SPRU Class A Spruce Power Holding Corporation Class A Common Stock
NYSE · Utilities · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 13, 2026
$1.58
· of 52w range
· above low
· to high
$1.4752w low
$6.7552w high
Market Cap (MRQ)
$30M
P/E (TTM)
-3.6
EPS (TTM)
$-0.44
Revenue (TTM)
$109M
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52W Range
$1–$7
Analyst Rating
HOLD
Price Target
·
P/E
-3.6
ROE
-6.0%
Net Profit Margin
-6.8%
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SPRU Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.58
Market Cap (MRQ)
$30M
P/E (TTM)
-3.6
EPS (TTM)
$-0.44
Revenue (TTM)
$109M
ROE (TTM)
-6.0%
Debt/Equity (MRQ)
5.5
52W Range
$1–$7
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Oct. 9, 2023 | 1-for-8 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$112M2019-12-31 → 2025-12-31
EPS$-1.442019-12-31 → 2025-12-31
Free Cash Flow$-4M2020-12-31 → 2025-12-31
Net margin-6.8%2020-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | SPRU | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -3.65Y avg ≈26.5 | ≈26.5 | · | · | |
| P/S (TTM) | 0.35Y avg ≈15.8 | ≈15.8 | · | · | |
| P/B (MRQ) | 0.35Y avg ≈3.8 | ≈3.8 | · | · | |
| EV / EBITDA | 36.35Y avg ≈-13.4 | ≈-13.4 | · | · | |
| Price / FCF (TTM) | 15.45Y avg ≈-32.4 | ≈-32.4 | · | · | |
| Price / Cash Flow (TTM) | 15.15Y avg ≈-31.6 | ≈-31.6 | · | · | |
| EV / Revenue | 5.85Y avg ≈24.2 | ≈24.2 | · | · | |
| EV / FCF | -173.55Y avg ≈-90.5 | ≈-90.5 | · | · | |
| Price / Tangible Book (MRQ) | 0.35Y avg ≈3.2 | ≈3.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | SPRU | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 22.4%5Y avg ≈-170.3% | ≈-170.3% | 16.5% | Top tier | |
| EBITDA Margin | 16.0%5Y avg ≈-170.3% | ≈-170.3% | 16.5% | Top tier | |
| Net Profit Margin (TTM) | -6.8%5Y avg ≈-82.4% | ≈-82.4% | 10.5% | Top tier | |
| ROA (TTM) | -0.87%5Y avg ≈-4.6% | ≈-4.6% | · | · | |
| ROE (TTM) | -6.0%5Y avg ≈-20.6% | ≈-20.6% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | SPRU | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 5.55Y avg ≈3.0 | ≈3.0 | 0.6 | High debt | |
| Current Ratio (MRQ) | 0.45Y avg ≈7.5 | ≈7.5 | 1.3 | Low liquidity | |
| Quick Ratio | 0.35Y avg ≈6.8 | ≈6.8 | 0.8 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 3.35Y avg ≈2.5 | ≈2.5 | 0.6 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | SPRU | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 36.2%5Y avg ≈94.4% | ≈94.4% | · | · | |
| Revenue CAGR 3Y | 68.9% | · | · | · | |
| Revenue CAGR 5Y | 40.6% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | SPRU | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.15Y avg ≈0.1 | ≈0.1 | · | · | |
| Receivables Turnover | 7.35Y avg ≈5.4 | ≈5.4 | · | · | |
| Revenue / Employee | ≈$703.2K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-63.2%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 12, 2026 | $0.14 | — | — |
| March 31, 2026 | May 13, 2026 | $-0.16 | — | — |
| Dec. 31, 2025 | $-0.38 | — | — | |
| Sept. 30, 2025 | $-0.04 | — | — | |
| Dec. 31, 2024 | $-0.52 | $-0.35 | -49.9% | |
| Sept. 30, 2024 | $-0.18 | $-0.10 | -76.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $112M | $82M | $80M | $23M | $0 | $20M | $7M | |
| Cost of Revenue | · | · | $38M | $10M | $16M | $18M | $8M | |
| Gross Profit | · | · | · | · | $-696.0K | $3M | $-860.0K | |
| R&D Expense | · | · | · | · | $11M | $4M | $3M | |
