (loss) and Section 48(a) ITCs is generally 99% and the Class B members' allocation of taxable income (loss) and Section 48(a) ITCs is generally 1%. After the related flip date (or, if the tax equity investor has a deficit capital account, typically after such deficit has been eliminated), the Class A members' allocation of taxable income (loss) will typically decrease to 5% (or, in some cases, a higher percentage if required by the tax equity investor) and the Class B members' allocation of taxable income (loss) will increase by an inverse amount. The historical redeemable noncontrolling interests and noncontrolling interests are comprised of Class A units, which represent the tax equity investors' interest in the tax equity entities. Both the Class A members and Class B members may have call options to allow either member to redeem the other member's interest in the tax equity entities upon the occurrence of certain contingent events, such as bankruptcy, dissolution/liquidation and forced divestitures of the tax equity entities. Additionally, the Class B members may have the option to purchase all Class A units, which is typically exercisable at any time during the periods specified under their respective governing documents, and, in regards to the tax equity entities historically classified as redeemable noncontrolling interests, they had the contingent obligation to purchase all Class A units if the Class A members exercise their right to withdraw, which is typically exercisable at any time during the three-month period commencing upon the applicable flip date. The Company had no redeemable noncontrolling interests as of September 30, 2024 and December 31, 2023. Total assets on the unaudited condensed consolidated balance sheets includes $37.0 million as of September 30, 2024 and $38.0 million as of December 31, 2023 of assets held by the Company's VIEs, which can only be used to settle obligations of the VIEs. Total liabilities on the unaudited condensed consolidated balance sheets includes $0.8 million as of September 30, 2024 and $0.8 million as of December 31, 2023 of liabilities that are the obligations of the Company's VIEs.
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- DefinitionThe entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Legal Proceedings The Company is periodically involved in legal proceedings and claims arising in the normal course of business, including proceedings relating to intellectual property, employment and other matters. Management believes the outcome of these proceedings will not have a significant adverse effect on the Company’s financial position, operating results, or cash flow. Securities Class Action Proceedings On March 8, 2021, two putative securities class action complaints were filed against the Company, and certain of its current and former officers and directors in the federal district court for the Southern District of New York. Those cases were ultimately consolidated under C.A. No. 1:21-cv-2002, and a lead plaintiff was appointed in June 2021. On July 20, 2021, an amended complaint was filed alleging that certain public statements made by the defendants between October 2, 2020, and March 2, 2021, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Following negotiations with a mediator, in September 2023, the Company and the plaintiffs agreed on a settlement in principle in the aggregate amount of $19.5 million (the “Settlement Amount”), and on December 6, 2023, the lead plaintiff and the defendants entered into a stipulation and agreement of settlement requiring the Company to pay the Settlement Amount to resolve the class action litigation and the related legal fees and administration costs. On April 30, 2024, the New York Court approved a final settlement of the Class Action Litigation. The Settlement Amount was offset by approximately $4.5 million of related loss recoveries from the Company’s directors and officers liability insurance policy with third parties, which was paid out in February 2024. The Company paid the $15.0 million net settlement amount to the settlement claims administrator in February 2024.
On September 20, 2021, and October 19, 2021, two class action complaints were filed in the Delaware Court of Chancery against certain of the Company’s current officers and directors, and the Company’s sponsor of its special purpose acquisition company merger, Pivotal Investment Holdings II LLC. These actions were consolidated as in re XL Fleet Corp. (Pivotal) Stockholder Litigation, C.A. No. 2021-0808, and an amended complaint was filed on January 31, 2022. Defendants filed a motion to dismiss the amended complaint on May 13, 2022, and on July 11, 2022, plaintiffs filed a second amended complaint. The second amended complaint alleges various breaches of fiduciary duty against the Company and/or its officers, several allegedly misleading statements made in connection with the merger, and aiding and abetting breaches of fiduciary duty in connection with the negotiation and approval of the December 21, 2020 merger and organization of XL Hybrids, Inc., a Delaware corporation (“Legacy XL”) to become XL Fleet Corp. On August 19, 2022, defendants moved to dismiss the second amended complaint, which was granted in part and denied in part on June 9, 2023. The parties then engaged in discovery. On November 13, 2024, the Company filed a stipulation and settlement agreement seeking court approval to settle this matter in full for $4.75 million, which is currently accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities). Shareholder Derivative Actions
On June 23, 2022, the Company received a shareholder derivative complaint filed in the U.S. District Court for the District of Massachusetts, captioned Val Kay derivatively on behalf of nominal defendant XL Fleet Corp., against all current directors and former officers and directors, C.A. No. 1:22-cv-10977. The action was filed by a shareholder purportedly on XL Fleet Corp.’s behalf, and raises claims for contribution, as well as claims for breach of fiduciary duty, waste of corporate assets, unjust enrichment, and abuse of control. In March 2023, two shareholder derivative actions were filed in the U.S. District Court for the District of Delaware, namely Reali v. Griffin, et al., C.A. No. 1:23-cv-00289 and Tucci v. Ledecky, et al., C.A. 1:23-cv-00322. These actions were consolidated and captioned In re Spruce Power Holding Corporation Shareholder Derivative Litigation, C.A. No. 1:23-cv-00289. In August 2023, an additional derivative action was filed in the U.S. District Court for the Southern District of New York, captioned Boyce v. Ledecky, et al., C.A. No. 1:23-cv-8591 (collectively, the “Derivative Matters”). On December 8, 2023, the parties reached a settlement-in-principle to settle, the Derivative Matters. The court granted preliminary approval of the settlement on May 1, 2024, and final approval in full on August 8, 2024. The settlement provides for certain corporate governance enhancements and no monetary payments. On August 14, 2024, the court awarded attorney fees of $1.0 million, which were paid in September 2024. State Attorney Generals' Investigations The Company has been asked to provide information and documents in response to subpoenas and other requests for information from certain state attorney generals’ offices regarding, among other things, its sales and marketing protocols. The Company has been cooperating with these investigations and intends to continue to do so until they are resolved. At this time, the Company is unable to estimate potential losses, if any, related to these matters. Securities and Exchange Commission Civil Enforcement Action On January 6, 2022, the Company received a subpoena from the Division of Enforcement of the SEC requesting, among other things, information and documents concerning the XL Fleet Corp. business combination with Legacy XL, the Company’s sales pipeline and revenue projections, California Air Resources Board approvals, and other related matters. In June 2023, the SEC proposed an Offer of Settlement for the purpose of resolving the proposed SEC action against the Company. Following negotiations with the SEC staff, in September 2023, the Company reached a settlement with the SEC pursuant to which the Company did not admit or deny the SEC’s allegations regarding the above-referenced issues. In connection with the settlement, in October 2023, the Company (among other things) paid a civil monetary penalty of $11.0 million which, subject to the discretion of the SEC, will be made available to eligible legacy shareholders through a Fair Fund, termed and administered by the SEC. US Bank
On February 9, 2023, US Bank, through its affiliate, Firstar Development, LLC (“Firstar”), filed a motion for summary judgment in lieu of a complaint in New York Supreme Court (the trial level in New York) alleging that the Company failed to fulfill its reimbursement obligations under a 2019 tax recapture guaranty agreement between the parties arising from the alleged recapture by the Internal Revenue Service of tax credits taken by Firstar as an investor in the Company’s subsidiary, Ampere Solar Owner I, LLC. On May 23, 2023, the Company reached a settlement agreement with Firstar, as the plaintiff, for $2.3 million whereby the plaintiff discharged all claims filed against the Company. BMZ USA, Inc. On February 11, 2022, BMZ USA Inc. (“BMZ”), a battery manufacturer, sued XL Hybrids for breach of contract, alleging that XL Hybrids failed to timely purchase the full allotment of batteries required under a certain master supply agreement between the parties. In January 2024, BMZ obtained a judgment for $3.9 million against XL Hybrids, Inc. The Company is appealing the ruling while simultaneously pursuing a settlement. The Company currently estimates the potential loss to be approximately $1.2 million, which has been accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities). ITC Recapture Provisions
The IRS may disallow and recapture some, or all, of the Investment Tax Credits due to improperly calculated basis after a project was placed in service ("Recapture Event"). If a Recapture Event occurs, Spruce Power is obligated to pay the applicable Class A Member a recapture adjustment, which includes the amounts the Class A Members are required to repay the IRS, including interest and penalties, as well as any third-party legal and accounting fees incurred by the Class A Members in connection to the Recapture Event, as specified in the operating agreements. Such a payment by Spruce Power to the Class A Members are not to be considered a capital contribution to the fund per the operating agreements, nor would it be considered a distribution to the Class A Members. With the exception of the tax matter related to Ampere Solar Owner I noted above, a Recapture Event was not deemed to be probable by the Company, therefore no accrual has been recorded as of September 30, 2024. Plastic Omnium Plastic Omnium is the assignee of the contractual rights of Actia Corp. under a certain battery purchase order between XL Hybrids and Actia Corp. On March 17, 2023, Plastic Omnium sued Legacy XL and the Company for breach of contract, alleging that Legacy XL ordered a total of 1,000 batteries from Plastic Omnium, paid for 455 of those batteries, and then reneged on 545 of those products. While Plastic Omnium admits it never actually delivered the remaining 545 products, it claims it purchased materials to complete the order, and as a result, Legacy XL and the Company are liable for at least approximately $2.5 million. The Company has reached a settlement in principle to settle the matter for $1.25 million, which is currently accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities). Parker-Hannifin On March 11, 2024, the Company filed a lawsuit against Parker-Hannifin for a declaratory judgment, captioned XL Hybrids, Inc. v. Parker-Hannifin Corporation, No. 1:24-cv-10894-WGY (D. Mass, removed from Mass. State Court No. 2484-CV-00661). The case related to a contract for the purchase of motors designed, produced and manufactured by Parker-Hannifin for XL Hybrids, Inc. which was executed in July 2019. On April 5, 2024, Parker-Hannafin filed counterclaims, alleging that XL Hybrids, Inc. and the Company were in breach of the contract. On November 1, 2024, the parties reached a settlement in principle to settle the matter for $0.5 million, which is currently accrued for as of September 30, 2024 (See Note 7. Accrued Expenses and Other Current Liabilities).
