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Mar 31, 2024
Altus Power Q1 2024 Earnings Report
Altus Power's financial performance for Q1 2024 was strong, marked by revenue growth and increased profitability.
Key Takeaways
Altus Power reported a strong first quarter in 2024, with a 38% increase in revenue to $40.7 million and a rise in GAAP net income to $4.1 million. The company also saw a 23% increase in adjusted EBITDA, reaching $19.7 million, driven by the expansion of solar energy facilities and strategic acquisitions.
Revenue increased by 38% year-over-year, reaching $40.7 million.
GAAP net income increased to $4.1 million, compared to $3.8 million in the same period last year.
Adjusted EBITDA increased by 23% year-over-year, totaling $19.7 million.
Portfolio size increased by 45% to 981 MW compared to the first quarter of 2023.
Altus Power
Altus Power
Forward Guidance
Altus Power reaffirms its expectation for operating revenues in the range of $200-222 million, and adjusted EBITDA in the range of $115-135 million, representing 36% and 34% growth over 2023 at the midpoints, respectively.
Positive Outlook
- Reaffirmed revenue guidance between $200 million and $222 million.
- Reaffirmed adjusted EBITDA guidance between $115 million and $135 million.
- Revenue guidance represents 36% growth over 2023 at the midpoint.
- Adjusted EBITDA guidance represents 34% growth over 2023 at the midpoint.
- Company is well positioned to capitalize on rising retail rates
Challenges Ahead
- Pending acquisitions may not close in the anticipated timeframe.
- Failure to obtain required consents or regulatory approvals in a timely manner.
- Inability to successfully integrate the acquisition of solar assets into its business.
- Inability to retain customers and maintain relationships with business partners.
- Potential adverse effects from economic, business, regulatory, credit risk and/or competitive factors.