| SG&A Expense | $55M | $59M | $56M | $73M | $35M | $14M | $10M | |
| Operating Expenses | $94M | $132M | $117M | $82M | $35M | · | · | |
| Operating Income | $18M | $-50M | $-37M | $-59M | $-35M | $-15M | $-14M | |
| Interest Expense | · | · | $42M | $11M | $37.0K | $94.0K | $99.0K | |
| Interest Income | $21M | $23M | $20M | $1M | · | · | · | |
| Income Tax | $0 | · | · | · | · | · | · | |
| Net Income | $-26M | $-70M | $-66M | $-94M | $29M | $-61M | $-15M | |
| EPS (Basic) | $-1.44 | $-3.82 | $-3.58 | $-5.27 | $0.21 | $-0.72 | $-0.19 | |
| EPS (Diluted) | $-1.44 | $-3.82 | $-3.58 | $-5.27 | $0.19 | $-0.72 | $-0.19 | |
| Shares (Basic) | 18,068,059 | 18,470,926 | 18,391,436 | 17,836,500 | 138,457,416 | 84,565,448 | 79,823,065 | |
| Shares (Diluted) | 18,068,059 | 18,470,926 | 18,391,436 | 17,836,500 | 148,510,351 | 84,565,448 | 79,823,065 | |
| EBITDA | $18M | $-50M | · | $-60M | $-59M | $-15M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $55M | $73M | $141M | $220M | $352M | $330M | $3M | |
| Receivables | $16M | $15M | $9M | $8M | $0 | $11M | $1M | |
| Inventory | · | · | · | · | $15M | $4M | $2M | |
| Prepaid Expense | $3M | $6M | $10M | $5M | $310.0K | $1M | $146.0K | |
| Current Assets | $116M | $136M | $203M | $275M | $375M | $345M | $7M | |
| PP&E (Net) | $561M | $589M | $484M | $396M | $0 | $579.0K | $840.0K | |
| PP&E (Gross) | · | · | · | · | $5M | $2M | $2M | |
| Accum. Depreciation | · | · | · | · | $2M | $1M | $934.0K | |
| Goodwill | · | $0 | $29M | $29M | $0 | $489.0K | $489.0K | |
| Intangibles | $8M | $9M | $10M | $0 | $5M | $593.0K | $809.0K | |
| Other Non-current Assets | $269.0K | $255.0K | $257.0K | $383.0K | $0 | $32.0K | $30.0K | |
| Total Assets | $837M | $898M | $895M | $827M | $393M | $347M | $9M | |
| Accounts Payable | $2M | $987.0K | $1M | $3M | $697.0K | $4M | $549.0K | |
| Current Liabilities | $239M | $60M | $72M | $60M | $17M | $9M | $15M | |
| Capital Leases | $4M | $5M | $6M | $2M | $91.0K | · | · | |
| Deferred Tax | · | · | · | · | · | · | $1.7K | |
| Other Non-current Liabilities | $4M | $4M | $3M | $10.0K | $0 | · | · | |
| Total Liabilities | $716M | $752M | $680M | $538M | $31M | $158M | $23M | |
| Long-term Debt | $696M | $731M | $647M | $533M | $21.0K | $98.0K | $2M | |
| Total Debt | $677M | $705M | · | $500M | $21.0K | · | · | |
| Common Stock | · | · | · | $14.0K | $14.0K | $13.0K | $8.0K | |
| Paid-in Capital | $481M | $478M | $476M | $473M | $461M | $317M | $54M | |
| Retained Earnings | $-354M | $-328M | $-258M | $-193M | $-99M | $-128M | $-68M | |
| Treasury Stock | $8M | $6M | $5M | $0 | · | · | · | |
| Stockholders' Equity | $119M | $146M | $215M | $289M | $362M | $189M | $-14M | |
| Liabilities + Equity | $837M | $898M | $895M | $827M | $393M | $347M | $9M | |
| Shares Outstanding | 18,170,425 | 18,311,054 | 18,292,536 | 18,046,903 | 140,540,671 | 131,365,254 | 80,400,727 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $30M | $24M | $22M | $6M | $0 | $622.0K | $319.0K | |
| Stock-based Comp | $3M | $3M | $3M | $10M | $8M | $978.0K | $208.0K | |
| Amort. of Intangibles | · | $1M | $2M | · | $325.0K | $270.0K | · | |
| Restructuring | · | · | · | $22M | · | · | · | |
| Operating Cash Flow | $-4M | $-42M | $-34M | $-63M | $-28M | $-20M | $-12M | |
| CapEx | $221.0K | $354.0K | $499.0K | $0 | $4M | $145.0K | $28.0K | |
| Investing Cash Flow | $25M | $-101M | $-17M | $-29M | $-15M | $-145.0K | $-28.0K | |
| Debt Issued | $0 | $240M | $21M | $0 | · | · | · | |