Master SREC Purchase and Sale Agreement The Company has forward sales agreements, which are related to a certain number of SRECs, to be generated from the Company’s solar energy systems located in Maryland, Massachusetts, Delaware, and New Jersey to be sold at fixed prices over varying terms of up to 20 years. In the event the Company does not deliver such SRECs to the counterparty, the Company could be forced to pay additional penalties and fees as stipulated within the contracts. Guarantees In connection with the acquisition of RPV Holdco 1, LLC, a wholly owned subsidiary of the Company, guaranty agreements were established in May 2020 by and between Spruce Holding Company 1, LLC, Spruce Holding Company 2, LLC, and Spruce Holding Company 3, LLC (“Spruce Guarantors”) and the investor members in the Funds. The Spruce Guarantors entered into guarantees in favor of the tax equity investors wherein they guaranteed the payment and performance of Solar Service Experts, LLC, a wholly owned subsidiary of the Company, under the Spruce Power 2 Maintenance Services Agreement and the Class B Member under the Limited Liability Company Agreement (“LLCA”). These guaranties are subject to a maximum of the aggregate amount of capital contributions made by the Class A Member under the LLCA. Indemnities and Guarantees During the normal course of business, the Company has made certain indemnities and guarantees under which it may be required to make payments in relation to certain transactions. The duration of the Company’s indemnities and guarantees varies, however the majority of these indemnities and guarantees are limited in duration. No liabilities have been recorded for these indemnities and guarantees as of September 30, 2024. Insurance Claims and Recoveries related to Maui Fires In August 2023, a series of wildfires broke out in Hawaii, predominantly on the island of Maui, resulting in real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages. The Company received $0.2 million related to the insurance recoveries during the three and nine months ended September 30, 2024.
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v3.24.3
Net Loss Per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Net Loss Per Share |
Net Loss Per Share The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands, except share data) | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | | Net loss attributable to stockholders | $ | (53,529) | | | $ | (19,313) | | | $ | (64,561) | | | $ | (35,643) | | | Denominator: | | | | | | | | | Weighted average shares outstanding, basic | 18,566,015 | | | 17,351,796 | | | 18,438,375 | | | 18,072,115 | | | Dilutive effect of stock options and restricted stock units | — | | | — | | | — | | | — | | | Weighted average shares outstanding, diluted | 18,566,015 | | | 17,351,796 | | | 18,438,375 | | | 18,072,115 | | | Net loss attributable to stockholders per share, basic and diluted | $ | (2.88) | | | $ | (1.11) | | | $ | (3.50) | | | $ | (1.97) | | | | | | | | | |
For any periods presented with a net loss, potentially dilutive outstanding securities, which include stock options, restricted stock units, and warrants, have been excluded from the computation of diluted net loss per share as their effect would be anti-dilutive for those periods. As such, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share are the same for those periods.
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v3.24.3
Discontinued Operations
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Discontinued Operations |
Discontinued Operations In the fourth quarter of 2022, the Company discontinued the operations of its Drivetrain and XL Grid operations. The following table provides supplemental detail of the Company’s discontinued operations contained within the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Net income (loss) from discontinued operations: | | | | | | | | | Drivetrain | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | | | Total | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | |
XL Grid The following table presents financial results of XL Grid operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | | | Revenues | $ | — | | | $ | — | | | $ | — | | | $ | 149 | | | Operating expenses: | | | | | | | | | Cost of revenues | — | | | — | | | — | | | 148 | | | Selling, general, and administrative expenses | — | | | — | | | — | | | 743 | | | Gain on asset disposal | — | | | — | | | — | | | (742) | | | | | | | | | | | Total operating expenses | — | | | — | | | — | | | 149 | | | Net loss from discontinued operations | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
Drivetrain The following table presents financial results of Drivetrain operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | | | Revenues | $ | 16 | | | $ | 9 | | | $ | 53 | | | $ | 29 | | | Operating expenses: | | | | | | | | | Cost of revenues | 20 | | | 34 | | | 84 | | | 63 | | | Selling, general, and administrative expenses | — | | | — | | | — | | | 742 | | | (Gain) loss on asset disposal | — | | | 179 | | | (81) | | | 3,489 | | | Other | — | | | — | | | — | | | (12) | | | Total operating expenses | 20 | | | 213 | | | 3 | | | 4,282 | | | Net income (loss) from discontinued operations | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | |
The following table presents aggregate carrying amounts of assets and liabilities of discontinued operations contained within the unaudited condensed consolidated balance sheets:
| | | | | | | | | | | | | | | | | As of | | (Amounts in thousands) | | September 30, 2024 | | December 31, 2023 | | Assets from discontinued operations: | | | | | | Drivetrain | | $ | — | | | $ | 32 | | | | | | | | Total assets from discontinued operations | | $ | — | | | $ | 32 | | | | | | | | Liabilities from discontinued operations: | | | | | | Drivetrain | | $ | 117 | | | $ | 170 | | | Total liabilities from discontinued operations | | $ | 117 | | | $ | 170 | |
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events Management has reviewed events subsequent to September 30, 2024 and prior to the filing of financial statements, and except as referenced within this Form 10-Q, the Company has determined there have been no other events that have occurred that would require adjustments or disclosures within the unaudited condensed consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of consolidated financial statement presentation |
Basis of unaudited condensed consolidated financial statement presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and Article 8 of Regulation S-X. The Company has condensed or omitted certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As such, these interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s 2023 annual audited consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s interim unaudited condensed consolidated financial statements reflect all normal and recurring adjustments necessary, in its opinion, to state fairly the financial position and results of operations for the reported periods. Amounts reported for interim periods may not be indicative of a full year period due to the Company’s continual growth, seasonal fluctuations in solar energy generation, timing of maintenance and other expenditures, changes in interest expense and other factors. The Company's accompanying unaudited condensed consolidated financial statements include the accounts of its wholly owned subsidiaries and variable interest entities (“VIEs”), for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the Company’s current presentation and such reclassifications had no effect on the Company’s previously reported financial position, results of operations, or cash flows. On October 6, 2023, the Company effected a one-for-eight reverse stock split with respect to its issued and outstanding shares of common stock (the “Reverse Stock Split”). Excluding the par value and the number of authorized shares of the Company’s common stock, all share amounts, all per share amounts, and the values of the common stock outstanding and related effect on additional paid in capital included in this Form 10-Q have been retrospectively presented as if the Reverse Stock Split had been effective from the beginning of the earliest period presented.
|
| Use of estimates |
Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of income and expenses during the reporting period. The Company’s most significant estimates and judgments involve (i) deferred income taxes, (ii) warranty reserves, (iii) valuation of stock-based compensation, (iv) valuation of warrant liability, (v) the useful lives of certain assets and liabilities, (vi) the allowance for current expected credit losses and (vii) the valuation of business combinations, including the fair values and useful lives of acquired assets and assumed liabilities, goodwill and the fair value of purchase consideration of asset acquisitions. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates, and such differences could be material to the Company’s financial statements.
|
| Variable interest entities |
Variable interest entities The Company consolidates any VIE of which it is the primary beneficiary. The Company formed or acquired VIEs which are partially funded by tax equity investors in order to facilitate the funding and monetization of certain attributes associated with solar energy systems. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. A variable interest holder is required to consolidate a VIE if that party has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company does not consolidate a VIE in which it has a majority ownership interest when the Company is not considered the primary beneficiary. The Company evaluates its relationships with the VIEs on an ongoing basis to determine if it is the primary beneficiary. The Company's initial investments in Volta Solar Owner II, LLC and ORE F4 HoldCo, LLC (collectively, the “Funds”) were determined to be VIEs and remained as such as of September 30, 2024. During the three months ended September 30, 2023, the Company purchased all membership interests in Level Solar Fund IV and it ceased being a VIE as of September 30, 2023.
|
| Cash and cash equivalents |
Cash and cash equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents include cash held in banks, money market accounts, and U.S. Treasury securities. Cash equivalents are carried at cost, which approximates fair value due to their short-term nature. The Company’s cash and cash equivalents are placed with large financial institutions, and at times exceed federally insured limits. To date, the Company has not experienced any credit loss relating to its cash and cash equivalents.
|
| Concentration of credit and revenue risk |
Concentration of credit and revenue risks Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. At times, such cash may be in excess of the Federal Deposit Insurance Corporation limit. At September 30, 2024 and December 31, 2023, the Company had cash in excess of the $250,000 federally insured limit.
|
| Restricted cash |
Restricted cash Restricted cash held at September 30, 2024 and December 31, 2023 of $36.3 million and $31.6 million, respectively, primarily consists of cash that is subject to restriction due to provisions in the Company's financing agreements and the operating agreements of the Funds. The carrying amount reported in the unaudited condensed consolidated balance sheets for restricted cash approximates its fair value.
|
| Accounts receivable, net |
Accounts receivable, net Accounts receivable primarily represent amounts due from the Company’s customers. Accounts receivable is recorded net of an allowance for expected credit losses, which is determined by the Company’s assessment of the collectability of customer accounts based on the best available data at the time of the assessment. Management reviews the allowance by considering factors such as historical experience, contractual term, aging category and current economic conditions that may affect customers.
|
| Impairment of long-lived assets |
Impairment of long-lived assets The Company reviews long-lived assets, such as property and equipment and intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that an asset group’s carrying amount may not be recoverable. The Company groups assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluates the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset group is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value.
