[SCHEDULE 13G/A] TPI Composites, Inc. SEC Filing

Rhea-AI Filing Summary

The Vanguard Group filed Amendment No. 1 to Schedule 13G reporting its current position in TPI Composites (TPIC) as of 30 June 2025. Vanguard beneficially owns 2,118,611 common shares, representing 4.35 % of the outstanding class, placing the firm below the 5 % threshold that would require a Schedule 13D.

The filing shows no voting power (0 sole/0 shared), but Vanguard retains dispositive power over the entire position (2,101,075 sole; 17,536 shared). Shares are held in the ordinary course of business and not to influence control of the issuer. Vanguard identifies itself as an investment adviser under Rule 13d-1(b)(1)(ii)(E).

• Reporting Person: The Vanguard Group, Malvern, PA
• Percent owned: 4.35 %
• Filing type: Passive Schedule 13G/A
• Issuer address: 8501 N. Scottsdale Rd., Scottsdale, AZ 85253
• Signatory: Ashley Grim, Head of Global Fund Administration (29 Jul 2025)

Positive

• A large institutional investor, Vanguard Group still holds 4.35 % of TPIC, underscoring continued passive confidence in the company.
• Full dispositive power over 2.12 M shares could enhance market liquidity if Vanguard adjusts its position.

Negative

• Vanguard’s stake is below 5 %, limiting influence and suggesting reduced exposure versus potential prior levels.
• The filing discloses zero voting power, meaning TPIC cannot rely on Vanguard’s support in shareholder votes.

Insights

Securities Analyst

TL;DR: Vanguard’s passive 4.35 % TPIC stake confirms institutional presence but offers no voting support; impact on valuation appears limited.

Vanguard’s filing signals continued, though sub-5 %, exposure to TPIC. Because the firm reports zero voting power, it will not influence proxy outcomes, reducing the strategic significance of its holding. Dispositive power over 2.12 M shares indicates flexibility to exit or trim the position, which could add trading liquidity but also short-term price pressure if sold. Overall, the amendment formalises a passive holding; it neither strengthens governance support nor implies an activist stance. Market impact is therefore modest and largely sentiment-driven.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

TPI Composites Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

87266J104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 87266J104

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,101,075.00
8	Shared Dispositive Power 17,536.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,118,611.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.35 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TPI Composites Inc
(b)	Address of issuer's principal executive offices: 8501 North Scottsdale Road, Gainey Center II, Suite 280, Scottsdale, AZ, 85253
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 87266J104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2118611
(b)	Percent of class: 4.35 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2101075
	(iv) Shared power to dispose or to direct the disposition of: 17536
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	07/29/2025

FAQ

How many TPIC shares does Vanguard currently own?

Vanguard reports beneficial ownership of 2,118,611 common shares.

What percentage of TPI Composites’ outstanding stock does this represent?

The holding equals 4.35 % of the company’s common shares.

Does Vanguard have voting power over its TPIC shares?

No. Vanguard lists 0 sole and 0 shared voting power.

Why is the filing a Schedule 13G/A and not a 13D?

Because Vanguard is a passive investor owning <5 %, it files under Rule 13d-1(b) as an investment adviser.

As of what date is the ownership information accurate?

The reported ownership is effective 30 June 2025.

Who signed the Schedule 13G/A for Vanguard?

The filing was signed by Ashley Grim, Head of Global Fund Administration, on 29 July 2025.