TPI Composites, Inc. (TPIC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la energía renovable, TPI Composites, Inc. (TPIC) emerge como una fuerza transformadora, revolucionando la fabricación de cuchillas de turbina eólica a través de tecnologías compuestas innovadoras. Con asociaciones estratégicas que abarcan los mercados globales y un compromiso con las soluciones de energía sostenible, TPIC se ha posicionado como un jugador crítico en el ecosistema de energía limpia, ofreciendo cuchillas livianas de alto rendimiento que están reestructurando la forma en que generamos la energía renovable. Su modelo de negocio único combina ingeniería avanzada, colaboraciones estratégicas y capacidades de fabricación de vanguardia para impulsar el futuro de la innovación de energía eólica.

TPI Composites, Inc. (TPIC) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con fabricantes de turbinas eólicas

Los compuestos de TPI mantienen asociaciones críticas con los principales fabricantes de turbinas eólicas:

Fabricante	Detalles de la asociación	Valor de contrato
Vestas Wind Systems A/S	Acuerdo de fabricación de cuchillas a largo plazo	$ 458.2 millones en ingresos de 2022
Nordex SE	Colaboración de producción de cuchillas	$ 127.6 millones en 2022 Valor del contrato

Colaboraciones de desarrolladores de proyectos de energía renovable

Las redes de colaboración clave incluyen:

• Recursos energéticos nextera
• Renovables EDP
• Renovables avángridos

Acuerdos de la cadena de suministro

Proveedor de materia prima	Tipo de material	Volumen de suministro anual
Owens Corning	Fibra de vidrio	12,500 toneladas métricas
Basf se	Resinas compuestas	8,750 toneladas métricas

Empresas conjuntas de fabricación internacional

TPI Composites opera empresas conjuntas en ubicaciones estratégicas:

País	Instalación de fabricación	Capacidad de producción
México	Complejo de fabricación de Juárez	1.800 cuchillas de viento anualmente
Pavo	Instalación de fabricación de Izmir	900 cuchillas de viento anualmente

Asociaciones de innovación tecnológica

• Instituto de Tecnología de Massachusetts (MIT) Investigación de materiales compuestos
• Laboratorio Nacional de Energía Renovable (NREL) Colaboración de fabricación avanzada
• Asociación de diseño de Blade de la Universidad de Massachusetts

TPI Composites, Inc. (TPIC) - Modelo de negocio: actividades clave

Fabricación de cuchillas de turbina eólica

Los compuestos de TPI fabricaron aproximadamente 8,500 cuchillas de turbina eólica en 2022, con una capacidad de producción total de 12 instalaciones de fabricación a nivel mundial.

Ubicación de fabricación	Número de instalaciones	Capacidad de producción anual de cuchillas
Estados Unidos	4	3.500 cuchillas
Porcelana	3	2.800 cuchillas
Ubicaciones internacionales	5	5.200 cuchillas

Investigación y desarrollo de materiales compuestos avanzados

Los compuestos de TPI invirtieron $ 45.7 millones en gastos de investigación y desarrollo en 2022.

• Centrarse en materiales compuestos livianos
• Optimización de diseño de cuchilla avanzada
• Mejora del rendimiento del material

Escala global de fabricación y producción

Los ingresos totales para 2022 fueron de $ 1.73 mil millones, con la fabricación de cuchillas de viento que representan el 94% de los ingresos totales.

Métrica de producción	Rendimiento 2022
Producción total de cuchillas	8.500 cuchillas
Instalaciones de fabricación	12 ubicaciones globales

Diseño e ingeniería de componentes de energía eólica

El equipo de ingeniería consta de aproximadamente 250 ingenieros especializados centrados en el diseño e innovación de la cuchilla de la turbina eólica.

Fabricación magra y eficiencia operativa

Los gastos operativos en 2022 fueron de $ 1.62 mil millones, con un enfoque en reducir los costos de fabricación y mejorar la eficiencia de producción.

