CICERO, Illinois, May 12, 2026 (GLOBE NEWSWIRE) -- Broadwind (Nasdaq: BWEN, or the “Company”), a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the first quarter 2026.
FIRST QUARTER 2026 RESULTS
(As compared to the first quarter 2025)
- Total revenue of $34.1 million
- GAAP net loss of ($0.5) million, or ($0.02) per diluted share
- Non-GAAP Adjusted EBITDA of $2.2 million, or 6.5% of total revenue*
- Total orders of $37.4 million, +23% y/y
- Ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 1.7x as of March 31, 2026
*For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release
MANAGEMENT COMMENTARY
“During the first quarter, we continued to advance our business transformation strategy, while delivering strong revenue growth, margin realization, and order growth in our core gearing and industrial solutions segments,” stated Eric Blashford, President and CEO of Broadwind. “First quarter revenue in the gearing and industrial solutions segments increased more than 40% and 60%, respectively, when compared to the year-ago period, driven by strong demand from within our core power generation and critical infrastructure markets.”
“With the recently announced sale of our Abilene facility and related strategic exit from Wind tower production in the third quarter of 2026, Gearing and Industrial Solutions will represent our core businesses, moving forward,” continued Blashford. “Excluding the divested product lines within the Heavy Fabrications segment, Broadwind generated approximately $64 million of revenue on a trailing twelve-month basis through the end of the first quarter.”
“While our exit from the Wind market will result in a smaller company over the near term, our remaining businesses are higher-growth, more predictable, and more profitable, with a meaningfully improved quality of earnings profile, going forward,” noted Blashford. “We intend to use our core gearing and industrial solutions segments as a platform upon which to grow a business of increasing scale and profitability, over time.”
“Within the Gearing segment, orders increased 66% in the first quarter, supporting a backlog of $30.5 million,” continued Blashford. “Demand growth within the Gearing segment has been largely driven by strong customer activity within the power generation, industrial, and mining markets. Our Industrial Solutions segment had another strong quarter, as orders increased 44% year-over-year, with backlog at a record $43.3 million,” stated Blashford. “Natural gas turbine demand remains very strong, representing the key growth driver for this segment.”
“From the sale of our Abilene facility in April 2026, we received net cash proceeds of approximately $17.2 million” stated Blashford. “Given the recent strategic actions to optimize our asset base and shed underutilized facilities, we are positioned to pursue higher growth, higher value bolt-on opportunities that have the potential to accelerate our growth within our targeted vertical markets, with an emphasis on accretive, highly complementary precision manufacturing assets.”
CONSOLIDATED FIRST QUARTER 2026 FINANCIAL RESULTS
Broadwind reported a net loss of ($0.5) million, or ($0.02) per basic share in the first quarter 2026, compared to a net loss of ($0.4) million, or ($0.02) per basic share, in the first quarter 2025. The Company reported Adjusted EBITDA, a non-GAAP measure, of $2.2 million in the first quarter compared to $2.4 million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release.
Revenue decreased 7.5% on a year-over-year basis in the first quarter due to lower activity within the Heavy Fabrication segment, partially offset by higher sales volume in the Gearing and Industrial Solutions segments. Heavy Fabrications revenue decreased 35%, when compared to the prior year period, due to the sale of the Manitowoc, Wisconsin industrial fabrication operations, lower PRS demand, and a raw material supply issue under a directed-buy program of an OEM customer. Industrial Solutions revenue grew 64% year-over-year, due primarily to strong demand for natural gas turbine content. Revenue from the Gearing segment grew 42% due primarily to increased demand from power generation and mining customers, partially offset by lower demand from steel customers.
Total orders increased 23% in the first quarter, when compared to the prior year period, benefiting largely from rapid growth in the power generation end market.
At the end of the first quarter, Broadwind had total cash on hand and availability under its credit facility of $25.1 million, or $16.4 million after adjusting for the minimum excess availability requirement. The Company’s ratio of net debt to trailing twelve-month Adjusted EBITDA was 1.7x as of March 31, 2026. After adjusting our credit availability and reflecting required debt payments, we expect the sale of the Abilene facility will improve our liquidity by approximately $10 million.
SEGMENT RESULTS
Heavy Fabrications Segment
Broadwind provides large, complex and precision fabrications, and proprietary industrial processing equipment, to customers in a broad range of industrial markets. Key products include wind towers and compressed natural gas pressure reducing systems.
