TPI Composites, Inc. (TPIC): Business Model Canvas [Dec-2025 Updated]

Look, you're trying to map out the mechanics of the world's largest independent wind blade maker, and honestly, TPI Composites, Inc. is at a real inflection point as of late 2025. We're talking about a company guiding for up to $1.5 billion in net sales while simultaneously executing a strategic review to manage roughly $616 million in debt. Below, I've broken down the nine blocks of their Business Model Canvas-from their critical long-term supply deals with giants like Vestas and GE Vernova to their aggressive push for 24/7 operations in Mexico-so you can see exactly where the operational focus meets the financial pressure. Dive in to see the full structure.

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

You're looking at the core relationships that keep TPI Composites, Inc. (TPIC) running, especially as they navigate the restructuring process that started in August 2025. These aren't just casual vendor links; these are deep, often multi-year commitments that define capacity and revenue streams.

The most critical partnerships are with the major Wind Turbine Original Equipment Manufacturers (OEMs). TPI Composites, Inc. has long-standing, foundational agreements here.

• Long-term supply agreements with major Wind Turbine OEMs like Vestas and GE Vernova.

For GE Vernova, TPI Composites, Inc. extended supply agreements through 2025, as confirmed in their Q4 2024 earnings. This relationship, dating back to 2008, includes an agreement in principle to add four new lines of capacity in Juarez, Mexico, with an initial term also running through 2025. TPI Composites, Inc. currently manufactures blades for GE Vernova's next-generation blade types.

With Vestas, TPI Composites, Inc. operates under a multi-year framework agreement designed to strengthen the scalable global supply chain. TPI Composites, Inc. is supplying a range of blade variants to Vestas' 2 MW, 4 MW, and the EnVentus platforms. A prior agreement involved supplying blades from four manufacturing lines (with an option to add more) from the Indian facility.

The financial partnership with Oaktree Capital Management is a defining feature of the late 2025 structure, given the Chapter 11 filing on August 11, 2025. Oaktree is a key financial partner not just through prior deals but through immediate liquidity support.

TPI Composites, Inc. is also deeply engaged with its supply base on environmental commitments. You see this commitment reflected in the supplier engagement metrics.

• Strategic raw material suppliers committed to TPI Composites, Inc.'s sustainability goals.

As detailed in the 2024 sustainability report (published March 2025), TPI Composites, Inc. enhanced collaboration by securing commitments from 94% of critical direct material suppliers to align with its sustainability goals.

The company's operational sustainability is cemented by agreements with local utility partners, specifically targeting its footprint in Mexico.

• Local utility partners for 100% renewable energy in Mexico sites by 2025.

TPI Composites, Inc. secured a Power Purchase Agreement (PPA) to ensure all its sites in the Mexico region are powered by 100% renewable energy starting in the spring of 2025.

Finally, the collaboration with customers extends beyond just manufacturing to the design phase itself. TPI Composites, Inc. employs a 'Model based Manufacturing' (MBM) approach, which extracts a detailed manufacturing model from customer design data. This is a form of collaboration that supports Design for Manufacturability (DFM). The company also pursues funded research and development in collaboration with its customers.

• Collaboration with customers on joint prototyping and design for manufacturing.

This DFM culture allows TPI Composites, Inc. to quickly and efficiently transition manufacturing capabilities to produce different wind blade models and sizes based on unique customer specifications.

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

You're looking at the core things TPI Composites, Inc. (TPIC) has to do every day to make this business run, especially given the recent financial shifts. It's not just about making the product; it's about managing the entire lifecycle and the balance sheet simultaneously. Here's the breakdown of those essential functions.

High-volume manufacturing of composite wind blades across a global footprint

The central activity is manufacturing, which saw net sales reach $336.2 million for the first quarter ending March 31, 2025, up 14.3% year-over-year from $294.0 million in Q1 2024. The bulk of this, $329.0 million, came from wind blade manufacturing, tooling, and other wind-related sales in that quarter. For the full year 2025, TPI Composites is guiding net sales between $1.4 billion and $1.5 billion. To support this, the company is planning for utilization across its 34 installed lines to be in the 80% to 85% range for the year. To give you context on scale, for the full year 2024, TPI Composites produced 2,175 wind blade sets, which generated an estimated 9,116 megawatts of energy capacity.

