Broadwind (NASDAQ: BWEN) doubles EBITDA as Q2 2026 orders and backlog surge
Rhea-AI Filing Summary
Broadwind, Inc. reported second quarter 2026 results from its continuing precision manufacturing operations after exiting wind fabrications. Revenue was $24.3 million, up 67% year-over-year, driven by strong demand in the Industrial Solutions and Gearing segments. The company recorded a GAAP loss from continuing operations of $0.7 million, or $0.03 per diluted share, a significant improvement from a $3.0 million loss a year earlier.
Non-GAAP Adjusted EBITDA was $1.6 million, or 6.4% of revenue, versus negative $1.1 million in the prior-year quarter. Total orders rose 68% to $35.2 million, and combined Industrial Solutions and Gearing backlog nearly doubled, with segment backlogs of $47.4 million and $37.6 million, respectively, and an overall book-to-bill of 1.5x. Liquidity totaled $40.1 million (cash plus availability) at June 30, 2026, against $6.3 million of total debt and finance leases, following the sale of the Abilene, Texas facility and reclassification of wind fabrication results to discontinued operations.
Positive
- Revenue from continuing operations grew 67% year-over-year to $24.3 million, reflecting strong demand in both Industrial Solutions and Gearing.
- Profitability improved materially: Adjusted EBITDA swung from ($1.1) million to $1.6 million, and loss from continuing operations narrowed from $3.0 million to $0.7 million.
- Order and backlog strength: total orders rose 68% to $35.2 million, with combined Industrial Solutions and Gearing backlog up 93%, supporting future revenue visibility.
- Industrial Solutions margin expansion: segment Adjusted EBITDA reached $2.5 million, nearly 19% of sales, on 79% revenue growth to $13.2 million.
- Balance sheet flexibility improved: liquidity of $40.1 million versus $6.3 million of total debt and finance leases following the wind fabrication exit and asset sales.
Negative
- Continuing operations remain unprofitable: the company posted a second quarter 2026 loss from continuing operations of $0.7 million, or $0.03 per share.
- Corporate and Other remains a drag: this segment generated negative Adjusted EBITDA of $1.3 million in Q2 2026, offsetting profitability in the operating segments.
- Stockholders’ deficit utilization continues: accumulated deficit stood at $336.2 million as of June 30, 2026, only modestly improved from year-end despite stronger quarterly performance.
Filing Explained
At June 30, 2026, reported liquidity was $40.1 million, but $31.3 million after the minimum excess availability requirement.
This Form 8-K reports Broadwind’s completed quarter ended
The filing’s balance-sheet consequence for existing common holders is that the reported liquidity figure is subject to a minimum excess availability requirement. At
8-K Event Classification
Key Figures
Key Terms
discontinued operations financial
Adjusted EBITDA financial
book-to-bill financial
net operating loss carryforwards financial
minimum excess availability requirement financial
bolt-on acquisitions financial
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Broadwind (BWEN) perform financially in Q2 2026?
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What is Broadwind (BWEN)’s liquidity and debt position as of Q2 2026?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
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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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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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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 August 11, 2026, Broadwind, Inc. (the “Company”) issued a press release announcing its financial results as of and for the quarter ended June 30, 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 August 11, 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 August 11, 2026 | |||
| 99.2 | Investor dated August 11, 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: August 11, 2026 | By: | /s/ Eric B. Blashford |
| Eric B. Blashford | ||
| President and Chief Executive Officer (Principal Executive Officer) | ||
EXHIBIT 99.1
Broadwind Announces Second Quarter 2026 Results
CICERO, Ill., Aug. 11, 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 second quarter 2026.
