TPI Composites and GE have reached an agreement in principle to amend their existing supply agreement in Mexico to add four new lines of capacity to produce blades for GE’s turbines in Juarez, with an initial term through 2025.
TPI and GE expect to finalise this agreement in the third quarter. TPI Composites also reported financial results for the second quarter ended June 30, 2023.
Net Sales totalled $381 million for the three months ended June 30, 2023, a decrease of 2.9% over the same period last year
Net loss from continuing operations attributable to common stockholders was $80.8 million for the three months ended June 30, 2023, compared to a loss of $25.3 million in the same period last year
Adjusted EBITDA for the three months ended June 30, 2023, was a loss of $38.9 million as compared to adjusted EBITDA of $5.6 million during the same period in 2022.
Net sales of wind blades, tooling and other wind related sales (collectively “Wind”) decreased by $4.9 million, or 1.3%, to $362.7 million for the three months ended June 30, 2023, as compared to $367.6 million in the same period in 2022. The decrease as compared to the same period in 2022 was primarily due to a 2% decrease in the number of wind blades produced due to lower customer demand and delivery delays from increased inspection and repair activities, a decrease in other wind related sales for mold decommissioning services, and lower average sales prices due to the impact of raw material and logistic cost reductions on its blade prices, partially offset by favourable foreign currency fluctuations and an increase in tooling sales.
