Financial Performance - TPI Composites reported net sales of $336.2 million for Q1 2025, a 14.3% increase from $294.0 million in Q1 2024[6]. - The net loss from continuing operations was $48.3 million in Q1 2025, improved from a net loss of $60.9 million in Q1 2024[8]. - Adjusted EBITDA loss decreased to $10.3 million in Q1 2025, compared to a loss of $23.0 million in Q1 2024, reflecting an adjusted EBITDA margin improvement from (7.8%) to (3.1%)[10]. - The company reported a net loss attributable to common stockholders of $48.313 million for the three months ended March 31, 2025, compared to a net loss of $61.468 million for the same period in 2024, representing a 21.5% improvement year-over-year[26]. - Adjusted EBITDA for the three months ended March 31, 2025, was $(10.298) million, an improvement from $(23.022) million in the same period of 2024, indicating a 55.3% reduction in losses[26]. Production and Sales - The number of wind blade sets produced increased to 509 in Q1 2025, up from 488 in Q1 2024, with estimated megawatts generated decreasing to 1,933 from 2,050[5]. - Wind blade average sales price (ASP) rose to $209, compared to $183 in the same period last year[5]. - TPI Composites expects full-year 2025 net sales from continuing operations to be between $1.4 billion and $1.5 billion[12]. - The company anticipates an adjusted EBITDA margin of 0% to 2% for 2025, revised from a previous guidance of 2% to 4%[12]. - Utilization is projected to be between 80% and 85% based on 34 lines installed[12]. Cash Flow and Assets - Net cash provided by operating activities improved by $43.6 million compared to the same period in 2024, primarily due to a decrease in net loss and changes in working capital[11]. - The company reported net cash provided by operating activities of $4.625 million for the three months ended March 31, 2025, compared to net cash used of $(39.004) million in the same period of 2024, marking a significant turnaround[25]. - Free cash flow for the three months ended March 31, 2025, was $(1.887) million, an improvement from $(47.289) million in the same period of 2024, showing a significant reduction in cash outflow[25]. - Total current assets decreased to $423.718 million as of March 31, 2025, down from $445.090 million as of December 31, 2024, reflecting a 4.8% decline[23]. - Cash and cash equivalents at the end of the period were $171.859 million, down from $196.518 million at the end of the previous quarter, a decrease of 12.5%[23]. Liabilities and Debt - Total liabilities increased to $1.087 billion as of March 31, 2025, compared to $1.065 billion as of December 31, 2024, representing a 2.1% increase[24]. - Current liabilities increased to $480.683 million as of March 31, 2025, from $473.968 million as of December 31, 2024, reflecting a 1.5% rise[24]. - The company’s net debt as of March 31, 2025, was $(442.846) million, compared to $(418.582) million at the end of 2024, indicating an increase in net debt[27]. Inventory and Strategic Review - The company’s inventories decreased to $2.991 million as of March 31, 2025, down from $3.968 million as of December 31, 2024, a decline of 24.6%[23]. - TPI Composites is conducting a strategic review to evaluate potential strategic alternatives for optimizing its capital structure[3].

Core Insights - TPI Composites, Inc. reported a 14% year-over-year growth in sales for Q1 2025, achieving net sales of $336.2 million compared to $294.0 million in Q1 2024 [2][6] - The company is undergoing a strategic review to optimize its capital structure amid ongoing economic challenges and uncertainties in the renewable energy sector [2][3] Financial Performance - Net loss from continuing operations was $48.3 million for Q1 2025, an improvement from a net loss of $60.9 million in Q1 2024 [6][8] - Adjusted EBITDA loss decreased to $10.3 million in Q1 2025 from a loss of $23.0 million in the same period last year, indicating improved operational efficiency [10][14] - Net cash provided by operating activities improved by $43.6 million compared to the same period in 2024, primarily due to a decrease in net loss and changes in working capital [11] Operational Metrics - The number of wind blade sets produced increased to 509 in Q1 2025 from 488 in Q1 2024, with an estimated capacity of 1,933 megawatts compared to 2,050 megawatts in the previous year [5] - Utilization rate improved to 70% in Q1 2025 from 67% in Q1 2024, reflecting better operational performance [5] Sales Breakdown - Sales of wind blades and related products increased by $40.1 million, or 13.9%, to $329.0 million in Q1 2025, driven by higher average sales prices and a 4% increase in production volume [14] - Field services sales rose by 38.4% to $7.1 million, attributed to an increase in technicians deployed to revenue-generating projects [14] Guidance for 2025 - The company expects full-year net sales from continuing operations to be between $1.4 billion and $1.5 billion, with an adjusted EBITDA margin projected between 0% and 2% [12]

