Broadwind (Nasdaq: BWEN) grows 2025 profit and reaffirms 2026 guidance
Rhea-AI Filing Summary
Broadwind, Inc. reported solid growth for 2025 and reiterated its 2026 outlook. Full-year 2025 revenue rose to $158.1 million, up 10.4% year-over-year, while GAAP net income increased to $5.2 million, or $0.23 per share. Adjusted EBITDA was $8.7 million, or 5.5% of revenue, excluding an $8.2 million gain from the sale of its Manitowoc industrial fabrication operations, which helped streamline the portfolio and improve liquidity.
Fourth-quarter 2025 revenue grew 12.4% year-over-year to $37.7 million, but the company posted a net loss of $0.9 million as margins were pressured by a raw material supply disruption in Heavy Fabrications. Industrial Solutions stood out with 60% revenue growth to $9.4 million and record backlog of $38.1 million, driven by strong natural gas turbine demand.
Management highlighted a net-debt-to-adjusted-EBITDA ratio of 1.6x at year-end and roughly $25 million of cash and availability under its credit facility. For 2026, Broadwind reaffirmed guidance for revenue of $140–$150 million and adjusted EBITDA of $8–$10 million, reflecting divestiture effects but expecting strong organic growth, particularly in power generation and critical infrastructure markets.
Positive
- Full-year profitability and growth: 2025 revenue rose 10.4% to $158.1 million and GAAP net income increased to $5.2 million, supported by portfolio pruning and continued demand in power generation and industrial markets.
Negative
- None.
Insights
Broadwind delivered higher 2025 profits, reshaped its portfolio, and kept 2026 guidance intact.
Broadwind grew 2025 revenue to
Segment data highlight a shift toward power generation and industrial markets. Heavy Fabrications revenue rose on wind-related demand but margins were hit by a directed-buy raw material disruption. Industrial Solutions posted 60% fourth-quarter revenue growth and record backlog of
Leverage at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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On March 11, 2026, Broadwind, Inc. (the “Company”) issued a press release announcing its financial results as of and for the year ended December 31, 2025. 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 March 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 March 11, 2026 | |||
| 99.2 | Investor Presentation dated March 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: March 11, 2026 | By: | /s/ Eric B. Blashford |
| Eric B. Blashford | ||
| President and Chief Executive Officer (Principal Executive Officer) | ||
EXHIBIT 99.1
Broadwind Announces Fourth Quarter and Full-Year 2025 Results
CICERO, Ill., March 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 fourth quarter and full-year 2025.
FOURTH QUARTER 2025 RESULTS
(As compared to the fourth quarter 2024)
- Total revenue of $37.7 million, +12.4% y/y
- GAAP net loss of ($0.9) million, or ($0.04) per share
- Total non-GAAP adjusted EBITDA of $1.9 million, or 5.0% of total revenue (for a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release)
- Ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 1.6x as of December 31, 2025
FULL-YEAR 2025 RESULTS
(As compared to the full-year 2024)
- Total revenue of $158.1 million, +10.4% y/y
- GAAP net income of $5.2 million, or $0.23 per share
- Total non-GAAP adjusted EBITDA of $8.7 million, or 5.5% of total revenue*
*Excludes $8.2 million gain on sale related to the completed divestiture of industrial fabrication operations on September 8, 2025
MANAGEMENT COMMENTARY
“2025 marked a pivotal year in our evolution as a leading precision manufacturing partner to global OEMs,” stated Eric Blashford, President and CEO of Broadwind. “Over the past year, we expanded our presence within a growing set of applications and vertical markets, including power generation, while reinforcing operational rigor and balance sheet discipline across the organization. The divestiture of our industrial fabrication operations in the third quarter represented an important milestone, optimizing our asset base and increasing balance sheet optionality, positioning us to redeploy capital toward higher-value growth opportunities as we enter 2026.”
“Our fourth quarter performance came in-line with the preliminary full-year results we issued in early February 2026,” continued Blashford. “Demand conditions were strong during the fourth quarter, supported by robust project activity across our Gearing and Industrial Solutions segments. Orders grew 38% year-over-year in both segments, reflecting accelerating demand across mid-sized and utility-scale natural gas turbines.”
“In March, we received a $6 million order for precision-machined gearing products used in natural gas turbines,” noted Blashford. “This represents a follow-on order related to one we first announced in July 2025, and we expect fulfillment to occur in the fourth quarter of 2026 and into 2027.”
