TPI Composites, Inc. Announces Fourth Quarter and Full Year 2024 Earnings Results – Expects Improved Profitability in 2025
TPI Composites (TPIC) reported Q4 2024 financial results with net sales of $346.5 million, up 17.7% year-over-year. The company posted a net loss of ($49.1) million for Q4 2024, compared to net income of $14.6 million in Q4 2023. Adjusted EBITDA improved to $1.2 million from a loss of ($24.5) million in the same period last year.
For full-year 2024, net sales decreased 7.1% to $1,331.1 million, with a net loss of ($210.1) million. The company made strategic decisions including divesting its Automotive business, shutting down a Mexico facility, and restructuring its workforce in Türkiye. TPI ended 2024 with $197 million in unrestricted cash and extended supply agreements with Vestas and GE Vernova through 2025.
The company is ramping up production in Mexico to support 24/7 operations due to exceeding demand capacity for 2025, and plans to reopen its Iowa plant in mid-2025 to support GE Vernova.
TPI Composites (TPIC) ha riportato i risultati finanziari del quarto trimestre 2024 con vendite nette di 346,5 milioni di dollari, in aumento del 17,7% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di 49,1 milioni di dollari per il quarto trimestre 2024, rispetto a un utile netto di 14,6 milioni di dollari nel quarto trimestre 2023. L'EBITDA rettificato è migliorato a 1,2 milioni di dollari rispetto a una perdita di 24,5 milioni di dollari nello stesso periodo dell'anno scorso.
Per l'intero anno 2024, le vendite nette sono diminuite del 7,1% a 1.331,1 milioni di dollari, con una perdita netta di 210,1 milioni di dollari. L'azienda ha preso decisioni strategiche, tra cui la dismissione della sua attività Automotive, la chiusura di uno stabilimento in Messico e la ristrutturazione della forza lavoro in Turchia. TPI ha chiuso il 2024 con 197 milioni di dollari in contante non vincolato e ha esteso gli accordi di fornitura con Vestas e GE Vernova fino al 2025.
L'azienda sta aumentando la produzione in Messico per supportare operazioni 24/7 a causa della capacità di domanda superata per il 2025 e prevede di riaprire il suo stabilimento in Iowa a metà 2025 per supportare GE Vernova.
TPI Composites (TPIC) informó los resultados financieros del cuarto trimestre de 2024 con ventas netas de 346,5 millones de dólares, un aumento del 17,7% interanual. La compañía reportó una pérdida neta de 49,1 millones de dólares para el cuarto trimestre de 2024, en comparación con una ganancia neta de 14,6 millones de dólares en el cuarto trimestre de 2023. El EBITDA ajustado mejoró a 1,2 millones de dólares desde una pérdida de 24,5 millones de dólares en el mismo período del año pasado.
Para el año completo de 2024, las ventas netas disminuyeron un 7,1% a 1.331,1 millones de dólares, con una pérdida neta de 210,1 millones de dólares. La compañía tomó decisiones estratégicas, incluyendo la desinversión de su negocio Automotriz, el cierre de una planta en México y la reestructuración de su fuerza laboral en Turquía. TPI terminó 2024 con 197 millones de dólares en efectivo no restringido y extendió los acuerdos de suministro con Vestas y GE Vernova hasta 2025.
La compañía está aumentando la producción en México para respaldar operaciones 24/7 debido a la capacidad de demanda superada para 2025, y planea reabrir su planta en Iowa a mediados de 2025 para apoyar a GE Vernova.
TPI Composites (TPIC)는 2024년 4분기 재무 결과를 보고했으며, 순매출은 3억 4,650만 달러로 전년 대비 17.7% 증가했습니다. 회사는 2024년 4분기에 4,910만 달러의 순손실을 기록했으며, 이는 2023년 4분기에 1,460만 달러의 순이익과 비교됩니다. 조정된 EBITDA는 작년 같은 기간의 2,450만 달러 손실에서 120만 달러로 개선되었습니다.
