Broadwind Announces Second Quarter 2024 Results
Broadwind (BWEN) reported Q2 2024 results with total revenue of $36.5 million and net income of $0.5 million, or $0.02 per diluted share. The company achieved non-GAAP adjusted EBITDA of $3.6 million, representing 10.0% of total revenue. Despite a 28% year-over-year revenue decline, Broadwind maintained operational efficiency, resulting in a modest decrease in adjusted EBITDA margin.
Key highlights include:
- Net debt to trailing twelve-month non-GAAP adjusted EBITDA ratio of 1.1x
- Total backlog of $139.1 million as of June 30, 2024
- Book-to-bill ratio of 0.5x for Q2 2024
- Available cash and credit facility of $18.4 million
The company expects improved order activity going into 2025, with a focus on operational efficiency and expansion into energy transition market adjacencies.
Broadwind (BWEN) ha riportato i risultati del secondo trimestre 2024 con un fatturato totale di 36,5 milioni di dollari e un utile netto di 0,5 milioni di dollari, pari a 0,02 dollari per azione diluita. L'azienda ha ottenuto un EBITDA rettificato non-GAAP di 3,6 milioni di dollari, che rappresenta il 10,0% del fatturato totale. Nonostante un calo del fatturato del 28% rispetto all'anno precedente, Broadwind ha mantenuto un'efficienza operativa, portando a una leggera diminuzione del margine EBITDA rettificato.
Tra i punti salienti:
- Il rapporto debito netto su EBITDA rettificato non-GAAP degli ultimi dodici mesi è di 1,1x
- L'ordine totale in backlog è di 139,1 milioni di dollari al 30 giugno 2024
- Il rapporto book-to-bill per il secondo trimestre 2024 è di 0,5x
- Cash disponibile e linea di credito di 18,4 milioni di dollari
L'azienda prevede un miglioramento dell'attività degli ordini nel 2025, con un focus sull'efficienza operativa e l'espansione in mercati adiacenti alla transizione energetica.
Broadwind (BWEN) reportó los resultados del segundo trimestre de 2024 con ingresos totales de 36,5 millones de dólares y ingresos netos de 0,5 millones de dólares, o 0,02 dólares por acción diluida. La compañía logró un EBITDA ajustado no-GAAP de 3,6 millones de dólares, lo que representa el 10,0% de los ingresos totales. A pesar de una disminución del 28% en los ingresos en comparación con el año anterior, Broadwind mantuvo la eficiencia operativa, resultando en una leve disminución del margen EBITDA ajustado.
Los aspectos destacados incluyen:
- Relación de deuda neta a EBITDA ajustado no-GAAP de los últimos doce meses de 1,1x
- El total de la cartera pendiente es de 139,1 millones de dólares a 30 de junio de 2024
- Relación de book-to-bill de 0,5x para el segundo trimestre de 2024
- Efectivo disponible y línea de crédito de 18,4 millones de dólares
La empresa espera una mejora en la actividad de pedidos para 2025, con un enfoque en la eficiencia operativa y la expansión en mercados adyacentes a la transición energética.
Broadwind (BWEN)은 2024년 2분기 결과를 발표했으며, 총 수익은 3650만 달러이며 순이익은 50만 달러로, 희석 주당 0.02달러입니다. 이 회사는 비 GAAP 조정 EBITDA가 360만 달러에 달하며, 이는 총 수익의 10.0%를 차지합니다. 전년 대비 수익이 28% 감소했음에도 불구하고 Broadwind는 운영 효율성을 유지하여 조정 EBITDA 마진의 소폭 감소를 초래했습니다.
주요 하이라이트는 다음과 같습니다:
- 지난 12개월 비 GAAP 조정 EBITDA에 대한 순부채 비율은 1.1배입니다.
- 2024년 6월 30일 기준 총 백로그는 1억 3910만 달러입니다.
- 2024년 2분기 동안의 주문 대 발주 비율은 0.5배입니다.
- 사용 가능한 현금 및 신용 시설은 1840만 달러입니다.