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| Impairment of goodwill |
Impairment of goodwill Goodwill represents the excess of cost over the fair market value of tangible and intangible assets acquired and liabilities assumed of acquired businesses. Goodwill is not amortized, however it is annually tested for impairment, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. The Company has historically recorded goodwill in connection with its business acquisitions. The Company performs its annual goodwill impairment assessment on October 1 of each fiscal year, or more frequently if events or circumstances arise which indicate that goodwill may be impaired. An assessment can be performed by first completing a qualitative assessment of the Company’s single reporting unit. The Company can also bypass the qualitative assessment in any period and proceed directly to the quantitative impairment test, and then resume the qualitative assessment in any subsequent period. Qualitative indicators that may trigger the need for annual or interim quantitative impairment testing include, among other things, deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of the reporting unit. Additionally, a significant change in business climate, a loss of a significant customer, increased competition, a sustained decrease in share price, or a decrease in estimated fair value below book value may trigger the need for interim impairment testing of goodwill. If the Company believes that, as a result of its qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test is required. The quantitative test involves comparing the fair value of the reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recorded as a reduction to goodwill with a corresponding charge to earnings in the period the goodwill is determined to be impaired. The income tax effect associated with an impairment of tax-deductible goodwill is also considered in the measurement of the goodwill impairment. Any goodwill impairment is limited to the total amount of goodwill. The Company evaluates the fair value of the Company’s reporting unit using the market and income approach. Under the market approach, the Company uses multiples of EBITDA or revenues of the comparable guideline public companies by selecting a population of public companies with similar operations and attributes. Using this guideline public company data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The income approach of computing fair value is based on the present value of the expected future economic benefits generated by the asset or business, such as cash flows or profits which will then be compared to its book value. See Note 11. Goodwill for further information on the Company’s determination relating to impairment of goodwill.
|
| Contingencies |
Contingencies When it is probable that a loss has occurred and the loss amount can be reasonably estimated, the Company records liabilities for loss contingencies. In certain cases, the Company may be covered by one or more corporate insurance policies, resulting in insurance loss recoveries. When such recoveries are in excess of a loss recognized in the Company’s financial statements, the Company recognizes a gain contingency at the earlier of when the gain has been realized or when it is realizable, however when the Company expects recovery of proceeds up to the amount of the loss recognized, a receivable, which offsets the related loss contingency, is recognized when realization of the claim for recovery is determined to be probable.
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| Fair value measurements |
Fair value measurements The fair value of the Company’s financial assets and liabilities reflects Management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. For assets and liabilities measured at fair value on a recurring and nonrecurring basis, a three-level hierarchy of measurements based upon observable and unobservable inputs is used to arrive at fair value. Observable inputs are developed based on market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions about valuation based on the best information available in the circumstances. Depending on the inputs, the Company classifies each fair value measurement as follows: •Level 1: Observable inputs that reflect unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. •Level 2: Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy must be determined based on the lowest level input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset or liability being measured. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, net, accounts payable, accrued expenses and other current liabilities, non-recourse debt, and interest rate swaps. The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximates fair value due to the short-term nature of those instruments. See Note 10. Fair Value Measurements for additional information on assets and liabilities measured at fair value.
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| Revenues |
Revenues The Company’s revenue is derived from its home solar energy portfolio and servicing platform, which primarily generates revenue through the sale to homeowners of power generated by the home solar energy systems and the rental of solar equipment by certain homeowners, pursuant to long-term agreements. Pursuant to Accounting Standard Codification 606 (“ASC 606”) defined below, the Company has elected the “right to invoice” practical expedient, and revenues for the performance obligations related to energy generation and servicing revenue are recognized as services are rendered based upon the underlying contractual arrangements. The following table presents the detail of the Company’s revenues as reflected within the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | PPA revenues | $ | 11,458 | | | $ | 11,370 | | | $ | 31,297 | | | $ | 30,731 | | | SLA revenues | 6,702 | | | 7,596 | | | 20,574 | | | 22,543 | | | Solar renewable energy credit revenues | 1,222 | | | 2,072 | | | 4,396 | | | 5,268 | | | Government incentives | 110 | | | 68 | | | 333 | | | 164 | | | Servicing revenues | 178 | | | 100 | | | 534 | | | 325 | | | Intangibles amortization, unfavorable solar renewable energy agreements | 746 | | | 974 | | | 2,239 | | | 2,393 | | | Other revenues | 962 | | | 1,070 | | | 2,508 | | | 2,734 | | | Total | $ | 21,378 | | | $ | 23,250 | | | $ | 61,881 | | | $ | 64,158 | |
Energy generation Customers purchase solar energy from the Company under PPAs or SLAs, both defined above. Revenue is recognized from contracts with customers as performance obligations are satisfied at a transaction price reflecting an amount of consideration based upon an estimated rate of return which is expressed as the solar rate per kilowatt hour or a flat rate per month as defined in the customer contracts. •PPA revenues - Under ASC 606, Revenue from Contracts with Customers issued by the Financial Accounting Standards Board (“FASB”), PPA revenue is recognized when generated based upon the amount of electricity delivered as determined by remote monitoring equipment at solar rates specified under the PPAs. •SLA revenues - The Company has SLAs, which do not meet the definition of a lease under ASC 842, Leases, and are accounted for as contracts with customers under ASC 606. Revenue is recognized on a straight-line basis over the contract term as the obligation to provide continuous access to the solar energy system is satisfied. The amount of revenue recognized may not equal customer cash payments due to the performance obligation being satisfied ahead of cash receipt or evenly as continuous access to the solar energy system has been provided. The differences between revenue recognition and cash payments received are reflected as deferred rent assets on the unaudited condensed consolidated balance sheets. Certain SLAs contain provisions to provide customers a performance guarantee that each solar energy system will achieve certain specified minimum solar energy production output. If the solar energy system does not produce the guaranteed production amount, the Company is obligated to pay a performance guarantee calculated as the product of (a) the shortfall production amount and (b) guaranteed rate per kWh as defined in the SLA. Solar renewable energy credit revenues The Company enters contracts with third parties to sell Solar Renewable Energy Credits ("SRECs") generated by the solar energy systems for fixed prices. Certain contracts that meet the definition of a derivative may be exempted as normal purchase or normal sales transactions ("NPNS"). NPNS are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Certain SREC contracts meet these requirements and are designated as NPNS contracts. Such SRECs are exempted from the derivative accounting and reporting requirements, and the Company recognizes revenues in accordance with ASC 606. The Company recognizes revenue for SRECs based on pricing predetermined within the respective contracts at a point in time when the SRECs are transferred. As SRECs can be sold separate from the actual electricity generated by the renewable-based generation source, the Company accounts for the SRECs it generates from its solar energy systems as governmental incentives and do not consider those SRECs output of the underlying solar energy systems. The Company classifies these SRECs as inventory held until sold and delivered to third parties. As the Company did not incur costs to obtain these governmental incentives, the inventory carrying value for the SRECs was $0 as of September 30, 2024 and December 31, 2023. Deferred revenue Deferred revenue consists of amounts for which the criteria for revenue recognition have not yet been met and includes prepayments received for unfulfilled performance obligations that will be recognized on a straight-line basis over the remaining term of the respective customer agreements. Deferred revenue, in the aggregate, as of September 30, 2024 and December 31, 2023 was $4.6 million and $2.7 million, respectively. The Company recognized revenues of $0.1 million related to deferred revenue as of the start of the period during each of the three and nine months ended September 30, 2024 and 2023.
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| Income taxes |
Income taxes The Company accounts for income taxes using the asset and liability method under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Deferred income taxes are provided for the temporary differences arising between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and net operating loss carry-forwards and credits. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which the differences are expected to be recovered or settled. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in the unaudited condensed consolidated statements of operations in the period in which the enactment rate changes. The ultimate recovery of deferred tax assets is dependent upon the amount and timing of future taxable income and other factors, such as the taxing jurisdiction in which the asset is to be recovered. Deferred tax assets are reduced through the establishment of a valuation allowance if, based on available evidence, it is more likely than not that the deferred tax assets will not be realized. Uncertain tax positions taken or expected to be taken in a tax return are accounted for using the more likely than not threshold for financial statement recognition and measurement. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. For the three and nine months ended September 30, 2024 and 2023, there were no uncertain tax positions taken or expected to be taken in the Company’s tax returns. In the normal course of business, the Company is subject to regular audits by U.S. federal and state and local tax authorities. With few exceptions, the Company is no longer subject to federal, state or local tax examinations by tax authorities in its major jurisdictions for tax years prior to 2021. However, net operating loss carryforwards remain subject to examination to the extent they are carried forward and impact a year that is open to examination by tax authorities.
|
| Related parties |
Related parties A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, the board of directors, as well as members of their immediate families and other parties with which the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or that has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, (“ASU 2023-09”), which requires enhancements regarding the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for the Company on December 31, 2025. The Company will adopt this ASU as of December 31, 2025 and will prospectively apply its requirements to income tax disclosures presented in the notes to the condensed consolidated financial statements in the period of adoption. The Company is currently evaluating the impact of this standard but does not expect that it will have a material impact on its unaudited condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures, (“ASU 2023-07”), which requires enhanced disclosures for reportable segments, primarily in relation to significant segment expenses, even in the event an entity has a single reportable segment in accordance with Topic 280. ASU 2023-07 is effective for the Company on December 31, 2024. The Company will adopt this ASU as of December 31, 2024 and will retrospectively apply its requirements to all prior periods based on the significant segment expense categories identified and disclosed in its condensed consolidated financial statements in the period of adoption. The Company is currently evaluating the impact of this standard but does not expect that it will have a material impact on its unaudited condensed consolidated financial statements.