“We enter 2026 with nearly $25 million of cash and available liquidity to support the profitable growth of our business,” stated Blashford. “At the end of the fourth quarter, our ratio of net debt to trailing-twelve-month adjusted EBITDA was 1.6x, within our targeted range of less than 2.0x. Looking ahead, our capital allocation priorities remain unchanged, as we continue to prioritize a combination of organic growth investments and opportunistic share repurchases, while continuing to evaluate accretive, bolt-on acquisitions that further enhance our capabilities within both new and existing vertical markets.”
“Today, we reiterated our financial guidance for full-year 2026, supported by expectations for continued demand strength as we look toward the balance of the year,” concluded Blashford. “Our fully domestic manufacturing footprint, highly skilled workforce, long-standing OEM partnerships, and deep engineering expertise position Broadwind to capitalize on the multi-year investment cycle underway across power generation and critical infrastructure.”
CONSOLIDATED FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL RESULTS
Broadwind reported a net loss of ($0.9) million, or ($0.04) per share in the fourth quarter 2025, compared to a net loss of ($0.9) million, or ($0.04) per share, in the fourth quarter 2024. The Company reported adjusted EBITDA, a non-GAAP measure, of $1.9 million in the fourth quarter compared to $2.1 million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release.
Fourth quarter results were impacted by a raw material supply disruption associated with an OEM customer’s directed-buy program, which reduced manufacturing throughput and operating efficiency during the period. The Company has implemented corrective actions to address the issue and expects operations to normalize during the first quarter of 2026.
Revenue increased more than 12% on a year-over-year basis in the fourth quarter due to increased sales within the Heavy Fabrications and Industrial Solutions segments, partially offset by lower sales in the Gearing segment. Heavy Fabrications revenue increased 6%, compared to the prior year period, primarily due to increased demand for wind tower sections and repowering adapters. Industrial Solutions revenue grew 60% year-over-year, due primarily to strong demand for natural gas turbine content. While in the Gearing segment, revenue declined year-over-year due to lower customer demand from most markets served, partially offset by increased sales in the power generation and oil & gas verticals.
Total orders increased 3% in the fourth quarter, when compared to the prior year period, led by 38% year-over-year growth in the Gearing and Industrial Solutions segments, partially offset by a 20% year-over-year decline in the Heavy Fabrications segment. Within the Industrial Solutions segment, the backlog reached $38.1 million, a new record during the fourth quarter.
At the end of the fourth quarter, Broadwind had total cash and availability under its credit facility of $25 million. The Company’s ratio of net debt to trailing twelve month Adjusted EBITDA was 1.6x at the end of the fourth quarter 2025.
SEGMENT RESULTS
Heavy Fabrications Segment
Broadwind provides large, complex and precision fabrications, and proprietary industrial processing equipment, to customers in a broad range of industrial markets. Key products include wind towers and compressed natural gas pressure reducing systems.
Heavy Fabrications segment sales increased by 6% to $21.6 million in the fourth quarter 2025, as compared to the prior-year period, primarily driven by a increase in wind-related revenue. The segment reported operating income of $0.4 million in the fourth quarter, as compared to operating income of $1.3 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.6 million in the fourth quarter, as compared to $2.6 million in the prior-year period.
Gearing 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 declined by 8% to $7.0 million in the fourth quarter 2025, as compared to the prior year period, primarily driven by softness in demand from most markets served, partially offset by increasing demand from our power generation and oil & gas verticals. The segment reported an operating loss of ($0.9) million in the fourth quarter, compared to an operating loss of ($0.6) million in the prior year period. Segment non-GAAP adjusted EBITDA was ($0.3) million in the fourth quarter, as compared to $0.1 million in the prior-year period.
Industrial Solutions Segment
Broadwind provides supply chain solutions, light fabrication, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market as well as other clean technology markets.
Industrial Solutions segment sales increased by 60% to $9.4 million in the fourth quarter 2025, as compared to the prior year period, primarily driven by increased demand for natural gas turbine content. The segment reported operating income of $1.3 million in the fourth quarter compared to operating income of $0.4 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.5 million in the fourth quarter, as compared to $0.6 million in the prior year period.
