Reported Earnings • Aug 15
Second quarter 2026 earnings released: EPS: US$0.16 (vs US$0.17 loss in 2Q 2025) Second quarter 2026 results: EPS: US$0.16 (up from US$0.17 loss in 2Q 2025). Revenue: US$30.3m (down 8.7% from 2Q 2025). Net income: US$3.32m (up US$6.27m from 2Q 2025). Profit margin: 11% (up from net loss in 2Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 13
Now 29% overvalued Over the last 90 days, the stock has fallen 24% to €1.94. The fair value is estimated to be €1.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 21%. Aankondiging • Jul 31
Spruce Power Holding Corporation to Report Q2, 2026 Results on Aug 12, 2026 Spruce Power Holding Corporation announced that they will report Q2, 2026 results After-Market on Aug 12, 2026 Aankondiging • Jul 17
Spruce Power Holding Corporation Announces Appointment of Bobby L. Owens as General Counsel, Effective July 13, 2026 Spruce Power Holding Corporation had appointed Bobby L. Owens as General Counsel, effective July 13, 2026. Mr. Owens previously served as Deputy General Counsel of OXEA Corporation from September 2025 to July 2026. Prior to joining OXEA, Mr. Owens served as Global General Counsel of OCI Methanol from 2018 to 2025, where he led the company's global legal function and advised executive leadership on corporate governance, mergers and acquisitions, regulatory compliance, commercial transactions, and strategic initiatives. Earlier in his career, Mr. Owens held legal positions with Owens Moss PLLC, Ryerson Inc., and Mayer Brown LLP. Mr. Owens received a J.D. from Northwestern University School of Law and a B.A. in Economics from the University of Michigan. The Board approved the termination of the employment of the Company's Chief Legal Officer, Jonathan Norling, effective as of a date to be determined by the Company's chief executive officer. Aankondiging • Jun 25
Spruce Power Holding Corporation Announces Resignation of Ja-Chin Audrey Lee as A Director, Effective June 17, 2026 Spruce Power Holding Corporation announced Ja-chin Audrey Lee notified the Company that she was resigning from her position as a director of the Company effective June 17, 2026. Ms. Lee had served as a Class C director with a term expiring at the 2026 Annual Meeting of Stockholders. Aankondiging • May 11
Spruce Power Holding Corporation, Annual General Meeting, Jun 25, 2026 Spruce Power Holding Corporation, Annual General Meeting, Jun 25, 2026. Aankondiging • May 05
Spruce Power Holding Corporation to Report Q1, 2026 Results on May 13, 2026 Spruce Power Holding Corporation announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on May 13, 2026 Aankondiging • Mar 25
Spruce Power Holding Corporation to Report Q4, 2025 Results on Mar 30, 2026 Spruce Power Holding Corporation announced that they will report Q4, 2025 results After-Market on Mar 30, 2026 Aankondiging • Dec 08
Spruce Power Holding Corporation Appoints Thomas Cimino from Interim to Permanent Chief Financial Officer, Effective December 8, 2025 Spruce Power Holding Corporation announced that Thomas Cimino has been appointed Chief Financial Officer, effective December 8, 2025. Cimino had served as Interim CFO since June 2025 and formally executed his employment agreement with the company on December 3, 2025. Cimino brings more than 25 years of senior financial leadership experience, including roles as Chief Financial Officer at Vantage Drilling International, Chief Financial Officer at AEI Services, and Executive Vice President of Finance and Administration at EnfraGen. Earlier in his career, he served at the U.S. Securities and Exchange Commission, worked in the Global Capital Markets Group at PwC, and began his public-accounting career with KPMG. Aankondiging • Oct 30
Spruce Power Holding Corporation to Report Q3, 2025 Results on Nov 11, 2025 Spruce Power Holding Corporation announced that they will report Q3, 2025 results After-Market on Nov 11, 2025 Aankondiging • Aug 07
Spruce Power Holding Corporation to Report Q2, 2025 Results on Aug 11, 2025 Spruce Power Holding Corporation announced that they will report Q2, 2025 results After-Market on Aug 11, 2025 Aankondiging • Jun 30
Spruce Power Holding Corporation Approves the Appointment of Christopher Hayes as Director Spruce Power Holding Corporation in a Annual meeting of stockholders held on June 24, 2025 approved the appointment of Christopher Hayes as Director. Aankondiging • Jun 25
Spruce Power Holding Corporation Announces Board Changes Spruce Power Holding Corporation announced that Kevin Griffin retired as an independent director of Spruce’s Board. Shawn Kravetz was elected as a new independent member of the Board. Spruce’s Board of Directors remains at seven members. Kravetz is President and Chief Investment Officer of Esplanade Capital LLC, an investment management company that utilizes a value-orientation and specializes in investing in smaller, out of favor and below the radar companies, special situations and turnarounds. Prior to founding Esplanade, Kravetz was a corporate executive and strategic advisor. He served as Principal at The Parthenon Group, a leading strategy consulting boutique, and Director of Strategic Planning and Corporate Development at The CML Group. Kravetz was also a member of the board of directors at Nevada Gold & Casinos, where he was chairman of the corporate governance and nominating committee. Aankondiging • Jun 11
Spruce Power Holding Corporation Announces Appointment of Thomas Cimino as Interim Chief Financial Officer, Effective June 5, 2025 Spruce Power Holding Corporation announced the appointment of Thomas Cimino as Interim Chief Financial Officer, effective June 5, 2025. This follows the transition of former CFO Sarah Wells, who departed to pursue a private company opportunity. Spruce is undertaking a search to fill the CFO position on a permanent basis. Cimino has over 25 years of experience in financial reporting, internal controls, budget and planning, capital markets, and business strategy. His past roles include serving as CFO at Vantage Drilling International and AEI Services, and Executive Vice President of Finance and Administration for EnfraGen. Earlier, he worked at the U.S. Securities and Exchange Commission, was a Director in PricewaterhouseCoopers Global Capital Markets Group, and began his career in public accounting with KPMG. Cimino holds a Bachelor of Science in Accounting from Penn State University and a Master of Business Administration from Rice University. Aankondiging • May 22
