SPRU Spruce Power Holding Corporation Class A Common Stock
$1.94
Price · Aug 18, 2026
Fundamentals as of Aug 13, 2026
52W Range
$1–$7
11% of range
Analyst Rating
HOLD
6 analysts
Price Target
—
P/E (TTM)
-1.3
ROE
-19.5%
Net Profit Margin
-23.3%
SPRU Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.94
Market Cap
$35M
P/E (TTM)
-1.3
EPS (TTM)
$-1.44
Revenue (TTM)
$112M
Div Yield
—
ROE
-19.5%
Debt/Equity
5.6
52W Range
$1 – $7
SPRU Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$112M
2019-12-31
→
2025-12-31
EPS
$-1.44
2019-12-31
→
2025-12-31
Free Cash Flow
$-4M
2020-12-31
→
2025-12-31
Margins
-23.3%
2020-12-31
→
2021-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
SPRU
Peer Median
P/E (TTM)
-1.3
50.8
P/S (TTM)
0.3
1.3
P/B
0.3
1.8
EV / EBITDA
36.6
—
Price / FCF
-9.4
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
SPRU
Peer Median
Operating Margin
16.0%
—
Net Profit Margin
-23.3%
-5.5%
ROA
-3.0%
-0.54%
ROE
-19.5%
-5.2%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
SPRU
Peer Median
Debt / Equity
5.6
0.0
Current Ratio
0.5
0.9
Quick Ratio
0.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
SPRU
Peer Median
Revenue YoY
36.2%
—
Revenue CAGR 3Y
68.9%
—
Revenue CAGR 5Y
40.6%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
SPRU
Peer Median
SPRU Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
6 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 3 50.0%
- Sell 1 16.7%
- Strong Sell 2 33.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.13%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.14 | — | — |
| March 31, 2026 | $-0.16 | — | — |
| Dec. 31, 2025 | $-0.38 | — | — |
| Sept. 30, 2025 | $-0.04 | — | — |
| Dec. 31, 2024 | $-0.52 | $-0.35 | -0.17% |
| Sept. 30, 2024 | $-0.18 | $-0.10 | -0.08% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| SPRU | $92M | -3.5 | 36.2% | -23.3% | -19.5% | — |
| BEPC | — | — | — | — | — | — |
| XIFR | — | -9.6 | -3.4% | -2.4% | -0.25% | — |
| MNTK | $239M | 167.0 | 0.37% | 0.99% | 0.68% | — |
| ANNA | — | — | — | — | — | — |
| ORA | $6.68B | 54.7 | 12.5% | 12.5% | 5.0% | 27.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 16
| 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 27
| 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 13
| 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 6
| 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 5
| 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 3
| 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 | · | · |
Growth Rates 3
| 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) 14
| 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 16
| 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 | -36,036,272 | 17,999,083 | 17,917,611 | 18,187,637 | -38,465,289 | 18,566,015 | 19,271,954 | 19,098,246 | -35,848,075 | 17,351,796 | 18,611,757 | 18,275,958 | -283,547,274 | 17,861,935 | |
| Shares (Diluted) | 21,948,624 | 18,170,425 | -36,036,272 | 17,999,083 | 17,917,611 | 18,187,637 | -38,465,289 | 18,566,015 | 19,271,954 | 19,098,246 | -37,437,150 | 17,351,796 | 20,200,832 | 18,275,958 | -283,547,274 | 17,861,935 | |
| EBITDA | $10M | $4M | · | $8M | $9M | $-2M | · | $-37M | $-3M | $-4M | · | $-25M | $-2M | $-5M | · | $-28M |
Balance Sheet 24
| 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 13
| 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 5
| 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 5
| 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 2
| 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 |
Valuation (TTM) 14
| 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 | $118M | $111M | · | $109M | $101M | $86M | · | $85M | $87M | $82M | · | $69M | $46M | $23M | · | $8M | |
| Net Income TTM | $-3M | $-22M | · | $-73M | $-80M | $-80M | · | $-84M | $-27M | $-38M | · | $-58M | $-51M | $-70M | · | $-58M | |
| 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 | -11.2 | -3.4 | · | -0.6 | -0.5 | -0.6 | · | -0.6 | -2.4 | -1.8 | · | -1.7 | -2.9 | -2.6 | · | -4.8 | |
| P/S | 0.4 | 0.7 | · | 0.4 | 0.4 | 0.5 | · | 0.6 | 0.8 | 0.9 | · | 1.4 | 20.9 | 42.0 | · | 123.7 | |
| 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 | · | · | |
| P / FCF | · | -27.6 | · | · | · | -4.7 | · | · | · | -3.3 | · | · | · | · | · | · | |
| EV / EBITDA | 68.3 | 180.0 | · | 79.7 | 76.1 | -402.4 | · | -14.7 | -167.9 | -157.2 | · | -23.3 | -785.9 | -254.8 | · | -46.2 | |
| EV / FCF | · | -256.9 | · | · | · | -74.0 | · | · | · | -25.4 | · | · | · | · | · | · | |