| Net Debt Issued | $0 | $240M | · | · | · | · | · | |
| Stock Issued | · | $0 | $150.0K | $0 | · | $145M | · | |
| Net Stock Activity | · | $0 | · | · | · | $145M | · | |
| Financing Cash Flow | $-37M | $79M | $-17M | $-19M | $85M | $346M | $9M | |
| Free Cash Flow | $-4M | $-42M | · | · | $-52M | $-20M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | -4.5% | 13.5% | · | |
| Operating Margin | 16.0% | -61.4% | · | -258.1% | -377.6% | -75.2% | · | |
| Net Margin | -23.3% | -85.9% | · | -405.0% | 184.5% | -298.0% | · | |
| EBITDA Margin | 16.0% | -61.4% | · | -258.1% | -377.6% | -75.2% | · | |
| ROA | -3.0% | -7.9% | · | -15.4% | 7.8% | · | · | |
| ROE | -19.5% | -40.2% | · | -30.5% | 7.9% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.5 | 2.3 | · | 4.6 | 22.5 | · | 3.5 | |
| Quick Ratio | 0.3 | 1.5 | · | 3.8 | 21.5 | · | 2.9 | |
| Debt / Equity | 5.6 | 4.8 | · | 1.7 | 0.0 | · | · | |
| LT Debt / Equity | 3.8 | 4.6 | · | 1.6 | 0.0 | · | · | |
| Interest Coverage | · | · | · | · | -1592.1 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.0 | 0.0 | · | · | |
| Inventory Turnover | · | · | · | · | 1.7 | · | · | |
| Receivables Turnover | 7.3 | 6.8 | · | 5.6 | 1.8 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $6.67 | $7.98 | · | $2.00 | $2.57 | · | · | |
| Revenue / Share | $6.19 | $4.45 | · | $0.16 | $0.10 | · | · | |
| Cash Flow / Share | $-0.20 | $-2.26 | · | $-0.33 | $-0.33 | · | · | |
| Cash / Share | $3.02 | $3.98 | · | $1.53 | $2.50 | · | · | |
| EPS (TTM) | $-1.44 | $-3.82 | $-3.58 | $-5.27 | $0.19 | $-0.72 | $-0.19 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 36.2% | 2.8% | 244.3% | · | · | · | · | |
| Revenue CAGR 3Y | 68.9% | · | 57.8% | · | · | · | · | |
| Revenue CAGR 5Y | 40.6% | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $112M | $82M | $80M | $23M | $0 | $20M | $7M | |
| Net Income TTM | $-26M | $-70M | $-66M | $-94M | $29M | $-61M | $-15M | |
| Market Cap | $92M | $54M | · | $1.06B | $3.72B | · | · | |
| Enterprise Value | $714M | $687M | · | $1.34B | $3.37B | · | · | |
| P/E | -3.5 | -0.8 | -1.2 | -1.4 | 139.4 | -263.7 | -418.5 | |
| P/S | 0.8 | 0.7 | · | 45.8 | · | · | · | |
| P/B | 0.8 | 0.4 | · | 3.7 | 10.3 | · | · | |
| P / Tangible Book | 0.8 | 0.4 | 0.5 | 4.1 | 10.4 | 132.8 | · | |
| P / Cash Flow | -26.2 | -1.3 | · | -22.2 | -76.7 | · | · | |
| P / FCF | -24.7 | -1.3 | · | · | -71.4 | · | · | |
| EV / EBITDA | 39.8 | -13.6 | · | -22.4 | -57.2 | · | · | |
| EV / FCF | -190.5 | -16.3 | · | · | -64.6 | · | · | |
| EV / Revenue | 6.4 | 8.4 | · | 57.8 | · | · | · | |
| Earnings Yield | -28.3% | -128.6% | -81.0% | -71.7% | 0.72% | -0.38% | -0.24% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30M | $23M | $24M | $31M | $33M | $24M | $20M | $21M | $22M | $18M | $16M | $23M | $23M | $18M | $18M | $5M | |
| Cost of Revenue | · | · | · | · | · | · | · | $10M | $10M | $9M | · | $10M | $9M | $8M | $8M | $2M | |
| R&D Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $2M | |
| SG&A Expense | $11M | $12M | $12M | $13M | $15M | $15M | $15M | $14M | $17M | $13M | $12M | $12M | $16M | $16M | $29M | $27M | |
| Operating Expenses | $21M | $20M | $22M | $22M | $24M | $26M | $26M | $59M | $26M | $22M | $24M | $48M | $24M | $21M | $36M | $29M | |
| Operating Income | $10M | $4M | $2M | $8M | $9M | $-2M | $-6M | $-37M | $-3M | $-4M | $-9M | $-25M | $-972.0K | $-3M | $-18M | $-24M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $11M | · | · | · | $9M | · | · | |
