INVESTOR Relations

FY 2024 Performance: A Year of Scaled Growth and Strategic Investment

In fiscal year 2024, Eldora Dynamics continued its trajectory as a category-defining leader in wind turbine blade manufacturing, delivering strong financial results while deepening our long-term competitive advantage through sustained innovation and operational excellence.

We closed the year with $1.84 billion in total revenue, representing a 21% year-over-year increase—a clear indicator of both rising global demand for utility-scale wind projects and our growing share of that opportunity. This growth was fueled by a combination of expanding international contracts, the commercial success of our new AeroEdge offshore blade line, and our deepened strategic partnerships with turbine OEMs in North America, Europe, and Southeast Asia.

Our gross margin of 13.2% reflects continued efficiency gains across our manufacturing facilities and disciplined cost management, even amid inflationary pressures on materials and logistics. These gains translated into operating income of $276 million, allowing us to increase reinvestment in the business without sacrificing bottom-line performance.

At the close of FY 2024, net profit reached $142 million, and earnings per share came in at $1.12, both underscoring the strength of our fundamentals and the scalability of our business model. This profitability also allowed us to return value to shareholders while maintaining robust investment in innovation.

In line with our commitment to sustainability and leadership in materials science, we allocated $94 million—approximately 5.1% of total revenue—to R&D, with a strong focus on recyclable composites, smart blade technologies, and offshore structural performance. These investments support our broader mission: to lead the next generation of clean energy manufacturing while reducing lifecycle emissions and driving greater circularity across the wind sector.

FY 2024 was not just a year of financial growth—it was a year of strategic positioning. As the wind industry accelerates toward new global capacity records, Eldora Dynamics entered FY 2025 with a healthy balance sheet, strong customer momentum, and a product roadmap aligned to the needs of tomorrow’s energy economy.

Investor Overview

At Eldora Dynamics, we are proud to stand at the forefront of clean energy innovation. Since our founding in 2012 in Westminster, Colorado, we’ve grown into a global leader in advanced wind turbine blade technology. Our mission is to engineer high-performance, recyclable blade solutions that power both onshore and offshore wind projects, helping to accelerate the global transition to renewable energy.

As a publicly traded company on NASDAQ under the ticker ELDO, we continue to deliver sustainable growth and long-term value for our shareholders. With over 2,100 employees and more than 11% global market share in new turbine installations, FY 2024 marked a pivotal year for Eldora Dynamics, with revenue reaching $1.84 billion and net income of $142 million.

We invite you to learn more about our business and how we’re engineering the wind—and enabling the future.

Financial Performance FY 2024

Fiscal Year 2024 was a milestone year for Eldora Dynamics, marked by significant financial growth and operational strength. We generated $1.84 billion in total revenue, a 21% increase from the previous year, driven by increased demand across global markets and the successful launch of our AeroEdge offshore blade series.

Our focus on cost discipline and manufacturing efficiency contributed to a healthy gross margin of 13.2% and operating income of $276 million. After R&D investment of $94 million—representing 5.1% of our annual revenue—we closed the year with net income of $142 million and earnings per share of $1.12.

These results reflect not only a strong operational foundation but also a continued commitment to reinvestment, sustainability, and long-term shareholder value.

Q2 2025 Earnings Summary

In contrast to our strong full-year 2024 performance, Q2 2025 posed several macroeconomic challenges that impacted our top- and bottom-line results. Total revenue for the quarter was $372 million, representing a 27% decrease compared to $509 million in Q2 2024.

This decline was largely driven by the implementation of new international tariffs on composite materials and increased raw material costs due to inflationary pressures in our global supply chain. Despite efforts to mitigate these impacts through operational adjustments, our operating income for Q2 2025 was $23.6 million, down significantly from $58 million in Q2 2024. Net income declined 50% to $18 million, from $36 million in the same period last year.

R&D Expenses increased by 9%, from $23.0 million to $25.0 million. In the face of declining revenue, this increase supports our continued investment in future products/services but adds pressure on current profitability. In addition, SG&A expenses decreased by -39%, from $92.0 million to $56.0 million. This reduction indicates our successful cost-cutting efforts in selling, general, and administrative areas, which helped mitigate some of the negative impacts of falling revenue.

The substantial reduction in Interest & Other Expenses is due to debt repayment and renegotiated interest rates.

While the current quarter reflects temporary economic headwinds, we remain confident in our long-term trajectory and are actively pursuing supply chain optimizations and regional diversification strategies to strengthen margin resilience moving forward.

Leadership & Governance

At the heart of Eldora Dynamics is a leadership team driven by innovation, integrity, and environmental responsibility. Co-founders Dr. Elise Morano (CEO), David Rahm (Chief Strategy Officer), and Dr. Sanjay Balakrishnan (Chief Technology Officer) continue to guide our vision with hands-on leadership and technical excellence.

Our Board of Directors and governance committees uphold the highest standards of transparency and accountability. With clear charters in place for audit, compensation, and ESG oversight, we remain committed to ethical governance that aligns with shareholder and stakeholder interests alike.

ESG & Sustainability Highlights

Sustainability is central to Eldora's mission. In 2024 alone, each turbine powered by our blades prevented an estimated 3,300 metric tons of CO2 emissions annually. With over 85% of our blade materials already recyclable and a zero-waste pilot line now operating in Pueblo, Colorado, we are setting a new standard in clean manufacturing.

Our ISO certifications—9001 (Quality), 14001 (Environmental), and 45001 (Worker Safety)—reflect our ongoing commitment to excellence. Through partnerships with NREL, global OEMs, and the American Clean Power Association, we continue to push the boundaries of sustainable engineering.

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