TPICQ TPI COMPOSITES, INC

Overview and Growth

In fiscal 2025, TPI COMPOSITES, INC recorded $918.46M of revenue, net loss of $340.80M, and an operating cash outflow of $126.41M. At $918.46M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 3.2% above fiscal 2024 revenue of $889.99M, marking a year-over-year increase. Diluted earnings per share were -$7.02, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 48.54M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. At period end, total assets were $342.44M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 2.68x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Direct costs exceeded revenue, producing a gross loss of $110.60M before operating expenses. Gross margin was -12.0%, reflecting direct costs that exceeded revenue by 12.0%. The company recorded an operating loss of $179.37M after the reported operating expense base. An operating margin of -19.5% reflected costs exceeding revenue-level gross profit by 19.5% of sales. The bottom-line result was a net loss of $340.80M after operating, financing, tax, and other recognized items. Net margin was -37.1%, reflecting a loss equal to 37.1% of reported revenue. The company reported negative EBITDA of $157.68M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. Before income taxes, the company recorded a loss of $320.62M, bridging the operating result to the final net loss. Pretax margin was -34.9%, reflecting a pre-tax loss equal to 34.9% of revenue. Income tax expense totaled $3.73M, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-assets relationship was 99.5%, placing the bottom-line deficit against the company’s resource base. Compared with a $240.71M net loss in fiscal 2024, the current loss increased to $340.80M.

Liquidity and Capital Structure

At period end, the $342.44M asset base was financed through $1.02B of liabilities and -$679.47M of equity. With total equity at -$679.47M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. The near-term balance sheet paired $155.20M of current assets with $639.90M of current liabilities at the reporting date. The current ratio was 0.24x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Cash and equivalents totaled $13.90M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 2.2% of current liabilities, showing how much near-term coverage came from cash alone. Equity equaled -198.4% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 298.4%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 4.1%, comparing reported cash and equivalents with the full positive asset balance. Compared with $692.46M in fiscal 2024, the current asset base moved 50.5% and finished lower. The reported cash balance changed 92.9% from $196.52M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $126.41M, rather than cash generation from operations. Capital spending of $14.53M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $140.94M cash deficit after capital spending for the period. Free-cash-flow margin was -15.3%, reflecting a cash deficit equal to 15.3% of revenue after capital spending. The free-cash-flow deficit equaled 41.2% of total assets, placing the cash shortfall against the company’s resource base. Operating cash flow moved from a $12.50M inflow in fiscal 2024 to a $126.41M outflow.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.