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TPI Composites, Inc. (Nasdaq: TPIC) is the largest independent manufacturer of composite wind blades in the United States. With over five decades of expertise in the industry, TPI specializes in producing high-strength, lightweight, and durable composite structures for the wind energy market. The company operates manufacturing facilities in North America, Europe, and Asia, and maintains engineering development centers in Denmark and Germany, along with global service training centers in the U.S. and Spain.
TPI's core business involves the manufacturing of composite wind blades, primarily supporting global wind turbine manufacturers. Their advanced composite technology allows them to build near aerospace-grade parts at industrial prices, offering competitive and high-quality products. In addition to wind energy, TPI serves the transportation industry, manufacturing composite structures for buses, rail, theme parks, and trucks.
Recently, TPI expanded its partnership with Nordex in Türkiye, enhancing their decade-long collaboration to deliver cost-effective solutions for the European market. They have also deepened their relationship with GE Vernova, further cementing their position in the U.S. wind market.
In an innovative move, TPI has partnered with the University of Maine Advanced Structures and Composites Center and Oak Ridge National Laboratory to utilize one of the world's largest 3D printers for producing wind turbine tooling. This initiative aims to reduce manufacturing costs and improve production efficiency.
TPI has been making significant strides in financial performance as well. The company reported a net income of $11.6 million for Q4 2023, a turnaround from a loss of $41.9 million in the same period in 2022. This financial recovery was bolstered by a gain on extinguishment of debt associated with refinancing their Series A Preferred Stock.
Moreover, TPI has contributed to the Kenworth SuperTruck 2 program, showcasing an all-composite cab that offers significant weight reduction and improved aerodynamics. This project aligns with TPI's commitment to sustainable and innovative solutions in the transportation sector.
Overall, TPI Composites continues to leverage its advanced composite manufacturing technology and expertise to deliver sustainable solutions for the wind and transportation markets, aiming to decarbonize and electrify the world.
TPI Composites, Inc. (TPIC) has partnered with Helicoid Industries to create a lightweight, bio-inspired EV underbody protection panel utilizing Helicoid™ technology. This innovative solution aims to replace traditional aluminum designs, offering a product that is lighter, more resilient, and cost-effective. The development process took place at TPI’s Automotive Technology Center using advanced automated manufacturing techniques. The new panel provides enhanced protection for electric vehicle battery packs from road debris, demonstrating TPI's commitment to delivering efficient and high-quality solutions for the evolving automotive market. This collaboration highlights TPI's focus on sustainability and innovation in the automotive sector.
TPI Composites, Inc. (Nasdaq: TPIC) will announce its first quarter 2023 results on May 3, 2023, after market close. A conference call will follow at 5:00 p.m. (ET) where investors can access live audio by calling 1-844-825-9789 (international: 1-412-317-5180). A replay will be available shortly after the call until May 10, 2023. TPI specializes in sustainable composite solutions for the wind and automotive sectors and maintains operations in various countries, including the U.S., Mexico, Türkiye, and India. The company emphasizes long-term relationships with leading OEMs, focusing on innovative solutions to decarbonize and electrify industries.
TPI Composites (TPIC) has initiated a partnership with Tex-Tech and Carbon Rivers for a pilot program aimed at recycling end-of-life wind turbine blades. This collaboration focuses on pyrolyzing the blades and recovering glass fiber for use in cured-in-place pipe (CIPP) systems, which rehabilitate existing pipelines without excavation. TPI's innovation supports a circular economy, converting waste into valuable materials, reducing landfill usage, and enhancing infrastructure longevity. Key stakeholders highlighted the importance of sustainable supply chains and innovative applications for recycled materials. This initiative could significantly impact waste management in the wind energy sector.
On February 28, 2023, TPI Composites, Inc. (TPIC) announced the pricing of $115 million in 5.25% convertible senior notes due 2028, increasing from an initial offering of $100 million. The offering will close on March 3, 2023. The notes feature a semi-annual interest payment, with an initial conversion rate of 66.5425 shares per $1,000, representing a premium of about 30% over the last stock price of $11.56. TPI expects net proceeds of approximately $110.8 million, earmarked for green projects, working capital, and capped call transactions to mitigate stock dilution risks. The capped call transactions aim to offset potential dilution from note conversions.
TPI Composites has initiated a private offering of $100 million in convertible senior notes due 2028, aimed at qualified institutional buyers. An additional $15 million may also be offered. The notes, which will mature on March 15, 2028, will be unsecured and bear interest payable semi-annually. Noteholders can convert their notes into cash or common stock under specific conditions. TPI plans to utilize a portion of the net proceeds for capped call transactions to mitigate potential stock dilution and fund eligible green projects, alongside working capital and debt repayment. The offering is subject to market conditions and regulatory exemptions.
TPI Composites (Nasdaq: TPIC) announced its financial results for Q4 and the full year 2022, highlighting a net loss of $124.2 million for the year. However, adjusted EBITDA for the same period improved significantly to $73.6 million. Despite some inflationary pressures and operational challenges, the company expects net sales growth of 1.5% in 2022, driven by higher average wind blade prices and increased production at facilities in Turkey and Mexico. Looking ahead, TPI projects 2023 net sales between $1.6 billion and $1.7 billion, with an adjusted EBITDA margin in the low single-digit range. The company also plans capital expenditures of approximately $25 million.
TPI Composites, Inc. (Nasdaq: TPIC) will release its fourth quarter and full year 2022 results on February 22, 2023, after market close. A conference call will follow at 5:00 p.m. ET. Investors can participate by dialing 1-877-407-9208 or through the company's Investor Relations website. A replay will be available after the call until March 1, 2023. TPI focuses on sustainable composite solutions for the wind and automotive markets, maintaining operations across the U.S., Mexico, Türkiye, and India, alongside engineering centers in Denmark and Germany.
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