Broadwind, Inc.

What they do

Broadwind operates through three segments: Heavy Fabrications (wind towers and industrial fabrications, now exited), Gearing (gears, gearboxes, and precision machined components for power generation, oil & gas, mining, and other markets), and Industrial Solutions (supply chain, kitting, assembly, and light fabrication for combined cycle gas turbines and wind tower internals). The company manufactures in the U.S. and serves energy, mining, and infrastructure sectors.

Revenue drivers

• Gearing segment — Provides gearing, gearboxes, and precision machined components to power generation, oil & gas, mining, and other markets; revenue decreased 23% in 2025 but orders increased 52%, with significant power generation orders.
• Industrial Solutions segment — Serves combined cycle natural gas turbine market with kitting, assembly, and supply chain solutions; revenue increased 16% in 2025 and orders increased 79%, driven by new and aftermarket gas turbine projects.
• Heavy Fabrications (wind towers) — Historically the largest segment, manufacturing steel wind towers and repowering adapters; revenue increased 22% in 2025 due to wind tower production, but the company sold the Abilene facility in April 2026 and exited wind fabrications.

Recent performance

In Q2 2026, Broadwind reported total revenue of $24.3 million, up 67% year-over-year, and a GAAP loss from continuing operations of ($0.7) million, or ($0.03) per share. Adjusted EBITDA was $1.6 million, compared to ($1.1) million in Q2 2025. Total orders were $35.2 million, up 68% year-over-year. The company completed the sale of its Abilene facility to IES Infrastructure for up to $19.5 million, reclassifying wind fabrications as discontinued operations. For the six months ended June 30, 2026, revenue was $42.2 million with a loss from continuing operations of ($2.3) million.

Strategy

Broadwind's stated strategy is to become a pure-play precision manufacturing business focused on the domestic power generation and critical infrastructure markets. The company completed its strategic exit from wind fabrications, selling its Abilene facility in April 2026. Management emphasizes organic growth complemented by opportunistic investments in complementary products and solutions within targeted verticals. They aim to leverage their domestic manufacturing footprint and technical expertise to capitalize on a multi-year investment cycle in electricity generation, transmission, and distribution.

Risks

• Customer concentration — In 2025, one customer (GE Vernova) accounted for more than 10% of revenues and the five largest customers accounted for 80% of consolidated revenues.
• Policy and tax credit changes — The OBBBA (enacted July 2025) eliminates AMP credits for components produced after 2027 and shortens the PTC/ITC qualification window for wind projects, which could reduce demand for wind products.
• Technology and market shifts — Rapidly evolving wind turbine technology, including larger turbines and concrete towers, may require new investments or make current equipment obsolete.
• Operational execution — Manufacturing inefficiencies in Heavy Fabrications and lower sales volumes in Gearing impacted 2025 profitability, and the company continues to face execution risks.

Outlook

Management expects robust customer demand to continue, with order momentum accelerating across power generation, energy, and industrial verticals. They highlight a combined 93% increase in backlog for Industrial Solutions and Gearing as of June 30, 2026, versus the prior year. The company ended Q2 2026 with a book-to-bill of 1.5x and improved visibility into the remainder of 2026. Broadwind is evaluating opportunities to scale its precision manufacturing expertise in high-value power generation and infrastructure markets.