Heavy Fabrications segment sales decreased by 35% to $16.4 million in the first quarter 2026, as compared to the prior year period, due to the raw material supply issue from a directed buy program with an OEM customer, lower PRS demand, and the sale of the Manitowoc industrial fabrication operations. The segment reported operating income of $0.8 million in the first quarter, as compared to operating income of $2.2 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.7 million in the first quarter, compared to $3.4 million in the prior-year period.
Gearing Segment
Broadwind provides custom gearboxes, loose gearing, precision machined components and heat treat services to a broad set of customers in diverse markets, including power generation, oil & gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets.
Gearing segment sales increased by 42% to $8.5 million in the first quarter 2026, as compared to the prior year period, primarily driven by higher demand from power generation and mining customers, partially offset by decreased demand from steel customers. The segment reported an operating loss of ($0.1) million in the first quarter, compared to an operating loss of ($0.9) million in the prior year period. Segment non-GAAP adjusted EBITDA was $0.6 million in the first quarter, as compared to ($0.2) million in the prior-year period.
Industrial Solutions Segment
Broadwind provides supply chain solutions, light fabrication, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market as well as other clean technology markets.
Industrial Solutions segment sales increased by 64% to $9.2 million in the first quarter 2026, as compared to the prior year period, primarily driven by increased sales of natural gas turbine content. The segment reported operating income of $1.6 million in the first quarter compared to operating income of $0.3 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.8 million in the first quarter compared to $0.5 million in the prior year period.
FIRST QUARTER 2026 RESULTS CONFERENCE CALL
Broadwind will host a conference call today, May 12, 2026, at 11:00 a.m. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s corporate website at https://investors.bwen.com/investors. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Live Teleconference: 877-407-9716
To listen to a replay of the teleconference, which will be available through Tuesday, May 19, 2026:
Teleconference Replay: 844-512-2921
Conference ID: 13760011
ABOUT BROADWIND
Broadwind (Nasdaq: BWEN) is a precision manufacturer of structures, equipment and components for power generation, critical infrastructure, and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com
NON-GAAP FINANCIAL MEASURES
The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share-based compensation and other stock payments, restructuring costs, impairment charges, other non-cash gains and losses, and the gain from the sale of the Manitowoc industrial fabrication operations) as supplemental information regarding the Company’s business performance. The Company’s management uses this supplemental information when it internally evaluates its performance, reviews financial trends and makes operating and strategic decisions. The Company believes that this non-GAAP financial measure is useful to investors because it provides investors with a better understanding of the Company’s past financial performance and future results, which allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company's definition of adjusted EBITDA may be different from similar non-GAAP financial measures used by other companies and/or analysts.
FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) the impact of our sale of the Abilene, Texas production facility and its effect on our financial results, (ii) our expectations and beliefs with respect to our financial guidance as set forth in our press releases from time to time, (iii) the impact of global health concerns on the economies and financial markets and the demand for our products; (iv) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related phase out, extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits, and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States; (v) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (vi) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (vii) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary; (viii) our ability to continue to grow our business organically and through acquisitions; (ix) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (x) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (xi) the sufficiency of our liquidity and alternate sources of funding, if necessary; (xii) our ability to realize revenue from customer orders and backlog; (xiii) the economy and the potential impact it may have on our business, including our customers; (xiv) the state of the wind energy market and other energy and industrial markets generally, including the availability of tax credits, and the impact of competition and economic volatility in those markets; (xv) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xvi) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers; (xvii) the effects of the change of administrations in the U.S. federal government; (xviii) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xix) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xx) the effects of proxy contests and actions of activist stockholders; (xxi) the limited trading market for our securities and the volatility of market price for our securities; (xxii) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xxiii) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results.
