Sla Revenues was Spruce Power Holding’s largest product and service line in fiscal 2025, bringing in $119.75M of $335.44M (36%).
| Product and Service | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Ppa Revenues | $26.27M | $109.08M | $115.17M | $113.91M |
| Sla Revenues | $33.81M | $85.39M | $86.93M | $119.75M |
| Solar Renewable Energy Credit Revenues | $4.73M | $21.66M | $21.62M | $64.07M |
| Intangibles Amortization, Unfavorable Solar Renewable Energy Revenue Agreements | — | — | $9.29M | $8.98M |
| Intangibles Amortization, Unfavorable Solar Renewable Energy Agreements | — | $10.78M | — | — |
| Other Revenue | $1.73M | $9.61M | $9.70M | $10.89M |
| Servicing Revenues | $2.31M | $2.30M | $2.33M | $11.41M |
| Performance-Based Incentives | — | — | $1.28M | $6.44M |
| Government Incentives | $735.00K | $762.00K | — | — |
| Total | $69.58M | $239.58M | $246.32M | $335.44M |
Spruce Power Holding brought in $335.44M from its seven product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 36.2% from $246.32M in fiscal 2024. Sla Revenues was the largest at $119.75M (35.7%), ahead of Ppa Revenues at $113.91M (34.0%) and Solar Renewable Energy Credit Revenues at $64.07M (19.1%). The other four lines brought in $37.71M combined.
Compared with fiscal 2024, Servicing Revenues grew fastest, up 388.8% to $11.41M, while Intangibles Amortization, Unfavorable Solar Renewable Energy Revenue Agreements fell the most, down 3.4% to $8.98M.
Spruce Power Holding began breaking out Intangibles Amortization, Unfavorable Solar Renewable Energy Revenue Agreements in fiscal 2024 and Performance-Based Incentives in fiscal 2024. Spruce Power Holding stopped reporting Intangibles Amortization, Unfavorable Solar Renewable Energy Agreements ($10.78M in fiscal 2023) and Government Incentives ($762.00K in fiscal 2023) as separate lines.
Revenue From The Sale Of Xl Grid Solutions – Which Are Sold Direct To Customers was Spruce Power Holding’s largest revenue line in fiscal 2021, bringing in $38.28M of $46.80M (82%).
| Contract with Customer, Sales Channel | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|
| Revenue From The Sale Of Xl Grid Solutions – Which Are Sold Direct To Customers | — | — | $38.28M |
| Revenue Through Channel Partners | $11.86M | $48.98M | $4.40M |
| Revenue Direct To Customers | $9.79M | $12.04M | $4.12M |
| Total | $21.65M | $61.01M | $46.80M |
Spruce Power Holding brought in $46.80M from its three revenue lines in fiscal 2021, the year ended December 31, 2021. Spruce Power Holding regrouped these revenue lines after fiscal 2020, so the total does not compare directly with that year's $61.01M. Revenue From The Sale Of Xl Grid Solutions – Which Are Sold Direct To Customers was the largest at $38.28M (81.8%), ahead of Revenue Through Channel Partners at $4.40M (9.4%) and Revenue Direct To Customers at $4.12M (8.8%).
Compared with fiscal 2020, Revenue Direct To Customers fell 65.8% to $4.12M and Revenue Through Channel Partners fell 91.0% to $4.40M.
Spruce Power Holding began breaking out Revenue From The Sale Of Xl Grid Solutions – Which Are Sold Direct To Customers in fiscal 2021, when it brought in $38.28M.
Spruce Power Holding (SPRU) reports its revenue by product and service and by contract with customer, sales channel. In fiscal 2025, Sla Revenues was its largest product and service line, bringing in $119.75M (35.7% of the total), followed by Ppa Revenues at $113.91M (34.0%).
Sla Revenues was Spruce Power Holding's largest product and service line in fiscal 2025, bringing in $119.75M, or 35.7% of the $335.44M total across its seven product and service lines.
Revenue From The Sale Of Xl Grid Solutions – Which Are Sold Direct To Customers was Spruce Power Holding's largest revenue line in fiscal 2021, bringing in $38.28M, or 81.8% of the $46.80M total across its three revenue lines.
Among Spruce Power Holding's product and service lines that make up at least 2% of revenue, Servicing Revenues grew fastest in fiscal 2025, up 388.8% from $2.33M to $11.41M.
Every figure comes from Spruce Power Holding's annual financial filings, as reported. Each line keeps the name Spruce Power Holding gives it, and years follow its fiscal calendar.
Spruce Power Holding's revenue by product and service goes back to fiscal 2022, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.