FINANCIAL GUIDANCE
Today, Broadwind reaffirmed its financial guidance for the full-year 2026. The following financial guidance reflects the Company’s current expectations and beliefs. All guidance is current as of the time provided and is subject to change.
| Full-Year 2026 | |||||||
| $ in millions | Low | Midpoint | High | ||||
| Total Revenue | $140.0 | $145.0 | $150.0 | ||||
| Non-GAAP Adjusted EBITDA | $8.0 | $9.0 | $10.0 | ||||
FOURTH QUARTER AND FULL-YEAR 2025 RESULTS CONFERENCE CALL
Broadwind will host a conference call today, March 11, 2026, at 11:00 a.m. ET to review the Company’s financial results and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s corporate website at https://investors.bwen.com/investors. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Live Teleconference: 877-407-9716
To listen to a replay of the teleconference, which will be available through Wednesday, March 18, 2026:
Teleconference Replay: 844-512-2921
Conference ID: 13758099
ABOUT BROADWIND
Broadwind (Nasdaq: BWEN) is a precision manufacturer of structures, equipment and components for
power generation, critical infrastructure, and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com
NON-GAAP FINANCIAL MEASURES
The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share-based compensation and other stock payments, restructuring costs, impairment charges, proxy contest-related expenses, other non-cash gains and losses, and the gain from the sale of the Manitowoc industrial fabrication operations) as supplemental information regarding the Company’s business performance. The Company’s management uses this supplemental information when it internally evaluates its performance, reviews financial trends and makes operating and strategic decisions. The Company believes that this non-GAAP financial measure is useful to investors because it provides investors with a better understanding of the Company’s past financial performance and future results, which allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company's definition of adjusted EBITDA may be different from similar non-GAAP financial measures used by other companies and/or analysts.
FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) our expectations and beliefs with respect to our financial guidance as set forth in the Company’s press releases from time to time; (ii) the impact of global health concerns on the economies and financial markets and the demand for our products; (iii) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related phase out, extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States; (iv) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (v) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (vi) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary; (vii) our ability to continue to grow our business organically and through acquisitions; (viii) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (ix) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (x) the sufficiency of our liquidity and alternate sources of funding, if necessary; (xi) our ability to realize revenue from customer orders and backlog; (xii) the economy and the potential impact it may have on our business, including our customers; (xiii) the state of the wind energy market and other energy and industrial markets generally, including the availability of tax credits, and the impact of competition and economic volatility in those markets; (xiv) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers; (xvi) the effects of the change of administrations in the U.S. federal government; (xvii) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xviii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xix) the effects of proxy contests and actions of activist stockholders; (xx) the limited trading market for our securities and the volatility of market price for our securities; (xxi) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xxii) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1A of our most recently filed Form 10-K and in Part II, Item 1A of our current year Quarterly Reports on Form 10-Q, and in our other filings with the Securities and Exchange Commission. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results.
| BROADWIND, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) | ||||||||||||
| December 31, | December 31, | |||||||||||
| 2025 | 2024 | |||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash | $ | 456 | $ | 7,721 | ||||||||
| Accounts receivable, net | 15,836 | 13,454 | ||||||||||
| AMP credit receivable | 2,564 | 2,533 | ||||||||||
