TPI Composites Q1 net loss widens to $29.9M; revenue down 5% YoY

TPI COMPOSITES, INC

2022-Q1 EPS reported -$0.71 revenue$384,870,000

Net sales $384.9M, down 4.9% YoY; net loss to common $29.9M vs loss $1.8M YoY (diluted EPS -$0.71 vs -$0.05).
Adjusted EBITDA $6.1M, margin 1.6%, down from $13.1M and 3.2% in Q1 2021.
Blade sets produced 602, down 26% YoY; utilization 65% vs 77%.
Reiterates 2022 guidance: 43 lines, 3,710 set capacity, util 80-85%, avg price $170k-$180k per blade, capex $25-30M.
Cash and equivalents $130.9M, down $111M from year-end; net cash $79.2M vs $167.5M.

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