Spruce Power Holding Corporation, Annual General Meeting, Jun 24, 2025 Spruce Power Holding Corporation, Annual General Meeting, Jun 24, 2025. Aankondiging • May 15
Spruce Power Holding Corporation (NYSE:SPRU) announces an Equity Buyback for $50 million worth of its shares. Spruce Power Holding Corporation (NYSE:SPRU) announces a share repurchase program. Under the program, the company will repurchase up to $50 million worth of its common stock. The share repurchase program will last through May 15, 2027. Aankondiging • Apr 18
Spruce Power Holding Corporation Appoints Chris Hayden as Senior Vice President of IT and Enterprise Applications Spruce Power Holding Corporation announced the appointment of Chris Hayden as Senior Vice President of IT and Enterprise Applications. Hayden will focus on advancing Spruce’s service platform, scaling the Spruce PRO service offering, and driving innovation across the Company’s IT function, including strategy, infrastructure, application development, and security. Hayden has more than 25 years of experience in digital business innovation, strategic IT planning, and process engineering and optimization. He previously served as Chief Technology Officer and Executive Vice President at Sunnova Energy. Prior to that, Hayden served as Chief Information Officer at STREAM and held an IT leadership role at TXU Energy. He began his career as a management consultant, directing IT-based project delivery at Capgemini and Ernst & Young. Aankondiging • Mar 11
Spruce Power Holding Corporation to Report Q4, 2024 Results on Mar 26, 2025 Spruce Power Holding Corporation announced that they will report Q4, 2024 results After-Market on Mar 26, 2025 Aankondiging • Feb 11
Spruce Power Holding Corporation (NYSE:SPRU) acquired 41 Additional Solar Energy Systems for $0.50 million. Spruce Power Holding Corporation (NYSE:SPRU) acquired 41 Additional Solar Energy Systems for $0.50 million on January 29, 2025.
Spruce Power Holding Corporation (NYSE:SPRU) completed the acquisition of 41 Additional Solar Energy Systems for $0.50 million on January 29, 2025. Aankondiging • Nov 26
Spruce Power Holding Corporation (NYSE:SPRU) acquired 91 megawatt (MW) residential solar portfolio of NJR Clean Energy Ventures II Corporation for approximately $130 million. Spruce Power Holding Corporation (NYSE:SPRU) acquired 91 megawatt (MW) residential solar portfolio of NJR Clean Energy Ventures II Corporation for approximately $130 million on November 25, 2024. As part of transaction, cash consideration for a total of approximately $132.5 million, subject to customary adjustments will be paid by Spruce Power Holding Corporation. New Jersey Resources Corporation expects to record a gain on the sale in fiscal year 2025 and will use net proceeds of the sale (after tax, transaction expenses and customary purchase price adjustments) to pay down corporate debt and for general working capital purposes.
Spruce Power Holding Corporation (NYSE:SPRU) completed the acquisition of 91 megawatt (MW) residential solar portfolio of NJR Clean Energy Ventures II Corporation on November 25, 2024. Aankondiging • Oct 31
Spruce Power Holding Corporation to Report Q3, 2024 Results on Nov 13, 2024 Spruce Power Holding Corporation announced that they will report Q3, 2024 results After-Market on Nov 13, 2024 Aankondiging • Aug 02
Spruce Power Holding Corporation to Report Q2, 2024 Results on Aug 14, 2024 Spruce Power Holding Corporation announced that they will report Q2, 2024 results After-Market on Aug 14, 2024 Aankondiging • Jul 03
Spruce Power Holding Corporation Appoints Richard Dimatteo as Senior Vice President, Head of Spruce Pro Spruce Power Holding Corporation announced the addition of Richard DiMatteo as Senior Vice President, Head of Spruce Pro. The addition of Rich DiMatteo underscores Spruce’s strategic commitment to advancing its distributed energy platform through Spruce Pro, a brand that extends the Company’s servicing solutions to third-party asset owners. Rich will direct and oversee all aspects of product innovation, formation and go-to-market strategy for Spruce Pro, with an emphasis on leveraging the Company’s existing capabilities and unique market opportunity to generate high margin organic revenue and shareholder value through a further productized and scalable third-party servicing platform. As the latest addition to Spruce’s leadership team, Rich brings deep, seasoned expertise in the productization of innovative and market leading renewable energy services to the Company. Most recently, Rich was Co-founder and EVP at Highland Electric Fleets Inc., a leading provider of fleet electrification-as-a-service (EaaS) for school districts, governments, and fleet operators in North America. At Highland, Rich created the first of its kind customer offering and contract for fleet electrification, enabling institutional financing, the Transportation Equipment Services Agreement (TESA). Prior to co-founding Highland, Rich’s career included Fortune 500 solar PPA origination at Edison Energy, structured finance at SunEdison, and executive training at GE. Aankondiging • Jun 26
Spruce Power Holding Corporation, Annual General Meeting, Aug 12, 2024 Spruce Power Holding Corporation, Annual General Meeting, Aug 12, 2024. Aankondiging • Jun 24
Spruce Power Holding Corporation Appoints Clara Nagy Mcbane to Serve as New Member of Its Board of Directors Spruce Power Holding Corporation announced that it has appointed Clara Nagy McBane to serve as a new member of its Board of Directors (the “Board”) effective immediately. As a result, the Board has increased to seven members.The new appointment is pursuant to a Cooperation Agreement, between the Company, Clayton Capital Appreciation Fund, L.P. and Clayton Partners LLC, which contains customary standstill, voting, confidentiality, and other provisions and will be filed in a Current Report on Form 8-K with the Securities and Exchange Commission. Clara Nagy McBane is the founder and CEO of Ventura Energy which was formed in 2021 and is a developer of behind-the-meter and community sized solar and storage systems. Clara has been working in the renewables industry for the last 13 years and is an expert in renewable energy finance and operations. Clara’s previous positions include SVP of Business Development at SOURCE Global PBC, Director of Business Development at Advanced Microgrid Solutions (AMS) which was sold to Fluence (FLNC), and VP of Sales at Sunlink Corporation. Aankondiging • May 03