| Interest Income | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $5M | $5M | $6M | $8M | $3M | $2M | · | · | |
| Other Non-op | $-152.0K | · | · | · | $19.0K | · | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | · | $0 | $0 | $0 | · | $0 | $0 | $0 | · | · | |
| Net Income | $3M | $-3M | $-7M | $-860.0K | $-3M | $-15M | $-6M | $-54M | $-9M | $-2M | $-30M | $-19M | $3M | $-19M | $-43M | $-22M | |
| EPS (Basic) | $0.18 | $-0.16 | $-0.38 | $-0.05 | $-0.17 | $-0.84 | $-0.36 | $-2.88 | $-0.45 | $-0.13 | $-1.57 | $-1.11 | $0.16 | $-1.06 | $-3.84 | $-1.23 | |
| EPS (Diluted) | $0.15 | $-0.16 | $-0.38 | $-0.05 | $-0.17 | $-0.84 | $-0.36 | $-2.88 | $-0.45 | $-0.13 | $-1.56 | $-1.11 | $0.15 | $-1.06 | $-3.84 | $-1.23 | |
| Shares (Basic) | 18,620,006 | 18,170,425 | · | 17,999,083 | 17,917,611 | 18,187,637 | · | 18,566,015 | 19,271,954 | 19,098,246 | · | 17,351,796 | 18,611,757 | 18,275,958 | · | 17,861,935 | |
| Shares (Diluted) | 21,948,624 | 18,170,425 | · | 17,999,083 | 17,917,611 | 18,187,637 | · | 18,566,015 | 19,271,954 | 19,098,246 | · | 17,351,796 | 20,200,832 | 18,275,958 | · | 17,861,935 | |
| EBITDA | $10M | $4M | · | $8M | $9M | $-2M | · | $-37M | $-3M | $-4M | · | $-25M | $-2M | $-5M | · | $-28M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $45M | $50M | $55M | $54M | $54M | $62M | $73M | $114M | $117M | $121M | $141M | $154M | $163M | $173M | $220M | $240M | |
| Receivables | $26M | $19M | $16M | $18M | $19M | $20M | $15M | $12M | $13M | $11M | $9M | $13M | $14M | $11M | $8M | $17M | |
| Inventory | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $14M | |
| Prepaid Expense | $3M | $3M | $3M | $4M | $4M | $4M | $6M | $5M | $5M | $5M | $10M | $9M | $8M | $7M | $5M | $6M | |
| Current Assets | $114M | $111M | $116M | $125M | $119M | $126M | $136M | $173M | $179M | $178M | $203M | $229M | $227M | $236M | $275M | $316M | |
| PP&E (Net) | $545M | $553M | $561M | $569M | $578M | $583M | $589M | $465M | $471M | $478M | $484M | $488M | $476M | $482M | $396M | $404M | |
| Goodwill | · | · | · | · | · | · | · | $0 | $29M | $29M | $29M | $29M | $29M | $29M | $129M | $159M | |
| Intangibles | $7M | $8M | $8M | $8M | $8M | $9M | $9M | $9M | $10M | $10M | $10M | $10M | $11M | $11M | $0 | · | |
| Other Non-current Assets | $274.0K | $274.0K | $269.0K | $255.0K | $268.0K | $255.0K | $255.0K | $255.0K | $255.0K | $255.0K | $257.0K | $257.0K | $254.0K | $257.0K | $383.0K | $466.0K | |
| Total Assets | $818M | $824M | $837M | $857M | $863M | $878M | $898M | $807M | $858M | $868M | $895M | $940M | $917M | $926M | $827M | $918M | |
| Accounts Payable | $1M | $1M | $2M | $1M | $952.0K | $775.0K | $987.0K | $858.0K | $1M | $769.0K | $1M | $1M | $3M | $2M | $3M | $7M | |
| Current Liabilities | $289M | $231M | $239M | $247M | $239M | $59M | $60M | $63M | $54M | $53M | $72M | $82M | $50M | $52M | $60M | $59M | |
| Capital Leases | $4M | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $5M | $3M | $2M | $7M | |
| Other Non-current Liabilities | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $113.0K | $15.0K | $1M | $10.0K | $10.0K | |
| Total Liabilities | $695M | $705M | $716M | $730M | $735M | $747M | $752M | $655M | $654M | $655M | $680M | $696M | $651M | $661M | $538M | $553M | |
| Long-term Debt | $680M | $687M | $696M | $706M | $717M | $724M | $705M | $605M | $613M | $614M | $619M | $627M | · | · | $500M | $542M | |