| Contract assets | 900 | 836 | ||||||||||
| Inventories | 42,008 | 39,950 | ||||||||||
| Prepaid expenses and other current assets | 2,503 | 2,374 | ||||||||||
| Total current assets | 64,267 | 66,868 | ||||||||||
| LONG-TERM ASSETS: | ||||||||||||
| Property and equipment, net | 39,464 | 45,572 | ||||||||||
| Operating lease right-of-use assets, net | 11,892 | 13,841 | ||||||||||
| Intangible assets, net | 741 | 1,403 | ||||||||||
| Other assets | 441 | 606 | ||||||||||
| TOTAL ASSETS | $ | 116,805 | $ | 128,290 | ||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Line of credit and current maturities of long-term debt | $ | 5,036 | $ | 1,454 | ||||||||
| Current portion of finance lease obligations | 2,111 | 2,266 | ||||||||||
| Current portion of operating lease obligations | 2,306 | 2,115 | ||||||||||
| Accounts payable | 17,357 | 16,080 | ||||||||||
| Accrued liabilities | 2,182 | 3,605 | ||||||||||
| Customer deposits | 2,692 | 18,037 | ||||||||||
| Total current liabilities | 31,684 | 43,557 | ||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||
| Long-term debt, net of current maturities | 5,094 | 7,742 | ||||||||||
| Long-term finance lease obligations, net of current portion | 2,482 | 3,777 | ||||||||||
| Long-term operating lease obligations, net of current portion | 11,252 | 13,799 | ||||||||||
| Other | 4 | 15 | ||||||||||
| Total long-term liabilities | 18,832 | 25,333 | ||||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||
| STOCKHOLDERS' EQUITY: | ||||||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued | ||||||||||||
| or outstanding | - | - | ||||||||||
| Common stock, $0.001 par value; 45,000,000 shares authorized; 23,584,677 | ||||||||||||
| and 22,593,589 shares issued as of December 31, 2025 and | ||||||||||||
| December 31, 2024, respectively | 24 | 23 | ||||||||||
| Treasury stock, at cost, 273,937 shares as of December 31, 2025 and December 31, 2024, | ||||||||||||
| respectively | (1,842 | ) | (1,842 | ) | ||||||||
| Additional paid-in capital | 403,210 | 401,564 | ||||||||||
| Accumulated deficit | (335,103 | ) | (340,345 | ) | ||||||||
| Total stockholders' equity | 66,289 | 59,400 | ||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 116,805 | $ | 128,290 | ||||||||
| BROADWIND, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) | |||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Revenues | $ | 37,740 | $ | 33,565 | $ | 158,052 | $ | 143,136 | |||||||||||
| Cost of sales | 34,428 | 29,776 | 141,919 | 121,947 | |||||||||||||||
| Gross profit | 3,312 | 3,789 | 16,133 | 21,189 | |||||||||||||||
| OPERATING EXPENSES (INCOME): | |||||||||||||||||||
| Selling, general and administrative | 3,216 | 3,912 | 15,021 | 16,303 | |||||||||||||||
| Loss (gain) on sale of Manitowoc industrial fabrication operations | 13 | - | (8,200 | ) | - | ||||||||||||||
| Intangible amortization | 165 | 165 | 661 | 661 | |||||||||||||||
| Total operating expense, net | 3,394 | 4,077 | 7,482 | 16,964 | |||||||||||||||
| Operating (loss) income | (82 | ) | (288 | ) | 8,651 | 4,225 | |||||||||||||
| OTHER (EXPENSE) INCOME, net: | |||||||||||||||||||
| Interest expense, net | (860 | ) | (762 | ) | (3,386 | ) | (3,078 | ) | |||||||||||
| Other, net | 71 | 77 | 64 | 79 | |||||||||||||||
| Total other expense, net | (789 | ) | (685 | ) | (3,322 | ) | (2,999 | ) | |||||||||||
| Net (loss) income before provision for income taxes | (871 | ) | (973 | ) | 5,329 | 1,226 | |||||||||||||
| (Benefit) provision for income taxes | (9 | ) | (59 | ) | 87 | 74 | |||||||||||||
| NET (LOSS) INCOME | $ | (862 | ) | $ | (914 | ) | $ | 5,242 | $ | 1,152 | |||||||||
| NET (LOSS) INCOME PER COMMON SHARE - BASIC: | |||||||||||||||||||
| Net (loss) income | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.23 | $ | 0.05 | |||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC | 23,243 | 22,172 | 22,873 | 21,896 | |||||||||||||||
| NET (LOSS) INCOME PER COMMON SHARE - DILUTED: | |||||||||||||||||||
| Net (loss) income | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.23 | $ | 0.05 | |||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 23,243 | 22,224 | 22,980 | 21,975 | |||||||||||||||
| BROADWIND, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) | ||||||||||
| Twelve Months Ended December 31, | ||||||||||
| 2025 | 2024 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
| Net income | $ | 5,242 | $ | 1,152 | ||||||
| Adjustments to reconcile net cash (used in) provided by operating activities: | ||||||||||
| Depreciation and amortization expense | 6,310 | 6,684 | ||||||||
| Deferred income taxes | (10 | ) | - | |||||||
