TPI COMPOSITES, INC

What they do

TPI Composites manufactures composite wind blades for wind turbine OEMs through dedicated supply agreements, producing three-blade sets at facilities in the U.S., Mexico, and India. It also provides field service inspection and repair for installed blades to OEMs and wind farm owners, with engineering centers in Denmark and Germany and field services facilities in the U.S. and Spain. The company has been producing composite wind blades since 2001 and is headquartered in Scottsdale, Arizona.

Revenue drivers

• U.S. wind blade manufacturing — One of three geographic operating segments (U.S., Mexico, India); manufactures blade sets under dedicated capacity supply agreements with OEM customers.
• Mexico wind blade manufacturing — Geographic segment serving wind markets cost-effectively from Mexico under the same dedicated supplier model.
• India wind blade manufacturing — Geographic segment manufacturing wind blades for OEM customers in the India market.
• Field service inspection and repair — Diagnostic, repair and maintenance services for blades already installed on turbines, sold to OEM customers and wind farm owners/operators across the U.S. and Spain.

Recent performance

2025 revenue was $918.5 million, roughly flat versus $890.0 million in 2024, while net loss widened to $340.8 million from $240.7 million and diluted EPS fell to -$7.02 from -$5.07. Operating cash flow swung to -$126.4 million in 2025 from +$12.5 million in 2024. Quarterly revenue fell sharply through 2025: $336.2 million in Q1, $276.2 million in Q2, $234.4 million in Q3, and $71.6 million in Q4. At December 31, 2025, total assets were $342.4 million against total liabilities of $1.02 billion, producing shareholder equity of -$679.5 million and cash of $13.9 million.

Strategy

The company is operating as debtor-in-possession under Chapter 11, filed August 11, 2025 in the Southern District of Texas, and is pursuing a Section 363 sale process for all or part of its assets under court-approved bidding procedures. It completed divestitures of its automotive business in June 2024, its tooling business in August 2025, and its Türkiye business in September 2025, reclassifying the Türkiye and automotive results as discontinued operations. A $82.5 million DIP term loan facility, with $7.5 million of new money available as Tranche 1, funds operations during the cases. Management continues to engage customers and DIP lenders on a restructuring plan.

Risks

• Chapter 11 and going-concern uncertainty — The company is operating as debtor-in-possession, and the Chapter 11 Cases are intended to restructure a balance sheet with $1.02 billion in liabilities against $342.4 million in assets.
• Accelerated debt — The petition filing was an event of default that accelerated roughly $471.8 million under the 11% Senior Secured Term Loan and $135.3 million under the 5.25% Convertible Notes, all classified as current debt.
• Liquidity and cash burn — Cash was $13.9 million at year-end 2025, with operating cash flow of -$126.4 million in 2025 and Q4 revenue of only $71.6 million.
• Customer concentration in wind OEMs — Revenue depends on dedicated supply agreements with a limited set of wind turbine OEMs, and the divested Türkiye business comprised the majority of the former EMEA segment.

Outlook

Management's stated focus is completing the Chapter 11 restructuring and the Section 363 sale process while continuing to operate wind blade manufacturing and field services in the U.S., Mexico, and India. The company has incurred and expects to continue incurring material reorganization expenses. It continues to engage key stakeholders, including customers and DIP lenders, regarding a restructuring plan. No revenue or earnings guidance is provided in the excerpts.