As previously announced, on April 30, 2026, the Company’s wholly owned subsidiary, Broadwind Heavy Fabrications, Inc. (“Heavy Fabrications”) entered into a definitive agreement under which Heavy Fabrications sold its production facility in Abilene, Texas (the “Facility”), including real property, equipment, machinery and other items, to IES Infrastructure for an aggregate purchase price of up to $19.5 million in cash and non-cash consideration in the form of a below market lease, subject to certain purchase price adjustments. The sale of the Facility resulted in the Company completing a strategic exit from wind fabrications. As such, the results of operations of the wind and industrial fabrication operations, excluding pressure reducing system (“PRS”) operations, have been reclassified to discontinued operations within Broadwind’s consolidated statements of operations and retrospectively for all periods presented beginning in the second quarter of 2026. Unless otherwise noted, the discussions and disclosure tables throughout this press release relate only to the Company’s continuing operations as disclosed.
SECOND QUARTER 2026 RESULTS
(As compared to the second quarter 2025)
- Total revenue of $24.3 million, +67% y/y
- GAAP loss from continuing operations of ($0.7) million, or ($0.03) per diluted share
- Non-GAAP Adjusted EBITDA of $1.6 million, or 6.4% of total revenue*
- Total orders of $35.2 million, +68% y/y
- Liquidity at June 30, 2026 of $40.1 million ($31.3 million after adjusting for the minimum excess availability requirement), with $6.3 million of total debt and financing leases
*For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release
MANAGEMENT COMMENTARY
“During the second quarter, we continued a successful strategic pivot toward becoming a pure-play precision manufacturing business focused on the domestic power generation and critical infrastructure markets,” stated Eric Blashford, President and CEO of Broadwind. “Customer demand was robust during the second quarter, as broad-based order momentum accelerated across our power generation, energy, and industrial verticals. Orders in our Industrial Solutions and Gearing segments organically increased 24% and 138%, respectively, when compared to the prior-year period.”
“Following our strategic exit from wind tower manufacturing, Broadwind is operating from a position of increased financial flexibility and strategic focus,” continued Blashford. "We are building a precision manufacturing platform positioned to benefit from a multi-year investment cycle in electricity generation, transmission and distribution. We believe our domestic manufacturing footprint, technical expertise and long-standing customer relationships position us well to capitalize on these favorable market conditions.”
“At a segment level, Industrial Solutions generated segment-level EBITDA margin of nearly 19% during the quarter, reflecting strong execution and a higher-value sales mix,” noted Blashford. “Within Gearing, profitability improved due to increased sales volume reflective of our recent elevated order levels.”
"As customer demand has strengthened, we've optimized utilization of our asset base and gained improved visibility into the remainder of 2026,” noted Blashford. “On a comparable basis, total backlog for our Industrial Solutions and Gearing segments increased a combined 93% as of June 30, 2026, when compared to the prior-year period. We ended the second quarter 2026 with a book-to-bill of 1.5x”
“Our capital allocation priorities remain centered on creating long-term shareholder value through a combination of sustained organic growth, together with opportunistic investments in complementary products and solutions within our targeted vertical markets,” concluded Blashford. “With a strengthened balance sheet and a streamlined operating structure, we are actively evaluating opportunities that seek to scale our precision manufacturing expertise within high-value power generation and infrastructure-weighted end-markets, including those with a proven track record of durable profitable growth.”
CONSOLIDATED SECOND QUARTER 2026 FINANCIAL RESULTS
Broadwind reported a loss from continuing operations of ($0.7) million, or ($0.03) per basic share in the second quarter 2026, compared to a loss of ($3.0) million, or ($0.13) per basic share, in the second quarter 2025. The Company reported Adjusted EBITDA, a non-GAAP measure, of $1.6 million in the second quarter compared to ($1.1) million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release.
Revenue increased 67% on a year-over-year basis in the second quarter due to higher demand in the Gearing and Industrial Solutions segments. Industrial Solutions revenue grew 79% year-over-year, due primarily to strong demand for natural gas turbine content. Revenue from the Gearing segment grew 24% due primarily to increased demand from power generation and oil & gas customers, partially offset by lower demand primarily from steel customers.
Total orders increased 68% in the second quarter, when compared to the prior year period, benefiting largely from accelerating growth in the power generation, oil & gas, and steel end markets.
At the end of the second quarter, Broadwind had total cash on hand and availability under its credit facility of $40.1 million, or $31.3 million after adjusting for the minimum excess availability requirement. The Company had $6.3 million of debt and financing leases.