| Stock-based compensation | 638 | 1,160 | ||||||||
| Allowance for credit losses | 103 | (5 | ) | |||||||
| Common stock issued under defined contribution 401(k) plan | 1,264 | 1,199 | ||||||||
| Gain on sale of assets | (8,202 | ) | (114 | ) | ||||||
| Changes in operating assets and liabilities: | ||||||||||
| Accounts receivable | (2,485 | ) | 5,782 | |||||||
| AMP credit receivable | (31 | ) | 4,518 | |||||||
| Contract assets | (64 | ) | 624 | |||||||
| Inventories | (2,479 | ) | (2,545 | ) | ||||||
| Prepaid expenses and other current assets | (259 | ) | 1,126 | |||||||
| Accounts payable | 1,358 | (4,392 | ) | |||||||
| Accrued liabilities | (1,423 | ) | (2,872 | ) | ||||||
| Customer deposits | (15,345 | ) | 1,537 | |||||||
| Other non-current assets and liabilities | (2 | ) | (48 | ) | ||||||
| Net cash (used in) provided by operating activities | (15,385 | ) | 13,806 | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
| Purchases of property and equipment | (3,630 | ) | (3,618 | ) | ||||||
| Net proceeds from sale of Manitowoc industrial fabrication operations | 12,522 | - | ||||||||
| Net proceeds from disposals of property and equipment | - | 159 | ||||||||
| Net cash provided by (used in) investing activities | 8,892 | (3,459 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
| Proceeds from line of credit, net | 3,901 | (4,637 | ) | |||||||
| Payments for deferred financing costs | - | (20 | ) | |||||||
| Proceeds from long-term debt | - | 4,107 | ||||||||
| Payments on long-term debt | (2,967 | ) | (1,399 | ) | ||||||
| Payments on finance leases | (1,450 | ) | (1,646 | ) | ||||||
| Shares withheld for taxes in connection with issuance of restricted stock | (256 | ) | (130 | ) | ||||||
| Net cash used in financing activities | (772 | ) | (3,725 | ) | ||||||
| NET (DECREASE) INCREASE IN CASH | (7,265 | ) | 6,622 | |||||||
| CASH beginning of the period | 7,721 | 1,099 | ||||||||
| CASH end of the period | $ | 456 | $ | 7,721 | ||||||
| Supplemental cash flow information: | ||||||||||
| Interest paid | $ | 1,426 | $ | 1,555 | ||||||
| Income taxes paid | $ | 164 | $ | 192 | ||||||
| Non-cash investing and financing activities: | ||||||||||
| Equipment additions via finance lease | $ | - | $ | 1,376 | ||||||
| Non-cash purchases of property and equipment | $ | 80 | $ | 257 | ||||||
| SELECTED SEGMENT FINANCIAL INFORMATION (IN THOUSANDS) (UNAUDITED) | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| ORDERS: | ||||||||||||||||||
| Heavy Fabrications | $ | 17,965 | $ | 22,428 | $ | 42,168 | $ | 53,934 | ||||||||||
| Gearing | 9,688 | 7,016 | 40,324 | 26,562 | ||||||||||||||
| Industrial Solutions | 11,110 | 8,026 | 48,946 | 27,317 | ||||||||||||||
| Total orders | $ | 38,763 | $ | 37,470 | $ | 131,438 | $ | 107,813 | ||||||||||
| REVENUES: | ||||||||||||||||||
| Heavy Fabrications | $ | 21,561 | $ | 20,429 | $ | 101,161 | $ | 82,657 | ||||||||||
| Gearing | 7,049 | 7,630 | 27,368 | 35,588 | ||||||||||||||
| Industrial Solutions | 9,370 | 5,863 | 30,252 | 26,056 | ||||||||||||||
| Corporate and Other | (240 | ) | (357 | ) | (729 | ) | (1,165 | ) | ||||||||||
| Total revenues | $ | 37,740 | $ | 33,565 | $ | 158,052 | $ | 143,136 | ||||||||||
| OPERATING INCOME/(LOSS): | ||||||||||||||||||
| Heavy Fabrications | $ | 384 | $ | 1,296 | $ | 14,619 | $ | 7,128 | ||||||||||
| Gearing | (926 | ) | (567 | ) | (3,188 | ) | (138 | ) | ||||||||||
| Industrial Solutions | 1,309 | 413 | 2,569 | 3,265 | ||||||||||||||
| Corporate and Other | (849 | ) | (1,430 | ) | (5,349 | ) | (6,030 | ) | ||||||||||
| Total operating income (loss) | $ | (82 | ) | $ | (288 | ) | $ | 8,651 | $ | 4,225 | ||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) | |||||||||||||||||
| Consolidated | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Net (Loss) Income | $ | (862 | ) | $ | (914 | ) | $ | 5,242 | $ | 1,152 | |||||||
| Interest Expense | 860 | 762 | 3,386 | 3,078 | |||||||||||||
| Income Tax (Benefit) Provision | (9 | ) | (59 | ) | 87 | 74 | |||||||||||
| Depreciation and Amortization | 1,492 | 1,698 | 6,310 | 6,684 | |||||||||||||
| Share-based Compensation and Other Stock Payments | 406 | 662 | 1,874 | 2,347 | |||||||||||||
| Gain on Sale of Manitowoc Industrial Fabrication Operations | 13 | - | (8,200 | ) | - | ||||||||||||
| Proxy Contest-Related Expenses | - | - | - | (10 | ) | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 1,900 | $ | 2,149 | $ | 8,699 | $ | 13,325 | |||||||||
| Heavy Fabrications Segment | Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net (Loss) Income | $ | (169 | ) | $ | 167 | $ | 12,987 | $ | 6,755 | ||||||