• Procesos de fabricación automatizados
• Mejora del proceso continuo
• Estrategias de reducción de desechos

TPI Composites, Inc. (TPIC) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

TPI Composites opera instalaciones de fabricación en múltiples países:

Ubicación	Número de instalaciones	Capacidad de fabricación total
Estados Unidos	4	3.500 cuchillas de turbina eólica anualmente
México	3	2.800 cuchillas de turbina eólica anualmente
Porcelana	2	1.600 cuchillas de turbina eólica anualmente
Pavo	1	900 cuchillas de turbina eólica anualmente

Experiencia de material compuesto especializado

Las capacidades de material compuesto clave incluyen:

• Tecnologías avanzadas de refuerzo de fibra de vidrio
• Fabricación compuesta de fibra de carbono
• Capacidades de diseño de cuchillas multimaterial

Fuerza laboral de ingeniería calificada

Composición de la fuerza laboral a partir de 2023:

Categoría	Número de empleados
Total de empleados	6,300
Personal de ingeniería	1,200
Especialistas técnicos	950

Tecnologías de fabricación patentadas

Las inversiones tecnológicas incluyen:

• Sistemas de fabricación de cuchillas automatizadas
• Técnicas avanzadas de infusión de resina
• Equipo de moldeo compuesto de precisión

Propiedad intelectual

Detalles de la cartera de propiedad intelectual:

Categoría de IP	Recuento total
Patentes activas	87
Aplicaciones de patentes pendientes	24

TPI Composites, Inc. (TPIC) - Modelo de negocio: propuestas de valor

Hojas de turbina eólica de alto rendimiento y liviana

Los compuestos de TPI producen cuchillas de turbina eólica con las siguientes especificaciones:

Longitud de la cuchilla	Reducción de peso	Eficiencia de rendimiento
Hasta 83 metros	15-20% más ligero que las cuchillas tradicionales	Aumento de la captura de energía en un 3-5%

Soluciones personalizadas para el mercado de energía eólica

Las capacidades de fabricación de cuchillas incluyen:

• Fabricación para múltiples fabricantes globales de turbinas eólicas
• Capacidad de 8.500 cuchillas anualmente
• Instalaciones de producción en 5 países

Producción de cuchilla rentable y sostenible

Costo de producción	Ubicación de fabricación	Capacidad de producción anual
$ 300- $ 500 por reducción de la cuchilla	Estados Unidos, China, México, Turquía, India	8.500 cuchillas de turbina eólica

Huella de carbono reducida a través de componentes de energía renovable

Métricas de reducción de carbono:

• Cada cuchilla reduce las emisiones de CO2 en aproximadamente 2,000 toneladas métricas anualmente
• Potencial total de compensación de carbono anual: 17 millones de toneladas métricas

Tecnologías innovadoras de materiales compuestos

Tipo de material	Aumento de la fuerza	Reducción de peso
Compuestos avanzados de vidrio y fibra de carbono	25-30% más alta integridad estructural	20-25% de reducción de peso

TPI Composites, Inc. (TPIC) - Modelo de negocio: relaciones con los clientes

Relaciones a largo plazo basadas en contratos

Los compuestos de TPI han establecido acuerdos de fabricación a largo plazo con fabricantes clave de turbinas eólicas. A partir del tercer trimestre de 2023, la compañía reportó 5 fabricantes globales de equipos originales de turbina eólica (OEM) como clientes principales.

Tipo de cliente	Duración del contrato	Valor anual del contrato
Turbina eólica OEM 1	5-7 años	$ 285 millones
Turbina eólica OEM 2	4-6 años	$ 212 millones

Soporte técnico y colaboración de ingeniería

La compañía proporciona apoyo técnico integral a través de equipos de ingeniería dedicados.

• Personal de ingeniería: 387 ingenieros especializados
• Centros de soporte técnico global: 4 ubicaciones
• Tiempo de respuesta promedio: 6-8 horas

Desarrollo de productos personalizado

Los compuestos de TPI invierten significativamente en diseño y fabricación de cuchillas personalizadas.

Inversión de I + D	Proyectos de diseño personalizado	Costo de desarrollo anual
4.2% de los ingresos	18 proyectos activos	$ 42.7 millones

Acuerdos continuos de mantenimiento y servicio

La compañía ofrece servicios de mantenimiento integrales para la fabricación de cuchillas de turbina eólica.

