Snap! Altus Has ‘Got the Power’ Leads PRISM New Energy Index on Strong Q3 Report
The largest commercial scale provider of clean, electric power Altus Power (AMPS) reported strong Q3 results that boosted shares by almost 30%. The PRISM New Energy Index leader generated 333M kilowatt hours of clean electricity, resulting in $58.7M in revenue, a 30% increase compared to the third quarter of 2023. GAAP net income for the quarter was $8.6M, and adjusted EBITDA was $37M, a 27% increase year-over-year.
The company is reaffirming its previously stated 2024 guidance range of $196M to $201M in revenue and $111M to $150M in adjusted EBITDA. Altus Power expects to complete a majority of the 80 megawatts of projects that were under construction at the beginning of the year by the end of 2024, with the remainder to be completed in the first half of 2025.
The company’s momentum across the business, including the growth of its community solar portfolio and the success of its renewed go-to-market strategy, gives it confidence in achieving its previously stated three-year guidance of 20-30% CAGR on megawatts. Altus Power remains well-positioned to finance its growth through a combination of cash from operations, committed construction facilities, tax equity partnerships, and long-term financing access.
Altus Power CEO Gregg Felton stated, “Our third quarter performance reflects our market-leading position in the rapidly growing commercial scale solar sector as we surpassed 1 GW in operating assets nationwide. Our focus is on generating clean power directly where it’s needed, addressing energy demands and alleviating transmission strain by providing solutions close to where the power is being consumed.”
