Broadwind, Inc. reported its financial results for the second quarter and first half of 2025, revealing a revenue increase but a significant net loss compared to the same periods in 2024. For the three months ended June 30, 2025, the company generated revenues of $39.2 million, an increase of 8% from $36.5 million in the prior year. However, the net loss for the quarter was $989,000, or $0.04 per share, contrasting with a net income of $482,000, or $0.02 per share, in the same quarter of 2024. For the six months ending June 30, 2025, revenues reached $76.1 million, up from $74.1 million, but the net loss widened to $1.4 million from a profit of $2 million in the previous year.
The financial performance reflects a mixed operational landscape. The Heavy Fabrications segment saw a 27% increase in revenue, driven by a 52% rise in wind revenue due to the resumption of tower production at the Manitowoc facility. However, this was offset by a decline in industrial fabrication product line revenues, which were impacted by reduced shipments to mining customers. The Gearing segment experienced a 30% decrease in revenue, primarily due to lower shipments to oil and gas customers, while the Industrial Solutions segment reported a 14% revenue increase, attributed to higher shipments to new gas turbine customers.
Operationally, Broadwind is undergoing significant changes, including the planned sale of its Manitowoc facility, which is expected to close in the third quarter of 2025 for up to $13.8 million. This sale is part of a strategic shift as the company aims to streamline operations and focus on core competencies. The company’s total assets increased to $130.5 million as of June 30, 2025, compared to $128.3 million at the end of 2024, with current assets rising to $78.3 million, driven by higher inventory levels.
The company’s liquidity position remains a concern, with cash decreasing to $1 million from $7.7 million at the end of 2024. Broadwind's total debt, including finance lease obligations, rose to $31.4 million, with $24.7 million outstanding under its 2022 Credit Facility. The company reported net cash used in operating activities of $20.5 million for the first half of 2025, a significant increase from $3.4 million in the prior year, primarily due to increased inventory and decreased proceeds from Advanced Manufacturing Production (AMP) credits.
Looking ahead, Broadwind anticipates that its current cash resources, along with available credit and potential proceeds from the sale of securities, will be sufficient to meet liquidity needs for at least the next twelve months. However, the company acknowledges risks related to operational performance, customer demand, and the impact of recent legislative changes affecting tax credits for wind energy components, which could influence future profitability and operational flexibility.
About BROADWIND, INC.
Broadwind, Inc. is a precision manufacturer specializing in structures, equipment, and components for clean technology and industrial markets, including wind energy, oil and gas, mining, and infrastructure. Its core segments—Heavy Fabrications, Gearing, and Industrial Solutions—offer wind towers, gearboxes, machining, and supply chain services primarily to U.S.-based OEMs and aftermarket customers. The company emphasizes advanced manufacturing, quality control, and diversified industrial applications.
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