Financial Performance - Q1 2021 - Total revenue decreased by 33% year-over-year to $32.7 million[3, 6, 21] - Adjusted EBITDA was $1.2 million, which included a $3.4 million employee retention tax credit[3, 5, 6] - Net loss per share was $(0.07)[6, 21] Segment Performance - Heavy Fabrications - Heavy Fabrications segment revenue declined by $15.6 million year-over-year[7] - Wind tower orders increased by 103% year-over-year to $14.1 million[7] - Total wind tower sections sold declined more than 45% year-over-year[3] - Approximately 75 tower sections were pushed beyond 1Q21 due to non-recurring factors[10] Segment Performance - Gearing - Gearing segment revenue decreased from $6.2 million to $5.3 million[11] - Gearing orders in 1Q21 equaled combined segment orders in the entire second half of 2020[11] - Book-to-bill near 2.0x, driving a $4.7 million sequential improvement in backlog[11] Segment Performance - Industrial Solutions - Industrial Solutions segment revenue increased by 14% year-over-year to $4.6 million[3, 12] - Industrial Solutions segment orders decreased year-over-year to $3.5 million[13] Outlook - Anticipate Q/Q Revenue Growth, 2Q21 total revenue expected to be in a range of $45 million to $50 million[3] - Anticipate Q/Q Adj EBITDA Growth, 2Q21 total Adjusted EBITDA expected to be $4.5 million to $5.0 million, including ~$3.0 million in ERC cash benefits[3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34278 BROADWIND, INC. (Exact name of registrant as specified in its charter) Delaware 88-0409160 (State or other jurisdic ...

Broadwind, Inc.(NASDAQ:BWEN) Q1 2021 Results Conference Call May 7, 2021 11:00 AM ET Company Participants Eric Blashford - Chief Executive Officer Jason Bonfigt - Chief Financial Officer Conference Call Participants Eric Stine - Craig-Hallum Capital Group Justin Clare - ROTH Capital Partners Martin Malloy - Johnson Rice & Company Operator Greetings, and welcome to the Broadwind First Quarter 2021 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session ...

Broadwind, Inc. (NASDAQ:BWEN) Q4 2020 Earnings Conference Call February 25, 2021 11:00 AM ET Company Participants Eric Blashford - CEO Jason Bonfigt - CFO Conference Call Participants Amit Dayal - H.C. Wainwright & Co. Eric Stine - Craig-Hallum Justin Clare - ROTH Capital Partners Martin Malloy - Johnson Rice & Company Operator Greetings, and welcome to the Broadwind Fourth Quarter and Full Year 2020 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answ ...

Part I [Business](index=5&type=section&id=ITEM%201.%20BUSINESS) Broadwind, Inc. manufactures structures and components for clean tech and industrial applications, strategically diversifying beyond wind energy - The company rebranded from Broadwind Energy, Inc. to Broadwind, Inc. in 2020 to reflect its strategic diversification beyond wind energy[11](index=11&type=chunk) - Broadwind's business strategy focuses on diversifying its customer and product base, improving manufacturing capacity utilization, pursuing opportunistic acquisitions, and streamlining operational processes[17](index=17&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) Sales Concentration | Metric | 2020 | 2016 | | :--- | :--- | :--- | | Top 5 Customers % of Sales | 78% | 91% | | Wind Energy % of Sales | 70% | 92% | Backlog Information | Date | Backlog Amount | YoY Change | | :--- | :--- | :--- | | Dec 31, 2020 | ~$93 million | -35% | | Dec 31, 2019 | Not Stated | N/A | [Business Segments](index=5&type=section&id=Business%20Segments) The company operates three segments: Heavy Fabrications (wind towers), Gearing (custom gears), and Industrial Solutions (supply chain services) Segment Offerings and Markets | Segment | Key Markets Served | Products | | :--- | :--- | :--- | | **Heavy Fabrications** | Wind Power, Mining, Construction, Oil & Gas | Wind Towers, Industrial Fabrications, Mining Components | | **Gearing** | Oil & Gas, Mining, Wind Power, Steel | Custom Gearboxes, Loose Gearing, Heat Treat Services | | **Industrial Solutions** | Natural Gas Power, Solar Power | Supply Chain Solutions, Kitting and Assembly | - The Heavy Fabrications segment has two facilities in Wisconsin and Texas with a combined annual capacity of approximately 550 wind towers[12](index=12&type=chunk) [Customers and Competition](index=9&type=section&id=Customers%20and%20Competition) Broadwind