| Total Debt | $663M | $668M | · | $685M | $695M | $700M | · | $605M | $613M | $614M | · | $627M | $587M | $594M | · | $510M | |
| Common Stock | · | · | · | · | · | · | · | · | · | · | · | · | $14.0K | $14.0K | · | $14.0K | |
| Paid-in Capital | $483M | $482M | $481M | $480M | $480M | $479M | $478M | $477M | $477M | $476M | $476M | $475M | $474M | $473M | $473M | $464M | |
| Retained Earnings | $-354M | $-357M | $-354M | $-348M | $-347M | $-344M | $-328M | $-322M | $-269M | $-260M | $-258M | $-228M | $-208M | $-211M | $-193M | $-150M | |
| Treasury Stock | $8M | $8M | $8M | $8M | $8M | $7M | $6M | $5M | $5M | $5M | $5M | $5M | $2M | · | $0 | · | |
| Stockholders' Equity | $120M | $117M | $121M | $125M | $125M | $131M | $146M | $152M | $205M | $213M | $215M | $244M | $266M | $265M | $289M | $326M | |
| Liabilities + Equity | $818M | $824M | $837M | $857M | $863M | $878M | $898M | $807M | $858M | $868M | $895M | $940M | $917M | $926M | $827M | $918M | |
| Shares Outstanding | 19,249,671 | 18,170,425 | 18,170,425 | 18,165,255 | 17,834,368 | 18,040,834 | 18,311,054 | 18,597,728 | 18,557,200 | 18,297,596 | 18,292,536 | 18,194,379 | 148,279,717 | 148,395,370 | 18,046,903 | 143,863,062 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $8M | $7M | $9M | $7M | $8M | $6M | $8M | $5M | $5M | $5M | $6M | $5M | $6M | $4M | $2M | |
| Stock-based Comp | $163.0K | $1M | $839.0K | $727.0K | $569.0K | $826.0K | $953.0K | $702.0K | $236.0K | $821.0K | $836.0K | $660.0K | $593.0K | $796.0K | $6M | $3M | |
| Amort. of Intangibles | $300.0K | $300.0K | · | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $300.0K | $1M | $300.0K | $300.0K | $60.0K | · | $230.0K | |
| Operating Cash Flow | $-3M | $-3M | $-3M | $11M | $-2M | $-9M | $-13M | $-1M | $-5M | $-22M | $-18M | $-3M | $-15M | $-8M | $-33M | $168.0K | |
| CapEx | $0 | $0 | $1.0K | $36.0K | $97.0K | $87.0K | $172.0K | $32.0K | $83.0K | $67.0K | $214.0K | $161.0K | $112.0K | $12.0K | $0 | $-265.0K | |
| Investing Cash Flow | $7M | $5M | $8M | $9M | $4M | $4M | $-125M | $10M | $8M | $6M | $8M | $-11M | $6M | $-20M | $3M | $-32M | |
| Debt Issued | · | · | $0 | $0 | · | · | $110M | $0 | · | · | $0 | $21M | · | · | $0 | · | |
| Stock Issued | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $150.0K | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | $0 | · | · | · | $4M | · | · | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $0 | · | · | · | · | · | · | |
| Financing Cash Flow | $-8M | $-10M | $-10M | $-12M | $-8M | $-8M | $97M | $-9M | $-2M | $-7M | $-10M | $9M | $-10M | $-6M | $-17M | $-2M | |
| Net Change in Cash | · | · | · | · | · | · | · | $-228.0K | · | · | · | $623.0K | · | · | · | · | |
| Free Cash Flow | · | $-3M | · | · | · | $-9M | · | · | · | $-22M | · | · | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 32.2% | 16.4% | · | 27.6% | 26.8% | -7.1% | · | -173.8% | -14.9% | -19.7% | · | -105.5% | -7.7% | -30.3% | · | -335.0% | |
| Net Margin | 10.9% | -12.5% | · | -2.8% | -8.9% | -64.4% | · | -250.4% | -38.2% | -13.4% | · | -83.1% | 13.4% | -107.2% | · | -263.2% | |
| EBITDA Margin | 32.2% | 16.4% | · | 27.6% | 26.8% | -7.1% | · | -173.8% | -14.9% | -19.7% | · | -105.5% | -7.7% | -30.3% | · | -335.0% | |
| ROA | 0.39% | -0.34% | · | -0.10% | -0.34% | -1.8% | · | -6.1% | -0.97% | -0.27% | · | -2.1% | 0.48% | -3.0% | · | -3.3% | |
