v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 50,591 $ 41,760
Restricted cash 0 1,121
Inventory 753 2,928
Fair value of derivative assets, net 3,007 2,565
Customer acquisition costs, net 8,038 7,761
Customer relationships, net 4,205 6,955
Deposits 3,955 4,903
Renewable energy credit asset 29,257 25,521
Other current assets 9,308 10,562
Total current assets 189,233 196,225
Property and equipment, net 5,916 6,447
Fair value of derivative assets, net [1] 482 711
Customer acquisition costs, net 3,171 3,101
Customer relationships, net 83 251
Deferred tax assets 1,619 1,839
Goodwill 120,343 120,343
Other assets 2,135 2,372
Total assets 322,982 331,289
Current liabilities:    
Accrued liabilities 16,693 20,243
Renewable energy credit liability 15,972 13,040
Fair value of derivative liabilities, net 5,191 2,156
Other current liabilities 58 58
Total current liabilities 67,906 77,098
Long-term liabilities:    
Fair value of derivative liabilities, net 728 55
Long-term portion of Senior Credit Facility 130,000 120,000
Total liabilities 198,634 197,153
Commitments and contingencies (Note 12)
Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 2,094,372 shares issued and outstanding at March 31, 2026 and 2,327,080 shares issued and outstanding at December 31, 2025 50,927 56,766
Stockholders’ equity:    
Additional paid-in capital 40,785 40,538
Accumulated other comprehensive loss (40) (40)
Retained earnings 25,494 27,110
Total stockholders’ equity 66,312 67,681
Non-controlling interest in Spark HoldCo, LLC 7,109 9,689
Total equity 73,421 77,370
Total liabilities, Series A Preferred Stock and Stockholders’ equity 322,982 331,289
Nonrelated Party    
Current assets:    
Accounts receivable 74,193 85,884
Current liabilities:    
Accounts payable 29,421 40,938
Related Party    
Current assets:    
Accounts receivable 5,926 6,265
Fair value of derivative assets, net 1,200 100
Current liabilities:    
Accounts payable 571 663
Common Class A    
Stockholders’ equity:    
Common stock 38 38
Common Class B    
Stockholders’ equity:    
Common stock $ 35 $ 35
[1] Fair value of derivative asset includes $1.2 million and $0.1 million as of March 31, 2026 and December 31, 2025, respectively, related to affiliates.