Broadwind, Inc. reported significant declines in revenue and profitability for the three and nine months ended September 30, 2024, compared to the same periods in 2023. For Q3 2024, revenues totaled $35.5 million, a decrease of 37.9% from $57.2 million in Q3 2023. For the nine-month period, revenues were $109.6 million, down 30.2% from $156.9 million in the prior year. The decline in revenue was primarily attributed to a 45% decrease in the Heavy Fabrications segment, which faced a shift in contracted tower section orders from 2024 to 2025.
Gross profit for Q3 2024 was $5.2 million, down 48.9% from $10.2 million in Q3 2023, while gross profit for the nine months was $17.4 million, a decrease of 31.7% from $25.5 million. Operating income also fell sharply, with Q3 2024 reporting $1.2 million compared to $5.4 million in Q3 2023, and nine-month operating income at $4.5 million, down from $8.9 million.
Net income for Q3 2024 was $74,000, a stark decline from $4.4 million in Q3 2023. For the nine months, net income was $2.1 million, down from $6.6 million in the same period last year. The basic net income per share for Q3 2024 was $0.00, compared to $0.21 in Q3 2023.
The company’s cash position improved slightly, with cash totaling $1.4 million as of September 30, 2024, up from $1.1 million at the end of 2023. Total assets decreased to $125.1 million from $135.2 million, while total current liabilities fell to $41.4 million from $53.6 million. Total stockholders’ equity increased to $59.6 million from $56.0 million.
Broadwind's revenue from the U.S. wind energy industry accounted for 43% of total revenue in the first nine months of 2024, down from 51% in the same period of 2023. The company reported a backlog of $124.3 million as of September 30, 2024, significantly lower than $220.8 million at the same time last year.
Strategically, Broadwind has a supply agreement for wind tower purchases valued at approximately $175 million, with order fulfillment beginning in 2023 and extending through 2024. However, in November 2023, the company agreed to shift half of the contracted orders from 2024 to 2025. The company anticipates sufficient liquidity for at least the next twelve months through various funding sources, including cash resources and credit facilities.
About BROADWIND, INC.
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