Broadwind Announces Fourth Quarter and Full-Year 2024 Results
Broadwind (BWEN) reported mixed results for Q4 and full-year 2024. Q4 showed a net loss of ($0.9) million or ($0.04) per share, compared to net income of $1.1 million in Q4 2023. Q4 revenue was $33.6 million with adjusted EBITDA of $2.1 million.
Full-year 2024 delivered total revenue of $143.1 million with net income of $1.2 million ($0.05 per share) and adjusted EBITDA of $13.3 million. Q4 performance was impacted by lower demand across segments, with wind-related revenue down 27%. However, total orders increased 85% in Q4, with Industrial Solutions reaching record levels.
The company maintained strong financial health with $33 million in cash and availability, and a net debt to adjusted EBITDA ratio of 0.6x. Backlog grew to $125.5 million as of December 31, 2024, supported by increased customer demand across segments.
Broadwind (BWEN) ha riportato risultati misti per il quarto trimestre e per l'intero anno 2024. Nel quarto trimestre si è registrata una perdita netta di ($0,9) milioni, ovvero ($0,04) per azione, rispetto a un utile netto di $1,1 milioni nel quarto trimestre del 2023. I ricavi del quarto trimestre sono stati di $33,6 milioni con un EBITDA rettificato di $2,1 milioni.
Per l'intero anno 2024, i ricavi totali hanno raggiunto $143,1 milioni con un utile netto di $1,2 milioni ($0,05 per azione) e un EBITDA rettificato di $13,3 milioni. Le performance del quarto trimestre sono state influenzate da una domanda inferiore in tutti i segmenti, con i ricavi legati al vento in calo del 27%. Tuttavia, gli ordini totali sono aumentati dell'85% nel quarto trimestre, con le Soluzioni Industriali che hanno raggiunto livelli record.
L'azienda ha mantenuto una solida salute finanziaria con $33 milioni in contante e disponibilità, e un rapporto debito netto su EBITDA rettificato di 0,6x. Il portafoglio ordini è cresciuto a $125,5 milioni al 31 dicembre 2024, supportato da una crescente domanda da parte dei clienti in tutti i segmenti.
Broadwind (BWEN) reportó resultados mixtos para el cuarto trimestre y el año completo 2024. En el cuarto trimestre, se registró una pérdida neta de ($0,9) millones o ($0,04) por acción, en comparación con una ganancia neta de $1,1 millones en el cuarto trimestre de 2023. Los ingresos del cuarto trimestre fueron de $33,6 millones con un EBITDA ajustado de $2,1 millones.
Para el año completo 2024, los ingresos totales alcanzaron los $143,1 millones con una ganancia neta de $1,2 millones ($0,05 por acción) y un EBITDA ajustado de $13,3 millones. El rendimiento del cuarto trimestre se vio afectado por una menor demanda en todos los segmentos, con ingresos relacionados con el viento disminuyendo un 27%. Sin embargo, los pedidos totales aumentaron un 85% en el cuarto trimestre, con Soluciones Industriales alcanzando niveles récord.
La empresa mantuvo una sólida salud financiera con $33 millones en efectivo y disponibilidad, y una relación de deuda neta a EBITDA ajustado de 0,6x. La cartera de pedidos creció a $125,5 millones al 31 de diciembre de 2024, apoyada por una creciente demanda de los clientes en todos los segmentos.
Broadwind (BWEN)는 2024년 4분기 및 연간 실적이 엇갈렸다고 보고했습니다. 4분기에는 90만 달러의 순손실이 발생했으며, 주당 0.04달러의 손실을 기록했습니다. 이는 2023년 4분기에 110만 달러의 순이익을 기록한 것과 비교됩니다. 4분기 수익은 3360만 달러였으며, 조정된 EBITDA는 210만 달러였습니다.
