Installed Capacity and Growth - As of September 30, 2024, Altus Power has installed a cumulative total of 1,013 megawatts (MW) of solar energy systems, representing a 40% increase from 721 MW as of September 30, 2023[198]. - Cumulative megawatts installed increased from 896 MW as of December 31, 2023, to 1,013 MW as of September 30, 2024, marking a 13% increase[199]. - The company’s pipeline of opportunities totals over 1 gigawatt (GW), with 162 MW in the construction phase and 258 MW in the contract/negotiation phase[190]. - The company displaces over 800,000 tons of CO2 emissions annually, providing clean electricity equivalent to the consumption of over 100,000 homes[178]. - As of September 30, 2024, the total megawatts installed across various states reached 1,013 MW, with New York leading at 205 MW, representing 20.2% of the total[200]. Revenue and Financial Performance - Adjusted EBITDA for the three months ended September 30, 2024, was $36,966,000, up from $29,060,000 in the same period of 2023, reflecting a significant increase[209]. - Operating revenues increased by $13.6 million, or 30.2%, to $58.7 million for the three months ended September 30, 2024, compared to $45.1 million for the same period in 2023[234]. - Net income attributable to Altus Power, Inc. was $17.6 million for the three months ended September 30, 2024, compared to $5.3 million in the same period in 2023, reflecting a 230.9% increase[234]. - Operating revenues for the nine months ended September 30, 2024, increased by $30.8 million, or 25.5%, to $151.8 million compared to $121.0 million for the same period in 2023[257]. - Net income attributable to Altus Power, Inc. for the nine months ended September 30, 2024, was $62.8 million, a significant increase of $45.0 million, or 253.3%, from $17.8 million in the same period in 2023[257]. Power Purchase Agreements and Revenue Sources - The company has long-term power purchase agreements (PPAs) with over 450 enterprise entities and approximately 30,000 residential customers, supported by 300 MW of community solar projects[178]. - The company derives its operating revenues primarily from Power Purchase Agreements (PPAs), net metering credit agreements (NMCAs), solar renewable energy credits (SRECs), and performance-based incentives[211]. - Power sales under Power Purchase Agreements (PPAs) rose by $4.1 million, or 23.4%, to $21.5 million, while sales under Non-Market Contracts (NMCAs) increased by $5.1 million, or 36.7%, to $18.9 million[236]. - Power sales under Power Purchase Agreements (PPAs) rose by $11.8 million, or 27.4%, totaling $54.9 million, while sales under Non-Market Capacity Agreements (NMCAs) increased by $10.4 million, or 30.7%, to $44.4 million[259]. Expenses and Cost Management - General and administrative expenses rose by $1.6 million, or 19.9%, to $9.8 million, primarily due to increased personnel costs from a higher headcount[240]. - Total operating expenses increased by $9.2 million, or 26.8%, to $43.4 million, driven by higher costs in operations and general administration[234]. - The cost of operations increased by 52.0% to $11.9 million, primarily due to the expansion of the solar facility portfolio[238]. - General and administrative expenses rose by $8.2 million, or 34.5%, totaling $32.1 million, mainly due to increased personnel costs from higher headcount[261]. - Depreciation, amortization, and accretion expenses increased by $12.4 million, or 32.6%, to $50.4 million, attributed to a larger number of operating solar facilities[262]. Debt and Financing - The outstanding principal balance of the APAF Term Loan was $465.2 million as of September 30, 2024, down from $474.6 million as of December 31, 2023[288]. - The outstanding principal balance of the APAF II Term Loan was $104.5 million as of September 30, 2024, down from $112.8 million as of December 31, 2023[290]. - The outstanding principal balance of the APAF III Term Loan was $417.6 million as of September 30, 2024, down from $426.6 million as of December 31, 2023[295]. - The outstanding principal balance of the APAF IV Term Loan was $100.5 million as of September 30, 2024[298]. - The company borrowed $100.0 million under the APAGH Term Loan on December 27, 2023, to fund future growth needs[301]. Cash Flow and Liquidity - As of September 30, 2024, the company had total cash, cash equivalents, and restricted cash of $111.3 million[278]. - The company expects to have sufficient cash and cash flows from operations to meet working capital, debt service obligations, and anticipated required capital expenditures for at least the next 12 months[281]. - During the nine months ended September 30, 2024, the company provided $20.4 million from operating activities, a decrease from $49.1 million in the same period of 2023[315][316]. - Net cash used in investing activities for the nine months ended September 30, 2024, was $261.6 million, compared to $428.5 million in 2023[318][319]. - Net cash provided by financing activities was $133.7 million for the nine months ended September 30, 2024, down from $264.0 million in 2023[320][321].

