Group 1 - Analysts project TPI Composites (TPIC) will report a quarterly loss of $0.39 per share, a decline of 244.4% year over year, with revenues expected to reach $368.13 million, an increase of 24% from the same quarter last year [1] - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating a reassessment of initial projections by covering analysts [1][2] - The average estimates for key metrics of TPI Composites show 'Net Sales- Field service, inspection and repair services' at $10.73 million, a decrease of 14.8% year over year, while 'Net Sales- Wind blade, tooling and other wind related' is expected to reach $352.59 million, reflecting a year-over-year increase of 25.1% [4] Group 2 - Analysts estimate 'Estimated megawatts' will be 2,588, down from 2,632 a year ago, and 'Sets' are projected to reach 636, compared to 602 in the same quarter last year [5] - The consensus for 'Utilization' is expected to be 91.8%, an increase from 87% reported in the same quarter of the previous year [5] - The consensus estimate for 'Manufacturing lines installed' stands at 34, down from 37 a year ago, with 'Dedicated manufacturing lines' also expected to be 34, compared to 37 in the same quarter last year [6] Group 3 - TPI Composites shares have shown a return of -15.4% over the past month, contrasting with the Zacks S&P 500 composite's +4.7% change, indicating expected underperformance in the near future [6]

Company Overview - TPI Composites, Inc. is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world [4] - The company delivers 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] Upcoming Financial Results - TPI Composites will release its fourth quarter and full year 2024 results after the market close on February 20, 2025 [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 live by dialing 1-800-579-2543 for domestic callers and 1-785-424-1789 for international callers, with Conference ID "TPIC" [2] - A replay of the call will be available two hours after it concludes, accessible by dialing 1-844-512-2921 for domestic and 1-412-317-6671 for international callers, with passcode 11157847 [2] - An online webcast of the conference call will be available on the Investor Relations section of the company's website [3]

Financial Data and Key Metrics Changes - In Q3 2024, net sales were $380.8 million, a 2.8% increase from $370.2 million in Q3 2023 [34] - Adjusted EBITDA was $8 million, compared to $0.2 million in Q3 2023, with an adjusted EBITDA margin of 2.1% versus 0.1% in the same period last year [37] - Free cash flow was negative $5.6 million in Q3 2024, an improvement from negative $20.8 million in Q3 2023 [38] Business Line Data and Key Metrics Changes - Wind blade tooling and other wind-related sales increased by $6.9 million or 1.9% to $369.1 million in Q3 2024, primarily due to higher average sales prices and favorable foreign currency fluctuations [34] - Field service inspection and repair service sales increased by $3.7 million or 45.8% to $11.7 million in Q3 2024, driven by a return to revenue-generating projects [36] Market Data and Key Metrics Changes - Utilization in Q3 2024 increased to 89%, with seven of the ten lines achieving full rate production [16] - The company anticipates all regions to be EBITDA positive in Q4 2024, with utilization rates expected to exceed 90% [17] Company Strategy and Development Direction - The company is focused on transitioning to next-generation workhorse blades and has plans to reopen the Iowa plant in mid-2025 to support GE Vernova [8][9] - TPI Composites is investing in innovation and technology to strengthen its competitive edge in the onshore market [18] - The company is also exploring expansion opportunities in the U.S. and international markets, particularly in India and Türkiye [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting customer demand and anticipates a strong trajectory for 2025 despite challenges in Türkiye and inflation impacts [7][30] - The company expects to close 2024 with its best quarter financially and generate positive free cash flow [45] - Management acknowledged challenges in the European market, including inflation and regulatory issues, which may impact competitiveness [25][26] Other Important Information - The company is narrowing its full-year 2024 revenue guidance to approximately $1.35 billion and lowering adjusted EBITDA guidance to a loss of about 2% [40] - TPI Composites plans to reduce work-in-process inventory to free up cash on its balance sheet [41] Q&A Session Summary Question: Impact of potential tariffs on contracts with Mexican facilities - Management indicated that the impact of new tariffs would depend on contract terms, but they do not anticipate significant issues [49][50] Question: 2025 EBITDA target and volume expectations - Management stated that while there are challenges in Türkiye, they expect overall top-line growth in the U.S. market to offset volume declines in Türkiye [51][66] Question: Demand in Türkiye and Europe - Management noted that the 40% lower demand in Türkiye is influenced by both local and broader European market conditions, including competition from Chinese suppliers [54][55] Question: Service operations and maintenance business unit - Management confirmed that the service operations unit is expected to grow and is currently EBITDA positive [56] Question: Details on the Iowa facility and additional U.S. capacity - Management shared plans to ramp up two lines in Iowa with minimal CapEx and mentioned securing additional capacity in a brownfield facility in the U.S. [60][62]

