FOURTH QUARTER 2025 RESULTS(As compared to the fourth quarter 2024)
Total revenue of $37.7 million, +12.4% y/y
GAAP net loss of ($0.9) million, or ($0.04) per share
Total non-GAAP adjusted EBITDA of $1.9 million, or 5.0% of total revenue (for a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release)
Ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 1.6x as of December 31, 2025
FULL-YEAR 2025 RESULTS(As compared to the full-year 2024)
Total revenue of $158.1 million, +10.4% y/y
GAAP net income of $5.2 million, or $0.23 per share
Total non-GAAP adjusted EBITDA of $8.7 million, or 5.5% of total revenue*
*Excludes $8.2 million gain on sale related to the completed divestiture of industrial fabrication operations on September 8, 2025
MANAGEMENT COMMENTARY
"2025 marked a pivotal year in our evolution as a leading precision manufacturing partner to global OEMs," stated Eric Blashford, President and CEO of Broadwind. "Over the past year, we expanded our presence within a growing set of applications and vertical markets, including power generation, while reinforcing operational rigor and balance sheet discipline across the organization. The divestiture of our industrial fabrication operations in the third quarter represented an important milestone, optimizing our asset base and increasing balance sheet optionality, positioning us to redeploy capital toward higher-value growth opportunities as we enter 2026."
"Our fourth quarter performance came in-line with the preliminary full-year results we issued in early February 2026," continued Blashford. "Demand conditions were strong during the fourth quarter, supported by robust project activity across our Gearing and Industrial Solutions segments. Orders grew 38% year-over-year in both segments, reflecting accelerating demand across mid-sized and utility-scale natural gas turbines."
"In March, we received a $6 million order for precision-machined gearing products used in natural gas turbines," noted Blashford. "This represents a follow-on order related to one we first announced in July 2025, and we expect fulfillment to occur in the fourth quarter of 2026 and into 2027."
"We enter 2026 with nearly $25 million of cash and available liquidity to support the profitable growth of our business," stated Blashford. "At the end of the fourth quarter, our ratio of net debt to trailing-twelve-month adjusted EBITDA was 1.6x, within our targeted range of less than 2.0x. Looking ahead, our capital allocation priorities remain unchanged, as we continue to prioritize a combination of organic growth investments and opportunistic share repurchases, while continuing to evaluate accretive, bolt-on acquisitions that further enhance our capabilities within both new and existing vertical markets."
"Today, we reiterated our financial guidance for full-year 2026, supported by expectations for continued demand strength as we look toward the balance of the year," concluded Blashford. "Our fully domestic manufacturing footprint, highly skilled workforce, long-standing OEM partnerships, and deep engineering expertise position Broadwind to capitalize on the multi-year investment cycle underway across power generation and critical infrastructure."
CONSOLIDATED FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL RESULTS
Broadwind reported a net loss of ($0.9) million, or ($0.04) per share in the fourth quarter 2025, compared to a net loss of ($0.9) million, or ($0.04) per share, in the fourth quarter 2024. The Company reported adjusted EBITDA, a non-GAAP measure, of $1.9 million in the fourth quarter compared to $2.1 million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release.
Fourth quarter results were impacted by a raw material supply disruption associated with an OEM customer's directed-buy program, which reduced manufacturing throughput and operating efficiency during the period. The Company has implemented corrective actions to address the issue and expects operations to normalize during the first quarter of 2026.
Revenue increased more than 12% on a year-over-year basis in the fourth quarter due to increased sales within the Heavy Fabrications and Industrial Solutions segments, partially offset by lower sales in the Gearing segment. Heavy Fabrications revenue increased 6%, compared to the prior year period, primarily due to increased demand for wind tower sections and repowering adapters. Industrial Solutions revenue grew 60% year-over-year, due primarily to strong demand for natural gas turbine content. While in the Gearing segment, revenue declined year-over-year due to lower customer demand from most markets served, partially offset by increased sales in the power generation and oil & gas verticals.
Total orders increased 3% in the fourth quarter, when compared to the prior year period, led by 38% year-over-year growth in the Gearing and Industrial Solutions segments, partially offset by a 20% year-over-year decline in the Heavy Fabrications segment. Within the Industrial Solutions segment, the backlog reached $38.1 million, a new record during the fourth quarter.
At the end of the fourth quarter, Broadwind had total cash and availability under its credit facility of $25 million. The Company's ratio of net debt to trailing twelve month Adjusted EBITDA was 1.6x at the end of the fourth quarter 2025.