• Cobertura del contrato de servicio: 92% de las cuchillas fabricadas
• Valor promedio del contrato de servicio: $ 1.5 millones por contrato
• Ingresos de servicio total en 2023: $ 87.3 millones

Enfoque de ventas consultivas

Los compuestos de TPI emplean una metodología de ventas estratégicas centrada en las soluciones específicas del cliente.

Tamaño del equipo de ventas	Tasa de participación del cliente	Relación de conversión de ventas
62 profesionales de ventas globales	78%	45%

TPI Composites, Inc. (TPIC) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, TPI Composites mantiene un equipo de ventas directas de aproximadamente 87 representantes de ventas profesionales centrados en los mercados de energía eólica.

Conferencias de la industria de la energía eólica

Nombre de conferencia	Participación anual	Alcance estimado
Conferencia de la fuerza de viento	2 conferencias/año	3.500 profesionales de la industria
Cumbre global de viento	1 conferencia/año	2.800 ejecutivos de la industria

Plataformas de marketing técnico en línea

• Red de ingeniería de LinkedIn: 12,500 conexiones
• Sitio web de la compañía: 145,000 visitantes únicos mensuales
• Serie de seminarios web técnicos: 6-8 seminarios web anualmente

Redes de asociación estratégica

Socios estratégicos clave a partir de 2024:

Pareja	Enfoque de asociación	Años de colaboración
Sistemas de viento de Vestas	Fabricación de cuchillas	8 años
Electric General	Soluciones de energía renovable	5 años

Presencia de fabricación global

Ubicación	Instalaciones de fabricación	Capacidad de producción anual
Estados Unidos	3 instalaciones	4.200 cuchillas de turbina eólica/año
México	4 instalaciones	5.600 cuchillas de turbina eólica/año
Porcelana	2 instalaciones	2.100 cuchillas de turbina eólica/año

TPI Composites, Inc. (TPIC) - Modelo de negocio: segmentos de clientes

Fabricantes de equipos originales de turbina eólica

Los compuestos de TPI sirven a los principales fabricantes de turbinas eólicas con capacidades de fabricación de cuchillas:

Fabricante	Volumen de producción de cuchillas (2023)	Estatus de contrato
Sistemas de viento de Vestas	2.400 cuchillas	Acuerdo de fabricación a largo plazo
Siemens Gamessa	1.800 cuchillas	Contrato de fabricación de varios años

Desarrolladores de proyectos de energía renovable

Los segmentos clave del mercado para los desarrolladores de proyectos incluyen:

• Proyectos de energía eólica a escala de servicios públicos
• Desarrollo del viento en tierra
• Infraestructura eólica en alta mar

Tipo de proyecto	Capacidad instalada total (MW)	Cuota de mercado
Viento a escala de servicios públicos	1.250 MW	8.5%
Viento en alta mar	350 MW	5.2%

Operadores de parques eólicos a escala de servicios públicos

Los compuestos de TPI admiten operadores de parques eólicos a escala de servicios públicos con fabricación especializada de cuchillas:

• Cobertura del mercado norteamericano
• Capacidades operativas internacionales

Región	Parques eólicos operativos	Suministro total de cuchillas
Estados Unidos	42 parques eólicos	1.600 cuchillas
Europa	28 parques eólicos	1.100 cuchillas

Inversores de energía renovable del gobierno y del sector privado

Segmentos de inversión para infraestructura de energía renovable:

• Programas de energía renovable del sector público
• Fondos de inversión privada
• Inversores institucionales

Tipo de inversor	Inversión total (2023)	Asignación de energía eólica
Fondos del gobierno	$ 850 millones	45%
Fondos de inversión privada	$ 1.2 mil millones	62%

Mercados internacionales de energía limpia

Detalles de la penetración del mercado global:

Región	Presencia en el mercado	Capacidad de producción de cuchillas
América del norte	Mercado principal	3.200 cuchillas/año
Europa	Presencia significativa	2.500 cuchillas/año
Asia-Pacífico	Mercado emergente	1.100 cuchillas/año

