TPI Composites(TPIC) - 2024 Q2 - Quarterly Results

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]