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Dec 31, 2023
TPI Composites Q4 2023 Earnings Report
Reported a decrease in net sales but an increase in net income attributable to common stockholders due to a gain on extinguishment of Series A Preferred Stock.
Key Takeaways
TPI Composites reported a decrease in net sales for Q4 2023 compared to the same period in 2022, but net income attributable to common stockholders increased due to a gain on extinguishment of Series A Preferred Stock. The company is focused on improving profitability in the second half of 2024 and anticipates volume acceleration into 2025.
Net sales decreased by 26.2% to $297.0 million compared to Q4 2022.
Net income attributable to common stockholders was $11.6 million, compared to a loss of $41.9 million in Q4 2022, including a gain on extinguishment of $82.6 million.
Adjusted EBITDA was a loss of $28.1 million, compared to a gain of $21.2 million in Q4 2022.
Unrestricted cash and cash equivalents totaled $161.1 million as of December 31, 2023.
Revenue by Segment
Forward Guidance
TPI anticipates improved financial performance during 2024 compared to 2023, with profitability improving significantly in the second half of 2024 compared to the first half of 2024. Volume will begin to accelerate at the end of 2024 and into 2025 and position us for Adjusted EBITDA levels north of $100 million on an annualized basis beginning in 2025.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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