Tpi Composites, Inc
TPI Composites, Inc. designs and manufactures composite wind blades for the wind energy industry and also provides field inspection and repair services. The company is headquartered in Scottsdale, Arizona and operates manufacturing and service facilities across the United States, Mexico, India, and parts of Europe.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueComposite blades manufactured for utility-scale wind turbines and sold to OEM customers.
Inspection, repair, and maintenance services for wind blades and related assets.
Technical support and development work tied to blade design and manufacturing programs.
Products
Reported · share of revenue- Wind Blades94.7 %
- Field Services Inspection and Repair Services5.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
TPI sells primarily to wind turbine original equipment manufacturers under long-term supply relationships. It also serves wind farm owners and operators through its field service business, where customers need inspection and repair capabilities to keep turbines operating reliably.
Buy composite wind blades and related manufacturing support for turbine platforms.
Buy inspection and repair services to maintain blade integrity and uptime.
Buy development and technical support tied to blade design and production.
Strategy
The company’s operating focus is on wind blade production, manufacturing utilization, and service execution across its global footprint. It also manages customer pricing exposure through contractual resin pass-through mechanisms and uses receivables sale programs to support working capital.
Blade production is the core business and depends on line utilization and customer program execution.
Resin is a major input cost and pricing pass-through limits margin volatility.
Long-term OEM relationships are central to blade program continuity and volume visibility.
Geography
2025TPI operates a global manufacturing footprint with factories in the United States, Mexico, and India, plus engineering centers in Denmark and Germany and field service facilities in the United States and Spain. Its operating segments are organized around the U.S., Mexico, and India, which reflects where production and customer delivery are concentrated.
Share of the revenue the company reports by geography.
Risks
TPI faces substantial business and financial risk from its Chapter 11 proceedings, which can disrupt customer confidence, supplier relationships, and access to capital. The company is also exposed to input-cost volatility, concentrated OEM demand, and execution risk across a geographically distributed manufacturing network.
- Chapter 11 restructuring riskImpact: CriticalLikelihood: High
Bankruptcy proceedings can disrupt operations, customer confidence, and access to capital.
Exposure: All stakeholders and continuing operations
- Common stock cancellation riskImpact: CriticalLikelihood: High
The company disclosed that existing equity is expected to be cancelled in the restructuring.
Exposure: Equity holders
- Resin and resin system price volatilityImpact: High
Resin is a key input and only part of the cost is contractually passed through.
Exposure: Wind blade manufacturing margins
- Customer concentration and OEM dependenceImpact: High
The business relies on long-term relationships with a limited number of wind OEMs.
Exposure: Revenue continuity and pricing power
- Global manufacturing and supply chain executionImpact: Medium
Production spans multiple countries and requires coordination across plants and service sites.
Exposure
Accounting
Judgemental itemsContract terms determine when revenue is recognized and can affect quarterly comparability.
Impact: Blade shipments, customer acceptance, and service completion timing
Receivables are sold to financial institutions and removed from the balance sheet.
Impact: Operating cash flow, working capital, and financing presentation
Divested automotive, tooling, and Türkiye businesses are separated from continuing operations.
Impact: Comparability of historical revenue, profit, and cash flow
Chapter 11 introduces significant judgment around asset values, liabilities, and recoverability.
Impact: Balance sheet carrying values and disclosure sensitivity
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Last updated: 24/09/2026