TPI Composites, Inc. (TPIC) - Modelo de negocio: Estructura de costos

Operaciones de instalaciones de fabricación

TPI Composites opera múltiples instalaciones de fabricación con el siguiente desglose de costos:

Ubicación	Costo operativo anual	Tamaño de la instalación
México	$ 42.3 millones	200,000 pies cuadrados
Estados Unidos	$ 38.7 millones	180,000 pies cuadrados
Porcelana	$ 33.5 millones	150,000 pies cuadrados

Adquisición de materia prima

Costos de adquisición de materia prima para 2023:

• Fibra de vidrio: $ 127.6 millones
• Materiales de resina: $ 89.4 millones
• Fibra de carbono: $ 64.2 millones

Inversiones de investigación y desarrollo

Desglose de gastos de I + D:

Categoría	Inversión anual
Tecnología de cuchilla de turbina eólica	$ 22.1 millones
Materiales compuestos avanzados	$ 15.3 millones
Innovación del proceso de fabricación	$ 12.7 millones

Gastos de mano de obra y de la fuerza laboral

Estructura de costos laborales para 2023:

• Fuerza laboral total: 7.200 empleados
• Costos laborales anuales totales: $ 214.5 millones
• Compensación promedio de empleados: $ 29,792

Costos de transporte y logística

Desglose de gastos logísticos:

Categoría de transporte	Costo anual
Envío de cuchillas de turbina eólica	$ 47.3 millones
Transporte de materia prima	$ 18.6 millones
Flete internacional	$ 22.9 millones

TPI Composites, Inc. (TPIC) - Modelo de negocios: flujos de ingresos

Ventas de cuchilla de turbina eólica

Para el año fiscal 2022, los compuestos de TPI informaron ingresos por la cuchilla de viento de $ 837.1 millones. La compañía fabricó 4,140 cuchillas de viento en 2022, con un precio de venta promedio de aproximadamente $ 202,000 por cuchilla.

Año	Ingresos totales de la cuchilla del viento	Número de cuchillas fabricadas	Precio promedio de la cuchilla
2022	$ 837.1 millones	4,140	$202,000

Contratos de fabricación

En 2022, los compuestos de TPI generaron $ 1.08 mil millones en ingresos totales, con contratos de fabricación que representan una parte significativa de su flujo de ingresos.

• Total Contract Backlog al 31 de diciembre de 2022: $ 1.4 mil millones
• Cumplimiento del contrato esperado: 2-3 años

Servicios de ingeniería y diseño

Los compuestos de TPI informaron ingresos por servicios de ingeniería de $ 24.7 millones en 2022, que representan un diseño especializado y soporte técnico para proyectos de energía eólica.

Licencias de tecnologías propietarias

La licencia de tecnología patentada generó aproximadamente $ 5.2 millones en ingresos para el año fiscal 2022.

Ingresos de expansión del mercado global

Desglose de ingresos del mercado global para 2022:

Región	Contribución de ingresos	Porcentaje
Estados Unidos	$ 612.3 millones	57%
Europa	$ 294.5 millones	27%
Asia Pacífico	$ 173.2 millones	16%

TPI Composites, Inc. (TPIC) - Canvas Business Model: Value Propositions

You're looking at the core value TPI Composites, Inc. delivers to its customers, which are primarily wind turbine Original Equipment Manufacturers (OEMs). It's about de-risking their supply chain while delivering scale and quality.

Independent, global scale manufacturer offering supply chain diversification to OEMs

TPI Composites, Inc. positions itself as a necessary partner for OEMs needing to expand capacity without the capital expenditure burden. The company operates a global footprint, including factories in the U.S., Mexico, and India, plus engineering centers in Denmark and Germany, as of late 2025. This geographic spread helps diversify the supply chain away from single-region risks. In 2024, TPI Composites accounted for approximately 27% of all onshore wind blades globally, measured on a MW-basis, excluding China. For the full year 2025, TPI Composites projects net sales from continuing operations to land between $1.4 billion and $1.5 billion.

