Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 53,645	$ 72,802
Restricted cash	45,124	36,346
Accounts receivable, net of allowance for credit losses of $0.8 million and $0.8 million as of September 30, 2025 and December 31, 2024, respectively	18,085	15,010
Interest rate swap assets, current	4,390	6,258
Prepaid expenses and other current assets	4,190	6,014
Total current assets	125,434	136,430
Investment related to SEMTH master lease agreement	134,705	136,942
Property and equipment, net	569,281	589,014
Interest rate swap assets, non-current	10,376	18,414
Intangible assets, net	8,112	8,957
Deferred rent assets	4,479	3,717
Right-of-use assets, net	4,415	4,750
Other assets	255	255
Total Assets	857,057	898,479
Current liabilities
Accounts payable	1,459	987
Accrued expenses and other current liabilities	24,928	28,125
Non-recourse debt, current	218,480	28,310
Deferred revenue, current	1,165	1,194
Lease liability, current	936	892
Interest rate swap liabilities, current	104	0
Current liabilities of discontinued operations	21	61
Total current liabilities	247,093	59,569
Non-recourse debt, non-current	466,764	677,021
Deferred revenue, non-current	3,704	2,790
Lease liability, non-current	4,415	4,848
Unfavorable solar renewable energy agreements, net	1,618	4,134
Interest rate swap liabilities, non-current	2,313	385
Other long-term liabilities	3,783	3,540
Long-term liabilities of discontinued operations	31	40
Total Liabilities	729,721	752,327
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.0001 par value; 350,000,000 shares authorized at September 30, 2025 and December 31, 2024; 20,036,082 and 18,165,255 shares issued and outstanding at September 30, 2025, respectively, and 19,403,262 and 18,311,054 shares issued and outstanding at December 31, 2024, respectively	2	2
Additional paid-in capital	480,488	478,366
Accumulated deficit	(347,541)	(328,377)
Treasury stock at cost, 1,870,827 shares and 1,092,208 at September 30, 2025 and December 31, 2024, respectively	(8,095)	(6,277)
Total stockholders’ equity	124,854	143,714
Noncontrolling interests	2,482	2,438
Total equity	127,336	146,152
Total liabilities, stockholders’ equity and noncontrolling interests	$ 857,057	$ 898,479

SPRUCE POWER HOLDING CORP 10-Q