Broadwind(BWEN) - 2022 Q2 - Quarterly Report

FORM 10-Q Filing Information This section details the filing specifics of the Quarterly Report on Form 10-Q for Broadwind, Inc., including its filer status and common stock outstanding Filing Details Broadwind, Inc. filed this Quarterly Report on Form 10-Q for Q2 2022, identifying as a non-accelerated and smaller reporting company - The report is a Quarterly Report on Form 10-Q for the period ended June 30, 2022[3] - Broadwind, Inc. is classified as a non-accelerated filer and a smaller reporting company[4] Common Stock Outstanding | Metric | Value | | :--------------------------- | :---------- | | Common stock outstanding | 20,471,051 | | As of | August 4, 2022 | PART I. FINANCIAL INFORMATION This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis Item 1. Financial Statements This section presents Broadwind, Inc.'s unaudited condensed consolidated financial statements, covering balance sheets, income, equity, cash flows, and notes Condensed Consolidated Balance Sheets The condensed consolidated balance sheets show an increase in total assets and liabilities from December 31, 2021, to June 30, 2022, with a notable rise in accounts receivable and line of credit balances, while cash significantly decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2022 | December 31, 2021 | | :--------------------------- | :------------ | :---------------- | | ASSETS | | | | Cash | $49 | $852 | | Accounts receivable, net | $21,161 | $13,802 | | Total current assets | $61,534 | $52,325 | | Total assets | $126,867 | $118,047 | | LIABILITIES & EQUITY | | | | Line of credit and other notes payable | $17,178 | $6,650 | | Accounts payable | $26,105 | $16,462 | | Customer deposits | $4,293 | $12,082 | | Total current liabilities | $55,856 | $42,683 | | Total stockholders' equity | $49,676 | $54,134 | Condensed Consolidated Statements of Operations The company reported a net loss for both the three and six months ended June 30, 2022, contrasting with net income in the prior year periods, primarily due to the absence of PPP loan forgiveness and employee retention credit benefits recognized in 2021 Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $50,012 | $46,491 | $91,856 | $79,219 | | Gross profit | $2,394 | $2,198 | $4,406 | $2,480 | | Operating loss | $(1,912) | $(2,311) | $(3,985) | $(6,622) | | PPP loan forgiveness | $0 | $9,151 | $0 | $9,151 | | Net (loss) income | $(2,703) | $10,252 | $(5,107) | $9,042 | | Net (loss) income per share—Basic | $(0.13) | $0.55 | $(0.26) | $0.50 | Condensed Consolidated Statements of Stockholders' Equity Stockholders' equity decreased from December 31, 2021, to June 30, 2022, primarily due to net losses incurred during the period, despite additional paid-in capital from share-based compensation and 401(k) plan issuances Stockholders' Equity Changes (in thousands) | Metric | December 31, 2021 | June 30, 2022 | | :--------------------------- | :---------------- | :------------ | | Total Stockholders' Equity | $54,134 | $49,676 | | Net loss (Six Months Ended) | N/A | $(5,107) | | Additional Paid-in Capital | $395,372 | $396,021 | | Accumulated Deficit | $(339,416) | $(344,523) | - The company issued 480,595 shares for restricted stock and 146,790 shares under its 401(k) retirement savings plan during the six months ended June 30, 2022[15] Condensed Consolidated Statements of Cash Flows Net cash used in operating activities decreased, while net cash used in investing activities increased due to higher property and equipment purchases. Net cash provided by financing activities decreased, primarily due to the absence of proceeds from common stock sales seen in the prior year Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(8,264) | $(9,987) | | Net cash used in investing activities | $(1,697) | $(742) | | Net cash provided by financing activities | $9,158 | $12,114 | | Net (decrease) increase in cash | $(803) | $1,385 | | Cash at end of period | $49 | $4,757 | Notes to Condensed Consolidated Financial Statements These notes provide detailed disclosures on significant accounting policies, financial instrument specifics, and operational segment information NOTE 1 — BASIS OF PRESENTATION The condensed consolidated financial statements are