SEGMENT RESULTS
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 24% to $9.0 million in the second quarter 2026, as compared to the prior year period, primarily driven by higher demand from power generation and oil & gas customers, partially offset by decreased demand from steel customers. The segment reported an operating loss of ($0.2) million in the second quarter, compared to an operating loss of ($0.8) million in the prior year period. Segment non-GAAP adjusted EBITDA was $0.4 million in the second 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 79% to $13.2 million in the second quarter 2026, as compared to the prior year period, primarily driven by sales of components for gas turbines into new-build and aftermarket applications. The segment reported operating income of $2.3 million in the second quarter compared to operating income of $0.5 million in the prior year period. Segment non-GAAP adjusted EBITDA was $2.5 million in the second quarter compared to $0.7 million in the prior year period.
SECOND QUARTER 2026 RESULTS CONFERENCE CALL
Broadwind will host a conference call today, August 11, 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, August 18, 2026: | |
| Teleconference Replay: | 844-512-2921 |
| Conference ID: | 13761552 |
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 transaction costs) 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) | ||||||||
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 17,043 | $ | 457 | ||||
| Accounts receivable, net | 16,991 | 11,198 | ||||||
| Inventories | 28,204 | 28,147 | ||||||
| Prepaid expenses and other current assets | 1,599 | 2,060 | ||||||
| Current assets - discontinued operations | 13,147 | 22,405 | ||||||
| Total current assets | 76,984 | 64,267 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Property and equipment, net | 20,140 | 18,069 | ||||||
| Operating lease right-of-use assets, net | 14,133 | 11,892 | ||||||
| Intangible assets, net | 519 | 741 | ||||||
| Other assets | 397 | 441 | ||||||
| Long-term assets - discontinued operations | - | 21,395 | ||||||
| TOTAL ASSETS | $ | 112,173 | $ | 116,805 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Line of credit and current maturities of long-term debt | $ | 781 | $ | 4,682 | ||||
| Current portion of finance lease obligations | 1,093 | 1,114 | ||||||
| Current portion of operating lease obligations | 1,876 | 2,306 | ||||||
| Accounts payable | 11,087 | 7,727 | ||||||
| Accrued liabilities | 3,249 | 1,768 | ||||||
| Customer deposits | 1,201 | 1,144 | ||||||
| Current liabilities - discontinued operations | 8,990 | 12,943 | ||||||
| Total current liabilities | 28,277 | 31,684 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Long-term debt, net of current maturities | 2,522 | 4,331 | ||||||
| Long-term finance lease obligations, net of current portion | 1,937 | 2,482 | ||||||
| Long-term operating lease obligations, net of current portion | 13,629 | 11,252 | ||||||
| Other | - | 4 | ||||||
| Long-term liabilities - discontinued operations | - | 763 | ||||||
| Total long-term liabilities | 18,088 | 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; 23,931,310 and 23,584,677 shares issued as of June 30, 2026 and December 31, 2025, respectively | 24 | 24 | ||||||
| Treasury stock, at cost, 273,937 shares as of June 30, 2026 and December 31, 2025, respectively | (1,842 | ) | (1,842 | ) | ||||
| Additional paid-in capital | 403,863 | 403,210 | ||||||
| Accumulated deficit | (336,237 | ) | (335,103 | ) | ||||
| Total stockholders' equity | 65,808 | 66,289 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 112,173 | $ | 116,805 | ||||
| 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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | $ | 24,303 | $ | 14,520 | $ | 42,249 | $ | 29,392 | ||||||||
