From GlobeNewswire: 2025-03-05 07:00:00

Broadwind reported fourth quarter 2024 results, with revenue at $33.6 million, a net loss of ($0.9) million, and non-GAAP adjusted EBITDA of $2.1 million. Full-year 2024 results included total revenue of $143.1 million, net income of $1.2 million, and non-GAAP adjusted EBITDA of $13.3 million.

Fourth quarter 2024 saw a net loss for Broadwind, compared to a net income in the same period in 2023. The company’s adjusted EBITDA decreased to $2.1 million from $4.4 million the previous year. Lower customer demand in wind and oil/gas markets affected results.

Orders increased by 85% in the fourth quarter, reaching record levels for Industrial Solutions driven by natural gas turbines. Total backlog increased to $125.5 million. Broadwind had $33 million in cash and a net debt ratio of 0.6x non-GAAP adjusted EBITDA as of December 31, 2024.

Broadwind’s President and CEO, Eric Blashford, highlighted increased order intake and cost-saving measures in response to lower activity in wind and oil/gas markets. The company expects improved operating leverage and order activity across diverse markets in 2025.

Segment results showed declines in sales for the Heavy Fabrications and Gearing segments in the fourth quarter of 2024. Heavy Fabrications saw a decline in wind-related revenue, while Gearing was impacted by softness in oil & gas markets. Industrial Solutions experienced lower demand for aftermarket units.

Financial guidance for full-year 2025 includes total revenue in the range of $140-160 million and adjusted EBITDA of $13-15 million. Broadwind will host a conference call on March 5, 2025, to discuss financial results and recent events. Non-GAAP adjusted EBITDA is a key metric used by the company to evaluate performance.



Read more at GlobeNewswire:: Broadwind Announces Fourth Quarter and Full-Year 2024