Spruce Power Holding announces 19% workforce reduction

In a regulatory filing, the company said, “On September 16, 2025, the Board of Directors approved a plan to implement a reduction in force as part of the company’s broader efforts to streamline operations. The company expects that these efforts, including the reduction in force, will result in annualized cost savings of approximately $20 million, when fully implemented. The reduction in force is expected to affect approximately 40 employees and contractors, representing approximately 19% of the company’s workforce, who were informed of the reduction in force on September 24, 2025. In connection with the reduction in force, the company estimates that it will incur charges of approximately $1 million, consisting primarily of cash expenditures for employee severance and related costs. The company expects to recognize the majority of these charges in the third quarter of 2025. The company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the reduction in force.”