TPI Composites has reported its financial results for the first quarter of 2025 and announced that its Board of Directors has initiated a strategic review of the business. The company achieved 14.3% year-on-year growth in net sales and generated positive cash flow from operating activities, despite continued geopolitical and operational challenges.
Net sales for the quarter ending 31 March 2025 rose to $336.2 million, up from $294.0 million in the same period in 2024. Sales from wind blade manufacturing, tooling and other wind-related services reached $329.0 million, a 13.9% increase. This was largely driven by higher average sales prices due to changes in the wind blade model mix, as well as a 4% increase in production volume. Increased output followed the restart of a previously idled facility in Juarez, Mexico, and improved utilisation at other lines in Mexico and Türkiye. These gains were partially offset by reduced activity at one Türkiye facility and the closure of the Nordex Matamoros site in June 2024.
Revenue from field service, inspection and repair activities grew by 38.4% to $7.1 million, supported by increased deployment of technicians to revenue-generating projects.
The net loss from continuing operations attributable to common stockholders was $48.3 million, down from $60.9 million in the same period in 2024. Contributing factors included increased wind segment sales, reduced startup costs, lower administrative expenses and the closure of the Nordex Matamoros facility. Offsetting these improvements were higher labour costs in Türkiye and Mexico, increased warranty charges, higher interest expenses and costs related to transitioning certain Mexican operations to a continuous schedule.
The net loss per share was $1.01, compared to $1.29 a year earlier. Adjusted EBITDA was a loss of $10.3 million, an improvement from the $23.0 million loss in the first quarter of 2024. The adjusted EBITDA margin improved from negative 7.8% to negative 3.1%.
The company’s Board of Directors, working with external advisors, has begun a strategic review aimed at evaluating alternatives to optimise TPI’s capital structure. No timeline has been set and no decisions have yet been made.
Full-year 2025 guidance:
- Net sales: $1.4 billion to $1.5 billion
- Adjusted EBITDA margin: 0% to 2% (previously 2% to 4%)
- Line utilisation: 80% to 85% (based on 34 installed lines; previously around 85%)
- Capital expenditure: $25 million to $30 million