2024년 전체 연간 수익은 1억 4310만 달러로, 순이익은 120만 달러(주당 0.05달러)이며 조정된 EBITDA는 1330만 달러였습니다. 4분기 성과는 모든 부문에서 수요 감소의 영향을 받았으며, 풍력 관련 수익은 27% 감소했습니다. 그러나 총 주문량은 4분기 동안 85% 증가했으며, 산업 솔루션 부문은 기록적인 수준에 도달했습니다.
회사는 3300만 달러의 현금 및 가용성을 유지하며, 순부채 대 조정된 EBITDA 비율은 0.6배로 나타났습니다. 주문 잔고는 2024년 12월 31일 기준으로 1억 2550만 달러로 증가했으며, 이는 모든 부문에서 고객 수요 증가에 의해 지원되었습니다.
Broadwind (BWEN) a rapporté des résultats mitigés pour le quatrième trimestre et l'année entière 2024. Le quatrième trimestre a montré une perte nette de ($0,9) million ou ($0,04) par action, contre un bénéfice net de $1,1 million au quatrième trimestre 2023. Les revenus du quatrième trimestre ont atteint $33,6 millions avec un EBITDA ajusté de $2,1 millions.
Pour l'année entière 2024, le chiffre d'affaires total s'est élevé à $143,1 millions avec un bénéfice net de $1,2 million ($0,05 par action) et un EBITDA ajusté de $13,3 millions. La performance du quatrième trimestre a été impactée par une demande plus faible dans tous les segments, les revenus liés au vent ayant diminué de 27 %. Cependant, le total des commandes a augmenté de 85 % au quatrième trimestre, avec des Solutions Industrielles atteignant des niveaux record.
L'entreprise a maintenu une solide santé financière avec $33 millions en liquidités et disponibilités, et un ratio de dette nette à EBITDA ajusté de 0,6x. Le carnet de commandes a augmenté à $125,5 millions au 31 décembre 2024, soutenu par une demande accrue des clients dans tous les segments.
Broadwind (BWEN) berichtete über gemischte Ergebnisse für das vierte Quartal und das gesamte Jahr 2024. Im vierten Quartal wurde ein Nettoverlust von ($0,9) Millionen oder ($0,04) pro Aktie verzeichnet, verglichen mit einem Nettogewinn von $1,1 Millionen im vierten Quartal 2023. Der Umsatz im vierten Quartal betrug $33,6 Millionen mit einem bereinigten EBITDA von $2,1 Millionen.
Für das gesamte Jahr 2024 belief sich der Gesamtumsatz auf $143,1 Millionen mit einem Nettogewinn von $1,2 Millionen ($0,05 pro Aktie) und einem bereinigten EBITDA von $13,3 Millionen. Die Leistung im vierten Quartal wurde durch eine geringere Nachfrage in allen Segmenten beeinträchtigt, wobei die umsatzbezogenen Einnahmen aus Windkraft um 27 % zurückgingen. Die Gesamtbestellungen stiegen jedoch im vierten Quartal um 85 %, wobei die industriellen Lösungen Rekordwerte erreichten.
Das Unternehmen hielt eine starke finanzielle Gesundheit mit $33 Millionen in bar und Verfügbarkeit sowie einem Verhältnis von Nettoschulden zu bereinigtem EBITDA von 0,6x. Der Auftragsbestand wuchs zum 31. Dezember 2024 auf $125,5 Millionen, unterstützt durch eine steigende Kundennachfrage in allen Segmenten.
- 85% increase in total orders during Q4
- Record orders and backlog in Industrial Solutions segment
- Full-year 2024 net income of $1.2 million
- Strong financial position with 0.6x net debt to EBITDA ratio
- Backlog growth to $125.5 million
- Q4 net loss of $0.9 million vs. profit in Q4 2023
- 27% decrease in wind-related revenue
- 30.8% decline in Heavy Fabrications segment sales
- 31% decrease in Gearing segment sales
- Lower customer demand across all segments
Insights
Broadwind's Q4 2024 results reflect challenging near-term conditions amid promising forward indicators. The company reported
The results show a significant deterioration across all segments, with Heavy Fabrications revenue down
However, forward-looking indicators present a more optimistic outlook. Q4 orders surged
Financially, Broadwind maintains a solid position with
Management's commentary focuses on order growth, diversification into new markets (hydroelectric, aeroderivative turbine, medical technology), and expected utilization improvements in 2025. The disconnect between current financial performance and growing order momentum suggests a potential inflection point ahead.
