UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the transition period from to Commission File Number 001-37839 TPI Composites, Inc. (Exact name of Registrant as specified in its charter) Delaware 20-1590775 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 8501 N. Scottsdale Rd. Gainey Center II, Suite 100 Scottsdale, AZ 85253 (480) 305-8910 (Address, including zip code, and telephone number, including area code, of R ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-37839 TPI Composites, Inc. (Exact name of registrant as specified in its charter) Delaware 20-1590775 (State or other jurisdiction of incorporation or organization) (I.R ...

PART I. FINANCIAL INFORMATION [ITEM 1. Condensed Consolidated Financial Statements](index=5&type=section&id=ITEM%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited condensed consolidated financial statements for Q2 and H1 2019 and 2018 are presented, reflecting revenue growth but a net loss for the six-month period [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (as of June 30, 2019 vs. Dec 31, 2018) | Account | June 30, 2019 ($ thousands) | Dec 31, 2018 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$787,960** | **$604,855** | **+30.3%** | | Cash and cash equivalents | $58,664 | $85,346 | -31.2% | | Contract assets | $157,315 | $116,708 | +34.8% | | Operating lease right of use assets | $130,512 | $— | N/A (New Standard) | | **Total Liabilities** | **$575,928** | **$383,898** | **+50.0%** | | Accounts payable and accrued expenses | $239,909 | $199,078 | +20.5% | | Operating lease liabilities (Current & Noncurrent) | $136,635 | $— | N/A (New Standard) | | **Total Stockholders' Equity** | **$212,032** | **$220,957** | **-4.0%** | - The adoption of the new lease accounting standard (Topic 842) on January 1, 2019, had a material effect, resulting in the recognition of **$130.5 million** in Right-of-Use (ROU) assets and **$136.6 million** in total lease liabilities on the balance sheet[14](index=14&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2019 | Q2 2018 | Y/Y Change | H1 2019 | H1 2018 | Y/Y Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | **$330,771** | **$230,610** | **+43.4%** | **$630,551** | **$484,591** | **+30.1%** | | Gross Profit | $22,551 | $15,051 | +49.8% | $21,115 | $43,309 | -51.2% | | Income (Loss) from Operations | $4,497 | $4,062 | +10.7% | $(7,159) | $21,157 | -133.8% | | **Net Income (Loss)** | **$1,828** | **$(4,053)** | **N/A** | **$(10,276)** | **$4,595** | **-323.6%** | | Diluted EPS | $0.05 | $(0.12) | N/A | $(0.29) | $0.13 | -323.1% | - For the three months ended June 30, 2019, the company recorded new restructuring charges of **$3.9 million** and a realized loss on sale of assets of **$5.0 million**, which were not present in the same period of 2018[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Category | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(1,518) | $2,535 | | Net cash used in investing activities | $(37,739) | $(42,310) | | Net cash provided by financing activities | $10,446 | $6,692 | | **Net change in cash, cash equivalents and restricted cash** | **$(28,115)** | **$(33,536)** | - Cash used in operating activities for H1 2019 was driven by a net loss of **$10.3 million** and a **$23.1 million** net increase in working capital, primarily due to a **$46.7 million** increase in contract assets[24](index=24&type=chunk)[213](index=213&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - **Revenue:** The aggregate amount of the transaction price allocated to remaining performance obligations was approximately **$4.9 billion** as of June 30, 2019, expected to be recognized through 2023[89](index=89&type=chunk) - **Significant Risks:** The company recorded significant charges due to operational issues, including a **$10.0 million** reduction in expected consideration from liquidated damages related to a strike in Matamoros, Mexico, and a **$6.7 million** revenue reduction related to the insolvency of customer Senvion GmbH[92](index=92&type=chunk)[94](index=94&type=chunk) - **Customer Concentration:** For Q2 2019, three customers accounted for a significant portion of revenues: **Vestas (43.0%)**, **GE (27.8%)**, and **Nordex (16.2%)**[127](index=127&type=chunk) - **Restructuring:** In Q2 2019, the company incurred **$3.9 million** in restructuring charges related to the consolidation of manufacturing facilities in China, including shutting down