# EDGAR Filing Document

**Accession Number:** 0001455684
**File Stem:** 0001171843-25-005918
**Filing Date:** 2025-9
**Character Count:** 24484
**Document Hash:** 81301112f7db53731aa61f9622b6ebe7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005918.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0001171843-25-005918

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250910

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250916

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TPI COMPOSITES, INC
- **CENTRAL INDEX KEY:** 0001455684
- **STANDARD INDUSTRIAL CLASSIFICATION:** ENGINES & TURBINES [3510]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 201590775
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37839
- **FILM NUMBER:** 251316698

**BUSINESS ADDRESS:**
- **STREET 1:** 8501 N SCOTTSDALE ROAD
- **STREET 2:** GAINEY CENTER II, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85253
- **BUSINESS PHONE:** 480-305-8910

**MAIL ADDRESS:**
- **STREET 1:** 8501 N SCOTTSDALE ROAD
- **STREET 2:** GAINEY CENTER II, SUITE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85253

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TPI COMPOSITES INC
- **DATE OF NAME CHANGE:** 20090206

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **WASHINGTON, D.C. 20549**

____________________________

**FORM 8-K**

____________________________

**CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): September 10, 2025**

____________________________

**TPI Composites, Inc.** **(Exact name of registrant as specified in its charter)**

**____________________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37839** | **20-1590775** |
| **(State or other jurisdiction** | **(Commission** | **(IRS Employer** |
| **of incorporation)** | **File Number)** | **Identification No.)** |

---

**9200 E. Pima Center Parkway, Suite 250**

**Scottsdale, Arizona 85258**

**(Address of principal executive offices, including zip code)**

**(480) 305-8910**

**(Registrant**'**s telephone number, including area code)**

**Not applicable (Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Class** | **Trading<br> symbol(s)** | **Name of each exchange<br> on which registered** |
| **Common Stock, $0.01 par value** | **TPICQ** | **OTC Pink** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 2.01** | **Completion of Acquisition or Disposition of Assets.** |

---

 

As previously disclosed, on September 3, 2025, certain of TPI Composites, Inc.'s (the "Company") direct and indirect subsidiaries entered into a binding term sheet (the "Term Sheet") and related documents with XCS Composites L.L.C-FZ ("Purchaser"). On September 10, 2025, in accordance with the Term Sheet, following the satisfactory completion of the closing conditions, including the approval of the U.S. Bankruptcy Court for the Southern District of Texas, TPI Holdings Switzerland GmbH ("Seller") consummated the sale and transfer to the Purchaser of the Seller's ownership interests in two of the Company's subsidiaries, TPI Kompozit Kanat Sanayi ve Ticaret Anonim Şirketi and TPI Kompozit Kanat 2 Üretim Sanayi ve Ticaret Limited Şirketi (together, "TPI Türkiye"). The transaction involved the sale and transfer of the assets and operations of two wind blade manufacturing facilities and a field service inspection and repair business in Izmir, Türkiye on an "as-is" basis, including the assumption of the entire liabilities and debt position of TPI Türkiye (the "Transaction"). TPI Türkiye comprised the majority of the Company's EMEA segment. Approximately 2,700 Turkish employees were employed by the subsidiaries that were sold and transferred as part of the Transaction.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

**(b) Pro Forma Financial Information**

The unaudited pro forma condensed consolidated financial statements of the Company as of and for the six-month period ended June 30, 2025, and for the years ended December 31, 2024 and 2023, giving effect to the Transaction, are filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](https://www.sec.gov/Archives/edgar/data/1455684/000117184325005740/exh_101.htm) | [Term Sheet (incorporated by reference herein from Exhibit 10.1 to Company's Current Report on Form 8-K filed with the SEC on September 4, 2025)](https://www.sec.gov/Archives/edgar/data/1455684/000117184325005740/exh_101.htm) |
| [99.1](exh_991.htm) | [TPI Composites, Inc. Pro Forma Condensed Consolidated Financial Statements](exh_991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **TPI Composites, Inc.** | **TPI Composites, Inc.** |
| Date: September 16, 2025 | By: | /s/ William E. Siwek |
|  |  | William E. Siwek |
|  |  | President and Chief Executive Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**UNAUDITED PRO FORMA FINANCIAL INFORMATION**

On September 10, 2025, TPI Composites, Inc. ("TPIC" or the "Company") completed the sale and transfer of the Company's ownership interests in two of the Company's subsidiaries, TPI Kompozit Kanat Sanayi ve Ticaret Anonim Şirketi ("TPI Kompozit 1") and TPI Kompozit Kanat 2 Üretim Sanayi ve Ticaret Limited Şirketi ("TPI Kompozit 2" and together, "TPI Türkiye"). The transaction involved the sale and transfer of the assets and operations of two wind blade manufacturing facilities and a field service inspection and repair business in Izmir, Türkiye on an "as-is" basis, including the assumption of the entire liability and debt position of TPI Türkiye (the "Transaction"). TPI Türkiye comprised the majority of the Company's EMEA segment.