Core Insights - TPI Composites reported revenue of $380.76 million for the quarter ended September 2024, reflecting a year-over-year increase of 2.1% [1] - The company's EPS was -$0.65, an improvement from -$1.71 in the same quarter last year [1] - Revenue exceeded the Zacks Consensus Estimate of $346.5 million by 9.89%, while EPS fell short of the consensus estimate of -$0.18 by 261.11% [1] Financial Performance Metrics - Estimated megawatts produced were 2,526, surpassing the average estimate of 2,440 by three analysts [3] - The number of dedicated manufacturing lines remained at 34, matching the average estimate [3] - Utilization rate was reported at 89%, exceeding the average estimate of 80.7% [3] - The number of manufacturing lines installed was 34, consistent with the average estimate [3] - Total sets produced were 601, higher than the average estimate of 591 by two analysts [3] - Net sales from wind blade, tooling, and other wind-related products reached $369.08 million, up 1.9% year-over-year and above the average estimate of $338.84 million [3] - Net sales from field service, inspection, and repair services were $11.68 million, representing a significant year-over-year increase of 45.8% compared to the average estimate of $9.95 million [3] Stock Performance - TPI Composites' shares have declined by 32.4% over the past month, contrasting with a 3.2% increase in the Zacks S&P 500 composite [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [4]

TPI Composites (TPIC) came out with a quarterly loss of $0.65 per share versus the Zacks Consensus Estimate of a loss of $0.18. This compares to loss of $1.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -261.11%. A quarter ago, it was expected that this maker of composite wind blades would post a loss of $0.69 per share when it actually produced a loss of $1.23, delivering a surprise of -78.26%.Over the last four quarters, ...

Q3 2024 Earnings Call November 7, 2024 & Electri 2 Q3 2024 Legal Disclaimer 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 objective ...

