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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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