Altus Power, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, driven by increased operating revenues and net income. For the three months ended September 30, 2024, operating revenues reached $58.7 million, a 30.2% increase from $45.1 million in the same period of 2023. For the nine months ended September 30, 2024, revenues totaled $151.8 million, up 25.5% from $121.0 million in the prior year. This growth was primarily attributed to higher power sales under Power Purchase Agreements (PPAs) and Non-Market Contracts (NMCAs), which saw increases of 23.4% and 36.7%, respectively.

Net income for the third quarter of 2024 was $8.6 million, a 27.1% increase from $6.8 million in Q3 2023. Year-to-date net income surged to $45.8 million, compared to $14.0 million in the same period last year, marking a 227.4% increase. Notably, net income attributable to Altus Power, Inc. for the third quarter was $17.6 million, a substantial rise from $5.3 million in the prior year, reflecting a 230.9% increase.

The company’s total assets increased to $2.24 billion as of September 30, 2024, up from $2.09 billion at the end of 2023. However, total current assets decreased significantly from $228.8 million to $138.8 million, while total current liabilities rose sharply from $106.5 million to $230.8 million. Total stockholders' equity improved from $447.1 million to $514.8 million, with retained earnings turning positive at $7.5 million, compared to an accumulated deficit of $55.3 million at the end of 2023.

Strategically, Altus Power has been active in acquisitions, including the purchase of an 84 MW portfolio of solar facilities from Vitol Solar I LLC for approximately $119.5 million and the acquisition of three in-development solar energy facilities in Maine for $84.1 million. These acquisitions contributed to a 40% increase in installed megawatts, reaching 1,013 MW as of September 30, 2024.

The company also faced challenges, including a significant increase in interest expense, which rose by 137.3% in Q3 2024 compared to the same period in 2023, primarily due to increased outstanding debt. Additionally, Altus Power reported material weaknesses in its internal controls over financial reporting, prompting the implementation of a remediation plan.

Overall, Altus Power's financial performance reflects robust growth in revenues and net income, supported by strategic acquisitions, despite facing rising costs and operational challenges.