UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 13, 2025
_______________________________
BROADWIND, INC.
(Exact name of registrant as specified in its charter)
_______________________________
| Delaware | 001-34278 | 88-0409160 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
3240 South Central Avenue
Cicero, Illinois 60804
(Address of Principal Executive Offices) (Zip Code)
(708) 780-4800
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
_______________________________
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:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.001 par value | BWEN | The NASDAQ Capital Market |
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).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On May 13, 2025, Broadwind, Inc. (the “Company”) issued a press release announcing its financial results as of and for the quarter ended March 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 May 13, 2025, is incorporated herein by reference and attached hereto as Exhibit 99.2.
The information contained in, or incorporated into, this Item 7.01 of this Report, including Exhibit 99.2 attached hereto, is furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act regardless of any general incorporation language in such filings.
This Report shall not be deemed an admission as to the materiality of any information in this Report that is being disclosed pursuant to Regulation FD.
Please refer to Exhibit 99.2 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.
(d) Exhibits
| EXHIBIT NUMBER | DESCRIPTION | |||
| 99.1 | Press Release dated May 13, 2025 | |||
| 99.2 | Investor Presentation dated May 13, 2025 | |||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BROADWIND, INC. | ||
| Date: May 13, 2025 | By: | /s/ Eric B. Blashford |
| Eric B. Blashford | ||
| President and Chief Executive Officer (Principal Executive Officer) |
||
EXHIBIT 99.1
Broadwind Announces First Quarter 2025 Results
CICERO, Ill., May 13, 2025 (GLOBE NEWSWIRE) -- Broadwind (Nasdaq: BWEN, or the “Company”), a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the first quarter 2025.
FIRST QUARTER 2025 RESULTS
Broadwind reported a net loss of ($0.4) million, or ($0.02) per diluted share in the first quarter 2025, compared to net income of $1.5 million, or $0.07 per diluted share, in the first quarter 2024. The Company reported adjusted EBITDA, a non-GAAP measure, of $2.4 million in the first quarter compared to $4.2 million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release.
Revenue declined 2.1% on a year-over-year basis in the first quarter, primarily due to lower sales volume across the mining, oil & gas, and natural gas turbine end-markets, partly offset by stronger sales from the wind market. Revenue in the Heavy Fabrications segment increased 14.7% compared to the prior year period, primarily due to increased demand for wind repowering adapters. In the Gearing segment, revenue decreased 28.4% compared to the prior year period primarily due to lower demand in the mining and oil & gas end-markets. Within the Industrials Solutions segment, revenue decreased 29.3% compared to the prior year period, primarily due to lower shipments for aftermarket natural gas turbine content.
Total orders increased 5% in the first quarter, when compared to the prior year period, benefiting from increased customer demand for repowering adapters in the Heavy Fabrications segment, and natural gas turbine content in the Industrial Solutions segment. Within the Industrial Solutions segment, both orders and backlog reached record levels for the second consecutive quarter. The consolidated backlog decreased on a sequential basis to $117.0 million as of March 31, 2025.
At the end of the first quarter, Broadwind had total cash on hand and availability under its credit facility of $22.6 million. The Company’s ratio of net debt to trailing twelve month non-GAAP adjusted EBITDA was 1.4x at the end of the first quarter 2025.
MANAGEMENT COMMENTARY
“Customer activity continues to strengthen with orders increasing 5% on year-over-year basis, outpacing the average level seen over the past two years,” stated Eric Blashford, President and CEO of Broadwind. “With all five of our plants located within the United States we have limited direct exposure to the impact of U.S. trade policies. Therefore, our focus is to continue our diversification strategy directed at growing markets such as power generation and infrastructure, improving our operational efficiency, and increasing asset utilization, to expand profitability throughout 2025.”
“Demand for wind repowering adapters and natural gas turbine content drove the increase in total orders in the first quarter compared to the same period a year ago,” continued Blashford. “The Industrial Solutions segment recorded another record high of $10.1 million in orders this quarter, up 38% on a year-over-year basis. Orders for our PRS products, and within our mining end market were softer this quarter. However, we expect steady improvements in order activity across our diverse end-markets for the balance of this year.”
“Within our Gearing segment we entered the power generation market having secured greater than $2 million of related orders from a leading OEM of natural gas turbines,” continued Blashford. “Recent investments in industry leading machining capabilities and quality certifications, supported by our 100% U.S.-based manufacturing footprint, gives us a competitive advantage in growing end-markets like power generation.”