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v3.24.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of reconciliation of cash, cash equivalents, and restricted cash |
The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash balances to the total amounts shown in the unaudited condensed consolidated statements of cash flows for the end of the periods: | | | | | | | | | | | | | As of | | (Amounts in thousands) | September 30, 2024 | | September 30, 2023 | | Cash and cash equivalents | $ | 113,658 | | | $ | 154,209 | | | Restricted cash | 36,323 | | | 38,524 | | | Total cash, cash equivalents and restricted cash | $ | 149,981 | | | $ | 192,733 | |
|
| Restrictions on cash and cash equivalents |
The following table provides a reconciliation of the Company’s cash and cash equivalents and restricted cash balances to the total amounts shown in the unaudited condensed consolidated statements of cash flows for the end of the periods: | | | | | | | | | | | | | As of | | (Amounts in thousands) | September 30, 2024 | | September 30, 2023 | | Cash and cash equivalents | $ | 113,658 | | | $ | 154,209 | | | Restricted cash | 36,323 | | | 38,524 | | | Total cash, cash equivalents and restricted cash | $ | 149,981 | | | $ | 192,733 | |
|
| Changes in financing receivables for accounting standards update |
The following table presents the changes in the allowance for credit losses recorded against accounts receivable, net on the unaudited condensed consolidated balance sheets: | | | | | | | | | | | | | | As of | | | (Amounts in thousands) | September 30, 2024 | | December 31, 2023 | | | Balance at the beginning of the period | $ | 1,693 | | | $ | 12,164 | | | | Impact of ASC 326 adoption | — | | | (1,285) | | | | Write-off of uncollectible accounts | (1,881) | | | (11,447) | | | Provision recognized upon valuation of assets acquired | — | | | 420 | | | | Provision for current expected credit losses | 1,128 | | | 1,841 | | | | Balance at the end of the period | $ | 940 | | | $ | 1,693 | | |
|
| Disaggregation of revenue |
The following table presents the detail of the Company’s revenues as reflected within the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | PPA revenues | $ | 11,458 | | | $ | 11,370 | | | $ | 31,297 | | | $ | 30,731 | | | SLA revenues | 6,702 | | | 7,596 | | | 20,574 | | | 22,543 | | | Solar renewable energy credit revenues | 1,222 | | | 2,072 | | | 4,396 | | | 5,268 | | | Government incentives | 110 | | | 68 | | | 333 | | | 164 | | | Servicing revenues | 178 | | | 100 | | | 534 | | | 325 | | | Intangibles amortization, unfavorable solar renewable energy agreements | 746 | | | 974 | | | 2,239 | | | 2,393 | | | Other revenues | 962 | | | 1,070 | | | 2,508 | | | 2,734 | | | Total | $ | 21,378 | | | $ | 23,250 | | | $ | 61,881 | | | $ | 64,158 | |
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v3.24.3
Business Combinations (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
|
| Schedule of fair values of the assets acquired and liabilities assumed by major class |
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the acquisition of Legacy Spruce Power, as adjusted, during the measurement period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | | Initial Purchase Price Allocation | | Measurement Period Adjustments | | Updated Purchase Price Allocation | | | | | | | | | | | | | | Total purchase consideration: | | | | | | | | | | | | | | | | | | | | Cash, net of cash acquired, and restricted cash | | $ | 32,585 | | | $ | — | | | $ | 32,585 | | | | | | | | | | | | | | | Allocation of consideration to assets acquired and liabilities assumed: | | | | | | | | | | | | | | | | | | | | Accounts receivable, net | | 10,995 | | | — | | | 10,995 | | | | | | | | | | | | | | | Prepaid expenses and other current assets | | 6,768 | | | (2,405) | | | 4,363 | | | | | | | | | | | | | | | Solar energy systems | | 406,298 | | | 89,268 | | | 495,566 | | | | | | | | | | | | | | | Other property and equipment | | 337 | | | — | | | 337 | | | | | | | | | | | | | | | Intangible assets | | — | | | 11,980 | | | 11,980 | | | | | | | | | | | | | | | Interest rate swap assets | | 26,698 | | | — | | | 26,698 | | | | | | | | | | | | | | | Right-of-use asset | | 3,279 | | | (328) | | | 2,951 | | | | | | | | | | | | | | | Other assets | | 358 | | | (102) | | | 256 | | | | | | | | | | | | | | | Goodwill | | 158,636 | | | (129,879) | | | 28,757 | | | | | | | | | | | | | | | Accounts payable | | (2,620) | | | (22) | | | (2,642) | | | | | | | | | | | | | | | Unfavorable solar renewable energy agreements | | — | | | (10,500) | | | (10,500) | | | | | | | | | | | | | | | Accrued expenses | | (13,061) | | | (241) | | | (13,302) | | | | | | | | | | | | | | | Lease liability | | (3,382) | | | 42 | | | (3,340) | | | | | | | | | | | | | | | Long-term debt | | (510,002) | | | 2,772 | | | (507,230) | | | | | | | | | | | | | | | Other liabilities | | (335) | | | 292 | | | (43) | | | | | | | | | | | | | | | Redeemable noncontrolling interests and noncontrolling interests | | (51,384) | | | 39,123 | | | (12,261) | | | | | | | | | | | | | | | Total assets acquired and liabilities assumed | | $ | 32,585 | | | $ | — | | | $ | 32,585 | | | | | | | | | | | | | |
|
| Schedule of acquired finite-lived intangible assets |
The gross intangibles acquired are amortized over their respective estimated useful lives as follows:
| | | | | | | | | | | | | | | | | | | | | | (Amounts in thousands) | | Asset | | Liability | | Estimated Life (in years) | | Solar renewable energy agreements | | $ | 340 | | | $ | 10,500 | | | 3 to 6 | | Performance based incentives agreements | | 3,240 | | | — | | | 13 | | Trade name | | 8,400 | | | — | | | 30 | | Total intangibles acquired | | $ | 11,980 | | | $ | 10,500 | | | |
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v3.24.3
Property and Equipment, Net (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property and equipment, schedule of useful lives |
Property and equipment, net consisted of the following as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | As of | | (Amounts in thousands) | September 30, 2024 | | December 31, 2023 | | | | | | Solar energy systems | $ | 510,947 | | | $ | 513,526 | | | Less: Accumulated depreciation | (46,732) | | | (29,594) | | | Solar energy systems, net | $ | 464,215 | | | $ | 483,932 | | | | | | | Equipment | $ | — | | | $ | 157 | | | Furniture and fixtures | 430 | | | 461 | | | Computers and related equipment | 272 | | | 218 | | | Software | — | | | 8 | | | Leasehold improvements | 30 | | | 59 | | | Gross other property and equipment | 732 | | | 903 | | | Less: Accumulated depreciation | (252) | | | (429) | | | Other property and equipment, net | $ | 480 | | | $ | 474 | | | | | | | Property and equipment, net | $ | 464,695 | | | $ | 484,406 | |
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v3.24.3
Intangible Assets, net (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of acquired finite-lived intangible assets by major class |
The following table presents the detail of intangible assets, net as recorded in the unaudited condensed consolidated balance sheets: | | | | | | | | | | | | | As of | | (Amounts in thousands) | September 30, 2024 | | December 31, 2023 | | | | | | Intangible assets: | | | | | Solar renewable energy agreements | $ | 340 | | | $ | 340 | | | Performance based incentives agreements | 3,240 | | | 3,240 | | | Trade name | 8,400 | | | 8,400 | | Gross intangible assets | 11,980 | | | 11,980 | | | Less: Accumulated amortization | (2,713) | | | (1,784) | | | | | | | Intangible assets, net | $ | 9,267 | | | $ | 10,196 | | | | | |
|
| Schedule of finite-lived intangible assets, future amortization expense |
As of September 30, 2024, expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows:
| | | | | | | As of September 30, | | (Amounts in thousands) | 2024 | | Remainder of 2024 | $ | 310 | | | 2025 | 1,126 | | | 2026 | 1,122 | | | 2027 | 978 | | | 2028 | 878 | | Thereafter | 4,853 | | Total | $ | 9,267 | |
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v3.24.3
Accrued Expenses and Other Current Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Accrued Liabilities and Other Liabilities [Abstract] |
|
| Schedule of accrued liabilities |
Accrued expenses and other current liabilities consisted of the following as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | As of | | (Amounts in thousands) | | September 30, 2024 | | December 31, 2023 | | Accrued interest | | $ | 11,545 | | | $ | 8,587 | | | Accrued professional fees | | 2,249 | | | 2,386 | | | Accrued contingencies (See Note 14. Commitments and Contingencies) | | 8,030 | | | 21,300 | | | Accrued compensation and related benefits | | 4,764 | | | 3,237 | | | Accrued expenses, other | | 1,030 | | | 2,293 | | | Accrued operating and maintenance expenses | | 2,102 | | | 2,079 | | | Accrued taxes, stock-based compensation | | 1,132 | | | 752 | | | Current portion of interest rate swap liability | | 40 | | | — | | Accrued expenses and other current liabilities | | $ | 30,892 | | | $ | 40,634 | |
|
| Other current liabilities |
Accrued expenses and other current liabilities consisted of the following as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | As of | | (Amounts in thousands) | | September 30, 2024 | | December 31, 2023 | | Accrued interest | | $ | 11,545 | | | $ | 8,587 | | | Accrued professional fees | | 2,249 | | | 2,386 | | | Accrued contingencies (See Note 14. Commitments and Contingencies) | | 8,030 | | | 21,300 | | | Accrued compensation and related benefits | | 4,764 | | | 3,237 | | | Accrued expenses, other | | 1,030 | | | 2,293 | | | Accrued operating and maintenance expenses | | 2,102 | | | 2,079 | | | Accrued taxes, stock-based compensation | | 1,132 | | | 752 | | | Current portion of interest rate swap liability | | 40 | | | — | | Accrued expenses and other current liabilities | | $ | 30,892 | | | $ | 40,634 | |
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v3.24.3
Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of long-term debt |
