Broadwind Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Broadwind, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

BROADWIND, INC. (BWEN) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Broadwind, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. Broadwind, Inc. is classified under Nonferrous Foundries (Castings) with SIC code 3360. The company's principal business address is 3240 S. Central Avenue, Cicero, IL 60804.

Why It Matters

For investors and stakeholders tracking BROADWIND, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management discussion for Broadwind, Inc., crucial for understanding the company's performance in the first quarter of 2024. The SIC code 3360 (Nonferrous Foundries) and business address information help contextualize Broadwind's industry and operational base.

Risk Assessment

Risk Level: low — BROADWIND, INC. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant new risks or positive/negative performance shifts.

Analyst Insight

Monitor future 10-Q filings for detailed financial results and management commentary to assess Broadwind's performance trends and strategic execution.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-14 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Q1 2024 Start Date (Reporting Period)
• 2023-01-01 — Q1 2023 Start Date (Reporting Period)

Key Players & Entities

• BROADWIND, INC. (company) — COMPANY CONFORMED NAME
• BWEN (company) — Ticker Symbol
• 3240 S. CENTRAL AVENUE (location) — BUSINESS ADDRESS STREET 1
• CICERO (location) — BUSINESS ADDRESS CITY
• IL (location) — BUSINESS ADDRESS STATE
• 60804 (location) — BUSINESS ADDRESS ZIP
• BROADWIND ENERGY, INC. (company) — FORMER COMPANY NAME
• TOWER TECH HOLDINGS INC. (company) — FORMER COMPANY NAME

FAQ

Industry Context

Broadwind, Inc. operates in the Nonferrous Foundries (Castings) industry, manufacturing components for various industrial applications.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with prior periods to identify performance trends.
3. Analyze any disclosed risk factors or forward-looking statements for potential business impacts.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the first 10-Q for the fiscal year 2024, providing the initial quarterly update after the annual report.

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value BWEN The NASDAQ Capital M
• $0 — of registrant's common stock, par value $0.001, outstanding as of May 9, 2024: 21,

Filing Documents

• bwen20240331_10q.htm (10-Q) — 982KB
• ex_631787.htm (EX-31.1) — 11KB
• ex_631788.htm (EX-31.2) — 11KB
• ex_631789.htm (EX-32.1) — 6KB
• ex_631790.htm (EX-32.2) — 6KB
• 0001437749-24-016574.txt (&nbsp;) — 5656KB
• bwen-20240331.xsd (EX-101.SCH) — 55KB
• bwen-20240331_cal.xml (EX-101.CAL) — 52KB
• bwen-20240331_def.xml (EX-101.DEF) — 337KB
• bwen-20240331_lab.xml (EX-101.LAB) — 302KB
• bwen-20240331_pre.xml (EX-101.PRE) — 373KB
• bwen20240331_10q_htm.xml (XML) — 923KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Unaudited Financial Statements 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 24

Signatures

Signatures 26 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BROADWIND, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash $ 1,073 $ 1,099 Accounts receivable, net 14,601 19,231 AMP credit receivable 1,732 7,051 Contract assets 660 1,460 Inventories 37,386 37,405 Prepaid expenses and other current assets 2,829 3,500 Total current assets 58,281 69,746 LONG-TERM ASSETS: Property and equipment, net 47,137 47,123 Operating lease right-of-use assets, net 15,159 15,593 Intangible assets, net 1,899 2,064 Other assets 595 630 TOTAL ASSETS $ 123,071 $ 135,156 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Line of credit and current maturities of long-term debt $ 1,428 $ 5,903 Current portion of finance lease obligations 2,205 2,153 Current portion of operating lease obligations 1,914 1,851 Accounts payable 16,298 20,728 Accrued liabilities 6,406 6,477 Customer deposits 11,403 16,500 Total current liabilities 39,654 53,612 LONG-TERM LIABILITIES: Long-term debt, net of current maturities 6,262 6,250 Long-term finance lease obligations, net of current portion 3,733 3,372 Long-term operating lease obligations, net of current portion 15,374 15,888 Other 7 15 Total long-term liabilities 25,376 25,525 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding — — Common stock, $ 0.001 par value; 30,000,000 shares authorized; 21,947,606 and 21,840,301 shares issued as of March 31, 2024, and December 31, 2023, respectively 22 22 Treasury stock, at cost, 273,937 shares as of March 31, 2024 and December 31, 2023 ( 1,842 ) ( 1,842 ) Additional paid-in capital 399,848 399,336 Accumulated deficit ( 339,987 ) ( 341,497 ) Total stockholders' equity 58,041 56,019 TOTAL LIA

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View this 10-Q filing on SEC EDGAR