2024년 전체 연간 순매출은 7.1% 감소하여 13억 3,110만 달러에 이르렀고, 순손실은 2억 1,010만 달러에 달했습니다. 회사는 자동차 사업 부문 매각, 멕시코 공장 폐쇄, 터키에서의 인력 재구성 등 전략적 결정을 내렸습니다. TPI는 2024년을 비제한 현금 1억 9,700만 달러로 마감했으며, Vestas 및 GE Vernova와의 공급 계약을 2025년까지 연장했습니다.
회사는 2025년 초과 수요에 대응하기 위해 멕시코에서 24/7 운영을 지원하기 위해 생산을 늘리고 있으며, GE Vernova를 지원하기 위해 2025년 중반에 아이오와 공장을 재개할 계획입니다.
TPI Composites (TPIC) a annoncé les résultats financiers du quatrième trimestre 2024 avec des ventes nettes de 346,5 millions de dollars, en hausse de 17,7 % par rapport à l'année précédente. L'entreprise a affiché une perte nette de 49,1 millions de dollars pour le quatrième trimestre 2024, contre un bénéfice net de 14,6 millions de dollars au quatrième trimestre 2023. L'EBITDA ajusté a augmenté à 1,2 million de dollars, après une perte de 24,5 millions de dollars au même période l'année dernière.
Pour l'année complète 2024, les ventes nettes ont diminué de 7,1 % pour atteindre 1 331,1 millions de dollars, avec une perte nette de 210,1 millions de dollars. L'entreprise a pris des décisions stratégiques, y compris la cession de son activité automobile, la fermeture d'une usine au Mexique et la restructuration de sa main-d'œuvre en Turquie. TPI a terminé 2024 avec 197 millions de dollars en liquidités non restreintes et a prolongé les accords de fourniture avec Vestas et GE Vernova jusqu'en 2025.
L'entreprise augmente sa production au Mexique pour soutenir des opérations 24/7 en raison d'une demande dépassant sa capacité pour 2025, et prévoit de rouvrir son usine en Iowa à la mi-2025 pour soutenir GE Vernova.
TPI Composites (TPIC) berichtete über die finanziellen Ergebnisse des vierten Quartals 2024 mit Nettoumsätzen von 346,5 Millionen Dollar, was einem Anstieg von 17,7% im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete im vierten Quartal 2024 einen Nettoverlust von 49,1 Millionen Dollar, verglichen mit einem Nettogewinn von 14,6 Millionen Dollar im vierten Quartal 2023. Das bereinigte EBITDA verbesserte sich auf 1,2 Millionen Dollar, nachdem im gleichen Zeitraum des Vorjahres ein Verlust von 24,5 Millionen Dollar verzeichnet wurde.
Für das gesamte Jahr 2024 sanken die Nettoumsätze um 7,1% auf 1.331,1 Millionen Dollar, bei einem Nettoverlust von 210,1 Millionen Dollar. Das Unternehmen traf strategische Entscheidungen, darunter die Veräußerung seines Automobilgeschäfts, die Schließung eines Werks in Mexiko und die Umstrukturierung seiner Belegschaft in der Türkei. TPI beendete das Jahr 2024 mit 197 Millionen Dollar an unbeschränkten liquiden Mitteln und verlängerte die Lieferverträge mit Vestas und GE Vernova bis 2025.
Das Unternehmen erhöht die Produktion in Mexiko, um 24/7-Betrieb zu unterstützen, da die Nachfrage für 2025 die Kapazität übersteigt, und plant, sein Werk in Iowa Mitte 2025 wieder zu eröffnen, um GE Vernova zu unterstützen.
- Net sales increased 17.7% to $346.5M in Q4 2024
- Adjusted EBITDA improved to $1.2M from ($24.5M) loss year-over-year
- Strong liquidity position with $197M in unrestricted cash
- Extended supply agreements with major customers through 2025
- Demand exceeding capacity in Mexico facilities for 2025
- Full-year net sales decreased 7.1% to $1,331.1M
- Q4 net loss of ($49.1M) compared to $14.6M profit in Q4 2023
- Full-year net loss increased to ($210.1M) from ($127.8M)
- Higher labor costs in Mexico and Türkiye
- Increased interest expense related to Oaktree's senior secured term loan
Insights
TPI Composites' Q4 2024 results reveal a complex transformation story with encouraging operational progress despite persistent challenges. The 17.7% revenue growth to
Several key operational metrics signal improving fundamentals:
- Working capital optimization has strengthened liquidity, with
$197 million in unrestricted cash - Positive Adjusted EBITDA of
$1.2 million versus prior year loss of$24.5 million - Strategic facility rationalization is enhancing operational efficiency
However, significant challenges persist. The
The extension of supply agreements with major customers Vestas and GE Vernova through 2025, coupled with demand exceeding capacity in Mexico, provides improved visibility. The planned reopening of the Iowa facility and 24/7 operations ramp-up in Mexico demonstrate strategic alignment with market opportunities, particularly in serving the growing U.S. market.
