earnings
confidence high
sentiment negative
materiality 0.75
Broadwind reports Q2 net loss of $2.7M; non-wind orders up 60%
BROADWIND, INC.
2022-Q2 EPS reported
-$0.26
revenue$91,856,000
- Revenue $50.0M (+8% y/y); net loss ($2.7M) or ($0.13) per basic share vs net income $10.3M a year ago.
- Adjusted EBITDA fell to $0.4M from $12.8M; prior year included $9.2M PPP loan forgiveness and $3.6M ERC credit.
- Gearing segment revenue up 37% to $10.1M; Industrial Solutions up 43% to $5.0M; Heavy Fabrications down 1% to $35.6M.
- Non-wind orders $24M, +60% y/y; total backlog $93.2M, +25% y/y; cash and excess availability $10.2M.
- Q3 2022 adjusted EBITDA guidance $1.2M–$1.7M; expects modest recovery in tower orders in H2 2022.