Broadwind (Nasdaq: BWEN) posts Q1 2026 loss, exits wind to focus on power
Rhea-AI Filing Summary
Broadwind, Inc. reported first quarter 2026 revenue of $34.1 million, down 7.5% from the prior year, and a GAAP net loss of $0.5 million, or $0.02 per share. Consolidated non-GAAP adjusted EBITDA was $2.2 million, slightly below the $2.4 million recorded a year earlier.
The Heavy Fabrications segment saw revenue fall 35% to $16.4 million and adjusted EBITDA decline to $1.7 million, reflecting the sale of the Manitowoc operations, lower PRS demand, and a raw material supply issue. In contrast, Gearing revenue rose 42% to $8.5 million and Industrial Solutions revenue grew 64% to $9.2 million, both benefiting from strong power generation and natural gas turbine demand. Industrial Solutions delivered segment adjusted EBITDA of $1.8 million, or 19.1% of sales.
Total orders increased 23% year-over-year to $37.4 million, with Gearing and Industrial Solutions orders up 66% and 44%, respectively. Broadwind is exiting wind tower production, including the sale of its Abilene, Texas facility, which generated approximately $17.2 million of net cash proceeds, and is repositioning around higher-growth power generation and critical infrastructure markets. Net debt to trailing twelve-month adjusted EBITDA was 1.7x as of March 31, 2026.
Positive
- None.
Negative
- None.
Insights
Broadwind is shrinking wind exposure while leaning into higher-margin power generation and turbine work.
Broadwind’s quarter shows a mixed picture: consolidated revenue declined 7.5% to $34.1 million, and GAAP net loss widened modestly to $0.5 million. Yet adjusted EBITDA remained resilient at $2.2 million, supported by strong performance in Gearing and Industrial Solutions.
The strategic shift is notable. Management is exiting wind tower production, including selling the Abilene facility for roughly $17.2 million and previously divesting Manitowoc industrial fabrication. This reduces Heavy Fabrications’ weight and increases focus on power generation and critical infrastructure, where segment orders and backlog are growing rapidly.
Operationally, Industrial Solutions revenue rose 64% and Gearing 42% year-over-year in Q1 2026, with segment adjusted EBITDA of 19.1% and positive in Gearing. Orders climbed 23% overall, while net leverage stood at 1.7x as of March 31, 2026. Subsequent filings may provide more detail on how capital from divestitures is deployed into bolt-on acquisitions and organic growth.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
net operating loss carryforwards financial
backlog financial
directed buy program technical
Regulation FD regulatory
trailing twelve-month financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On May 12, 2026, Broadwind, Inc. (the “Company”) issued a press release announcing its financial results as of and for the quarter ended March 31, 2026. The press release is incorporated herein by reference and is attached hereto as Exhibit 99.1.
The information contained in, or incorporated into, this Item 2.02 of this Current Report on Form 8-K (this “Report”), including Exhibit 99.1, is furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act regardless of any general incorporation language in such filings.
Please refer to Exhibit 99.1 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.
An Investor Presentation dated May 12, 2026, is incorporated herein by reference and attached hereto as Exhibit 99.2.
The information contained in, or incorporated into, this Item 7.01 of this Report, including Exhibit 99.2 attached hereto, is furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act regardless of any general incorporation language in such filings.
This Report shall not be deemed an admission as to the materiality of any information in this Report that is being disclosed pursuant to Regulation FD.
Please refer to Exhibit 99.2 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.
(d) Exhibits
| EXHIBIT NUMBER | DESCRIPTION | |||
| 99.1 | Press Release dated May 12, 2026 | |||
| 99.2 | Investor Presentation dated May 12, 2026 | |||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BROADWIND, INC. | ||
| Date: May 12, 2026 | By: | /s/ Eric B. Blashford |
| Eric B. Blashford | ||
| President and Chief Executive Officer (Principal Executive Officer) | ||
EXHIBIT 99.1
Broadwind Announces First Quarter 2026 Results
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 SUBSIDIARIES CONDENSED 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 | |||||
| BROADWIND, INC. AND SUBSIDIARIES 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 | ||||||
| BROADWIND, INC. AND SUBSIDIARIES 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 | |||||
| BROADWIND, INC. AND SUBSIDIARIES 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 | |||
| BROADWIND, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) | |||||||
| Consolidated | Three 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 | |||
| Heavy Fabrications Segment | Three Months Ended March 31, | ||||||
| 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 | |||
| Gearing Segment | Three Months Ended March 31, | ||||||
| 2026 | 2025 | ||||||
| Net Loss | $ | (113 | ) | $ | (961 | ) | |
| Interest Expense | 50 | 63 | |||||
| Income Tax Provision | 6 | 6 | |||||
| Depreciation and Amortization | 530 | 549 | |||||
| Share-based Compensation and Other Stock Payments | 85 | 99 | |||||
| Adjusted EBITDA (Non-GAAP) | $ | 558 | $ | (244 | ) | ||
| Industrial Solutions Segment | Three Months Ended March 31, | ||||||
| 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 | |||
| Corporate and Other | Three Months Ended March 31, | ||||||
| 2026 | 2025 | ||||||
| Net Loss | $ | (2,344 | ) | $ | (1,322 | ) | |
| Interest Expense | 228 | 192 | |||||
| Income Tax Provision (Benefit) | 147 | (361 | ) | ||||
| Depreciation and Amortization | 17 | 18 | |||||
| Share-based Compensation and Other Stock Payments | 129 | 146 | |||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,823 | ) | $ | (1,327 | ) | |
IR CONTACT
Noel Ryan or Brian Hawthorne
BWEN@val-adv.com
Exhibit 99.2
1 Broadwind | Investor Presentation 2023 First Quarter 2026 Conference Call Presentation May 12, 2026
2 Broadwind | Investor Presentation 2023 SAFE HARBOR STATEMENT This document contains “forward looking statements” — that is, statements related to future, not past, events — as defined in Section 21 E of the Securities Exchange Act of 1934 , as amended, 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 1 A 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 .
