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what it is
TPI makes giant composite wind blades and the molds and parts needed to build them.
how it gets paid
Last year Tpi Composites made $1.3B in revenue. Wind blades was the main engine at $1.14B, or 88% of sales.
what just happened
Latest quarter revenue hit $712M, but a -11.9% gross margin told you the extra sales were not fixing the business.
At a glance
C balance sheet — red flag territory — real financial stress
30/100 earnings predictability — expect surprises
-$4.43 fy2024 eps est
$1B fy2024 rev est
1.8% operating margin
xvary composite: 37/100 — weak
What they do
TPI makes giant composite wind blades and the molds and parts needed to build them.
If your customer needs a 200-foot wind blade, you do not ship that like a box of screws. TPI has 7 blade plants across the U.S., China, and Mexico, plus 11,700 employees building the stuff close to where turbines get assembled. Scale moat (hard-to-copy factory network) → a spread-out manufacturing footprint → so what: you cannot replace that overnight when blades are huge and logistics are brutal.
How they make money
$1.3B
annual revenue
Wind blades
$1.14B
12.0%
Precision molding systems
$0.08B
5.0%
Transportation composites
$0.04B
8.0%
Wind components
$0.03B
+2.0%
Assembly systems
$0.01B
0.0%
The products that matter
manufactures wind turbine blades
Wind Blade Manufacturing
$1.3B revenue base
It was effectively the whole company, producing $1.3B in annual revenue before a signed $20M sale turned the operating story into a liquidation math problem.
core assets for sale
supports blade production
Precision Molding & Assembly
-15.3% profit margin
These supporting systems mattered when TPI was trying to run a manufacturing business. At a -15.3% profit margin, they were not enough to save the economics.
operational support
Key numbers
-$4.43
FY2024 EPS
EPS → profit per share → so what: TPI lost $4.43 per share in 2024, worse than the $4.04 loss in 2023.
11.9%
gross margin
Gross margin → money left after production costs → so what: the core product was still unprofitable before overhead.
$55M
long-term debt
Debt reached 99% of capital. Borrowing that large versus equity leaves very little room for another bad year.
1.8%
operating margin
Operating margin → profit after running the business → so what: even the annual estimate shows almost no earnings power on roughly $1B of sales.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $55M (99% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for TPICQ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue hit $712M, but a -11.9% gross margin told you the extra sales were not fixing the business.
Revenue rose 204% vs. prior year to $712M, but EPS was -$5.05 and gross margin stayed negative at -11.9%. More volume is nice. Losing money on that volume is the problem.
$712M
revenue
-$5.05
eps
11.9%
gross margin
the number that mattered
The number that mattered was -11.9% gross margin, because it means TPI was still losing money before corporate costs on each new sale.
source: company earnings report, 2026
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What could go wrong
the top risk is equity wipeout in Chapter 11. This is not a normal downside case. It is the default outcome common shareholders have to disprove.
high
Chapter 11 reorganization
The company and affiliates filed for Chapter 11 on Aug. 11, 2025.
Common stock typically sits behind secured lenders, unsecured creditors, and other claims. If the estate is not worth more than those claims, equity gets nothing.
high
core asset sale at $20M
On Mar. 6, 2026, TPI signed an agreement to sell its wind blade business to ECP Blade Holdings LLC for $20M.
That sale transfers the operating business that once produced $1.3B in annual revenue. If proceeds only cover part of the creditor stack, shareholders are holding the shell.
med
going concern warning
The November 2025 10-Q stated that substantial doubt exists about the company's ability to continue as a going concern.
In plain English: management itself disclosed that the business could not keep operating normally without restructuring support.
med
thin operating economics before bankruptcy
Gross margin was 11.9%, operating margin was 1.8%, and net profit margin was -15.3%.
Those numbers say the operating model was already under strain before the court process. A business this thin has very little rescue margin.
A $20M sale price against a business that last reported $1.3B in revenue is the clearest signal on this page. It quantifies how little room common equity may have after higher-priority claims are paid.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
court-approved plan treatment of common equity
This is the main event. If a reorganization plan says existing shares are cancelled, the market is done debating scenarios.
calendar
next earnings report
Mar. 16, 2026. You want updates on sale progress, bankruptcy costs, and any language around residual value for shareholders.
metric
sale proceeds versus the claim stack
$20M is the signed headline number. The real question is how that compares with liabilities, fees, and creditor recoveries ahead of equity.
trend
otc trading and liquidity decay
After the move to TPICQ, volume quality and bid-ask behavior matter more. Distressed stocks can trade a lot without actually offering clean exits.
Analyst rankings
earnings predictability
30 / 100
Low predictability means the numbers move around more than investors want. In human-speak: even before the bankruptcy overlay, this was not a business with dependable earnings.
balance sheet grade
C
That grade is not subtle. It means the balance sheet was weak enough that survival, not upside, became the central question.
source: institutional data
Institutional activity
institutional ownership data for TPICQ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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