"Despite adverse product mix and supply chain delays impacting some deliveries, we delivered non-GAAP adjusted EBITDA margin of 6.4% during the first quarter," continued Blashford. "Our lean operations, cost management and customer focus position us to continue delivering profitable growth.”
“As of March 31, 2025, our net leverage was 1.4x, well within our target range of at or below 2.0x,” noted Blashford. “We had $22.6 million of available cash and liquidity to support our operations at the end of the first quarter.”
“Looking ahead to the rest of the year, we are reiterating our financial guidance for the full year 2025,” concluded Blashford. “Driven by improving orders, we see continuing momentum as we grow our core non-wind markets. With a policy environment that currently favors domestic manufacturers and limited exposure to evolving U.S. trade policies, we believe that our business is uniquely positioned for profitable growth through the cycle.”
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 repowering adapters, compressed natural gas pressure reducing systems and industrial fabrications, including mining and material handling components and other frames/structures.
Heavy Fabrications segment sales increased by 14.7% to $25.2 million in the first quarter 2025, as compared to the prior year period, primarily driven by increased demand for wind repowering adapters. The segment reported operating income of $2.2 million in the first quarter, as compared to operating income of $2.0 million in the prior year period. Segment non-GAAP adjusted EBITDA was $3.4 million in the first quarter, as compared to $3.1 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 oil & gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets.
Gearing segment sales declined by 28.4% to $6.0 million in the first quarter 2025, as compared to the prior year period, primarily driven by softness in demand from our mining and oil & gas end-markets. The segment reported an operating loss of ($0.9) million in the first quarter, compared to operating income of $0.03 million in the prior year period. Segment non-GAAP adjusted EBITDA was ($0.2) million in the first quarter, as compared to $0.7 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 declined by 29.3% to $5.6 million in the first quarter 2025, as compared to the prior year period, primarily driven by lower shipments of natural gas turbine content. The segment reported operating income of $0.3 million in the first quarter compared to operating income of $1.8 million in the prior year period. Segment non-GAAP adjusted EBITDA was $0.5 million in the first quarter, as compared to $1.9 million in the prior year period.
FINANCIAL GUIDANCE
Today, Broadwind reiterated financial guidance for the full year 2025. 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 2025 | |||||||
| $ in Millions | Low | Mid | High | ||||
| Total Revenue | $ | 140 | $ | 150 | $ | 160 | |
| Adjusted EBITDA | $ | 13 | $ | 14 | $ | 15 | |
FIRST QUARTER 2025 RESULTS CONFERENCE CALL
Broadwind will host a conference call today, May 13, 2025, at 11:00 a.m. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s corporate website at https://investors.bwen.com/investors. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
| Live Teleconference: | 877-407-9716 | |
| To listen to a replay of the teleconference, which will be available through Tuesday, May 20, 2025: | ||
| Teleconference Replay: | 844-512-2921 | |
| Conference ID: | 13752898 | |
ABOUT BROADWIND
Broadwind (Nasdaq: BWEN) is a precision manufacturer of structures, equipment and components for clean tech 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 and other non-cash gains and losses) 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 this release; (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 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 (including our ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer); (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. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results.
| BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) |
||||||||||
| March 31, | December 31, | |||||||||
| 2025 | 2024 | |||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash | $ | 1,204 | $ | 7,721 | ||||||
| Accounts receivable, net | 11,166 | 13,454 | ||||||||
| AMP credit receivable | 2,566 | 2,533 | ||||||||
| Contract assets | 926 | 836 | ||||||||
| Inventories | 49,516 | 39,950 | ||||||||
| Prepaid expenses and other current assets | 2,768 | 2,374 | ||||||||
| Total current assets | 68,146 | 66,868 | ||||||||
| LONG-TERM ASSETS: | ||||||||||
| Property and equipment, net | 45,023 | 45,572 | ||||||||
| Operating lease right-of-use assets, net | 14,355 | 13,841 | ||||||||
| Intangible assets, net | 1,237 | 1,403 | ||||||||
| Other assets | 557 | 606 | ||||||||
| TOTAL ASSETS | $ | 129,318 | $ | 128,290 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Line of credit and current maturities of long-term debt | $ | 4,816 | $ | 1,454 | ||||||
| Current portion of finance lease obligations | 2,257 | 2,266 | ||||||||
| Current portion of operating lease obligations | 2,306 | 2,115 | ||||||||
| Accounts payable | 22,967 | 16,080 | ||||||||
| Accrued liabilities | 3,890 | 3,605 | ||||||||
| Customer deposits | 8,876 | 18,037 | ||||||||
| Total current liabilities | 45,112 | 43,557 | ||||||||
| LONG-TERM LIABILITIES: | ||||||||||
| Long-term debt, net of current maturities | 7,375 | 7,742 | ||||||||
| Long-term finance lease obligations, net of current portion | 3,423 | 3,777 | ||||||||
| Long-term operating lease obligations, net of current portion | 14,094 | 13,799 | ||||||||
| Other | 5 | 15 | ||||||||
| Total long-term liabilities | 24,897 | 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; 22,902,433 | ||||||||||
| and 22,593,589 shares issued as of March 31, 2025 and | ||||||||||
| December 31, 2024, respectively | 23 | 23 | ||||||||
| Treasury stock, at cost, 273,937 shares as of March 31, 2025 and December 31, 2024, | ||||||||||
| respectively | (1,842 | ) | (1,842 | ) | ||||||
| Additional paid-in capital | 401,843 | 401,564 | ||||||||
| Accumulated deficit | (340,715 | ) | (340,345 | ) | ||||||
| Total stockholders' equity | 59,309 | 59,400 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 129,318 | $ | 128,290 | ||||||
| BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) | |||||||||
| Three Months Ended March 31, | |||||||||
| 2025 | 2024 | ||||||||
| Revenues | $ | 36,838 | $ | 37,616 | |||||
| Cost of sales | 32,512 | 30,979 | |||||||
| Gross profit | 4,326 | 6,637 | |||||||
| OPERATING EXPENSES: | |||||||||
| Selling, general and administrative | 3,977 | 4,394 | |||||||
| Intangible amortization | 165 | 165 | |||||||
| Total operating expenses | 4,142 | 4,559 | |||||||
| Operating income | 184 | 2,078 | |||||||
| OTHER (EXPENSE) INCOME, net: | |||||||||
| Interest expense, net | (516 | ) | (532 | ) | |||||
| Other, net | (2 | ) | 3 | ||||||
| Total other expense, net | (518 | ) | (529 | ) | |||||
| Net (loss) income before provision for income taxes | (334 | ) | 1,549 | ||||||
| Provision for income taxes | 36 | 39 | |||||||
| NET (LOSS) INCOME | $ | (370 | ) | $ | 1,510 | ||||
| NET (LOSS) INCOME PER COMMON SHARE - BASIC: | |||||||||
| Net (loss) income | $ | (0.02 | ) | $ | 0.07 | ||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC | 22,361 | 21,595 | |||||||
| NET (LOSS) INCOME PER COMMON SHARE - DILUTED: | |||||||||
| Net (loss) income | $ | (0.02 | ) | $ | 0.07 | ||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 22,361 | 21,807 | |||||||
| BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) | ||||||||||
| Three Months Ended March 31, | ||||||||||
| 2025 | 2024 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
| Net (loss) income | $ | (370 | ) | $ | 1,510 | |||||
| Adjustments to reconcile net cash (used in) provided by operating activities: | ||||||||||
| Depreciation and amortization expense | 1,702 | 1,596 | ||||||||
| Deferred income taxes | (11 | ) | (8 | ) | ||||||