Financial Performance - Third quarter 2024 revenues reached $58.7 million, a 30% increase compared to $45.1 million in the same period of 2023[2] - GAAP net income for the third quarter 2024 was $8.6 million, up from $6.8 million in the third quarter 2023[3] - Adjusted EBITDA for the third quarter 2024 was $37.0 million, reflecting a 27% increase from $29.1 million in the third quarter 2023[4] - Operating revenues for the three months ended September 30, 2024, were $58,681 million, a 30.3% increase from $45,079 million in the same period of 2023[26] - Net income attributable to Altus Power, Inc. for the nine months ended September 30, 2024, was $62,792 million, compared to $17,772 million in the same period of 2023, reflecting a significant increase[26] - Net income for the nine months ended September 30, 2024, was $45,813, compared to $13,991 for the same period in 2023, representing a significant increase[30] - Adjusted EBITDA for the three months ended September 30, 2024, was $36,966, up from $29,060 in 2023, indicating a growth of approximately 27%[31] - Adjusted EBITDA margin for the nine months ended September 30, 2024, was 58%, compared to 63% in the same period of 2023[31] Operational Highlights - The company surpassed 1 GW in operating assets nationwide as of September 30, 2024[1] - The Community Solar subscriber base expanded to approximately 30,000 households across nine states[1] - Generated 333 million kilowatt hours of clean electric power in the third quarter 2024, avoiding approximately 232,000 metric tons of carbon dioxide[1] - The increase in operating revenues was primarily due to a greater number of solar energy facilities placed in service over the past twelve months[2] - The year-over-year growth in adjusted EBITDA was mainly driven by increased revenue from additional solar energy facilities, despite rising operating and administrative expenses[4] - The company focuses on generating clean power close to consumption points to address energy demands and alleviate transmission strain[2] Guidance and Projections - The company reaffirmed its revenue guidance for FY2024 in the range of $196-201 million and adjusted EBITDA guidance of $111-115 million[5] Cash Flow and Assets - Total current assets decreased to $138,770 million as of September 30, 2024, from $228,797 million as of December 31, 2023[27] - Cash and cash equivalents decreased to $96,899 million as of September 30, 2024, from $160,817 million as of December 31, 2023[27] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $20,359 million, down from $49,096 million in the same period of 2023[28] - Capital expenditures for the nine months ended September 30, 2024, were $57,640 million, compared to $89,344 million in the same period of 2023[28] - Proceeds from the issuance of long-term debt amounted to $211,451 million for the nine months ended September 30, 2024, compared to $311,642 million in the same period of 2023[28] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $107,600 million for the nine months ended September 30, 2024[28] - Total stockholders' equity increased to $514,810 million as of September 30, 2024, from $447,078 million as of December 31, 2023[27] Expenses and Liabilities - Total liabilities increased slightly to $1,656,235 million as of September 30, 2024, compared to $1,565,338 million as of December 31, 2023[27] - Cash paid for interest in the nine months ended September 30, 2024, was $46,556, compared to $25,017 in 2023, showing an increase of approximately 86%[29] - Cash paid for taxes decreased to $34 in the nine months ended September 30, 2024, from $85 in 2023[29] - Noncontrolling interest assumed through acquisitions was $2,100 in the nine months ended September 30, 2024, down from $13,500 in 2023[29] - The company reported a change in fair value of Alignment Shares liability of $(48,172) for the nine months ended September 30, 2024, compared to $(23,331) in 2023[30] - Depreciation, amortization, and accretion expense for the nine months ended September 30, 2024, was $50,447, compared to $38,054 in 2023[30] - Acquisition and entity formation costs for the three months ended September 30, 2024, were $765, up from $268 in 2023[30]

Altus Power, Inc. (AMPS) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. Individual investo ...

Altus Power, Inc. (AMPS) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the s ...

A downtrend has been apparent in Altus Power, Inc. (AMPS) lately with too much selling pressure. The stock has declined 33.6% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicator ...

Altus Power, Inc. (AMPS) came out with quarterly earnings of $0.16 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 433.33%. A quarter ago, it was expected that this company would post a loss of $0.08 per share when it actually produced a loss of $0.08, delivering no surprise.Over the last four quarters, the company has surpas ...

Second Quarter Earnings Presentation August 8, 2024 Cautionary Statements And Risk Factors That May Affect Future Results The following presentation for Altus Power, Inc. ("Altus Power" or the "Company") has been prepared by Altus Power's management. You should read the presentation together with our consolidated financial statements and related notes appearing in our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 14, 2024 (the "2023 Annual Report on Form 10 ...

Altus Power, Inc. (NYSE:AMPS) Q2 2024 Earnings Conference Call August 8, 2024 4:30 AM ET Company Participants Alison Sternberg - Head, Investor Relations Gregg Felton - Chief Executive Officer Dustin Weber - Chief Financial Officer Conference Call Participants James West - Evercore ISI Justin Clare - ROTH Capital Partners Vikram Bagri - Citigroup Jeffrey Campbell - Seaport Research Partners Operator Good afternoon. And welcome to the Altus Power Second Quarter 2024 Conference Call. As a reminder, today’s ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 ALTUS POWER, INC. (Exact name of registrant as specified in its charter) Delaware 85-3448396 (State or other jurisdiction o ...

Altus Power, Inc. Announces Second Quarter 2024 Financial Results Second Quarter Financial Highlights • Second quarter 2024 revenues of $52.5 million, a 13% increase as compared to second quarter 2023 • GAAP net income of $33.1 million for second quarter 2024, as compared to $3.4 million for second quarter 2023 • Adjusted EBITDA* of $31.2 million for second quarter 2024, or a 2% increase as compared with second quarter 2023 Recent Business Highlights • Increased portfolio size by 42% as compared to second q ...