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 ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, showing Q2 2020 net income of **$0.5 million** and total assets of **$138.5 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$138.5 million** by June 30, 2020, driven by receivables and inventory growth, with equity at **$42.8 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $67,588 | $54,713 | | **Total Assets** | **$138,452** | **$122,866** | | **Total Current Liabilities** | $64,373 | $64,293 | | **Total Long-Term Liabilities** | $31,280 | $17,813 | | **Total Liabilities** | $95,653 | $82,106 | | **Total Stockholders' Equity** | $42,799 | $40,760 | | **Total Liabilities & Equity** | **$138,452** | **$122,866** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2020 net income reached **$529 thousand**, a turnaround from a **$1,018 thousand** loss in Q2 2019, driven by **33.4%** revenue growth Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $54,926 | $41,169 | $103,560 | $82,829 | | **Gross Profit** | $5,417 | $3,892 | $11,589 | $7,429 | | **Operating Income (Loss)** | $1,035 | $(206) | $2,715 | $(700) | | **Net Income (Loss)** | **$529** | **$(1,018)** | **$1,482** | **$(2,060)** | | **Net Income (Loss) per Share - Basic** | $0.03 | $(0.06) | $0.09 | $(0.13) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity increased to **$42.8 million** by June 30, 2020, primarily due to **$1.5 million** net income - Total stockholders' equity rose to **$42,799 thousand** at June 30, 2020, up from **$40,760 thousand** at December 31, 2019, mainly due to net income earned in the first half of the year[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to **$8.2 million** for H1 2020, with **$8.9 million** from financing activities Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(8,238) | $(14,611) | | **Net cash used in investing activities** | $(929) | $(1,182) | | **Net cash provided by financing activities** | $8,870 | $14,690 | | **Net decrease in cash** | $(297) | $(1,103) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, and the **$9.53 million** PPP loan, with U.S. wind energy comprising **72%** of H1 2020 revenue - The company is a precision manufacturer for clean technology and other specialized applications, with the U.S. wind energy industry accounting for **72%** of its revenue during the first six months of 2020[25](index=25&type=chunk) Revenues by Segment (in thousands) | Segment | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Heavy Fabrications | $43,614 | $28,970 | $81,983 | $57,264 | | Gearing | $6,922 | $9,266 | $13,149 | $19,293 | | Industrial Solutions | $4,397 | $2,933 | $8,435 | $6,272 | | **Consolidated** | **$54,926** | **$41,169** | **$103,560** | **$82,829** | - In April 2020, the company received **$9.53 million** in funds under the U.S. Paycheck Protection Program (PPP) and plans to apply for forgiveness[28](index=28&type=chunk)[45](index=45&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2020 revenue growth, net income of **$0.5 million**, COVID-19 impacts on orders, and adequate liquidity with a **$9.5 million** PPP loan Key Financial & Operational Metrics (in thousands) | Metric (in thousands) | Q2 2020 | Q2 2019 | Six Months 2020 | Six Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | $54,926 | $41,169 | $103,560 | $82,829 | | **Net Income (Loss)** | $529 | $(1,018) | $1,482 | $(2,060) | | **Adjusted EBITDA** | $2,863 | $1,899 | $6,468 | $3,614 | | **Total Orders** | $39,558 | $104,612 | $73,367 | $128,618 | | **Backlog** | $112,062 | $144,661 | $112,062 | $144,661 | - The COVID-19 pandemic has had an adverse impact, causing a significant decline in order activity for the Gearing and Heavy Fabrications segments, as well as customer postponements of scheduled purchases and project delays[86](index=86&type=chunk) - The Heavy Fabrications segment saw a **59%** increase in tower sections sold in Q2 2020 compared to Q2 2019, driving revenue growth, though new orders for the segment decreased significantly as customers had secured production capacity in the prior year[90](index=90&type=chunk)[91](index=91&type=chunk) - The Gearing segment experienced a **33%** decrease in orders and a **25%** decrease in revenue in Q2 2020, primarily due to reduced demand from the Oil & Gas market affected by the pandemic and oil price declines[94](index=94&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide market risk disclosures - As a smaller reporting company, Broadwind, Inc. is not required to provide quantitative and qualitative disclosures about market risk[121](index=121&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2020, with no material changes in internal control over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2020[122](index=122&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[123](index=123&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings, with no expected material adverse effect on financial condition or operations - The company is party to routine legal proceedings but believes their final outcome will not have a material adverse effect on its financial results[61](index=61&type=chunk)[126](index=126&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) Key risks include potential non-forgiveness of the **$9.5 million** PPP loan and ongoing adverse impacts from the COVID-19 pandemic on operations - A significant risk is associated with the **$9.53 million** PPP loan received under the CARES Act, as it may not be forgiven, could be subject to audit (as it exceeds **$2 million**), and may need to be repaid, which would impact cash flows[127](index=127&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk) - The COVID-19 outbreak has already adversely affected operations, causing a decline in order activity and customer postponements, and future negative impacts from weaker demand, supply chain issues, or government restrictions could be material[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported for the period - None[135](index=135&type=chunk) [Item 3. Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported for the period - None[135](index=135&type=chunk) [Item 4. Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[135](index=135&type=chunk) [Item 5. Other Information](index=48&type=section&id=Item%205.%20Other%20Information) No other information is reported for the period - Not Applicable[135](index=135&type=chunk) [Item 6. Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and CEO/CFO certifications - The exhibits index lists all documents filed with the report, including CEO and CFO certifications and notes related to the PPP loans[135](index=135&type=chunk)[137](index=137&type=chunk) Signatures [Signatures](index=50&type=section&id=Signatures) The quarterly report was signed and authorized on August 5, 2020, by the President and CEO, and VP and CFO - The report was signed on August 5, 2020, by the company's Principal Executive Officer and Principal Financial Officer[141](index=141&type=chunk)

