Broadwind(US:BWEN)2025-11-13 12:00Financial Performance - Total revenue for Q3 2025 was $44.2 million, representing a 25% increase year-over-year[4] - GAAP net income for Q3 2025 was $7.5 million, or $0.32 per diluted share, compared to $0.1 million, or $0.00 per diluted share, in Q3 2024[6] - Revenues for the three months ended September 30, 2025, increased to $44,239 thousand, up 24.6% from $35,503 thousand in the same period of 2024[25] - Net income for the three months ended September 30, 2025, was $7,463 thousand, significantly higher than $74 thousand in the same period of 2024[25] - Net income for 2025 reached $9,940 million, a significant increase from $2,301 million in 2024, representing a growth of approximately 332%[32] - The company reported a net loss of $609 million for Q3 2025, compared to a loss of $141 million in Q3 2024, indicating a worsening of approximately 332%[32] Orders and Sales - Total orders increased by nearly 90% year-over-year to $43.6 million, with power generation orders up more than 140%[3] - Total orders for the nine months ended September 30, 2025, reached $92,675 thousand, a 31.8% increase from $70,343 thousand in the same period of 2024[29] - Heavy fabrications segment sales rose 43% to $29.4 million, driven by increased demand for wind tower sections[10] - Industrial solutions segment sales grew 37% to $7.9 million, primarily due to strong demand for natural gas turbine content[14] - Gearing segment sales declined 23% to $7.1 million, primarily due to lower demand from industrial and mining customers[12] Cash and Liquidity - The company has $26.8 million in cash and available liquidity to fund future growth[8] - Cash at the end of the period on September 30, 2025, was $1,195 thousand, down from $7,721 thousand at the beginning of the period[27] - Total current assets as of September 30, 2025, were $68,555 thousand, an increase from $66,868 thousand as of December 31, 2024[24] - Total liabilities as of September 30, 2025, were $52,759 thousand, a decrease from $68,890 thousand as of December 31, 2024[24] Guidance and Projections - Full-year 2025 revenue guidance was raised to a range of $155 million to $160 million[17] Operating Performance - Operating income for the three months ended September 30, 2025, was $8,714 thousand, compared to $1,178 thousand in the same period of 2024[25] - Adjusted EBITDA for the three months ended September 30, 2025, was $2,407 thousand, down from $3,366 thousand in the same period of 2024[31] - Adjusted EBITDA (Non-GAAP) for the nine months ended September 30, 2025, was $9,112 million, slightly down from $9,352 million in the same period of 2024, indicating a decrease of about 2.6%[32] - The Industrial Solutions Segment reported a net income of $266 million for Q3 2025, compared to $286 million in Q3 2024, reflecting a decline of approximately 7%[32] - Corporate and Other segment recorded a net loss of $2,134 million in Q3 2025, an improvement from a loss of $2,372 million in Q3 2024, showing a reduction of about 10%[32] Expenses and Costs - Interest expense for the nine months ended September 30, 2025, totaled $1,012 million, up from $876 million in the same period of 2024, marking an increase of approximately 15.5%[32] - Depreciation and amortization for the nine months ended September 30, 2025, was $1,636 million, slightly higher than $1,627 million in the same period of 2024, reflecting a marginal increase of about 0.6%[32] - The company incurred share-based compensation payments of $399 million for the nine months ended September 30, 2025, down from $588 million in the same period of 2024, representing a decrease of approximately 32%[32] Taxation - The company reported an income tax benefit provision of $(235) million for 2025, compared to $(571) million in 2024, reflecting a decrease of approximately 59%[32]