Altus Power (AMPS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 13% year-over-year to $52.5 million, driven by portfolio growth, new acquisitions, and increased energy sales.

• Net income for Q2 2024 was $33.1 million, up from $3.4 million in Q2 2023, primarily due to a non-cash gain from remeasurement of alignment shares and a one-time tax benefit.

• Adjusted EBITDA for Q2 2024 was $31.2 million, a 2% increase year-over-year, with a margin of 59%.

• Portfolio size expanded 42% year-over-year, reaching nearly 1 GW and maintaining leadership in commercial-scale solar.

• CEO transition occurred in Q2 2024, with related costs recognized and Gregg Felton appointed as sole CEO.

Financial highlights

• Q2 2024 operating revenues: $52.5 million, up 13% year-over-year.

• Net income for Q2 2024: $33.1 million; net income attributable to Altus Power, Inc.: $37.6 million.

• Adjusted EBITDA margin was 59% in Q2 2024, down from 66% in Q2 2023.

• Cash and cash equivalents at June 30, 2024: $92.3 million.

• Long-term debt (net) as of June 30, 2024: $1.18 billion.

Outlook and guidance

• FY2024 revenue guidance revised to $196–201 million from $200–222 million; Adjusted EBITDA guidance revised to $111–115 million from $115–135 million.

• Three-year guidance reaffirmed: 20–30% CAGR in megawatt growth, 20–25% CAGR in revenue and adjusted EBITDA.

• Management anticipates sufficient liquidity and cash flows to fund growth for at least the next 12 months.