Altus Power, Inc. Announces Third Quarter 2024 Financial Results

Rhea-AI Summary

Altus Power (NYSE: AMPS) reported strong Q3 2024 financial results with revenues of $58.7 million, up 30% year-over-year. GAAP net income reached $8.6 million, increasing from $6.8 million in Q3 2023. Adjusted EBITDA grew 27% to $37.0 million.

The company achieved significant operational milestones, surpassing 1 GW in operating assets nationwide and expanding its Community Solar subscriber base to approximately 30,000 households across nine states. The company generated 333 million kilowatt hours of clean power in Q3. Management reaffirmed FY2024 guidance of $196-201 million in revenue and $111-115 million in adjusted EBITDA.

Positive

• Revenue increased 30% YoY to $58.7 million
• Net income grew to $8.6 million from $6.8 million YoY
• Adjusted EBITDA rose 27% to $37.0 million
• Achieved 1 GW milestone in operating assets
• Community Solar subscriber base expanded to 30,000 households

Negative

• Operating expenses increased due to personnel growth

Insights

Financial Analyst

The Q3 2024 results demonstrate robust financial performance with significant year-over-year growth. $58.7 million in revenue represents a 30% increase, while Adjusted EBITDA grew by 27% to $37.0 million. The company's milestone of surpassing 1 GW in operating assets signals strong operational execution.

Key financial metrics show healthy fundamentals: improved GAAP net income of $8.6 million (vs. $6.8 million in Q3 2023), expanded community solar subscriber base to 30,000 households and reaffirmed full-year guidance of $196-201 million in revenue. The growth is primarily driven by increased solar facility deployments and power sales, though operating expenses have risen to support expansion initiatives.

The company's focus on commercial-scale solar installations positions it well in the growing clean energy market, with particular strength in addressing local power needs and transmission constraints.

Energy Infrastructure Expert

Reaching the 1 GW operating asset milestone represents significant scale in the commercial solar sector. The generation of 333 million kilowatt hours in Q3 demonstrates substantial clean energy production capacity, with meaningful environmental impact through 232,000 metric tons of CO2 avoidance.

The expansion across nine states for community solar shows successful market penetration and diversification. The strategy of focusing on localized power generation near consumption points is particularly valuable given current grid infrastructure challenges. This approach of distributed generation helps reduce transmission losses and infrastructure costs while providing more reliable power supply to commercial customers.

Third Quarter Financial Highlights

• Third quarter 2024 revenues of $58.7 million, a 30% increase as compared to third quarter 2023
• GAAP net income of $8.6 million for third quarter 2024, as compared to $6.8 million for third quarter 2023
• Adjusted EBITDA* of $37.0 million for third quarter 2024, a 27% increase as compared with third quarter 2023

Recent Business Highlights

• Nationwide portfolio that surpassed 1 GW in operating assets as of September 30, 2024
• Expanded Community Solar subscriber base to approximately 30,000 households across nine states
• Generated 333 million kilowatt hours of clean electric power in third quarter 2024, the equivalent of approximately 232,000 metric tons of carbon dioxide avoided

STAMFORD, Conn.--(BUSINESS WIRE)-- Altus Power, Inc. (NYSE: AMPS) (“Altus Power,” “we,” “us,” “our” or the “Company”), the largest commercial scale provider of clean, electric power, today announced its financial results for the third quarter of 2024.

“Our third quarter performance reflects our market-leading position in the rapidly growing commercial scale solar sector as we surpassed 1 GW in operating assets nationwide,” said Gregg Felton, CEO of Altus Power. “Our focus is on generating clean power directly where it’s needed, addressing energy demands and alleviating transmission strain by providing solutions close to where the power is being consumed.”

Third Quarter Financial Results

Operating revenues during the third quarter of 2024 totaled $58.7 million, compared to $45.1 million during the same period of 2023, an increase of 30%. The increase is primarily due to the greater number of solar energy facilities placed in service and onboarded during the past twelve months and resulting increased sales of power to our customers.

Third quarter 2024 GAAP net income totaled $8.6 million, compared to $6.8 million for the same period of 2023. The increase was primarily driven by the non-cash gain from remeasurement of alignment shares.

Adjusted EBITDA* during the third quarter of 2024 was $37.0 million, compared to $29.1 million for the third quarter of 2023, a 27% increase. The year-over-year growth in adjusted EBITDA* was primarily the result of increased revenue from additional solar energy facilities, partially offset by an increase in our operating expenses as well as general and administrative expenses attributable to increased personnel to support our ongoing growth initiatives.