faces high customer concentration and competition from domestic and international players, with trade tariffs impacting import competition - In 2020, sales to Siemens Gamesa Renewable Energy (SGRE) and Nordex USA Inc. each exceeded 10% of consolidated revenues[24](index=24&type=chunk) - The U.S. wind turbine market is highly concentrated, with the top four manufacturers comprising about 95% of the market in 2020[24](index=24&type=chunk) - The U.S. Department of Commerce has issued antidumping and countervailing duty orders on wind towers from several countries, including China, Vietnam, Canada, Indonesia, and South Korea, which has impacted competition from imports[27](index=27&type=chunk) [Regulation](index=10&type=section&id=Regulation) Government regulations and tax incentives, including the extended PTC and new offshore wind ITC, significantly influence the company's wind energy business - The Production Tax Credit (PTC) was extended by the Consolidated Appropriations Act of 2021, providing a 60% credit for wind projects starting construction by the end of 2021[33](index=33&type=chunk) - A new 30% Investment Tax Credit (ITC) was created for offshore wind projects that start construction by the end of 2025[34](index=34&type=chunk) [Risk Factors](index=13&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces substantial risks from high customer concentration, market dependency, COVID-19 impacts, operational challenges, and limitations on utilizing NOLs - The company is substantially dependent on a few significant customers. In 2020, the five largest customers accounted for **78% of consolidated revenues**[61](index=61&type=chunk) - The COVID-19 pandemic has caused adverse impacts, including declines in order activity, manufacturing inefficiencies from supply chain disruptions, and employee staffing constraints[77](index=77&type=chunk) - The company's ability to use its significant Net Operating Loss (NOL) carryforwards (over **$260 million** as of Dec 31, 2020) is subject to limitations under Section 382 of the IRC, which could be triggered by changes in stock ownership[20](index=20&type=chunk)[98](index=98&type=chunk) - Changes in U.S. government policies, particularly regarding tax incentives like the PTC and trade tariffs, could significantly impact the wind energy industry and, consequently, the company's financial performance[63](index=63&type=chunk)[108](index=108&type=chunk) [Unresolved Staff Comments](index=25&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments from the SEC - None[123](index=123&type=chunk) [Properties](index=26&type=section&id=ITEM%202.%20PROPERTIES) Broadwind operates its corporate headquarters and manufacturing facilities across multiple states, deeming them adequate for current needs Key Operating Facilities (as of Dec 31, 2020) | Segment | Location | Owned/Leased | Approx. Sq. Footage | | :--- | :--- | :--- | :--- | | **Heavy Fabrications** | Manitowoc, WI | Leased | 316,000 | | | Abilene, TX | Owned | 175,000 | | **Gearing & Corporate** | Cicero, IL | Leased | 301,000 | | | Neville Island, PA | Owned | 52,000 | | **Industrial Solutions** | Sanford, NC | Leased | 105,000 | [Legal Proceedings](index=26&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) Management anticipates no material adverse effect from ordinary course legal proceedings on the company's financial condition or operations - Management believes that the final outcome of ordinary course legal proceedings will not have a material adverse effect on the company[127](index=127&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not Applicable[128](index=128&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Broadwind's common stock trades on NASDAQ under 'BWEN', with no history or current plans for cash dividends or equity repurchases Common Stock Price Range (NASDAQ: BWEN) | Period | 2020 High | 2020 Low | 2019 High | 2019 Low | | :--- | :--- | :--- | :--- | :--- | | Q1 | $2.35 | $1.19 | $1.75 | $1.30 | | Q2 | $4.00 | $1.31 | $2.35 | $1.60 | | Q3 | $5.68 | $2.77 | $2.36 | $1.62 | | Q4 | $8.75 | $2.73 | $1.85 | $1.45 | - The company has never paid cash dividends on its common stock and its current policy is to reinvest cash to promote future growth[133](index=133&type=chunk) [Selected Financial Data](index=28&type=section&id=ITEM%206.