Spruce Power Holding Corporation to Report Q1, 2024 Results on May 15, 2024 Spruce Power Holding Corporation announced that they will report Q1, 2024 results After-Market on May 15, 2024 Aankondiging • Apr 20
Clayton Partners LLC Issues Letter to Shareholders of Spruce Power Holding Corporation On April 17, 2024, Clayton Partners LLC announced that it has spent a significant amount of time with Spruce Power Holding Corporation management and participants in the distributed solar energy industry since June of last year and views the Company is undervalued, based on its own public disclosure, and Clayton Partners goal is to help the Company reach its full potential for its stockholders. However, the departure of Christian Fong from his CEO and board role has added to the uncertainty regarding the go forward path for the Company and no search for a new CEO and the pivot seems unplanned and unorganized. Clayton Partners added that the Company has recently chosen to slow the pace of its stock repurchase plan despite the obvious undervaluation and its recent investor presentation claims a $16 fair value for the shares and yet the Company has failed to repurchase any material amount of its stock at 25% of the Company’s estimated value of its stock. Clayton Partners stated that it is concerned that none of the Board seem to have a successful track record in renewable energy investing and understand the small cap public company markets which resulted in members of the board overseen a tremendous destruction of shareholder value during their tenure and it is an overhang on the Company’s valuation. Further, Clayton Partners have nominated Jason Stankowski and Clara Nagy McBane as board candidates, who would immediately help with capital allocation decisions and strategic insights on the Company’s position in the public markets and their addition would send a powerful message to the public markets that the current Board and management team are aligned with shareholders. Aankondiging • Apr 03
Spruce Power Holding Corporation announced delayed annual 10-K filing On 04/02/2024, Spruce Power Holding Corporation announced that they will be unable to file their next 10-K by the deadline required by the SEC. Aankondiging • Feb 29
Spruce Power Holding Corporation to Report Q4, 2023 Results on Mar 14, 2024 Spruce Power Holding Corporation announced that they will report Q4, 2023 results After-Market on Mar 14, 2024 Aankondiging • Jan 23
Spruce Power Holding Corporation Announces the Court Preliminarily Approves the Proposed Settlement Spruce Power Holding Corporation (the Company") has previously reported that, on March 8, 2021, two putative class action complaints were filed in the federal district court for the Southern District of New York (the Court") against the Company and certain of its current officers and directors (the Class Action Litigation"). The cases were consolidated as In re XL Fleet Corp. Securities Litigation, Case No. 1:21-cv-02171, a lead plaintiff was appointed, and an amended consolidated complaint was filed on July 20, 2021. The amended complaint alleges that certain public statements made by the defendants between September 18, 2020 and March 31, 2021 violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On December 6, 2023, the lead plaintiff and the defendants entered into a Stipulation and Agreement of Settlement (the Settlement Agreement") to resolve the Class Action Litigation. On January 18, 2024, the Court preliminarily approved the proposed settlement as being fair, reasonable, and adequate, and scheduled a telephonic hearing for April 30, 2024 at 10:00 a.m. Eastern Time, to, among other things, consider whether to approve the proposed settlement. Under the terms of the Settlement Agreement, the Company will pay an aggregate of $19.5 million to a settlementfund to settle all claims asserted in the Class Action Litigation, class counsel's fees, and the costs ofadministering the settlement. The Settlement Agreement establishes procedures for the notification of claimantsand the administration of the settlement. The settlement fund will be used to pay notice and administrativefees relating to the Class Action Litigation and to compensate those individuals who were class members duringthe applicable class period; no amount of the settlement fund will revert to the Company. The settlement fundwill be managed by a neutral third-party claims administrator, which will be authorized to communicate withclass members and make payments from the fund in accordance with the terms of the Settlement Agreement. The Company's D&O liability insurers have agreed to and are expected to directly fund approximately $4 million of the settlement fund. The Company will directly fund the remaining approximately $15.5 million. As communicated on November 9, 2023, in conjunction with third quarter 2023 earnings results, the Company accrued for the underlying settlement amount as of September 30, 2023. Aankondiging • Jan 10
Spruce Power Holding Corporation Launches 'Spruce Pro' Brand, Expanding Its Servicing Solutions into the Commercial Solar Market Spruce Power Holding Corporation announced the launch of Spruce Pro, a brand that extends Spruce's distributed solar energy servicing capabilities into a new growth segment of commercial solar. Built on the foundational strength of Spruce's existing portfolio servicing of owned and third-party home solar assets, Spruce Pro is poised to capitalize on a market segment previously untapped by the Company, adding both growth prospects and value creation for the Company and commercial clients. This expansion aligns with the Company's commitment to advancing clean energy solutions and underscores its dedication to serving a broader spectrum of photovoltaic asset owners. The Spruce Pro launch comes after forging partnerships with commercial solar owners in 2023. Spruce was able to create new revenue at high investment returns and increase net margins for their partner companies. The initial successes proved the scalability and market-readiness of the Spruce Pro platform. Spruce Pro leverages its fit-for-purpose systems to streamline operational