Broadwind(BWEN) - 2023 Q3 - Quarterly Report

Financial Performance - Revenues for the three months ended September 30, 2023, were $57,163, representing a 27.5% increase from $44,843 in the same period of 2022[67] - Gross profit for the third quarter of 2023 was $10,167, a significant increase of 171.3% compared to $3,748 in the third quarter of 2022[67] - Net income for the three months ended September 30, 2023, was $4,394, compared to a net loss of $1,772 in the same period of 2022, marking a 348.0% improvement[68] - For the nine months ended September 30, 2023, revenues increased by $20,180, driven by higher sales across all segments, with wind tower revenue up 13%[73] - The Industrial Solutions segment revenue increased by 46% for the nine months ended September 30, 2023, primarily due to higher shipments of Pressure Reducing Systems[73] Operating Expenses and Cash Flow - Total operating expenses for the third quarter of 2023 were $4,800, representing 8.4% of total revenue, compared to 9.5% in the same quarter of 2022[67] - Net cash used in operating activities for the nine months ended September 30, 2023, totaled $22,593, an increase from $10,271 in the prior year period, mainly due to a rise in accounts receivable[81] - Interest expense for the third quarter of 2023 was $932, a decrease of 24.5% from $1,234 in the same period of 2022[67] Market Demand and Orders - Gearing segment orders decreased by 81% year-over-year, primarily due to reduced demand from oil & gas, mining, and industrial customers[70] Corporate Actions - The Company filed a shelf registration statement on Form S-3 on September 22, 2023, allowing for the offering of various securities for general corporate purposes[79]