The following table provides a summary of the Company’s non-recourse debt as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | As of | | (Amounts in thousands) | | Due | | September 30, 2024 | | December 31, 2023 | SVB Credit Agreement, SP1 Facility (1) | | April 2026 | | $ | 202,753 | | | $ | 214,803 | | Second SVB Credit Agreement, SP2 Facility (1) | | May 2027 | | 80,233 | | | 85,231 | | KeyBank Credit Agreement, SP3 Facility (1) | | November 2027 | | 55,260 | | | 58,962 | | Second KeyBank Credit Agreement (1) | | April 2030 | | 162,712 | | | 162,725 | | | Deutsche Bank Credit Agreement, SP4 Facility | | August 2025 | | — | | | 125,000 | | | Barings GPSF Credit Agreement, SET Facility | | April 2042 | | 130,000 | | | — | | Less: Unamortized fair value adjustment (1) | | | | (23,348) | | | (27,600) | | Less: Unamortized deferred financing costs (1) | | | | (2,254) | | | (341) | | | Total Non-recourse debt | | | | 605,356 | | | 618,780 | | | Less: Non-recourse debt, current | | | | (28,351) | | | (27,914) | | | Non-recourse debt, non-current | | | | $ | 577,005 | | | $ | 590,866 | |
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-Section S99
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-Subparagraph (SX 210.12-04(a))
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v3.24.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of fair values private warrants were valued using a black-scholes model |
The Company’s private warrants are valued using a Black-Scholes model, pursuant to the inputs provided in the table below: | | | | | | | | | | | | | | | | Input | | September 30, 2024 | | December 31, 2023 | | Risk-free rate | | 3.9 | % | | 4.2 | % | | Remaining term in years | | 1.23 | | 1.98 | | Expected volatility | | 59.7 | % | | 82.0 | % | | Exercise price | | $ | 92.00 | | | $ | 92.00 | | | Fair value of common stock | | $ | 2.84 | | | $ | 4.42 | |
|
| Schedule of assets and liabilities which are measured at fair value on a recurring basis |
The following table sets forth the Company’s assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of
September 30, 2024 | | (Amounts in thousands) | | Level I | | Level II | | Level III | | Total | | Asset: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 19,535 | | | $ | — | | | $ | 19,535 | | | Money market accounts | | 106,790 | | | — | | | — | | | 106,790 | | | Total | | $ | 106,790 | | | $ | 19,535 | | | $ | — | | | $ | 126,325 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 647 | | | $ | — | | | $ | 647 | | | Total | | $ | — | | | $ | 647 | | | $ | — | | | $ | 647 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of
December 31, 2023 | | (Amounts in thousands) | | Level I | | Level II | | Level III | | Total | | Asset: | | | | | | | | | | Interest rate swaps | | $ | — | | | $ | 27,883 | | | $ | — | | | $ | 27,883 | | | Money market accounts | | 21,475 | | | — | | | — | | | 21,475 | | | U.S. Treasury securities | | 108,964 | | | — | | | — | | | 108,964 | | | Total | | $ | 130,439 | | | $ | 27,883 | | | $ | — | | | $ | 158,322 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Private warrants | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | | | Total | | $ | — | | | $ | — | | | $ | 17 | | | $ | 17 | |
|
| Schedule of roll forward of the company’s level 3 instruments |
The following is a roll forward of the Company’s Level 3 liability instruments: | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Nine Months Ended
September 30, 2024 | | (Amounts in thousands) | | | | | | | | | Balance at the beginning of the period | $ | 2 | | | $ | 17 | | | Fair value adjustments – warrant liability | (2) | | | (17) | | | Balance at the end of the period | $ | — | | | $ | — | |
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- DefinitionTabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.24.3
Goodwill (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Goodwill |
The Company performed a quantitative test using a market approach, which resulted in an impairment of goodwill during the three months ended September 30, 2024. As a result, the Company recorded a charge of $28.8 million to fully impair its goodwill within the unaudited condensed consolidated statements of operations. | | | | | | | | | | | | | As of | | September 30, 2024 | | December 31, 2023 | | (Amounts in thousands) | | | | | Goodwill, beginning balance | $ | 28,757 | | | $ | 28,757 | | | Impairment of goodwill | (28,757) | | | — | | | Goodwill, ending balance | $ | — | | | $ | 28,757 | |
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- DefinitionTabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Section 55
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Share-Based Compensation Expense (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of stock option award activity |
The Company grants stock options to certain employees that will vest over a period of one to four years. A summary of stock option award activity for the nine months ended September 30, 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | Options | | Shares | | Weighted Average
Exercise Price | | Weighted Average Remaining Contractual Term | | | | | | | | | Outstanding at December 31, 2023 | | 193,156 | | | $ | 17.89 | | | 5.8 | | Granted | | 295,229 | | | 3.74 | | | | | Exercised | | — | | | — | | | | | Cancelled or forfeited | | — | | | — | | | | | Outstanding at September 30, 2024 | | 488,385 | | | $ | 9.34 | | | 7.8 | | Exercisable at September 30, 2024 | | 192,523 | | | $ | 17.76 | | | 5.0 |
A summary of stock option award activity for the nine months ended September 30, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | Options | | Shares | | Weighted Average
Exercise Price | | Weighted Average Remaining Contractual Term | | | | | | | | | Outstanding at December 31, 2022 | | 761,408 | | | $ | 11.12 | | | 2.7 | | Granted | | — | | | — | | | | | Exercised | | (331,091) | | | 1.95 | | | | | Cancelled or forfeited | | (78,797) | | | 51.48 | | | | | Outstanding at September 30, 2023 | | 351,520 | | | $ | 10.69 | | | 3.4 | | Exercisable at September 30, 2023 | | 349,529 | | | $ | 10.38 | | | 3.4 |
|
| Schedule of fair value of restricted stock awards |
Restricted stock units activity during the nine months ended September 30, 2024 was as follows: | | | | | | | | | | | | | Number of
Shares | | Weighted Average Grant Date Fair Value Per Share | | Non-vested, at December 31, 2023 | 1,102,095 | | | $ | 7.74 | | | Granted | 1,925,157 | | | 3.50 | | | Vested | (305,192) | | | 6.63 | | | Cancelled or forfeited | (635,299) | | | 5.22 | | | Non-vested, at September 30, 2024 | 2,086,761 | | | $ | 4.77 | |
Restricted stock units activity during the nine months ended September 30, 2023 was as follows: | | | | | | | | | | | | | Number of
Shares | | Weighted Average Grant Date Fair Value Per Share | | Non-vested, at December 31, 2022 | 1,229,089 | | | $ | 10.40 | | | Granted | 653,425 | | | 6.50 | | | Vested | (521,313) | | | 12.63 | | | Cancelled or forfeited | (266,162) | | | 10.32 | | | Non-vested, at September 30, 2023 | 1,095,039 | | | $ | 7.88 | |
|
| X |
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v3.24.3
Net Loss Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of numerator and denominator used to calculate basic earnings per share and diluted earnings per share |
The following is a reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands, except share data) | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | | Net loss attributable to stockholders | $ | (53,529) | | | $ | (19,313) | | | $ | (64,561) | | | $ | (35,643) | | | Denominator: | | | | | | | | | Weighted average shares outstanding, basic | 18,566,015 | | | 17,351,796 | | | 18,438,375 | | | 18,072,115 | | | Dilutive effect of stock options and restricted stock units | — | | | — | | | — | | | — | | | Weighted average shares outstanding, diluted | 18,566,015 | | | 17,351,796 | | | 18,438,375 | | | 18,072,115 | | | Net loss attributable to stockholders per share, basic and diluted | $ | (2.88) | | | $ | (1.11) | | | $ | (3.50) | | | $ | (1.97) | | | | | | | | | |
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-Topic 260
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v3.24.3
Discontinued Operations (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of financial information regarding discontinued operations |
The following table provides supplemental detail of the Company’s discontinued operations contained within the unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | Net income (loss) from discontinued operations: | | | | | | | | | Drivetrain | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | | | Total | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | |
XL Grid The following table presents financial results of XL Grid operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | | | Revenues | $ | — | | | $ | — | | | $ | — | | | $ | 149 | | | Operating expenses: | | | | | | | | | Cost of revenues | — | | | — | | | — | | | 148 | | | Selling, general, and administrative expenses | — | | | — | | | — | | | 743 | | | Gain on asset disposal | — | | | — | | | — | | | (742) | | | | | | | | | | | Total operating expenses | — | | | — | | | — | | | 149 | | | Net loss from discontinued operations | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
Drivetrain The following table presents financial results of Drivetrain operations: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (Amounts in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | | | Revenues | $ | 16 | | | $ | 9 | | | $ | 53 | | | $ | 29 | | | Operating expenses: | | | | | | | | | Cost of revenues | 20 | | | 34 | | | 84 | | | 63 | | | Selling, general, and administrative expenses | — | | | — | | | — | | | 742 | | | (Gain) loss on asset disposal | — | | | 179 | | | (81) | | | 3,489 | | | Other | — | | | — | | | — | | | (12) | | | Total operating expenses | 20 | | | 213 | | | 3 | | | 4,282 | | | Net income (loss) from discontinued operations | $ | (4) | | | $ | (204) | | | $ | 50 | | | $ | (4,253) | |
The following table presents aggregate carrying amounts of assets and liabilities of discontinued operations contained within the unaudited condensed consolidated balance sheets:
| | | | | | | | | | | | | | | | | As of | | (Amounts in thousands) | | September 30, 2024 | | December 31, 2023 | | Assets from discontinued operations: | | | | | | Drivetrain | | $ | — | | | $ | 32 | | | | | | | | Total assets from discontinued operations | | $ | — | | | $ | 32 | | | | | | | | Liabilities from discontinued operations: | | | | | | Drivetrain | | $ | 117 | | | $ | 170 | | | Total liabilities from discontinued operations | | $ | 117 | | | $ | 170 | |
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v3.24.3
Summary of Significant Accounting Policies - Narrative (Details)
|
|
3 Months Ended |