The following unaudited pro forma financial information of the Company, as of and for the six months ended June 30, 2025 and for the years ended December 31, 2024 and 2023, has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the sale and transfer occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the sale and transfer closed on June 30, 2025. The unaudited pro forma consolidated statements of operations for the six months ended June 30, 2025, and for the years ended December 31, 2024 and 2023, assumes the sale and transfer closed on January 1, 2023. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of TPI Türkiye and its results of operations, which contains a gain resulting from the Transaction. The pro forma gain resulting from the Transaction is preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements.

The unaudited pro forma condensed consolidated financial statements, prepared in accordance with Article 11 of Regulation S-X, are for informational purposes only and are not intended to be a complete presentation of the Company's results of operations or financial position had the Transaction occurred as of and for the periods indicated, nor do they purport to project results of operations or financial position for any future period or as of any future date.

**TPI COMPOSITES, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

**June 30, 2025**

**(in thousands, except par value data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical**<br>**TPI Composites, Inc. (A)** |<br>**TPI Türkiye (B)** |<br>**Adjustments (C)** | **Pro Forma**<br>**TPI Composites, Inc.** |
| **Assets** |  |  |  |  |
| Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $106419 | $21773 | $— | $84646 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 9798 |  |  | 9798 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 69053 | 18823 |  | 50230 |
| &nbsp;&nbsp;&nbsp;Contract assets | 83725 | 32334 |  | 51391 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 17800 | 4287 |  | 13513 |
| &nbsp;&nbsp;&nbsp;Other current assets | 38704 | 6350 |  | 32354 |
| &nbsp;&nbsp;&nbsp;Inventories | 4099 | 287 |  | 3812 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 18095 | 17991 |  | 104 |
| &nbsp;&nbsp;&nbsp;Current assets of discontinued operations | 975 |  |  | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 348668 | 101845 |  | 246823 |
| Property, plant and equipment, net | 88974 | 15921 |  | 73053 |
| Operating lease right of use assets | 112728 | 21228 |  | 91500 |
| Other noncurrent assets | 41339 | 2468 |  | 38871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $591709 | $141462 | $— | $450247 |
| **Liabilities and Stockholders' Deficit** |  |  |  |  |
| Current liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $267185 | 59132 |  | $208053 |
| &nbsp;&nbsp;&nbsp;Accrued warranty | 44812 | 3970 |  | 40842 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 615878 | 86074 | 8000 (C)(iv) | 537804 |
| &nbsp;&nbsp;&nbsp;Current operating lease liabilities | 27347 | 8216 |  | 19131 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 25077 | 3192 |  | 21885 |
| &nbsp;&nbsp;&nbsp;Current liabilities of discontinued operations | 713 |  |  | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 981012 | 160584 | 8000 | 828428 |
| Long-term debt, net of current maturities |  |  |  |  |
| Noncurrent operating lease liabilities | 88502 | 12911 |  | 75591 |
| Other noncurrent liabilities | 7632 | 1044 |  | 6588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1077146 | 174539 | 8000 | 910607 |
| Commitments and contingencies (Note 15) |  |  |  |  |
| Stockholders' deficit: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, $0.01 par value, 100,000 shares authorized, 50,319 shares issued and 48,730 shares outstanding at June 30, 2025 and 100,000 shares authorized, 48,683 shares issued and 47,609 shares outstanding at December 31, 2024 | 503 |  |  | 503 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 439756 | 27023 | 27023 | 439756 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (19554) | (15639) |  | (3915) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (893595) | (44461) | 9438 (C)(i) | (884157) |
|  |  |  | (44461) (C)(ii)(iii) |  |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost, 1,589 shares at June 30, 2025 and 1,074 shares at December 31, 2024 | (12547) |  |  | (12547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (485437) | (33077) | (8000) | (460360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' deficit | $591709 | $141462 | $— | $450247 |

---

See accompanying notes.

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

&nbsp;&nbsp;&nbsp;&nbsp;(A) Represents the historical consolidated balance sheet of TPI Composites, Inc. as of June 30, 2025, as reported in its Quarterly Report
on Form 10-Q, filed on August 11, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Represents the removal of the historical balance sheet of TPI Türkiye as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Represents adjustments for TPI Composites, Inc.'s sale and transfer of TPI Türkiye as of June 30, 2025, which
 includes (i) an adjustment for the estimated non-cash gain on the sale of TPI Türkiye, (ii) an adjustment for the release of
 certain outstanding intercompany agreements between the Company and TPI Türkiye, (iii) an adjustment for certain TPI
 Türkiye historical warranty obligations that are excluded from the Transaction, and (iv) an adjustment for the intercompany
 loan receivable between TPI Kompozit 1 and the Company's subsidiary TPI Composites India Private Limited, which is excluded
 from the Transaction.

