BROADWIND, INC. BWEN
Broadwind is a precision manufacturer of structures, equipment and components for power generation, critical infrastructure, and other specialized applications. We provide technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the "U.S."). Our capabilities include but are not limited to the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly, engineering and packaging solutions.
We were incorporated in 1996 in Nevada as Blackfoot Enterprises, Inc., and through a series of subsequent transactions, became Broadwind Energy, Inc., a Delaware corporation, in 2008. Through acquisitions in 2007 and 2008, we focused on expanding upon our core platform as a wind tower manufacturer, established our Gearing segment, and developed and broadened our industrial fabrications capabilities. In early 2017, we acquired Red Wolf Company, LLC, a kitter and assembler of industrial components primarily supporting the global gas turbine market. In 2020, we rebranded to Broadwind, Inc., a reflection of our diversification progress to date and our continued strategy to expand our product and customer diversification outside of wind energy. Effective with our 2020 rebranding, we renamed certain segments. Our Towers and Heavy Fabrications segment was renamed to Heavy Fabrications and our Process Systems segment was renamed to Industrial Solutions. Our Gearing segment name remained the same.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.1M | $143.1M | $203.5M | $176.8M | $145.6M | $198.5M | $178.2M | $125.4M | $146.8M | $180.8M |
| Cost of revenue | — | — | — | — | — | — | — | — | $138.6M | $162.7M |
| Gross profit | $16.1M | $21.2M | $32.5M | $10.7M | $5.5M | $18.0M | $15.4M | $3.1M | $8.2M | $18.1M |
| SG&A | $15.0M | $16.3M | $20.7M | $16.6M | $17.4M | $16.8M | $16.1M | $13.6M | $13.8M | $15.8M |
| Total operating expenses | $7.5M | $17.0M | $21.4M | $17.3M | $18.1M | $17.6M | $17.8M | $28.1M | $15.6M | $16.2M |
| Operating income | $8.7M | $4.2M | $11.1M | -$6.6M | -$12.6M | $422.0K | -$2.4M | -$25.1M | -$7.4M | $1.9M |
| Pre-tax income | $5.3M | $1.2M | $7.9M | -$9.7M | $2.9M | -$1.4M | -$4.5M | -$24.2M | -$8.2M | $1.3M |
| Income tax | $87.0K | $74.0K | $241.0K | $35.0K | $25.0K | $48.0K | $38.0K | $205.0K | $5.0M | $2.0K |
| Net income | $5.2M | $1.2M | $7.6M | -$9.7M | $2.8M | -$1.5M | -$4.5M | -$24.1M | -$3.6M | $319.0K |
| EPS, basic | 0.23 | 0.05 | 0.36 | -0.48 | 0.15 | -0.09 | -0.28 | -1.56 | -0.24 | 0.02 |
| EPS, diluted | 0.23 | 0.05 | 0.36 | -0.48 | 0.15 | -0.09 | -0.28 | -1.56 | -0.24 | 0.02 |
| Shares, diluted (wtd. avg.) | $23.0M | $22.0M | $21.5M | $20.3M | $19.4M | $16.7M | $16.1M | $15.5M | $15.1M | $15.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $456.0K | $7.7M | $1.1M | $12.7M | $852.0K | $3.4M | $2.4M | $1.2M | $78.0K | $18.7M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $3.2M |
| Receivables | $15.8M | $13.5M | $19.2M | $17.0M | $13.8M | $15.3M | $18.3M | $17.5M | $13.6M | $11.9M |
| Inventory | $42.0M | $40.0M | $37.4M | $44.3M | $33.4M | $26.7M | $31.9M | $22.7M | $19.3M | $21.2M |
| Total current assets | $64.3M | $66.9M | $69.7M | $79.3M | $52.3M | $50.6M | $54.7M | $43.1M | $35.4M | $58.2M |
| Property, plant and equipment | $39.5M | $45.6M | $47.1M | $45.3M | $43.7M | $45.2M | $46.9M | $49.1M | $55.7M | $54.6M |
| Goodwill | — | — | — | — | — | — | $16.0M | $5.0M | $5.0M | — |
| Other intangibles | $741.0K | $1.4M | $2.1M | $2.7M | $3.5M | $4.2M | $4.9M | $6.6M | $16.1M | $4.6M |
| Total assets | $116.8M | $128.3M | $135.2M | $144.5M | $118.0M | $119.7M | $122.9M | $99.2M | $112.3M | $117.7M |
| Accounts payable | $17.4M | $16.1M | $20.7M | $26.3M | $16.5M | $18.2M | $21.9M | $11.6M | $11.8M | $15.9M |
| Short-term debt | $5.0M | $1.5M | $5.9M | $1.2M | $6.7M | $1.4M | $12.9M | $11.9M | $114.0K | — |
| Total current liabilities | $31.7M | $43.6M | $53.6M | $70.2M | $42.7M | $48.0M | $64.3M | $51.9M | $41.0M | $43.3M |
| Long-term debt | $5.1M | $7.7M | $6.2M | $7.1M | $177.0K | $9.4M | $505.0K | $1.4M | $797.0K | $2.6M |
| Retained earnings | -$335.1M | -$340.3M | -$341.5M | -$349.1M | -$339.4M | -$342.3M | -$340.8M | -$336.3M | -$312.1M | -$308.5M |
| Total equity | $66.3M | $59.4M | $56.0M | $46.3M | $54.1M | $40.7M | $40.8M | $43.4M | $66.1M | $68.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.4M | $13.8M | -$6.9M | $16.6M | -$12.8M | $5.3M | $4.5M | $2.0M | -$9.3M | $17.3M |
| Depreciation and amortisation | $6.3M | $6.7M | $6.4M | $6.1M | $6.3M | $6.3M | $7.5M | $9.2M | $9.0M | $6.9M |
| Stock-based compensation | $638.0K | $1.2M | $877.0K | $944.0K | $1.5M | $1.3M | $958.0K | $803.0K | $813.0K | $753.0K |
| Capital expenditure | $3.6M | $3.6M | $6.4M | $3.1M | $1.7M | $1.5M | $1.8M | $2.3M | $6.7M | $6.6M |
| Investing cash flow | $8.9M | -$3.5M | -$6.4M | -$3.1M | -$1.7M | -$1.5M | -$1.8M | -$1.6M | -$19.9M | -$3.2M |
| Financing cash flow | -$772.0K | -$3.7M | $1.7M | -$1.7M | $12.0M | -$2.8M | -$1.4M | $807.0K | $10.7M | -$3.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-012220.
Others in SIC 3360
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