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Mar 31, 2023
Altus Power Q1 2023 Earnings Report
Altus Power reported an increase in revenue and adjusted EBITDA compared to the same period last year, but a decrease in net income, primarily due to changes in non-cash remeasurement of alignment shares.
Key Takeaways
Altus Power announced its Q1 2023 financial results, reporting a 53% increase in revenue to $29.4 million and an 83% increase in adjusted EBITDA to $16.0 million compared to Q1 2022. However, GAAP net income decreased to $3.8 million from $60.1 million year-over-year, primarily due to changes in non-cash remeasurement of alignment shares. The company reaffirmed its 2023 adjusted EBITDA guidance in the range of $97-103 million.
Q1 2023 revenues increased by 53% year-over-year to $29.4 million.
GAAP net income for Q1 2023 was $3.8 million, a decrease compared to $60.1 million in Q1 2022.
Adjusted EBITDA for Q1 2023 increased by 83% year-over-year to $16.0 million.
The company reaffirmed 2023 adjusted EBITDA guidance in the range of $97-103 million.
Forward Guidance
Altus Power reaffirmed 2023 adjusted EBITDA in the range of $97-103 million, representing 70% growth over 2022 at the midpoint. The Company also continues to expect 2023 adjusted EBITDA margin to be in the mid-to-high fifty percent range.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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