Broadwind's Q4 results highlight classic manufacturing cyclicality challenges with significant capacity utilization issues impacting profitability. The company's revenue decline across all segments - particularly the
The shift from operating income to losses in the Gearing segment (from
However, the
Management's focus on "asset optimization" and "utilization rates" signals appropriate recognition of the core operational challenge. Their expectation of "improved fixed-cost absorption" in 2025 aligns with manufacturing economics fundamentals. The company's specialized manufacturing capabilities in large-scale technical fabrications remain differentiated, particularly valuable with policies favoring domestic production.
The transition from the current low-utilization environment to improved efficiency will require careful management of production ramp-up costs, labor scheduling, and supply chain coordination. The diverse end-markets now contributing to the order book should ultimately create more stable factory loading compared to previous wind-centric operations.
CICERO, Ill., March 05, 2025 (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 fourth quarter and full-year 2024.
FOURTH QUARTER 2024 RESULTS
- Total revenue of
$33.6 million - Net loss of (
$0.9) million , or ($0.04) per share - Total non-GAAP adjusted EBITDA of
$2.1 million , or6.4% of total revenue - Ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 0.6x as of December 31, 2024
FULL-YEAR 2024 RESULTS
- Total revenue of
$143.1 million - Net income of
$1.2 million , or$0.05 per share - Total non-GAAP adjusted EBITDA of
$13.3 million , or9.3% of total revenue
Broadwind reported a net loss of (
Fourth quarter results were impacted by lower customer demand across each reporting segment, when compared to the prior year period, particularly within the Company’s wind and oil/gas end-markets. Total wind-related revenue within our heavy fabrication segment decreased
Total orders increased
As of December 31, 2024, Broadwind had total cash on hand and availability under its credit facility of
MANAGEMENT COMMENTARY
“While customer project activity remained below prior year levels during the fourth quarter, primarily due to lower activity within our wind and oil/gas markets, new orders increased to the highest level in nearly two years, resulting in a book-to-bill of 1.1x in the period,” stated Eric Blashford, President and CEO of Broadwind. “We expect that a combination of increased order intake and recent cost-saving measures will enhance our operating leverage over the coming year, consistent with our strategic focus on profitable growth.”
“Total orders increased
“Within our Heavy Fabrications segment, we received our first substantial order for large fabrications serving the hydroelectric market during the fourth quarter. Within our Gearing segment, we’ve continued to gain traction with new customers within the aeroderivative turbine and medical technology markets where our precision machining expertise is in high demand,” continued Blashford. “Natural gas turbine demand remained very strong in the fourth quarter, which continued to benefit our Industrial Solutions segment, which generated record orders and backlog in the period.”
“We remain highly focused on asset optimization, particularly with respect to utilization rates across our manufacturing system,” continued Blashford. “Recent order growth is expected to support a meaningful uplift in plant utilization in 2025, well above the levels experienced this past year. As order rates continue to recover, and backlog conversion accelerates, we intend to realize improved fixed-cost absorption across the Company during 2025.”
“On a full-year basis, we successfully advanced our strategic priorities during a period of softer demand, culminating in another year of profitability,” continued Blashford. “Our
“At the end of the fourth quarter, we had
“Today, we introduced financial guidance for the full year 2025,” concluded Blashford. “While new U.S. onshore wind development is expected to remain muted over the coming year, we’re encouraged by the pace of order growth within our core, non-wind markets, which positions us for improved optimization of our manufacturing base over the coming year. Amidst a policy environment that favors domestic manufacturers, we believe that our business is well-positioned ahead of a cyclical demand recovery.”
