Altus Power, Inc.

CIK:0001828723|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Operating revenues, net	$ 196,265	$ 155,162	$ 101,163
Operating expenses
Cost of operations (exclusive of depreciation and amortization shown separately below)	46,092	29,636	17,532
General and administrative	40,755	32,453	25,026
Depreciation, amortization and accretion expense	68,917	53,627	29,600
Acquisition and entity formation costs	3,665	4,508	3,629
(Gain) loss on fair value remeasurement of contingent consideration, net	(2,379)	2,207	79
Loss (gain) on disposal of property, plant and equipment	443	649	(2,222)
Stock-based compensation expense	9,213	14,984	9,404
Total operating expenses	166,706	138,064	83,048
Operating income	29,559	17,098	18,115
Other (income) expenses
Change in fair value of redeemable warrant liability	0	0	5,647
Change in fair value of Alignment Shares liability	(41,023)	(5,632)	(61,314)
Other (income) expense, net	(2,201)	1,784	(3,926)
Interest expense, net	69,206	47,486	22,162
Loss on extinguishment of debt, net	0	116	2,303
Total other expense (income), net	25,982	43,754	(35,128)
Income (loss) before income tax expense	3,577	(26,656)	53,243
Income tax (expense) benefit	(14,244)	683	(1,076)
Net (loss) income	(10,667)	(25,973)	52,167
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(11,990)	(16,618)	(3,270)
Net income (loss) attributable to Altus Power, Inc.	$ 1,323	$ (9,355)	$ 55,437
Net income (loss) per share attributable to common stockholders
Basic (in usd per share)	$ 0.01	$ (0.06)	$ 0.36
Diluted (in usd per share)	$ 0.01	$ (0.06)	$ 0.35
Weighted average shares used to compute net income (loss) per share attributable to common stockholders
Basic (in shares)	159,730,462	158,699,959	154,648,788
Diluted (in shares)	160,678,673	158,699,959	155,708,993

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net (loss) income	$ (10,667)	$ (25,973)	$ 52,167
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation, amortization and accretion expense	68,917	53,627	29,600
Deferred tax expense (benefit)	14,194	(715)	1,078
Non-cash lease expense	1,122	2,036	443
Amortization of debt discount and financing costs	5,541	3,617	3,018
Loss on extinguishment of debt, net	0	116	2,303
Change in fair value of redeemable warrant liability	0	0	5,647
Change in fair value of Alignment Shares liability	(41,023)	(5,632)	(61,315)
Remeasurement of contingent consideration, net	(2,379)	2,207	79
Loss (gain) on disposal of property, plant and equipment	443	649	(2,222)
Stock-based compensation expense	8,239	14,938	9,404
Amortization of forward-starting interest rate swap	(1,703)	0	0
Other	(2,791)	764	(174)
Changes in assets and liabilities, excluding the effect of acquisitions
Accounts receivable	(3,223)	1,493	(2,122)
Due to related parties	49	(61)	112
Derivative assets	(2,196)	20,690	(1,247)
Other assets	(1,906)	2,098	(280)
Accounts payable	2,937	3,504	(1,126)
Interest payable	3,757	4,249	(58)
Contract liability	454	438	562
Other liabilities	583	1,312	(627)
Net cash provided by operating activities	40,348	79,357	35,242
Cash flows used for investing activities
Capital expenditures	(93,705)	(117,791)	(77,223)
Payments to acquire renewable energy businesses, net of cash and restricted cash acquired	(119,240)	(432,441)	(76,166)
Payments to acquire renewable energy facilities from third parties, net of cash and restricted cash acquired	(154,526)	(38,931)	(13,924)
Proceeds from disposal of property, plant and equipment	266	2,350	3,605
Other	0	0	496
Net cash used for investing activities	(367,205)	(586,813)	(163,212)
Cash flows from financing activities
Proceeds from issuance of long-term debt	301,329	579,627	124,697
Repayments of long-term debt	(135,697)	(51,114)	(123,362)
Payment of debt issuance costs	(1,231)	(5,000)	(5,257)
Payment of debt extinguishment costs	0	(85)	(1,335)
Payment of deferred purchase price payable	(8,195)	(17,632)	0
Payment of transaction costs related to the CBAH Merger	0	0	(742)
Proceeds from exercise of warrants	0	0	65
Payment of contingent consideration	(5,793)	(5,298)	(72)
Contributions from noncontrolling interests	34,860	35,282	6,097
Redemption of noncontrolling interests	(4,084)	(3,855)	(473)
Distributions to noncontrolling interests	(10,191)	(4,940)	(2,571)
Proceeds from transfer of investment tax credits related to noncontrolling interests	60,319	0	0
Net cash provided by (used for) financing activities	231,317	526,985	(2,953)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(95,540)	19,529	(130,923)
Cash, cash equivalents, and restricted cash, beginning of year	218,927	199,398	330,321
Cash, cash equivalents, and restricted cash, end of year	123,387	218,927	199,398
Supplemental cash flow disclosure
Cash paid for interest, net of amounts capitalized	68,242	36,946	21,605
Cash paid for taxes	35	69	73
Non-cash investing and financing activities
Asset retirement obligations	2,332	6,312	1,840
Debt assumed through acquisitions	0	7,900	117,295
Initial recording of noncontrolling interest	2,100	13,500	183
Redeemable noncontrolling interest assumed through acquisitions	(100)	15,541	2,126
Accrued distributions to noncontrolling interests	765	278	0
Accrued deferred financing costs	0	203	0
Acquisitions of property and equipment included in construction payable	1,338	5,588	8,371
Construction loan conversion	0	0	(4,186)
Term loan conversion	0	0	4,186
Exchange of warrants into common stock	0	0	7,779
Warrants exercised on a cashless basis	0	0	47,836
Conversion of Alignment Shares into common stock	10	11	15
Deferred purchase price payable	$ 29,330	$ 7,656	$ 18,548