회사는 2025년으로 접어들며 개선된 주문 활동을 기대하고 있으며, 운영 효율성과 에너지 전환 시장으로의 확장에 중점을 두고 있습니다.
Broadwind (BWEN) a annoncé les résultats du deuxième trimestre 2024 avec un chiffre d'affaires total de 36,5 millions de dollars et un bénéfice net de 0,5 million de dollars, soit 0,02 dollar par action diluée. L'entreprise a atteint un EBITDA ajusté non-GAAP de 3,6 millions de dollars, représentant 10,0% du chiffre d'affaires total. Malgré une baisse de 28% du chiffre d'affaires par rapport à l'année précédente, Broadwind a maintenu son efficacité opérationnelle, entraînant une légère diminution de la marge EBITDA ajustée.
Les points clés comprennent :
- Un ratio de la dette nette par rapport à l'EBITDA ajusté non-GAAP des douze derniers mois de 1,1x
- Un carnet de commandes total de 139,1 millions de dollars au 30 juin 2024
- Un ratio book-to-bill de 0,5x pour le deuxième trimestre 2024
- Des liquidités disponibles et une facilité de crédit de 18,4 millions de dollars
L'entreprise s'attend à une amélioration de l'activité des commandes en 2025, avec un accent sur l'efficacité opérationnelle et l'expansion dans des marchés adjacents à la transition énergétique.
Broadwind (BWEN) berichtete über die Ergebnisse des zweiten Quartals 2024 mit einem Gesamtumsatz von 36,5 Millionen Dollar und einem Nettogewinn von 0,5 Millionen Dollar, oder 0,02 Dollar pro verwässerter Aktie. Das Unternehmen erzielte ein non-GAAP angepasstes EBITDA von 3,6 Millionen Dollar, was 10,0% des Gesamtumsatzes entspricht. Trotz eines Rückgangs des Umsatzes um 28% im Jahresvergleich hielt Broadwind die betriebliche Effizienz aufrecht, was zu einem moderaten Rückgang der angepassten EBITDA-Marge führte.
Hauptmerkmale sind:
- Das Verhältnis von Nettoverschuldung zu den letzten zwölf Monaten des non-GAAP-angepassten EBITDA beträgt 1,1x
- Der gesamte Auftragsbestand beträgt 139,1 Millionen Dollar zum 30. Juni 2024
- Das Book-to-Bill-Verhältnis beträgt 0,5x für Q2 2024
- Verfügbares Bargeld und Kreditlinie von 18,4 Millionen Dollar
Das Unternehmen erwartet eine Verbesserung der Bestellaktivitäten im Jahr 2025, mit einem Fokus auf betriebliche Effizienz und Expansion in angrenzende Märkte der Energiewende.
- Maintained 10.0% non-GAAP adjusted EBITDA margin despite revenue decline
- Achieved $4 million in annualized cost savings beginning Q1 2024
- Low net leverage ratio of 1.1x, well within target range of at or below 2.0x
- Accelerating order indication activity in non-wind markets
- Industrial Solutions segment sales increased 3.1% year-over-year
- Total revenue declined by more than 28% year-over-year
- Net income decreased from $1.4 million in Q2 2023 to $0.5 million in Q2 2024
- Heavy Fabrications segment sales declined by 42.2% year-over-year
- Gearing segment sales declined by 4.8% year-over-year
- Book-to-bill ratio decreased to 0.5x for Q2 2024
Insights
Broadwind's Q2 2024 results show a mixed performance. While revenue declined
The company's backlog of
Broadwind's focus on operational efficiency and expansion into energy transition markets could position it well for future growth, but investors should monitor order trends and market conditions closely.
Broadwind's Q2 results reflect the ongoing transition in the onshore wind market. The significant decline in wind tower sales (
The growth in the Industrial Solutions segment, driven by increased demand for aftermarket gas turbine content, demonstrates the company's ability to capitalize on opportunities in adjacent markets. The management's commentary on accelerating order indication activity in non-wind markets is a positive sign for potential diversification of revenue streams.
Investors should watch for signs of the anticipated recovery in wind demand through 2025 and 2026, as well as the company's success in penetrating new markets like aerospace and defense.
