Spruce Q1 Revenue at $23.4M, Operating Income Significantly Increases

Reports Q1 revenue $23.4M vs $23.8M last year. Chris Hayes, Chief Executive Officer, commented: "Our first quarter 2026 results confirm that the inflection point we reached last year was only the beginning. Building on the momentum of 2025, Spruce continues to hit its stride, delivering operating income of $3.8 million, up significantly from a loss of $1.7 million in the prior-year period. The cost reductions implemented last fall are embedded in our financial performance. Fundamental shifts in the business, a 70% decline in O&M and a 21% decline in SG&A year-over-year, drove a 49% increase in operating EBITDA. We continue to execute on our commitment to deliver the business and enhance equity value. We ended the quarter with a robust cash position of $85.6 million of cash, or $4.71 per share. This liquidity, combined with our continued commitment to delever the business, paying down $8.2 million of debt this quarter, ensures we have the financial flexibility to drive long-term value while operating from a position of stability. Our focus remains on maximizing the efficiency of our capital structure. Following the deliberate extension of our SP1 facility, we are actively pursuing broader refinancing opportunities across our portfolios. With a streamlined operating model now delivering consistent results and a fortified balance sheet, Spruce is exceptionally well-positioned to convert our long-term contracted cash flows into sustainable shareholder value throughout the remainder of 2026."