High-quality, cost-effective composite wind blades via advanced technology

The value proposition hinges on delivering blades that are both high-quality and cost-competitive. You see this reflected in their pricing power; the Average Sales Price (ASP) for a single wind blade manufactured for customers reached $209 thousand per set in the first quarter of 2025, up from $183 thousand in the first quarter of 2024. Furthermore, the company anticipates a nearly 8% reduction in raw material costs for 2025, driven by better supply chain management, which feeds directly into cost-effectiveness for the OEM. Still, the first quarter of 2025 showed a Gross Loss of ($13,952 thousand), indicating ongoing margin pressure despite volume increases.

Here are some key operational metrics from the first quarter of 2025:

Metric	Q1 2025 Value	Q1 2024 Value
Net Sales (Millions USD)	$336.2	$294.0
Wind Blade Sets Produced	509	488
Installed Manufacturing Lines	34	34
Factory Utilization	70%	67%

Dedicated production lines and long-term contracts for supply security

Supply security is paramount for wind farm developers, and TPI Composites locks this in through dedicated capacity. As of the end of the first quarter of 2025, the company had 36 manufacturing lines dedicated to customers under long-term supply agreements. This commitment is backed by existing relationships; for instance, supply agreements with Vestas and GE Vernova were extended through 2025 as of the fourth quarter of 2024. Demand in Mexico for 2025 was reported to exceed current capacity, prompting ramp-ups to support 24/7 operations across those lines.

BladeAssure™ program for enhanced, validated blade quality and consistency

To address quality concerns inherent in complex composite manufacturing, TPI Composites introduced the BladeAssure™ program in 2024. This is positioned as the Gold Standard process for quality wind blades. The program focuses on introducing advanced technologies to control and validate the manufacturing process, aiming to prevent inconsistencies. This quality focus is a core pillar alongside their LEAN programs.

Full-service offering including post-sale inspection and repair services

The value extends beyond the factory gate. TPI Composites maintains a global team of experienced technicians for best-in-class wind blade service capabilities. This includes preventative services, inspections, and repairs. Revenue from these field service, inspection, and repair activities showed strong growth in the first quarter of 2025, reaching $7.1 million, which was a 38.4% increase year-over-year, supported by increased technician deployment.

Finance: draft 13-week cash view by Friday.

TPI Composites, Inc. (TPIC) - Canvas Business Model: Customer Relationships

You're managing a business where the success hinges on deep, embedded partnerships, which is exactly what TPI Composites, Inc. (TPIC) has built in the wind energy sector. Their customer relationship strategy is all about locking in capacity and co-development with the biggest players.

Deep, long-term contractual relationships with major Original Equipment Manufacturers (OEMs) form the bedrock of TPI Composites, Inc.'s revenue visibility. This isn't transactional selling; it's about securing multi-year commitments. TPI Composites, Inc. delivers high-quality, cost-effective composite solutions through these long-term relationships with leading OEMs in the wind markets. The company has long-term supply agreements in place with four of the industry's top ten OEMs. Specifically, TPI Composites, Inc. extended supply agreements with Vestas and GE Vernova through 2025 during the fourth quarter of 2024.

The core of this relationship is the dedicated production lines within TPI Composites' facilities for specific customers. TPI Composites, Inc. utilizes a collaborative dedicated supplier model, where they dedicate capacity at their facilities in exchange for customer commitments to purchase minimum annual volumes of wind blade sets. As of the first quarter of 2025, the company reported having 36 dedicated manufacturing lines under long-term supply agreements. This commitment to dedicated capacity is a key differentiator, ensuring critical capacity for their partners.

You see this commitment in action through enhanced customer collaboration on new blade model design and transition. TPI Composites, Inc. is actively working with customers on next-generation technology. For instance, demand for blades out of their Mexico factories exceeded current capacity for 2025, prompting them to ramp up lines for 24/7 operations to support these partners. Furthermore, the company is on schedule to reopen its Iowa plant in mid-2025 specifically to support GE Vernova. The Q1 2025 production increase was partly driven by the restart of a previously idled facility in Juarez, Mexico, supporting this collaborative ramp-up.