Working capital management has been notably strong, with reduced inventory levels and increased customer advances driving significant cash flow improvements. This operational discipline is important given the capital-intensive nature of the business and high debt servicing requirements.
The transition to longer, more complex blade designs is strategically sound but carries execution risks, particularly regarding labor costs and productivity in key markets like Mexico and Türkiye. The company's focus on operational optimization and cost control will be critical for achieving the projected profitability improvements in 2025.
SCOTTSDALE, Ariz., Feb. 20, 2025 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the fourth quarter and full year ended December 31, 2024.
“We delivered solid results in 2024 despite a challenging macroeconomic backdrop for the global wind industry. In 2024, we made the strategic decisions to transition lines to next-generation blades and restructure our portfolio by divesting the Automotive business, shutting down one of our Mexico facilities and rationalizing our workforce in Türkiye to reflect anticipated demand,” said Bill Siwek, President and CEO of TPI Composites. “We finished 2024 with a recovery in free cash flow, which in turn, helped us strengthen our liquidity position with
“During the fourth quarter, we extended supply agreements with Vestas and GE Vernova through 2025 and demand for our blades out of our Mexico factories exceeds current capacity for 2025 so we are ramping up production lines there to support 24/7 operations. Additionally, we are on schedule to reopen our Iowa plant in mid-2025 to support GE Vernova.”
“Over the last year, we optimized our manufacturing footprint and streamlined our operations, which we believe has positioned us for much improved profitability in 2025. We are proud of what the TPI team accomplished in 2024 given the global challenges we’ve been navigating.”
Fourth Quarter 2024 Results and Recent Business Highlights
- Net Sales totaled
$346.5 million for the three months ended December 31, 2024, an increase of17.7% over the same period last year. - Net loss from continuing operations attributable to common stockholders was (
$49.1) million for the three months ended December 31, 2024, compared to net income of$14.6 million in the same period last year. - Adjusted EBITDA was
$1.2 million for the three months ended December 31, 2024, compared to an adjusted EBITDA loss of ($24.5) million in the same period last year.
| KPIs from continuing operations | 4Q’24 | 4Q’23 | FY’24 | FY’23 | |||||||||
| Sets1 | 613 | 602 | 2,175 | 2,584 | |||||||||
| Estimated megawatts2 | 2,516 | 2,632 | 9,116 | 11,382 | |||||||||
| Utilization3 | 91 | % | 71 | % | 77 | % | 82 | % | |||||
| Dedicated manufacturing lines4 | 34 | 37 | 34 | 37 | |||||||||
| Manufacturing lines installed5 | 34 | 37 | 34 | 37 | |||||||||
| Wind Blade ASP (in $ thousands)6 | $ | 177 | $ | 148 | $ | 192 | $ | 175 | |||||
- Number of wind blade sets (which consist of three wind blades) produced worldwide during the period.
- Estimated megawatts of energy capacity to be generated by wind blade sets produced during the period.
- Utilization represents the percentage of wind blades invoiced during the period compared to the total potential wind blade capacity of manufacturing lines installed during the period.
- Number of wind blade manufacturing lines that are dedicated to our customers under long-term supply agreements at the end of the period.
- Number of wind blade manufacturing lines installed and either in operation, startup or transition during the period.
- Wind blade ASP represents the average sales price during the period for a single wind blade that we manufacture for our customers.