| Interest Expense | 437 | 218 | 1,370 | 1,071 | |||||||||||
| Income Tax Provision (Benefit) | 187 | 991 | 333 | (617 | ) | ||||||||||
| Depreciation | 802 | 1,006 | 3,586 | 3,938 | |||||||||||
| Gain on Sale of Manitowoc Industrial Fabrication Operations | 13 | - | (8,293 | ) | - | ||||||||||
| Share-based Compensation and Other Stock Payments | 283 | 202 | 682 | 791 | |||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 1,553 | $ | 2,584 | $ | 10,665 | $ | 11,938 | |||||||
| Gearing Segment | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Loss | $ | (973 | ) | $ | (651 | ) | $ | (3,421 | ) | $ | (405 | ) | ||||
| Interest Expense | 53 | 75 | 230 | 237 | ||||||||||||
| Income Tax (Benefit) Provision | (5 | ) | 9 | 3 | 30 | |||||||||||
| Depreciation and Amortization | 535 | 556 | 2,171 | 2,183 | ||||||||||||
| Share-based Compensation and Other Stock Payments | 109 | 104 | 441 | 441 | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (281 | ) | $ | 93 | $ | (576 | ) | $ | 2,486 | ||||||
| Industrial Solutions Segment | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net Income | $ | 1,109 | $ | 332 | $ | 1,891 | $ | 2,673 | ||||
| Interest Expense | 173 | 92 | 577 | 517 | ||||||||
| Income Tax Provision (Benefit) | 26 | (13 | ) | 77 | 70 | |||||||
| Depreciation and Amortization | 136 | 113 | 484 | 427 | ||||||||
| Share-based Compensation and Other Stock Payments | 40 | 75 | 237 | 258 | ||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 1,484 | $ | 599 | $ | 3,266 | $ | 3,945 | ||||
| Corporate and Other | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Loss | $ | (829 | ) | $ | (762 | ) | $ | (6,215 | ) | $ | (7,871 | ) | ||||
| Interest Expense | 197 | 377 | 1,209 | 1,253 | ||||||||||||
| Income Tax (Benefit) Provision | (217 | ) | (1,046 | ) | (326 | ) | 591 | |||||||||
| Depreciation and Amortization | 19 | 23 | 69 | 136 | ||||||||||||
| Share-based Compensation and Other Stock Payments | (26 | ) | 281 | 514 | 857 | |||||||||||
| Gain on Sale of Manitowoc Industrial Fabrication Operations | - | - | 93 | - | ||||||||||||
| Proxy Contest-Related Expenses | - | - | - | (10 | ) | |||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | (856 | ) | $ | (1,127 | ) | $ | (4,656 | ) | $ | (5,044 | ) | ||||
IR CONTACT
Noel Ryan or Brian Hawthorne
BWEN@val-adv.com
Exhibit 99.2
1 Broadwind | Investor Presentation 2023 Fourth Quarter and Full - Year 2025 Conference Call Presentation March 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 global health concerns on the economies and financial markets and the demand for our products ; (ii) 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 ; (iii) 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 ; (iv) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow ; (v) 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 ; (vi) our ability to continue to grow our business organically and through acquisitions ; (vii) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows ; (viii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security ; (ix) the sufficiency of our liquidity and alternate sources of funding, if necessary ; (x) our ability to realize revenue from customer orders and backlog ; (xi) the economy and the potential impact it may have on our business, including our customers ; (xii) 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 ; (xiii) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities ; (xiv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers ; (xv) the effects of the change of administrations in the U . S . federal government ; (xvi) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions ; (xvii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986 , as amended ; (xviii) the effects of proxy contests and actions of activist stockholders ; (xix) the limited trading market for our securities and the volatility of market price for our securities ; (xx) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future) ; and (xxi) the impact of future sales of our common stock or securities convertible into our common stock on our stock price . These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1 A of our most recently filed Form 10 - K, in Part II, Item 1 A of our current year Quarterly Reports on Form 10 - Q, and in our other filings with the Securities and Exchange Commission . We are under no duty to update any of these statements . You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change . Accordingly, forward - looking statements should not be relied upon as a predictor of actual results .