prepared in accordance with GAAP for interim information, including the accounts of Broadwind, Inc. and its wholly-owned subsidiaries. The company is a precision manufacturer for clean technology and other specialized applications, with 53% of its H1 2022 revenue from the U.S. wind energy industry (down from 68% in H1 2021) - The financial statements are prepared in accordance with GAAP for interim financial information and include Broadwind, Inc. and its wholly-owned subsidiaries[22] - The company is a precision manufacturer of structures, equipment, and components for clean technology and other specialized applications, primarily in the U.S. energy, mining, and infrastructure sectors[26] Revenue from U.S. Wind Energy Industry | Period | % of Revenue | | :----------------- | :----------- | | First six months of 2022 | 53% | | First six months of 2021 | 68% | NOTE 2 — REVENUES Revenue is recognized when promised goods or services are transferred to customers. The Heavy Fabrications segment saw a 47% decrease in tower sections sold in Q2 2022, offset by a 154% increase in industrial fabrications revenue. Gearing revenue increased 37% in Q2 2022, and Industrial Solutions revenue increased 43% in Q2 2022 - Revenue is recognized when promised goods or services are transferred to customers, reflecting the consideration expected[39] Revenues by Segment (in thousands) | Segment | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Heavy Fabrications | $35,575 | $35,830 | $62,847 | $58,607 | | Gearing | $10,115 | $7,404 | $20,700 | $12,753 | | Industrial Solutions | $5,049 | $3,541 | $9,121 | $8,145 | | Consolidated | $50,012 | $46,491 | $91,856 | $79,219 | - The company recognizes revenue over time for certain Heavy Fabrications projects where products have no alternative use and there's an enforceable right to payment[43] NOTE 3 — EARNINGS PER SHARE Basic and diluted net loss per common share for the three and six months ended June 30, 2022, was $(0.13) and $(0.26) respectively, compared to net income per share in the prior year. Restricted stock units were excluded from diluted EPS calculation due to their anti-dilutive effect Net (Loss) Income Per Common Share | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic Net (loss) income per share | $(0.13) | $0.55 | $(0.26) | $0.50 | | Diluted Net (loss) income per share | $(0.13) | $0.53 | $(0.26) | $0.48 | | Weighted average common shares outstanding—BASIC | 20,244,176 | 18,760,910 | 19,977,477 | 17,973,896 | - Restricted stock units of 829,890 as of June 30, 2022, were excluded from diluted earnings per share computation due to their anti-dilutive effect resulting from the company's net loss[46][47] NOTE 4 — INVENTORIES Net inventories increased to $34,929 thousand as of June 30, 2022, from $33,377 thousand at December 31, 2021, driven by an increase in raw materials, partially offset by decreases in work-in-process and finished goods Inventories, Net (in thousands) | Component | June 30, 2022 | December 31, 2021 | | :--------------------------- | :------------ | :---------------- | | Raw materials | $23,251 | $16,148 | | Work-in-process | $10,494 | $13,639 | | Finished goods | $3,315 | $6,575 | | Less: Reserve for excess and obsolete inventory | $(2,131) | $(2,985) | | Net inventories | $34,929 | $33,377 | NOTE 5 — INTANGIBLE ASSETS Net intangible assets decreased to $3,086 thousand as of June 30, 2022, from $3,453 thousand at December 31, 2021, primarily due to ongoing amortization of customer relationships and trade names - Intangible assets represent fair value assigned to definite-lived assets like trade names and customer relationships from acquisitions[49] Intangible Assets, Net Book Value (in thousands) | Intangible Asset | June 30, 2022 | December 31, 2021 | | :--------------------------- | :------------ | :---------------- | | Noncompete agreements | $17 | $31 | | Customer relationships | $950 | $1,103 | | Trade names | $2,119 | $2,319 | | Total Intangible assets | $3,086 | $3,453 | - Intangible assets are amortized on a straight-line basis over estimated useful lives, ranging from 1 to 5 years[49] NOTE 6 — ACCRUED LIABILITIES Total accrued liabilities increased to $4,312 thousand as of June 30, 2022, from $3,654 thousand at December 31, 2021, mainly