Core Insights - TPI Composites (TPIC) is expected to report a quarterly loss of $0.50 per share, a 61.8% increase in losses compared to the same period last year, with revenues projected at $328.93 million, reflecting a 10% year-over-year increase [1] Earnings Projections - The consensus EPS estimate for the quarter has been revised upward by 1.5% in the last 30 days, indicating a reassessment of initial estimates by analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate trends and short-term stock price movements [3] Revenue Estimates - Analysts predict 'Net Sales- Wind blade, tooling and other wind related' to reach $299.54 million, representing a year-over-year increase of 3.7% [5] - 'Net Sales- Field service, inspection and repair services' is forecasted to be $10.67 million, indicating a significant year-over-year increase of 107.6% [5][6] Market Performance - TPI Composites shares have shown a return of 20.3% over the past month, outperforming the Zacks S&P 500 composite, which increased by 11.3% [6] - Despite recent performance, TPI Composites holds a Zacks Rank 4 (Sell), suggesting it may underperform the overall market in the near future [6]

Company Announcement - TPI Composites, Inc. has rescheduled the release date for its first quarter 2025 earnings results to May 12, 2025, after market close [1] - A conference call will follow at 5:00 p.m. Eastern Time on the same day [1] Conference Call Details - The conference call can be accessed by phone at 1-877-407-8291 for domestic callers and 1-201-689-8345 for international callers [2] - A replay of the call will be available two hours after it concludes, accessible at 1-877-660-6853 for domestic callers and 1-201-612-7415 for international callers, with a passcode of 13752924 [2] - The replay will be available until May 26, 2025 [2] Company Overview - TPI Composites, Inc. focuses on innovative and sustainable solutions aimed at decarbonizing and electrifying the world [4] - The company provides high-quality, cost-effective composite solutions through long-term partnerships with leading OEMs in the wind market [4] - TPI is headquartered in Scottsdale, Arizona, and operates factories in the U.S., Mexico, Türkiye, and India, along with engineering development centers in Denmark and Germany [4]

Company Announcement - TPI Composites, Inc. will release its first quarter 2025 results after market close on May 8, 2025, followed by a conference call at 5:00 p.m. Eastern Time on the same day [1] - The conference call can be accessed via phone or through a webcast on the company's Investor Relations website [2][3] Company Overview - TPI Composites, Inc. is a global company focused on innovative and sustainable solutions aimed at decarbonizing and electrifying the world [4] - The company provides high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind market [4] - TPI is headquartered in Scottsdale, Arizona, and operates factories in the U.S., Mexico, Türkiye, and India, along with engineering development centers in Denmark and Germany [4]

Core Insights - TPI Composites, Inc. published its 2024 sustainability report, showcasing its advancements in sustainability and organizational impact [1][2] Sustainability Highlights - The company is committed to increasing renewable energy production and aims to be a leader in the wind energy sector [2] - Achieved a Total Recordable Incident Rate (TRIR) of 0.13 and a Lost Time Incident Rate (LTIR) of 0.05, indicating a strong safety culture [4] - Implemented the BladeAssure™ process as a quality standard for wind blades, emphasizing quality as a core organizational pillar [4] - Achieved a 5% reduction in waste production by optimizing material usage [4] - Secured a power purchase agreement (PPA) in Mexico to power all sites in the region with renewable energy [4] - Collaborated with 94% of critical direct material suppliers to align with TPI's sustainability goals [4] Company Overview - TPI Composites is focused on innovative and sustainable solutions to decarbonize and electrify the world, with operations in the U.S., Mexico, Türkiye, and India [3] - The company maintains engineering development centers in Denmark and Germany, along with global service training centers in the U.S., France, the United Kingdom, and Spain [3]

Core Insights - TPI Composites, Inc. has achieved a significant milestone by producing its 100,000th wind blade since 2001, highlighting its leadership in the wind energy market [1][2]. Company Overview - TPI Composites is a global manufacturer focused on innovative and sustainable solutions aimed at decarbonizing and electrifying the world, with a strong emphasis on high-quality composite solutions [4]. - The company has established long-term relationships with leading OEMs in the wind market and operates factories in the U.S., Mexico, Türkiye, and India, along with engineering development centers in Denmark and Germany [4]. Industry Impact - TPI's advanced manufacturing processes and global presence have positioned it as a key player in the expansion of wind energy, contributing to the generation of clean electricity and a more sustainable energy future [3]. - The company continuously innovates to meet the evolving needs of its customers and the industry, reinforcing its commitment to driving the growth of wind energy [2][3].

