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Broadwind(BWEN) - 2025 Q1 - Quarterly Results
BWENBroadwind(BWEN)2025-05-13 11:00

Financial Performance - Broadwind reported a net loss of (0.4)million,or(0.4) million, or (0.02) per diluted share in Q1 2025, compared to net income of 1.5million,or1.5 million, or 0.07 per diluted share in Q1 2024[4]. - Total revenue for Q1 2025 was 36.8million,adeclineof2.136.8 million, a decline of 2.1% year-over-year, primarily due to lower sales in mining, oil & gas, and natural gas turbine markets[5]. - Adjusted EBITDA for Q1 2025 was 2.4 million, representing 6.4% of total revenue, down from 4.2millionintheprioryear[4][9].−RevenuesforQ12025were4.2 million in the prior year[4][9]. - Revenues for Q1 2025 were 36,838,000, a decrease of 2.07% compared to 37,616,000inQ12024[28].−GrossprofitforQ12025was37,616,000 in Q1 2024[28]. - Gross profit for Q1 2025 was 4,326,000, down 34.67% from 6,637,000inQ12024[28].−OperatingincomeforQ12025was6,637,000 in Q1 2024[28]. - Operating income for Q1 2025 was 184,000, a significant decline from 2,078,000inQ12024[29].−NetlossforQ12025was2,078,000 in Q1 2024[29]. - Net loss for Q1 2025 was 370,000, compared to a net income of 1,510,000inQ12024[29].OrdersandRevenueSegments−Totalordersincreasedby51,510,000 in Q1 2024[29]. Orders and Revenue Segments - Total orders increased by 5% year-over-year to 30.5 million, driven by demand for wind repowering adapters and natural gas turbine content[6][9]. - Total orders for Q1 2025 were 30,455,000,anincreaseof5.0430,455,000, an increase of 5.04% from 28,996,000 in Q1 2024[33]. - The Heavy Fabrications segment saw a revenue increase of 14.7% to 25.2million,primarilyduetohigherdemandforwindrepoweringadapters[12].−TheGearingsegmentexperiencedarevenuedeclineof28.425.2 million, primarily due to higher demand for wind repowering adapters[12]. - The Gearing segment experienced a revenue decline of 28.4% to 6.0 million, mainly due to reduced demand in mining and oil & gas markets[14]. - The Industrial Solutions segment's revenue decreased by 29.3% to 5.6million,attributedtolowershipmentsofnaturalgasturbinecontent[16].−AdjustedEBITDAforQ12025was5.6 million, attributed to lower shipments of natural gas turbine content[16]. - Adjusted EBITDA for Q1 2025 was 2,368,000, down 43.14% from 4,170,000inQ12024[36].−HeavyFabricationssegmentrevenuesincreasedto4,170,000 in Q1 2024[36]. - Heavy Fabrications segment revenues increased to 25,248,000 in Q1 2025 from 22,016,000inQ12024[33].FinancialPosition−AsofMarch31,2025,Broadwindhadtotalcashandavailabilityof22,016,000 in Q1 2024[33]. Financial Position - As of March 31, 2025, Broadwind had total cash and availability of 22.6 million, with a net debt to trailing twelve-month adjusted EBITDA ratio of 1.4x[7][10]. - Total current liabilities increased to 45,112,000inQ12025from45,112,000 in Q1 2025 from 43,557,000 in Q4 2024[26]. - Total stockholders' equity decreased slightly to 59,309,000inQ12025from59,309,000 in Q1 2025 from 59,400,000 in Q4 2024[26]. - Cash at the end of Q1 2025 was 1,204,000,adecreasefrom1,204,000, a decrease from 1,073,000 at the end of Q1 2024[30]. Future Outlook - The company reiterated its full-year 2025 revenue guidance, projecting total revenue between 140millionand140 million and 160 million[18]. - Management expects steady improvements in order activity across diverse end-markets for the remainder of the year[8].