TPI Composites warns of Q2 net loss $78-83M, cuts FY 2023 revenue guidance to $1.525-1.575B

TPI COMPOSITES, INC

2023-Q2 EPS reported -$2.79 revenue$785,337,000

Preliminary Q2 2023 net sales ~$380M; net loss $78-83M; adjusted EBITDA loss $36-41M.
Records $30-35M warranty charge from single campaign with a current customer for blade quality issues.
Full-year 2023 revenue guidance reduced from $1.6-1.7B to $1.525-1.575B; adjusted EBITDA margin now < (1%) loss.
Utilization rate lowered to 80-85% from 85-90% due to inspection delays and reduced customer demand.
Hires Neil Jones as Chief Quality Officer effective August 1; ends Q2 with ~$170M cash.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TPI COMPOSITES, INC reported second quarter ended June 30, 2023 results: revenue Approximately $380 million, net income Range of $78 million to $83 million loss. Guidance lowered.

Period: second quarter ended June 30, 2023
Revenue: Approximately $380 million
Net income: Range of $78 million to $83 million loss
Guidance: lowered
Result: preliminary results

Exact text from the filing

footprint,” added Mr. Siwek. Second Quarter 2023 Selected, Preliminary Estimated Results For the second quarter ended June 30, 2023, we expect: Net Sales Approximately $380 million Net Loss Attributable to Common Stockholders Range of $78 million to $83 million loss Adjusted EBITDA (1) Range of $36 million to $41 million loss (1) See the attached table for

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Source: SEC EDGAR

accession 0001171843-23-004679

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