Spruce Power Holding Corporation announced that Thomas Cimino will serve as its Chief Financial Officer, effective December 8 2025. Cimino had been acting as interim CFO since June 2025 and signed his permanent employment agreement on December 3 2025, solidifying the company’s financial leadership after a six‑month transition period.
Cimino brings more than 25 years of senior financial experience, having held senior roles at the U.S. Securities and Exchange Commission, PwC’s Global Capital Markets Group, and KPMG. He also served as CFO of Vantage Drilling International and AEI Services and as EVP of Finance and Administration at EnfraGen, giving him a broad background in capital markets, regulatory compliance, and operational finance.
Spruce Power’s financial profile underscores the importance of the new CFO’s role. The company carries a debt load of $693 million, a debt‑to‑equity ratio of 5.55, and a current ratio of 0.51, indicating short‑term liquidity pressure. Despite these challenges, the company reported a 44% year‑over‑year revenue increase in Q3 2025, driven by growth in its distributed solar portfolio and the Spruce Pro servicing platform. Net loss narrowed dramatically from $53.6 million a year earlier to $0.9 million, a result of aggressive cost reductions—O&M costs fell 53% and SG&A costs dropped 4% year‑over‑year—alongside the $132.5 million acquisition of 9,800 residential solar systems from NJR Clean Energy Ventures.
The company’s strategy centers on expanding its distributed solar assets and scaling the Spruce Pro platform, which provides subscription‑based services for third‑party solar owners. Recent partnerships, including agreements with ADT and Sunvida, and the monetization of Solar Renewable Energy Credits in California, illustrate the platform’s growing market reach. These initiatives are expected to generate recurring revenue streams and improve operating leverage as the company scales.
CEO Chris Hayes said, “Thomas brings a deep understanding of capital markets and a proven track record of driving financial discipline. His appointment signals our commitment to strengthening internal controls and executing our disciplined growth strategy.” Cimino added, “I am honored to lead Spruce Power’s financial organization at a pivotal time as we continue to scale our portfolio and enhance shareholder value.”
The appointment positions Spruce Power to better manage its debt profile, improve cash‑flow generation, and support the company’s expansion plans. With a seasoned CFO at the helm, the company aims to reinforce financial oversight, optimize capital allocation, and sustain momentum in its growth initiatives.
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