| Cost of sales | 20,507 | 13,516 | 35,732 | 26,964 | ||||||||||||
| Gross profit | 3,796 | 1,004 | 6,517 | 2,428 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Selling, general and administrative | 3,943 | 3,219 | 7,624 | 6,320 | ||||||||||||
| Intangible amortization | 100 | 166 | 222 | 331 | ||||||||||||
| Total operating expense, net | 4,043 | 3,385 | 7,846 | 6,651 | ||||||||||||
| Operating loss | (247 | ) | (2,381 | ) | (1,329 | ) | (4,223 | ) | ||||||||
| OTHER EXPENSE, net: | ||||||||||||||||
| Interest expense, net | (418 | ) | (591 | ) | (880 | ) | (976 | ) | ||||||||
| Other, net | 5 | (8 | ) | 4 | (10 | ) | ||||||||||
| Total other expense, net | (413 | ) | (599 | ) | (876 | ) | (986 | ) | ||||||||
| Net loss before provision for income taxes | (660 | ) | (2,980 | ) | (2,205 | ) | (5,209 | ) | ||||||||
| Provision for income taxes | 24 | 2 | 76 | 17 | ||||||||||||
| LOSS FROM CONTINUING OPERATIONS | (684 | ) | (2,982 | ) | (2,281 | ) | (5,226 | ) | ||||||||
| INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 45 | 1,993 | 1,147 | 3,867 | ||||||||||||
| NET LOSS | $ | (639 | ) | $ | (989 | ) | $ | (1,134 | ) | $ | (1,359 | ) | ||||
| NET (LOSS) INCOME PER COMMON SHARE - BASIC AND DILUTED: | ||||||||||||||||
| Loss from continuing operations | $ | (0.03 | ) | $ | (0.13 | ) | $ | (0.10 | ) | $ | (0.23 | ) | ||||
| Income from discontinued operations | 0.00 | 0.09 | 0.05 | 0.17 | ||||||||||||
| Net loss | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.06 | ) | ||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 23,494 | 22,773 | 23,416 | 22,568 | ||||||||||||
| BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (1,134 | ) | $ | (1,359 | ) | ||
| Income from discontinued operations | 1,147 | 3,867 | ||||||
| Loss from continuing operations | (2,281 | ) | (5,226 | ) | ||||
| Adjustments to reconcile net cash used in operating activities: | ||||||||
| Depreciation and amortization expense | 1,516 | 1,467 | ||||||
| Deferred income taxes | 21 | (9 | ) | |||||
| Stock-based compensation | 452 | 546 | ||||||
| Allowance for credit losses | (13 | ) | (16 | ) | ||||
| Common stock issued under defined contribution 401(k) plan | 410 | 622 | ||||||
| Gain on sale of assets | (80 | ) | (1 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (5,780 | ) | (345 | ) | ||||
| Inventories | (57 | ) | (1,558 | ) | ||||
| Prepaid expenses and other current assets | 514 | 464 | ||||||
| Accounts payable | 3,168 | 1,867 | ||||||
| Accrued liabilities | 1,481 | (44 | ) | |||||
| Customer deposits | 57 | (1,288 | ) | |||||
| Other non-current assets and liabilities | (279 | ) | 5 | |||||
| Net cash used in operating activities | (871 | ) | (3,516 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property and equipment | (3,232 | ) | (431 | ) | ||||
| Net proceeds from disposals of property and equipment | 90 | 1 | ||||||
| Net cash used in investing activities | (3,142 | ) | (430 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| (Payments on) proceeds from line of credit, net | (3,881 | ) | 17,634 | |||||
| Payments on long-term debt | (1,809 | ) | (561 | ) | ||||
| Payments for deferred financing costs | (20 | ) | - | |||||
| Payments on finance leases | (566 | ) | (544 | ) | ||||
| Shares withheld for taxes in connection with issuance of restricted stock | (209 | ) | (256 | ) | ||||
| Net cash (used in) provided by financing activities | (6,485 | ) | 16,273 | |||||
| CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||||||||
| Net cash provided by (used in) operating cash flows | 9,223 | (16,982 | ) | |||||
| Net cash provided by (used in) investing cash flows | 17,015 | (1,685 | ) | |||||
| Net cash provided by (used in) financing cash flows | 846 | (343 | ) | |||||