PERFORMANCE SUMMARY
4 Broadwind | Investor Presentation 2023 PERFORMANCE UPDATE 4Q25 Performance As of March 2026 New Business Development. In March 2026, awarded a $6 million follow - on order for gearing products from a leading OEM in the natural gas turbine segment of the power generation end - market Robust order growth in the Gearing and BIS segments. Orders increased in both segments 38% y/y due to strong demand for mid - sized and utility - scale natural gas turbines Sustained demand for natural gas turbine content. The backlog for BIS reached a record $38 million in the fourth quarter 2025 Reaffirmed financial guidance for the full - year 2026 guidance as of March 11, 2026 Investment Thesis Building a platform for profitable growth Fourth Quarter 2025 100% domestic precision manufacturing footprint remains a competitive advantage in the current operating environment, given continued focus on reshoring / onshoring trends Trade tariffs and import restrictions on the US onshore wind power sector to benefit domestic wind tower manufacturers Successfully reallocating production capacity toward stable, recurring project revenue streams across diverse end - markets The divestiture of the Manitowoc industrial fabrication operations increases revenue diversification into the power generation and electrification end markets, optimizes asset base, and improves balance sheet flexibility and liquidity Disciplined cost control focus has stabilized gross margin and Adjusted EBITDA margin despite dynamic demand conditions Balance sheet optionality. $25 million in cash and liquidity to support strategic investments in 2026; net leverage of 1.6x Balance sheet optionality enables strategic capital deployment Poised to capitalize on accelerating power generation and critical infrastructure demand
5 Broadwind | Investor Presentation 2023 CONSOLIDATED FINANCIAL PERFORMANCE Strong organic revenue growth from strategic execution, positioned for improved operating leverage Total Revenue ($MM) Gross Profit ($MM) Adjusted EBITDA ($MM) GAAP Net Income (Loss) ($MM) Demand from our core vertical markets drove revenue growth in the fourth quarter Fourth quarter results were in - line with the preliminary full - year results issued on February 5, 2026 Revenue growth was up over 12% y/y to $37.7 million in the fourth quarter 4Q25 gross margin decreased y/y to 8.8% due primarily to a raw material supply issue under a directed - buy program of an OEM customer within the heavy fabrications segment that resulted in reduced manufacturing throughput and operating efficiency $33.6 $37.7 $143.1 $158.1 4Q24 4Q25 2024 2025 $2.1 $1.9 $13.3 $8.7 4Q24 4Q25 2024 2025 $3.8 $3.3 $21.2 $16.1 4Q24 4Q25 2024 2025 ($0.9) ($0.9) $1.2 $5.2 4Q24 4Q25 2024 2025
6 Broadwind | Investor Presentation 2023 Fourth Quarter 2025 HEAVY FABRICATIONS SEGMENT Sustained demand for wind related content drove revenue growth in the fourth quarter Revenue growth in the Heavy Fabrications segment was up 6% y/y to $21.6 million in 4Q25, led by demand for wind towers and repowering adapters 4Q25 segment EBITDA of $1.6 million was impacted by a raw material supply disruption associated with an OEM customer’s directed - buy program Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) $20.4 $21.6 4Q24 4Q25 $2.6 $1.6 4Q24 4Q25 $22.4 $18.0 4Q24 4Q25 $94.2 $32.0 4Q24 4Q25
7 Broadwind | Investor Presentation 2023 Fourth Quarter 2025 GEARING SEGMENT Increased demand from power generation and oil & gas supported revenue in the fourth quarter Segment orders and backlog increased 38% and 102% y/y, respectively in the fourth quarter Segment revenue declined 8% y/y in 4Q25 to $7.0 million, due to softness across most end markets, partially offset by power generation and oil & gas markets 4Q25 segment EBITDA was ($0.3) million due to lower revenue and reduced capacity utilization Subsequent to the end of 4Q25, awarded a $6 million follow - order for gearing products for use in natural gas turbines that are expected to be fulfilled in late 2026 and 2027 Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) Segment Revenue ($MM) $7.6 $7.0 4Q24 4Q25 $0.1 ($0.3) 4Q24 4Q25 $7.0 $9.7 4Q24 4Q25 $12.7 $25.8 4Q24 4Q25
8 Broadwind | Investor Presentation 2023 Fourth Quarter 2025 INDUSTRIAL SOLUTIONS SEGMENT Natural gas turbine content demand drove record backlog in the fourth quarter Segment revenue increased 60% y/y in 4Q25 to $9.4 million In 4Q25, natural gas turbine content demand drove orders and backlog up 38% and 106% y/y, respectively Segment EBITDA increased to $1.5 million, or 15.8% of sales, reflecting improved operating leverage from higher volumes Book - to - bill of 1.2x supports expectations for continued growth in 2026 Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) EBITDA margin rate +1146 bps y/y to 15.5% $5.9 $9.4 4Q24 4Q25 $0.6 $1.5 4Q24 4Q25 $8.0 $11.1 4Q24 4Q25 $18.5 $38.1 4Q24 4Q25
