TPI Composites' net sales for the year ended 31 December 2024 fell by 7.1 per cent to US$1,331.1 million from US$1,432.4 million in 2023. This decline was largely driven by a 6.9 per cent reduction in wind blade, tooling and other wind-related sales, reflecting a 16 per cent decrease in wind blade production at the Türkiye and India facilities and the shutdown of the Nordex Matamoros plant in mid-2024.
These challenges were partly mitigated by a 10 per cent increase in average wind blade sales prices, owing to a more favourable product mix and higher demand in the US market. Sales for field services also declined as fewer technicians were deployed on revenue-generating projects.
The net loss from continuing operations attributable to common stockholders widened to US$210.1 million, compared with US$127.8 million in 2023. This deterioration was influenced by higher start-up and transition costs, lower sales volumes, increased labour costs in Mexico and Türkiye, and restructuring charges associated with right-sizing the Türkiye workforce. Higher interest expenses on Oaktree’s senior secured term loan further contributed to the increased loss, despite some cost savings realised from the Nordex Matamoros shutdown and lower warranty charges. Consequently, the net loss per common share rose from US$2.99 to US$4.43.
Adjusted EBITDA loss improved from US$44.9 million in 2023 to US$38.7 million in 2024, with the margin narrowing from a loss of 3.1 per cent to a loss of 2.9 per cent. Operating cash flow improved significantly by US$93.5 million, primarily due to better working capital management, including reduced inventory levels and increased customer advances. These gains were partly offset by higher interest payments and other working capital changes.
Investing activities saw a slight increase in net cash used, largely due to the absence of US$12.8 million received in the previous year from the sale of the Taicang, China facility, although this was partially mitigated by lower capital expenditure in the current period. Looking ahead, guidance for the full year ending 31 December 2025 anticipates net sales from continuing operations to range between US$1.4 billion and US$1.5 billion, with an adjusted EBITDA margin expected to lie between 2 per cent and 4 per cent.