| Net cash provided by (used in) discontinued operations (1) | 27,084 | (19,010 | ) | |||||
| Add: Cash balance of discontinued operations, beginning of period | - | (2 | ) | |||||
| Less: Cash balance of discontinued operations, end of period | - | (342 | ) | |||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 16,586 | (6,343 | ) | |||||
| CASH AND CASH EQUIVALENTS beginning of the period | 457 | 7,722 | ||||||
| CASH AND CASH EQUIVALENTS end of the period | $ | 17,043 | $ | 1,379 | ||||
| (1) Does not include intercompany financing of $4 and $441 for the six months ended June 30, 2026 and 2025, respectively. | ||||||||
| BROADWIND, INC. AND SUBSIDIARIES SELECTED SEGMENT FINANCIAL INFORMATION (IN THOUSANDS) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| ORDERS: | ||||||||||||||||
| Gearing | $ | 16,152 | $ | 6,799 | $ | 29,339 | $ | 14,759 | ||||||||
| Industrial Solutions | 17,248 | 13,909 | 31,816 | 24,013 | ||||||||||||
| Corporate and Other | 1,840 | 283 | 2,134 | 578 | ||||||||||||
| Total orders | $ | 35,240 | $ | 20,991 | $ | 63,289 | $ | 39,350 | ||||||||
| REVENUES: | ||||||||||||||||
| Gearing | $ | 9,045 | $ | 7,284 | $ | 17,499 | $ | 13,251 | ||||||||
| Industrial Solutions | 13,172 | 7,363 | 22,408 | 13,010 | ||||||||||||
| Corporate and Other | 2,086 | 274 | 2,342 | 3,555 | ||||||||||||
| Eliminations | - | (401 | ) | - | (424 | ) | ||||||||||
| Total revenues | $ | 24,303 | $ | 14,520 | $ | 42,249 | $ | 29,392 | ||||||||
| OPERATING (LOSS)/INCOME: | ||||||||||||||||
| Gearing | (224 | ) | (819 | ) | (280 | ) | (1,711 | ) | ||||||||
| Industrial Solutions | 2,339 | 486 | 3,965 | 816 | ||||||||||||
| Corporate and Other | (2,362 | ) | (2,048 | ) | (5,014 | ) | (3,328 | ) | ||||||||
| Total operating loss | $ | (247 | ) | $ | (2,381 | ) | $ | (1,329 | ) | $ | (4,223 | ) | ||||
| BROADWIND, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) | ||||||||||||||||
| Consolidated | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Loss From Continuing Operations | $ | (684 | ) | $ | (2,982 | ) | $ | (2,281 | ) | $ | (5,226 | ) | ||||
| Interest Expense | 418 | 591 | 880 | 976 | ||||||||||||
| Income Tax Provision | 24 | 2 | 76 | 17 | ||||||||||||
| Depreciation and Amortization | 775 | 732 | 1,516 | 1,467 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 401 | 454 | 668 | 764 | ||||||||||||
| Transaction Costs | 616 | 83 | 735 | 83 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 1,550 | $ | (1,120 | ) | $ | 1,594 | $ | (1,919 | ) | ||||||
| Gearing | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Loss From Continuing Operations | $ | (287 | ) | $ | (878 | ) | $ | (400 | ) | $ | (1,839 | ) | ||||
| Interest Expense | 47 | 58 | 96 | 121 | ||||||||||||
| Income Tax Provision | 16 | 1 | 23 | 7 | ||||||||||||
| Depreciation and Amortization | 530 | 550 | 1,059 | 1,099 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 109 | 123 | 194 | 221 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 415 | $ | (146 | ) | $ | 972 | $ | (391 | ) | ||||||
| Industrial Solutions | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Income From Continuing Operations | $ | 2,000 | $ | 319 | $ | 3,397 | $ | 516 | ||||
| Interest Expense | 260 | 135 | 432 | 249 | ||||||||
| Income Tax Provision | 71 | 23 | 127 | 35 | ||||||||
| Depreciation and Amortization | 79 | 114 | 175 | 228 | ||||||||
| Share-based Compensation and Other Stock Payments | 74 | 81 | 121 | 135 | ||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 2,484 | $ | 672 | $ | 4,252 | $ | 1,163 | ||||
| Corporate and Other | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Loss From Continuing Operations | $ | (2,397 | ) | $ | (2,423 | ) | $ | (5,278 | ) | $ | (3,903 | ) | ||||
| Interest Expense | 111 | 398 | 352 | 606 | ||||||||||||