The management of these high-value relationships is handled through direct sales and service teams managing high-value, complex B2B contracts. TPI Composites, Inc. is headquartered in Scottsdale, Arizona, and operates factories across the U.S., Mexico, Türkiye, and India, with engineering development centers in Denmark and Germany, supporting a global OEM client base. The key OEM customers they serve include:

• General Electric International, Inc. and its affiliates (GE Wind)
• Vestas Wind Systems A/S (Vestas)
• Gamesa Wind US LLC (Gamesa)
• Nordex SE (or Nordex)

A constant focus is placed on operational excellence to improve customer productivity and competitiveness. This focus is critical, especially as the company navigates a strategic review. The goal is to reduce sourcing risk for customers through TPI Composites, Inc.'s quality, reliability, and total delivered cost. Here's a look at how operational metrics tied to capacity utilization, which directly impacts customer fulfillment, looked at the start of 2025:

Metric	Q1 2025	Q4 2024	Q1 2024
Utilization Percentage	70%	77%	67%
Dedicated Manufacturing Lines	36	34	N/A
Manufacturing Lines Installed	36	37	37
Wind Blade Sets Produced (Units)	509	N/A	488

For the full-year 2025 guidance, TPI Composites, Inc. projects line utilization to reach between 80% and 85% across 34 production lines. This planned utilization improvement is a direct measure of their commitment to serving contracted volumes efficiently. If onboarding takes 14+ days longer than planned, churn risk rises, so hitting that 80% target is defintely key for customer satisfaction this year.

TPI Composites, Inc. (TPIC) - Canvas Business Model: Channels

You're looking at how TPI Composites, Inc. (TPIC) gets its product and services to the customer, which is all about long-term contracts and global logistics.

Direct sales force managing long-term, multi-year supply agreements with OEMs

The core of the channel strategy relies on locking in major Original Equipment Manufacturers (OEMs) for years. TPI Composites, Inc. extended supply agreements with Vestas and GE Vernova through 2025. As of the first quarter of 2025, the company had 36 dedicated manufacturing lines under long-term supply agreements. Demand from the U.S. market is expected to push the plants in Mexico to near capacity utilization in 2025. TPI Composites, Inc. serves customers with over 6 million square feet of manufacturing operations globally.

Here's a look at the commitment level:

• Supply agreements extended with Vestas through 2025.
• Supply agreements extended with GE Vernova through 2025.
• Dedicated manufacturing lines as of Q1 2025: 36.

Global manufacturing facilities delivering blades directly to customer assembly sites

The physical delivery channel involves a global footprint designed to serve regional markets efficiently. TPI Composites, Inc. is ramping up production lines in Mexico to support 24/7 operations because demand there exceeds current capacity for 2025. Also, the Iowa plant is scheduled to reopen in mid-2025 to support GE Vernova. For the full year ending December 31, 2025, TPI Composites, Inc. projects Net Sales from Continuing Operations between $1.4 billion and $1.5 billion. The company expects a utilization percentage of approximately 80% to 85% across the 34 installed production lines for 2025. TPI Composites, Inc. produced 6,525 wind blades in 2024.

The manufacturing and delivery network includes facilities in:

Location	Status/Activity
Mexico (Juarez, Matamoros)	Ramping up for 24/7 operations due to high demand
Newton, Iowa, U.S.	Scheduled to reopen mid-2025
Chennai, India	Part of the global hub

The estimated megawatts produced in the first quarter of 2025 was 1,933.

Field service technicians deployed directly to wind farms for repair and inspection

Beyond manufacturing, TPI Composites, Inc. uses its own technicians for aftermarket services, deploying them directly to sites. Field service, inspection, and repair services sales for the three months ended March 31, 2025, reached $7.1 million, up from $5.1 million in the same period of 2024. This represents a 38.4% increase year-over-year for the first quarter. For the full year 2025, Field Services Revenue is projected to increase by more than 50%. For the full year 2024, Field Services sales were $32.8 million.