Broadwind's Q2 performance reflects broader market trends in the renewable energy sector. The softness in onshore wind demand is a key factor affecting the company's results, but this appears to be a cyclical downturn rather than a long-term trend. The management's expectation of improved demand through 2025 and 2026 aligns with industry forecasts for wind energy growth.
The company's expansion into high-growth energy transition market adjacencies is a smart move to capitalize on the broader shift towards clean energy. The acceleration in new order demand within mining and industrial markets also indicates potential diversification opportunities.
Investors should consider Broadwind's positioning in the context of long-term energy transition trends. While near-term challenges persist, the company's strategic focus on operational efficiency and market expansion could drive growth as sector demand recovers.
CICERO, Ill., Aug. 13, 2024 (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 second quarter 2024.
SECOND QUARTER 2024 RESULTS
- Total revenue of
$36.5 million - Net income of
$0.5 million , or$0.02 per diluted share - Total non-GAAP adjusted EBITDA of
$3.6 million , or10.0% of total revenue - Ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 1.1x as of June 30, 2024
Broadwind reported second quarter net income of
Second quarter results benefited from a higher value sales mix, strong operational execution, and improved manufacturing efficiency, offset by broad softness in onshore wind, oil & gas and industrial demand. While revenue declined by more than
Second quarter orders declined compared to the prior year period due to a pause in demand across most of our verticals. Total backlog was
As of June 30, 2024, Broadwind had total cash on hand and availability under the Company’s credit facility of
MANAGEMENT COMMENTARY
“We continued to successfully navigate the ongoing transitional period for onshore wind demand by investing in technology, expanding within high-growth energy transition market adjacencies and driving improved productivity across our manufacturing footprint, resulting in continued operating leverage improvements during the quarter,” stated Eric Blashford, President and CEO of Broadwind. “While our second quarter wind and oil & gas revenues were pressured, wind OEM customer outlooks are improving and order indication activity is accelerating in our non-wind markets, pointing toward improved order activity going into 2025.”
“Based on customer feedback, we believe that the trough in onshore wind demand is largely behind us, reinforcing our continued expectations for a meaningful improvement in demand through 2025 and 2026,” continued Blashford. “Our current focus on operational efficiency and expansion into higher growth energy transition market adjacencies, better positions us to benefit from attractive multi-year secular demand trends within energy transition and deliver above market-growth through the cycle.”
“While new order activity softened across our three segments, new order demand within mining and industrial markets accelerated this quarter,” continued Blashford. “We have been focused on improving our relationships with new and existing customers, which resulted in targeted new customer project wins during the quarter. Going forward, we will continue to build on our customer relationships within existing verticals and position for opportunistic expansion into new markets, such as aerospace and defense” stated Blashford.
“Our focus on operational efficiency and fixed cost management allowed us to deliver non-GAAP adjusted EBITDA margin of
“Today, we introduced financial guidance for the third quarter 2024,” concluded Blashford. “While wind tower demand is expected to remain muted over the near-term, we remain pleased with the pace of new order activity and performance within our other, non-wind markets, a dynamic we expect to continue as we move through the balance of 2024.”
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, industrial fabrications, including mining and material handling components and other frames/structures, and compressed natural gas pressure reducing systems.
Heavy Fabrications segment sales declined by
Gearing Segment
Broadwind provides custom gearboxes, loose gearing, precision machining 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 increased
FINANCIAL GUIDANCE
Today, Broadwind introduced financial guidance for the third quarter 2024. 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.
| Third Quarter 2024 | |||
| $ in Millions | Low | Mid | High |
| Total Revenue | |||
| Adjusted EBITDA | |||
SECOND QUARTER 2024 RESULTS CONFERENCE CALL
Broadwind will host a conference call today, August 13, 2024, 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, August 20, 2024: | ||
| Teleconference Replay: | 844-512-2921 | |
| Conference ID: | 13747800 | |
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 limited trading market for our securities and the volatility of market price for our securities; (xx) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xxi) 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.
| BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) | |||||||||||
| June 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash | $ | 938 | $ | 1,099 | |||||||
| Accounts receivable, net | 14,172 | 19,231 | |||||||||
| AMP credit receivable | 1,691 | 7,051 | |||||||||
| Contract assets | 1,157 | 1,460 | |||||||||
| Inventories | 38,802 | 37,405 | |||||||||
| Prepaid expenses and other current assets | 2,390 | 3,500 | |||||||||
| Total current assets | 59,150 | 69,746 | |||||||||
| LONG-TERM ASSETS: | |||||||||||
| Property and equipment, net | 46,266 | 47,123 | |||||||||
| Operating lease right-of-use assets, net | 14,748 | 15,593 | |||||||||
| Intangible assets, net | 1,733 | 2,064 | |||||||||
| Other assets | 636 | 630 | |||||||||
| TOTAL ASSETS | $ | 122,533 | $ | 135,156 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Line of credit and current maturities of long-term debt | $ | 12,012 | $ | 5,903 | |||||||
| Current portion of finance lease obligations | 2,098 | 2,153 | |||||||||
| Current portion of operating lease obligations | 1,987 | 1,851 | |||||||||
| Accounts payable | 15,950 | 20,728 | |||||||||
| Accrued liabilities | 4,347 | 6,477 | |||||||||
| Customer deposits | 2,772 | 16,500 | |||||||||
| Total current liabilities | 39,166 | 53,612 | |||||||||
| LONG-TERM LIABILITIES: | |||||||||||
| Long-term debt, net of current maturities | 5,945 | 6,250 | |||||||||
| Long-term finance lease obligations, net of current portion | 3,481 | 3,372 | |||||||||
| Long-term operating lease obligations, net of current portion | 14,872 | 15,888 | |||||||||
| Other | 17 | 15 | |||||||||
| Total long-term liabilities | 24,315 | 25,525 | |||||||||
| COMMITMENTS AND CONTINGENCIES | |||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||
| Preferred stock, | |||||||||||
| or outstanding | - | - | |||||||||
| Common stock, | 22 | 22 | |||||||||
| Treasury stock, at cost, 273,937 shares as of June 30, 2024 and December 31, 2023, respectively | (1,842 | ) | (1,842 | ) | |||||||
| Additional paid-in capital. | 400,377 | 399,336 | |||||||||
| Accumulated deficit | (339,505 | ) | (341,497 | ) | |||||||
| Total stockholders' equity | 59,052 | 56,019 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 122,533 | $ | 135,156 | |||||||
| BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Revenues | $ | 36,452 | $ | 50,843 | $ | 74,068 | $ | 99,716 | ||||||||||
| Cost of sales | 30,886 | 42,510 | 61,865 | 84,407 | ||||||||||||||
| Gross profit | 5,566 | 8,333 | 12,203 | 15,309 | ||||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||||
| Selling, general and administrative | 4,143 | 5,952 | 8,537 | 11,478 | ||||||||||||||
| Intangible amortization | 166 | 165 | 331 | 333 | ||||||||||||||
| Total operating expenses | 4,309 | 6,117 | 8,868 | 11,811 | ||||||||||||||
| Operating income | 1,257 | 2,216 | 3,335 | 3,498 | ||||||||||||||
| OTHER EXPENSE, net: | ||||||||||||||||||
| Interest expense, net | (726 | ) | (751 | ) | (1,258 | ) | (1,239 | ) | ||||||||||
| Other, net | 4 | (22 | ) | 7 | (24 | ) | ||||||||||||
| Total other expense, net | (722 | ) | (773 | ) | (1,251 | ) | (1,263 | ) | ||||||||||
| Net income before provision for income taxes | 535 | 1,443 | 2,084 | 2,235 | ||||||||||||||
| Provision for income taxes | 53 | 28 | 92 | 51 | ||||||||||||||
| NET INCOME | $ | 482 | $ | 1,415 | $ | 1,992 | $ | 2,184 | ||||||||||
| NET INCOME PER COMMON SHARE - BASIC: | ||||||||||||||||||