| Income Tax Expense | (63 | ) | (22 | ) | (74 | ) | (25 | ) | ||||||||
| Depreciation and Amortization | 166 | 68 | 282 | 140 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 218 | 250 | 353 | 408 | ||||||||||||
| Transaction Costs | 616 | 83 | 735 | 83 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,349 | ) | $ | (1,646 | ) | $ | (3,630 | ) | $ | (2,691 | ) | ||||
IR CONTACT
Noel Ryan or Brian Hawthorne
BWEN@val-adv.com
Exhibit 99.2
1 Broadwind | Investor Presentation 2023 Second Quarter 2026 Conference Call Presentation August 11, 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 2Q26 Performance Scale drives improved profitability in core businesses. Industrial Solutions generated an EBITDA margin of nearly 19%, while higher volumes drove improved profitability y/y in Gearing Power generation demand drove order growth in Industrial Solutions and Gearing, increasing 24% and 138% y/y, respectively Strong customer demand drove backlog growth. Combined Industrial Solutions and Gearing backlog increased 93% year - over - year Liquidity supports long - term growth objectives. Cash and credit line availability of $31.3 million as of June 30, 2026 , with $6.3 million of total debt Investment Thesis Building a platform for profitable growth Second Quarter 2026 The divestiture of the production facilities in Abilene, TX and Manitowoc, WI, and the strategic exit from the wind fabrication business, increases exposure to the power generation and critical infrastructure end markets, optimizes our asset base, and 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 $300 million of net operating loss carryforwards 100% domestic precision manufacturing footprint remains a competitive advantage in the current operating environment Successfully reallocating production capacity toward stable, recurring project revenue streams across diverse end - markets Driving scale and profitability in core businesses Positioned to capitalize on accelerating power generation and critical infrastructure demand Expanding precision manufacturing capabilities. Evaluating opportunities to increase scale and capabilities through disciplined acquisitions
5 Broadwind | Investor Presentation 2023 CONSOLIDATED FINANCIAL PERFORMANCE Strategic focus on power generation and critical infrastructure markets yielding positive results Total Revenue* ($MM) Gross Profit* ($MM) Adjusted EBITDA* ($MM) Loss From Continuing Operations * ($MM) Core businesses drove significant year - over - year improvement Strong demand across Industrial Solutions and Gearing drove a 67% y/y increase in revenue Gross profit increased to $3.8 million, supported by higher volumes and improved contribution from our core precision manufacturing businesses Adjusted EBITDA improved to $1.6 million, reflecting improved operating leverage $14.5 $24.3 2Q25 2Q26 $1.0 $3.8 2Q25 2Q26 ($1.1) $1.6 2Q25 2Q26 * Reflects continuing operations and excludes the exited wind and industrial fabrication businesses. ($3.0) ($0.7) 2Q25 2Q26
6 Broadwind | Investor Presentation 2023 Second Quarter 2026 GEARING SEGMENT Accelerating demand supports growth across power generation and the oil & gas end markets Segment orders increased 138% y/y to $16.2 million, driven by strength in power generation, oil & gas, and steel end - markets Backlog growth provides enhanced visibility ; backlog increased 164% y/y to $37.6 million as of June 30, 2026 Segment revenue increased 24% y/y, driven by strength in power generation and oil & gas Higher sales volumes drove improved segment margin realization Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) Segment Revenue ($MM) $7.3 $9.0 2Q25 2Q26 ($0.1) $0.4 2Q25 2Q26 $6.8 $16.2 2Q25 2Q26 $14.2 $37.6 2Q25 2Q26