9 Months Ended |
|
Jun. 30, 2023 |
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
| Restricted cash |
|
$ 36,323,000
|
$ 38,524,000
|
$ 36,323,000
|
$ 38,524,000
|
$ 31,600,000
|
| Beneficial interests in securitized financial asset |
|
4,800,000
|
|
12,300,000
|
|
|
| Accretable yield |
|
900,000
|
|
|
|
|
| Annual income expected |
|
3,000,000
|
|
|
|
|
| Impairment of long-lived assets |
|
0
|
0
|
0
|
0
|
|
| Deferred revenue |
|
4,600,000
|
|
4,600,000
|
|
2,700,000
|
| Deferred revenue recognized (less than) |
|
100,000
|
100,000
|
100,000
|
100,000
|
|
| Income tax expense (benefit) |
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
| Effective income tax rate |
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
|
| Stock split, conversion ratio |
0.125
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ 113,658,000
|
$ 154,209,000
|
$ 113,658,000
|
$ 154,209,000
|
141,354,000
|
| Solar Renewable Energy Certificates |
|
|
|
|
|
|
| Concentration Risk [Line Items] |
|
|
|
|
|
|
| Inventory, net |
|
$ 0
|
|
$ 0
|
|
$ 0
|
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v3.24.3
Summary of Significant Accounting Policies - Schedule of reconciliation of cash, cash equivalents, and restricted cash (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
| Accounting Policies [Abstract] |
|
|
|
| Cash and cash equivalents |
$ 113,658
|
$ 141,354
|
$ 154,209
|
| Restricted cash |
36,323
|
$ 31,600
|
38,524
|
| Total cash, cash equivalents and restricted cash |
$ 149,981
|
|
$ 192,733
|
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v3.24.3
Summary of Significant Accounting Policies - Changes in allowance for credit losses for accounting standards update (Details) - USD ($)
$ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
|
| Balance at the beginning of the period |
$ 1,693
|
$ 12,164
|
$ 12,164
|
| Write-off of uncollectible accounts |
(1,881)
|
|
(11,447)
|
| Provision recognized upon valuation of assets acquired |
0
|
|
420
|
| Bad debt expense |
1,128
|
2,436
|
1,841
|
| Balance at the end of the period |
940
|
|
1,693
|
| Impact of ASC 326 adoption |
|
|
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
|
| Balance at the beginning of the period |
$ 0
|
$ (1,285)
|
(1,285)
|
| Balance at the end of the period |
|
|
$ 0
|
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v3.24.3
Summary of Significant Accounting Policies - Schedule of disaggregation of revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
$ 21,378
|
$ 23,250
|
$ 61,881
|
$ 64,158
|
| PPA revenues |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
11,458
|
11,370
|
31,297
|
30,731
|
| SLA revenues |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
6,702
|
7,596
|
20,574
|
22,543
|
| Solar renewable energy credit revenues |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
1,222
|
2,072
|
4,396
|
5,268
|
| Government incentives |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
110
|
68
|
333
|
164
|
| Servicing revenues |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
178
|
100
|
534
|
325
|
| Intangibles amortization, unfavorable solar renewable energy agreements |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
746
|
974
|
2,239
|
2,393
|
| Other revenues |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Revenues |
$ 962
|
$ 1,070
|
$ 2,508
|
$ 2,734
|
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v3.24.3
Business Combinations - Narrative (Details) - USD ($)
$ in Thousands |
|
3 Months Ended |
9 Months Ended |
Sep. 09, 2022 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Business Combination, Separately Recognized Transactions [Line Items] |
|
|
|
|
| Cash paid for acquisitions, net of cash acquired |
|
|
$ 0
|
$ 43,097
|
| Noncontrolling interest, fair value adjustment |
|
$ (5,500)
|
|
|
| Redeemable noncontrolling interest, fair value adjustment |
|
200
|
|
|
| Adjustment to additional paid in capital |
|
$ (1,800)
|
|
|
| Ampere Solar Owner IV, LLC, ORE F5A HoldCo, LLC, ORE F6 HoldCo, LLC, RPV Fund 11 LLC, RPV Fund 13 LLC, Sunserve Residential Solar I, LLC and Level Solar Fund III, LLC |
|
|
|
|
| Business Combination, Separately Recognized Transactions [Line Items] |
|
|
|
|
| Ownership interest, percentage |
|
100.00%
|
|
|
| Legacy Spruce Power |
|
|
|
|
| Business Combination, Separately Recognized Transactions [Line Items] |
|
|
|
|
| Cash paid for acquisitions, net of cash acquired |
$ 32,600
|
|
|
|
| Payment to acquire business, gross |
61,800
|
|
|
|
| Cash acquired from acquisition |
29,200
|
|
|
|
| Spruce Power |
|
|
|
|
| Business Combination, Separately Recognized Transactions [Line Items] |
|
|
|
|
| Cash paid for acquisitions, net of cash acquired |
$ 32,585
|
|
|
|
| Estimated Life (in years) |
16 years
|
|
|
|
| Spruce Power | Sales |
|
|
|
|
| Business Combination, Separately Recognized Transactions [Line Items] |
|
|
|
|
| Effect of adjustments due to change in provisional amounts |
|
$ 400
|
|
|
| Effect of adjustments related to prior periods due to change in provisional amounts |
|
500
|
|
|
| Spruce Power | Other revenues |
|
|
|
|
| Business Combination, Separately Recognized Transactions [Line Items] |
|
|
|
|
| Effect of adjustments due to change in provisional amounts |
|
400
|
|
|
| Effect of adjustments related to prior periods due to change in provisional amounts |
|
300
|
|
|
| Spruce Power | Depreciation |
|
|
|
|
| Business Combination, Separately Recognized Transactions [Line Items] |
|
|
|
|
| Effect of adjustments due to change in provisional amounts |
|
1,900
|
|
|
| Effect of adjustments related to prior periods due to change in provisional amounts |
|
$ 900
|
|
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v3.24.3
Business Combinations - Schedule of assets acquired and liabilities assumed (Details) - USD ($)
$ in Thousands |
|
9 Months Ended |
12 Months Ended |
|
|
Sep. 09, 2022 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 08, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Total purchase consideration: |
|
|
|
|
|
|
| Cash, net of cash acquired, and restricted cash |
|
$ 0
|
$ 43,097
|
|
|
|
| Allocation of consideration to assets acquired and liabilities assumed: |
|
|
|
|
|
|
| Goodwill |
|
$ 0
|
|
|
$ 28,757
|
$ 28,757
|
| Spruce Power |
|
|
|
|
|
|
| Total purchase consideration: |
|
|
|
|
|
|
| Cash, net of cash acquired, and restricted cash |
$ 32,585
|
|
|
|
|
|
| Allocation of consideration to assets acquired and liabilities assumed: |
|
|
|
|
|
|
| Accounts receivable, net |
10,995
|
|
|
|
|
|
| Prepaid expenses and other current assets |
4,363
|
|
|
|
|
|
| Solar energy systems |
495,566
|
|
|
|
|
|
| Other property and equipment |
337
|
|
|
|
|
|
| Intangible assets |
11,980
|
|
|
|
|
|
| Interest rate swap assets |
26,698
|
|
|
|
|
|
| Right-of-use asset |
2,951
|
|
|
|
|
|
| Other assets |
256
|
|
|
|
|
|
| Goodwill |
28,757
|
|
|
|
|
|
| Accounts payable |
(2,642)
|
|
|
|
|
|
| Unfavorable solar renewable energy agreements |
(10,500)
|
|
|
|
|
|
| Accrued expenses |
(13,302)
|
|
|
|
|
|
| Lease liability |
(3,340)
|
|
|
|
|
|
| Long-term debt |
(507,230)
|
|
|
|
|
|
| Other liabilities |
(43)
|
|
|
|
|
|
| Redeemable noncontrolling interests and noncontrolling interests |
(12,261)
|
|
|
|
|
|
| Total assets acquired and liabilities assumed |
32,585
|
|
|
|
|
|
| Measurement Period Adjustments |
|
|
|
|
|
|
| Prepaid expenses and other current assets |
|
|
|
$ (2,405)
|
|
|
| Solar energy systems |
|
|
|
89,268
|
|
|
| Intangible assets |
|
|
|
11,980
|
|
|
| Right-of-use asset |
|
|
|
(328)
|
|
|
| Other assets |
|
|
|
(102)
|
|
|
| Goodwill |
|
|
|
(129,879)
|
|
|
| Accounts payable |
|
|
|
(22)
|
|
|
| Unfavorable solar renewable energy agreements |
|
|
|
(10,500)
|
|
|
| Accrued expenses |
|
|
|
(241)
|
|
|
| Lease liability |
|
|
|
42
|
|
|
| Long-term debt |
|
|
|
2,772
|
|
|
| Other liabilities |
|
|
|
292
|
|
|
| Redeemable noncontrolling interests and noncontrolling interests |
|
|
|
39,123
|
|
|
| Total assets acquired and liabilities assumed |
|
|
|
$ 0
|
|
|
| Spruce Power | Previously Reported |
|
|
|
|
|
|
| Total purchase consideration: |
|
|
|
|
|
|
| Cash, net of cash acquired, and restricted cash |
32,585
|
|
|
|
|
|
| Allocation of consideration to assets acquired and liabilities assumed: |
|
|
|
|
|
|
| Accounts receivable, net |
10,995
|
|
|
|
|
|
| Prepaid expenses and other current assets |
6,768
|
|
|
|
|
|
| Solar energy systems |
406,298
|
|
|
|
|
|
| Other property and equipment |
337
|
|
|
|
|
|
| Intangible assets |
0
|
|
|
|
|
|
| Interest rate swap assets |
26,698
|
|
|
|
|
|
| Right-of-use asset |
3,279
|
|
|
|
|
|
| Other assets |
358
|
|
|
|
|
|
| Goodwill |
158,636
|
|
|
|
|
|
| Accounts payable |
(2,620)
|
|
|
|
|
|
| Unfavorable solar renewable energy agreements |
0
|
|
|
|
|
|
| Accrued expenses |
(13,061)
|
|
|
|
|
|
| Lease liability |
(3,382)
|
|
|
|
|
|
| Long-term debt |
(510,002)
|
|
|
|
|
|
| Other liabilities |
(335)
|
|
|
|
|
|
| Redeemable noncontrolling interests and noncontrolling interests |
(51,384)
|
|
|
|
|
|
| Total assets acquired and liabilities assumed |
$ 32,585
|
|
|
|
|
|
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v3.24.3
Acquisitions (Details)
$ in Thousands |
Aug. 18, 2023
USD ($)
contract
|
Mar. 23, 2023
USD ($)
lease
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Asset Acquisition [Line Items] |
|
|
|
|
| Investments under SEMTH master lease agreement |
|
|
$ 138,340
|
$ 143,095
|
| SS Holdings 2017 and subsidiaries (SMETH) |
|
|
|
|
| Asset Acquisition [Line Items] |
|
|
|
|
| Term of use rights to customer payment stream |
|
20 years
|
|
|
| Number of customers | lease |
|
22,500
|
|
|
| Payment to acquire use rights |
|
$ 23,000
|
|
|
| Senior indebtedness assumed |
|
125,000
|
|
|
| Investments under SEMTH master lease agreement |
|
$ 146,900
|
|
|
| Tredegar |
|
|
|
|
| Asset Acquisition [Line Items] |
|
|
|
|
| Number of customers | contract |
2,400
|
|
|
|
| Payment to acquire use rights |
$ 21,200
|
|
|
|
| Payments For Asset Acquisition |
$ 20,900
|
|
|
|
| Estimated Life (in years) |
11 years
|
|
|
|
| Transaction cost |
$ 300
|
|
|
|
| Finite-lived intangible assets, fair value disclosure |
$ 19,600
|
|
|
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v3.24.3
Property and Equipment, Net - Schedule of property and equipment (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment, net |
$ 464,695
|
$ 484,406
|
| Gross other property and equipment |
732
|
