Spruce Power Names Thomas Cimino Interim CFO, Replacing Sarah Wells

Spruce Power has appointed Thomas Cimino as interim CFO, effective June 5, 2025. This follows the transition of former CFO Sarah Wells. Cimino has experience as CFO at Vantage Drilling International and AEI Services, and executive vice president of finance and administration for EnfraGen.

Spruce Power Holding Corporation (NYSE: SPRU), a leading operator of distributed solar energy assets, has appointed Thomas Cimino as Interim Chief Financial Officer (CFO), effective June 5, 2025. This appointment follows the departure of former CFO Sarah Wells, who left to pursue a private company opportunity. Cimino brings over 25 years of financial experience to the role, having served as CFO at Vantage Drilling International and AEI Services, and Executive Vice President of Finance and Administration at EnfraGen [1][2][3][4][5].

Cimino’s appointment comes at a critical time for Spruce Power, as the company continues to execute its strategic priorities in the distributed solar energy market. The company reported a significant revenue increase of 30% year-over-year for the first quarter of 2025, reaching $23.8 million, primarily driven by the launch of the Spruce Pro solar servicing platform and a strategic service agreement with ADT [1]. Despite this growth, the company faced a GAAP net loss of $15.3 million, highlighting the challenges in achieving profitability. However, operating EBITDA saw a 15% increase, reaching $12.3 million [1].

Spruce Power currently holds a total cash balance of $96.5 million, with $61.9 million being unrestricted. The company is focused on generating positive free cash flow and improving operating EBITDA throughout 2025. Additionally, Spruce Power plans to engage in strategic mergers and acquisitions and renew its share repurchase program. The company does not anticipate needing to refinance its debt in 2025, with long-term debt standing at $723.8 million at a 6% blended interest rate [1].

Chris Hayes, Chief Executive Officer of Spruce, expressed confidence in Cimino’s ability to navigate complex business environments and execute growth strategies. “Thomas is adept at navigating complex business environments with a strong focus on operational efficiencies and executing growth strategies,” said Hayes. “I am confident that his extensive financial expertise makes him the right choice to guide us during this transition, while we continue to execute on our strategic priorities” [1][2][3][4][5].

Spruce Power provides subscription-based services that allow homeowners to access solar power and battery storage without significant upfront investments or maintenance costs. The company owns cash flows from approximately 85,000 home solar assets and contracts across the United States [1][2][3][4][5].

References:
[1] https://www.investing.com/news/company-news/spruce-power-appoints-thomas-cimino-as-interim-cfo-93CH-4089697
[2] https://www.citybiz.co/article/705342/spruce-power-appoints-thomas-cimino-as-interim-chief-financial-officer/
[3] https://www.marketwatch.com/story/spruce-power-holding-names-cimino-interim-cfo-4bbb9e34
[4] https://solarquarter.com/2025/06/11/spruce-power-appoints-interim-cfo-to-strengthen-financial-leadership-amid-growth-phase/
[5] https://www.businesswire.com/news/home/20250610872103/en/Spruce-Power-Announces-Appointment-of-Interim-Chief-Financial-Officer