AMPS - Why Altus Power Stock Is Tumbling Today
Shares of Altus Power (NYSE: AMPS) plunged more than 15% by 10:45 a.m. ET on Monday. Its third-quarter results and lower-end outlook are weighing on the clean electrification company.
Altus Power generated $30.4 million in revenue in the third quarter, a 51% increase. However, it posted a GAAP net loss of $96.6 million, or $0.63 per share, in the period. That was much deeper than its $1.3 million net loss in the year-ago period. It also missed analysts' expectations by $0.65 per share.
The primary culprit was a $102 million noncash loss from the fair value remeasurement of warrants and alignment shares. The company must remeasure those shares each quarter based on its stock price.
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Why Altus Power Stock Is Tumbling Today