%20SELECTED%20FINANCIAL%20DATA) As a smaller reporting company, Broadwind is not required to provide information for this item - The company is a smaller reporting company and is not required to provide information under this item[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In 2020, revenue increased and net loss improved, despite a 35% backlog decline and COVID-19 impacts on orders and efficiency Key Financial Performance (2020 vs 2019) | Metric | 2020 (in thousands) | 2019 (in thousands) | | :--- | :--- | :--- | | Net Revenues | $198,496 | $178,220 | | Net Loss | $(1,487) | $(4,523) | | Adjusted EBITDA | $7,985 | $7,226 | | Total Orders | $148,882 | $221,549 | | Backlog (Year-End) | $92,854 | $142,302 | - The improvement in net loss was primarily due to higher capacity utilization in the Heavy Fabrications segment and better performance in Industrial Solutions, partially offset by weaker results in the Gearing segment[142](index=142&type=chunk) - The COVID-19 pandemic led to a decline in order activity for Gearing and Heavy Fabrications, manufacturing inefficiencies from supply chain disruptions, and employee staffing constraints[146](index=146&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Consolidated revenue increased 11.4% in 2020, driven by Heavy Fabrications, while Gearing declined and Industrial Solutions improved to a profit Segment Operating Results (2020 vs 2019) | Segment | 2020 Revenue (in thousands) | 2019 Revenue (in thousands) | 2020 Operating Income (Loss) (in thousands) | 2019 Operating Income (Loss) (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Heavy Fabrications** | $155,198 | $128,686 | $10,385 | $1,861 | | **Gearing** | $25,136 | $34,877 | $(3,883) | $3,237 | | **Industrial Solutions** | $18,299 | $14,664 | $881 | $(1,059) | - The Heavy Fabrications segment sold **1,150 tower sections** in 2020, a **23% increase** from 934 sections in 2019[167](index=167&type=chunk) - The Gearing segment's performance declined due to lower sales, an unfavorable sales mix, and manufacturing inefficiencies from lower activity levels, largely driven by reduced demand in the oil & gas market[171](index=171&type=chunk) [Summary of Critical Accounting Policies](index=34&type=section&id=Summary%20of%20Critical%20Accounting%20Policies) Critical accounting policies involve significant judgment in revenue recognition, warranty liability, inventory valuation, and long-lived asset impairment testing - Revenue for certain wind towers is recognized under 'bill and hold' arrangements upon manufacture and customer acceptance, prior to shipment[180](index=180&type=chunk) - In 2020, the company began recognizing some revenue over time for products with no alternative use, using labor hours as the measure of progress[181](index=181&type=chunk) - Due to recent operating losses in the Gearing segment, an impairment test was performed on its long-lived assets in October 2020; however, no impairment was recorded as forecast undiscounted cash flows exceeded the carrying value[186](index=186&type=chunk) [Liquidity, Financial Position and Capital Resources](index=37&type=section&id=Liquidity%2C%20Financial%20Position%20and%20Capital%20Resources) As of December 31, 2020, the company had $3.4 million cash, $20.7 million credit availability, and a $9.5 million PPP loan, ensuring sufficient liquidity Liquidity Position (as of Dec 31, 2020) | Item | Amount (in thousands) | | :--- | :--- | | Cash | $3,372 | | Total Debt & Finance Leases | $14,210 | | Availability under Credit Facility | $20,678 | - The company received a **$9.53 million** PPP loan in April 2020 and plans to apply for forgiveness in Q1 2021[194](index=194&type=chunk) Cash Flow Summary (2020 vs 2019) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Operating | $5,191 | $4,521 | | Investing | $(1,547) | $(1,843) | | Financing | $(2,688) | $(1,444) | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, Broadwind is not required to provide information for this item - The company is a smaller reporting company and is not required to provide information under this item[202](index=202&type=chunk) [Financial Statements and Supplementary Data](index=39&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section presents the company's audited consolidated financial statements for 