BROADWIND, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
March 31, December 31, 2026 2025 ASSETS CURRENT ASSETS: Cash
$943 $456 Accounts receivable, net
15,993 15,836 AMP credit receivable
2,572 2,564 Contract assets
314 900 Inventories
42,743 42,008 Prepaid expenses and other current assets
2,025 2,503 Total current assets
64,590 64,267 LONG-TERM ASSETS: Property and equipment, net
40,899 39,464 Operating lease right-of-use assets, net
11,445 11,892 Intangible assets, net
619 741 Other assets
415 441 TOTAL ASSETS
$117,968 $116,805 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Line of credit and current maturities of long-term debt
$5,946 $5,036 Current portion of finance lease obligations
2,028 2,111 Current portion of operating lease obligations
1,823 2,306 Accounts payable
17,613 17,357 Accrued liabilities
3,831 2,182 Customer deposits
2,377 2,692 Total current liabilities
33,618 31,684 LONG-TERM LIABILITIES: Long-term debt, net of current maturities
4,807 5,094 Long-term finance lease obligations, net of current portion
2,212 2,482 Long-term operating lease obligations, net of current portion
11,132 11,252 Other
22 4 Total long-term liabilities
18,173 18,832 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued
or outstanding
- - Common stock, $0.001 par value; 45,000,000 shares authorized; 23,678,053
and 23,584,677 shares issued as of March 31, 2026 and
December 31, 2025, respectively
24 24 Treasury stock, at cost, 273,937 shares as of March 31, 2026 and December 31, 2025,
respectively
(1,842) (1,842)Additional paid-in capital
403,593 403,210 Accumulated deficit
(335,598) (335,103)Total stockholders' equity
66,177 66,289 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$117,968 $116,805
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED) Three Months Ended March 31, 2026 2025 Revenues
$34,057 $36,838 Cost of sales
29,364 32,512 Gross profit
4,693 4,326 OPERATING EXPENSES: Selling, general and administrative
4,182 3,977 Intangible amortization
122 165 Total operating expense, net
4,304 4,142 Operating income
389 184 OTHER EXPENSE, net: Interest expense, net
(808) (516)Other, net
(2) (2)Total other expense, net
(810) (518) Net loss before provision for income taxes
(421) (334)Provision for income taxes
74 36 NET LOSS
$(495) $(370) NET LOSS PER COMMON SHARE - BASIC: Net loss
$(0.02) $(0.02) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC
23,338 22,361 NET LOSS PER COMMON SHARE - DILUTED: Net loss
$(0.02) $(0.02) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED
23,338 22,361
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED) Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss
$(495)$(370) Adjustments to reconcile net cash provided by (used in) operating activities: Depreciation and amortization expense
1,479 1,702 Deferred income taxes
17 (11)Stock-based compensation
158 189 Allowance for credit losses
(13) (16)Common stock issued under defined contribution 401(k) plan
225 286 Gain on sale of assets
(80) - Changes in operating assets and liabilities:
Accounts receivable
(144) 2,304 AMP credit receivable
(8) (33)Contract assets
585 (90)Inventories
(735) (9,566)Prepaid expenses and other current assets
480 (394)Accounts payable
232 6,815 Accrued liabilities
1,649 285 Customer deposits
(315) (9,161)Other non-current assets and liabilities
(130) 23 Net cash provided by (used in) operating activities 2,905 (8,037) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment
(2,778) (916)Net proceeds from disposals of property and equipment
90 - Net cash used in investing activities (2,688) (916) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from line of credit, net
924 3,356 Payments on long-term debt
(281) (361)Payments for deferred financing costs
(20) - Payments on finance leases
(353) (363)Shares withheld for taxes in connection with issuance of restricted stock
- (196)Net cash provided by financing activities 270 2,436 NET INCREASE (DECREASE) IN CASH
487 (6,517)CASH beginning of the period 456 7,721 CASH end of the period
$943 $1,204
SELECTED SEGMENT FINANCIAL INFORMATION
(IN THOUSANDS)
(UNAUDITED) Three Months Ended March 31, 2026 2025 ORDERS: Heavy Fabrications$9,667 $12,391 Gearing 13,187 7,960 Industrial Solutions 14,568 10,104 Total orders$37,422 $30,455 REVENUES: Heavy Fabrications$16,367 $25,248 Gearing 8,454 5,966 Industrial Solutions 9,236 5,647 Corporate and Other - (23)Total revenues$34,057 $36,838 OPERATING INCOME/(LOSS): Heavy Fabrications$787 $2,241 Gearing (57) (892)Industrial Solutions 1,626 330 Corporate and Other (1,967) (1,495)Total operating income (loss)$389 $184
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS)
(UNAUDITED) ConsolidatedThree Months Ended March 31, 2026 2025 Net Loss$(495) $(370)Interest Expense 808 516 Income Tax Provision 74 36 Depreciation and Amortization 1,479 1,702 Share-based Compensation and Other Stock Payments 343 484 Adjusted EBITDA (Non-GAAP)
$2,209 $2,368
2026 2025 Net Income$565 $1,717 Interest Expense 358 147 Income Tax (Benefit) Provision (135) 378 Depreciation 837 1,021 Share-based Compensation and Other Stock Payments 82 185 Adjusted EBITDA (Non-GAAP)$1,707 $3,448
2026 2025 Net Income$1,397 $196 Interest Expense 172 114 Income Tax Provision 56 13 Depreciation and Amortization 95 114 Share-based Compensation and Other Stock Payments 47 54 Adjusted EBITDA (Non-GAAP)$1,767 $491