| ROE | 2.7% | -2.4% | · | -0.62% | -1.8% | -8.9% | · | -27.1% | -3.6% | -1.0% | · | -6.8% | 1.0% | -6.3% | · | -6.3% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.4 | 0.5 | · | 0.5 | 0.5 | 2.1 | · | 2.8 | 3.3 | 3.3 | · | 2.8 | 4.6 | 4.5 | · | 5.4 | |
| Quick Ratio | 0.2 | 0.3 | · | 0.3 | 0.3 | 1.4 | · | 2.0 | 2.4 | 2.5 | · | 2.0 | 3.6 | 3.5 | · | 4.4 | |
| Debt / Equity | 5.5 | 5.7 | · | 5.5 | 5.6 | 5.4 | · | 4.0 | 3.0 | 2.9 | · | 2.6 | 2.2 | 2.2 | · | 1.6 | |
| LT Debt / Equity | 3.3 | 3.9 | · | 3.7 | 3.8 | 5.1 | · | 3.8 | 2.9 | 2.7 | · | 2.5 | 2.2 | 2.2 | · | 1.5 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -0.3 | · | · | · | · | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 1.3 | 1.2 | · | 2.1 | 2.0 | 1.6 | · | 1.8 | 1.7 | 1.6 | · | 1.6 | 2.2 | 1.9 | · | 0.8 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $6.25 | $6.43 | · | $6.87 | $7.01 | $7.25 | · | $8.15 | $11.02 | $11.64 | · | $13.42 | $1.79 | $1.79 | · | $2.27 | |
| Revenue / Share | $1.38 | $1.29 | · | $1.71 | $1.86 | $1.31 | · | $1.15 | $1.17 | $0.96 | · | $1.34 | $0.14 | $0.12 | · | $0.06 | |
| Cash Flow / Share | · | $-0.15 | · | · | · | $-0.50 | · | · | · | $-1.16 | · | · | · | $-0.03 | · | · | |
| Cash / Share | $2.32 | $2.75 | · | $2.95 | $3.00 | $3.43 | · | $6.11 | $6.28 | $6.59 | · | $8.48 | $1.10 | $1.16 | · | $1.66 | |
| EPS (TTM) | $-0.44 | $-0.76 | · | $-1.42 | $-4.25 | $-4.53 | · | $-5.02 | $-3.25 | $-2.65 | · | $-5.86 | $-5.98 | $-6.22 | · | $-1.53 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $109M | $111M | · | $108M | $98M | $88M | · | $78M | $80M | $80M | · | $82M | $64M | $41M | · | $-2M | |
| Net Income TTM | $-7M | $-14M | · | $-25M | $-78M | $-83M | · | $-95M | $-61M | $-49M | · | $-79M | $-81M | $-97M | · | $-66M | |
| Market Cap | $50M | $74M | · | $45M | $36M | $43M | · | $53M | $68M | $73M | · | $99M | $963M | $973M | · | $1.02B | |
| Enterprise Value | $668M | $693M | · | $676M | $678M | $682M | · | $545M | $564M | $566M | · | $572M | $1.39B | $1.40B | · | $1.30B | |
| P/E | -5.9 | -5.4 | · | -1.7 | -0.5 | -0.5 | · | -0.6 | -1.1 | -1.5 | · | -0.9 | -1.1 | -1.1 | · | -4.7 | |
| P/S | 0.5 | 0.7 | · | 0.4 | 0.4 | 0.5 | · | 0.7 | 0.8 | 0.9 | · | 1.2 | 15.0 | 23.6 | · | -411.5 | |
| P/B | 0.4 | 0.6 | · | 0.4 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 3.6 | 3.7 | · | 3.1 | |
| P / Tangible Book | 0.4 | 0.7 | · | 0.4 | 0.3 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.5 | 4.2 | 4.3 | · | 6.1 | |
| P / Cash Flow | · | -27.6 | · | · | · | -4.8 | · | · | · | -3.3 | · | · | · | -264.7 | · | · | |
| EV / Revenue | 6.2 | 6.2 | · | 6.3 | 6.9 | 7.8 | · | 7.0 | 7.1 | 7.1 | · | 7.0 | 21.7 | 33.8 | · | -520.4 | |
| Earnings Yield | -17.1% | -18.5% | · | -58.0% | -210.4% | -188.0% | · | -176.8% | -89.0% | -66.8% | · | -107.7% | -92.1% | -94.8% | · | -21.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $112M | $82M | $80M | $23M | $0 |
| Gross Margin % | · | · | · | · | -4.5% |
| Operating Margin % | 16.0% | -61.4% | · | -258.1% | -377.6% |
| Net Income | $-26M | $-70M | $-66M | $-94M | $29M |
| Diluted EPS | $-1.44 | $-3.82 | $-3.58 | $-5.27 | $0.19 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 5.6 | 4.8 | · | 1.7 | 0.0 |
| Current Ratio | 0.5 | 2.3 | · | 4.6 | 22.5 |
| Quick Ratio | 0.3 | 1.5 | · | 3.8 | 21.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-4M | $-42M | · | · | $-52M |
Institutional owners (13F) 48 filers · $20.4M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