Fourth Quarter 2024 Financial Results from Continuing Operations
Net sales for the three months ended December 31, 2024, increased
- Net Sales of wind blades, tooling and other wind related sales (“Wind”) increased by
$54.2 million , or19.2% , to$336.0 million for the three months ended December 31, 2024, as compared to$281.8 million in the same period in 2023. The increase was primarily driven by higher sales volume and higher average sales prices for wind blades due to a shift in product mix to newer and longer blades, including the resumption of production at our previously idled facility in Juarez, Mexico. This increase also reflects the absence of a four-week shutdown at one of our plants in the prior year due to a supply chain disruption caused by out-of-specification materials. These increases were partially offset by the closure of the Nordex Matamoros plant and lower volumes at our India facility as we began the transition of a blade type. - Field service, inspection and repair services (“Field Services”) sales decreased
$2.1 million , or19.9% , to$10.5 million for the three months ended December 31, 2024, as compared to$12.6 million in the same period in 2023. The decrease was due primarily to the mix of revenue vs warranty activity in the quarter.
Net loss from continuing operations attributable to common stockholders was (
Net loss from continuing operations per common share was
Adjusted EBITDA was
Net cash provided by operating activities improved by
Net cash used in investing activities decreased by
Full Year 2024 Financial Results
Net sales for the year ended December 31, 2024, decreased
- Net Sales of wind blades, tooling and other wind related sales (“Wind”) decreased by
$96.0 million , or6.9% , to$1,298.3 million for the year ended December 31, 2024, as compared to$1,394.3 million in the same period in 2023. The decrease was primarily due to a16% decrease in the number of wind blades produced due to the number and pace of startups and transitions, expected volume declines based on market activity levels impacting our Türkiye and India facilities, and the shut-down of the Nordex Matamoros plant as of June 30, 2024. These decreases were partially offset by a10% increase in average sales prices of wind blades due to changes in the mix of wind blade models produced, in particular the startup of production at one of our previously idled facilities in Juarez, Mexico, as well has higher sales volumes to support increased demand for the U.S. market. - Field service, inspection and repair services (“Field Services”) sales decreased
$5.2 million , or13.8% , to$32.8 million for the year ended December 31, 2024, as compared to$38.1 million in the same period in 2023. The decrease was primarily due to a reduction in technicians deployed to revenue generating projects due to an increase in time spent on non-revenue generating inspection and repair activities.
Net loss from continuing operations attributable to common stockholders was (
Net loss from continuing operations per common share was
Adjusted EBITDA loss was (
Net cash provided by operating activities increased by
Net cash used in investing activities increased by
2025 Guidance
Guidance for the full year ending December 31, 2025:
| Guidance | Full Year 2025 |
| Net Sales from Continuing Operations | |
| Adjusted EBITDA margin from Continuing Operations | |
| Utilization % | ~ |
| Capital Expenditures |
Conference Call and Webcast Information
TPI Composites will host an investor conference call this afternoon, Thursday, February 20th, at 5:00 pm ET. Interested parties are invited to listen to the conference call which can be accessed live over the phone by dialing 1-800-579-2543, or for international callers, 1-785-424-1789. The Conference ID for the live call is “TPIC”. A replay will be available two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 11157847. The replay will be available until March 6, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors section of the Company’s website at www.tpicomposites.com. The online replay will be available for a limited time beginning immediately following the call.
About TPI Composites, Inc.
TPI Composites, Inc. is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Türkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain.
Forward-Looking Statements
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: growth of the wind energy and electric vehicle markets and our addressable markets for our products and services; effects on our financial statements and our financial outlook; our business strategy, including anticipated trends and developments in and management plans for our business and the wind industry and other markets in which we operate; competition; future financial results, operating results, revenues, gross margin, operating expenses, profitability, products, projected costs, warranties, our ability to improve our operating margins, and capital expenditures. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in “Risk Factors,” in our Annual Report on Form 10-K and other reports that we will file with the SEC.
Non-GAAP Definitions
This press release includes unaudited non-GAAP financial measures, including EBITDA, adjusted EBITDA, net cash (debt) and free cash flow. We define EBITDA as net income (loss) plus interest expense (including losses on the extinguishment of debt and net of interest income), income taxes and depreciation and amortization, preferred stock dividends and accretion less gain on extinguishment on series A preferred stock. We define adjusted EBITDA as EBITDA plus any share-based compensation expense, any foreign currency income or losses, any gains or losses on the sale of assets and asset impairments and any restructuring charges. We define net cash (debt) as the total unrestricted cash and cash equivalents less the total principal amount of debt outstanding. We define free cash flow as net cash flow from operating activities less capital expenditures. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP.
