secwatch.observer — SEC 8-K summary
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Issuer:     TPI COMPOSITES, INC (TPICQ)
CIK:        0001455684
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0001171843-23-004679
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1455684/000117184323004679/0001171843-23-004679-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1455684/000117184323004679/f8k_072623.htm
  HTML page:      https://secwatch.observer/filing/0001171843-23-004679

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