Broadwind Energy, Inc. (NASDAQ:BWEN) Q1 2020 Earnings Conference Call May 8, 2020 11:00 AM ET Company Participants Jason Bonfigt - CFO Eric Blashford - CEO Conference Call Participants Justin Clare - ROTH Capital Partners Operator Greetings. Welcome to the Broadwind First Quarter 2020 Results Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Jason Bonfigt, CFO. Please go ahead. Jason Bonfigt Good morning and welcome to t ...

B BROADWIND. I W.W 1Q20 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 t ...

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, 2020 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 ...

Financial Data and Key Metrics Changes - Fourth quarter revenue was $49 million, up 81% from the prior year, marking the strongest annual performance since 2016 [6][8] - Total adjusted EBITDA for Q4 was $1.8 million, significantly above a weak 2018 [12] - Full year sales increased to $178.2 million, a 42% year-over-year change [21] - Full year gross margin improved to 8.6% from 2.4% in the prior year [23] - Net loss per share in Q4 was $0.09 compared to a loss of $0.79 in the prior year [25] Business Line Data and Key Metrics Changes - Heavy Fabrication segment revenue was up 76% year-on-year for the full year, with fourth quarter revenue at $37.6 million compared to $12.1 million in the prior year [9][29] - Gearing revenue in Q4 was down 30% due to reduced demand in fracking, but the segment posted record total operating income for 2019 of $3.2 million [10][34] - Industrial Solutions segment achieved an 18% year-over-year increase in revenue, totaling $14.7 million for the year [40] Market Data and Key Metrics Changes - Total wind energy installations increased by approximately 9% in 2019, with projections to grow to 15 gigawatts in 2020 [17] - The company finished the year with a backlog of $142 million, up 80% year-over-year [7] - Orders for heavy fabrication reached a multi-year high in 2019, totaling $222 million, up more than $138 million year-over-year [16] Company Strategy and Development Direction - The company aims to diversify its product markets and customers as part of its long-term strategic plan [56][67] - Focus on expanding manufacturing capabilities and optimizing throughput to improve operational leverage [59][72] - Development of an offshore tower market strategy to address growing demand [61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for multi-year revenue and earnings growth, supported by a strong manufacturing workforce and branding change [90] - The extension of the production tax credit is expected to boost onshore wind projects and help bridge to the offshore wind industry [13] - Management anticipates EBITDA to be between $12 million to $14 million in 2020, with a focus on profitability [54] Other Important Information - The company has implemented cash conversion initiatives that have improved working capital management, with DSO declining to 34 days from 59 days in the prior year [45] - A favorable preliminary ruling on trade litigation is expected to discourage imports and support U.S. tower manufacturers [14] Q&A Session Summary Question: Orders for heavy fabrication seem to slow in Q4 relative to strong order flow in Q2 and Q3. What is the expectation for this slowdown? - Management indicated that discussions with customers are ongoing to secure the rest of the 2020 production, expecting resolution in the next two to three months [79] Question: What utilization level is assumed for 2020 guidance? - Management noted that the focus is on the material handling OEM sector, which is expected to shrink slightly in 2020, but there is ample room for growth with existing and new customers [80] Question: Can you quantify the margin headwind related to tower internals? - Management mentioned that the impact is likely in the hundreds of thousands of dollars, but production levels are currently smoother [86]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 ENERGY, INC. (Exact name of Registrant as specified in its charter) Delaware (State of or other ju ...

图 BROADWIND. I WW 4Q19 / Full-Year 2019 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 ...