efficiency and increase productivity for commercial customers through end-to-end portfolio servicing and an experienced environmental commodities team. Spruce Power believes these service offerings create a foundation for mutually beneficial relationships, unlocking platform value for the relatively underserved commercial solar market while offering high investment returns for the Company. Commercial Customer Servicing- With mature servicing infrastructure, a US-based call center, and industry-specific technology already in place, Spruce Pro handles the needs of enterprise portfolio owners at any scale. Spruce’s servicing experience includes lender and tax-equity management and reporting, invoicing and collections, and asset management. Portfolio Financial Operations- Spruce’s long history as a premier owner of distributed solar energy gives Spruce Pro clients access to a proven track record of efficient and accurate back-office ownership services. This includes accounting, regulatory filings, treasury, and cash management. Environmental Commodities Markets (ECM)- Spruce Pro unlocks value by maximizing SREC revenue or limiting future exposure to volatility in environmental commodities. At launch, Spruce Pro is already positioned as one of the top market makers for California SRECS. As an owner and operator of one of North America’s largest rooftop solar portfolios, Spruce’s ECM team has years of experience reporting, minting, and transacting renewable energy credits. With broad capabilities ranging from asset management services, environmental commodities market offerings to broad-based industry servicing, Spruce Pro can offer tailored solutions for unique client needs. Aankondiging • Oct 17
Spruce Power Holding Corporation to Report Q3, 2023 Results on Nov 09, 2023 Spruce Power Holding Corporation announced that they will report Q3, 2023 results After-Market on Nov 09, 2023 Aankondiging • Aug 22
Spruce Power Holding Corporation (NYSE:SPRU) acquired Portfolio of Over 2,400 Residential Solar Systems and Contracts for $20.9 million. Spruce Power Holding Corporation (NYSE:SPRU) acquired Portfolio of Over 2,400 Residential Solar Systems and Contracts for $20.9 million on August 18, 2023. Spruce funded the acquisition purchase price entirely through proceeds from the concurrent upsizing of its Spruce Power 2 credit facility.
Spruce Power Holding Corporation (NYSE:SPRU) completed the acquisition of Portfolio of Over 2,400 Residential Solar Systems and Contracts on August 18, 2023. New Risk • Aug 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Aankondiging • Aug 12
Spruce Power Announces Reverse Stock Split to Ensure the Company Gains Compliance with the New York Stock Exchange's Continued Listing Standard Related to Minimum Stock Price In August 2023, Spruce Power Holding Corporation's Board of Directors approved a reverse stock split of the Company's common stock, and on August 9, 2023, the Company filed a preliminary proxy statement with the SEC to begin the necessary shareholder vote for approval. The Board's decision is intended to ensure the Company gains compliance with the New York Stock Exchange's (NYSE) continued listing standard related to minimum stock price. Further details regarding the proposed reverse stock split and the date of the shareholder meeting will be released within the coming weeks. Aankondiging • Jul 29
Spruce Power Holding Corporation to Report Q2, 2023 Results on Aug 10, 2023 Spruce Power Holding Corporation announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 10, 2023 Aankondiging • May 12
Spruce Power Holding Corporation Announces Chief Financial Officer Changes Spruce Power Holding Corporation announced that Sarah Wells has been appointed Chief Financial Officer, effective May 19, 2023. Mrs. Wells succeeds Don Klein, who is departing in connection with the previously announced transition from XL Fleet to Spruce Power executive management. Sarah Wells brings considerable industry experience and expertise with disruptive sustainability strategies and is a long-time Spruce Power leader in cost efficiency and growth enablement. Mrs. Wells joined Spruce Power in 2018 and most recently served as Senior Vice President, Finance and Accounting and Head of Sustainability, managing financial planning and analysis, accounting and reporting, treasury and various operations duties. Prior to joining Spruce Power, she held various positions of progressive responsibility in finance and accounting, including as Finance and SOX Manager, at Cornerstone Building Brands (formerly NCI Building Systems Inc.), at that time North America’s largest publicly traded integrated manufacturer of metal building products. Earlier in her career, she served as a senior auditor at PKF Texas, working with various public companies including IPOs and mergers. Mrs. Wells earned a Bachelor of Business Administration in Accounting from the University of Lafayette. Reported Earnings • Mar 25
Full year 2022 earnings released: US$0.38 loss per share (vs US$0.21 profit in FY 2021) Full year 2022 results: US$0.38 loss per share (down from US$0.21 profit in FY 2021). Revenue: US$23.2m (up 49% from FY 2021). Net loss: US$53.8m (down 287% from profit in FY 2021). Aankondiging • Jan 10
Spruce Power Announces Chief Executive Officer Changes, Effective February 1, 2023 On February 1, 2023, Spruce Power President and Director Christian Fong will assume the role of Chief Executive Officer from current CEO Eric Tech. Tech will remain on the Board of Directors. Fong has over fifteen years of executive leadership experience in the power and energy industry. Fong assumed leadership of Spruce Power in 2017, where he built Spruce into the largest privately held residential solar owner/operator in North America, with over 50,000 customers and over $1 billion of distributed generation solar and energy efficiency assets. Over the past twenty years, Fong has served on numerous boards of companies and NGOs, including Terraform Power, then the world’s largest public independent renewable power producer. Aankondiging • Jan 05
The Shyft Group, Inc. (NasdaqGS:SHYF) completed the acquisition of Certain Assets of Spruce Power. The Shyft Group, Inc. (NasdaqGS:SHYF) agree to acquire Certain Assets of Spruce Power on December 20, 2022. Shyft is also expected to offer employment to engineers and others currently employed.
