Broadwind, Inc.

Second quarter consolidated revenues were $24.3 million, up 67% year over year, and adjusted EBITDA improved to $1.6 million from an EBITDA loss of $1.1 million in the prior-year quarter. Gearing revenue was $9 million, up 24% year over year, with orders of $15.2 million, up 138%, backlog of $37.6 million, and adjusted EBITDA of $0.4 million versus a $100 thousand loss a year ago. Industrial Solutions revenue was $13.2 million, up almost 80%, with orders of $17.2 million, up 24%, backlog of $47.4 million, and adjusted EBITDA of $2.5 million versus $0.7 million a year ago. The company ended Q2 with more than $40 million of cash and credit facility availability, or $31.3 million after adjusting for the minimum excess availability requirement. Management did not reinstate guidance, saying the remaining wind-down in Abilene must be completed in Q3 first.

Eric Blashford framed the quarter as evidence of Broadwind’s strategic pivot toward a pure-play precision manufacturing business serving power generation and critical infrastructure. He emphasized robust demand, a 93% combined increase in Gearing and Industrial Solutions backlog versus the prior year, and a 1.5x book-to-bill, while pointing to AI data centers, electrification, grid replacement, and domestic manufacturing as long-term demand drivers. His tone was upbeat and confident, but he was clear that guidance will stay off the table until the remaining wind-related wind-down is finished.

Tom Ciccone highlighted the hard numbers: Q2 consolidated revenue of $24.3 million, adjusted EBITDA of $1.6 million, and orders above $35 million. He noted stronger liquidity, with more than $40 million of cash and credit availability, or $31.3 million after the excess availability adjustment, and said working capital rose modestly as core businesses ramped, offset by more than $6 million of inventory reduction tied to Abilene Tower operations. On margins, he said Industrial Solutions EBITDA margin should normalize lower going forward, but revenue should stay above recent historical levels, and that added engineering and manufacturing resources should not drag gross margin, with any cost increases tied to volume growth.

Analysts pressed on why guidance was not reinstated despite stronger orders and visibility; management said the ongoing wind-down in Abilene was the blocker and that it wants that completed in Q3 before providing guidance again. Questions also focused on Gearing demand, where management said the strength was broad-based rather than driven by one outsized order, with oil and gas aftermarket improvement contributing as rig counts rise. On acquisitions and Industrial Solutions capacity, management said it is looking for complementary assets in power generation, grid hardening, defense, and aerospace, and said it can expand further at Sanford, including through local M&A; it also said it is working with all five of the top natural gas turbine OEMs and does not view customer concentration as extreme.