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, compressed natural gas pressure reducing systems and industrial fabrications, including mining and material handling components and other frames/structures.
Heavy Fabrications segment sales declined by
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 oil & gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets.
Gearing segment sales declined by
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 declined by
FINANCIAL GUIDANCE
Today, Broadwind introduced financial guidance for the full year 2025. The following financial guidance reflects the Company’s current expectations and beliefs. All guidance is current as of the time provided and is subject to change.
| Full Year 2025 | |||
| $ in Millions | Low | Mid | High |
| Total Revenue | |||
| Adjusted EBITDA | |||
FOURTH QUARTER AND FULL-YEAR 2024 RESULTS CONFERENCE CALL
Broadwind will host a conference call today, March 5, 2025, 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 Wednesday, March 12, 2025:
Teleconference Replay: 844-512-2921
Conference ID: 13751146
ABOUT BROADWIND
Broadwind (Nasdaq: BWEN) is a precision manufacturer of structures, equipment and components for clean tech 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, proxy contest-related expenses and other non-cash gains and losses) 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) our expectations and beliefs with respect to our financial guidance as set forth in this release; (ii) the impact of global health concerns on the economies and financial markets and the demand for our products; (iii) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related 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; (iv) 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; (v) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (vi) 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; (vii) our ability to continue to grow our business organically and through acquisitions; (viii) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (ix) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (x) the sufficiency of our liquidity and alternate sources of funding, if necessary; (xi) our ability to realize revenue from customer orders and backlog (including our ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer); (xii) the economy and the potential impact it may have on our business, including our customers; (xiii) 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; (xiv) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers; (xvi) the effects of the change of administrations in the U.S. federal government; (xvii) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xviii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xix) the effects of proxy contests and actions of activist stockholders; (xx) the limited trading market for our securities and the volatility of market price for our securities; (xxi) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xxii) 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 most recently filed Form 10-K. 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.
IR CONTACT
Noel Ryan, IRC
BWEN@val-adv.com
| BROADWIND, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) | |||||||||||
| December 31, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash | $ | 7,721 | $ | 1,099 | |||||||
| Accounts receivable, net | 13,454 | 19,231 | |||||||||
| AMP credit receivable | 2,533 | 7,051 | |||||||||
| Contract assets | 836 | 1,460 | |||||||||
| Inventories | 39,950 | 37,405 | |||||||||
| Prepaid expenses and other current assets | 2,374 | 3,500 | |||||||||