2024 Guidance

The Company reaffirmed its previously stated guidance range of $196-201 million of revenue and $111-115 million of adjusted EBITDA* for FY2024.

Use of Non-GAAP Financial Information

*Denotes Non-GAAP financial measure. We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as adjusted EBITDA and adjusted EBITDA margin provide users of our financial statements with supplemental information that may be useful in evaluating our business. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We define adjusted EBITDA as net income plus net interest expense, depreciation, amortization and accretion expense, income tax expense or benefit, acquisition and entity formation costs, stock-based compensation expense or benefit, and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, gain or loss on fair value remeasurement of contingent consideration, gain or loss on disposal of property, plant and equipment, change in fair value of Alignment Shares liability, loss on extinguishment of debt, CEO transition costs, and other miscellaneous items of other income and expenses.

Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures that we use to measure our performance. We believe that investors and analysts also use adjusted EBITDA and adjusted EBITDA margin in evaluating our operating performance. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The GAAP measure most directly comparable to adjusted EBITDA is net income and to adjusted EBITDA margin is net income over operating revenues. The presentation of adjusted EBITDA and adjusted EBITDA margin should not be construed to suggest that our future results will be unaffected by non-cash or non-recurring items. In addition, our calculation of adjusted EBITDA and adjusted EBITDA margin are not necessarily comparable to adjusted EBITDA and adjusted EBITDA margin as calculated by other companies and investors and analysts should read carefully the components of our calculations of these non-GAAP financial measures.

We believe adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. Factors in this determination include the exclusion of (1) variability due to gains or losses related to fair value remeasurement of contingent consideration and the change in fair value of Alignment Shares liability, (2) strategic decisions to acquire businesses, dispose of property, plant and equipment or extinguish debt, and (3) the non-recurring nature of stock-based compensation, CEO transition costs, and other miscellaneous items of income and expense, which affect results in a given period or periods. In addition, adjusted EBITDA represents the business performance of the Company before the application of statutory income tax rates and tax adjustments corresponding to the various jurisdictions in which the Company operates, as well as interest expense and depreciation, amortization and accretion expense, which are not representative of our ongoing operating performance.

Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets. Adjusted EBITDA should not be considered an alternative to but viewed in conjunction with GAAP results, as we believe it provides a more complete understanding of ongoing business performance and trends than GAAP measures alone. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

In addition to adjusted EBITDA, we may also refer to annual recurring revenues, or ARR, which is a non-GAAP measure. ARR is an estimate that management uses to determine the expected annual revenue potential of our operating asset base at the end of a calendar year. ARR assumes customary weather, production, expenses and other economic and market conditions, as well as seasonality. It is not derived from a GAAP financial measure so it is difficult to provide a meaningful reconciliation to GAAP. The elements of our financial statements that are considered or evaluated in determining our ARR are the following: the estimated megawatt hours of generation assuming all new build and operating assets added any time during the year were in place for the full year and the estimated power prices for such assets based on historical power prices. We believe this metric can be helpful to assess our portfolio asset base in operation at the beginning of an annual period, e.g., if we were to receive the benefit of assets added for a full year even if they were added during a partial year. This figure is only an estimate and is based on a number of assumptions by Altus Power's management that may or may not be realized.

Altus Power does not provide GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty and without unreasonable effort, items such as acquisition and entity formation costs, gain on fair value remeasurement of contingent consideration, change in fair value of Alignment Shares. These items are uncertain, depend on various factors, and could be material to Altus Power’s results computed in accordance with GAAP.

Adjusted EBITDA Definitions

Interest Expense, Net. Interest expense, net represents interest on our borrowings under our various debt facilities, amortization of debt discounts and deferred financing costs, and unrealized gains and losses on interest rate swaps.

Depreciation, Amortization and Accretion Expense. Depreciation expense represents depreciation on solar energy systems that have been placed in service. Depreciation expense is computed using the straight-line composite method over the estimated useful lives of assets. Leasehold improvements are depreciated over the shorter of the estimated useful lives or the remaining term of the lease. Amortization includes third party costs necessary to acquire PPA and NMCA customers, value ascribed to in-place leases, and favorable and unfavorable rate revenues contracts. Value ascribed to in-place leases is amortized using the straight-line method ratably over the term of the individual site leases. Third party costs necessary to acquire PPAs and NMCA customers are amortized using the straight-line method ratably over 15-25 years based upon the term of the customer contract. Estimated fair value allocated to the favorable and unfavorable rate PPAs and REC agreements are amortized using the straight-line method over the remaining non-cancelable terms of the respective agreements. Accretion expense includes over time increase of asset retirement obligations associated with solar energy facilities.

