TPI COMPOSITES, INC

CIK:0001455684|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net sales	$ 918,457	$ 889,991	$ 863,919
Cost of sales	1,004,904	920,445	952,904
Startup and transition costs	24,152	41,736	21,757
Total cost of goods sold	1,029,056	962,181	974,661
Gross profit (loss)	(110,599)	(72,190)	(110,742)
General and administrative expenses	28,431	46,174	47,000
Loss on sale of assets and asset impairments	14,757	15,085	15,373
Restructuring charges, net	25,585	1,319	40
Loss from continuing operations	(179,372)	(134,768)	(173,155)
Other income (expense):
Interest expense, net	(88,990)	(84,720)	(6,526)
Foreign currency loss	(5,310)	(617)	(293)
Miscellaneous income	2,641	5,061	1,756
Total other expense	(91,659)	(80,276)	(5,063)
Reorganization items, net	49,591	0	0
Loss from debtor operations before income taxes	(320,622)	(215,044)	(178,218)
Income tax provision	(3,731)	(7,711)	(11,111)
Net loss from continuing operations	(324,353)	(222,755)	(189,329)
Preferred stock dividends and accretion	0	0	(58,453)
Net loss from continuing operations attributable to common stockholders	(324,353)	(222,755)	(165,162)
Net loss from discontinued operations	(16,449)	(17,952)	(12,450)
Net loss attributable to common stockholders	$ (340,802)	$ (240,707)	$ (177,612)
Weighted-average common shares outstanding:
Basic	48,544	47,462	42,671
Diluted	48,544	47,462	42,671
Net loss from continuing operations per common share:
Basic	$ (6.68)	$ (4.69)	$ (3.87)
Diluted	(6.68)	(4.69)	(3.87)
Net loss from discontinued operations per common share:
Basic	(0.34)	(0.38)	(0.29)
Diluted	(0.34)	(0.38)	(0.29)
Net loss per common share:
Basic	(7.02)	(5.07)	(4.16)
Diluted	$ (7.02)	$ (5.07)	$ (4.16)
Series A Preferred Stock [Member]
Other income (expense):
Gain on extinguishment of Series A Preferred Stock	$ 0	$ 0	$ 82,620
Continuing Operations
Total cost of goods sold	$ 1,029,056	$ 962,181	$ 974,661

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (340,802)	$ (240,707)	$ (201,779)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	26,473	30,482	38,869
Provision for credit losses	0	0	23,323
(Gain) loss on sale of discontinued operations	(10,292)	6,342	0
Loss on sale of assets and asset impairments	15,059	36,599	23,332
Share-based compensation expense	2,173	6,667	9,881
Amortization of debt issuance costs and debt discount	35,200	32,331	2,151
Paid-in-kind interest	51,907	46,103	2,041
Deferred income taxes	(4,225)	(3,458)	(11,806)
Reorganization items, net	49,591	0	0
Changes in assets and liabilities:
Accounts receivable	50,483	(16,981)	17,540
Contract assets and liabilities	15,936	84,560	98,255
Operating lease right of use assets and operating lease liabilities	(1,829)	37	(9,769)
Inventories	(23,514)	632	1,871
Prepaid expenses	(14,895)	1,296	13,003
Other current assets	(1,014)	6,625	(8,283)
Other noncurrent assets	(4,454)	8,706	980
Accounts payable and accrued expenses	68,261	12,508	(97,700)
Accrued warranty	6,986	1,285	15,136
Other noncurrent liabilities	2,520	(529)	1,983
Net cash used in operating activities	(126,412)	12,498	(80,972)
Cash flows from investing activities:
Purchases of property, plant and equipment	(14,531)	(26,201)	(36,137)
Restricted cash transferred upon sale of business	(1,316)	0	0
Proceeds from sale of business	0	0	12,836
Net cash used in investing activities	(15,847)	(26,201)	(23,301)
Cash flows from financing activities:
Proceeds from DIP financing	7,500	0	0
Payments of DIP financing costs	(75)	0	0
Proceeds from working capital loans	46,332	192,677	169,032
Repayments of working capital loans	(96,241)	(136,158)	(153,689)
Principal repayments of finance leases	(676)	(1,238)	(1,300)
Net proceeds from other debt	(597)	(2,599)	2,586
Proceeds from issuance of convertible notes	0	0	132,500
Purchase of capped calls	0	0	(18,590)
Payments of debt issuance costs	0	0	(5,962)
Repurchase of common stock including shares withheld in lieu of income taxes	(696)	(1,718)	(2,583)