| Total current assets | 66,868 | 69,746 | |||||||||
| LONG-TERM ASSETS: | |||||||||||
| Property and equipment, net | 45,572 | 47,123 | |||||||||
| Operating lease right-of-use assets, net | 13,841 | 15,593 | |||||||||
| Intangible assets, net | 1,403 | 2,064 | |||||||||
| Other assets | 606 | 630 | |||||||||
| TOTAL ASSETS | $ | 128,290 | $ | 135,156 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Line of credit and current maturities of long-term debt | $ | 1,454 | $ | 5,903 | |||||||
| Current portion of finance lease obligations | 2,266 | 2,153 | |||||||||
| Current portion of operating lease obligations | 2,115 | 1,851 | |||||||||
| Accounts payable | 16,080 | 20,728 | |||||||||
| Accrued liabilities | 3,605 | 6,477 | |||||||||
| Customer deposits | 18,037 | 16,500 | |||||||||
| Total current liabilities | 43,557 | 53,612 | |||||||||
| LONG-TERM LIABILITIES | |||||||||||
| Long-term debt, net of current maturities | 7,742 | 6,250 | |||||||||
| Long-term finance lease obligations, net of current portion | 3,777 | 3,372 | |||||||||
| Long-term operating lease obligations, net of current portion | 13,799 | 15,888 | |||||||||
| Other | 15 | 15 | |||||||||
| Total long-term liabilities | 25,333 | 25,525 | |||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||
| Preferred stock, | |||||||||||
| or outstanding | - | - | |||||||||
| Common stock, | |||||||||||
| and 21,840,301 shares issued as of December 31, 2024 and | |||||||||||
| December 31, 2023, respectively | 23 | 22 | |||||||||
| Treasury stock, at cost, 273,937 shares as of December 31, 2024 and December 31, 2023, | |||||||||||
| respectively | (1,842 | ) | (1,842 | ) | |||||||
| Additional paid-in capital | 401,564 | 399,336 | |||||||||
| Accumulated deficit | (340,345 | ) | (341,497 | ) | |||||||
| Total stockholders' equity | 59,400 | 56,019 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 128,290 | $ | 135,156 | |||||||
| BROADWIND, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 33,565 | $ | 46,598 | $ | 143,136 | $ | 203,477 | ||||||||
| Cost of sales | 29,776 | 39,566 | 121,947 | 170,969 | ||||||||||||
| Gross profit | 3,789 | 7,032 | 21,189 | 32,508 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Selling, general and administrative | 3,912 | 4,592 | 16,303 | 20,705 | ||||||||||||
| Intangible amortization | 165 | 166 | 661 | 664 | ||||||||||||
| Total operating expenses | 4,077 | 4,758 | 16,964 | 21,369 | ||||||||||||
| Operating (loss) income | (288 | ) | 2,274 | 4,225 | 11,139 | |||||||||||
| OTHER (EXPENSE) INCOME, net: | ||||||||||||||||
| Interest expense, net | (762 | ) | (1,030 | ) | (3,078 | ) | (3,201 | ) | ||||||||
| Other, net | 77 | (11 | ) | 79 | (48 | ) | ||||||||||
| Total other expense, net | (685 | ) | (1,041 | ) | (2,999 | ) | (3,249 | ) | ||||||||
| Net (loss) income before provision for income taxes | (973 | ) | 1,233 | 1,226 | 7,890 | |||||||||||
| (Benefit) provision for income taxes | (59 | ) | 162 | 74 | 241 | |||||||||||
| NET (LOSS) INCOME | $ | (914 | ) | $ | 1,071 | $ | 1,152 | $ | 7,649 | |||||||
| NET (LOSS) INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||
| Net (loss) income | $ | (0.04 | ) | $ | 0.05 | $ | 0.05 | $ | 0.36 | |||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC | 22,172 | 21,449 | 21,896 | 21,189 | ||||||||||||
| NET (LOSS) INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||
| Net (loss) income | $ | (0.04 | ) | $ | 0.05 | $ | 0.05 | $ | 0.36 | |||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 22,224 | 21,633 | 21,975 | 21,491 | ||||||||||||
| BROADWIND, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) | ||||||||||
| Twelve Months Ended December 31, | ||||||||||