Income Tax Expense and Benefit. We account for income taxes under ASC 740, Income Taxes. As such, we determine deferred tax assets and liabilities based on temporary differences resulting from the different treatment of items for tax and financial reporting purposes. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. Additionally, we must assess the likelihood that deferred tax assets will be recovered as deductions from future taxable income. We have a partial valuation allowance on our deferred state tax assets because we believe it is more likely than not that a portion of our deferred state tax assets will not be realized. We evaluate the recoverability of our deferred tax assets on an annual basis.

Acquisition and Entity Formation Costs. Acquisition and entity formation costs represent costs incurred to acquire businesses and form new legal entities. Such costs primarily consist of professional fees for banking, legal, accounting and appraisal services.

Stock-Based Compensation Expense. Stock-based compensation expense is recognized for awards granted under the Legacy Incentive Plans and Incentive Plan, as defined in Note 14, "Stock-Based Compensation," to our condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the period ended September 30, 2024.

Fair Value Remeasurement of Contingent Consideration. In connection with various acquisitions, contingent consideration may be payable upon achieving certain conditions. The Company estimates the fair value of contingent consideration using a Monte Carlo simulation model or an expected cash flow approach. Significant assumptions used in the measurement of fair value of contingent consideration associated with various acquisitions include market power rates, estimated volumes of power generation of acquired solar energy facilities, percentage of completion of in-development solar energy facilities, and the risk-adjusted discount rate associated with the business.

Gain or Loss on Disposal of Property, Plant and Equipment. In connection with the disposal of assets, the Company recognizes a gain or loss on disposal of property, plant and equipment, which represents the difference between the consideration received and the carrying value of the disposed asset.

Change in Fair Value of Alignment Shares Liability. Alignment Shares represent Class B common stock of the Company which were issued in connection with the Merger. Class B common stock, par value $0.0001 per share ("Alignment Shares") are accounted for as liability-classified derivatives, which were remeasured as of September 30, 2024, and the resulting gain was included in the condensed consolidated statements of operations. The Company estimates the fair value of outstanding Alignment Shares using a Monte Carlo simulation valuation model utilizing a distribution of potential outcomes based on a set of underlying assumptions such as stock price, volatility, and risk-free interest rates.

Other Income and Expense, Net. Other income and expenses primarily represent interest income, and other miscellaneous items.

CEO Transition Costs. CEO transition costs represent costs recognized in connection with the resignation of Lars Norell as Co-Chief Executive Officer and director of the Company on April 28, 2024.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “aims,” “believes,” “expects,” “intends,” “aims”, “may,” “could,” “will,” “should,” “plans,” “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” "strategy," “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met; (2) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; and (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory, credit risk and/or competitive factors.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 14^th, 2024, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and except as required by applicable law, Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Conference Call Information

The Altus Power management team will host a conference call to discuss its third quarter 2024 financial results later today at 4:30 p.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Altus Power's website at https://investors.altuspower.com/events-and-presentations/default.aspx. An archive of the webcast will be available after the call on the Investor Relations section of Altus Power's website as well.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the largest commercial-scale provider of clean electric power serving commercial, industrial, public sector and Community Solar customers with end-to-end solutions. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.

Altus Power, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
Operating revenues, net	$	58,681			$	45,079			$	151,800			$	120,970
Operating expenses
Cost of operations (exclusive of depreciation and amortization shown separately below)		11,891				7,825				34,083				21,382
General and administrative		9,824				8,194				32,086				23,847
Depreciation, amortization and accretion expense		17,151				13,719				50,447				38,054
Acquisition and entity formation costs		765				268				2,281				3,128
(Gain) loss on fair value remeasurement of contingent consideration, net		(900	)			50				(2,379	)			150
(Gain) loss on disposal of property, plant and equipment		—				—				(88	)			649
Stock-based compensation expense		4,662				4,176				4,739				11,304
Total operating expenses	$	43,393			$	34,232			$	121,169			$	98,514
Operating income		15,288				10,847				30,631				22,456
Other (income) expense
Change in fair value of Alignment Shares liability		(10,214	)			(3,508	)			(48,172	)			(23,331	)
Other expense (income), net		210				339				(1,608	)			1,569
Interest expense, net		21,783				9,180				55,841				30,150
Total other expense, net	$	11,779			$	6,011			$	6,061			$	8,388
Income before income taxes	$	3,509			$	4,836			$	24,570			$	14,068
Income tax benefit (expense)		5,100				1,940				21,243				(77	)
Net income	$	8,609			$	6,776			$	45,813			$	13,991
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests		(9,029	)			1,446				(16,979	)			(3,781	)
Net income attributable to Altus Power, Inc.	$	17,638			$	5,330			$	62,792			$	17,772
Net income per share attributable to common stockholders
Basic	$	0.11			$	0.03			$	0.39			$	0.11
Diluted	$	0.11			$	0.03			$	0.38			$	0.11
Weighted average shares used to compute net income per share attributable to common stockholders
Basic		159,990,880				158,719,684				159,641,018				158,687,373
Diluted		164,393,794				160,198,154				165,720,558				160,965,682

