Core Insights - Broadwind reported a net loss of $0.4 million, or $0.02 per diluted share, in Q1 2025, a decline from a net income of $1.5 million, or $0.07 per diluted share, in Q1 2024 [3] - Total revenue for Q1 2025 was $36.8 million, down 2.1% year-over-year, primarily due to lower sales in mining, oil & gas, and natural gas turbine markets, partially offset by increased sales in the wind market [4][8] - Adjusted EBITDA for Q1 2025 was $2.4 million, representing 6.4% of total revenue, compared to $4.2 million in the prior year [3][8] Financial Performance - Revenue in the Heavy Fabrications segment increased by 14.7% to $25.2 million, driven by demand for wind repowering adapters [11] - The Gearing segment saw a revenue decline of 28.4% to $6.0 million, primarily due to lower demand in mining and oil & gas markets [13] - The Industrial Solutions segment's revenue decreased by 29.3% to $5.6 million, attributed to lower shipments for natural gas turbine content [15] Orders and Backlog - Total orders increased by 5% year-over-year to $30.5 million, with significant demand for repowering adapters and natural gas turbine content [5][8] - The Industrial Solutions segment achieved record levels in both orders and backlog for the second consecutive quarter [5] - The consolidated backlog decreased sequentially to $117.0 million as of March 31, 2025 [5] Management Commentary - The CEO noted that customer activity is strengthening, with orders increasing 5% year-over-year, and emphasized the company's focus on diversification in growing markets like power generation and infrastructure [7] - The company expects steady improvements in order activity across diverse end-markets for the remainder of the year [7] - Investments in machining capabilities and quality certifications are seen as providing a competitive advantage in the power generation market [7] Segment Results - Heavy Fabrications segment reported operating income of $2.2 million, up from $2.0 million in the prior year [11] - Gearing segment reported an operating loss of $0.9 million, compared to an operating income of $0.03 million in the prior year [13] - Industrial Solutions segment reported operating income of $0.3 million, down from $1.8 million in the prior year [15] Financial Guidance - Broadwind reiterated its financial guidance for full-year 2025, projecting total revenue between $140 million and $160 million and adjusted EBITDA between $13 million and $15 million [17]