Altus Power (AMPS) Q4 2024 earnings summary

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.