The Shyft Group, Inc. (NasdaqGS:SHYF) completed the acquisition of Certain Assets of Spruce Power on January 4, 2023. The acquisition includes the option to extend employment opportunities to XL Fleet technical talent, assume a short-term leased facility including equipment in Wixom, Mich., and support the completion of a pilot development agreement with the Department of Defense. Aankondiging • Dec 22
Spruce Power Announces Changes to Its Board of Directors Spruce Power announced that Debora Frodl will be retiring, and Sarah Sclarsic will be stepping down, from the Company’s board of directors (the “Board”) effective December 31, 2022. Ms. Frodl is retiring after serving as a Company director since May 2018, and as Chair since December 2020. She has also served as chair of the Nomination and Governance Committee and as a member of the Audit Committee. Ms. Sclarsic, who has served on the board since December 2020 as a member of the Audit Committee, is departing to pursue opportunities through a climate technology venture capital firm that she co-founded in 2021. Simultaneous to Ms. Frodl’s retirement and Ms. Sclarsic’s resignation, the board has elected current director Chris Hayes as the new Chair, effective January 1, 2023. Mr. Hayes has served as a director of the Company since May 2018. Chris has more than twenty years’ experience in clean energy and sustainability and is founder and managing partner of Alturus, which invests in sustainable infrastructure projects. Aankondiging • Dec 20
Spruce Power Ceases Operations of its Hybrid and Drivetrain-Related Business Lines Spruce Power announced that its will cease operations of its hybrid and drivetrain-related business lines, including all product development and commercial activities. Recent Insider Transactions • Nov 21
CEO & Director recently bought €58k worth of stock On the 14th of November, Eric Tech bought around 60k shares on-market at roughly €0.96 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Eric has been a buyer over the last 12 months, purchasing a net total of €91k worth in shares. Reported Earnings • Nov 11
Third quarter 2022 earnings released: US$0.15 loss per share (vs US$0.054 loss in 3Q 2021) Third quarter 2022 results: US$0.15 loss per share (further deteriorated from US$0.054 loss in 3Q 2021). Revenue: US$8.36m (up 161% from 3Q 2021). Net loss: US$22.0m (loss widened 192% from 3Q 2021). Aankondiging • Oct 22
XL Fleet Receives Notice Regarding NYSE Continued Listing Standard XL Fleet Corp. (“XL Fleet” or the “Company”) announced that on October 20, 2022, it received a notice from the New York Stock Exchange (“NYSE”), notifying the Company that it is out of compliance with the NYSE's price criteria for continued listing standards because, as of October 19, 2022, the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. The Company will notify the NYSE of its intent to cure its stock price deficiency within the applicable time period required by the NYSE, and to return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider all available alternatives, including, but not limited to, a potential reverse stock split, subject to stockholder approval, no later than at the Company's next annual meeting of stockholders, if necessary to cure the stock price non-compliance. Under the NYSE’s rules, if the Company determines that it will cure the stock price deficiency by taking an action that will require stockholder approval by no later than its next annual meeting of stockholders and implements the action promptly thereafter, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days. Aankondiging • Oct 18
XL Fleet Corp. to Report Q3, 2022 Results on Nov 09, 2022 XL Fleet Corp. announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 09, 2022 Aankondiging • Sep 14
XL Fleet Corp. (NYSE:XL) acquired Solar Service Experts, LLC from HPS Investment Partners, LLC for approximately $600 million. XL Fleet Corp. (NYSE:XL) acquired Solar Service Experts, LLC from HPS Investment Partners, LLC for approximately $600 million on September 9, 2022. The consideration includes cash consideration of $58 million and approximately $540 million of debt assumed. After paying the purchase price and related transaction fees and expenses, XL Fleet had approximately $270 million of cash and cash equivalents, of which, approximately $240 million was unrestricted. To support XL Fleet’s new corporate strategy, Christian Fong, the current Chief Executive Officer of Spruce Power, has been appointed President of XL Fleet and to the XL Fleet Board of Directors. Additionally, the company intends to appoint Christian Fong as Chief Executive Officer of XL Fleet on or prior to February 15, 2023. Eric Tech will remain the Chief Executive Officer of XL Fleet until the planned appointment of Christian Fong. In connection with the acquisition of Spruce Power and implementation of the company’s new corporate strategy, XL Fleet intends to change its corporate name and introduce a new brand identity. The company’s new name will reflect its focus on providing subscription-based solutions for rooftop solar, energy storage, EV charging and other energy-related products to homeowners and small businesses. The acquisition of Spruce Power was funded with cash on hand and the assumption of existing Spruce Power debt. XL Fleet did not issue any stock to HPS, the owner of Spruce Power, in the transaction. Spruce Power generated revenues, net income and Adjusted EBITDA of $83 million, $15 million and $51 million, respectively, for the twelve months ended June 30, 2022. The Board of Directors of XL Fleet unanimously approved the transaction. Guggenheim Securities, LLC served as exclusive financial advisor and WilmerHale served as outside counsel to XL Fleet in connection with the transaction.
