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NEW YORK - Spruce Power Holding Corporation (NYSE:SPRU), a distributed solar energy asset operator with a market capitalization of $34.2 million, has appointed Thomas Cimino as Interim Chief Financial Officer effective June 5, the company announced in a press release. According to InvestingPro data, the company faces significant financial challenges with a weak overall financial health score.
Cimino replaces former CFO Sarah Wells, who left the company to pursue an opportunity with a private company. Spruce is conducting a search for a permanent CFO.
The interim executive brings over 25 years of financial experience to the role. His previous positions include CFO at Vantage Drilling International and AEI Services, and Executive Vice President of Finance and Administration at EnfraGen. Cimino also worked at the U.S. Securities and Exchange Commission and PricewaterhouseCoopers.
"Thomas is adept at navigating complex business environments with a strong focus on operational efficiencies and executing growth strategies," said Chris Hayes, Chief Executive Officer of Spruce, in the statement.
Spruce Power owns cash flows from approximately 85,000 home solar assets and contracts across the United States. The company provides subscription-based services that allow homeowners to access solar power and battery storage without significant upfront investments or maintenance costs.
The announcement comes as the company continues to execute on its strategic priorities in the distributed solar energy market.
In other recent news, Spruce Power reported a significant revenue increase of 30% year-over-year for the first quarter of 2025, reaching $23.8 million. This growth was largely attributed to the launch of the Spruce Pro solar servicing platform and a strategic service agreement with ADT. Despite this revenue growth, the company faced a GAAP net loss of $15.3 million, which may have contributed to investor concerns. Operating EBITDA also saw an increase of 15% from the previous year, amounting to $12.3 million. In terms of financial positioning, Spruce Power 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.
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