Broadwind, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Broadwind, Inc. has filed its 2023 10-K, providing a comprehensive overview of its financial and operational performance for the fiscal year ending December 31, 2023.</b>

AI Summary

BROADWIND, INC. (BWEN) filed a Annual Report (10-K) with the SEC on March 5, 2024. Broadwind, Inc. filed its 2023 Form 10-K on March 5, 2024, reporting on its fiscal year ended December 31, 2023. The filing details financial performance and operational aspects of the company. Key financial data and disclosures are provided for the fiscal years 2023, 2022, and 2021. Information regarding debt, equity, and cash positions is included. The report covers various business segments and operational metrics.

Why It Matters

For investors and stakeholders tracking BROADWIND, INC., this filing contains several important signals. This 10-K filing is crucial for investors and analysts to assess Broadwind's financial health, profitability, and strategic direction over the past fiscal year. The detailed financial statements and risk factors will inform investment decisions and provide insights into potential challenges and opportunities facing the company.

Risk Assessment

Risk Level: medium — BROADWIND, INC. shows moderate risk based on this filing. The company's financial performance and operational details are presented in this 10-K, which is a standard disclosure for publicly traded companies, indicating a medium level of risk associated with understanding its current standing.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis in the 10-K to understand Broadwind's performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-05 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary year for financial data)
• 2022 — Prior Fiscal Year (Comparative financial data year)
• 2021 — Earlier Fiscal Year (Comparative financial data year)

Key Players & Entities

• BROADWIND, INC. (company) — Filer name
• BWEN (company) — Ticker symbol
• 3240 S. CENTRAL AVENUE (location) — Business address
• CICERO (location) — Business address city
• IL (location) — Business address state
• 60804 (location) — Business address zip
• 708-780-4800 (phone) — Business phone

FAQ

Industry Context

Broadwind, Inc. operates in the manufacturing sector, specifically focusing on nonferrous foundries (castings). The company provides essential components and services to various industries.

Regulatory Implications

As a publicly traded company, Broadwind, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review Broadwind's financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges.
3. Compare the 2023 results with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-05: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.001 — nge on which Registered Common Stock, $0.001 par value BWEN The Nasdaq Capital M
• $3.70 — oximately $ 66,098,000 , based upon the $3.70 per share closing sale price of the Reg
• $0 — he Registrant's common stock, par value $0.001, outstanding as of February 29, 202
• $290 million — ificant unrealized economic asset, over $290 million of net operating losses ("NOLs") as of
• $2.3 — ropriations Act of 2021 ("COVID IV"), a $2.3 trillion spending bill that combines a
• $1.4 — trillion spending bill that combines a $1.4 trillion omnibus spending bill for fede
• $900 billion — bill for federal fiscal year 2021 with $900 billion in stimulus relief for the COVID-19 pan

Filing Documents

• bwen20231231_10k.htm (10-K) — 1686KB
• ex_600272.htm (EX-21) — 4KB
• ex_600273.htm (EX-23) — 3KB
• ex_600274.htm (EX-31.1) — 13KB
• ex_600275.htm (EX-31.2) — 12KB
• ex_600276.htm (EX-32.1) — 6KB
• ex_600277.htm (EX-32.2) — 6KB
• ex_634219.htm (EX-97) — 31KB
• bwen20201002_10kimg001.jpg (GRAPHIC) — 5KB
• 0001437749-24-006588.txt (&nbsp;) — 8591KB
• bwen-20231231.xsd (EX-101.SCH) — 73KB
• bwen-20231231_cal.xml (EX-101.CAL) — 73KB
• bwen-20231231_def.xml (EX-101.DEF) — 499KB
• bwen-20231231_lab.xml (EX-101.LAB) — 445KB
• bwen-20231231_pre.xml (EX-101.PRE) — 545KB
• bwen20231231_10k_htm.xml (XML) — 1398KB

BUSINESS

BUSINESS 4 ITEM 1A.

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 17 ITEM 1C. CYBERSECURITY 17 ITEM 2.

PROPERTIES

PROPERTIES 18 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 18 ITEM 4. MINE SAFETY DISCLOSURES 18 PART II 19 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 19 ITEM 6. [RESERVED] 20 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 29 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 29 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 30 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 30 ITEM 9B. OTHER INFORMATION 30 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS PART III 31 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 31 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 31 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 31 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 32 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 32 PART IV 33 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 33 ITEM 16. FORM 10-K SUMMARY 33 2 PART I Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10- K ("Annual Report") contains "forward looking statements"— that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward looking statements by using words such as "anticipate," "believe," "expect," "intend," "will," "should," "may," "plan" and similar expressions, but these words are not the exclusive means of identifying forward looking statements. Forward looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following:(i) the impact of global health concerns on the economies and financial markets and the demand for our products; (ii) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits (which remain subject to further technical guidance and regulations), and state renewable portfolio standards as well as new or continuing tariffs on steel or other pr

BUSINESS

ITEM 1. BUSINESS As used in this Annual Report, the terms "we," "us," "our," "Broadwind" and the "Company" refer to Broadwind, Inc., a Delaware corporation headquartered in Cicero, Illinois, and its wholly-owned subsidiaries (the "Subsidiaries"). Dollars are presented in thousands unless otherwise stated. Business Overview Broadwind is a precision manufacturer of structures, equipment and components for clean technology and other specialized applications. We provide technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the "U.S."). Our capabilities include but are not limited to the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treat, assembly, engineering and packaging solutions. We were incorporated in 1996 in Nevada as Blackfoot Enterprises, Inc., and through a series of subsequent transactions, became Broadwind Energy, Inc., a Delaware corporation, in 2008. Through acquisitions in 2007 and 2008, we focused on expanding upon our core platform as a wind tower manufacturer, established our Gearing segment, and developed and broadened our industrial fabrications capabilities. In early 2017, we acquired Red Wolf Company, LLC, a kitter and assembler of industrial components primarily supporting the global gas turbine market. In 2020, we rebranded to Broadwind, Inc., a reflection of our diversification progress to date and our continued strategy to expand our product and customer diversification outside of wind energy. Effective with our 2020 rebranding, we renamed certain segments. Our Towers and Heavy Fabrications segment was renamed to Heavy Fabrications and our Process Systems segment was renamed to Industrial Solutions. Our Gearing segment name remained the same. Heavy Fabrications We provide large, complex and preci

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View this 10-K filing on SEC EDGAR