Loading...
•
Jun 30, 2024
Altus Power Q2 2024 Earnings Report
Altus Power's financial performance increased in Q2 2024, driven by revenue growth and strategic portfolio scaling.
Key Takeaways
Altus Power reported a strong second quarter in 2024, with a 13% increase in revenue to $52.5 million and a significant rise in GAAP net income to $33.1 million. The company's adjusted EBITDA also increased by 2% to $31.2 million.
Revenues reached $52.5 million, a 13% increase compared to Q2 2023.
GAAP net income was $33.1 million, significantly up from $3.4 million in Q2 2023.
Adjusted EBITDA increased to $31.2 million, a 2% rise from Q2 2023.
Portfolio size increased by 42% compared to Q2 2023.
Altus Power
Altus Power
Forward Guidance
Altus Power revised its full-year 2024 revenue guidance to $196-201 million and adjusted EBITDA guidance to $111-115 million. The company reaffirmed its 3-year guidance of 20-30% CAGR on megawatts and 20-25% CAGR on revenue and adjusted EBITDA.
Positive Outlook
- Reaffirmed 3-year guidance of 20-30% CAGR on megawatts.
- Reaffirmed 3-year guidance of 20-25% CAGR on revenue.
- Reaffirmed 3-year guidance of 20-25% CAGR on adjusted EBITDA.
- Company expects to continue scaling portfolio.
- Company expects to capitalize on long-term growth opportunities.
Challenges Ahead
- Revised full-year 2024 revenue guidance to $196-201 million.
- Revised full-year 2024 adjusted EBITDA guidance to $111-115 million.
- Pending acquisitions may not close in the anticipated timeframe.
- Failure to obtain required consents or regulatory approvals in a timely manner.
- Risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets.