TPI Composites (OTC: TPICQ) is a wind energy manufacturing company that produces composite wind blades for wind turbine original equipment manufacturers. Revenue comes from long-term wind blade supply agreements with OEM customers, supplemented by field service, inspection, and repair services. The company operates as an independent outsource manufacturer, serving two primary customers, Vestas Wind Systems A/S and GE Vernova, from facilities in the U.S., Mexico, and India. Founded in 1968 and producing composite wind blades since 2001, TPI is incorporated in Delaware and headquartered in Scottsdale, Arizona. Total net sales were $918.5 million in FY2025, up from $890.0 million in FY2024, with wind blade, tooling, and other wind-related sales of $869.9 million and field service sales of $48.5 million in FY2025. The company filed for bankruptcy on August 11, 2025 and has reported net losses in each of FY2023, FY2024, and FY2025, with cost of sales exceeding net sales in both FY2024 and FY2025.

Revenue model

Transactional manufacturing contracts: TPI sells composite wind blades and related tooling under supply agreements with OEM customers, generating $869.9 million in wind blade, tooling, and other wind-related sales in FY2025. A secondary revenue stream comes from field service, inspection, and repair services, which generated $48.5 million in FY2025, up 63.0% from $29.8 million in FY2024.

Products and services

Composite wind blades manufactured using a vacuum-assisted resin transfer tooling process. Wind blade tooling and other wind-related products. Field service, inspection, and repair services for wind blades. Advanced engineering and research and development services, including AI-powered vision systems for production quality and automation.

Customers and end markets

Two primary customers as of FY2025: Vestas Wind Systems A/S and GE Vernova, both wind turbine OEMs. End market is the wind energy industry. Customer concentration is high; the filing identifies only two primary customers for FY2025 blade manufacturing.

Value-chain role

Independent outsource manufacturer of composite wind blades, positioned between raw material suppliers and wind turbine OEMs. TPI allows OEMs to outsource a portion of their wind blade production. The company also operates an advanced engineering center in Kolding, Denmark and an engineering center in Berlin, Germany supporting manufacturing facilities.

Geographic exposure

U.S. segment: wind blade manufacturing in Newton, Iowa (restarted production second half of 2025); wind blade inspection and repair services; corporate headquarters in Scottsdale, Arizona; advanced engineering center in Kolding, Denmark; engineering center in Berlin, Germany. Mexico segment: wind blade manufacturing at three facilities in Juárez, Mexico and one facility in Matamoros, Mexico; wind blade inspection and repair services. India segment: wind blade manufacturing in Chennai, India; wind blade inspection and repair services. EMEA: wind blade services facility in Madrid, Spain. Turkish manufacturing operations were sold as of the filing period.

Source: SEC 10-K, filed 2026-03-25

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