We provide forward-looking statements in the form of guidance in our quarterly earnings releases and during our quarterly earnings conference calls. This guidance is provided on a non-GAAP basis and cannot be reconciled to the closest GAAP measures without unreasonable effort because of the unpredictability of the amounts and timing of events affecting the items we exclude from non-GAAP measures. For example, stock-based compensation is unpredictable for our performance-based awards, which can fluctuate significantly based on current expectations of future achievement of performance-based targets. Amortization of intangible assets and restructuring costs are all impacted by the timing and size of potential future actions, which are difficult to predict. In addition, from time to time, we exclude certain items that occur infrequently, which are also inherently difficult to predict and estimate. It is also difficult to predict the tax effect of the items we exclude and to estimate certain discrete tax items, like the resolution of tax audits or changes to tax laws. As such, the costs that are being excluded from non-GAAP guidance are difficult to predict and a reconciliation or a range of results could lead to disclosure that would be imprecise or potentially misleading. Material changes to any one of the exclusions could have a significant effect on our guidance and future GAAP results. See Table Four for a reconciliation of certain non-GAAP financial measures to the comparable GAAP measures.
Investor Relations
480-315-8742
Investors@TPIComposites.com
| TPI COMPOSITES, INC. AND SUBSIDIARIES | ||||||||||||||||||
| TABLE ONE - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| (in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net sales | $ | 346,506 | $ | 294,340 | $ | 1,331,131 | $ | 1,432,408 | ||||||||||
| Cost of sales | 348,302 | 310,927 | 1,331,241 | 1,474,356 | ||||||||||||||
| Startup and transition costs | 1,869 | 11,583 | 52,889 | 21,757 | ||||||||||||||
| Total cost of goods sold | 350,171 | 322,510 | 1,384,130 | 1,496,113 | ||||||||||||||
| Gross loss | (3,665 | ) | (28,170 | ) | (52,999 | ) | (63,705 | ) | ||||||||||
| General and administrative expenses | 5,205 | 5,587 | 27,536 | 28,205 | ||||||||||||||
| Loss on sale of assets and asset impairments | 3,116 | 6,355 | 17,230 | 20,931 | ||||||||||||||
| Restructuring charges, net | 10,042 | 1,196 | 10,950 | 4,130 | ||||||||||||||
| Loss from continuing operations | (22,028 | ) | (41,308 | ) | (108,715 | ) | (116,971 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||||
| Interest expense, net | (24,415 | ) | (6,075 | ) | (92,420 | ) | (12,101 | ) | ||||||||||
| Foreign currency income (loss) | 1,190 | (1,865 | ) | (1,655 | ) | (5,122 | ) | |||||||||||
| Miscellaneous income | 1,759 | 401 | 5,220 | 1,892 | ||||||||||||||
| Total other expense | (21,466 | ) | (7,539 | ) | (88,855 | ) | (15,331 | ) | ||||||||||
| Loss before income taxes | (43,494 | ) | (48,847 | ) | (197,570 | ) | (132,302 | ) | ||||||||||
| Income tax provision | (5,655 | ) | (7,541 | ) | (12,550 | ) | (19,664 | ) | ||||||||||
| Net loss from continuing operations | (49,149 | ) | (56,388 | ) | (210,120 | ) | (151,966 | ) | ||||||||||
| Preferred stock dividends and accretion | — | (11,651 | ) | — | (58,453 | ) | ||||||||||||
| Gain on extinguishment of Series A Preferred Stock | — | 82,620 | — | 82,620 | ||||||||||||||
