Altus Power, Inc.

altuspower.com

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2024 10-K, filed Mar 17, 2025. Its latest SEC filing is a SCHEDULE 13G from Oct 29, 2025.

The sections below describe the company as of the FY2024 annual report.

What Did They Do?

Develops, owns and operates solar and energy-storage systems that supply electricity to commercial and industrial businesses, public-sector and utility buyers, and community-solar customers.

How Did They Make Money?

Customers pay for electricity under power agreements and wholesale-market sales, net-metering credits and renewable-energy certificates, and solar-system leases. Power agreements are generally invoiced monthly; some long-term certificate agreements are prepaid before delivery.

FY2024 revenue

Who Were Their Customers?

Building and landowners provide sites through leases or easements; power buyers are reached through developers, intermediaries, partners and customer referrals.

Did Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2024, but spent more cash than it brought in: free cash flow was −$53.4M.

Operating income, FY2024

15% of revenue

▲ +73% vs FY2023 ($17.1M, 11%)

Net income, FY2024

1% of revenue

▲ Now profitable vs FY2023 (−$9.4M, −6%)

Free cash flow, FY2024

−27% of revenue

▲ +39% (Loss) vs FY2023 (−$38.4M, −25%)

How Were They Changing?

Since the FY2024 annual report

Apr 16, 2025 TPG completed its acquisition of Altus Power, taking it private The all-cash transaction closed, and Altus became privately held; its stock stopped trading on the NYSE.

Grew. Revenue grew 4.3x in 4 years, from $45.3M in FY2020 to $196.3M in FY2024, about 44% a year.

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