Altus Power, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except share and per share data)
	As of September 30, 2024			As of December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	96,899		$	160,817
Current portion of restricted cash		1,334			45,358
Accounts receivable, net		34,326			17,100
Other current assets		6,211			5,522
Total current assets		138,770			228,797
Restricted cash, noncurrent portion		13,094			12,752
Property, plant and equipment, net		1,835,399			1,619,047
Intangible assets, net		49,169			47,588
Operating lease asset		183,677			173,804
Derivative assets		—			530
Deferred tax assets, net		12,303			—
Other assets		7,663			7,831
Total assets	$	2,240,075		$	2,090,349
Liabilities, redeemable noncontrolling interests, and stockholders' equity
Current liabilities:
Accounts payable	$	8,914		$	7,338
Construction payable		11,356			14,108
Interest payable		13,885			8,685
Purchase price payable, current		11,379			9,514
Due to related parties		90			51
Current portion of long-term debt, net		143,449			39,611
Operating lease liability, current		5,478			6,861
Contract liability, current		2,078			2,940
Other current liabilities		34,179			17,402
Total current liabilities		230,808			106,510
Alignment Shares liability		12,320			60,502
Long-term debt, net of unamortized debt issuance costs and current portion		1,177,991			1,163,307
Intangible liabilities, net		17,088			18,945
Asset retirement obligations		19,577			17,014
Operating lease liability, noncurrent		189,604			180,701
Contract liability, noncurrent		5,978			5,620
Deferred tax liabilities, net		—			9,831
Other long-term liabilities		2,869			2,908
Total liabilities	$	1,656,235		$	1,565,338
Commitments and contingent liabilities
Redeemable noncontrolling interests		21,817			26,044
Stockholders' equity
Common stock $0.0001 par value; 988,591,250 shares authorized as of September 30, 2024, and December 31, 2023; 159,989,890 and 158,999,886 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		16			16
Additional paid-in capital		491,264			485,063
Retained earnings (accumulated deficit)		7,518			(55,274	)
Accumulated other comprehensive income		16,012			17,273
Total stockholders' equity	$	514,810		$	447,078
Noncontrolling interests		47,213			51,889
Total equity	$	562,023		$	498,967
Total liabilities, redeemable noncontrolling interests, and stockholders' equity	$	2,240,075		$	2,090,349

Altus Power, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands)
	Nine months ended September 30,
		2024				2023
Cash flows from operating activities
Net income	$	45,813			$	13,991
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, amortization and accretion		50,447				38,054
Non-cash lease transactions		(1,265	)			467
Deferred tax (benefit) expense		(21,296	)			67
Amortization of debt discount and financing costs		4,003				2,657
Change in fair value of Alignment Shares liability		(48,172	)			(23,331	)
Remeasurement of contingent consideration, net		(2,379	)			150
(Gain) loss on disposal of property, plant and equipment		(88	)			649
Reclassification of realized gain on cash flow hedge to net income		(1,270	)			—
Stock-based compensation expense		4,541				11,245
Other		(2,002	)			243
Changes in assets and liabilities, excluding the effect of acquisitions
Accounts receivable		(15,741	)			(5,668	)
Due to related parties		39				(59	)
Derivative assets		530				(52	)
Other assets		246				3,236
Accounts payable		1,780				2,245
Interest payable		5,200				4,059
Contract liability		344				346
Other liabilities		(371	)			797
Net cash provided by operating activities		20,359				49,096
Cash flows used for investing activities
Capital expenditures		(57,640	)			(89,344	)
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired		(119,240	)			(313,292	)
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired		(84,999	)			(28,259	)
Proceeds from disposal of property, plant and equipment		266				2,350
Net cash used for investing activities		(261,613	)			(428,545	)
Cash flows provided by financing activities
Proceeds from issuance of long-term debt		211,451				311,642
Repayment of long-term debt		(94,782	)			(41,900	)
Payment of debt issuance costs		(1,232	)			(2,969	)
Payment of deferred purchase price payable		(8,102	)			(4,531	)
Payment of contingent consideration		(5,793	)			—
Contributions from noncontrolling interests		16,176				8,347
Redemption of noncontrolling interests		(3,191	)			—
Redemption of redeemable noncontrolling interests		—				(3,224	)
Distributions to noncontrolling interests		(4,300	)			(3,326	)
Proceeds from transfer of investment tax credits related to noncontrolling interests		23,427				—
Net cash provided by financing activities		133,654				264,039
Net decrease in cash, cash equivalents, and restricted cash		(107,600	)			(115,410	)
Cash, cash equivalents, and restricted cash, beginning of period		218,927				199,398
Cash, cash equivalents, and restricted cash, end of period	$	111,327			$	83,988