7 Broadwind | Investor Presentation 2023 Second Quarter 2026 INDUSTRIAL SOLUTIONS SEGMENT Natural gas turbine demand drove revenue growth, record orders and backlog, and margin expansion In 2Q26, segment revenue increased 79% y/y to $13.2 million driven by demand for components serving both new - build and aftermarket applications New - build demand supported record orders; Segment orders increased 24% y/y to a record $17.2 million Record backlog supports future growth; backlog increased 59% y/y in 2Q26 to a record $47.4 million Favorable product mix and improved operating leverage drove increased profitability; segment EBITDA increased to $2.5 million, or 19% of sales Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) EBITDA margin rate +1146 bps y/y to 15.5% $7.4 $13.2 2Q25 2Q26 $0.7 $2.5 2Q25 2Q26 $13.9 $17.2 2Q25 2Q26 $29.9 $47.4 2Q25 2Q26
8 Broadwind | Investor Presentation 2023 Enhanced financial flexibility supports strategic capital deployment and future growth Cash and availability under the credit facility was $40.1 million, or $31.3 million after adjusting for the minimum excess availability requirement under the amended credit agreement, as of June 30, 2026 Capital allocation priorities remain focused on disciplined M&A in complementary, accretive bolt - on acquisitions, organic investments, debt reduction, and opportunistic share repurchases Cash and LOC Availability at Quarter - End ($MM) Total Debt & Finance Leases Outstanding ($MM) Total Inventory ($MM) Second Quarter 2026 BALANCE SHEET UPDATE Total Net Operating Working Capital ($MM) $14.9 $31.3 2Q25 2Q26 $29.0 $6.3 2Q25 2Q26 $27.0 $32.9 2Q25 2Q26 $25.6 $28.2 2Q25 2Q26
APPENDIX
10 Broadwind | Investor Presentation 2023 APPENDIX Balance Sheet
11 Broadwind | Investor Presentation 2023 APPENDIX Income Statement
12 Broadwind | Investor Presentation 2023 APPENDIX Statement of Cash Flows
13 Broadwind | Investor Presentation 2023 APPENDIX GAAP to Non - GAAP Reconciliation Gearing 2026 2025 2026 2025 Loss From Continuing Operations……………..…………...………………………………………(287)$ (878)$ (400)$ (1,839)$ Interest Expense………………………...……………………………… 47 58 96 121 Income Tax Provision…………………...………........……………… 16 1 23 7 Depreciation and Amortization…………….........……………………………………………………530 550 1,059 1,099 Share-based Compensation and Other Stock Payments………………………………………………………………109 123 194 221 Adjusted EBITDA (Non-GAAP)…………….........…………….. 415$ (146)$ 972$ (391)$ Three Months Ended June 30, Six Months Ended June 30, Industrial Solutions 2026 2025 2026 2025 Income From Continuing Operations……………..…………...………………………………………2,000$ 319$ 3,397$ 516$ Interest Expense……………………………………………………. 260 135 432 249 Income Tax Provision………………....……...…………………… 71 23 127 35 Depreciation and Amortization…………………..……………………. 79 114 175 228 Share-based Compensation and Other Stock Payments………...… 74 81 121 135 Adjusted EBITDA (Non-GAAP)……………………………… 2,484$ 672$ 4,252$ 1,163$ Three Months Ended June 30, Six Months Ended June 30, Corporate and Other 2026 2025 2026 2025 Loss From Continuing Operations……………..…………...………………………………………(2,397)$ (2,423)$ (5,278)$ (3,903)$ Interest Expense……………….…………..........……………………...………… 111 398 352 606 Income Tax Expense……………..............................…………...........…………… (63) (22) (74) (25) Depreciation and Amortization……………………………………………………………… 166 68 282 140 Share-based Compensation and Other Stock Payments………………………………………………………………218 250 353 408 Transaction Costs…………….........………………………………………………… 616 83 735 83 Adjusted EBITDA (Non-GAAP)………................………………..……………. (1,349)$ (1,646)$ (3,630)$ (2,691)$ Three Months Ended June 30, Six Months Ended June 30,
14 Broadwind | Investor Presentation 2023 APPENDIX Segment - Level Data
15 Broadwind | Investor Presentation 2023 Please contact our investor relations team at BWEN@val - adv.com IR CONTACT