**TPI COMPOSITES, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**For the six months ended June 30, 2025**

**(in thousands, except par value data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical**<br>**TPI Composites, Inc. (A)** |<br>**TPI Türkiye (B)** |<br>**Adjustments (C)** | **Pro Forma**<br>**TPI Composites, Inc.** |
| Net sales | $612402 | $134678 | $ | $477724 |
| Cost of sales | 638330 | 131848 |  | 506482 |
| Startup and transition costs | 17032 |  |  | 17032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of goods sold | 655362 | 131848 |  | 523514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss) | (42960) | 2830 |  | (45790) |
| General and administrative expenses | 10470 |  |  | 10470 |
| Loss on sale of assets and asset impairments | 8283 | 949 |  | 7334 |
| Restructuring charges, net | 485 |  |  | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations | (62198) | 1881 |  | (64079) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (48822) | (5194) |  | (43628) |
| &nbsp;&nbsp;&nbsp;Foreign currency (loss) income | (7158) | (2981) |  | (4177) |
| &nbsp;&nbsp;&nbsp;Miscellaneous (expense) income | 1050 | (1011) |  | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (54930) | (9186) |  | (45744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations before income taxes | (117128) | (7305) |  | (109823) |
| Income tax benefit (provision) | 262 | 311 |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations | (116866) | (6994) |  | (109872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from discontinued operations | 326 |  |  | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(116540) | $(6994) | $ | $(109546) |
| Weighted-average shares of common stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 48343 |  |  | 48343 |
| &nbsp;&nbsp;&nbsp;Diluted | 48343 |  |  | 48343 |
| Net loss from continuing operations per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(2.42) |  |  | $(2.27) |
| &nbsp;&nbsp;&nbsp;Diluted | $(2.42) |  |  | $(2.27) |
| Net income from discontinued operations per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.01 |  |  | $0.01 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.01 |  |  | $0.01 |
| Net loss per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(2.41) |  |  | $(2.26) |
| &nbsp;&nbsp;&nbsp;Diluted | $(2.41) |  |  | $(2.26) |

---

See accompanying notes.

**TPI COMPOSITES, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**For the year ended December 31, 2024**

**(in thousands, except par value data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical**<br>**TPI Composites, Inc. (A)** |<br>**TPI Türkiye (B)** |<br>**Adjustments (C)** | **Pro Forma**<br>**TPI Composites, Inc.** |
| Net sales | $1331131 | $441140 | $— | $889991 |
| Cost of sales | 1331241 | 387600 |  | 943641 |
| Startup and transition costs | 52889 | 11153 |  | 41736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of goods sold | 1384130 | 398753 |  | 985377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss) | (52999) | 42387 |  | (95386) |
| General and administrative expenses | 27536 | 23 |  | 27513 |
| Loss on sale of assets and asset impairments | 17230 | 2145 |  | 15085 |
| Restructuring charges, net | 10950 | 9631 |  | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations | (108715) | 30588 |  | (139303) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (92420) | (7701) |  | (84719) |
| &nbsp;&nbsp;&nbsp;Foreign currency (loss) income | (1655) | (1038) |  | (617) |
| &nbsp;&nbsp;&nbsp;Miscellaneous (expense) income | 5220 | 159 |  | 5061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (88855) | (8580) |  | (80275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations before income taxes | (197570) | 22008 |  | (219578) |
| Income tax provision | (12550) | (2253) |  | (10297) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations | (210120) | 19755 |  | (229875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss from discontinued operations | (30587) |  |  | (30587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | $(240707) | $19755 | $— | $(260462) |
| Weighted-average shares of common stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 47462 |  |  | 47462 |
| &nbsp;&nbsp;&nbsp;Diluted | 47462 |  |  | 47462 |
| Net loss from continuing operations per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(4.43) |  |  | $(4.84) |
| &nbsp;&nbsp;&nbsp;Diluted | $(4.43) |  |  | $(4.84) |
| Net loss from discontinued operations per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.64) |  |  | $(0.64) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.64) |  |  | $(0.64) |
| Net loss per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(5.07) |  |  | $(5.48) |
| &nbsp;&nbsp;&nbsp;Diluted | $(5.07) |  |  | $(5.48) |

---

See accompanying notes.