| Stock-based compensation | 189 | 225 | ||||||||
| Allowance for credit losses | (16 | ) | (2 | ) | ||||||
| Common stock issued under defined contribution 401(k) plan | 286 | 287 | ||||||||
| Changes in operating assets and liabilities: | ||||||||||
| Accounts receivable | 2,304 | 4,632 | ||||||||
| AMP credit receivable | (33 | ) | 5,319 | |||||||
| Contract assets | (90 | ) | 800 | |||||||
| Inventories | (9,566 | ) | 19 | |||||||
| Prepaid expenses and other current assets | (394 | ) | 635 | |||||||
| Accounts payable | 6,815 | (4,005 | ) | |||||||
| Accrued liabilities | 285 | (71 | ) | |||||||
| Customer deposits | (9,161 | ) | (5,097 | ) | ||||||
| Other non-current assets and liabilities | 23 | 17 | ||||||||
| Net cash (used in) provided by operating activities | (8,037 | ) | 5,857 | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
| Purchases of property and equipment | (916 | ) | (1,744 | ) | ||||||
| Net cash used in investing activities | (916 | ) | (1,744 | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
| Proceeds from (payments on) line of credit, net | 3,356 | (4,657 | ) | |||||||
| Proceeds from long-term debt | - | 1,244 | ||||||||
| Payments on long-term debt | (361 | ) | (325 | ) | ||||||
| Payments on finance leases | (363 | ) | (401 | ) | ||||||
| Shares withheld for taxes in connection with issuance of restricted stock | (196 | ) | - | |||||||
| Net cash provided by (used in) financing activities | 2,436 | (4,139 | ) | |||||||
| 0.0 | % | - | ||||||||
| NET DECREASE IN CASH | (6,517 | ) | (26 | ) | ||||||
| CASH beginning of the period | 7,721 | 1,099 | ||||||||
| CASH end of the period | $ | 1,204 | $ | 1,073 | ||||||
| BROADWIND, INC. AND SUBSIDIARIES SELECTED SEGMENT FINANCIAL INFORMATION (IN THOUSANDS) (UNAUDITED) |
|||||||||||
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| ORDERS: | |||||||||||
| Heavy Fabrications | $ | 12,391 | $ | 11,221 | |||||||
| Gearing | 7,960 | 10,446 | |||||||||
| Industrial Solutions | 10,104 | 7,329 | |||||||||
| Total orders | $ | 30,455 | $ | 28,996 | |||||||
| REVENUES: | |||||||||||
| Heavy Fabrications | $ | 25,248 | $ | 22,016 | |||||||
| Gearing | 5,966 | 8,337 | |||||||||
| Industrial Solutions | 5,647 | 7,994 | |||||||||
| Corporate and Other | (23 | ) | (731 | ) | |||||||
| Total revenues | $ | 36,838 | $ | 37,616 | |||||||
| OPERATING INCOME/(LOSS): | |||||||||||
| Heavy Fabrications | $ | 2,241 | $ | 2,046 | |||||||
| Gearing | (892 | ) | 25 | ||||||||
| Industrial Solutions | 330 | 1,767 | |||||||||
| Corporate and Other | (1,495 | ) | (1,760 | ) | |||||||
| Total operating income (loss) | $ | 184 | $ | 2,078 | |||||||
| BROADWIND, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) |
|||||||||
| Consolidated | Three Months Ended March 31, | ||||||||
| 2025 | 2024 | ||||||||
| Net (Loss) Income | $ | (370 | ) | $ | 1,510 | ||||
| Interest Expense | 516 | 532 | |||||||
| Income Tax Provision | 36 | 39 | |||||||
| Depreciation and Amortization | 1,702 | 1,596 | |||||||
| Share-based Compensation and Other Stock Payments | 484 | 503 | |||||||
| Proxy Contest-Related Expenses | - | (10 | ) | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | 2,368 | $ | 4,170 | |||||
| Heavy Fabrications Segment | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Net Income | $ | 1,717 | $ | 2,587 | ||||
| Interest Expense | 147 | 89 | ||||||
| Income Tax Provision (Benefit) | 378 | (630 | ) | |||||
| Depreciation | 1,021 | 911 | ||||||
| Share-based Compensation and Other Stock Payments | 185 | 178 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | 3,448 | $ | 3,135 | ||||
| Gearing Segment | Three Months Ended March 31, | ||||||||
| 2025 | 2024 | ||||||||
| Net Loss | $ | (961 | ) | $ | (35 | ) | |||
| Interest Expense | 63 | 54 | |||||||
| Income Tax Provision | 6 | 7 | |||||||
| Depreciation and Amortization | 549 | 540 | |||||||
| Share-based Compensation and Other Stock Payments | 99 | 102 | |||||||
| Adjusted EBITDA (Non-GAAP) | $ | (244 | ) | $ | 668 | ||||
| Industrial Solutions Segment | Three Months Ended March 31, | |||||||
