Broadwind, Inc. reported a net loss of $370,000, or $0.02 per share, for the first quarter of 2025, a significant decline from the net income of $1.51 million, or $0.07 per share, recorded in the same period last year. The company's revenues decreased by 2.1% to $36.84 million, down from $37.62 million in the first quarter of 2024. This decline was primarily attributed to reduced shipments in the Gearing and Industrial Solutions segments, which saw revenue drops of 28% and 29%, respectively. In contrast, the Heavy Fabrications segment experienced a 15% increase in revenue, largely driven by a 28% rise in wind-related sales due to wind repowering projects.
The company's gross profit also fell sharply, decreasing by 34.8% to $4.33 million, compared to $6.64 million in the prior year. This decline was attributed to a less profitable mix of products sold across all segments and operational inefficiencies, particularly within the Gearing segment. Operating expenses were reduced to $4.14 million from $4.56 million, reflecting lower employee compensation costs. However, the overall operating income plummeted to $184,000 from $2.08 million in the previous year.
In terms of operational metrics, Broadwind received $30.46 million in new orders during the first quarter, an increase from $28.99 million in the same period last year. The Heavy Fabrications segment saw a 10% rise in orders, while the Gearing segment experienced a 24% decrease. The Industrial Solutions segment reported a 38% increase in orders, primarily due to new gas turbine projects. The company's backlog at the end of the quarter stood at $116.96 million, down from $159.91 million a year earlier.
Broadwind's financial position showed a decrease in cash reserves, with cash totaling $1.20 million at the end of March 2025, down from $7.72 million at the end of 2024. The company’s total debt and finance lease obligations increased to $17.87 million, up from $9.19 million at the end of the previous year. The company continues to utilize its 2022 Credit Facility, with $3.36 million drawn as of March 31, 2025, and has the ability to borrow an additional $21.39 million under this facility. Looking ahead, Broadwind anticipates that its current cash resources, along with available credit and operational cash flow, will be sufficient to meet its liquidity needs for at least the next twelve months.
About BROADWIND, INC.
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