TPI Composites(US:TPIC)2025-02-20 21:06Financial Performance - Net sales for Q4 2024 totaled $346.5 million, an increase of 17.7% compared to $294.3 million in Q4 2023[6] - Net loss from continuing operations for Q4 2024 was ($49.1) million, compared to net income of $14.6 million in Q4 2023[8] - Adjusted EBITDA for Q4 2024 was $1.2 million, a significant improvement from an adjusted EBITDA loss of ($24.5) million in Q4 2023[10] - Full year 2024 net sales decreased by 7.1% to $1,331.1 million compared to $1,432.4 million in 2023[13] - The net loss from continuing operations attributable to common stockholders for the year ended December 31, 2024, was $210.1 million, compared to a loss of $127.8 million in 2023[28] - Adjusted EBITDA for the year ended December 31, 2024, was $(38,691) thousand, a decrease from $(44,889) thousand in 2023[34] Cash Flow and Liquidity - Free cash flow recovery in 2024 resulted in $197 million in unrestricted cash at year-end[2] - Free cash flow for Q4 2024 was $83.2 million, a significant improvement from a negative free cash flow of $15.4 million in Q4 2023[32] - Free cash flow improved to $83,219 thousand in 2024, compared to a negative $15,355 thousand in 2023[34] - Cash and cash equivalents at the end of Q4 2024 were $196.5 million, up from $161.1 million at the end of Q4 2023[29] - Cash and cash equivalents rose to $196,518 thousand in 2024, up from $161,059 thousand in 2023[34] - The company reported a net cash provided by operating activities of $87,341 thousand in 2024, a substantial increase from $4,936 thousand in 2023[34] Operational Changes - The company divested its Automotive business and shut down one of its Mexico facilities to optimize operations[2] - The company incurred restructuring charges of $10.0 million in Q4 2024, compared to $1.2 million in Q4 2023[27] Market Outlook - The company expects full year 2025 net sales from continuing operations to be between $1.4 billion and $1.5 billion[20] - Adjusted EBITDA margin for 2025 is projected to be between 2% and 4%[21] - Utilization rate for 2025 is expected to be approximately 85% based on 34 lines installed[21] - The company anticipates continued growth in the wind energy and electric vehicle markets, which are key areas for future expansion[26] Cost and Expenses - The total cost of goods sold for Q4 2024 was $350.2 million, resulting in a gross loss of $3.7 million, compared to a gross loss of $28.2 million in Q4 2023[27] - Interest expense, net, significantly increased to $24,415 thousand in 2024 from $6,075 thousand in the previous year[34] - Depreciation and amortization expenses were $6,940 thousand for the year ended December 31, 2024, compared to $8,151 thousand in 2023[34] - Capital expenditures decreased to $(4,122) thousand in 2024 from $(20,291) thousand in 2023, reflecting a reduction in investment[34] Assets and Liabilities - Total current assets decreased to $445.1 million in 2024 from $503.1 million in 2023, primarily due to a reduction in contract assets[29] - Total liabilities increased to $1.07 billion in 2024 from $926.4 million in 2023, with long-term debt rising to $485.2 million[31] - Net debt increased to $(418,582) thousand in 2024 from $(323,218) thousand in 2023, indicating a rise in total debt[34] Foreign Currency Impact - The company experienced a foreign currency loss of $(1,190) thousand in 2024, contrasting with a gain of $1,865 thousand in the previous year[34] Sales Price - The average sales price (ASP) of wind blades increased to $177, up from $148 in Q4 2023[4]