Here's a quick look at how the manufacturing output and pricing looked recently:

The average sales price for a single wind blade increased to $192,000 in 2024 from $175,000 in 2023.

Executing a strategic review to optimize the capital structure and liquidity

The Board of Directors initiated a strategic review in Q1 2025 aimed at optimizing the company's capital structure. This activity runs parallel to operational improvements, reflecting the need to manage financial health. You saw a significant improvement in cash generation, with net cash provided by operating activities being a positive $4.6 million in Q1 2025, a big jump from the $39.0 million used in the same period in 2024. The net loss from continuing operations also narrowed to $48.3 million in Q1 2025 from $60.9 million the year prior. Furthermore, the Adjusted EBITDA loss improved to a loss of $10.3 million in Q1 2025, compared to a loss of $23.0 million in Q1 2024, representing an improved margin of negative 3.1%.

The company ended 2024 with $197 million in unrestricted cash, but also carried $617 million in net debt.

Ramping up production lines in Mexico to 24/7 operations to meet US demand

Meeting strong U.S. demand is a critical activity, specifically driving the ramp-up of production lines in Mexico. TPI Composites announced the plan to move these lines to 24/7 schedules to meet this demand, with the volume impact expected to start in Q2 2025. This push into continuous operation incurred costs, as higher labor costs in Mexico and costs associated with ramping certain facilities to a 24/7 schedule offset some of the Q1 2025 profitability gains. Management noted that the demand from Mexico factories exceeded current capacity.

The company also secured additional capacity in the U.S. by agreeing to reopen its Iowa plant in mid-2025 to support GE Vernova.

Continuous R&D, including the BladeAssure™ program for quality control

TPI Composites is actively engaged in continuous R&D, focusing heavily on quality control through the BladeAssure™ program. This program was introduced in 2024 as the company's new Gold Standard process for quality wind blades. The initiative focuses on enhancing blade quality by introducing advanced technologies to control and validate the manufacturing process, aiming to address inconsistencies. The company is focused on technological innovation to continue competing at the highest level.

Providing field service, inspection, and repair services for installed blades

Beyond manufacturing, TPI Composites provides Field Services, which saw significant growth. Revenue from field service, inspection, and repair activities grew by 38.4% in Q1 2025, reaching $7.1 million, up from $5.1 million in Q1 2024. This increase was supported by deploying technicians to revenue-generating projects. For context, in Q3 2024, Field Services sales were $11.7 million, a 45.8% increase year-over-year. Looking ahead, TPI Composites expected Field Services Revenue to increase by more than 50% for the full year 2025.

Here are the service revenue figures:

• Field Service Sales (Q1 2025): $7.1 million
• Year-over-Year Growth (Q1 2025): 38.4%
• Field Service Sales (Q3 2024): $11.7 million
• FY 2025 Revenue Expectation: Increase by more than 50%

Finance: draft 13-week cash view by Friday.

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

You hold a global manufacturing footprint, which includes 34 installed production lines across facilities in the US, Mexico, and India. This physical asset base is supported by proprietary advanced composite technology, precision molding, and tooling expertise.

Here's a quick look at the operational snapshot from the first quarter of 2025:

Your human capital is strategically positioned, featuring a highly-skilled workforce concentrated in lower-cost regions. This includes operations in Mexico, Türkiye, and India.

The intellectual and technical infrastructure is anchored by engineering development centers located in Denmark and Germany.

Key elements of the technical resource base include:

• Proprietary advanced composite technology.
• Precision molding capabilities.
• Tooling expertise.
• Global service training centers in the U.S. and Spain.

Finance reports that unrestricted cash stood at $171.9 million as of March 31, 2025.

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:

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:

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:

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:

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:

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:

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.