Q4 2024 Earnings Call February 20, 2024 Q4 2024 Legal Disclaimer 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of mana ...

Financial Data and Key Metrics Changes - Fourth quarter revenue increased year-over-year by over 17% to $346.5 million, with adjusted EBITDA of $1.2 million, a significant improvement from an adjusted EBITDA loss of $24.5 million in the same period in 2023 [7][31] - Free cash flow was strong at $83 million for the quarter, compared to negative free cash flow of $15.4 million in the same period in 2023 [33] - The company ended the year with $197 million of unrestricted cash and $617 million in net debt [33] Business Line Data and Key Metrics Changes - Net sales of wind blades, tooling, and other wind-related sales increased by 19.2% to $336 million for the fourth quarter, driven by higher sales volume and average sales prices due to a shift to longer blades [28] - Field service inspection and repair services sales decreased by 19.9% to $10.5 million, primarily due to a mix of revenue versus warranty activity [30] Market Data and Key Metrics Changes - The company anticipates a year-over-year decrease in raw material costs of nearly 8% in 2025, despite facing logistics challenges in 2024 [20][22] - Demand for domestically manufactured wind energy equipment in Türkiye remained strong, supported by the resumption of the YEKA tender process [25] Company Strategy and Development Direction - The company has restructured its portfolio by divesting loss-making businesses and transitioning to next-generation blades, which improved operational performance [6][10] - The implementation of the Blade Assure program aims to establish a gold standard for quality in wind turbine blade manufacturing [16][19] - The company plans to ramp up production lines in Mexico to support 24/7 operations in response to customer demand for the U.S. market in 2025 [8][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged near-term challenges such as regulatory uncertainty and elevated interest rates but remains confident in the long-term prospects of onshore wind [22][39] - The company expects revenue from continuing operations to increase to a range of $1.4 billion to $1.5 billion in 2025, driven by increased blade shipments from Mexico [26][34] Other Important Information - The company plans to invest approximately $25 million to $30 million in capital expenditures in 2025 [36] - The anticipated EBITDA margin from continuing operations is expected to be in the range of 2% to 4% for 2025 [36] Q&A Session Summary Question: Impact of IRA and permitting - Management has not felt a direct impact from recent executive orders related to permitting but is focused on producing as much volume for the U.S. market as possible [44][45] Question: Utilization rates and transition expenses - The first quarter is expected to be the weakest, with utilization around the low 70% range, improving to mid- to upper 80s in the second and third quarters [52] Question: Demand and repowering opportunities - Demand for 2025 remains strong, with some production going to repowering, but the company is fulfilling orders from previous years [57][58] Question: Tariff discussions and customer contracts - Most contracts are driven by standard Incoterms, with customers responsible for tariffs once the product leaves the factory [60][61] Question: Manufacturing capabilities in the U.S. - The company is ramping up a facility in Iowa and is considering further expansion based on policy certainty and demand [67][68] Question: EBITDA margin guidance - The drag on EBITDA is primarily due to underutilization in Turkey and India, while improvements are expected from increased volumes in Mexico [80]

Core Insights - TPI Composites reported revenue of $346.51 million for the quarter ended December 2024, reflecting a year-over-year increase of 16.7% [1] - The company's EPS was -$0.81, a decline from $0.27 in the same quarter last year, indicating a significant drop in profitability [1] - Revenue fell short of the Zacks Consensus Estimate of $368.13 million, resulting in a surprise of -5.88% [1] - The EPS also missed the consensus estimate of -$0.39, with a surprise of -107.69% [1] Financial Performance Metrics - Estimated megawatts produced were 2,516, slightly below the average estimate of 2,588 from two analysts [4] - The number of sets produced was 613, compared to the average estimate of 636 [4] - Utilization rate was reported at 91%, close to the average estimate of 91.8% [4] - The number of manufacturing lines installed was 34, matching the average estimate [4] - Net sales from field service, inspection, and repair services were $10.50 million, below the average estimate of $10.73 million, representing a year-over-year decline of 16.6% [4] - Net sales from wind blade, tooling, and other wind-related services were $336.01 million, compared to the average estimate of $352.59 million, showing a year-over-year increase of 19.3% [4] Stock Performance - TPI Composites' shares have returned -9.6% over the past month, contrasting with the Zacks S&P 500 composite's increase of +2.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]