| Net income (loss) from continuing operations attributable to common stockholders | (49,149 | ) | 14,581 | (210,120 | ) | (127,799 | ) | |||||||||||
| Net income (loss) from discontinued operations | 1,067 | (1,212 | ) | (30,587 | ) | (49,813 | ) | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (48,082 | ) | $ | 13,369 | $ | (240,707 | ) | $ | (177,612 | ) | |||||||
| Weighted-average common shares outstanding: | ||||||||||||||||||
| Basic | 47,581 | 43,334 | 47,462 | 42,671 | ||||||||||||||
| Diluted | 47,581 | 43,334 | 47,462 | 42,671 | ||||||||||||||
| Net income (loss) from continuing operations per common share: | ||||||||||||||||||
| Basic | $ | (1.03 | ) | $ | 0.34 | $ | (4.43 | ) | $ | (2.99 | ) | |||||||
| Diluted | $ | (1.03 | ) | $ | 0.34 | $ | (4.43 | ) | $ | (2.99 | ) | |||||||
| Net income (loss) from discontinued operations per common share: | ||||||||||||||||||
| Basic | $ | 0.02 | $ | (0.03 | ) | $ | (0.64 | ) | $ | (1.17 | ) | |||||||
| Diluted | $ | 0.02 | $ | (0.03 | ) | $ | (0.64 | ) | $ | (1.17 | ) | |||||||
| Net income (loss) per common share: | ||||||||||||||||||
| Basic | $ | (1.01 | ) | $ | 0.31 | $ | (5.07 | ) | $ | (4.16 | ) | |||||||
| Diluted | $ | (1.01 | ) | $ | 0.31 | $ | (5.07 | ) | $ | (4.16 | ) | |||||||
| Non-GAAP Measures (unaudited): | ||||||||||||||||||
| EBITDA | $ | (12,139 | ) | $ | (34,621 | ) | $ | (75,267 | ) | $ | (84,812 | ) | ||||||
| Adjusted EBITDA | $ | 1,249 | $ | (24,458 | ) | $ | (38,691 | ) | $ | (44,889 | ) | |||||||
| TPI COMPOSITES, INC. AND SUBSIDIARIES | |||||||
| TABLE TWO - CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (UNAUDITED) | |||||||
| December 31, | |||||||
| (in thousands) | 2024 | 2023 | |||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 196,518 | $ | 161,059 | |||
| Restricted cash | 9,639 | 10,838 | |||||
| Accounts receivable | 130,645 | 138,029 | |||||
| Contract assets | 43,849 | 112,237 | |||||
| Prepaid expenses | 15,692 | 17,621 | |||||
| Other current assets | 25,872 | 34,564 | |||||
| Inventories | 3,968 | 9,420 | |||||
| Assets held for sale | 17,301 | — | |||||
| Current assets of discontinued operations | 1,606 | 19,307 | |||||
| Total current assets | 445,090 | 503,075 | |||||
| Noncurrent assets: | |||||||
| Property, plant, and equipment, net | 93,144 | 128,808 | |||||
| Operating lease right of use assets | 122,589 | 136,124 | |||||
| Other noncurrent assets | 31,641 | 36,073 | |||||
| Total assets | $ | 692,464 | $ | 804,080 | |||
| Liabilities, Stockholders' Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 235,469 | $ | 227,723 | |||
| Accrued warranty | 38,768 | 37,483 | |||||
| Current maturities of long-term debt | 131,363 | 70,465 | |||||
| Current operating lease liabilities | 26,224 | 22,017 | |||||
| Contract liabilities | 40,392 | 24,021 | |||||
| Current liabilities of discontinued operations | 1,752 | 4,712 | |||||
| Total current liabilities | 473,968 | 386,421 | |||||
| Noncurrent liabilities: | |||||||
| Long-term debt, net of current maturities | 485,239 | 414,728 | |||||
| Noncurrent operating lease liabilities | 99,428 | 117,133 | |||||
| Other noncurrent liabilities | 7,065 | 8,102 | |||||
| Total liabilities | 1,065,700 | 926,384 | |||||
| Total stockholders' deficit | (373,236 | ) | (122,304 | ) | |||
| Total liabilities, and stockholders' deficit | $ | 692,464 | $ | 804,080 | |||
| Non-GAAP Measure (unaudited): | |||||||
| Net debt | $ | (418,582 | ) | $ | (323,218 | ) | |
| TPI COMPOSITES, INC. AND SUBSIDIARIES | |||||||||||||||
