Altus Power Inc Stock Price, News & Analysis

Altus Power, Inc. (NYSE: AMPS) announced its inclusion in the Russell 2000® Index following the reconstitution period ending June 24, 2022. This index measures small-cap stocks in the U.S. market and is widely utilized by investors, with about $12 trillion in assets benchmarked against it. Joining this index may enhance Altus Power's visibility and attract institutional investment. The company, based in Stamford, Connecticut, specializes in clean electrification and has developed or acquired 362 megawatts of solar energy facilities across 18 states since its founding in 2009.

Altus Power (NYSE: AMPS) announced on May 31, 2022, that it has signed warrant exchange agreements with holders of its public warrants. The Company will issue 981,113 shares of Class A common stock in exchange for the cancellation of 4,087,962 public warrants, reducing the outstanding number by 40.6% from 10,062,490 to 5,974,528. This move is aimed at managing dilution for shareholders, according to Co-CEO Gregg Felton. The public warrants will expire on December 9, 2026.

Altus Power (AMPS) reported a remarkable 54% increase in operating revenues to $19.2 million for Q1 2022 compared to Q1 2021. A significant GAAP net income of $60.1 million was driven by a non-cash gain of $64.8 million from warrant remeasurement. Adjusted EBITDA rose 38% to $8.8 million, though the adjusted EBITDA margin declined to 46% due to rising administrative expenses. Altus reaffirmed its full-year adjusted EBITDA guidance of $57-63 million and announced a partnership with Trammell Crow for installing up to 300 MW of solar assets.

Altus Power, Inc. (NYSE: AMPS) will announce its financial results for Q1 2022 on May 16, 2022, before market opening. The release will be followed by an 8:30 AM ET conference call featuring Co-CEOs Lars Norell and Gregg Felton, along with CFO Dustin Weber. Investors can access the call via a live webcast on the company's Investor Relations page. A replay will be available post-call for approximately 30 days. Altus Power is a leading clean electrification company, engaged in solar energy generation and EV charging infrastructure across 18 states.

Altus Power, Inc. (NYSE: AMPS) announced the automatic conversion of 201,250 Alignment Shares into 2,011 shares of Class A Common Stock, effective April 11, 2022. This conversion was in accordance with the company's Third Amended and Restated Certificate of Incorporation, requiring no action from shareholders. Post-conversion, there are 153,650,841 Class A Common Stock shares and 1,207,500 Alignment Shares outstanding. The company does not anticipate any material impact on its operations due to this conversion.

Trammell Crow Company (TCC) has partnered with Altus Power (NYSE: AMPS) to integrate clean electrification solutions in TCC's real estate projects. This multi-year partnership aims to implement solar power generation, battery storage, and EV charging across 35 million sq. ft. of U.S. industrial assets, generating 300 MW of solar power in the next three to four years. TCC's CEO, Mike Lafitte, highlighted the partnership's potential to reduce the carbon footprint, while Altus Power's Co-CEO, Lars Norell, emphasized opportunities in the commercial solar market.

CBRE Investment Management and Altus Power have announced a partnership to establish rooftop community solar projects in Maryland. This initiative aims to deliver renewable energy for roughly 5,700 residential customers and CBRE IM logistics tenants. The solar systems, totaling approximately 20MW, will provide power to both commercial and residential users, with 30% allocated to low and moderate-income households. This collaboration enhances CBRE IM's sustainability goals and supports their clean energy transition, according to executives from both companies.

Altus Power (AMPS) announced strong financial results for the fourth quarter and full year 2021. Revenues reached $71.8 million, a 59% increase from 2020, with GAAP net income of $13.0 million, marking a significant turnaround from a net loss of $1.9 million in the prior year. The fourth quarter alone generated $21.6 million in revenue, up 92% year-over-year. Additionally, adjusted EBITDA saw a 60% rise to $41.0 million for the full year. The company is projecting 2022 adjusted EBITDA guidance between $57-63 million, indicating nearly 50% growth.

Altus Power, Inc. (NYSE: AMPS) announced its 2022 Annual Shareholders Meeting will take place virtually on May 23, 2022, at 10:00 AM Eastern Time. Shareholders eligible to vote must be recorded by March 28, 2022. As a prominent clean electrification company, Altus Power focuses on solar generation, energy storage, and EV charging infrastructure across 18 states, serving diverse sectors including commercial and public entities.