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Sep 30, 2022
Altus Power Q3 2022 Earnings Report
Reported revenue increase and net loss due to non-cash remeasurement of warrants and alignment shares.
Key Takeaways
Altus Power reported a strong quarter with a 51% increase in revenue compared to Q3 2021, reaching $30.4 million. However, the company experienced a GAAP net loss of $96.6 million, primarily due to a non-cash loss from the fair value remeasurement of warrants and alignment shares. Adjusted EBITDA increased by 66% to $19.4 million, with an adjusted EBITDA margin of 64%.
Revenues increased by 51% year-over-year, reaching $30.4 million.
GAAP net loss was $96.6 million, impacted by a $102.0 million non-cash loss from fair value remeasurement of warrants and alignment shares.
Adjusted EBITDA increased by 66% year-over-year to $19.4 million.
The company expanded its portfolio by approximately 100 MW since the second quarter.
Altus Power
Altus Power
Forward Guidance
Altus Power expects its 2022 adjusted EBITDA to be near the low-end of its previous guidance, while the expectation for 2022 adjusted EBITDA margin remains unchanged in the mid-50% range. The primary driver for the revision to the company's adjusted EBITDA* outlook was the extended time to close its previously announced acquisition, which has now been completed.