TPI Composites(US:TPIC)2025-05-12 20:05Financial 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].