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 104,902	$ 160,817
Current portion of restricted cash	7,040	45,358
Accounts receivable, net	21,808	17,100
Other current assets	9,808	5,522
Total current assets	143,558	228,797
Restricted cash, noncurrent portion	11,445	12,752
Property, plant and equipment, net	1,942,885	1,619,047
Intangible assets, net	51,243	47,588
Operating lease asset	189,512	173,804
Derivative assets	2,726	530
Other assets	7,594	7,831
Total assets	2,348,963	2,090,349
Current liabilities:
Accounts payable	10,812	7,338
Construction payable	16,107	14,108
Interest payable	13,027	8,685
Purchase price payable, current	29,455	9,514
Current portion of long-term debt	179,378	39,611
Operating lease liability, current	7,451	6,861
Contract liability, current	1,607	2,940
Investment tax credit transfer liability	60,319	0
Total current liabilities	329,525	106,510
Alignment Shares liability	19,470	60,502
Long-term debt, net of unamortized debt issuance costs and current portion	1,192,379	1,163,307
Intangible liabilities, net	16,007	18,945
Asset retirement obligations	20,326	17,014
Operating lease liability, noncurrent	195,876	180,701
Contract liability	5,936	5,620
Deferred tax liabilities, net	22,865	9,831
Other long-term liabilities	3,157	2,908
Total liabilities	1,805,541	1,565,338
Commitments and contingent liabilities (Note 13)
Redeemable noncontrolling interests	19,076	26,044
Stockholders' equity
Common stock $0.0001 par value; 988,591,250 shares authorized as of December 31, 2024 and 2023; 159,999,527 and 158,999,886 shares issued and outstanding as of December 31, 2024 and 2023, respectively	16	16
Additional paid-in capital	493,981	485,063
Accumulated deficit	(54,417)	(55,274)
Accumulated other comprehensive income	15,578	17,273
Total stockholders' equity	455,158	447,078
Noncontrolling interests	69,188	51,889
Total equity	524,346	498,967
Total liabilities, redeemable noncontrolling interests, and stockholders' equity	2,348,963	2,090,349
Related Party
Current liabilities:
Due to related parties	100	51
Other current liabilities	100	51
Nonrelated Party
Current liabilities:
Due to related parties	11,269	17,402
Other current liabilities	$ 11,269	$ 17,402