The following is a summary of the TPI Composites, Inc. (TPIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TPI Composites reported decline in their Q1 2024 net sales to $299.1 million, down by 26% from the same period in 2023, largely due to lower volume and changes in wind-blade model mix.

• The company incurred an adjusted EBITDA loss of $23 million, primarily attributed to lower sales, higher start-up, transition costs, and changes in estimate for pre-existing warranty claims.

• TPI expects to return to mid-single-digit adjusted EBITDA margins and positive cash flow in the second half of 2024, with projected EBITDA exceeding $100M in 2025.

• They reaffirm 2024 revenue guidance of $1.3 billion to $1.4 billion with an EBITDA margin between 1% and 3%.

Business Progress:

• TPI is committed to its sustainability goals with an 18% reduction in CO2 emissions in 2023, targeting carbon neutrality by 2030.

• TPI has shown growth in non-Proterra revenue due to the launch of a new product line with a major EV customer.

• The company is exploring strategic alternatives for its automotive segment, expecting to finalize a transaction by the end of Q2 2024.

• Despite initial heavy start-up and transition costs, TPI maintains optimism about filling idle lines in India and exploring alternatives for EV business which could introduce new investment, partnership, or another developmental opportunity for the business.

More details: TPI Composites IR

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