XL Fleet Corp. (NYSE:XL) completed the acquisition of Solar Service Experts, LLC from HPS Investment Partners, LLC on September 9, 2022. Reported Earnings • Aug 11
Second quarter 2022 earnings released: US$0.089 loss per share (vs US$0.075 loss in 2Q 2021) Second quarter 2022 results: US$0.089 loss per share (down from US$0.075 loss in 2Q 2021). Revenue: US$3.01m (down 19% from 2Q 2021). Net loss: US$12.7m (loss widened 21% from 2Q 2021). Over the next year, revenue is forecast to grow 66%, compared to a 9.6% growth forecast for the industry in Germany. Aankondiging • Jul 22
XL Fleet Corp. to Report Q2, 2022 Results on Aug 09, 2022 XL Fleet Corp. announced that they will report Q2, 2022 results After-Market on Aug 09, 2022 Reported Earnings • May 11
First quarter 2022 earnings released: US$0.11 loss per share (vs US$0.46 profit in 1Q 2021) First quarter 2022 results: US$0.11 loss per share (down from US$0.46 profit in 1Q 2021). Revenue: US$4.76m (up US$4.09m from 1Q 2021). Net loss: US$16.1m (down 126% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 39%, compared to a 9.4% growth forecast for the industry in Germany. Aankondiging • May 10
XL Fleet Unveils its First All-Electric Refuse Vehicle at WasteExpo 2022 XL Fleet Corp. unveil at WasteExpo 2022 its first ever all-electric pre-series unit on the Curbtender Quantum refuse truck. The vehicle was developed in collaboration with Curbtender Inc. (“Curbtender”), utilizing a Ford F-600 chassis. Curbtender is a market leader in under CDL refuse trucks and a pioneer in automated side loader collection. The EV solution is the first of three pre-series vehicles, and the companies plan to build and deliver multiple commercial units in 2022. The platform was designed from the ground up to satisfy the challenging vocational operating conditions of refuse vehicles, resulting in a fleet-ready EV solution that delivers improved weight distribution, packaging, battery safety and performance. XL Fleet has experienced strong customer demand for this purpose-built solution across a wide range of conditions, and will continue to test and refine its current design with sales expected later in 2022. The all-electric vehicle features a proprietary swing panel packing mechanism, which allows the packer to clear more trash in a shorter amount of time and with a smaller hopper requirement. The result is a faster, lighter rear loader with an industry leading payload. The zero-emission propulsion system will also become available on the Curbtender TomCat model, the company’s most versatile refuse collection truck. Board Change • Apr 29
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Founder, Chairman of Board of Advisors Tod Hynes was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 22
XL Fleet Corp. to Report Q1, 2022 Results on May 10, 2022 XL Fleet Corp. announced that they will report Q1, 2022 results After-Market on May 10, 2022 Aankondiging • Apr 13
XL Fleet Corp. Announces Executive Changes XL Fleet Corp. announced that Donald P. Klein has been appointed as Chief Financial Officer of XL Fleet, effective April 11, 2022. Mr. Klein is a seasoned finance executive with extensive accounting, analysis, and public reporting experience. He is an influential leader and trusted business partner with a strong track-record of accomplishments, focus and business acumen. Mr. Klein replaces Chris Goldner, who was appointed as the company’s interim Chief Financial Officer in February 2022. Prior to joining XL Fleet, Mr. Klein served as Chief Financial Officer of Power Solutions International Inc. (Power Solutions), a publicly traded company and leader in the design, engineering and manufacture of a broad range of advanced, emission-certified engines and power systems. Mr. Klein joined Power Solutions in 2018 and has held various senior leadership positions including Principal Accounting Officer and most recently, Chief Financial Officer. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 18% share price gain to €2.06, the stock trades at a trailing P/E ratio of 12x. Average forward P/E is 9x in the Auto Components industry in Germany. Total loss to shareholders of 81% over the past year. Aankondiging • Mar 06
XL Fleet Appoints John Miller to Its Board of Directors XL Fleet Corp. announced the appointment of John Miller to its Board of Directors. Mr. Miller will provide strategic counsel to support the future of the business as the Company helps its customers meet decarbonization and sustainability goals. Mr. Miller has more than 40 years of executive management experience in the transportation, manufacturing and distribution industries, including operations and finance leadership positions at public companies. Reported Earnings • Mar 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.21 (up from US$0.72 loss in FY 2020). Revenue: US$15.6m (down 23% from FY 2020). Net income: US$28.8m (up US$89.4m from FY 2020). Revenue exceeded analyst estimates by 22%. Over the next year, revenue is forecast to grow 73% compared to a 1.9% decline forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.61, the stock trades at a trailing P/E ratio of 47.1x. Average forward P/E is 11x in the Auto Components industry in Germany. Total loss to shareholders of 91% over the past year. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €1.83, the stock trades at a trailing P/E ratio of 50.6x. Average forward P/E is 11x in the Auto Components industry in Germany. Total loss to shareholders of 89% over the past year. Reported Earnings • Nov 17
Third quarter 2021 earnings released: US$0.054 loss per share (vs US$0.48 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$3.20m (down 49% from 3Q 2020). Net loss: US$7.53m (loss widened 34% from 3Q 2020). Aankondiging • Aug 27