| Net income | $ | 0.02 | $ | 0.07 | $ | 0.09 | $ | 0.10 | ||||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC | 21,783 | 21,091 | 21,689 | 20,981 | ||||||||||||||
| NET INCOME PER COMMON SHARE - DILUTED: | ||||||||||||||||||
| Net income | $ | 0.02 | $ | 0.07 | $ | 0.09 | $ | 0.10 | ||||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 22,003 | 21,409 | 21,904 | 21,390 | ||||||||||||||
| BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) | ||||||||||
| Six Months Ended June 30, | ||||||||||
| 2024 | 2023 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
| Net income | $ | 1,992 | $ | 2,184 | ||||||
| Adjustments to reconcile net cash used in operating activities: | ||||||||||
| Depreciation and amortization expense | 3,314 | 3,167 | ||||||||
| Deferred income taxes | 2 | (5 | ) | |||||||
| Share-based compensation | 576 | 409 | ||||||||
| Allowance for credit losses | (2 | ) | 16 | |||||||
| Common stock issued under defined contribution 401(k) plan | 595 | 648 | ||||||||
| (Gain) loss on disposal of assets. | (114 | ) | 48 | |||||||
| Changes in operating assets and liabilities: | ||||||||||
| Accounts receivable | 5,061 | (11,794 | ) | |||||||
| AMP credit receivable | 5,360 | (6,729 | ) | |||||||
| Contract assets | 302 | (273 | ) | |||||||
| Inventories | (1,397 | ) | (4,293 | ) | ||||||
| Prepaid expenses and other current assets | 1,111 | 147 | ||||||||
| Accounts payable | (4,328 | ) | 1,776 | |||||||
| Accrued liabilities | (2,130 | ) | 1,367 | |||||||
| Customer deposits. | (13,728 | ) | (4,190 | ) | ||||||
| Other non-current assets and liabilities | (41 | ) | 75 | |||||||
| Net cash used in operating activities | (3,427 | ) | (17,447 | ) | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
| Purchases of property and equipment | (2,534 | ) | (3,977 | ) | ||||||
| Proceeds from disposals of property and equipment | 159 | 15 | ||||||||
| Net cash used in investing activities | (2,375 | ) | (3,962 | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
| Proceeds from line of credit, net | 5,914 | 11,991 | ||||||||
| Proceeds from long-term debt | 1,421 | 618 | ||||||||
| Payments on long-term debt | (681 | ) | (607 | ) | ||||||
| Payments on finance leases | (883 | ) | (1,113 | ) | ||||||
| Shares withheld for taxes in connection with issuance of restricted stock | (130 | ) | (117 | ) | ||||||
| Net cash provided by financing activities | 5,641 | 10,772 | ||||||||
| NET DECREASE IN CASH | (161 | ) | (10,637 | ) | ||||||
| CASH beginning of the period | 1,099 | 12,732 | ||||||||
| CASH end of the period | $ | 938 | $ | 2,095 | ||||||
| BROADWIND, INC. AND SUBSIDIARIES SELECTED SEGMENT FINANCIAL INFORMATION (IN THOUSANDS) (UNAUDITED) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| ORDERS: | |||||||||||||||||
| Heavy Fabrications | $ | 9,138 | $ | 12,363 | $ | 20,359 | $ | 32,599 | |||||||||
| Gearing | 4,704 | 5,813 | 15,150 | 18,206 | |||||||||||||
| Industrial Solutions | 4,530 | 7,185 | 11,859 | 14,158 | |||||||||||||
| Total orders | $ | 18,372 | $ | 25,361 | $ | 47,368 | $ | 64,963 | |||||||||
| REVENUES: | |||||||||||||||||
| Heavy Fabrications | $ | 19,611 | $ | 33,944 | $ | 41,628 | $ | 65,537 | |||||||||
| Gearing | 10,454 | 10,977 | 18,791 | 22,943 | |||||||||||||
| Industrial Solutions | 6,463 | 6,270 | 14,456 | 11,692 | |||||||||||||
| Corporate and Other | (76 | ) | (348 | ) | (807 | ) | (456 | ) | |||||||||
| Total revenues | $ | 36,452 | $ | 50,843 | $ | 74,068 | $ | 99,716 | |||||||||
