Altus Power, Inc.

Altus Power generated 333 million kilowatt hours of clean electricity in Q3 2024. Revenue was $58.7 million, up 30% from $45.1 million in Q3 2023. GAAP net income was $8.6 million versus $6.8 million a year ago. Adjusted EBITDA was $37 million, up 27% from $29.1 million in Q3 2023. The company finished Q3 with $111 million of cash, up from $92 million at the end of Q2, and recorded $23 million in cash proceeds from the transfer of investment tax credits. Management reaffirmed 2024 guidance of $196 million to $201 million of revenue and $111 million to $115 million of adjusted EBITDA, and said the majority of the 80 MW under construction should be completed by year-end, with the balance in the first half of 2025.

Gregg Felton framed the quarter as one of continued momentum and said the company is making meaningful progress toward its long-term growth plan. He emphasized Altus’s scale as the market leader in commercial-scale solar, its 1+ GW operating portfolio, and the benefits of siting generation close to demand to reduce grid strain. He also said the company’s revised, market-specific development strategy is already producing results and that the strategic review is focused on unlocking shareholder value and improving access to capital.

Dustin Weber focused on the quarter’s operating and financial execution, citing 333 million kilowatt hours generated, $58.7 million of revenue, $8.6 million of net income, and $37 million of adjusted EBITDA. He said higher G&A reflected targeted investments in energy optimization and data analytics, and noted that every 1% increase in production equates to approximately $2 million in net revenue and cash flow at the current run rate. He also highlighted liquidity and financing capacity, including $111 million of cash, $23 million of ITC transfer proceeds, and access to cash from operations, the committed construction facility, tax equity partnerships, and long-term financing.

Analysts asked about completion timing for the 80 MW under construction, what drives the top end versus the bottom end of guidance, the potential impact of any IRA changes under the new administration, interconnection delays, and whether CBRE’s ESG efforts could support solar demand. Management said the majority of the 80 MW should be done by year-end, while the remaining projects are likely to close in 1H 2025, and that Q4 guidance depends mainly on operating performance and weather rather than new megawatts contributed late in the year. On policy, Gregg Felton said Altus does not expect the new administration to materially alter the IRA provisions most relevant to its business and said customer conversations are not showing added friction from election uncertainty.