Altus Power, Inc. ( (AMPS) ) has released its Q3 earnings. Here is a breakdown of the information Altus Power, Inc. presented to its investors.
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Altus Power, Inc. is a leading provider of commercial-scale clean electric power, offering end-to-end solutions for solar energy generation, storage, and infrastructure across the United States. In its third quarter of 2024, Altus Power reported a notable financial performance with a 30% increase in revenues, reaching $58.7 million compared to the same period in 2023. The company also saw a rise in GAAP net income to $8.6 million and adjusted EBITDA to $37.0 million, marking a 27% increase from the previous year. Key achievements include expanding its Community Solar subscriber base to approximately 30,000 households and surpassing 1 GW in operating assets. Altus Power generated 333 million kilowatt hours of clean electric power, contributing significantly to carbon dioxide reduction. Looking ahead, Altus Power reaffirms its financial guidance for 2024, indicating continued growth and strategic expansion in the commercial solar energy sector.