| TABLE THREE - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net cash provided by (used in) operating activities | $ | 87,341 | $ | 4,936 | $ | 12,498 | $ | (80,972 | ) | ||||||
| Net cash used in investing activities | (4,122 | ) | (20,291 | ) | (26,201 | ) | (23,301 | ) | |||||||
| Net cash provided by (used in) financing activities | (9,812 | ) | 12,965 | 50,964 | 121,994 | ||||||||||
| Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (1,930 | ) | 1,323 | (2,415 | ) | 2,023 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 136,182 | 173,880 | 172,813 | 153,069 | |||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 207,659 | $ | 172,813 | $ | 207,659 | $ | 172,813 | |||||||
| Non-GAAP Measure (unaudited): | |||||||||||||||
| Free cash flow | $ | 83,219 | $ | (15,355 | ) | $ | (13,703 | ) | $ | (117,109 | ) | ||||
| TPI COMPOSITES, INC. AND SUBSIDIARIES | ||||||||||||||
| TABLE FOUR - RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||
| (UNAUDITED) | ||||||||||||||
| EBITDA and adjusted EBITDA are reconciled as follows: | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net income (loss) attributable to common stockholders | $ | (48,082 | ) | $ | 13,369 | $ | (240,707 | ) | $ | (177,612 | ) | |||
| Net (income) loss from discontinued operations | (1,067 | ) | 1,212 | 30,587 | 49,813 | |||||||||
| Net income (loss) from continuing operations attributable to common stockholders | (49,149 | ) | 14,581 | (210,120 | ) | (127,799 | ) | |||||||
| Preferred stock dividends and accretion | — | 11,651 | — | 58,453 | ||||||||||
| Gain on extinguishment of Series A Preferred Stock | — | (82,620 | ) | — | (82,620 | ) | ||||||||
| Net loss from continuing operations | (49,149 | ) | (56,388 | ) | (210,120 | ) | (151,966 | ) | ||||||
| Adjustments: | ||||||||||||||
| Depreciation and amortization | 6,940 | 8,151 | 29,883 | 35,389 | ||||||||||
| Interest expense, net | 24,415 | 6,075 | 92,420 | 12,101 | ||||||||||
| Income tax provision | 5,655 | 7,541 | 12,550 | 19,664 | ||||||||||
| EBITDA | (12,139 | ) | (34,621 | ) | (75,267 | ) | (84,812 | ) | ||||||
| Share-based compensation expense | 1,420 | 747 | 6,741 | 9,740 | ||||||||||
| Foreign currency loss (income), net | (1,190 | ) | 1,865 | 1,655 | 5,122 | |||||||||
| Loss on sale of assets and asset impairments | 3,116 | 6,355 | 17,230 | 20,931 | ||||||||||
| Restructuring charges, net | 10,042 | 1,196 | 10,950 | 4,130 | ||||||||||
| Adjusted EBITDA | $ | 1,249 | $ | (24,458 | ) | $ | (38,691 | ) | $ | (44,889 | ) | |||
| Free cash flow is reconciled as follows: | Three Months Ended December 31, | Year Ended December 31, | ||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Net cash provided by (used in) operating activities | $ | 87,341 | $ | 4,936 | $ | 12,498 | $ | (80,972 | ) | |||||
| Capital expenditures | (4,122 | ) | (20,291 | ) | (26,201 | ) | (36,137 | ) | ||||||
| Free cash flow | $ | 83,219 | $ | (15,355 | ) | $ | (13,703 | ) | $ | (117,109 | ) | |||
| Net debt is reconciled as follows: | December 31, | |||||||||||||
| (in thousands) | 2024 | 2023 | ||||||||||||
| Cash and cash equivalents | $ | 196,518 | $ | 161,059 | ||||||||||
| Cash and cash equivalents of discontinued operations | 1,502 | 916 | ||||||||||||
| Total debt, net of debt issuance costs and debt discount | (616,602 | ) | (485,193 | ) | ||||||||||
| Net debt | $ | (418,582 | ) | $ | (323,218 | ) | ||||||||
FAQ
What were TPI Composites' (TPIC) Q4 2024 revenue and earnings?
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