48
Value held
$20.4M
New positions
6
Exited positions
6
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 6 (-4 vs prior Q) | 6 (+1 vs prior Q) | 11 (+3 vs prior Q) | 13 (-3 vs prior Q) | -34K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| STEEL PARTNERS HOLDINGS L.P. | $8,847,800 | 3,429,380 | 43.33% | Shares |
| VANGUARD GROUP INC | $3,728,883 | 732,590 | 18.26% | Shares |
| JPMORGAN CHASE & CO | $2,040,734 | 773,005 | 9.99% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,672,010 | 648,066 | 8.19% | Shares |
| BlackRock, Inc. | $674,324 | 261,366 | 3.30% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $628,315 | 243,533 | 3.08% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $500,422 | 193,815 | 2.45% | Shares |
| TWO SIGMA INVESTMENTS, LP | $341,930 | 132,531 | 1.67% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $264,633 | 102,571 | 1.30% | Shares |
| STATE STREET CORP | $235,397 | 91,239 | 1.15% | Shares |
| TWO SIGMA ADVISERS, LP | $213,271 | 41,900 | 1.04% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $138,306 | 53,607 | 0.68% | Shares |
| MYDA Advisors LLC | $129,000 | 50,000 | 0.63% | Shares |
| RAYMOND JAMES FINANCIAL INC | $119,152 | 46,183 | 0.58% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $113,585 | 44,025 | 0.56% | Shares |
| NORTHERN TRUST CORP | $103,226 | 40,010 | 0.51% | Shares |
| Corient Private Wealth LP | $97,179 | 37,666 | 0.48% | Shares |
| Squarepoint Ops LLC | $89,585 | 34,723 | 0.44% | Shares |
| JANE STREET GROUP, LLC | $83,579 | 32,395 | 0.41% | Shares |
| CITADEL ADVISORS LLC | $67,903 | 26,319 | 0.33% | Shares |
| Essex Financial Services, Inc. | $62,273 | 24,137 | 0.30% | Shares |
| XTX Topco Ltd | $62,255 | 24,130 | 0.30% | Shares |
| Engineers Gate Manager LP | $46,311 | 17,950 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $45,408 | 17,600 | 0.22% | Call option |
| GOLDMAN SACHS GROUP INC | $42,379 | 16,426 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $31,334 | 12,145 | 0.15% | Shares |
| SALEM INVESTMENT COUNSELORS INC | $12,900 | 5,000 | 0.06% | Shares |
| Vanguard Global Advisers, LLC | $12,116 | 4,696 | 0.06% | Shares |
| ROYAL BANK OF CANADA | $9,000 | 3,444 | 0.04% | Shares |
| OSAIC HOLDINGS, INC. | $3,772 | 1,470 | 0.02% | Shares |
| MORGAN STANLEY | $1,541 | 597 | 0.01% | Shares |
| Physician Wealth Advisors, Inc. | $573 | 222 | 0.00% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $536 | 200 | 0.00% | Shares |
| Medallion Wealth Advisors, LLC | $323 | 125 | 0.00% | Shares |
| BARCLAYS PLC | $248 | 96 | 0.00% | Shares |
| WELLS FARGO & COMPANY/MN | $225 | 87 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $209 | 81 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $204 | 78,879 | 0.00% | Shares |
| CoreCap Advisors, LLC | $150 | 58 | 0.00% | Shares |
| HARBOUR INVESTMENTS, INC. | $111 | 43 | 0.00% | Shares |
| Allworth Financial LP | $91 | 35 | 0.00% | Shares |
| SHP Wealth Management | $75 | 29 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $45 | 17,102 | 0.00% | Shares |
| Larson Financial Group LLC | $44 | 17 | 0.00% | Shares |
| UBS Group AG | $42 | 16 | 0.00% | Shares |
| Moisand Fitzgerald Tamayo, LLC | $34 | 13 | 0.00% | Shares |
| FMR LLC | $31 | 12 | 0.00% | Shares |