2020 and 2019, including balance sheets, income statements, and cash flow statements - The independent auditor's report identified the impairment assessment of the Gearing segment's long-lived assets as a critical audit matter due to the high degree of judgment involved in management's cash flow forecasts[243](index=243&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31) | Account | 2020 (in thousands) | 2019 (in thousands) | | :--- | :--- | :--- | | Total Assets | $119,682 | $122,866 | | Total Liabilities | $79,021 | $82,106 | | Total Stockholders' Equity | $40,661 | $40,760 | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account | 2020 (in thousands) | 2019 (in thousands) | | :--- | :--- | :--- | | Revenues | $198,496 | $178,220 | | Gross Profit | $18,001 | $15,412 | | Operating Income (Loss) | $422 | $(2,357) | | Net Loss | $(1,487) | $(4,523) | | Net Loss Per Share | $(0.09) | $(0.28) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=40&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[206](index=206&type=chunk) [Controls and Procedures](index=40&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2020 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[207](index=207&type=chunk) - Management determined that the company's internal control over financial reporting was effective as of December 31, 2020, based on the COSO framework (2013)[210](index=210&type=chunk) [Other Information](index=40&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) On February 23, 2021, the company amended its loan agreement, waiving fixed charge coverage for Q1-Q2 2021 and adding new liquidity and EBITDA covenants - On February 23, 2021, the company amended its loan agreement, waiving the fixed charge coverage covenant for Q1 and Q2 2021 and adding new liquidity and EBITDA covenants[212](index=212&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=41&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement - The required information is incorporated by reference from the Registrant's Proxy Statement for the 2021 Annual Meeting of Stockholders[216](index=216&type=chunk) [Executive Compensation](index=41&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Information regarding director and executive compensation is incorporated by reference from the 2021 Proxy Statement - The required information is incorporated by reference from the 2021 Proxy Statement[218](index=218&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=41&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Security ownership information is incorporated by reference from the 2021 Proxy Statement, detailing outstanding equity awards and available securities Equity Compensation Plan Information (as of Dec 31, 2020) | Plan Category | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | Approved by stockholders | 1,332,884 | $1.86 | 132,304 | [Certain Relationships and Related Transactions, and Director Independence](index=42&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information regarding related party transactions and director independence is incorporated by reference from the 2021 Proxy Statement - The required information is incorporated by reference from the 2021 Proxy Statement[223](index=223&type=chunk) [Principal Accountant Fees and Services](index=42&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information regarding principal accountant fees and services is incorporated by reference from the 2021 Proxy Statement - The required information is incorporated by reference from the 2021 Proxy Statement[224](index=224&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=43&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists the financial statements and exhibits filed as part of the Annual Report, with schedules omitted if not applicable - The financial statements are filed as part of this Annual Report, and exhibits are listed on the Index to Exhibits[227](index=227&type=chunk)[229](index=229&type=chunk) [Form 10-K Summary](index=43&type=section&id=ITEM%2016.%20FORM%2010-K%20SUMMARY) No Form 10-K summary is provided - None[230](index=230&type=chunk)

B BROADWIND. I WW 3Q20 Results Conference Call Investor Presentation SAFE-HARBOR STATEMENT This release contains "forward looking statements"—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently avai ...