Net cash provided by financing activities	(44,453)	50,964	121,994
Impact of foreign exchange rates on cash, cash equivalents and restricted cash	3,643	(2,415)	2,023
Net change in cash, cash equivalents and restricted cash	(183,069)	34,846	19,744
Cash, cash equivalents and restricted cash, beginning of year	207,659	172,813	153,069
Cash, cash equivalents and restricted cash, end of period	24,590	207,659	172,813
Supplemental cash flow information:
Cash paid for interest	10,469	13,542	9,650
Cash paid for income taxes, net of refunds	18,121	19,868	23,115
Cash paid for professional fees for services related to bankruptcy proceedings	49,901	0	0
Cash paid for professional fees for services related to restructuring	23,175	0	0
Noncash investing and financing activities:
Right of use assets obtained in exchange for new operating lease liabilities	807	13,655	8,077
Property, plant, and equipment obtained in exchange for new finance lease liabilities	77	294	796
Accrued capital expenditures in accounts payable	3,770	3,862	5,861
DIP roll-up loan	15,000	0	0
Paid in kind DIP interest and commitment fees	1,397	0	0
Paid-in-kind preferred stock dividends and accretion	0	0	58,453
Issuance of Common Stock to extinguish Series A Preferred Stock	0	0	8,346
Issuance of debt, net of debt discount, to extinguish Series A Preferred Stock	0	0	274,712
Accrued transaction costs in accounts payable to extinguish Series A Preferred Stock	0	0	1,499
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	13,899	143,300	119,894
Restricted cash	10,174	9,639	10,838
Cash and cash equivalents of discontinued operations	517	54,720	42,081
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	24,590	207,659	172,813
Non Cash [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Reorganization items, net	$ (385)	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 13,899	$ 143,300
Restricted cash	10,174	9,639
Accounts receivable	51,462	37,417
Contract assets	9,630	24,816
Prepaid expenses	23,002	10,892
Other current assets	18,852	14,222
Inventories	27,591	3,741
Assets held for sale	0	1,315
Current assets of discontinued operations	587	183,762
Total current assets	155,197	429,104
Property, plant and equipment, net	68,978	75,502
Operating lease right of use assets	82,206	99,787
Goodwill	2,807	2,807
Intangible assets and deferred costs, net	1,515	608
Other noncurrent assets	31,735	26,049
Other noncurrent assets	0	58,607
Total assets	342,438	692,464
Current liabilities:
Debtor-in-possession financing	23,897	0
Accounts payable and accrued expenses	151,325	141,440
Accrued warranty	14,393	38,768
Current maturities of long-term debt, net of debt discounts	432,156	15,799
Current operating lease liabilities	18,132	18,186
Contract liabilities	0	30,369
Current liabilities of discontinued operations	0	229,406
Total current liabilities	639,903	473,968
Long-term debt, net of current maturities	0	485,191
Noncurrent operating lease liabilities	49,555	84,629
Other noncurrent liabilities	8,695	5,793
Other noncurrent liabilities of discontinued operations	0	16,119
Total liabilities not subject to compromise	698,153	1,065,700
Liabilities subject to compromise	323,756	0
Total liabilities of debtors	1,021,909	1,065,700
Commitments and contingencies (Note 18)
Stockholders' deficit:
Common shares, $0.01 par value, 100,000 shares authorized, 50,381 shares issued and 48,766 shares outstanding at December 31, 2025 and 100,000 shares authorized, 48,683 shares issued and 47,609 shares outstanding at December 31, 2024	504	487
Paid-in capital	440,175	438,002
Accumulated other comprehensive income (loss)	10,255	(22,818)
Accumulated deficit	(1,117,857)	(777,055)
Treasury stock, at cost, 1,615 shares at December 31, 2025 and 1,074 shares at December 31, 2024	(12,548)	(11,852)
Total stockholders' deficit	(679,471)	(373,236)
Total liabilities and stockholders` deficit of debtors	$ 342,438	$ 692,464