903
|
| Less: Accumulated depreciation |
(252)
|
(429)
|
| Other property and equipment, net |
480
|
474
|
| Solar energy systems |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Solar energy systems |
510,947
|
513,526
|
| Less: Accumulated depreciation |
(46,732)
|
(29,594)
|
| Property and equipment, net |
464,215
|
483,932
|
| Equipment |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Gross other property and equipment |
0
|
157
|
| Furniture and fixtures |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Gross other property and equipment |
430
|
461
|
| Computers and related equipment |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Gross other property and equipment |
272
|
218
|
| Software |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Gross other property and equipment |
0
|
8
|
| Leasehold improvements |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Gross other property and equipment |
$ 30
|
$ 59
|
| X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
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v3.24.3
Intangible Assets, Net - Schedule of intangible assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Intangible assets: |
$ 11,980
|
$ 11,980
|
| Less: Accumulated amortization |
(2,713)
|
(1,784)
|
| Intangible assets, net |
9,267
|
10,196
|
| Solar renewable energy agreements |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Intangible assets: |
340
|
340
|
| Performance based incentives agreements |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Intangible assets: |
3,240
|
3,240
|
| Trade name |
|
|
| Acquired Finite-Lived Intangible Assets [Line Items] |
|
|
| Intangible assets: |
$ 8,400
|
$ 8,400
|
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v3.24.3
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Accrued Liabilities and Other Liabilities [Abstract] |
|
|
| Accrued interest |
$ 11,545
|
$ 8,587
|
| Accrued professional fees |
2,249
|
2,386
|
| Accrued contingencies (See Note 14. Commitments and Contingencies) |
8,030
|
21,300
|
| Accrued compensation and related benefits |
4,764
|
3,237
|
| Accrued expenses, other |
1,030
|
2,293
|
| Accrued operating and maintenance expenses |
2,102
|
2,079
|
| Accrued taxes, stock-based compensation |
1,132
|
752
|
| Current portion of interest rate swap liability |
40
|
0
|
| Accrued expenses and other current liabilities |
$ 30,892
|
$ 40,634
|
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v3.24.3
Non-Recourse Debt - Schedule of long-term debt (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Sep. 09, 2022 |
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Unamortized fair value adjustment |
$ (23,348)
|
|
$ (23,348)
|
|
$ (27,600)
|
|
| Unamortized deferred financing costs |
2,254
|
|
2,254
|
|
341
|
|
| Total Non-recourse debt |
605,356
|
|
605,356
|
|
618,780
|
|
| Less: Non-recourse debt, current |
(28,351)
|
|
(28,351)
|
|
(27,914)
|
|
| Non-recourse debt, non-current, net |
577,005
|
|
577,005
|
|
590,866
|
|
| Legacy Spruce Power |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Long-term debt |
|
|
|
|
|
$ 507,200
|
| Fair value of long-term debt |
|
|
|
|
|
$ 35,200
|
| Fair value adjustment of amortization of long-term debt |
1,500
|
$ 1,500
|
4,400
|
$ 4,400
|
|
|
| A&R SVB Credit Agreement |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Long-term debt |
202,753
|
|
202,753
|
|
214,803
|
|
| Second SBV Credit Agreement |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Long-term debt |
80,233
|
|
80,233
|
|
85,231
|
|
| KeyBank Credit Agreement |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Long-term debt |
55,260
|
|
55,260
|
|
58,962
|
|
| A&R Second KeyBank Credit Agreement |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Long-term debt |
162,712
|
|
162,712
|
|
162,725
|
|
| Deutsche Bank Credit Agreement, SP4 Facility |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Long-term debt |
0
|
|
0
|
|
125,000
|
|
| Barings GPSF LLC Credit Agreement |
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
| Long-term debt |
$ 130,000
|
|
$ 130,000
|
|
$ 0
|
|
| X |
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-Section 55
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
| X |
- DefinitionFace (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
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-Section 55
-Paragraph 8
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
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-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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| X |
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-Topic 210
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-Topic 835
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Interest Rate Swaps (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Derivative [Line Items] |
|
|
|
|
| Percent of floating rate term loans covered |
99.00%
|
|
99.00%
|
|
| Change in fair value of interest rate swaps |
$ (11,328)
|
$ 8,061
|
$ (8,153)
|
$ 11,663
|
| Interest rate swaps | Interest Expense |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Gain (loss) on sale of derivatives |
|
|
3,600
|
|
| Interest rate swaps | Other Operating Income (Expense) |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Change in fair value of interest rate swaps |
(11,300)
|
8,100
|
(8,200)
|
11,800
|
| Interest rate swaps | Interest Expense |
|
|
|
|
| Derivative [Line Items] |
|
|
|
|
| Change in fair value of interest rate swaps |
$ 3,000
|
$ 3,800
|
$ 13,800
|
$ 9,700
|
| X |
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-Section 50
-Paragraph 5
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-Name Accounting Standards Codification
-Topic 815
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-Paragraph 4A
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| X |
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
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-Topic 820
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|
v3.24.3
Fair Value Measurements - Schedule of fair values private warrants were valued using a Black-Scholes model (Details)
|
9 Months Ended |
12 Months Ended |
|
Sep. 30, 2024
$ / shares
|
Dec. 31, 2023
$ / shares
|
| Risk-free rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Measurement input, risk-free interest rate, expected volatility |
0.039
|
0.042
|
| Remaining term in years |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Remaining term in years |
1 year 2 months 23 days
|
1 year 11 months 23 days
|
| Expected volatility |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Measurement input, risk-free interest rate, expected volatility |
0.597
|
0.820
|
| Exercise price (in dollars per share) |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Measurement input, risk-free interest rate, expected volatility |
92.00
|
92.00
|
| Fair value of common stock (in dollars per share) |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Measurement input, risk-free interest rate, expected volatility |
2.84
|
4.42
|
| X |
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v3.24.3
Fair Value Measurements - Schedule of assets and liabilities which are measured at fair value on a recurring basis (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
| Total |
$ 126,325
|
$ 158,322
|
| Liabilities: |
|
|
| Warrant liabilities |
0
|
17
|
| Total |
647
|
17
|
| Money market accounts |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
106,790
|
21,475
|
| U.S. Treasury securities |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
|
108,964
|
| Interest rate swaps |
|
|
| Assets |
|
|
| Interest rate swaps |
19,535
|
27,883
|
| Liabilities: |
|
|
| Interest rate swaps |
647
|
|
| Level I |
|
|
| Assets |
|
|
| Total |
106,790
|
130,439
|
| Liabilities: |
|
|
| Warrant liabilities |
|
0
|
| Total |
0
|
0
|
| Level I | Money market accounts |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
106,790
|
21,475
|
| Level I | U.S. Treasury securities |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
|
108,964
|
| Level I | Interest rate swaps |
|
|
| Assets |
|
|
| Interest rate swaps |
0
|
0
|
| Liabilities: |
|
|
| Interest rate swaps |
0
|
|
| Level II |
|
|
| Assets |
|
|
| Total |
19,535
|
27,883
|
| Liabilities: |
|
|
| Warrant liabilities |
|
0
|
| Total |
647
|
0
|
| Level II | Money market accounts |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
0
|
0
|
| Level II | U.S. Treasury securities |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
|
0
|
| Level II | Interest rate swaps |
|
|
| Assets |
|
|
| Interest rate swaps |
19,535
|
27,883
|
| Liabilities: |
|
|
| Interest rate swaps |
647
|
|
| Level III |
|
|
| Assets |
|
|
| Total |
0
|
0
|
| Liabilities: |
|
|
| Warrant liabilities |
|
17
|
| Total |
0
|
17
|
| Level III | Money market accounts |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
0
|
0
|
| Level III | U.S. Treasury securities |
|
|
| Assets |
|
|
| Cash and cash equivalents, fair value disclosure |
|
0
|
| Level III | Interest rate swaps |
|
|
| Assets |
|
|
| Interest rate swaps |
0
|
$ 0
|
| Liabilities: |
|
|
| Interest rate swaps |
$ 0
|
|
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v3.24.3
v3.24.3
Goodwill (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Goodwill [Roll Forward] |
|
|
|
|
|
| Goodwill, beginning balance |
|
|
$ 28,757
|
$ 28,757
|
$ 28,757
|
| Impairment of goodwill |
$ 28,757
|
$ 0
|
28,757
|
$ 0
|
0
|
| Goodwill, ending balance |
$ 0
|
|
$ 0
|
|
$ 28,757
|
| X |
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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v3.24.3
Share-Based Compensation Expense - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands |
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 12, 2024 |
Sep. 09, 2022 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Share-based compensation expense (benefit) |
|
|
$ 700
|
$ 900
|
$ 2,100
|
$ 2,400
|
|
| Unrecognized compensation cost |
|
|
$ 8,200
|
|
8,200
|
|
|
| Period of recognition for share-based compensation expense |
|
|
2 years 8 months 12 days
|
|
|
|
|
| Impairment of goodwill |
|
|
$ 28,757
|
0
|
28,757
|
$ 0
|
$ 0
|
| Aggregate intrinsic value of stock options outstanding |
|
|
100
|
|
$ 100
|
|
|
| Granted (in shares) |
|
|
|
|
295,229
|
0
|
|
| Chief Executive Officer |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Share-based compensation expense (benefit) |
