On March 17, 2025, Altus Power Inc (AMPS, Financial) released its 8-K filing detailing its financial performance for the fourth quarter and full year 2024. Altus Power Inc, a prominent developer, owner, and operator of large-scale photovoltaic and energy storage systems across the United States, serves a diverse clientele including commercial, industrial, public sector, and community solar customers. The company is committed to advancing the clean energy transition through its solar generation and energy storage facilities.
Performance Overview and Challenges
Altus Power Inc reported full year 2024 revenues of $196.3 million, marking a 26% increase from the previous year, falling short of the annual revenue estimate of $198.52 million. However, the company faced a GAAP net loss of $10.7 million for the year, an improvement from the $26.0 million net loss in 2023. The adjusted EBITDA for 2024 was $111.6 million, a 20% increase compared to 2023, with an adjusted EBITDA margin of 57%, slightly down from 60% the previous year.
Financial Achievements and Industry Significance
Altus Power's revenue growth is primarily attributed to the expansion of its customer base and the addition of new and acquired operating assets, leading to increased megawatt hours sold. The company's ability to surpass 1 GW in operating assets and complete approximately 56 MW of new-build assets, while adding around 96 MW of assets in operation, underscores its market leadership in commercial solar.
Income Statement and Key Metrics
For the fourth quarter of 2024, Altus Power reported operating revenues of $44.5 million, a 30% increase from $34.2 million in the same period of 2023. Despite this revenue growth, the company recorded a GAAP net loss of $56.5 million for the quarter, compared to a $40.0 million net loss in the previous year. This was largely due to a $7.1 million non-cash loss from remeasurement of alignment shares and a significant income tax expense of $35.5 million.
| Financial Metric | Q4 2024 | Q4 2023 | Change |
|---|---|---|---|
| Operating Revenues | $44.5 million | $34.2 million | +30% |
| GAAP Net Loss | $56.5 million | $40.0 million | -41.25% |
| Adjusted EBITDA | $23.8 million | $17.3 million | +37% |
Analysis and Future Outlook
The financial results highlight Altus Power's robust revenue growth and strategic expansion in the solar energy sector. However, the increased net loss, driven by non-cash losses and tax expenses, presents a challenge that the company will need to address moving forward. The pending acquisition by TPG, valued at approximately $2.2 billion, is expected to provide Altus Power with the resources and flexibility to further accelerate its growth and innovation in the clean energy market.
In a year of economic uncertainty and evolving market conditions, Altus Power retained its market leadership position in commercial solar and surpassed 1 GW of operating assets," said Gregg Felton, CEO of Altus Power.
Altus Power's strategic focus on expanding its asset base and enhancing its financial performance positions it well for future growth, despite the current challenges. The company's commitment to driving the clean energy transition remains a key factor in its long-term success.
Explore the complete 8-K earnings release (here) from Altus Power Inc for further details.
