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]

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 ...

SCOTTSDALE, Ariz., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Today TPI Composites, Inc., (TPI) (Nasdaq: TPIC) announced its participation with the University of Texas at Dallas to apply physics-informed machine learning (ML) algorithms to simulate and optimize the composite curing process through multi-zone temperature control. This will solve a current technological gap by developing a smart "digital twin" that optimizes the curing process in blade manufacturing. Funded by the Office of Energy Efficiency & Renewab ...

Q2 2024 Earnings Call August 8th, 2024 & Electrif 2 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 objectives of ma ...

TPI Composites, Inc. (NASDAQ:TPIC) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET Company Participants Jason Wegmann - IR Bill Siwek - President & CEO Ryan Miller - CFO Conference Call Participants Eric Stine - Craig-Hallum Drew Chamberlain - JPMorgan Pavel Molchanov - Raymond James Jeff Osborne - TD Cowen Greg Wasikowski - Webber Research Justin Clare - ROTH Capital Partners Operator Good afternoon, everyone, and welcome to the TPI Composites Second Quarter 2024 Earnings Conference Call. [Opera ...

TPI Composites (TPIC) came out with a quarterly loss of $1.23 per share versus the Zacks Consensus Estimate of a loss of $0.69. This compares to loss of $1.90 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -78.26%. A quarter ago, it was expected that this maker of composite wind blades would post a loss of $0.72 per share when it actually produced a loss of $1.31, delivering a surprise of -81.94%. Over the last four quarters, ...

Financial Performance - Net sales for Q2 2024 decreased by 17.2% to $309.8 million compared to $374.0 million in Q2 2023[2] - Net loss from continuing operations was $61.5 million in Q2 2024, compared to a net loss of $74.3 million in Q2 2023[2] - Adjusted EBITDA loss improved to $24.9 million in Q2 2024 from $33.3 million in Q2 2023[2] - Net loss from continuing operations for 2024 is $61.5 million, compared to $58.7 million in 2023[17] - Adjusted EBITDA for 2024 is $(24.9) million, compared to $(33.3) million in 2023[18] Production and Utilization - Wind blade sets produced decreased to 473 in Q2 2024 from 661 in Q2 2023[3] - Estimated megawatts of energy capacity decreased to 2,024 in Q2 2024 from 2,910 in Q2 2023[3] - Utilization rate dropped to 63% in Q2 2024 from 85% in Q2 2023[3] - Wind blade ASP increased to $208 thousand in Q2 2024 from $179 thousand in Q2 2023[3] Guidance and Forecast - Full-year 2024 guidance for net sales from continuing operations is $1.3 billion to $1.4 billion[10] - Full-year 2024 guidance for adjusted EBITDA margin is approximately 1%[10] Capital Expenditures and Cash Flow - Capital expenditures for the first six months of 2024 increased to $15.4 million from $6.7 million in the same period in 2023[9] - Net cash used in operating activities for the six months ended June 2024 is $(75.9) million, compared to $(74.3) million in 2023[21] - Free cash flow for the six months ended June 2024 is $(91.3) million, compared to $(80.9) million in 2023[24] Assets and Liabilities - Total current assets decreased to $422.4 million in June 2024 from $503.1 million in December 2023[19] - Net debt increased to $(451.9) million in June 2024 from $(323.2) million in December 2023[23] Expenses and Compensation - Depreciation and amortization expenses for 2024 are $15.4 million, compared to $18.6 million in 2023[22] - Interest expense, net for 2024 is $43.8 million, compared to $4.4 million in 2023[22] - Share-based compensation expense for 2024 is $3.7 million, compared to $6.5 million in 2023[22] - Loss on sale of assets and asset impairments for 2024 is $4.9 million, compared to $9.4 million in 2023[22]

SCOTTSDALE, Ariz., Aug. 08, 2024 (GLOBE NEWSWIRE) -- TPI Composites, Inc. (Nasdaq: TPIC), today reported financial results for the second quarter ended June 30, 2024. "In the second quarter we were able to complete the divestiture of our Automotive business and we closed the Nordex Matamoros plant for Nordex, two loss making businesses that have negatively impacted TPI's performance. We also continued the ramp of ten lines either in startup or transition. As these lines enter serial production and utilizati ...

The upcoming report from TPI Composites (TPIC) is expected to reveal quarterly loss of $0.68 per share, indicating an increase of 64.2% compared to the year-ago period. Analysts forecast revenues of $316.92 million, representing a decrease of 16.9% year over year. Over the last 30 days, there has been an upward revision of 1.6% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the cour ...