Broadwind Announces Fourth Quarter and Full-Year 2024 Results

Core Insights - Broadwind reported a net loss of $0.9 million, or$0.04 per share, in Q4 2024, a decline from a net income of $1.1 million, or$0.05 per share, in Q4 2023 [2][7] - Total revenue for Q4 2024 was $33.6 million, down from$46.6 million in Q4 2023, while full-year revenue for 2024 was $143.1 million compared to$203.5 million in 2023 [7][27] - The company experienced a significant increase in total orders, which rose by 85% in Q4 2024 compared to the prior year, driven by demand across various segments [4][6] Financial Performance - Adjusted EBITDA for Q4 2024 was $2.1 million, representing 6.4$4.4 million in Q4 2023 [2][7] - For the full year 2024, adjusted EBITDA was $13.3 million, or 9.3$21.5 million in 2023 [7][27] - The ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA was 0.6x as of December 31, 2024, indicating a stable financial position [5][7] Segment Performance - Heavy Fabrications segment sales declined by 30.8% to $20.4 million in Q4 2024, primarily due to a 27$7.6 million in Q4 2024, largely driven by reduced demand in the oil and gas markets [12] - Industrial Solutions segment sales decreased by 2.8% to $5.9 million in Q4 2024, attributed to lower demand for aftermarket units [14] Orders and Backlog - Total orders for Q4 2024 reached$37.5 million, up from $20.2 million in the same period last year, with record levels in the Industrial Solutions segment [4][32] - Consolidated backlog increased to$125.5 million as of December 31, 2024, reflecting strong order intake [4][6] Management Outlook - The company anticipates improved operating leverage in 2025 due to increased order intake and cost-saving measures [6][8] - Financial guidance for 2025 projects total revenue between $140 million and$160 million, with adjusted EBITDA expected to range from $13 million to$15 million [16][17]