	Nine months ended September 30,
		2024			2023
Supplemental cash flow disclosure
Cash paid for interest	$	46,556			$	25,017
Cash paid for taxes		34				85
Non-cash investing and financing activities
Asset retirement obligations	$	1,792			$	4,291
Debt assumed through acquisitions		—				7,883
Noncontrolling interest assumed through acquisitions		2,100				13,500
Redeemable noncontrolling interest assumed through acquisitions		(100	)			11,341
Accrued distributions to noncontrolling interests		1,018				—
Acquisitions of property and equipment included in construction payable		—				1,730
Conversion of Alignment Shares into common stock		10				11
Deferred purchase price payable		—				7,606

Non-GAAP Financial Reconciliation

Reconciliation of GAAP reported Net Income to non-GAAP adjusted EBITDA:

	Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
	(in thousands)								(in thousands)
Reconciliation of Net income to Adjusted EBITDA:
Net income	$	8,609			$	6,776			$	45,813			$	13,991
Income tax (benefit) expense		(5,100	)			(1,940	)			(21,243	)			77
Interest expense, net		21,783				9,180				55,841				30,150
Depreciation, amortization and accretion expense		17,151				13,719				50,447				38,054
Stock-based compensation expense		4,662				4,176				4,739				11,304
Acquisition and entity formation costs		765				268				2,281				3,128
(Gain) loss on fair value remeasurement of contingent consideration, net		(900	)			50				(2,379	)			150
(Gain) loss on disposal of property, plant and equipment		—				—				(88	)			649
Change in fair value of Alignment Shares liability		(10,214	)			(3,508	)			(48,172	)			(23,331	)
Other expense (income), net		210				339				(1,608	)			1,569
CEO transition costs		—				—				2,203				—
Adjusted EBITDA	$	36,966			$	29,060			$	87,834			$	75,741

Reconciliation of non-GAAP adjusted EBITDA margin:

	Three Months Ended September 30,								Nine Months Ended September 30,
		2024				2023				2024				2023
	(in thousands)								(in thousands)
Reconciliation of Adjusted EBITDA margin:
Adjusted EBITDA	$	36,966			$	29,060			$	87,834			$	75,741
Operating revenues, net		58,681				45,079				151,800				120,970
Adjusted EBITDA margin		63	%			64	%			58	%			63	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112730308/en/

Altus Power Contact for Investor or Media Inquiries:

Alison Sternberg, Head of Investor Relations

InvestorRelations@altuspower.com

Source: Altus Power, Inc.

FAQ

What was Altus Power's (AMPS) revenue in Q3 2024?

Altus Power reported revenues of $58.7 million in Q3 2024, representing a 30% increase compared to Q3 2023.

How much clean power did Altus Power (AMPS) generate in Q3 2024?

Altus Power generated 333 million kilowatt hours of clean electric power in Q3 2024, equivalent to avoiding approximately 232,000 metric tons of carbon dioxide.

What is Altus Power's (AMPS) revenue guidance for FY2024?

Altus Power reaffirmed its FY2024 revenue guidance range of $196-201 million and adjusted EBITDA guidance of $111-115 million.

How many Community Solar subscribers does Altus Power (AMPS) have?

Altus Power has approximately 30,000 Community Solar subscribers across nine states as of Q3 2024.