9 Broadwind | Investor Presentation 2023 Ongoing commitment to disciplined balance sheet management and returns - focused capital deployment Net leverage of 1.6x in 4Q25 is within the long - term target range of at or below 2.0x Capital allocation priorities remain debt reduction, organic investments, opportunistic investments in complementary, accretive bolt - on acquisitions, and share repurchases Cash and LOC Availability at Quarter - End ($MM) Net Debt Outstanding ($MM) Total Inventory ($MM) Fourth Quarter 2025 BALANCE SHEET UPDATE Total Net Operating Working Capital ($MM) $32.6 $25.0 4Q24 4Q25 $7.5 $14.3 4Q24 4Q25 $19.3 $37.8 4Q24 4Q25 $40.0 $42.0 4Q24 4Q25
10 Broadwind | Investor Presentation 2023 Demand conditions support strong organic growth in 2026 Reaffirmed full - year 2026 guidance with revenue in the range of $140 to $150 million and Adjusted EBITDA in the range of $8 to $10 million At the midpoint of our 2026 financial guidance, organic growth is expected to be more than 20%, when compared to the full - year 2025, excluding financial contributions from the recently divested Manitowoc facility, which was completed on September 8, 2025 In 2025, Broadwind recognized approximately $41 million of revenue associated with the Manitowoc facility. As previously disclosed, the Manitowoc facility generated approximately $25 million of revenue in 2024. Total Revenue Range ($MM) Total Adjusted EBITDA Range ($MM) As of March 11, 2026 FULL - YEAR 2026 FINANCIAL GUIDANCE $158.1 2025A 2026E $150 $140 $8.7 2025A 2026E $10 $8
APPENDIX
12 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 US domestic wind energy 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, power generation, 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
13 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 51% of Proforma 2025 Revenue (1) 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 (1) 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 (1) 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 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) Proforma 2025 revenue is calculated excluding the Manitowoc industrial fabrication operations.
14 Broadwind | Investor Presentation 2023 APPENDIX Balance Sheet
15 Broadwind | Investor Presentation 2023 APPENDIX Income Statement
16 Broadwind | Investor Presentation 2023 APPENDIX Statement of Cash Flows
17 Broadwind | Investor Presentation 2023 APPENDIX GAAP to Non - GAAP Reconciliation
18 Broadwind | Investor Presentation 2023 APPENDIX Segment - Level Data Three Months Ended Twelve Months Ended 2025 2024 2025 2024 ORDERS: Heavy Fabrications………………………………………………………………17,965$ 22,428$ 42,168$ 53,934$ Gearing………………………………………………………………9,688 7,016 40,324 26,562 Industrial Solutions………………………………………………………………11,110 8,026 48,946 27,317 Total orders………………………………...………………38,763$ 37,470$ 131,438$ 107,813$ REVENUES: Heavy Fabrications………………………………………………………………21,561$ 20,429$ 101,161$ 82,657$ Gearing………………………………………………………………7,049 7,630 27,368 35,588 Industrial Solutions………………………………………………………………9,370 5,863 30,252 26,056 Corporate and Other……………………………………………………………(240) (357) (729) (1,165) Total revenues…………………………………..……………………37,740$ 33,565$ 158,052$ 143,136$ OPERATING INCOME/(LOSS): Heavy Fabrications………………………………………………………………384$ 1,296$ 14,619$ 7,128$ Gearing………………………………………………………………(926) (567) (3,188) (138) Industrial Solutions………………………………………………………………1,309 413 2,569 3,265 Corporate and Other……………………………………………………………(849) (1,430) (5,349) (6,030) Total operating income (loss)……………………………………(82)$ (288)$ 8,651$ 4,225$ December 31, December 31,
19 Broadwind | Investor Presentation 2023 Please contact our investor relations team at BWEN@val - adv.com IR CONTACT
FAQ
How did Broadwind (BWEN) perform financially in full-year 2025?
What were Broadwind’s fourth-quarter 2025 results?
What guidance did Broadwind (BWEN) provide for full-year 2026?
How did Broadwind’s segments perform in fourth-quarter 2025?
What is Broadwind’s balance sheet and leverage position at year-end 2025?
How did the Manitowoc divestiture affect Broadwind’s 2025 results?
What new orders and backlog trends did Broadwind highlight?
Filing Exhibits & Attachments
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