10-K/A - Altus Power, Inc. (0001828723) (Filer)

Fri, Dec 6, 9:45 PM (37 days ago)

Altus Power, Inc. (AMPS) reported significant growth for the fiscal year ended December 31, 2023, with net revenues increasing 53.4% to $155.2 million, driven by a 71% rise in megawatt hours generated. However, the company faced a net loss of $25.9 million, compared to a profit of $52.2 million in 2022, primarily due to increased operating expenses, which rose 66.2% to $138.1 million. The adjusted EBITDA was $93.1 million, up 58.5% from the previous year, reflecting a 60% adjusted EBITDA margin. Key growth strategies include expanding solar and energy storage offerings, leveraging partnerships with Blackstone and CBRE, and enhancing customer relationships. The company managed a pipeline exceeding 1,000 MW of projects, with a focus on acquisitions and development. Risk factors include market competition, regulatory changes, and supply chain challenges affecting solar module prices. As of December 31, 2023, Altus maintained a robust liquidity position with $218.9 million in cash and restricted cash, ensuring operational stability amid ongoing growth initiatives.