| EV / Revenue | 5.7 | 6.2 | · | 6.2 | 6.7 | 7.9 | · | 6.4 | 6.5 | 6.9 | · | 8.3 | 30.2 | 60.2 | · | 156.4 | |
| Earnings Yield | -8.9% | -29.8% | · | -160.8% | -214.8% | -178.4% | · | -160.9% | -42.2% | -54.2% | · | -59.7% | -34.3% | -38.0% | · | -20.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 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 |
Balance Sheet
| 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 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-4M | $-42M | — | — | $-52M |
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Institutional owners (13F) 49 filers · $16.4M 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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 10 (+3 vs prior Q) | 6 (+1 vs prior Q) | 10 (0 vs prior Q) | 11 (-4 vs prior Q) | +1.6M |
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 | 53.94% | Shares |
| JPMORGAN CHASE & CO | $2,040,702 | 772,993 | 12.44% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $1,672,010 | 648,066 | 10.19% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $628,315 | 243,533 | 3.83% | Shares |
| VANGUARD GROUP INC | $518,350 | 101,837 | 3.16% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $395,827 | 153,274 | 2.41% | Shares |
| TWO SIGMA INVESTMENTS, LP | $341,930 | 132,531 | 2.08% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $264,633 | 102,571 | 1.61% | Shares |
| STATE STREET CORP | $235,397 | 91,239 | 1.44% | Shares |
| TWO SIGMA ADVISERS, LP | $213,271 | 41,900 | 1.30% | Shares |
| MYDA Advisors LLC | $129,000 | 50,000 | 0.79% | Shares |
| RAYMOND JAMES FINANCIAL INC | $119,152 | 46,183 | 0.73% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $113,585 | 44,025 | 0.69% | Shares |
| NORTHERN TRUST CORP | $103,226 | 40,010 | 0.63% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $99,082 | 38,404 | 0.60% | Shares |
| Corient Private Wealth LP | $97,179 | 37,666 | 0.59% | Shares |
| Squarepoint Ops LLC | $89,585 | 34,723 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $83,579 | 32,395 | 0.51% | Shares |
| CITADEL ADVISORS LLC | $67,903 | 26,319 | 0.41% | Shares |
| Essex Financial Services, Inc. | $62,273 | 24,137 | 0.38% | Shares |
| XTX Topco Ltd | $62,255 | 24,130 | 0.38% | Shares |
| Engineers Gate Manager LP | $46,311 | 17,950 | 0.28% | Shares |
| JANE STREET GROUP, LLC | $45,408 | 17,600 | 0.28% | Call option |
| GOLDMAN SACHS GROUP INC | $42,379 | 16,426 | 0.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $31,334 | 12,145 | 0.19% | Shares |
| SALEM INVESTMENT COUNSELORS INC | $12,900 | 5,000 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $12,116 | 4,696 | 0.07% | Shares |
| BlackRock, Inc. | $10,000 | 3,876 | 0.06% | Shares |
| ROYAL BANK OF CANADA | $9,000 | 3,444 | 0.05% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $2,593 | 1,005 | 0.02% | Shares |
| OSAIC HOLDINGS, INC. | $1,992 | 780 | 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 |
| MORGAN STANLEY | $39 | 15 | 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 |
| UBS Group AG | $21 | 8 | 0.00% | Shares |
Company insiders 24 insiders · 13 officers · 14 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 | Chief Financial Officer | 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 |
| 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 |
| Mcbane Clara Nagy | Director | Dec. 15, 2025 S | 107,755 | 0 | 1 | $-202,400 |
| Ja-Chin Lee | Director | Aug. 12, 2024 A | 117,165 | 0 | 0 | $0 |
| Kevin Griffin | Director | Aug. 12, 2024 A | 54,662 | 0 | 0 | $0 |
| John P. Miller | Director | Aug. 12, 2024 A | 128,825 | 0 | 0 | $0 |
| Eric M. Tech | Director | Aug. 12, 2024 A | 144,018 | 0 | 0 | $0 |
| Jonathan J Ledecky | Director | Aug. 12, 2024 A | 95,696 | 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
Activists & 5%+ owners 2 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 |
|---|---|---|---|---|---|
| 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 | — | 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.
ETF ownership Held by 7 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% | 56,590 SH | Aug. 8, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 4,751 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.00% | 9,168 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 487 NS | April 30, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 207,361 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 423,209 SH | Aug. 8, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 2,832 NS | April 30, 2026 | N-PORT |