Cash and Liquidity - Cash and cash equivalents decreased to $125.871 million as of September 30, 2024, from $161.059 million as of December 31, 2023[9] - The company is concerned about the sufficiency of its cash and cash equivalents to meet liquidity needs[3] - Cash flows from operating activities resulted in a net cash usage of $74.843 million for the nine months ended September 30, 2024, compared to $85.908 million in the same period in 2023[18] - Cash flows from investing activities showed a net cash usage of $22.079 million for the nine months ended September 30, 2024, compared to $3.010 million in the same period in 2023[18] - Cash flows from financing activities provided a net cash inflow of $60.776 million for the nine months ended September 30, 2024, compared to $109.029 million in the same period in 2023[18] - Total cash, cash equivalents, and restricted cash at the end of September 30, 2024, was $136.182 million, down from $172.813 million at the beginning of the year[18] - Cash in U.S. bank deposit and money market accounts exceeded FDIC limits by $74.4 million as of September 30, 2024[50] - International cash holdings as of September 30, 2024, included $45.0 million in Türkiye, $4.6 million in India, and $1.3 million in Mexico[51] - Short-term deposits in U.S. interest-bearing accounts totaled $9.6 million as of September 30, 2024, reported as restricted cash[51] Accounts Receivable and Payable - Accounts receivable increased to $150.186 million as of September 30, 2024, from $138.029 million as of December 31, 2023[9] - Contract assets increased by $31.67 million from December 31, 2023, to September 30, 2024, due to higher customer-specific material purchases and unbilled production[45] - Contract liabilities decreased by $2.2 million from December 31, 2023, to September 30, 2024, due to a reduction in customer advances[45] - The company recognized $21.3 million of revenue related to customer advances for the nine months ended September 30, 2024[46] - Trade accounts receivable from Nordex accounted for 61.0% of total consolidated trade accounts receivable as of September 30, 2024, compared to 61.5% as of December 31, 2023[76] Assets and Liabilities - Total current assets decreased to $467.548 million as of September 30, 2024, from $503.075 million as of December 31, 2023[9] - Total liabilities increased to $1.07464 billion as of September 30, 2024, from $926.384 million as of December 31, 2023[9] - Total stockholders' deficit as of September 30, 2024, was $321.99 million, compared to $122.30 million as of December 31, 2023[15] - Total debt principal increased to $702.894 million as of September 30, 2024, up from $606.140 million at the end of 2023[54] - Current liabilities increased from $386.4 million to $493.1 million, a rise of 27.6%[9] - Long-term debt, net of current maturities, increased from $414.7 million to $466.0 million, a rise of 12.4%[9] - Lease liabilities increased to $134.196 million as of September 30, 2024, from $139.150 million at the end of 2023[62] - Total property, plant, and equipment, net, decreased to $116.282 million as of September 30, 2024, from $128.808 million as of December 31, 2023[79] Revenue and Sales - Net sales for the three months ended September 30, 2024, were $380.76 million, compared to $370.24 million in the same period in 2023[11] - Net sales for the nine months ended September 30, 2024, totaled $380.76 million, with wind blade, tooling, and other wind-related sales contributing $369.08 million[39] - GE accounted for 36.8% of total net sales in Q3 2024, up from 25.2% in Q3 2023[75] - Vestas' share of total net sales decreased to 25.3% in Q3 2024 from 41.2% in Q3 2023[75] - Net sales concentration to top three customers (GE, Nordex, Vestas) remained high at 95.2% in Q3 2024[75] - The U.S. segment reported net sales of $7.417 million for the three months ended September 30, 2024, a significant increase from $4.566 million in the same period in 2023[79] - Mexico segment net sales reached $206.342 million for the three months ended September 30, 2024, up from $156.861 million in the same period in 2023[79] - EMEA segment net sales were $123.950 million for the three months ended September 30, 2024, a decrease from $149.254 million in the same period in 2023[79] - India segment net sales were $43.053 million for the three months ended September 30, 2024, down from $59.561 million in the same period in 2023[79] - Total net sales for the nine months ended September 30, 2024, were $984.625 million, a decrease from $1.138 billion in the same period in 2023[79] Losses and Expenses - Gross loss for the three months ended September 30, 2024, was $2.77 million, compared to a gross loss of $2.49 million in the same period in 2023[11] - Net loss from continuing operations for the three months ended September 30, 2024, was $38.60 million, compared to $26.95 million in the same period in 2023[11] - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $40.07 million, compared to $72.85 million in the same period in 2023[11] - Total comprehensive loss for the three months ended September 30, 2024, was $49.35 million, compared to $71.37 million in the same period in 2023[14] - Net loss for the nine months ended September 30, 2024, was $192.625 million, compared to $144.179 million in the same period in 2023[18] - Gross loss for the nine months ended September 30, 2024, was $25.96 million, primarily driven by a $20.31 million loss in the Automotive segment[36] - Interest expense increased significantly to $24.2 million in Q3 2024 from $1.6 million in Q3 2023[11] - Startup and transition costs rose to $8.1 million in Q3 2024 from $4.8 million in Q3 2023[11] - Loss on sale of assets and asset impairments increased to $9.2 million in Q3 2024 from $5.2 million in Q3 2023[11] - Foreign currency loss increased to $2.3 million in Q3 2024 from $0.5 million in Q3 2023[11] - Total loss from continuing operations for the nine months ended September 30, 2024, was $86.7 million, compared to $75.7 million in the same period in 2023[79] Share-Based Compensation and Equity - Share-based compensation expense for the three months ended September 30, 2024, was $1.64 million[15] - Common stock repurchased for treasury during the three months ended September 30, 2024, amounted to $31,000[15] - Issuances under share-based compensation plans during the three months ended September 30, 2024, were $17,000[15] - Share-based compensation expense for the nine months ended September 30, 2024, was $5.282 million, compared to $9.278 million in the same period in 2023[18] - TPI Composites granted 722,534 time-based RSUs, 151,795 performance-based RSUs, and 66,261 stock options to employees during the nine months ended September 30, 2024[56] - Total