XL Fleet to Electrify Ram 2500 and 3500 Heavy Duty Pickup Trucks with Hybrid Electric Upfit Technology XL Fleet Corp. announced it is now offering its hybrid electric drive system for Ram 2500 and 3500 heavy duty pickup trucks. The XLH™ system represents the Company’s first electrification product to be available for Stellantis’ line of commercial pickup trucks. XL Fleet’s newest product represents the fourth OEM platform on which its electrification systems are compatible, which also includes hybrid and plug-in hybrid electric drive solutions for Ford, General Motors and Isuzu fleet vehicles. With the Ram 2500 and 3500 heavy duty pickup models added to its hybrid product line, XL Fleet now electrifies four of the U.S.’s top-selling pickup brands, including Ford F-series, Chevrolet Silverado, Ram and GMC Sierra trucks. With the addition of Stellantis and its popular Ram truck and commercial lineup to its roster of OEM partners, XL Fleet continues to diversify its product portfolio to meet a broader range of vehicles, applications and specifications for its fleet customers. Ram pickups are renowned among fleets for their exceptional towing capability, comfort and luxury design, and can now realize significant fuel economy improvements and CO2 emissions reductions with an XL Hybrid electric drive system installed. The XLH hybrid electric drive system is now available for select Ram 2500 /3500 models with the 6.4L V8 engine and a wide range of wheelbases, cab configurations and drivelines. The XLH system features a high-efficiency lithium-ion battery, inverter and electric traction motor, which helps to propel the vehicle forward during acceleration and captures energy through regenerative braking during deceleration. As with the rest of the XLH hybrid electric upfit applications, the system requires no external power or charging infrastructure to operate, and all OEM factory warranties remain intact. The XLH system includes XL Fleet’s standard 3-year, 75,000-mile warranty, with extended warranty options available. The systems are also currently available on a wide variety of Class 2-6 vehicles from Ford, Chevrolet, GMC, and Isuzu. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 23% share price gain to €5.78, the stock trades at a trailing P/E ratio of 69.1x. Average forward P/E is 10x in the Auto Components industry in Germany. Reported Earnings • Aug 13
Second quarter 2021 earnings released: US$0.075 loss per share (vs US$0.16 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$3.69m (up 93% from 2Q 2020). Net loss: US$10.5m (loss narrowed 22% from 2Q 2020). Aankondiging • Jul 15
XL Fleet Corp. Introduces Hybrid Electric Drive System Upfit for Isuzu Npr-Hd XL Fleet Corp. announced that its XL Hybrid electric drive system is now available as an upfit solution for the new Isuzu NPR-HD. The electrification system is XL Fleet’s newest product release and enables Isuzu customers to electrify one of its newest and most popular medium duty low cab forward vehicles, which is ideally suited for demanding applications including last mile delivery, beverage distribution, utility work and food service. Featuring a high efficiency lithium-ion battery, electric motor, inverter and control software, the XL Hybrid system transforms traditional gas-powered fleet vehicles into hybrid electric units with no operational disruption to the fleet. The NPR-HD is the second Isuzu vehicle XL Fleet has electrified, after originally launching its hybrid system on the Isuzu Reach™ diesel walk-through van for a global package delivery customer in 2015. Aankondiging • Jun 10
Glancy Prongay & Murray LLP Appoints Lead Counsel in Securities Class Action Against XL Fleet Corp. f/k/a Pivotal Investment Corporation II Glancy Prongay & Murray LLP (“GPM”) announced that it has been appointed Lead Counsel in the securities class action against XL Fleet Corp. (“XL Fleet” or the “Company”) f/k/a Pivotal Investment Corporation II (“Pivotal”) and certain executive officers of the Company, currently pending in the United States District Court for the Southern District of New York. Investors that purchased XL Fleet or Pivotal securities between October 2, 2020 and March 2, 2021 are encouraged to contact Garth Spencer, Esq. of GPM at 310-201-9150 to discuss the status of the case and the claims in the litigation. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog; (2) that at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (3) that XL’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 16% share price gain to US$5.56, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 14x in the Auto Components industry in Europe. Reported Earnings • May 19
First quarter 2021 earnings released: EPS US$0.46 (vs US$0.63 loss in 1Q 2020) First quarter 2021 results: Revenue: US$675.0k (down 57% from 1Q 2020). Net income: US$61.9m (up US$69.1m from 1Q 2020). Aankondiging • May 18
XL Fleet Corp. (NYSE:XL) acquired World Energy Efficiency Services, LLC for $16 million. XL Fleet Corp. (NYSE:XL) acquired World Energy Efficiency Services, LLC for $16 million on May 17, 2021. Pursuant to the acquisition, the company acquired 100% of the outstanding membership interests of World Energy Efficiency Services, LLC ("WEES") in exchange for total consideration of up to $16 million comprised of $8.0 million in cash paid on the closing date, approximately $7.0 million in shares of the company’s common stock and an earnout opportunity pursuant to which WEES’ members can earn an additional $1.0 million in cash if WEES meets certain revenue targets on 2021. With respect to the share component of the purchase price, 231,002 shares were issued at the closing date, with the balance issuable in three installments on the 6, 24 and 30 month anniversary of the closing date, provided that the senior executives of World Energy remain employed with the company. The purchase price is subject to an adjustment for closing date net working capital. WEES generated $18 million of total revenue and was free cash flow positive for full-year 2020. The WEES team will be joining XL Fleet team. The transaction was approved by both companies' Boards of Directors.
