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EXHIBIT 99.1 TPI Composites , Inc. Announces Third Quarter 2021 Earnings Results - Added New Lines in China for Vestas and Secures Strategic Investment from Oaktree Capital Management of up to $ 600 Million SCOTTSDALE , Ariz . , Nov. 08 , 2021 ( GLOBE NEWSWIRE ) -- TPI Composites , Inc. ( Nasdaq : TPIC ) , the only independent manufacturer of composite wind blades with a global footprint , today reported financial results for the third quarter ended September 30 , 2021 . Highlights For the quarter ended September 30 , 2021 : • Net sales of $ 479.6 million ⋅ Net loss of $ 30.7 million or ( $ 0.83 ) per diluted share ⚫ EBITDA loss of $ 6.5 million • Adjusted EBITDA of $ 0.2 million KPIs 3Q'21 3Q'20 Sets¹ Estimated megawatts² 830 1,037 3,395 3,571 Utilization³ 76 % 93 % Dedicated manufacturing lines4 54 55 Manufacturing lines installed 54 54 1. Number of wind blade sets ( which consist of three wind blades ) produced worldwide during the period . 2. Estimated megawatts of energy capacity to be generated by wind blade sets produced during the period . 3. Utilization represents the percentage of wind blades produced during the period compared to the total potential wind blade capacity of manufacturing lines installed during the period . 4. Number of wind blade manufacturing lines that are dedicated to our customers under long - term supply agreements at the end of the period . 5. Number of wind blade manufacturing lines installed and either in operation , startup , or transition during the period . " We are diligently navigating through a challenging macroeconomic backdrop that is adversely impacting the wind industry on a global scale , " said Bill Siwek , President and CEO of TPI Composites . " While we are pleased to achieve revenue growth in the quarter , near - term challenges have hindered the profitability in the business . We have witnessed volume declines from our OEM customers as many of their customers are in a wait - and - see mode with the impending federal legislation pertaining to the Build Back Better Plan ( BBB ) , the recently passed Infrastructure Investment and Jobs Act , and the tax credit incentives to be included in the BBB plan . We believe that final passage of this bill will help bring clarity to our future demand outlook . In addition , I'm extremely proud of the efforts of our team to mitigate the supply chain pressures which have led to rising input and freight costs as well as limited the availability of certain raw materials . We expect these challenges to persist through most of 2022. We also experienced production delays at the manufacturing facility that we recently took over from Nordex in Matamoros , Mexico during the third quarter and at one of our manufacturing facilities in Juarez , Mexico , where we are in the startup phase of producing an innovative new blade model for one of our customers . We expect these production delays will be resolved by the end of this year . " Although these near - term headwinds present a challenge to TPI , we continue to work closely with and deliver to our customer base . In the quarter , we added new lines in China for Vestas and extended a couple of lines in Turkey with Nordex . We remain excited about the long - term prospects for our industry . " As we have communicated in the past , we expect the overall wind market to be relatively flat in 2022. We believe that these near - term challenges will eventually abate , and , that we are well positioned as a trusted partner for our customers and with our global footprint to capitalize on the long - term growth opportunity in the wind industry . " We also announced today that we entered into a stock purchase agreement to issue and sell $ 400 million of Series A Preferred Stock to investment funds managed by Oaktree Capital Management ( " Oaktree " ) . Under the terms of the stock purchase agreement , TPI will issue and sell $ 350 million of Series A Preferred Stock to Oaktree , subject to customary closing conditions . TPI also may elect at its option to require Oaktree to purchase an additional $ 50 million of Series A Preferred Stock upon the same terms and conditions as the initial issuance of the Series A Preferred Stock during the two - year period following the closing of the initial issuance . Oaktree is a seasoned investor across the energy value chain and this investment is a strong endorsement of our strategy and long - term growth prospects . We believe the closing of this strategic transaction will strengthen our balance sheet significantly and better position TPI to navigate a rapidly evolving market and operating environment in the near - term while providing the flexibility to take advantage of longer - term growth opportunities , " concluded Mr. Siwek . Third Quarter 2021 Financial Results Net sales for the three months ended September 30 , 2021 , increased by $ 5.5 million or 1.2 % to $ 479.6 million as compared to $ 474.1 million in the same period in 2020. Net sales of wind blades increased by $ 0.6 million or 0.1 % to $ 450.7 million for the three months ended September 30 , 2021 , as compared to $ 450.1 million in the same period in 2020. Net sales were positively impacted by an increase in the average selling price due to the mix of wind blade models produced , offset by a 20 % decrease in the number of wind blades produced primarily due to reductions in manufacturing lines under contract in China . The three months ended September 30 , 2021 were also impacted by the transition to an innovative blade in Juarez , Mexico , the impact on our production due to shortages of raw material supplied by our customers , and a temporary shutdown of our Yangzhou manufacturing facility due to a COVID - 19 outbreak in Yangzhou City . U.S. dollar fluctuations against the Euro in our Turkey operations and the Chinese Renminbi in our China operations had a favorable impact of 0.3 % on consolidated net sales for the three months ended September 30 , 2021 , as compared to the 2020 period . Total cost of goods sold for the three months ended September 30 , 2021 , was $ 486.7 million and included $ 4.5 million of costs related to lines in startup and $ 10.0 million of costs related to lines in transition during the period . This compares to total cost of goods sold for the three months ended September 30 , 2020 , of $ 433.6 million and included $ 5.1 million of costs related to lines in startup and $ 3.4 million of costs related to lines in transition during the period . Total cost of goods sold as a percentage of net sales increased by approximately ten percentage points during the three months ended September 30 , 2021 , as compared to the same period in 2020 , driven primarily by increases in direct material costs , direct labor costs and foreign currency fluctuations . The fluctuating U.S. dollar against the Euro , Turkish Lira , Chinese Renminbi and Mexican Peso had an unfavorable impact of 0.5 % on consolidated cost of goods sold for the three months ended September 30 , 2021 , as compared to the 2020 period . General and administrative expenses for the three months ended September 30 , 2021 , totaled $ 8.2 million , or 1.7 % of net sales , compared to $ 9.3 million , or 2.0 % of net sales , for the same period in 2020 .