TPI COMPOSITES, INC
TPICQ · Engines & Turbines · 48.8M shares · +5%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$7M (gross $3M, SBC $10M)
Reference price $1.25 · est. market cap ~$61M — last insider purchase, 2025-02-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F32Wind-blade maker in Chapter 11 selling substantially all assets, with a going concern and DIP default.
Strengths
- Long-standing OEM relationships (Vestas, GE Vernova) providing interim liquidity
- Restarted U.S. (Iowa) production amid decarbonization tailwinds
Risks
- Chapter 11 with going-concern doubt; DIP Event of Default and 363 asset sale underway
- Cash runway ~0.4 quarters, current ratio 0.24 (9th pct), negative gross margin (-12%); positive ROE is a negative-equity artifact
Notable findings
- Debt accelerationRecent 8-K item 2.04 8-K ↗
- BankruptcyRisks Related to Our Business as a Whole We are subject to risks and uncertainties associated with our Chapter 11 Cases 8-K ↗
- Going concern16 The Chapter 11 Cases raise substantial doubt regarding our ability to continue as a going concern
- Net lossNet loss (net margin -37.1%)
- Cash burnNegative free cash flow (-140.9M)
- Weak liquidityCurrent ratio 0.24 (<1)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
-12.0%
Operating margin
-19.5%
Net margin
-37.1%
Return on equity
50.2%
Return on assets
-99.5%
Revenue growth (QoQ)
106.9%
Current ratio
0.2×
Free cash flow
-$141M
EBITDA
-$153M
Tangible book value
-$684M
Cash & investments
$14M
Cash runway
0q
Stock comp / revenue
0.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-11-28 | Stroo Charles | Tax withheld | 27K | $0.03 |
| 2025-11-28 | Stroo Charles | Option exercise | 62K | — |
| 2025-05-23 | Miller Ryan D. | Option exercise | 6.7K | — |
| 2025-05-23 | Miller Ryan D. | Tax withheld | 1.8K | $1.20 |
| 2025-05-22 | Desai Jayshree S | Option exercise | 30K | — |
| 2025-05-22 | GIOVACCHINI PAUL G | Option exercise | 15K | — |
| 2025-05-22 | Holloway Bavan | Option exercise | 30K | — |
| 2025-03-21 | Siwek William E | Option exercise | 12K | — |
| 2025-03-21 | Siwek William E | Tax withheld | 3.4K | $0.84 |
| 2025-03-21 | Miller Ryan D. | Option exercise | 4.9K | — |
| 2025-03-21 | Miller Ryan D. | Tax withheld | 1.3K | $0.84 |
| 2025-03-21 | Fishbach Steven G | Option exercise | 2.3K | — |
| 2025-03-21 | Fishbach Steven G | Tax withheld | 574 | $0.84 |
| 2025-03-18 | Miller Ryan D. | Option exercise | 5.1K | — |
| 2025-03-18 | Miller Ryan D. | Tax withheld | 1.3K | $1.04 |
| 2025-03-18 | Fishbach Steven G | Option exercise | 3.4K | — |
| 2025-03-18 | Fishbach Steven G | Tax withheld | 866 | $1.04 |
| 2025-03-18 | Siwek William E | Option exercise | 17K | — |
| 2025-03-18 | Siwek William E | Tax withheld | 4.8K | $1.04 |
| 2025-03-10 | Siwek William E | Tax withheld | 9.2K | $1.02 |
| 2025-03-10 | Siwek William E | Option exercise | 33K | — |
| 2025-03-10 | Fishbach Steven G | Option exercise | 6.6K | — |
| 2025-03-10 | Fishbach Steven G | Tax withheld | 2.1K | $1.02 |
| 2025-02-26 | Dere Construction Taahhut A.S. | Buy | 10K | $1.25 |
| 2025-02-24 | Dere Construction Taahhut A.S. | Buy | 80K | $1.52 |
| 2025-02-21 | Gossar Adan | Grant | 1.0K | — |
| 2025-02-21 | Dere Construction Taahhut A.S. | Buy | 22K | $1.42 |
| 2025-02-21 | Gossar Adan | Tax withheld | 361 | $1.46 |
| 2025-02-21 | Fishbach Steven G | Grant | 1.6K | — |
| 2025-02-21 | Fishbach Steven G | Tax withheld | 521 | $1.46 |
| 2025-02-21 | Siwek William E | Grant | 8.2K | — |
| 2025-02-21 | Siwek William E | Tax withheld | 2.7K | $1.46 |
| 2025-02-20 | Dere Construction Taahhut A.S. | Buy | 66K | $1.44 |
| 2025-02-04 | Dere Construction Taahhut A.S. | Buy | 49K | $1.59 |
| 2025-01-30 | Dere Construction Taahhut A.S. | Buy | 14K | $1.56 |
| 2025-01-29 | Dere Construction Taahhut A.S. | Buy | 319K | $1.73 |
| 2025-01-28 | Dere Construction Taahhut A.S. | Buy | 224K | $1.69 |
| 2025-01-23 | Dere Construction Taahhut A.S. | Buy | 557K | $1.45 |
| 2025-01-20 | Dere Construction Taahhut A.S. | Buy | 12K | $1.59 |
| 2025-01-06 | Dere Construction Taahhut A.S. | Buy | 116K | $1.97 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-03-09 | Material agreementExhibits | filing ↗ |
| 2026-03-05 | Material agreementDebt accelerationExhibits | filing ↗ |
| 2025-11-04 | Exec/director change | filing ↗ |
| 2025-09-16 | Acquisition/dispositionExhibits | filing ↗ |
| 2025-09-04 | Material agreementExhibits | filing ↗ |
| 2025-08-15 | Material agreementBankruptcyDebt obligationDebt accelerationDelisting noticeExhibits | filing ↗ |
| 2025-08-11 | Reg FDExhibits | filing ↗ |
| 2025-06-20 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-K | 2026-03-25 | 2025-12-31 | 0001193125-26-124194 ↗ |
| 8-K | 2026-03-09 | 2026-03-06 | 0001193125-26-097651 ↗ |
| 8-K | 2026-03-05 | 2026-03-01 | 0001193125-26-094276 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001193125-25-274259 ↗ |
| 8-K | 2025-11-04 | 2025-11-03 | 0001171843-25-006976 ↗ |
| 8-K | 2025-09-16 | 2025-09-10 | 0001171843-25-005918 ↗ |
| 8-K | 2025-09-04 | 2025-09-04 | 0001171843-25-005740 ↗ |
| 8-K | 2025-08-15 | 2025-08-11 | 0001171843-25-005450 ↗ |
| 10-Q | 2025-08-11 | 2025-06-30 | 0001193125-25-178033 ↗ |
| 8-K | 2025-08-11 | 2025-08-11 | 0001171843-25-005292 ↗ |
| 8-K | 2025-06-20 | 2025-06-13 | 0001171843-25-003999 ↗ |
| 8-K | 2025-06-03 | 2025-05-31 | 0001171843-25-003636 ↗ |