Financial Data and Key Metrics Changes - Revenue increased by 18% year-over-year to $54.6 million, driven mainly by increased demand for wind towers [7][15] - Gross margins declined by 190 basis points to 6.8%, impacted by supply chain and staffing disruptions, which affected labor efficiencies [17] - Adjusted EBITDA for the quarter was $1.3 million, a decrease of $600,000 compared to the prior year period, while TTM EBITDA improved by $5.8 million to $9.5 million [19] Business Line Data and Key Metrics Changes - Heavy Fabrications revenue increased by 28% year-over-year to $43.4 million, supported by higher wind tower demand [20] - Gearing revenue declined by 11% year-over-year to $7.1 million due to reduced orders from oil and gas markets [10][26] - Industrial Solutions revenue decreased by 7% sequentially and 5% year-over-year, with a segment backlog growing by 38% [12][27] Market Data and Key Metrics Changes - Wind market revenue increased by over 35% year-over-year, with tower section volumes sold up approximately 30% [7] - Non-wind market segments experienced year-over-year declines in orders, with industrial customers doubling revenue year-over-year [8][11] - The total backlog declined by 12% sequentially, while total orders remained flat, except for growth in the steel market [8] Company Strategy and Development Direction - The company is focusing on end-market diversification, operational execution, and pursuing new organic growth opportunities [5] - There is an ongoing effort to expand into offshore wind markets, with evaluations of potential sites on the East Coast [37][55] - The company aims to leverage its engineering and supply chain capabilities to support evolving market demands [49][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that pandemic-related disruptions had a significant impact on operations, but the core wind tower business remains strong [6][13] - The outlook for the wind sector is positive, driven by economic forces such as the PTC and the competitiveness of wind power [42] - Management anticipates a gradual recovery in non-wind market demand heading into 2021, with increased quoting activity observed [9][39] Other Important Information - The company generated $7 million of free cash flow during the quarter, positioning it to reduce debt by approximately $5 million [30] - The company received approximately $9 million under the Paycheck Protection Program, which is expected to be forgiven [32] - Net leverage declined to 0.9x trailing 12-month EBITDA, indicating a strong liquidity position [34] Q&A Session Summary Question: What are the next steps for offshore wind initiatives? - The company is evaluating sites on the East Coast for a potential greenfield plant and expects to make a decision in Q1 or Q2 2021 to meet 2023 installation timelines [55][57] Question: How does the current capacity booking for 2021 compare to typical years? - The current booking of 35% is typical for a normal year, contrasting with the previous year’s anomaly due to advanced orders [58][59] Question: What impact did supply chain constraints have on Q3 revenue? - The company met customer commitments in Q3, but supply chain disruptions resulted in approximately $600,000 to $700,000 erosion in gross profit [63] Question: Are average selling prices (ASPs) expected to continue rising? - ASPs are moving higher due to larger tower designs, but margins are expected to remain consistent [65][66] Question: What is the outlook for non-wind contributions? - The company expects some growth in non-wind markets, with improved quoting activities indicating higher volumes in 2021 [70][71] Question: What is the regulatory outlook post-election? - There is bipartisan support for wind energy, and potential infrastructure bills could benefit various markets served by the company [72][73] Question: What is the status of the antidumping petition regarding wind towers? - The company filed a petition due to a significant increase in imports from certain countries, with preliminary findings expected in December [75] Question: Is there an opportunity in the replacement wind tower market? - The company is actively quoting for repowering initiatives, which are expected to provide additional revenue opportunities [76][77]

Financial Performance - For the first nine months of 2020, the Company generated revenue of $158.174 million, a 22.6% increase from $128.967 million in the same period of 2019[33]. - The Heavy Fabrications segment accounted for 72% of the Company's revenue during the first nine months of 2020, with revenue of $125.424 million compared to $91.098 million in 2019, representing a 37.7% increase[24][33]. - The Company recognized a net loss of $1.003 million for the three months ended September 30, 2020, compared to a net income of $480 thousand in the same period of 2019[39]. - For the nine months ended September 30, 2020, revenues increased by $29,207, or 22.6%, to $158,174 compared to $128,967 in the same period of 2019[130]. - Net income for the nine months ended September 30, 2020, was $480, compared to a net loss of $2,958 in the same period of 2019[134]. - The operating