due to higher accrued payroll and benefits and accrued property taxes Accrued Liabilities (in thousands) | Component | June 30, 2022 | December 31, 2021 | | :--------------------------- | :------------ | :---------------- | | Accrued payroll and benefits | $3,380 | $2,992 | | Fair value of interest rate swap | $0 | $27 | | Accrued property taxes | $376 | $0 | | Total accrued liabilities | $4,312 | $3,654 | NOTE 7 — DEBT AND CREDIT AGREEMENTS The company's line of credit increased to $17,037 thousand by June 30, 2022, with a new $35,000 revolving credit facility established in August 2022 Debt and Credit Agreements (in thousands) | Component | June 30, 2022 | December 31, 2021 | | :--------------------------- | :------------ | :---------------- | | Line of credit | $17,037 | $6,350 | | Other notes payable | $638 | $274 | | Long-term debt | $190 | $203 | | Long-term debt, net of current maturities | $687 | $177 | - On August 4, 2022, the company entered into a new $35,000 senior secured revolving credit facility and a $7,578 senior secured term loan (2022 Credit Facility) with Wells Fargo Bank, replacing the 2016 Credit Facility[60] - The 2022 Credit Facility matures on August 4, 2027, and includes financial covenants such as a Fixed Charge Coverage Ratio and minimum EBITDA requirements[62] NOTE 8 — LEASES Total lease costs for the six months ended June 30, 2022, were $2,824 thousand. The weighted-average remaining lease term for operating leases is 8.5 years, with a weighted-average discount rate of 8.7% Total Lease Cost (in thousands) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--------------------------- | :----------------------------- | :----------------------------- | | Total finance lease costs | $752 | $613 | | Total operating lease costs | $2,072 | $2,228 | | Total lease cost | $2,824 | $2,841 | Weighted-Average Lease Terms and Discount Rates | Metric | June 30, 2022 | June 30, 2021 | | :--------------------------------------- | :------------ | :------------ | | Weighted-average remaining lease term—finance leases (in years) | 2.7 | 2.2 | | Weighted-average remaining lease term—operating leases (in years) | 8.5 | 9.3 | | Weighted-average discount rate—finance leases | 6.0% | 8.6% | | Weighted-average discount rate—operating leases | 8.7% | 8.5% | NOTE 9 — FAIR VALUE MEASUREMENTS The company's financial instruments approximate fair values, and the interest rate swap, previously a Level 2 liability, expired in February 2022, resulting in a zero fair value - The carrying amounts of cash, accounts receivable, accounts payable, and customer deposits approximate their fair values due to their short-term nature[76] Fair Value of Financial Liabilities (in thousands) | Liability | June 30, 2022 (Level 2) | December 31, 2021 (Level 2) | | :--------------------------- | :---------------------- | :-------------------------- | | Interest rate swap | $0 | $27 | - The interest rate swap, previously used to mitigate LIBOR variability, expired in February 2022[78] NOTE 10 — INCOME TAXES The company recorded a provision for income taxes of $22 thousand for the six months ended June 30, 2022, with a full valuation allowance against deferred tax assets and substantial NOL carryforwards Provision for Income Taxes (in thousands) | Period | Provision for Income Taxes | | :--------------------------- | :------------------------- | | Six months ended June 30, 2022 | $22 | | Six months ended June 30, 2021 | $77 | - The company has a full valuation allowance recorded against deferred tax assets[83] - As of December 31, 2021, the company had federal and unapportioned state NOL carryforwards of $277,310 thousand, with an annual usage limitation of $14,284 thousand under Section 382 of the IRC[84][85] NOTE 11 — SHARE-BASED COMPENSATION Share-based compensation expense for the six months ended June 30, 2022, was $580 thousand, with a decrease in unvested restricted stock units Share-Based Compensation Expense (in thousands) | Component | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--------------------------- | :----------------------------- | :----------------------------- | | Cost of sales | $83 | $76 | | Selling, general and administrative | $497 | $588 | | Net effect on net income | $580 | $664 | Restricted Stock Unit Activity | Metric | Number of Shares | | :--------------------------- | :--------------- | | Unvested as of Dec 31, 2021 | 918,448 | | Granted | 734,077 | | Vested | (808,734) | | Forfeited | (13,901) | | Unvested as of Jun 30, 2022 | 829,890 | NOTE 12 — LEGAL PROCEEDINGS The company is involved in various legal proceedings, but management believes the outcomes will not materially adversely affect its financial condition - The company is party to a variety of legal proceedings that arise in the normal course of its business[93] - Management believes the final outcome of these proceedings will not have a material adverse effect on the company's results of operations, financial condition, or cash flows[93] NOTE 13 — RECENT ACCOUNTING PRONOUNCEMENTS The company has reviewed new accounting standards and believes none have a significant impact on its condensed consolidated financial statements - The company reviews new accounting standards as issued[94] - None of the new accounting standards issued or effective in the current fiscal year are believed to have a significant impact on the company's condensed consolidated financial statements[94] NOTE 14 — SEGMENT REPORTING The company operates through three reportable segments: Heavy Fabrications, Gearing, and Industrial Solutions, each serving distinct industrial markets - The company is organized into three reportable segments: Heavy Fabrications, Gearing, and Industrial Solutions[95] - Heavy Fabrications provides large, complex fabrications, primarily for the U.S. wind energy industry (53% of H1 2022 revenue) and other industrial markets[96] - Gearing supplies gearing and gearboxes to diverse markets including O&G, mining, and wind energy[97] - Industrial Solutions offers supply chain solutions, light fabrication, and assembly services, mainly for the combined cycle natural gas turbine market[98] NOTE 15 — COMMITMENTS AND CONTINGENCIES The company is subject to environmental laws and establishes an allowance for doubtful accounts, which increased to $77 thousand as of June 30, 2022 - The company's operations are subject to environmental laws and regulations, which may impose remediation liabilities[102] - An allowance for doubtful accounts is established based on factors like individual customer circumstances, history, and past due status[103] Accounts Receivable Allowance Liability (in thousands) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--------------------------- | :----------------------------- | :----------------------------- | | Balance at beginning of period | $47 | $473 | | Bad debt expense | $40 | $9 | | Write-offs | $0 | $(429) | | Balance at end of period | $77 | $52 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial performance, liquidity, and capital resources for Q2 and H1 2022, including segment results and external factors KEY METRICS USED BY MANAGEMENT TO MEASURE PERFORMANCE Management uses non-GAAP financial measures such as Adjusted EBITDA and Free Cash Flow, alongside GAAP metrics, to evaluate business performance, growth trends, operational efficiencies, and liquidity. Adjusted EBITDA for the six months ended June 30, 2022, was $363 thousand, a significant decrease from $14,017 thousand in the prior year - Management uses non-GAAP adjusted EBITDA and free cash flow to evaluate business performance, growth trends, operational efficiencies, liquidity, and overall financial performance[109][110][111] Key Financial Measures (in thousands) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues | $50,012 | $46,491 | $91,856 | $79,219 | | Net (loss) income | $(2,703) | $10,252 | $(5,107) | $9,042 | | Adjusted EBITDA | $372 | $12,800 | $363 | $14,017 | | Capital expenditures | $1,205 | $153 | $1,697 | $765 | | Free cash flow | $(3,903) | $5,645 | $(8,391) | $(376) | | Total debt | $17,865 | $6,620 | $17,865 | $6,620 | | Total orders | $26,046 | $26,441 | $78,739 | $60,655 | | Backlog at end of period | $93,249 | $74,338 | $93,249 | $74,338 | | Book-to-bill | 0.5 | 0.6 | 0.9 | 0.8 | OUR BUSINESS The company experienced a net loss in Q2 2022 due to the absence of prior-year stimulus benefits. New orders decreased slightly in Q2 2022, with wind tower orders down 82% due to market uncertainty, while industrial