Broadwind, Inc.

bwen.com

What Do They Do?

Makes steel wind towers for wind turbine manufacturers, and supplies gearboxes and industrial components to power-generation, mining and other industrial customers.

How Do They Make Money?

Customers buy under supply agreements or purchase orders; sales generally count when goods ship or are delivered. Some tower sales count when manufacture is complete and the customer accepts them, while qualifying heavy-fabrication contracts count as work progresses.

revenue

Segment	Share	How money arrives
Heavy Fabrications	64% FY2022: 66%
Gearing Sold outright	17% FY2022: 24%	Sold outright
Industrial Solutions Sold outright	19% FY2022: 10%	Sold outright

Who Are Their Customers?

Markets products through its direct sales force, supplemented by independent sales agents in some markets. Buyers include wind turbine manufacturers and gearbox rebuilders, gas-turbine customers, and makers of oil-and-gas, mining and other industrial equipment.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$19M.

Operating income, FY2025

5% of revenue

▲ +105% vs FY2024 ($4.2M, 3%)

Net income, FY2025

3% of revenue

▲ +355% vs FY2024 ($1.2M, 1%)

Free cash flow, FY2025

−12% of revenue

▼ Now a loss vs FY2024 ($10.2M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +67%; vs $14.5M in Q2 FY2025
Net income: ▼ −35% (Loss); vs −$989K in Q2 FY2025

May 6, 2026 Sold the Abilene facility, ending wind-market operations The company said the sale would take it out of wind markets and withdrew its previously announced financial guidance.

Growing. Revenue grew 9% in 4 years, from $145.6M in FY2021 to $158.1M in FY2025, about 2% a year.

Heavy fabrication footprint The older report describes heavy-fabrication operations at Manitowoc and Abilene and industrial components for mining and other markets; the latest says Manitowoc operations were sold and the remaining segment operations consolidated in Abilene.

Revenue over time

Heavy Fabrications Gearing Industrial Solutions Corporate Segment

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Arcosa, C.S. Wind, Marmen Industries, GRI Renewable Industries, Overton Chicago Gear, Cincinnati Gearing Systems, Milwaukee Gear, Horsburgh & Scott, and Gexpro

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