Q3 2024 Altus Power Inc Earnings Call Transcript
Key Points
- Altus Power Inc (AMPS) achieved a significant milestone by surpassing one gigawatt of operating assets, enhancing its market leadership in commercial scale solar.
- The company reported a 30% increase in revenue for Q3 2024 compared to the same period in 2023, driven by portfolio growth and increased sales of clean electricity.
- Altus Power Inc (AMPS) successfully structured a new form of tax equity transaction, unlocking new opportunities for value creation.
- The company announced new Community Solar projects in Colorado and Maine, expanding its Community Solar states to nine and growing its customer base by 500% over the last two years.
- Altus Power Inc (AMPS) reaffirmed its 2024 guidance range of $196 million to $201 million in revenue and $111 million to $115 million in adjusted EBITDA, indicating confidence in its growth trajectory.
- Interconnection delays with utilities remain a challenge, impacting the operational timeline of some Community Solar projects.
- Increased operating and interest expenses partially offset the revenue gains, affecting net income growth.
- The company faces uncertainties related to potential changes in federal incentives under the new administration, which could impact future project economics.
- Altus Power Inc (AMPS) is undergoing a strategic review to unlock shareholder value, but there is no assurance of a specific transaction or outcome.
- The company is experiencing increased general and administrative expenses due to targeted investments, which could pressure margins if not managed effectively.
Good afternoon, ladies and gentlemen, and welcome to the Altus Power, Inc. third quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, November 12, 2024. I would now like to turn the conference over to Alison Sternberg, Head of Investor Relations. Please go ahead.
Good afternoon. Welcome to our third quarter 2024 earnings call. Speaking on today's call are Gregg Felton, Chief Executive Officer; and Dustin Weber, Chief Financial Officer. This afternoon, we issued a press release and a presentation related to matters to be discussed on this call. You can access both the press release and the presentation on our website, www.altuspower.com in the Investors section. This information is also available on the SEC's website. As a reminder, our comments on this call may contain forward-looking statements.
These forward-looking statements refer to future events, including Altus Power's
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