The following is a summary of the Altus Power, Inc. (AMPS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Altus Power reported Q3 2024 revenue of $58.7 million, a 30% increase from the previous year, and an adjusted EBITDA of $37 million, up 27% year-over-year.

• GAAP net income was $8.6 million for the quarter, up from $6.8 million in Q3 2023.

Business Progress:

• Altus Power's operating asset base surpassed 1 gigawatt, enhancing operational efficiency and competitive edge.

• Focused on strategic market-specific approaches to expand the customer base and revenue potential.

• Announced new Community Solar projects in Colorado and Maine, expanding the Community Solar footprint to nine states with about 30,000 customers.

• Implemented a targeted investment in energy optimization and data analytics to improve operational efficiency.

Opportunities:

• Expansion of the domestic supply chain and additional state-level incentives are expected to significantly enhance the operational environment and market potential for solar projects.

• Anticipate capitalizing on favorable dynamics, including declines in solar project costs coupled with rising electricity prices.

Risks:

• Managing interconnection delays, particularly with certain utilities, remains a critical operational challenge.

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