Altus Power
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Altus Power (AMPS) investor relations material

Altus Power has been acquired

Altus Power Q4 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2024 earnings summary17 Mar, 2025

Executive summary

  • Full year 2024 revenues reached $196.3 million, up 26% year-over-year, with a GAAP net loss of $10.7 million, a significant improvement from a $26.0 million loss in 2023.

  • Adjusted EBITDA for 2024 was $111.6 million, a 20% increase year-over-year, with an adjusted EBITDA margin of 57% versus 60% in 2023.

  • Surpassed 1 GW in operating assets, completed ~56 MW of new-build assets, and added 96 MW of assets in operation.

  • Entered a definitive agreement to be acquired by TPG for $5.00 per share, valuing the company at $2.2 billion; transaction expected to close in Q2 2025.

Financial highlights

  • Q4 2024 revenues were $44.5 million, up 30% from Q4 2023, driven by increased megawatt hours generated.

  • Q4 2024 GAAP net loss was $56.5 million, impacted by a $7.1 million non-cash loss from remeasurement of alignment shares and $35.5 million income tax expense.

  • Adjusted EBITDA for Q4 2024 was $23.8 million, up 37% year-over-year, primarily from revenue growth, partially offset by higher G&A expenses.

  • Year-end cash balance stood at $123 million.

Segment performance

  • Revenue growth attributed to customer additions from new build and acquired operating assets, resulting in higher megawatt hours sold.

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Frequently asked questions

Altus Power Inc. provides clean electric power through the development, ownership, and operation of solar energy generation and storage systems. The company offers services to commercial, industrial, public sector, and community solar customers. Its projects are designed to deliver renewable energy and support decarbonization efforts. The company is headquartered in Stamford, Connecticut, and its shares are listed on the NYSE.