PERFORMANCE SUMMARY
4 Broadwind | Investor Presentation 2023 PERFORMANCE UPDATE 1Q26 Performance As of May 2026 Core segments reached profitable scale. Industrial Solutions and Gearing segments were profitable in 1Q26, with segment EBITDA margins of 19.1% and 6.6%, respectively Natural gas turbine content drove order growth in Industrial Solutions and Gearing, increasing 44% and 66% y/y, respectively Ongoing momentum in natural gas turbine markets. Industrial Solutions backlog reached another record at $43 million in the first quarter 2026 Leverage remains in target range. Net leverage of 1.7x as of March 31, 2026, is below our targeted range of 2.0x. Investment Thesis Building a platform for profitable growth First Quarter 2026 The divestiture of the Wind operations in Abilene, TX and Manitowoc, WI increases exposure to the power generation and critical infrastructure end markets, optimizes asset base, improves balance sheet optionality Positioned to redeploy capital toward bolt - on acquisitions within power generation and critical infrastructure; focused on margin accretive businesses capable of supporting profitable growth, over the long - term Domestic acquisition strategy will seek to capitalize on nearly $300 million of net operating loss carryforwards 100% domestic precision manufacturing footprint remains a competitive advantage in the current operating environment Successfully reallocating production capacity toward stable, recurring project revenue streams across diverse end - markets Balance sheet optionality. Received approximately $17.2 million in net proceeds from the sale of the Abilene, TX facility…..expect incremental liquidity improvement of ~ $10 million Achieved profitability through scale in core segments Poised to capitalize on accelerating power generation and critical infrastructure demand
5 Broadwind | Investor Presentation 2023 CONSOLIDATED FINANCIAL PERFORMANCE Exiting non - core wind market; focused on power generation and critical infrastructure Total Revenue ($MM) Gross Profit ($MM) Adjusted EBITDA ($MM) GAAP Net Income (Loss) ($MM) Continued strength in core Industrial Solutions and Gearing segments Strong demand for natural gas turbine content in Gearing and Industrial Solutions served to offset lower wind - related contributions in Heavy Fabrications Heavy Fabrications segment impacted by a raw material supplier disruption issue from a directed buy program with an OEM, lower demand for PRS units, and the sale of the industrial fabrication operations $36.8 $34.1 1Q25 1Q26 $4.3 $4.7 1Q25 1Q26 $2.4 $2.2 1Q25 1Q26 ($0.4) ($0.5) 1Q25 1Q26
6 Broadwind | Investor Presentation 2023 First Quarter 2026 HEAVY FABRICATIONS SEGMENT We expect to exit the wind market in September 2026 The Heavy Fabrications segment will lease the Abilene Facility and related assets for a term that is expected to end on September 5, 2026, ensuring an orderly completion of existing orders Heavy Fabrications segment revenue declined 35% y/y to $16.4 million in 1Q26 largely due to a raw material supplier issue from a directed - buy OEM vendor, lower PRS demand and the sale of the industrial fabrication operations 1Q26 segment EBITDA margin of 10.4% was down from 13.7% in the prior year, but increased more than 300 bps sequentially as operations normalized and supply chain issues eased Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) $25.2 $16.4 1Q25 1Q26 $3.4 $1.7 1Q25 1Q26 $79.3 $25.3 1Q25 1Q26 $12.4 $9.7 1Q25 1Q26
7 Broadwind | Investor Presentation 2023 First Quarter 2026 GEARING SEGMENT Power generation demand driving strong segment revenue growth, improved margin realization Segment orders and backlog increased 66% and 107% y/y, respectively in 1Q26 Segment revenue increased 42% y/y in 1Q26 to $8.5 million, given a stable ramp in power generation - related demand 1Q26 segment EBITDA was $0.6 million, as higher sales resulted in improved segment operating leverage Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) Segment Revenue ($MM) $6.0 $8.5 1Q25 1Q26 ($0.2) $0.6 1Q25 1Q26 $8.0 $13.2 1Q25 1Q26 $14.7 $30.5 1Q25 1Q26
8 Broadwind | Investor Presentation 2023 First Quarter 2026 INDUSTRIAL SOLUTIONS SEGMENT Strong demand for natural gas turbine content supporting record backlog exiting 1Q26 Segment revenue increased 64% y/y in 1Q26 to $9.2 million In 1Q26, orders and backlog increased 44% and 89% y/y, respectively due to strong demand for natural gas turbine content Segment EBITDA increased to $1.8 million, or 19.1% of sales, reflecting improved operating leverage from higher volumes and a favorable product mix Segment book - to - bill of 1.6x supports expectations for continued growth throughout 2026 Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) EBITDA margin rate +1146 bps y/y to 15.5% $5.6 $9.2 1Q25 1Q26 $0.5 $1.8 1Q25 1Q26 $10.1 $14.6 1Q25 1Q26 $22.9 $43.3 1Q25 1Q26