| 2025 | 2024 | |||||||
| Net Income | $ | 196 | $ | 1,584 | ||||
| Interest Expense | 114 | 163 | ||||||
| Income Tax Provision | 13 | 23 | ||||||
| Depreciation and Amortization | 114 | 100 | ||||||
| Share-based Compensation and Other Stock Payments | 54 | 50 | ||||||
| Adjusted EBITDA (Non-GAAP) | $ | 491 | $ | 1,920 | ||||
| Corporate and Other | Three Months Ended March 31, | |||||||||
| 2025 | 2024 | |||||||||
| Net Loss | $ | (1,322 | ) | $ | (2,626 | ) | ||||
| Interest Expense | 192 | 226 | ||||||||
| Income Tax (Benefit) Provision | (361 | ) | 639 | |||||||
| Depreciation and Amortization | 18 | 45 | ||||||||
| Share-based Compensation and Other Stock Payments | 146 | 173 | ||||||||
| Proxy Contest-Related Expenses | - | (10 | ) | |||||||
| Adjusted EBITDA (Non-GAAP) | $ | (1,327 | ) | $ | (1,553 | ) | ||||
IR CONTACT
Noel Ryan, IRC
BWEN@val-adv.com
Exhibit 99.2


1 Broadwind | Investor Presentation 2023 First Quarter 2025 Conference Call Presentation May 13, 2025 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 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 (including our ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer) ; (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 and 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 1Q25 Performance As of May 2025 Strategic asset utilization. Recent growth in new orders should support improved utilization in 2025 Orders grew 5% y/y . Order growth remained above the average level seen over the past two years Continued demand for Industrial Solutions. Orders and backlog reached a record high for the second consecutive quarter Reiterated full - year 2025 financial guidance, positioned to realize operating leverage throughout the year Investment Thesis Building a platform for profitable growth First Quarter 2025 Business Update 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 We are successfully reallocating production capacity toward stable, recurring project revenue streams across diverse end - markets Disciplined cost control focus stabilized gross margin and Adjusted EBITDA margin despite dynamic demand conditions $23 million of cash and availability under credit facility as of March 31, 2025, with ratio of net debt to trailing 12 - month Adjusted EBITDA of 1.4x Improving customer activity and operational discipline sets the stage for expanding margins Sustained operational discipline.

Lean operational efficiency and expense management supported the Adjusted EBITDA margin during a period of lower demand Positioned to achieve 2025 guidance as order rates continued to grow in 1Q25 5 Broadwind | Investor Presentation 2023 $1.5 ($0.4) 1Q24 1Q25 $4.2 $2.4 1Q24 1Q25 $6.6 $4.3 1Q24 1Q25 $37.6 $36.8 1Q24 1Q25 Positioned to drive operating leverage with improving customer activity and operational discipline CONSOLIDATED FINANCIAL PERFORMANCE Total Revenue ($MM) Gross Profit ($MM) Adjusted EBITDA ($MM) GAAP Net Income (Loss) ($MM) Improved demand from the wind market was offset by lower customer demand from the mining, oil & gas and natural gas turbine end - markets, with the product mix primarily weighing on margins Year - over - year revenue declines in Gearing and Industrial Solutions were partially offset by increased demand for wind repowering adapters in Heavy Fabrications Gross margin decreased y/y to 11.7% in 1Q25, but increased 45 bps sequentially Adjusted EBITDA margin was down y/y to 6.4%, but was flat sequentially, despite the unfavorable product mix and supply chain delays 6 Broadwind | Investor Presentation 2023 $22.0 $25.2 1Q24 1Q25 First Quarter 2025 HEAVY FABRICATIONS SEGMENT Demand from the wind market drove growing revenues and orders Customer activity in the wind end - market improved in the first quarter as demand for wind towers and wind repowering adapters increased on year - over - year basis Segment EBITDA margin decreased y/y to 13.7% in 1Q25, due to the increased number of lower margin wind repowering adapters sold.


