Altus Power (AMPS) Q3 2024 earnings summary

Executive summary

• Achieved Q3 2024 operating revenues of $58.7 million, up 30% year-over-year, with net income of $17.6 million and adjusted EBITDA of $37.0 million, reflecting 27% growth and a 63% margin.

• Commercial-scale solar portfolio reached 1,013 MW as of September 30, 2024, with a national footprint and strong presence in New York, New Jersey, and Massachusetts.

• Generated 333 million kWh of clean electricity in Q3 2024, a 39% increase year-over-year, avoiding approximately 232,000 metric tons of CO2.

• Community solar portfolio expanded to nine states, with 30,000 subscribers and customer base growing nearly 500% in two years.

• Growth fueled by acquisitions (Caldera, Vitol, MN8) and organic expansion, supported by a renewed go-to-market strategy and targeted client engagement.

Financial highlights

• Q3 2024 operating revenues: $58.7 million (+30% YoY); net income: $17.6 million (+231% YoY); adjusted EBITDA: $37.0 million (63% margin).

• Diluted EPS for Q3 2024 was $0.11, up from $0.03 in Q3 2023.

• Cash, cash equivalents, and restricted cash totaled $111 million as of September 30, 2024.

• Long-term debt principal was $1.35 billion as of September 30, 2024.

• Interest expense increased 137% YoY in Q3 2024 due to higher outstanding debt and unrealized losses on interest rate swaps.

Outlook and guidance

• Reaffirmed 2024 guidance: $196–$201 million in revenue and $111–$150 million in adjusted EBITDA.

• Targeting 20–30% CAGR in megawatt growth over the next three years, aiming for a 1.5–2.0 GW portfolio by 2026.

• Projected 2026 revenue of $270–305 million and adjusted EBITDA of $160–180 million, subject to market and operational risks.

• Majority of 80 MW in construction expected to be completed by year-end, with the remainder in H1 2025.

• Sufficient liquidity and cash flows anticipated to meet working capital and capital expenditure needs for at least the next 12 months.