9 Broadwind | Investor Presentation 2023 Recent divestitures support improved balance sheet optionality, sharpened focus on deploying capital toward accretive, bolt - on acquisitions Liquidity at quarter end was $25.1 million, or $16.4 million after adjusting for the minimum liquidity requirement under the amended credit agreement After adjusting our credit availability and reflecting required debt payments, we expect the sale of the Abilene facility will improve our liquidity by approximately $10 million Capital allocation priorities are opportunistic investments in complementary, accretive bolt - on acquisitions, organic investments, debt reduction, and share repurchases Cash and LOC Availability at Quarter - End ($MM) Net Debt Outstanding ($MM) Total Inventory ($MM) First Quarter 2026 BALANCE SHEET UPDATE Total Net Operating Working Capital ($MM) $16.7 $14.1 1Q25 1Q26 $28.8 $38.7 1Q25 1Q26 $49.5 $42.7 1Q25 1Q26 $22.6 $16.4 1Q25 1Q26
APPENDIX
11 Broadwind | Investor Presentation 2023 CORPORATE OVERVIEW Leading pure - play precision manufacturer serving diverse end - markets with 100% domestic footprint Broadwind is a precision manufacturer of technologically advanced, high - value components and solutions for commercial and industrial clients We are one of the leading independent precision manufacturers in the United States Our most significant business serves the domestic power generation and critical infrastructure industry, with primary production facilities that are strategically located to meet our customers’ project needs. We also serve industrial customers in a diversified set of industrial markets including oil & gas, industrial, mining and construction This strategic diversification allows us to leverage our manufacturing expertise to improve capacity utilization, expand our customer base and balance our exposure across diverse end - markets
12 Broadwind | Investor Presentation 2023 What we do Precision manufacturing within wind sector and other diverse end - markets We provide 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 PRS units. Heavy Fabrications Segment (1) 51% of Proforma 2025 Revenue (2) We provide custom gearing, gearboxes and heat treat services to a broad set of customers in diverse markets, including oil and gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets Gearing Segment 23% of Proforma 2025 Revenue (2) We provide supply chain solutions, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine and solar power generation markets Industrial Solutions Segment 26% of Proforma 2025 Revenue (2) Why we win Unique Value Proposition Proven engineering, product development and technical capabilities Expertise in manufacturing large, complex fabrications, gearing, and proprietary clean fuel processing systems Integrated design, sourcing, fabrication, machining, coating, assembly Stringent testing and quality capabilities Targeted, multi - industry focus Our manufacturing base Established Original Equipment Manufacturer (“OEM”) Relationships Our customer base Established OEM Relationships Abilene, TX Tower Manufacturing Industrial Fabrications Facility (1) Cicero, IL Gear Manufacturing and Gearbox Repair Facility Pittsburgh, PA Gearbox Repair and Heat Treat Facility Sanford, NC Industrial Solutions Manufacturing Facility OUR BUSINESS Building a platform sustained, profitable growth and long - term value creation (1) On May 6, 2026, the Company announced the sale of the production facility in Abilene, TX, including equipment, machinery and other item s. (2) Proforma 2025 revenue is calculated excluding the Manitowoc industrial fabrication operations.
13 Broadwind | Investor Presentation 2023 APPENDIX Balance Sheet
14 Broadwind | Investor Presentation 2023 APPENDIX Income Statement
15 Broadwind | Investor Presentation 2023 APPENDIX Statement of Cash Flows
16 Broadwind | Investor Presentation 2023 APPENDIX GAAP to Non - GAAP Reconciliation
17 Broadwind | Investor Presentation 2023 APPENDIX Segment - Level Data
18 Broadwind | Investor Presentation 2023 Please contact our investor relations team at BWEN@val - adv.com IR CONTACT