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Dec 31, 2023
Altus Power Q4 2023 Earnings Report
Altus Power reported a net loss for Q4 2023, but saw revenue increase due to growth in megawatt hours generated.
Key Takeaways
Altus Power reported a GAAP net loss of $40.0 million for the fourth quarter of 2023, compared to a net income of $67.1 million in the same period last year. However, operating revenues increased by 28% to $34.2 million, driven by growth in megawatt hours generated. Adjusted EBITDA increased by 5% to $17.3 million.
Operating revenues increased by 28% to $34.2 million compared to Q4 2022.
GAAP net loss totaled $40.0 million, compared to net income of $67.1 million for the same period last year.
Adjusted EBITDA increased by 5% to $17.3 million compared to Q4 2022.
The company added approximately 150 enterprise customers, bringing the total to over 450.
Forward Guidance
Altus Power expects 2024 operating revenues in the range $200-222 million, and adjusted EBITDA in the range of $115-135 million, representing 36% and 34% growth over 2022 at the midpoints, respectively.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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