XL Fleet Corp. (NYSE:XL) completed the acquisition of World Energy Efficiency Services, LLC on May 17, 2021. Aankondiging • Apr 16
Kaskela Law Llc Announces Shareholder Class Action Lawsuit Against Xl Fleet Corp. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm Kaskela Law LLC announced that a shareholder class action lawsuit has been filed against XL Fleet Corp. formerly known as Pivotal Investment Corp. II (“Pivotal”) (NYSE: PIC), on behalf of investors who purchased or acquired XL or PIC securities between October 2, 2020 and March 2, 2021. Aankondiging • Mar 10
Bragar Eagel & Squire, P.C. Announces Class Action Lawsuit Against XL Fleet Corp Bragar Eagel & Squire, P.C. announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased XL Fleet Corp. securities between September 2, 2020 and March 2, 2021, inclusive (the “Class Period”). Investors have until May 7, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit. The complaint, filed on March 8, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog; (2) that at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (3) that XL’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Aankondiging • Mar 09
Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against XL Fleet Corp Glancy Prongay & Murray LLP announced that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Suh v. XL Fleet Corp., et al., (Case No. 1:21-cv-02002) on behalf of persons and entities that purchased or otherwise acquired XL Fleet Corp. securities between October 2, 2020 and March 2, 2021, inclusive. Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On March 3, 2021, Muddy Waters Research published a report entitled “XL Fleet Corp.: More SPAC Trash,” alleging, among other things, that salespeople “were pressured to inflate their sales pipelines materially in order to mislead XL’s board and investors” and that “customer reorder rates are in reality quite low” due to “poor performance and regulatory issues.” Citing interviews with former employees, the report alleged that “at least 18 of 33 customers XL featured were inactive.” Muddy Waters also claimed that XL has “weak technology” and that “XL’s announcement of future class 7-8 upfits seems highly promotional” because the task is “too technologically complex for XL engineers to deliver on the promised timeline.” On this news, the Company’s stock price fell $2.09, or 13%, to close at $13.86 per share on March 3, 2021, on unusually heavy trading volume. The share price continued to decline by $2.69, or 19.4%, over two consecutive trading sessions to close at $11.17 per share on March 5, 2021, on unusually heavy trading volume. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog; (2) that at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (3) that XL’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. Aankondiging • Feb 26
Xl Fleet Reaches Strategic Partnership with UBS Arena XL Fleet reached a strategic partnership with UBS Arena and the New York Islanders that includes the opportunity to explore the deployment and operation of 1,000 electric vehicle charging stations at the new UBS Arena, New York’s next premier entertainment and sports venue and future home of the New York Islanders. The 43-acre site has the potential to become one of the largest electric vehicle charging sites in the United States, with an optimal location in the metropolitan New York region near both LaGuardia and JFK Airports. The partnership will enable UBS Arena with the opportunity to explore XL Fleet’s leading suite of electrification solutions to quickly and cost effectively deploy a large-scale EV infrastructure for a wide range of users, including arena guests and nearby fleets who can charge during off-peak hours. UBS Arena is being developed in partnership with Oak View Group, LLC, founding partner of the Arena Alliance, a consortium of over 35 arenas and stadiums across the U.S. In 2021, the Islanders will move to UBS Arena, which will be the first venue of its kind in New York built to achieve LEED V4 standards while featuring state-of-the-art sustainable technology. This partnership enables the Arena to provide patrons and employees access to EV charging while utilizing its expansive and strategically located footprint and utility infrastructure to help meet the growing demand for EV charging in the New York metropolitan region. To support this project, XL Fleet will leverage the breadth of its full electrification portfolio, including its XL Grid division launched in December 2020. XL Fleet plans to deploy and manage a robust suite of electrification infrastructure, including solar power generation, energy storage and vehicle charging stations, and to equip and deploy fleets of electric vehicles for use by UBS Arena and the New York Islanders. Aankondiging • Feb 05
XL Fleet Partners with Curbtender to Develop All-Electric and Plug-In Hybrid Refuse Trucks XL Fleet Corp. announced it has entered into a strategic partnership with Curbtender. Under the terms of the agreement, XL Fleet and Curbtender will jointly develop a series of battery electric (BEV) and plug-in hybrid electric (PHEV) commercial trucks for use in waste management applications. The two companies have committed to developing and launching a battery electric refuse vehicle equipped with an XL Electric™ propulsion system and a Curbtender Quantum rear loader refuse truck body within the next year. The agreement also includes the joint development of plug-in hybrid electric versions of the vehicle, as well as a range of Class 3 – Class 8 vehicle solutions for the waste management industry. Aankondiging • Feb 04
XL Fleet Corp. to Report Q4, 2020 Results on Mar 30, 2021 XL Fleet Corp. announced that they will report Q4, 2020 results Pre-Market on Mar 30, 2021 Aankondiging • Jan 20
XL Fleet Corp. Announces Management Appointments XL Fleet Corp. announced two additions to its executive leadership team designed to support the Company’s rapid expansion plans in 2021 and beyond. Colleen Calhoun, a clean energy executive who spent over two decades at GE in senior leadership roles across its energy, power and finance businesses, has joined XL Fleet as Vice President and General Manager of the Company’s XL Grid division. In this role, Colleen will be responsible for leading and growing the XL Grid business, which provides commercial and municipal fleet customers with charging infrastructure, energy storage and power solutions for fleets, and advances XL Fleet’s Electrification as a Service Offering. Most recently, Colleen has been a strategic advisor to Commonwealth Fusion, Quaise Inc. and several other corporations, helping them grow and scale their energy-focused businesses. She is a member of the Board of Directors for Quaise Inc. and the Clean Energy Trust. XL Fleet also announced it has appointed Jim Berklas, a senior legal and M&A executive, as the Company’s General Counsel & Vice President of Corporate Development. In this role, Jim will oversee the Company’s legal and compliance functions and help execute upon its corporate development initiatives, including strategic M&A investments. Prior to joining XL Fleet, Jim founded a boutique investment bank representing smaller domestic manufacturers and served as the Chief Growth Officer, head of M&A and general counsel of medical device and packaging manufacturer Westfall Technik, where he led the acquisition of 17 companies and improved profitability by over 40%. Jim brings 25 years of legal experience with 11 years of public company leadership and has closed over 200 acquisition and financing transactions.