**TPI COMPOSITES, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)**

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS**

**For the year ended December 31, 2023**

**(in thousands, except par value data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical**<br>**TPI Composites, Inc. (A)** |<br>**TPI Türkiye (B)** |<br>**Adjustments (C)** | **Pro Forma**<br>**TPI Composites, Inc.** |
| Net sales | $1432408 | $568489 | $— | $863919 |
| Cost of sales | 1474356 | 497749 |  | 976607 |
| Startup and transition costs | 21757 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 21757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of goods sold | 1496113 | &nbsp;&nbsp;&nbsp;&nbsp;497749 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;998364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit (loss) | (63705) | &nbsp;&nbsp;&nbsp;&nbsp;70740 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(134445) |
| General and administrative expenses | 28205 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;28205 |
| Loss on sale of assets and asset impairments | 20931 | &nbsp;&nbsp;&nbsp;&nbsp;5558 |  | &nbsp;&nbsp;&nbsp;&nbsp;15373 |
| Restructuring charges, net | 4130 | &nbsp;&nbsp;&nbsp;&nbsp;4090 |  | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| Gain on sale of business |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9438) | &nbsp;&nbsp;&nbsp;&nbsp;(9438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;(116971) | &nbsp;&nbsp;&nbsp;&nbsp;61092 | &nbsp;&nbsp;&nbsp;&nbsp;9438 | &nbsp;&nbsp;&nbsp;&nbsp;(168625) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | &nbsp;&nbsp;&nbsp;&nbsp;(12101) | &nbsp;&nbsp;&nbsp;&nbsp;(5575) |  | &nbsp;&nbsp;&nbsp;&nbsp;(6526) |
| &nbsp;&nbsp;&nbsp;Foreign currency (loss) income | &nbsp;&nbsp;&nbsp;&nbsp;(5122) | &nbsp;&nbsp;&nbsp;&nbsp;(4829) |  | &nbsp;&nbsp;&nbsp;&nbsp;(293) |
| &nbsp;&nbsp;&nbsp;Miscellaneous (expense) income | &nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;136 |  | &nbsp;&nbsp;&nbsp;&nbsp;1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | &nbsp;&nbsp;&nbsp;&nbsp;(15331) | &nbsp;&nbsp;&nbsp;&nbsp;(10268) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;(132302) | &nbsp;&nbsp;&nbsp;&nbsp;50824 | &nbsp;&nbsp;&nbsp;&nbsp;9438 | &nbsp;&nbsp;&nbsp;&nbsp;(173688) |
| Income tax provision | &nbsp;&nbsp;&nbsp;&nbsp;(19664) | &nbsp;&nbsp;&nbsp;&nbsp;(5244) |  | &nbsp;&nbsp;&nbsp;&nbsp;(14420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;(151966) | &nbsp;&nbsp;&nbsp;&nbsp;45580 | &nbsp;&nbsp;&nbsp;&nbsp;9438 | &nbsp;&nbsp;&nbsp;&nbsp;(188108) |
| Preferred stock dividends and accretion | &nbsp;&nbsp;&nbsp;&nbsp;(58453) | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;(58453) |
| Gain on extinguishment of Series A Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;82620 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;82620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp;(127799) | &nbsp;&nbsp;&nbsp;&nbsp;45580 | &nbsp;&nbsp;&nbsp;&nbsp;9438 | &nbsp;&nbsp;&nbsp;&nbsp;(163941) |
| Net loss from discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;(49813) | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;(49813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(177612) | $45580 | $9438 | $(213754) |
| Weighted-average shares of common stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | &nbsp;&nbsp;&nbsp;&nbsp;42671 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42671 |
| &nbsp;&nbsp;&nbsp;Diluted | &nbsp;&nbsp;&nbsp;&nbsp;42671 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42671 |
| Net loss from continuing operations per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(2.99) |  |  | $(3.84) |
| &nbsp;&nbsp;&nbsp;Diluted | $(2.99) |  |  | $(3.84) |
| Net loss from discontinued operations per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(1.17) |  |  | $(1.17) |
| &nbsp;&nbsp;&nbsp;Diluted | $(1.17) |  |  | $(1.17) |
| Net loss per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(4.16) |  |  | $(5.01) |
| &nbsp;&nbsp;&nbsp;Diluted | $(4.16) |  |  | $(5.01) |

---

See accompanying notes.

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;(A) Represents the historical consolidated statement of operations of TPI Composites, Inc. for the six months ended June 30, 2025, as
reported in its Quarterly Report on Form 10-Q, filed on August 11, 2025, and the historical consolidated statement of operations of TPI
Composites, Inc. for the years ended December 31, 2024 and 2023, as reported in its Annual Report on Form 10-K, filed on February 20,
2025. &nbsp;&nbsp;&nbsp;&nbsp;(B) Represents the removal of the historical statement of operations of TPI Türkiye for the six months ended June 30, 2025, and for
the years ended December 31, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Represents adjustments for TPI Composites, Inc.'s estimated non-cash gain on the sale and transfer
of TPI Türkiye. The pro forma gain on the sale and transfer of TPI Türkiye is preliminary. The actual results may differ from
the amounts reflected in the pro forma financial statements.