TPICQ — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-03-25

• On August 11, 2025 (the “Petition Date”), TPI Composites, Inc. and certain of its direct and indirect subsidiaries (such subsidiaries, together with the Company, collectively, the “Company Parties” or the “Debtors”) each filed voluntary petitions for relief under chapter 11 of title 11 of the United…

• On September 10, 2025, the Company consummated the sale and transfer of 100% of its ownership interests of the Company’s two Turkish subsidiaries (the “Türkiye business”), which was approved by the Bankruptcy Court. The transaction involved the sale and transfer of the assets and operations of two w…

• On June 30, 2024, we completed the divestiture of our wholly-owned subsidiary, TPI, Inc. (the Automotive subsidiary). The Automotive subsidiary was engaged in the development, commercialization and implementation of the Company’s automotive industry related products. The Automotive subsidiary was pr…

• Unless specifically noted or otherwise indicated, all information set forth in this Annual Report on Form 10-K relates to the Company as it existed as of December 31, 2025 and the following discussion reflects continuing operations only.

• We are an independent manufacturer of composite wind blades for the wind energy market with a manufacturing footprint currently in the U.S., Mexico, and India. We enable certain of the industry’s leading wind turbine original equipment manufacturers (OEM) to outsource the manufacturing of a portion …

Text removed vs the prior filing · source: 10-K · 2025-02-20

• On June 30, 2024, we completed the divestiture of our wholly-owned subsidiary, TPI, Inc. (the Automotive subsidiary). The Automotive subsidiary was engaged in the development, commercialization and implementation of the Company’s automotive industry related products. The Automotive subsidiary was pr…

• In December 2022, we committed to a restructuring plan to rebalance our organization and optimize our global manufacturing footprint. Changing economic and geopolitical factors, including increased logistics costs and tariffs imposed on components of wind turbines from China, including wind blades, …

• The following discussion reflects continuing operations only, unless otherwise indicated.

• We are an independent manufacturer of composite wind blades for the wind energy market with a global manufacturing footprint. We enable many of the industry’s leading wind turbine original equipment manufacturers (OEM) to outsource the manufacturing of a portion of their wind blades through our glob…

• Our EMEA segment includes (1) the manufacturing of wind blades at our two facilities in Izmir, Türkiye, (2) wind blade inspection and repair services in Türkiye, (3) our wind blade inspection and repair service facility in Madrid, Spain, (4) wind blade inspection and repair services in the United Ki…

Text added vs the prior filing · source: 10-K · 2026-03-25

• We are subject to risks and uncertainties associated with our Chapter 11 Cases.

• The Chapter 11 Cases have had a material adverse effect on our business, financial condition, results of operations and cash flows. The significant risks associated with the Chapter 11 Cases that could result in material adverse effects on our business, financial condition, results of operations, an…

• our ability to obtain the Bankruptcy Court’s approval with respect to motions or other requests made to the Bankruptcy Court in the Chapter 11 Cases, including maintaining control as debtors-in-possession;

• the significant amount of time and effort spent by management dealing with the Chapter 11 cases and related matters;

• the imposition of restrictions or obligations on the Company by regulators related to the bankruptcy;

Text removed vs the prior filing · source: 10-K · 2025-02-20

• Our supply agreements expire at the end of 2025. Although we expect to extend our supply agreements beyond 2025, we currently do not have contractual commitments from our customers to purchase wind blades beyond 2025. Our supply agreements generally establish annual purchase requirements on which we…

• We provide warranties for all of the wind blades and precision molding and assembly systems we produce, including parts and labor, for periods that typically range from two to five years depending on the product sold. We

• also have offered extended warranties in certain situations to resolve outstanding warranty claims and may offer extended warranties to our customers in the future. Our estimate of warranty expense requires us to make assumptions about matters that are highly uncertain, including future rates of pro…

• We dedicate most of the capacity of our current wind blade manufacturing facilities to existing customers and, as a result, we may need to build additional manufacturing capacity or facilities to serve the needs of new customers or expanded needs of existing customers. We currently conduct wind blad…

• We rely upon third parties for raw materials, such as fiberglass, carbon fiber, resins, foam core and balsa wood, and various components for the products we manufacture. Some of these raw materials and components may only be purchased from a limited number of suppliers. Current geopolitical climate,…

Text added vs the prior filing · source: 10-K · 2026-03-25

• We completed the divestiture of our automotive business in June 2024, our tooling business in August 2025, and our Türkiye business in September 2025. The Company determined that the sale of the Türkiye and automotive businesses represented strategic shifts that had major effects on the Company’s op…

• The following discussion reflects continuing operations only, unless otherwise indicated. For further information regarding our discontinued operations, refer to Note 4 – Discontinued Operations of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

• Voluntary Petitions for Reorganization under Chapter 11 and Section 363 Sale Process

• The Chapter 11 Cases were filed in order to facilitate a financial and operational restructuring of the Company’s business and balance sheet. The Company continues to operate its business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable p…

• The Debtors also filed a motion seeking approval of procedures for the sale of all or any of the Debtors’ assets pursuant to section 363 of the Bankruptcy Code. The Transaction Committee of the Company’s Board of Directors engaged third parties to advise on the Company’s strategic options, including…

Text removed vs the prior filing · source: 10-K · 2025-02-20

• In June 2024, the Company completed the divestiture of its wholly-owned subsidiary, TPI, Inc. (the Automotive subsidiary). The Automotive subsidiary was engaged in the development, commercialization and implementation of the Company’s automotive industry related products. The Automotive subsidiary w…

• In December 2022, the Company committed to a restructuring plan to rebalance our organization and optimize our global manufacturing footprint. Changing economic and geopolitical factors, including increased logistics costs and tariffs imposed on components of wind turbines from China, including wind…

• The following discussion reflects continuing operations only, unless otherwise indicated. For further information regarding our discontinued operations, refer to Note 2 – Discontinued Operations of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

• Our business operations are defined geographically into four operating segments - (1) the U.S., (2) Mexico, (3) Europe, the Middle East and Africa (EMEA) and (4) India. For further information regarding our operating segments, refer to Note 24 – Segment Reporting of the Notes to Consolidated Financi…

• Geopolitical events around the world have accelerated regional needs for energy independence and security. Climate change also continues to drive the need for renewable energy solutions and net-zero carbon emissions. The global demand for clean energy continues to rise, driven by factors such as the…