| OPERATING INCOME/(LOSS): | |||||||||||||||||
| Heavy Fabrications | $ | 1,557 | $ | 3,867 | $ | 3,601 | $ | 6,657 | |||||||||
| Gearing | 482 | 348 | 508 | 929 | |||||||||||||
| Industrial Solutions | 623 | 843 | 2,390 | 1,465 | |||||||||||||
| Corporate and Other | (1,405 | ) | (2,842 | ) | (3,164 | ) | (5,553 | ) | |||||||||
| Total operating profit (loss) | $ | 1,257 | $ | 2,216 | $ | 3,335 | $ | 3,498 | |||||||||
| BROADWIND, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) | ||||||||||||||||
| Consolidated | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Income | $ | 482 | $ | 1,415 | $ | 1,992 | $ | 2,184 | ||||||||
| Interest Expense | 726 | 751 | 1,258 | 1,239 | ||||||||||||
| Income Tax Provision | 53 | 28 | 92 | 51 | ||||||||||||
| Depreciation and Amortization | 1,718 | 1,562 | 3,314 | 3,167 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 663 | 567 | 1,165 | 1,060 | ||||||||||||
| Proxy Contest-Related Expenses | - | 1,036 | (10 | ) | 1,755 | |||||||||||
| Adjusted EBITDA (Non-GAAP). | $ | 3,642 | $ | 5,359 | $ | 7,811 | $ | 9,456 | ||||||||
| Heavy Fabrications Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Income | $ | 1,699 | $ | 3,736 | $ | 4,287 | $ | 6,326 | ||||||||
| Interest Expense | 264 | 137 | 354 | 277 | ||||||||||||
| Income Tax (Benefit) Provision | (408 | ) | (5 | ) | (1,038 | ) | 54 | |||||||||
| Depreciation | 1,022 | 856 | 1,933 | 1,714 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 222 | 241 | 400 | 452 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 2,799 | $ | 4,965 | $ | 5,936 | $ | 8,823 | ||||||||
| Gearing Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Income | $ | 422 | $ | 273 | $ | 387 | $ | 774 | ||||||||
| Interest Expense | 53 | 67 | 106 | 140 | ||||||||||||
| Income Tax Provision | 7 | 8 | 14 | 15 | ||||||||||||
| Depreciation and Amortization | 553 | 556 | 1,093 | 1,152 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 128 | 117 | 230 | 233 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 1,163 | $ | 1,021 | $ | 1,830 | $ | 2,314 | ||||||||
| Industrial Solutions Segment | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Income | $ | 471 | $ | 681 | $ | 2,055 | $ | 1,210 | ||||||||
| Interest Expense. | 115 | 128 | 278 | 211 | ||||||||||||
| Income Tax Provision | 35 | 13 | 58 | 21 | ||||||||||||
| Depreciation and Amortization. | 106 | 92 | 205 | 186 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 76 | 57 | 126 | 101 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 803 | $ | 971 | $ | 2,722 | $ | 1,729 | ||||||||
| Corporate and Other | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net Loss | $ | (2,110 | ) | $ | (3,275 | ) | $ | (4,737 | ) | $ | (6,126 | ) | ||||
| Interest Expense. | 294 | 419 | 520 | 611 | ||||||||||||
| Income Tax Provision (Benefit) | 419 | 12 | 1,058 | (39 | ) | |||||||||||
| Depreciation and Amortization | 37 | 58 | 83 | 115 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 237 | 152 | 409 | 274 | ||||||||||||
| Proxy Contest-Related Expenses | - | 1,036 | (10 | ) | 1,755 | |||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,123 | ) | $ | (1,598 | ) | $ | (2,677 | ) | $ | (3,410 | ) | ||||
FAQ
What was Broadwind's (BWEN) revenue for Q2 2024?
How much net income did Broadwind (BWEN) generate in Q2 2024?
What was Broadwind's (BWEN) adjusted EBITDA for Q2 2024?
What is Broadwind's (BWEN) total backlog as of June 30, 2024?
What is Broadwind's (BWEN) financial guidance for Q3 2024?