Investor Relations and public disclosures for capital market access

Access to capital markets is managed through public disclosures, which recently included the initiation of a strategic review by the Board of Directors in May 2025. As of October 31, 2025, the stock price was $0.04. The market capitalization as of that date was $1.86M. Unrestricted cash was $171.9 million as of March 31, 2025.

Key financial disclosure points for capital access:

• Unrestricted Cash (as of 3/31/2025): $171.9 million.
• Stock Price (as of 10/31/2025): $0.04.
• Market Capitalization (as of 10/31/2025): $1.86M.
• 2025 Adjusted EBITDA Margin Guidance: 0% to 2%.

Finance: draft 13-week cash view by Friday.

TPI Composites, Inc. (TPIC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for TPI Composites, Inc. (TPIC) as of late 2025. The focus is almost entirely on the wind energy sector now, following a major strategic shift.

The primary customer base consists of Global Tier 1 Wind Turbine Original Equipment Manufacturers (OEMs). These are the giants you need to keep happy for volume and stability. For the first half of 2025 (H1 2025), the revenue concentration among the top three customers was quite clear:

Key Customer (H1 2025)	Percentage of Total Sales (H1 2025)
GE	41.7%
Vestas	35.7%
Nordex	19.1%

This concentration means that the strategic health of these three relationships dictates a large part of TPI Composites, Inc.'s financial performance. For instance, in Q2 2025, the EMEA segment sales dropped 54.9% year-over-year, mainly due to reductions in customer orders, which directly impacts the OEM segment.

The market context for these OEMs is the global onshore wind sector, excluding China. TPI Composites, Inc. has historically positioned itself as a major supplier in this space, with its market share based on TPI MW relative to global total onshore MW (excl. China) being cited from Wood Mackenzie's "Global Wind Power Market Outlook Q1 2025". The specific market share figure you noted for this segment is approximately 27% of the market share (excl. China).

Another critical segment is driven by product evolution. You have customers requiring next-generation, longer wind blade models. This drives higher pricing, as seen in Q1 2025 when the Average Selling Price (ASP) for wind blades increased to $209,000 per set from $183,000 in the prior year period. This shift in product mix is a key revenue driver, contributing to the 13.9% increase in Wind segment sales in Q1 2025.

Beyond manufacturing, there is a distinct segment of wind farm operators needing field service, inspection, and repair (Field Services). This service revenue is growing strongly, showing a 38.4% increase in Q1 2025, reaching $7.1 million, up from $5.1 million in Q1 2024. For the full year 2025 outlook, Field Services Revenue is projected to increase by over 50%.

Finally, you must account for the strategic exit from a former segment. Previously, the automotive industry, but this segment was divested in 2024. The divestiture of the automotive business to Clear Creek Investments, LLC (CCI) was expected to close on June 30, 2024, allowing TPI Composites, Inc. to focus solely on wind. To put that into perspective, in fiscal 2023, the Automotive business contributed 2% to TPI Composites, Inc.'s total revenues, while Field Service was 3%.

• Field Services sales for the full year 2024 were $32.8 million.
• The company's total net sales for Q1 2025 were $336.2 million.
• The company filed for Chapter 11 reorganization on August 11, 2025.

The next step for you is to review the Key Partners section to see which OEMs are driving the next-generation blade demand.

TPI Composites, Inc. (TPIC) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving TPI Composites, Inc. (TPIC) operations as of late 2025. The cost structure is heavily weighted toward production inputs and labor across its international footprint, which management is actively trying to mitigate through strategic reviews and operational execution.

High cost of goods sold remains a primary pressure point. TPI Composites has noted the ongoing challenge of absorbing or mitigating the impact of price increases in key raw materials. These materials defintely include resin and carbon reinforcements (or fiber) used in the composite wind blades. The company's ability to manage these commodity prices directly impacts its gross margin performance.

Labor costs are significant, especially given the manufacturing footprint. TPI Composites has explicitly cited higher labour costs in Türkiye and Mexico as a factor offsetting revenue improvements in early 2025. This reflects inflationary pressures and the costs associated with ramping up certain Mexican facilities to a 24/7 schedule to meet U.S. demand.