fabrications, gearing, and industrial solutions segments saw increased orders. Revenue increased 8% in Q2 2022, driven by industrial fabrications and other segments, despite a 47% decrease in tower sections sold - Net loss of $2,703 thousand in Q2 2022, compared to net income of $10,252 thousand in Q2 2021, primarily due to the absence of $3,593 thousand in employee retention credit and $9,151 thousand in PPP loan forgiveness[119] New Orders and Revenue (in thousands) | Metric | Q2 2022 | Q2 2021 | Change (%) | | :--------------------------- | :-------- | :-------- | :--------- | | Total new orders | $26,046 | $26,441 | -1.5% | | Wind tower orders (Heavy Fabrications) | N/A | N/A | -82% | | Industrial fabrications orders (Heavy Fabrications) | N/A | N/A | +242% | | Gearing segment orders | N/A | N/A | +14% | | Industrial Solutions orders | N/A | N/A | +8% | | Total revenue | $50,012 | $46,491 | +8% | - The COVID-19 pandemic continued to adversely impact business through June 30, 2022, leading to declines in order activity, manufacturing inefficiencies, and employee staffing constraints[121] RESULTS OF OPERATIONS Consolidated revenues increased for Q2 and H1 2022, driven by industrial fabrications, gearing, and industrial solutions, but net loss occurred due to absent prior-year stimulus Three months ended June 30, 2022, Compared to Three months ended June 30, 2021 Consolidated revenues increased by 7.6% to $50,012 thousand, but net loss was $(2,703) thousand due to the absence of prior-year PPP loan forgiveness and ERC benefits Consolidated Financial Performance (Three Months Ended June 30, in thousands) | Metric | 2022 | 2021 | $ Change | % Change | | :--------------------------- | :-------- | :-------- | :-------- | :-------- | | Revenues | $50,012 | $46,491 | $3,521 | 7.6% | | Cost of sales | $47,618 | $44,293 | $3,325 | 7.5% | | Gross profit | $2,394 | $2,198 | $196 | 8.9% | | Operating loss | $(1,912) | $(2,311) | $399 | 17.3% | | PPP loan forgiveness | $0 | $9,151 | $(9,151) | -100.0% | | Net (loss) income | $(2,703) | $10,252 | $(12,955) | -126.4% | - Heavy Fabrications segment revenues were flat, with a 154% increase in industrial fabrications offset by a 47% decrease in tower sections sold. Operating income decreased by $193 thousand due to lower sales volumes and workforce transition costs[125][128][130] - Gearing segment revenue increased 37%, driven by higher order intake from O&G and industrial customers. Operating loss decreased by $297 thousand, improving operating margin from (11.9%) to (5.8%)[125][131][132] - Industrial Solutions segment revenue increased 43%, primarily due to new gas turbine and aftermarket projects. Operating income improved from a loss of $(47) thousand to a profit of $32 thousand[125][133][135] Six months ended June 30, 2022, Compared to Six months ended June 30, 2021 Consolidated revenues increased by 16.0% to $91,856 thousand, but net loss was $(5,107) thousand due to the absence of prior-year stimulus benefits Consolidated Financial Performance (Six Months Ended June 30, in thousands) | Metric | 2022 | 2021 | $ Change | % Change | | :--------------------------- | :-------- | :-------- | :-------- | :-------- | | Revenues | $91,856 | $79,219 | $12,637 | 16.0% | | Cost of sales | $87,450 | $76,739 | $10,711 | 14.0% | | Gross profit | $4,406 | $2,480 | $1,926 | 77.7% | | Operating loss | $(3,985) | $(6,622) | $2,637 | 39.8% | | PPP loan forgiveness | $0 | $9,151 | $(9,151) | -100.0% | | Net (loss) income | $(5,107) | $9,042 | $(14,149) | -156.5% | - Heavy Fabrications segment revenues increased 7%, driven by a 105% increase in industrial fabrication revenues, despite lower tower demand. Operating loss decreased by $1,046 thousand, improving operating margin from (2.4%) to (0.6%)[139][143][145] - Gearing segment revenue increased 62%, primarily due to strong order intake from O&G and mining customers. Operating loss decreased by $1,174 thousand, improving operating margin from (14.7%) to (3.4%)[139][146][147] - Industrial Solutions segment revenue increased 12%, due to new gas turbine and aftermarket projects. Operating loss increased due to higher variable expenses, including freight costs[139][148][149] LIQUIDITY, FINANCIAL POSITION AND CAPITAL RESOURCES Cash decreased