two blade lines and moving a tooling operation[123](index=123&type=chunk)[124](index=124&type=chunk) - **Subsequent Event:** After quarter-end, the company entered a new agreement with a wind farm operator to recover approximately **90%** of the **$16.2 million** in gross amounts due from the insolvent customer, Senvion[132](index=132&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **43.4%** YoY revenue increase for Q2 2019, driven by higher production, despite profitability challenges from operational disruptions and customer issues Key Financial Metrics (Non-GAAP) | Metric (in thousands) | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | Total Billings | $304,469 | $237,355 | $583,940 | $461,056 | | EBITDA | $11,671 | $10,101 | $7,574 | $31,075 | | Adjusted EBITDA | $19,547 | $13,477 | $22,472 | $40,850 | Key Operating Metrics | Metric | Q2 2019 | Q2 2018 | H1 2019 | H1 2018 | | :--- | :--- | :--- | :--- | :--- | | Blade Sets Invoiced | 716 | 576 | 1,378 | 1,145 | | Estimated Megawatts | 2,029 | 1,544 | 3,890 | 3,008 | | Dedicated Manufacturing Lines | 54 | 52 | 54 | 52 | | Manufacturing Lines in Startup | 13 | 7 | 14 | 7 | - Long-term supply agreements as of August 7, 2019, provide for minimum volume commitments of approximately **$3.5 billion** and a total potential contract value of approximately **$6.2 billion** through the end of 2023[134](index=134&type=chunk) - Operational challenges significantly impacted results, including a strike in Matamoros, Mexico, the insolvency of customer Senvion, and startup delays in Yangzhou, China, and Newton, Iowa[137](index=137&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are foreign currency exchange rates, commodity prices, and interest rates, with global operations exposing it to related fluctuations - **Foreign Currency Risk:** A hypothetical **10%** change in foreign exchange rates would have impacted income from operations by approximately **$5.4 million** for the six months ended June 30, 2019[245](index=245&type=chunk) - **Commodity Price Risk:** A **10%** change in the price of resin and resin systems would have impacted income from operations by approximately **$3.8 million** for the first half of 2019[247](index=247&type=chunk) - **Interest Rate Risk:** Exposure to variable interest rates is limited, with a **10%** change in LIBOR or EURIBOR not expected to have a material impact on earnings or cash flows[248](index=248&type=chunk) [ITEM 4. Controls and Procedures](index=45&type=section&id=ITEM%204.%20Controls%20and%20Procedures) The company's CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal controls - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2019[250](index=250&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[251](index=251&type=chunk) PART II. OTHER INFORMATION [ITEM 1. Legal Proceedings](index=46&type=section&id=ITEM%201.%20Legal%20Proceedings) A lawsuit filed by a former employee was resolved in the company's favor in June 2019 with no damages, and other legal proceedings are not expected to have a material adverse effect - In June 2019, a trial concluded in the company's favor regarding a complaint from a former employee, resulting in no obligation to pay damages[253](index=253&type=chunk) [ITEM 1A. Risk Factors](index=46&type=section&id=ITEM%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the Risk Factors as disclosed in the company's Annual Report on Form 10-K[255](index=255&type=chunk) [Other Information and Exhibits](index=46&type=section&id=Other%20Information%20and%20Exhibits) This section confirms no unregistered sales of equity securities, defaults, or mine safety disclosures, and lists exhibits filed with the Form 10-Q - The company reported no unregistered sales of equity securities, use of proceeds, defaults upon senior securities, or mine safety disclosures for the period[256](index=256&type=chunk) - The report includes standard exhibits, such as an amendment to a credit agreement and certifications from the CEO and CFO as required by the Sarbanes-Oxley Act[258](index=258&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-37839 TPI Composites, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 20-1590775 (I.R.S. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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 001-37839 TPI Composites, Inc. (Exact name of Registrant as specified in its Charter) Delaware 20-1590775 (State or other jurisdiction of ...