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 increased by 6% to $21.6 million in the fourth quarter 2025, as compared to the prior-year period, primarily driven by a increase in wind-related revenue. The segment reported operating income of $0.4 million in the fourth quarter, as compared to operating income of $1.3 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.6 million in the fourth quarter, as compared to $2.6 million in the prior-year period.
Gearing SegmentBroadwind 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 declined by 8% to $7.0 million in the fourth quarter 2025, as compared to the prior year period, primarily driven by softness in demand from most markets served, partially offset by increasing demand from our power generation and oil & gas verticals. The segment reported an operating loss of ($0.9) million in the fourth quarter, compared to an operating loss of ($0.6) million in the prior year period. Segment non-GAAP adjusted EBITDA was ($0.3) million in the fourth quarter, as compared to $0.1 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 60% to $9.4 million in the fourth quarter 2025, as compared to the prior year period, primarily driven by increased demand for natural gas turbine content. The segment reported operating income of $1.3 million in the fourth quarter compared to operating income of $0.4 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.5 million in the fourth quarter, as compared to $0.6 million in the prior year period.
FINANCIAL GUIDANCE
Today, Broadwind reaffirmed its financial guidance for the full-year 2026. 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 2026
$ in millions
Low
Midpoint
High
Total Revenue
$140.0
$145.0
$150.0
Non-GAAP Adjusted EBITDA
$8.0
$9.0
$10.0
FOURTH QUARTER AND FULL-YEAR 2025 RESULTS CONFERENCE CALL
Broadwind will host a conference call today, March 11, 2026, at 11:00 a.m. ET to review the Company's financial results 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 18, 2026:
Teleconference Replay: 844-512-2921Conference ID: 13758099
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 MEASURESThe 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, 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) our expectations and beliefs with respect to our financial guidance as set forth in the Company's press releases from time to time; (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 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; (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; (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 and in Part II, Item 1A of our current year Quarterly Reports on Form 10-Q, and in our other filings with the Securities and Exchange Commission. 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 SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT SHARE DATA)
December 31,
December 31,
2025
2024
ASSETS
CURRENT ASSETS:
Cash
$
456
$
7,721
Accounts receivable, net
15,836
13,454
AMP credit receivable
2,564
2,533
Contract assets
900
836
Inventories
42,008
39,950
Prepaid expenses and other current assets
2,503
2,374
Total current assets
64,267
66,868
LONG-TERM ASSETS:
Property and equipment, net
39,464
45,572
Operating lease right-of-use assets, net
11,892
13,841
Intangible assets, net
741
1,403
Other assets
441
606
TOTAL ASSETS
$
116,805
$
128,290
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Line of credit and current maturities of long-term debt
$
5,036
$
1,454
Current portion of finance lease obligations
2,111
2,266
Current portion of operating lease obligations
2,306
2,115
Accounts payable
17,357
16,080
Accrued liabilities
2,182
3,605
Customer deposits
2,692
18,037
Total current liabilities
31,684
43,557
LONG-TERM LIABILITIES:
Long-term debt, net of current maturities
5,094
7,742
Long-term finance lease obligations, net of current portion
2,482
3,777
Long-term operating lease obligations, net of current portion
11,252
13,799
Other
4
15
Total long-term liabilities
18,832
25,333
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; 23,584,677
and 22,593,589 shares issued as of December 31, 2025 and
December 31, 2024, respectively
24
23
Treasury stock, at cost, 273,937 shares as of December 31, 2025 and December 31, 2024,
respectively
(1,842
)
(1,842
)
Additional paid-in capital
403,210
401,564
Accumulated deficit
(335,103
)
(340,345
)
Total stockholders' equity
66,289
59,400
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
116,805
$
128,290
BROADWIND, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(IN THOUSANDS, EXCEPT PER SHARE DATA)(UNAUDITED)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
Revenues
$
37,740
$
33,565
$
158,052
$
143,136
Cost of sales
34,428
29,776
141,919
121,947
Gross profit
3,312
3,789
16,133
21,189
OPERATING EXPENSES (INCOME):
Selling, general and administrative
3,216
3,912
15,021
16,303
Loss (gain) on sale of Manitowoc industrial fabrication operations
13
-
(8,200
)
-
Intangible amortization
165
165
661
661
Total operating expense, net
3,394
4,077
7,482
16,964
Operating (loss) income
(82
)
(288
)
8,651