to $49 thousand, total debt was $22,975 thousand, and a new credit facility was secured in August 2022 for future liquidity Cash and Debt Overview (in thousands) | Metric | June 30, 2022 | December 31, 2021 | | :--------------------------- | :------------ | :---------------- | | Cash | $49 | $852 | | Total debt and finance lease obligations | $22,975 | N/A | | Available under 2016 Credit Facility | $10,178 | N/A | - The company entered into a new $35,000 senior secured revolving credit facility and a $7,578 senior secured term loan with Wells Fargo on August 4, 2022, replacing the previous credit facility[154] - Management expects current cash resources, the new credit facility, cash from operations, and equipment financing to be adequate for liquidity needs for at least the next twelve months[155] CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This section warns that forward-looking statements are subject to various risks and uncertainties, including COVID-19 impacts and regulatory changes - The report contains forward-looking statements regarding future growth, results of operations, financial condition, cash flows, performance, business prospects, and opportunities[166] - These statements are subject to various risks and uncertainties, including the impact of the COVID-19 pandemic, regulatory frameworks, customer dependencies, economic stability, and market volatility[166] - The company is under no duty to update any of these forward-looking statements, and they should not be relied upon as a predictor of actual results[166] Item 3. Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, Broadwind, Inc. is not required to provide quantitative and qualitative disclosures about market risk in this quarterly report - Broadwind, Inc. is a smaller reporting company and is not required to provide information under this item[168] Item 4. Controls and Procedures The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes in internal control over financial reporting - The CEO and CFO evaluated the effectiveness of disclosure controls and procedures as of June 30, 2022, and concluded they were effective[169] - There were no material changes in internal control over financial reporting during the three months ended June 30, 2022[170] PART II. OTHER INFORMATION This part includes legal proceedings, risk factors, sales of equity securities, defaults, mine safety disclosures, other information, and exhibits Item 1. Legal Proceedings Information on legal proceedings is incorporated by reference from Note 12, with management believing no material adverse effect will occur - Information on legal proceedings is incorporated by reference to Note 12, 'Legal Proceedings' in Part I, Item 1[173] Item 1A. Risk Factors The risk factors from the 2021 Annual Report on Form 10-K remain the most significant risks to the company's future results - The risk factors from the Annual Report on Form 10-K for the year ended December 31, 2021, are still considered the most significant risks[174] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities or use of proceeds to report[176] Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities to report during the period - No defaults upon senior securities to report[177] Item 4. Mine Safety Disclosures This item is not applicable to the company - Mine Safety Disclosures are not applicable[178] Item 5. Other Information There is no other information to report under this item - No other information to report[179] Item 6. Exhibits This section lists the exhibits filed as part of this Quarterly Report on Form 10-Q, including financial information formatted in iXBRL - The exhibits listed are filed as part of this Quarterly Report on Form 10-Q[180] - Exhibit 101 includes financial information formatted in iXBRL (Inline eXtensible Business Reporting Language)[183] SIGNATURES This section contains the authorized officer's signature for the Form 10-Q filing Signature of Authorized Officer The report is signed on behalf of Broadwind, Inc. by Eric B. Blashford, President, CEO, and Interim CFO, on August 9, 2022 - The report was signed by Eric B. Blashford, President, Chief Executive Officer, and Interim Chief Financial Officer[189] - The signing date for the report was August 9, 2022[189]