TPI COMPOSITES, INC
tpicomposites.comNo Longer Reporting
The company has not filed an annual or quarterly report since its FY2025 10-K, filed Mar 25, 2026. Its latest SEC filing is a 15-12G from Mar 26, 2026.
10-K for FY2025, filed Mar 25, 2026
The sections below describe the company as of the FY2025 annual report.
What Did They Do?
Manufactures composite wind blades for wind turbine manufacturers and provides blade inspection and repair services to turbine makers and wind farm owners and operators.
10-K for FY2025, filed Mar 25, 2026
How Did They Make Money?
Wind turbine makers buy customer-specific blades and related services under supply agreements; sales build as production progresses, and customers are generally billed when blades are finished and meet specifications.
10-K for FY2025, filed Mar 25, 2026The majority of our revenue is generated from supply agreements associated with manufacturing of wind blades and related services. We…View ↗
Revenue is primarily recognized over time as we have an enforceable right to payment upon termination and we may not use or sell the…View ↗
Contract assets consist of the amount of revenue recognized over time for performance obligations in production where control has…View ↗
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10-K for FY2025, filed Mar 25, 2026
FY2025 revenue by product or service ↗
$918.5M
-
10-K for FY2025, filed Mar 25, 2026
$918.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Wind Blades
Recurring
10-K for FY2025, filed Mar 25, 2026 |
95%
FY2022: 155%
|
Wind Blades, FY2025
$869.9M Sources
|
Recurring |
|
Field service, inspection and repair services sales
|
5.3%
FY2022: 6.0%
|
Field service, inspection and repair services sales, FY2025
$48.5M Sources
|
Who Were Their Customers?
Wind turbine manufacturers buy most products directly under supply agreements; wind farm owners and operators also buy blade inspection and repair services.
10-K for FY2025, filed Mar 25, 2026
Did Revenues Turn Into Profits?
No. It lost $340.8M in FY2025.
10-K for FY2025, filed Mar 25, 2026
−$179.4MView ↗
10-K for FY2025, filed Mar 25, 2026
−$340.8MView ↗
10-K for FY2025, filed Mar 25, 2026
−$140.9MView ↗
How Were They Changing?
Shrank. Revenue fell 38% in 4 years, from $1.5B in FY2021 to $918.5M in FY2025, about 11% a year.
Exited automotive composites
The older report describes composite bus bodies and automotive components for vehicle makers. The latest report says it divested the automotive business and would focus entirely on wind.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Mar 25, 2026We also leverage our advanced composite technology and history of innovation to supply high strength, lightweight and durable composite…View ↗
On June 30, 2024, we completed the divestiture of our wholly-owned subsidiary, TPI, Inc. (the Automotive subsidiary). The Automotive…View ↗
Exited tooling sales
The older report includes precision molding and assembly systems alongside wind blade manufacturing. The latest report says it divested its tooling business.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Mar 25, 2026We are the only independent manufacturer of composite wind blades for the wind energy market with a global manufacturing footprint. We…View ↗
Precision molding and assembly systems (“tooling”) included in a customer’s contract are based upon the specific engineering requirements…View ↗
Sold the Türkiye operations
The older report describes wind blade manufacturing and inspection and repair services in Türkiye; the latest report says it sold the Türkiye business, including manufacturing facilities and a service operation.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Mar 25, 2026Our EMEA segment includes (1) the manufacturing of wind blades at our two facilities in Izmir, Türkiye, and wind blade inspection and…View ↗
On September 10, 2025, the Company consummated the sale and transfer of 100% of its ownership interests of the Company’s two Turkish…View ↗
Who Did They Compete With?
Competes with LM Wind Power, Sinoma Science & Technology, Shanghai Aeolon Wind Energy Technology Development (Group), ZhongFu Lianzhong Composites Group, and Indutch Composites Technology
10-K for FY2025, filed Mar 25, 2026The wind blade market is highly concentrated, competitive and subject to evolving customer needs and expectations. Our competitors include…View ↗
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