Broadwind Reports 30% Revenue Decline and $1.2 Million Net Income for Fiscal Year 2024

Broadwind, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $143.1 million, a decrease of 30% from $203.5 million in 2023. The company's net income also fell sharply to $1.2 million, or $0.05 per share, compared to $7.6 million, or $0.36 per share, in the previous year. This downturn was primarily attributed to a 41% drop in wind revenue, as a major global wind turbine manufacturer postponed a substantial portion of its contracted orders from 2024 to 2025. The Heavy Fabrications segment, which is heavily reliant on wind energy, saw revenues decrease by 38%, while the Gearing segment's revenue fell by 22% due to reduced shipments to oil and gas customers.

In terms of operational metrics, Broadwind's total orders increased to $107.8 million in 2024, up from $101.1 million in 2023, indicating a positive trend in new business despite the revenue decline. The company’s backlog at the end of 2024 was approximately $125.5 million, reflecting a 31% decrease from the previous year. The Heavy Fabrications segment reported a 7% increase in orders, driven by wind repowering projects, while the Gearing segment also experienced a 7% increase in orders, primarily from industrial and aftermarket wind customers.

Strategically, Broadwind has focused on diversifying its customer base and product offerings to mitigate risks associated with its heavy reliance on the wind energy sector. In January 2023, the company entered into a significant supply agreement valued at approximately $175 million with a leading global wind turbine manufacturer, although the fulfillment of this agreement has been affected by the aforementioned order shifts. The company continues to explore opportunities for organic growth and potential acquisitions to enhance its market position and operational capabilities.

As of December 31, 2024, Broadwind had 411 employees, with a significant portion engaged in manufacturing roles. The company has also made strides in improving its operational efficiency, implementing advanced product quality processes and enhancing its supply chain management. Looking ahead, Broadwind anticipates that its current cash resources, available credit, and expected proceeds from sales of Advanced Manufacturing Production tax credits will be sufficient to meet its liquidity needs for at least the next twelve months. The company remains committed to navigating the challenges posed by market volatility and evolving customer demands while pursuing growth opportunities across its diversified segments.