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DENVER - Spruce Power Holding Corporation (NYSE:SPRU), a prominent player in the distributed solar energy sector in the United States, announced today that its Chief Financial Officer, Sarah Wells, will resign from her position effective May 14, 2025, to explore new opportunities. The company, currently valued at $37 million with annual revenues of $82 million, has confirmed that an interim CFO will be appointed before Wells’ departure and is actively searching for a permanent replacement. According to InvestingPro analysis, the company faces significant financial challenges with a weak overall health score of 1.69 out of 5.
CEO Chris Hayes expressed gratitude towards Wells for her contributions to the company’s growth and development, stating, "We intend to identify a strong successor with capital markets expertise and a track record of driving operational efficiencies and executing growth strategies."
The company also announced that its first quarter 2025 earnings results webcast will proceed as scheduled on May 14, 2025, at 4:30 p.m. ET, and interested parties can access the live webcast through the company’s investor relations website.
Spruce Power provides subscription-based services to homeowners, enabling them to utilize rooftop solar power and battery storage without significant upfront investments or maintenance costs. The company boasts approximately 85,000 home solar assets and contracts across the United States.
The departure of Wells comes at a time when Spruce Power is navigating a competitive industry landscape and is focused on maintaining its position as a leading owner and operator of solar energy assets. The company’s management has reiterated its commitment to long-term growth in revenues, cash flows, and earnings despite the upcoming change in its financial leadership.
Investors and stakeholders are advised that this announcement is based on a press release statement and should consider the risks and uncertainties detailed in the company’s regulatory filings when evaluating the company’s forward-looking statements.
In other recent news, Spruce Power Holding Corp reported its financial results for the fourth quarter of 2024, revealing a year-over-year increase in revenue but a net loss. The company achieved a Q4 revenue of $20.2 million, up from $15.7 million the previous year, and a full-year revenue of $82.1 million compared to $79.9 million in 2023. Despite the revenue growth, Spruce Power recorded a net loss of $5.9 million. The company also introduced SPRuSE PRO, a new solar servicing platform, and finalized a significant servicing agreement with ADT Solar. The NJR Clean Energy Ventures acquisition expanded Spruce’s portfolio, adding approximately 9,800 systems, boosting its presence in New Jersey. Spruce Power did not provide specific financial guidance due to market volatility but emphasized its focus on operational efficiency and asset management. The company’s CEO, Chris Hayes, highlighted the importance of long-term financial stability and operational efficiency. Spruce Power’s strategic initiatives aim to maintain stability and growth in a challenging residential solar market.
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