However, the segment EBITDA margin increased ~100 bps sequentially Orders increased +10.4% y/y to $12.4 million Segment backlog of $79.3 million at quarter end Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) $3.1 $3.4 1Q24 1Q25 $11.2 $12.4 1Q24 1Q25 $120.0 $79.3 1Q24 1Q25 7 Broadwind | Investor Presentation 2023 First Quarter 2025 GEARING SEGMENT Book - to - bill sets the tone for 2025, as order and backlog activity improved on a sequential basis Segment book - to - bill of 1.3x, matches the segment peak over the past two years Orders decreased by 23.8% y/y to $8.0 million in 1Q25, but increased +13.5% sequentially due to demand from a leading OEM of natural gas turbines in the power generation market, resulting from recent investments in leading machine capabilities and quality certifications Segment revenue declined 28.4% y/y in 1Q25, due to ongoing softness in the mining and oil & gas end - markets Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) Segment Revenue ($MM) $8.3 $6.0 1Q24 1Q25 $0.7 ($0.2) 1Q24 1Q25 $10.4 $8.0 1Q24 1Q25 $23.8 $14.7 1Q24 1Q25 8 Broadwind | Investor Presentation 2023 First Quarter 2025 INDUSTRIAL SOLUTIONS SEGMENT Segment demand drove record orders and backlog for the second consecutive quarter in 1Q25 Demand for natural gas turbine content drove orders and backlog up +38% y/y and +42% y/y, respectively Book - to - bill reached 1.8x, the highest level seen in over three years Revenue decreased to $5.6 million due to supply chain delays and timing of shipments Segment EBITDA decreased to $0.5 million due to a decline in shipments and adding headcount to meet increased volume levels and quality requirements Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) EBITDA margin rate +1146 bps y/y to 15.5% $8.0 $5.6 1Q24 1Q25 $7.3 $10.1 1Q24 1Q25 $16.1 $22.9 1Q24 1Q25 $1.9 $0.5 1Q24 1Q25


9 Broadwind | Investor Presentation 2023 $22.4 $22.6 1Q24 1Q25 Leverage and liquidity profiles support strategic long - term growth drivers of the business Capital allocation priorities include debt reduction, organic investments in IP; and opportunistic investments in complementary, immediately accretive bolt - on acquisitions $22.6 million of cash and availability under credit facility as of 1Q25 Net leverage of 1.4x at March 31, 2025, well within the target range of at or below 2.0x Cash and LOC Availability at Quarter - End ($MM) Net Debt Outstanding ($MM) Total Inventory ($MM) First Quarter 2025 BALANCE SHEET UPDATE Total Net Operating Working Capital ($MM) $12.6 $16.7 1Q24 1Q25 $24.3 $28.8 1Q24 1Q25 $37.4 $49.5 1Q24 1Q25 10 Broadwind | Investor Presentation 2023 Reiterating Full - Year 2025 revenue and Adjusted EBITDA guidance Guidance supported by commercial focus within high - value fabrications markets; continued prioritization of asset optimization and operational discipline Assumes approximately 50% utilization within our Heavy Fabrications facilities in 2025 Expect consistent onshore wind demand through 2026 Total Revenue Range ($MM) Total Adjusted EBITDA Range ($MM) As of May 13, 2025 FULL - YEAR 2025 FINANCIAL GUIDANCE $143.1 $140 $160 2024A 2025E $13.3 $13 $15 2024A 2025E


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 to customers in a broad range of industrial markets, as well as proprietary clean fuel processing systems.

Key products include wind towers, PRS units and industrial fabrications, which include components for mining, construction, marine, material handling and other applications Heavy Fabrications Segment 58% of 2024 Revenue 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 25% of 2024 Revenue 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 17% of 2024 Revenue 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 Manitowoc, WI Tower Manufacturing Industrial Fabrications Facility 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 and Gearbox Repair Facility OUR BUSINESS Building a platform sustained, profitable growth and long - term value creation 14 Broadwind | Investor Presentation 2023 INFLATION REDUCTION ACT IMPACT BENEFIT At full utilization, IRA could provide up to ~$30 million in incremental annual gross profit Broadwind is prepared to leverage the benefits of the IRA to create shareholder value The IRA serves to materially enhance tower production economics The IRA, which passed into law in 2022, provides critical industries, including those supporting the energy transition, with tax credits designed to accelerate a generational shift in the energy production mix from fossil fuels toward renewable energy, including wind.