profit for the Heavy Fabrications segment was $8.760 million, while the Gearing segment reported an operating loss of $1.935 million[87]. - Gross profit for the nine months increased by $3,904, resulting in a gross margin of 9.7%, up from 8.9% in the prior year[133]. Debt and Liquidity - Total debt and finance lease obligations as of September 30, 2020, amounted to $20.703 million, including $9.350 million in current outstanding debt[26]. - The Company anticipates that current cash resources, including proceeds from the Paycheck Protection Program, will be adequate to meet liquidity needs for at least the next twelve months[30]. - The Company has a revolving line of credit with $7.649 million outstanding as of September 30, 2020[26]. - The outstanding debt under the Credit Facility was $7,649 as of September 30, 2020, with an additional borrowing capacity of $19,214[52]. - Total cash and cash equivalents as of September 30, 2020, were $2,541, reflecting an increase of $125 from December 31, 2019[143]. - The company had debt and finance lease obligations totaling $20,703 as of September 30, 2020, with the ability to borrow an additional $19,214 under the Credit Facility[143]. Operational Challenges - The company experienced manufacturing inefficiencies and supply chain disruptions due to the COVID-19 pandemic, impacting financial results[113]. - The company emphasizes the impact of the COVID-19 pandemic on its operations and financial performance, highlighting risks related to customer relationships and supply chain stability[155]. - The company is monitoring the economic stability and operational capacity of its significant customers and suppliers amid the pandemic[155]. - The company acknowledges potential market disruptions and volatility, particularly in the wind energy sector and other industrial markets[155]. - There is a concern regarding increased competition from foreign tower manufacturers affecting market dynamics[155]. Segment Performance - Heavy Fabrications segment revenues increased by $34,326, a 38% rise from the prior year, driven by a 49% increase in tower sections sold[136]. - Gearing segment orders increased by 4% to $19,376, while revenues decreased by 26% to $20,273 due to lower demand in oil and gas markets[138]. - The Industrial Solutions segment saw orders rise to $15,240, a 25% increase, with revenues growing to $12,516, up 18% from the prior year[140]. - Heavy Fabrications segment revenues increased by $9,606, driven by a 28% increase in tower sections sold compared to the prior year[121]. Future Outlook - Future growth strategies include organic growth and acquisitions, although the COVID-19 pandemic poses challenges to these plans[155]. - The company is focused on diversifying its customer base and sector focus to mitigate dependency on a few significant customers[155]. - The potential impact of changes in U.S. federal government administration on regulatory frameworks is being evaluated[155]. - The company is assessing the sufficiency of its liquidity and alternative funding sources in light of ongoing uncertainties[155]. - The company is focused on efficiently managing capital expenditures and costs to generate positive cash flow[155]. Tax and Valuation - The company recorded a provision for income taxes of $103 million for the nine months ended September 30, 2020, compared to $62 million for the same period in 2019, indicating a 66.1% increase[71]. - The company has a full valuation allowance recorded against deferred tax assets as of September 30, 2020[71]. - As of September 30, 2020, the company had federal and unapportioned state net operating loss (NOL) carryforwards of $258,834 million, with $227,781 million set to expire in 2026[72]. Shareholder Information - The Company issued 91,481 shares of common stock under the At Market Issuance Sales Agreement, generating net proceeds of approximately $321 thousand[28]. - The company incurred share-based compensation expenses of $763,000 for the nine months ended September 30, 2020, resulting in a reduction in diluted earnings per share of $0.01[78]. - As of September 30, 2020, the company had 1,323,217 unvested restricted stock units, with a weighted average fair value per share of $1.85[78].

B BROADWIND. I WW 2Q20 Results Conference Call Investor Presentation SAFE-HARBOR STATEMENT Broadwind obtained the industry and market data used throughout this presentation from our own research, internal surveys and studies conducted by third parties, independent industry associations or general publications and other publicly available information. Independent industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not guarantee th ...

Broadwind, Inc. (NASDAQ:BWEN) Q2 2020 Earnings Conference Call August 5, 2020 11:00 AM ET Company Participants Jason Bonfigt – Vice President and Chief Financial Officer Eric Blashford – President and Chief Executive Officer Conference Call Participants Eric Stine – Craig-Hallum Amit Dayal – H.C. Wainwright Justin Clare – ROTH Capital Operator Greetings, and welcome to Broadwind Second Quarter 2020 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer sessi ...