| 2024 | 2023 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
| Net income | $ | 1,152 | $ | 7,649 | ||||||
| Adjustments to reconcile net cash provided by (used in) operating activities: | ||||||||||
| Depreciation and amortization expense | 6,684 | 6,383 | ||||||||
| Deferred income taxes | - | (10 | ) | |||||||
| Share-based compensation | 1,160 | 877 | ||||||||
| Allowance for credit losses | (5 | ) | 82 | |||||||
| Common stock issued under defined contribution 401(k) plan | 1,199 | 1,336 | ||||||||
| (Gain) loss on disposal of assets | (114 | ) | 42 | |||||||
| Changes in operating assets and liabilities: | ||||||||||
| Accounts receivable | 5,782 | (2,295 | ) | |||||||
| AMP credit receivable | 4,518 | (7,051 | ) | |||||||
| Contract assets | 624 | 495 | ||||||||
| Inventories | (2,545 | ) | 6,857 | |||||||
| Prepaid expenses and other current assets | 1,126 | (210 | ) | |||||||
| Accounts payable | (4,392 | ) | (6,008 | ) | ||||||
| Accrued liabilities | (2,872 | ) | 2,782 | |||||||
| Customer deposits | 1,537 | (18,050 | ) | |||||||
| Other non-current assets and liabilities | (48 | ) | 175 | |||||||
| Net cash provided by (used in) operating activities | 13,806 | (6,946 | ) | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
| Purchases of property and equipment | (3,618 | ) | (6,405 | ) | ||||||
| Proceeds from disposals of property and equipment | 159 | 21 | ||||||||
| Net cash used in investing activities | (3,459 | ) | (6,384 | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
| (Payments on) proceeds from line of credit, net | (4,637 | ) | 4,705 | |||||||
| Payments for deferred financing costs | (20 | ) | (48 | ) | ||||||
| Proceeds from long-term debt | 4,107 | 1,056 | ||||||||
| Payments on long-term debt | (1,399 | ) | (1,872 | ) | ||||||
| Payments on finance leases | (1,646 | ) | (1,409 | ) | ||||||
| Shares withheld for taxes in connection with issuance of restricted stock | (130 | ) | (735 | ) | ||||||
| Net cash (used in) provided by financing activities | (3,725 | ) | 1,697 | |||||||
| NET INCREASE (DECREASE) IN CASH | 6,622 | (11,633 | ) | |||||||
| CASH beginning of the period | 1,099 | 12,732 | ||||||||
| CASH end of the period | $ | 7,721 | $ | 1,099 | ||||||
| Supplemental cash flow information: | ||||||||||
| Interest paid | $ | 1,555 | $ | 2,073 | ||||||
| Income taxes paid | $ | 192 | $ | 17 | ||||||
| Non-cash investing and financing activities: | ||||||||||
| Equipment additions via finance lease | $ | 1,376 | $ | 719 | ||||||
| Non-cash purchases of property and equipment | $ | 257 | $ | 482 | ||||||
| Settlement of incentive compensation liability with stock | $ | - | $ | 619 | ||||||
| BROADWIND, INC. AND SUBSIDIARIES SELECTED SEGMENT FINANCIAL INFORMATION (IN THOUSANDS) (UNAUDITED) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| ORDERS: | |||||||||||||||||
| Heavy Fabrications | $ | 22,428 | $ | 9,985 | $ | 53,934 | $ | 50,594 | |||||||||
| Gearing | 7,016 | 3,603 | 26,562 | 24,814 | |||||||||||||
| Industrial Solutions | 8,026 | 6,619 | 27,317 | 25,652 | |||||||||||||
| Total orders | $ | 37,470 | $ | 20,207 | $ | 107,813 | $ | 101,060 | |||||||||
| REVENUES: | |||||||||||||||||
| Heavy Fabrications | $ | 20,429 | $ | 29,503 | $ | 82,657 | $ | 133,368 | |||||||||
| Gearing | 7,630 | 11,061 | 35,588 | 45,408 | |||||||||||||
| Industrial Solutions | 5,863 | 6,035 | 26,056 | 25,159 | |||||||||||||
| Corporate and Other | (357 | ) | (1 | ) | (1,165 | ) | (458 | ) | |||||||||
| Total revenues | $ | 33,565 | $ | 46,598 | $ | 143,136 | $ | 203,477 | |||||||||
| OPERATING INCOME/(LOSS): | |||||||||||||||||