Included within section 45x of the IRA is a provision for a new advanced manufacturing tax credit Theoretical IRA Benefit to Broadwind Quantifying potential impact of the 45x advanced manufacturing credit Theoretical annual gross profit benefit to Broadwind $30 million Annual tower production @ 100% utilization (1) 325 towers Average MW per Tower (2) 3.1 avg. MW per tower Total Watts per MW 1,000,000 Cents Per Watt (3) $0.03 per watt Financial benefit of 45x credit per MW (4) $30,000 Average benefit per tower (5) $93,000 (1) Broadwind has an estimated 1,300 sections of annual optimal tower capacity; assuming each tower is four sections, the Company has the theoretical capacity to produce up to 325 towers (2) Common OEM platforms range from 2.8 to 3.4 MW per tower (3) As defined in the Inflation Reduction Act of 2022, section 45x (B)(2)(A)(0) (4) $0.03 x 1,000,000 watts per MW (5) Assuming average MW per tower of 3.1 15 Broadwind | Investor Presentation 2023 APPENDIX Balance Sheet


16 Broadwind | Investor Presentation 2023 APPENDIX Income Statement 17 Broadwind | Investor Presentation 2023 APPENDIX Statement of Cash Flows


18 Broadwind | Investor Presentation 2023 APPENDIX GAAP to Non - GAAP Reconciliation Consolidated 2025 2024 Net (Loss) Income……………..…………...………………………………………(370)$ 1,510$ Interest Expense…………………….……………………………………. 516 532 Income Tax Provision…………………………….....…………………… 36 39 Depreciation and Amortization………………..……………………………………………………1,702 1,596 Share-based Compensation and Other Stock Payments………………………………………………………………484 503 Proxy Contest-Related Expenses………....................…………… - (10) Adjusted EBITDA (Non-GAAP)…………………………. 2,368$ 4,170$ Three Months Ended March 31, Heavy Fabrications Segment 2025 2024 Net Income……………………...…………………………….……. 1,717$ 2,587$ Interest Expense……………………………..……………………. 147 89 Income Tax Provision (Benefit)……..…………………...…………………… 378 (630) Depreciation……………………………………………………………… 1,021 911 Share-based Compensation and Other Stock Payments………………………………………………………………185 178 Adjusted EBITDA (Non-GAAP)…………………………….. 3,448$ 3,135$ Three Months Ended March 31, Gearing Segment 2025 2024 Net Loss……………………...……………………...……………. (961)$ (35)$ Interest Expense………………………...……………………………… 63 54 Income Tax Provision…………………...………........……………… 6 7 Depreciation and Amortization…………….........……………………………………………………549 540 Share-based Compensation and Other Stock Payments………………………………………………………………99 102 Adjusted EBITDA (Non-GAAP)…………….........…………….. (244)$ 668$ Three Months Ended March 31, Industrial Solutions Segment 2025 2024 Net Income……………………...……...……………………………. 196$ 1,584$ Interest Expense……………………………………………………. 114 163 Income Tax Provision…………………...…………………… 13 23 Depreciation and Amortization…………………..……………………. 114 100 Share-based Compensation and Other Stock Payments………...… 54 50 Adjusted EBITDA (Non-GAAP)……………………………… 491$ 1,920$ Three Months Ended March 31, Corporate and Other 2025 2024 Net Loss………………………..……...……………………………. (1,322)$ (2,626)$ Interest Expense……………….……………………………...………… 192 226 Income Tax (Benefit) Provision ……………………...........…………… (361) 639 Depreciation and Amortization………………………………………………………………18 45 Share-based Compensation and Other Stock Payments………………………………………………………………146 173 Proxy Contest-Related Expenses…………………………………...…………………….- (10) Adjusted EBITDA (Non-GAAP)……………………..…………….

(1,327)$ (1,553)$ Three Months Ended March 31, 19 Broadwind | Investor Presentation 2023 APPENDIX Segment - Level Data Three Months Ended 2025 2024 ORDERS: Heavy Fabrications………………………………………………………………12,391$ 11,221$ Gearing………………………………………………………………7,960 10,446 Industrial Solutions………………………………………………………………10,104 7,329 Total orders………………………………...………………30,455$ 28,996$ REVENUES: Heavy Fabrications………………………………………………………………25,248$ 22,016$ Gearing………………………………………………………………5,966 8,337 Industrial Solutions………………………………………………………………5,647 7,994 Corporate and Other……………………………………………………………(23) (731) Total revenues…………………………………..……………………36,838$ 37,616$ OPERATING INCOME/(LOSS): Heavy Fabrications………………………………………………………………2,241$ 2,046$ Gearing………………………………………………………………(892) 25 Industrial Solutions………………………………………………………………330 1,767 Corporate and Other……………………………………………………………(1,495) (1,760) Total operating income (loss)……………………………………184$ 2,078$ March 31, 20 Broadwind | Investor Presentation 2023 Please contact our investor relations team at BWEN@val - adv.com IR CONTACT
