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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.
Altus Power
Altus Power
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.