|
|
|
|
$ 500
|
|
|
| Granted (in shares) |
|
|
|
|
295,229
|
|
|
| Restricted Stock Units |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Granted (in shares) |
|
|
|
|
1,925,157
|
653,425
|
|
| Vested (in shares) |
|
|
|
|
305,192
|
521,313
|
|
| Cancelled or forfeited (in shares) |
|
|
|
|
635,299
|
266,162
|
|
| Restricted Stock Units | Director |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Vesting period |
|
|
|
|
4 years
|
|
|
| Restricted Stock Units | Chief Executive Officer |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Granted (in shares) |
|
|
|
|
88,636
|
|
|
| Vested (in shares) |
97,994
|
|
|
|
97,994
|
|
|
| Cancelled or forfeited (in shares) |
244,267
|
|
|
|
|
|
|
| Ladder RSUs |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Share-based compensation expense (benefit) |
|
|
|
$ 100
|
|
$ 300
|
|
| Expiration period of grant |
|
10 years
|
|
|
|
|
|
| Grant date stock price (in dollars per share) |
|
$ 9.36
|
|
|
|
|
|
| Expected volatility |
|
85.00%
|
|
|
|
|
|
| Risk free interest rate |
|
3.30%
|
|
|
|
|
|
| Expected dividend rate |
|
0.00%
|
|
|
|
|
|
| Ladder RSUs | Chief Executive Officer |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Share-based compensation expense (benefit) |
|
|
$ (700)
|
|
|
|
|
| Granted (in shares) |
|
208,333
|
|
|
|
|
|
| Percentage vesting in increments certified by Plan administrator |
|
10.00%
|
|
|
|
|
|
| Expiration period of grant |
|
10 years
|
|
|
|
|
|
| Minimum | Share-Based Payment Arrangement, Option |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Vesting period |
|
|
|
|
1 year
|
|
|
| Maximum | Share-Based Payment Arrangement, Option |
|
|
|
|
|
|
|
| Share-Based Compensation Expense (Details) [Line Items] |
|
|
|
|
|
|
|
| Vesting period |
|
|
|
|
4 years
|
|
|
| X |
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-Section S99
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-Topic 718
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Share-Based Compensation Expense - Schedule of stock option award activity (Details) - $ / shares
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Shares |
|
|
|
|
| Outstanding, beginning balance (in shares) |
193,156
|
761,408
|
761,408
|
|
| Granted (in shares) |
295,229
|
0
|
|
|
| Exercised (in shares) |
0
|
(331,091)
|
|
|
| Cancelled or forfeited (in shares) |
0
|
(78,797)
|
|
|
| Outstanding, ending balance (in shares) |
488,385
|
351,520
|
193,156
|
761,408
|
| Exercisable (in shares) |
192,523
|
349,529
|
|
|
| Weighted Average Exercise Price |
|
|
|
|
| Outstanding, beginning balance (in usd per share) |
$ 17.89
|
$ 11.12
|
$ 11.12
|
|
| Granted (in usd per share) |
3.74
|
0
|
|
|
| Exercised (in usd per share) |
0
|
1.95
|
|
|
| Cancelled or forfeited (in usd per share) |
0
|
51.48
|
|
|
| Outstanding, ending balance (in usd per share) |
9.34
|
10.69
|
$ 17.89
|
$ 11.12
|
| Exercisable (in usd per share) |
$ 17.76
|
$ 10.38
|
|
|
| Weighted Average Remaining Contractual Term |
|
|
|
|
| Outstanding |
7 years 9 months 18 days
|
3 years 4 months 24 days
|
5 years 9 months 18 days
|
2 years 8 months 12 days
|
| Exercisable |
5 years
|
3 years 4 months 24 days
|
|
|
| X |
- Definition
+ References
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v3.24.3
Share-Based Compensation Expense - Schedule of restricted stock awards and restricted stock units (Details) - Restricted Stock Units - $ / shares
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Number of Shares |
|
|
| Non-vested, beginning of period (in shares) |
1,102,095
|
1,229,089
|
| Granted (in shares) |
1,925,157
|
653,425
|
| Vested (in shares) |
305,192
|
521,313
|
| Cancelled or forfeited (in shares) |
635,299
|
266,162
|
| Non-vested, end of period (in shares) |
2,086,761
|
1,095,039
|
| Weighted Average Grant Date Fair Value Per Share |
|
|
| Non-vested, beginning of period (in dollars per share) |
$ 7.74
|
$ 10.40
|
| Granted (in dollars per share) |
3.50
|
6.50
|
| Vested (in dollars per share) |
6.63
|
12.63
|
| Cancelled or forfeited (in dollars per share) |
5.22
|
10.32
|
| Non-vested, ending of period (in dollars per share) |
$ 4.77
|
$ 7.88
|
| X |
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v3.24.3
Noncontrolling Interests (Details) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Noncontrolling Interest [Line Items] |
|
|
| Contingent obligation threshold period |
3 months
|
|
| Redeemable noncontrolling interest, equity, carrying amount |
$ 0
|
$ 0
|
| Assets |
806,774,000
|
895,021,000
|
| Liabilities |
655,138,000
|
680,352,000
|
| Variable Interest Entity, Not Primary Beneficiary |
|
|
| Noncontrolling Interest [Line Items] |
|
|
| Assets |
37,000,000.0
|
38,000,000.0
|
| Liabilities |
$ 800,000
|
$ 800,000
|
| Common Class A |
|
|
| Noncontrolling Interest [Line Items] |
|
|
| Allocation percentage of taxable income from inception to flip date |
99.00%
|
|
| Allocation percentage of taxable income after flip date |
5.00%
|
|
| Common Class B |
|
|
| Noncontrolling Interest [Line Items] |
|
|
| Allocation percentage of taxable income from inception to flip date |
1.00%
|
|
| X |
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 29: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
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v3.24.3
Commitment and Contingencies - Legal proceedings (Details)
$ in Thousands |
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
|
|
May 23, 2023
USD ($)
|
Mar. 17, 2023
USD ($)
battery
|
Sep. 30, 2024
USD ($)
|
Feb. 29, 2024
USD ($)
|
Jan. 31, 2024
USD ($)
|
Oct. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Apr. 30, 2024
USD ($)
|
Mar. 31, 2023
legalAction
|
Oct. 19, 2021
complaint
|
Mar. 08, 2021
complaint
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Litigation settlements, net |
$ (2,300)
|
|
|
|
|
|
|
$ (7,205)
|
$ (26,339)
|
$ (7,205)
|
$ (26,339)
|
|
|
|
|
| Damages paid, value |
|
|
|
|
|
$ 11,000
|
|
|
|
|
|
|
|
|
|
| Plastic Omnium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Damages sought, value |
|
$ 2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss contingency accrual |
|
|
$ 1,250
|
|
|
|
|
1,250
|
|
1,250
|
|
|
|
|
|
| Batteries ordered | battery |
|
1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Batteries paid | battery |
|
455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Batteries reneged | battery |
|
545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Batteries never delivered | battery |
|
545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholder Derivative Actions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of class action complaints filed | legalAction |
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
| BMZ USA INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Damages sought, value |
|
|
|
|
$ 3,900
|
|
|
|
|
|
|
|
|
|
|
| Loss contingency accrual |
|
|
1,200
|
|
|
|
|
1,200
|
|
1,200
|
|
|
|
|
|
| Parker-Hannifin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss contingency accrual |
|
|
500
|
|
|
|
|
500
|
|
500
|
|
|
|
|
|
| New York |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of class action complaints filed | complaint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
| Litigation settlements, net |
|
|
|
|
|
|
$ (19,500)
|
|
|
|
|
|
|
|
|
| Estimated insurance recoveries |
|
|
|
|
|
|
|
|
|
|
|
$ 4,500
|
|
|
|
| Damages paid, value |
|
|
|
$ 15,000
|
|
|
|
|
|
|
|
|
|
|
|
| Delaware |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of class action complaints filed | complaint |
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
| Loss contingency accrual |
|
|
4,750
|
|
|
|
|
$ 4,750
|
|
$ 4,750
|
|
|
|
|
|
| MASSACHUSETTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Commitments [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Damages paid, value |
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| X |
- DefinitionLoss Contingency, Alleged Batteries Never Delivered
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|
| X |
- DefinitionCarrying amount as of the balance sheet date of amounts expected to be recovered under the terms of insurance contracts. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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|
| X |
- DefinitionAmount of loss contingency liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-10
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-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4
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v3.24.3
Net Loss Per Share (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Numerator: |
|
|
|
|
| Net loss attributable to stockholders |
$ (53,529,000)
|
$ (19,313,000)
|
$ (64,561,000)
|
$ (35,643,000)
|
| Denominator: |
|
|
|
|
| Weighted average shares outstanding, basic (in shares) |
18,566,015
|
17,351,796
|
18,438,375
|
18,072,115
|
| Dilutive effect of options, and restricted stock units (in shares) |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
| Weighted average shares outstanding, diluted (in shares) |
18,566,015
|
17,351,796
|
18,438,375
|
18,072,115
|
| Net loss attributable to stockholders per share, basic (in dollars per share) |
$ (2.88)
|
$ (1.11)
|
$ (3.50)
|
$ (1.97)
|
| Net loss attributable to stockholders per share, diluted (in dollars per share) |
$ (2.88)
|
$ (1.11)
|
$ (3.50)
|
$ (1.97)
|
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Discontinued Operations - Summary of net loss from discontinued operations (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| XL Grid |
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$ 149
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148
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743
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149
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| Revenues |
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9
|
53
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29
|
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|
|
|
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20
|
34
|
84
|
63
|
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0
|
0
|
0
|
742
|
| Gain on asset disposal |
0
|
179
|
(81)
|
3,489
|
| Other |
0
|
0
|
0
|
(12)
|
| Total operating expenses |
20
|
213
|
3
|
4,282
|
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$ (204)
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$ 50
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