| Heavy Fabrications | $ | 1,296 | $ | 2,554 | $ | 7,128 | $ | 15,006 | |||||||||
| Gearing | (567 | ) | 654 | (138 | ) | 1,846 | |||||||||||
| Industrial Solutions | 413 | 848 | 3,265 | 3,160 | |||||||||||||
| Corporate and Other | (1,430 | ) | (1,782 | ) | (6,030 | ) | (8,873 | ) | |||||||||
| Total operating income (loss) | $ | (288 | ) | $ | 2,274 | $ | 4,225 | $ | 11,139 | ||||||||
| BROADWIND, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) | |||||||||||||||||
| Consolidated | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net (Loss) Income | $ | (914 | ) | $ | 1,072 | $ | 1,152 | $ | 7,649 | ||||||||
| Interest Expense | 762 | 1,031 | 3,078 | 3,201 | |||||||||||||
| Income Tax (Benefit) Provision | (59 | ) | 162 | 74 | 241 | ||||||||||||
| Depreciation and Amortization | 1,698 | 1,611 | 6,684 | 6,383 | |||||||||||||
| Share-based Compensation and Other Stock Payments | 662 | 559 | 2,347 | 2,220 | |||||||||||||
| Proxy Contest-Related Expenses | - | 1 | (10 | ) | 1,780 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 2,149 | $ | 4,436 | $ | 13,325 | $ | 21,474 | |||||||||
| Heavy Fabrications Segment | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net Income | $ | 167 | $ | 1,696 | $ | 6,755 | $ | 13,862 | |||||||||
| Interest Expense | 218 | 149 | 1,071 | 649 | |||||||||||||
| Income Tax (Benefit) Provision | 991 | 711 | (617 | ) | 493 | ||||||||||||
| Depreciation | 1,006 | 907 | 3,938 | 3,518 | |||||||||||||
| Share-based Compensation and Other Stock Payments | 202 | 224 | 791 | 936 | |||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 2,584 | $ | 3,687 | $ | 11,938 | $ | 19,458 | |||||||||
| Gearing Segment | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net (Loss) Income | $ | (651 | ) | $ | 585 | $ | (405 | ) | $ | 1,553 | |||||||
| Interest Expense | 75 | 59 | 237 | 262 | |||||||||||||
| Income Tax Provision | 9 | 9 | 30 | 32 | |||||||||||||
| Depreciation and Amortization | 556 | 555 | 2,183 | 2,270 | |||||||||||||
| Share-based Compensation and Other Stock Payments | 104 | 107 | 441 | 453 | |||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 93 | $ | 1,315 | $ | 2,486 | $ | 4,570 | |||||||||
| Industrial Solutions Segment | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net Income | $ | 332 | $ | 625 | $ | 2,673 | $ | 2,504 | |||||||||
| Interest Expense | 92 | 151 | 517 | 512 | |||||||||||||
| Income Tax (Benefit) Provision | (13 | ) | 62 | 70 | 96 | ||||||||||||
| Depreciation and Amortization | 113 | 99 | 427 | 380 | |||||||||||||
| Share-based Compensation and Other Stock Payments | 75 | 48 | 258 | 196 | |||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 599 | $ | 985 | $ | 3,945 | $ | 3,688 | |||||||||
| Corporate and Other | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net Loss | $ | (762 | ) | $ | (1,834 | ) | $ | (7,871 | ) | $ | (10,270 | ) | |||||
| Interest Expense | 377 | 672 | 1,253 | 1,778 | |||||||||||||
| Income Tax (Benefit) Provision | (1,046 | ) | (620 | ) | 591 | (380 | ) | ||||||||||
| Depreciation and Amortization | 23 | 50 | 136 | 215 | |||||||||||||
| Share-based Compensation and Other Stock Payments | 281 | 180 | 857 | 635 | |||||||||||||
| Proxy Contest-Related Expenses | - | 1 | (10 | ) | 1,780 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,127 | ) | $ | (1,551 | ) | $ | (5,044 | ) | $ | (6,242 | ) | |||||
FAQ
What caused Broadwind (BWEN) Q4 2024 revenue decline?
How much did Broadwind (BWEN) orders grow in Q4 2024?
What is Broadwind's (BWEN) current backlog as of Q4 2024?
What was Broadwind's (BWEN) financial position at the end of 2024?
How did Broadwind's (BWEN) Heavy Fabrications segment perform in Q4 2024?
