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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and SPRUCE POWER HOLDING CORP (SPRU). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $24.0M, roughly 1.8× SPRUCE POWER HOLDING CORP). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -28.6%, a 152.6% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 20.4%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-3.3M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 14.6%).
Spruce Finance is an American consumer finance company specializing in the residential solar finance and efficiency home improvement sectors in the U.S.
ADAM vs SPRU — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $24.0M |
| Net Profit | $53.5M | $-6.9M |
| Gross Margin | — | — |
| Operating Margin | — | 9.4% |
| Net Margin | 124.0% | -28.6% |
| Revenue YoY | 61.6% | 20.4% |
| Net Profit YoY | 270.5% | -15.8% |
| EPS (diluted) | $0.45 | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $24.0M | ||
| Q3 25 | $36.6M | $30.7M | ||
| Q2 25 | $36.4M | $33.2M | ||
| Q1 25 | $33.1M | $23.8M | ||
| Q4 24 | $26.7M | $20.0M | ||
| Q3 24 | $20.2M | $21.4M | ||
| Q2 24 | $19.0M | $22.5M | ||
| Q1 24 | $17.9M | $18.3M |
| Q4 25 | $53.5M | $-6.9M | ||
| Q3 25 | $44.8M | $-860.0K | ||
| Q2 25 | $8.5M | $-3.0M | ||
| Q1 25 | $42.2M | $-15.3M | ||
| Q4 24 | $-31.4M | $-5.9M | ||
| Q3 24 | $42.8M | $-53.5M | ||
| Q2 24 | $-15.6M | $-8.6M | ||
| Q1 24 | $-57.9M | $-2.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 54.8% | ||
| Q2 24 | — | 54.9% | ||
| Q1 24 | — | 51.5% |
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 27.6% | ||
| Q2 25 | 11.7% | 26.8% | ||
| Q1 25 | — | -7.1% | ||
| Q4 24 | -119.0% | -31.4% | ||
| Q3 24 | — | -173.8% | ||
| Q2 24 | -124.7% | -14.9% | ||
| Q1 24 | -448.8% | -19.7% |
| Q4 25 | 124.0% | -28.6% | ||
| Q3 25 | 122.5% | -2.8% | ||
| Q2 25 | 23.4% | -8.9% | ||
| Q1 25 | 127.4% | -64.4% | ||
| Q4 24 | -117.5% | -29.7% | ||
| Q3 24 | 211.7% | -250.4% | ||
| Q2 24 | -81.9% | -38.2% | ||
| Q1 24 | -324.1% | -13.4% |
| Q4 25 | $0.45 | $-0.38 | ||
| Q3 25 | $0.36 | $-0.05 | ||
| Q2 25 | $-0.04 | $-0.17 | ||
| Q1 25 | $0.33 | $-0.84 | ||
| Q4 24 | $-0.46 | $-0.36 | ||
| Q3 24 | $0.36 | $-2.88 | ||
| Q2 24 | $-0.29 | $-0.45 | ||
| Q1 24 | $-0.75 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $54.8M |
| Total DebtLower is stronger | $735.8M | $695.5M |
| Stockholders' EquityBook value | $1.4B | $121.3M |
| Total Assets | $12.6B | $837.3M |
| Debt / EquityLower = less leverage | 0.52× | 5.74× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $54.8M | ||
| Q3 25 | $185.3M | $53.6M | ||
| Q2 25 | $160.4M | $53.5M | ||
| Q1 25 | $177.1M | $61.9M | ||
| Q4 24 | $167.4M | $72.8M | ||
| Q3 24 | $195.1M | $113.7M | ||
| Q2 24 | $235.5M | $116.6M | ||
| Q1 24 | $226.9M | $120.6M |
| Q4 25 | $735.8M | $695.5M | ||
| Q3 25 | $766.6M | $705.6M | ||
| Q2 25 | $653.0M | $717.1M | ||
| Q1 25 | $654.4M | $723.8M | ||
| Q4 24 | $573.2M | $730.6M | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $121.3M | ||
| Q3 25 | $1.4B | $124.9M | ||
| Q2 25 | $1.4B | $125.0M | ||
| Q1 25 | $1.4B | $130.8M | ||
| Q4 24 | $1.4B | $143.7M | ||
| Q3 24 | $1.4B | $151.6M | ||
| Q2 24 | $1.4B | $204.6M | ||
| Q1 24 | $1.5B | $213.0M |
| Q4 25 | $12.6B | $837.3M | ||
| Q3 25 | $12.4B | $857.1M | ||
| Q2 25 | $10.6B | $862.6M | ||
| Q1 25 | $10.0B | $878.0M | ||
| Q4 24 | $9.2B | $898.5M | ||
| Q3 24 | $8.9B | $806.8M | ||
| Q2 24 | $8.2B | $858.4M | ||
| Q1 24 | $7.4B | $867.9M |
| Q4 25 | 0.52× | 5.74× | ||
| Q3 25 | 0.55× | 5.65× | ||
| Q2 25 | 0.47× | 5.74× | ||
| Q1 25 | 0.47× | 5.53× | ||
| Q4 24 | 0.41× | 5.08× | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $-3.3M |
| Free Cash FlowOCF − Capex | $125.9M | $-3.3M |
| FCF MarginFCF / Revenue | 291.6% | -13.7% |
| Capex IntensityCapex / Revenue | 18.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-3.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-3.3M | ||
| Q3 25 | $6.9M | $11.2M | ||
| Q2 25 | $39.2M | $-2.3M | ||
| Q1 25 | $25.8M | $-9.1M | ||
| Q4 24 | $14.1M | $-13.5M | ||
| Q3 24 | $-922.0K | $-1.1M | ||
| Q2 24 | $-993.0K | $-5.1M | ||
| Q1 24 | $-13.1M | $-22.2M |
| Q4 25 | $125.9M | $-3.3M | ||
| Q3 25 | — | $11.2M | ||
| Q2 25 | — | $-2.4M | ||
| Q1 25 | — | $-9.2M | ||
| Q4 24 | $-10.6M | $-13.6M | ||
| Q3 24 | $-8.6M | $-1.1M | ||
| Q2 24 | $-8.6M | $-5.2M | ||
| Q1 24 | $-19.1M | $-22.3M |
| Q4 25 | 291.6% | -13.7% | ||
| Q3 25 | — | 36.5% | ||
| Q2 25 | — | -7.3% | ||
| Q1 25 | — | -38.7% | ||
| Q4 24 | -39.6% | -68.3% | ||
| Q3 24 | -42.3% | -5.1% | ||
| Q2 24 | -44.9% | -23.1% | ||
| Q1 24 | -107.0% | -121.7% |
| Q4 25 | 18.9% | 0.0% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 92.3% | 0.9% | ||
| Q3 24 | 37.7% | 0.1% | ||
| Q2 24 | 39.7% | 0.4% | ||
| Q1 24 | 33.5% | 0.4% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
SPRU
Segment breakdown not available.