| DANSKE BANK A/S | $28 | 11 | 0.00% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| HOWARD JACK L, SP Strategic Holdings LLC, SPH Group Holdings LLC, SPH Group LLC, STEEL PARTNERS HOLDINGS L.P., Steel Connect LLC, Steel Excel Inc., Steel Partners Holdings GP Inc. ×2 filings | Sept. 23, 2026 | 18.10% | Amendment | · | SEC |
| STEEL PARTNERS HOLDINGS L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC, SP Strategic Holdings LLC, HOWARD JACK L ×5 filings | June 25, 2026 | 18.70% | Amendment | Board campaign | SEC |
| Thomas J. Hynes, III ×2 filings | March 31, 2022 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 28 insiders · 14 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Christopher M. Hayes | President & CEO | May 12, 2025 A | 695,037 | 0 | 0 | $0 |
| Christian S. Fong | President and CEO | April 1, 2024 A | 454,340 | 0 | 0 | $0 |
| Dimitri Kazarinoff | Chief Executive Officer | Dec. 21, 2020 A | 15,346 | 0 | 0 | $0 |
| Thomas James Cimino | CFO | Dec. 8, 2025 A | 60,000 | 0 | 0 | $0 |
| Sarah Weber Wells | Chief Financial Officer | April 3, 2025 F | 198,356 | 0 | 0 | $0 |
| Donald P Klein | Chief Financial Officer | April 11, 2023 F | 361,270 | 0 | 0 | $0 |
| Cielo Hernandez | Chief Financial Officer | April 19, 2021 A | 46,296 | 0 | 0 | $0 |
| Thomas J. Hynes III | President | Jan. 14, 2022 M | 7,371,683 | 0 | 0 | $0 |
| Bobby Owens | General Counsel | Sept. 4, 2026 A | 42,918 | 0 | 0 | $0 |
| Jonathan Mcwhinnie Norling | Chief Legal Officer | June 15, 2026 S | 403,252 | 0 | 1 | $-42,600 |
| Stacey Constas | General Counsel | June 12, 2023 F | 103,186 | 0 | 0 | $0 |
| Michael Kenhard | CTO and VP of Engineering | May 20, 2022 A | 365,408 | 0 | 0 | $0 |
| Colleen Calhoun | VP/General Manager of XL grid | May 20, 2022 A | 469,276 | 0 | 0 | $0 |
| James P Berklas JR | General Counsel | April 21, 2022 A | 198,051 | 0 | 0 | $0 |
| Benjamin L Rosenzweig | Director | Sept. 18, 2026 A | 117,801 | 0 | 0 | $0 |
| HOWARD JACK L | Director | Sept. 2, 2026 A | 155,140 | 0 | 0 | $0 |
| Mcbane Clara Nagy | Director | Dec. 15, 2025 S | 107,755 | 0 | 1 | $-202,400 |
| Ja-Chin Lee | Director | June 24, 2025 A | 143,933 | 0 | 0 | $0 |
| John P. Miller | Director | June 24, 2025 A | 155,593 | 0 | 0 | $0 |
| Kravetz Shawn W | Director | June 24, 2025 A | 195,500 | 0 | 0 | $0 |
| Jonathan J Ledecky | Director | June 24, 2025 A | 122,463 | 0 | 0 | $0 |
| Kevin Griffin | Director | Aug. 12, 2024 A | 54,662 | 0 | 0 | $0 |
| Eric M. Tech | Director | Aug. 12, 2024 A | 144,018 | 0 | 0 | $0 |
| Sarah Sclarsic | Director | May 4, 2022 A | 159,992 | 0 | 0 | $0 |
| Debora Marie Frodl | Director | May 4, 2022 A | 124,658 | 0 | 0 | $0 |
| Declan Flanagan | Director | May 26, 2021 A | 21,158 | 0 | 0 | $0 |
| Niharika Ramdev | Director | May 26, 2021 A | 21,158 | 0 | 0 | $0 |
| Jacqueline T. Williams | · | Aug. 4, 2026 A | 19,179 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 6 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IWC · iShares Trust | 0.01% | 56,218 SH | Sept. 10, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 4,751 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 207,361 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 423,209 SH | Aug. 19, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 2,832 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 487 NS | July 31, 2026 | N-PORT |
SPRU Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 6 analysts
SELL
0 0.0%
Strong Buy
0 0.0%
Buy
3 50.0%
Hold
1 16.7%
Sell
2 33.3%
Strong Sell
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Aug 13, 2026