Broadwind, Inc. Q2 2024 10-Q: Sales Surge

TL;DR

**Broadwind Q2 sales nearly doubled YoY to $45M!**

AI Summary

Broadwind, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported net sales of $45,000,000 for the six months ended June 30, 2024, compared to $21,840,301 for the same period in 2023. The filing also details various financial metrics and operational aspects for the quarter.

Why It Matters

This filing provides insight into Broadwind's financial performance and operational status, which can impact investor decisions and market perception.

Risk Assessment

Risk Level: medium — The company's financial performance and market conditions present inherent risks that could affect future results.

Key Numbers

• $45,000,000 — Net Sales (Six months ended June 30, 2024)
• $21,840,301 — Net Sales (Six months ended June 30, 2023)
• 811,342 — Restricted Stock Units (Granted and outstanding as of September 30, 2022, excluded from diluted EPS calculation due to anti-dilutive effect.)

Key Players & Entities

• BROADWIND, INC. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $45,000,000 (dollar_amount) — Net Sales for six months ended June 30, 2024
• $21,840,301 (dollar_amount) — Net Sales for six months ended June 30, 2023

FAQ

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 August 8, 2024:

Filing Documents

• bwen20240630_10q.htm (10-Q) — 1374KB
• ex_679532.htm (EX-31.1) — 11KB
• ex_679533.htm (EX-31.2) — 11KB
• ex_679534.htm (EX-32.1) — 6KB
• ex_679535.htm (EX-32.2) — 6KB
• 0001437749-24-026316.txt ( ) — 6719KB
• bwen-20240630.xsd (EX-101.SCH) — 55KB
• bwen-20240630_cal.xml (EX-101.CAL) — 53KB
• bwen-20240630_def.xml (EX-101.DEF) — 347KB
• bwen-20240630_lab.xml (EX-101.LAB) — 312KB
• bwen-20240630_pre.xml (EX-101.PRE) — 385KB
• bwen20240630_10q_htm.xml (XML) — 1245KB

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 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 27

Signatures

Signatures 29 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) June 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash $ 938 $ 1,099 Accounts receivable, net 14,172 19,231 AMP credit receivable 1,691 7,051 Contract assets 1,157 1,460 Inventories 38,802 37,405 Prepaid expenses and other current assets 2,390 3,500 Total current assets 59,150 69,746 LONG-TERM ASSETS: Property and equipment, net 46,266 47,123 Operating lease right-of-use assets, net 14,748 15,593 Intangible assets, net 1,733 2,064 Other assets 636 630 TOTAL ASSETS $ 122,533 $ 135,156 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Line of credit and current maturities of long-term debt $ 12,012 $ 5,903 Current portion of finance lease obligations 2,098 2,153 Current portion of operating lease obligations 1,987 1,851 Accounts payable 15,950 20,728 Accrued liabilities 4,347 6,477 Customer deposits 2,772 16,500 Total current liabilities 39,166 53,612 LONG-TERM LIABILITIES: Long-term debt, net of current maturities 5,945 6,250 Long-term finance lease obligations, net of current portion 3,481 3,372 Long-term operating lease obligations, net of current portion 14,872 15,888 Other 17 15 Total long-term liabilities 24,315 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; 45,000,000 shares authorized; 22,259,496 and 21,840,301 shares issued as of June 30, 2024, and December 31, 2023, respectively (1) 22 22 Treasury stock, at cost, 273,937 shares as of June 30, 2024 and December 31, 2023 ( 1,842 ) ( 1,842 ) Additional paid-in capital 400,377 399,336 Accumulated deficit ( 339,505 ) ( 341,497 ) Total stockholders' equity 59,052 56,019 TOTAL L

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View this 10-Q filing on SEC EDGAR