Tpi Composites Stock Price, News & Analysis

TPI Composites (TPIC) has initiated a partnership with Tex-Tech and Carbon Rivers for a pilot program aimed at recycling end-of-life wind turbine blades. This collaboration focuses on pyrolyzing the blades and recovering glass fiber for use in cured-in-place pipe (CIPP) systems, which rehabilitate existing pipelines without excavation. TPI's innovation supports a circular economy, converting waste into valuable materials, reducing landfill usage, and enhancing infrastructure longevity. Key stakeholders highlighted the importance of sustainable supply chains and innovative applications for recycled materials. This initiative could significantly impact waste management in the wind energy sector.

On February 28, 2023, TPI Composites, Inc. (TPIC) announced the pricing of $115 million in 5.25% convertible senior notes due 2028, increasing from an initial offering of $100 million. The offering will close on March 3, 2023. The notes feature a semi-annual interest payment, with an initial conversion rate of 66.5425 shares per $1,000, representing a premium of about 30% over the last stock price of $11.56. TPI expects net proceeds of approximately $110.8 million, earmarked for green projects, working capital, and capped call transactions to mitigate stock dilution risks. The capped call transactions aim to offset potential dilution from note conversions.

TPI Composites has initiated a private offering of $100 million in convertible senior notes due 2028, aimed at qualified institutional buyers. An additional $15 million may also be offered. The notes, which will mature on March 15, 2028, will be unsecured and bear interest payable semi-annually. Noteholders can convert their notes into cash or common stock under specific conditions. TPI plans to utilize a portion of the net proceeds for capped call transactions to mitigate potential stock dilution and fund eligible green projects, alongside working capital and debt repayment. The offering is subject to market conditions and regulatory exemptions.

TPI Composites (Nasdaq: TPIC) announced its financial results for Q4 and the full year 2022, highlighting a net loss of $124.2 million for the year. However, adjusted EBITDA for the same period improved significantly to $73.6 million. Despite some inflationary pressures and operational challenges, the company expects net sales growth of 1.5% in 2022, driven by higher average wind blade prices and increased production at facilities in Turkey and Mexico. Looking ahead, TPI projects 2023 net sales between $1.6 billion and $1.7 billion, with an adjusted EBITDA margin in the low single-digit range. The company also plans capital expenditures of approximately $25 million.

TPI Composites, Inc. (Nasdaq: TPIC) will release its fourth quarter and full year 2022 results on February 22, 2023, after market close. A conference call will follow at 5:00 p.m. ET. Investors can participate by dialing 1-877-407-9208 or through the company's Investor Relations website. A replay will be available after the call until March 1, 2023. TPI focuses on sustainable composite solutions for the wind and automotive markets, maintaining operations across the U.S., Mexico, Türkiye, and India, alongside engineering centers in Denmark and Germany.

TPI Composites, Inc. (Nasdaq: TPIC) announced a collaboration with WindSTAR to develop a composite manufacturing process using a digital twin approach. This innovative project utilizes machine learning and big data to enhance the manufacturing of wind blades, achieving over 95% predictive accuracy while reducing computational costs. The technology allows real-time defect reduction and increased production velocity. In 2023, the WindSTAR team aims to scale this technology for larger components, leveraging AI tools. TPI is a founding member of WindSTAR's advisory board and looks forward to further advancements.

TPI Composites (Nasdaq: TPIC) has extended its supply agreements with GE Renewable Energy through 2025, further solidifying their partnership in wind energy solutions. The collaboration aims to enhance the production of GE's next-generation wind turbine blades, with potential new manufacturing lines to be added in 2023. TPI has a long-standing relationship with GE, having manufactured wind blades for them since 2008. This strategic agreement supports TPI's commitment to sustainable energy solutions while catering to the growing demand for cost-effective wind energy technologies.

TPI Composites (TPIC) has signed a ten-year lease extension for its manufacturing facility in Newton, Iowa, in partnership with GE Renewable Energy. This strategic agreement aims to enhance blade manufacturing capabilities for the U.S. market, with production expected to commence in 2024. The partnership is bolstered by support from the Inflation Reduction Act of 2022, which aims to strengthen American industries in the renewable sector. TPI has a history of manufacturing wind blades for GE, underscoring its established role in the renewable energy landscape.