share-based compensation expense was $5.321 million for the nine months ended September 30, 2024, compared to $8.993 million in the same period of 2023[59] Discontinued Operations and Divestitures - The company classified $5.0 million of assets and $1.1 million of liabilities as held for sale related to the divestiture of its tooling business, recognizing $3.9 million in impairment charges during Q3 2024[25] - The company completed the divestiture of its Automotive subsidiary on June 30, 2024, recording a $19.7 million non-cash impairment charge and a $6.3 million loss on sale for the nine months ended September 30, 2024[29] - Discontinued operations for the Automotive subsidiary resulted in a net loss of $1.246 million for Q3 2024, while the Asia segment reported a net loss of $226,000 for the same period[33] - The company ceased production at its Yangzhou, China manufacturing facility as of December 31, 2022, and is in the process of shutting down its business operations in China, which comprised the entirety of its "Asia" reporting segment[29] - Total assets of discontinued operations for the Asia segment as of September 30, 2024, were $865,000, with total liabilities of $1.782 million[30] - The company recorded a net loss from discontinued operations of $1.472 million for the three months ended September 30, 2024, including a $1.246 million loss from the Automotive segment and a $226,000 loss from the Asia segment[33] - The company recorded a net loss from discontinued operations of $29.867 million for the three months ended September 30, 2023, including a $29.815 million loss from the Automotive segment and a $52,000 loss from the Asia segment[34] - The company recorded a net loss from discontinued operations of $31.654 million for the nine months ended September 30, 2024, including a $31.794 million loss from the Automotive segment and a $140,000 gain from the Asia segment[35] Taxes and Legal Proceedings - The company plans to adopt ASU No. 2023-09, Income Taxes (Topic 740), effective January 1, 2025, which will improve the transparency of income tax disclosures[28] - Income tax provision for the nine months ended September 30, 2024, was $6.9 million, down from $12.1 million in the same period of 2023[68] - TPI Composites maintains its assertion to indefinitely reinvest unremitted foreign earnings, resulting in no deferred tax liability[69] - The company faces a potential $13.3 million liability related to the Senvion insolvency case, with the outcome still uncertain[74] - The company is involved in a legal proceeding with Senvion GmbH regarding alleged voidance claims of $13.3 million[74] Operational Costs and Leases - The company is monitoring the impact of wage inflation in the countries where it operates[3] - The company is managing the impact of price increases in raw materials such as resin and carbon reinforcements[3] - Total operating lease cost was $29.165 million for the nine months ended September 30, 2024, slightly lower than $30.140 million in the same period of 2023[60] - Cash paid for operating leases was $28.260 million for the nine months ended September 30, 2024, compared to $28.883 million in the same period of 2023[63] - Total finance lease cost increased to $3.196 million for the nine months ended September 30, 2024, compared to $3.125 million in 2023[60] Performance Obligations and Contracts - Remaining performance obligations as of September 30, 2024, totaled $820.17 million, with 40.9% expected to be recognized in the remainder of 2024 and 59.1% in 2025[48] - Net revenue recognized from performance obligations satisfied in previous periods decreased by $24.7 million for the nine months ended September 30, 2024[48] - Warranty accrual at the end of the period was $35.251 million for the three months ended September 30, 2024, compared to $42.955 million for the same period in 2023[53] - The 5.25% Convertible senior unsecured notes will not be eligible for optional conversion during Q4 2024 due to unmet conversion requirements[55] Hedging and Currency Management - In November 2024, the company purchased call option contracts with a notional value of approximately 4.3 billion Mexican Pesos (approximately $215.9 million) to hedge against currency exchange rate fluctuations[80] - The company purchased call option contracts in November 2024 with a notional value of approximately 4.3 billion Mexican Pesos (or approximately $215.9 million) to mitigate cash flow variability[80] Accumulated Deficit and Comprehensive Loss - Accumulated deficit increased to $728.973 million as of September 30, 2024, from $536.348 million as of December 31, 2023[10] - Accumulated deficit as of September 30, 2024, was $728.97 million, compared to $536.35 million as of December 31, 2023[15] - Accumulated deficit increased to $728.9 million as of September 30, 2024 from $688.9 million as of June 30, 2024[15] - Accumulated Other Comprehensive Loss (AOCL) as of September 30, 2024 was $18.3 million, compared to $10.8 million as of September 30, 2023[72] Competition and Market Position - The company faces competition from other wind blade and wind turbine manufacturers, which could impact its market position[3] - The company is focused on expanding its field service inspection and repair services business[3]

EXHIBIT 99.1 TPI Composites, Inc. Announces Third Quarter 2024 Earnings Results – Operational Execution and Strategic Initiatives Drive Improved Profitability SCOTTSDALE, Ariz., Nov. 07, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the third quarter ended September 30, 2024. "The third quarter marked a significant improvement for the company, showcasing improved profitability with positive adjusted EBITDA. This improvement was largely driven by 89% utili ...

SCOTTSDALE, Ariz., Nov. 07, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the third quarter ended September 30, 2024. “The third quarter marked a significant improvement for the company, showcasing improved profitability with positive adjusted EBITDA. This improvement was largely driven by 89% utilization in our plants as we made progress on transitioning/starting up ten lines with next-generation workhorse blades. Our results also benefited from eliminat ...

SCOTTSDALE, Ariz., Oct. 17, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. ("TPI") (Nasdaq: TPIC) today announced that the company will release its third quarter 2024 results after the market close on Thursday, November 7, 2024, to be followed by a conference call at 5:00 p.m. (Eastern Time) on the same day. The conference call can be accessed live over the phone by dialing 1-800-343-4849, or for international callers, 1-203-518-9843. The Conference ID for the live call is "TPIC". A replay will be available ...