TPI Composites is an independent manufacturer of composite wind blades for wind turbine OEMs, with wind blade manufacturing accounting for roughly 95% of total revenue. Wind blades are the large rotating structures that capture wind energy and convert it into electricity — blade size and aerodynamic performance directly affect turbine output, making them among the most critical components in a wind turbine. TPI manufactures blades ranging from 30 to over 80 meters in length, with a trend toward larger blades over time. TPI's customers are wind turbine OEMs who outsource blade manufacturing, and its two primary customers have historically been Vestas and GE Vernova. Following a Chapter 11 bankruptcy filing in August 2025 and a pending asset sale, TPI expects to focus primarily on GE Vernova going forward. TPI sells blades directly to OEMs under long-term supply agreements, dedicating specific manufacturing capacity at each facility to a given customer. Under this model, customers commit to minimum annual blade volumes, and raw material cost changes are typically shared with customers. Revenue is driven by blade sets produced and average selling price per blade. TPI's largest production base is in Mexico, primarily serving the U.S. market, with additional facilities in India and Newton, Iowa. The Iowa facility benefits from the Advanced Manufacturing Production Tax Credit for domestic wind blade production, though recent U.S. legislation has accelerated the phase-out of wind energy tax credits. TPI also provides field service inspection and repair services, though this represents roughly 5% of revenue.