TPI Composites

Nov 02, 2023

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Sep 30, 2023

TPI Composites Q3 2023 Earnings Report

Reported financial results, focusing on cash flow and liquidity.

Key Takeaways

TPI Composites reported a decrease in net sales and a net loss from continuing operations for Q3 2023. The company focused on cash flow and liquidity, finishing the quarter with $161 million of unrestricted cash, despite charges related to the Proterra bankruptcy and a warranty campaign.

Net sales decreased by 3.0% to $372.9 million compared to the same period in 2022.

Net loss from continuing operations was $72.8 million, compared to a loss of $21.8 million in the same period in 2022.

Adjusted EBITDA was a loss of $27.4 million, compared to an adjusted EBITDA of $5.1 million in the same period in 2022.

Unrestricted cash, cash equivalents, and short-term investments totaled $160.6 million as of September 30, 2023.

Previous year: -$0.39

+338.5%