Manufacturing overhead includes facility costs and utilities. While specific dollar amounts for overhead aren't broken out in the latest guidance, these fixed and semi-variable costs are a constant drain, especially when line utilization is not at peak capacity. The 2025 utilization guidance suggests a focus on driving more volume through existing facilities to spread this overhead.

Capital expenditures projected for 2025 are set to support ongoing operations and transitions. TPI Composites has guided capital expenditures at $25 million to $30 million for the full year 2025. This level of investment is necessary for maintaining and optimizing the production lines, including the planned reopening of the Iowa plant mid-2025.

Financing costs are a major component of the overall expense base. As of the first quarter of 2025, TPI Composites reported total debt of approximately $616 million. The prompt specifically calls out interest expense on this debt; the Q1 2025 results confirmed that higher interest expenses were one of the factors offsetting operational improvements, though the exact interest expense dollar amount for the year isn't explicitly provided here, only the debt principal.

Here's a quick look at the key financial metrics and guidance that define the cost and investment side of the TPI Composites business model for 2025:

Cost/Investment Metric	Value/Guidance	Period/Context
Projected Capital Expenditures	$25 million to $30 million	Full Year 2025 Guidance
Total Debt	Approximately $616 million	As of Q1 2025
Net Sales Guidance	$1.4 billion to $1.5 billion	Full Year 2025 Guidance
Adjusted EBITDA Margin Guidance	0% to 2%	Full Year 2025 Guidance
Line Utilization Guidance	80% to 85%	Full Year 2025 Guidance (based on 34 lines)
Q1 2025 Net Sales	$336.2 million	Actual Results

The cost structure is further influenced by specific operational activities that hit the income statement:

• Increased pre-existing warranty charges were noted as a headwind in Q1 2025.
• Costs related to transitioning certain Mexican operations to a continuous schedule were a factor in Q1 2025 expenses.
• Startup and transition costs, while decreasing from prior periods, still weighed on profitability in early 2025.
• The company is actively managing costs through initiatives like 'Blade Assure' and focusing on operational excellence to drive cost-down.

Finance: draft 13-week cash view by Friday.

TPI Composites, Inc. (TPIC) - Canvas Business Model: Revenue Streams

You see the core of TPI Composites, Inc. (TPIC) revenue coming from the manufacturing and sale of wind turbine blades directly to Original Equipment Manufacturers (OEMs). This is the engine of the business, plain and simple. To be fair, this revenue is definitely concentrated among a few key OEM customers, which is a critical point you need to watch closely when assessing risk.

Here's a quick look at the numbers we have for the first quarter of 2025 and the full-year outlook:

Revenue Component/Guidance	Q1 2025 Amount	2025 Full-Year Guidance
Net Sales (Wind Blades, Tooling, Other Wind-Related)	$329.0 million	$1.4 billion to $1.5 billion
Field Service, Inspection, and Repair Sales	$7.1 million	Projected to increase by over 50%
Total Net Sales (Q1 2025 Actual)	$336.2 million	Midpoint of $1.45 billion mentioned by some analysts

The primary revenue stream, categorized as Wind sales which includes wind blades, tooling, and other wind-related sales, hit $329.0 million for the three months ended March 31, 2025. TPI Composites, Inc. has reaffirmed its full-year 2025 net sales guidance from continuing operations to be between $1.4 billion and $1.5 billion.

Also, don't overlook the service side of the business. Revenue from field service, inspection, and repair services is growing nicely, showing real traction. For the first quarter of 2025, this segment grew by 38.4%, reaching $7.1 million compared to $5.1 million in the same period in 2024. This growth was supported by deploying more technicians to revenue-generating projects.

You can break down the revenue sources like this:

• Primary revenue from wind blade manufacturing and sales to OEMs.
• Revenue from tooling and other wind-related sales, bundled with blade sales in Q1 2025 reporting.
• Field service, inspection, and repair services, which grew 38.4% in Q1 2025.
• Revenue is concentrated among a few key OEM customers, a defintely critical point.