--- title: "Broadwind 公佈 2025 年第四季度及全年財務業績" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/278708210.md" description: "Broadwind (BWEN) 發佈了 2025 年第四季度和全年業績，第四季度收入增長 12.4%，達到 3770 萬美元，但 GAAP 淨虧損為 90 萬美元。全年收入增長 10.4%，達到 1.581 億美元，淨收入為 520 萬美元。公司強調其齒輪和工業解決方案部門的強勁需求，訂單同比增長 38%。管理層對 2026 年持樂觀態度，得益於穩健的現金狀況以及電力生產和基礎設施領域的持續需求" datetime: "2026-03-11T11:00:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278708210.md) - [en](https://longbridge.com/en/news/278708210.md) - [zh-HK](https://longbridge.com/zh-HK/news/278708210.md) --- # Broadwind 公佈 2025 年第四季度及全年財務業績 CICERO, Ill., March 11, 2026 (GLOBE NEWSWIRE) -- Broadwind ( BWEN ) , a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the fourth quarter and full-year 2025. **FOURTH QUARTER 2025 RESULTS** _(As compared to the fourth quarter 2024)_ - Total revenue of $37.7 million, +12.4% y/y - GAAP net loss of ($0.9) million, or ($0.04) per share - Total non-GAAP adjusted EBITDA of $1.9 million, or 5.0% of total revenue (for a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release) - Ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA of 1.6x as of December 31, 2025 **FULL-YEAR 2025 RESULTS** _(As compared to the full-year 2024)_ - Total revenue of $158.1 million, +10.4% y/y - GAAP net income of $5.2 million, or $0.23 per share - Total non-GAAP adjusted EBITDA of $8.7 million, or 5.5% of total revenue_\*_ _\*Excludes $8.2 million gain on sale related to the completed divestiture of industrial fabrication operations on September 8, 2025_ **MANAGEMENT COMMENTARY** “2025 marked a pivotal year in our evolution as a leading precision manufacturing partner to global OEMs,” stated Eric Blashford, President and CEO of Broadwind ( BWEN ). “Over the past year, we expanded our presence within a growing set of applications and vertical markets, including power generation, while reinforcing operational rigor and balance sheet discipline across the organization. The divestiture of our industrial fabrication operations in the third quarter represented an important milestone, optimizing our asset base and increasing balance sheet optionality, positioning us to redeploy capital toward higher-value growth opportunities as we enter 2026.” “Our fourth quarter performance came in-line with the preliminary full-year results we issued in early February 2026,” continued Blashford. “Demand conditions were strong during the fourth quarter, supported by robust project activity across our Gearing and Industrial Solutions segments. Orders grew 38% year-over-year in both segments, reflecting accelerating demand across mid-sized and utility-scale natural gas turbines.” “In March, we received a $6 million order for precision-machined gearing products used in natural gas turbines,” noted Blashford. “This represents a follow-on order related to one we first announced in July 2025, and we expect fulfillment to occur in the fourth quarter of 2026 and into 2027.” “We enter 2026 with nearly $25 million of cash and available liquidity to support the profitable growth of our business,” stated Blashford. “At the end of the fourth quarter, our ratio of net debt to trailing-twelve-month adjusted EBITDA was 1.6x, within our targeted range of less than 2.0x. Looking ahead, our capital allocation priorities remain unchanged, as we continue to prioritize a combination of organic growth investments and opportunistic share repurchases, while continuing to evaluate accretive, bolt-on acquisitions that further enhance our capabilities within both new and existing vertical markets.” “Today, we reiterated our financial guidance for full-year 2026, supported by expectations for continued demand strength as we look toward the balance of the year,” concluded Blashford. “Our fully domestic manufacturing footprint, highly skilled workforce, long-standing OEM partnerships, and deep engineering expertise position Broadwind ( BWEN ) to capitalize on the multi-year investment cycle underway across power generation and critical infrastructure.” **CONSOLIDATED FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL RESULTS** Broadwind ( BWEN ) reported a net loss of ($0.9) million, or ($0.04) per share in the fourth quarter 2025, compared to a net loss of ($0.9) million, or ($0.04) per share, in the fourth quarter 2024. The Company reported adjusted EBITDA, a non-GAAP measure, of $1.9 million in the fourth quarter compared to $2.1 million in the prior year period. For a reconciliation of GAAP to non-GAAP metrics, please see the appendix of this release. Fourth quarter results were impacted by a raw material supply disruption associated with an OEM customer’s directed-buy program, which reduced manufacturing throughput and operating efficiency during the period. The Company has implemented corrective actions to address the issue and expects operations to normalize during the first quarter of 2026. Revenue increased more than 12% on a year-over-year basis in the fourth quarter due to increased sales within the Heavy Fabrications and Industrial Solutions segments, partially offset by lower sales in the Gearing segment. Heavy Fabrications revenue increased 6%, compared to the prior year period, primarily due to increased demand for wind tower sections and repowering adapters. Industrial Solutions revenue grew 60% year-over-year, due primarily to strong demand for natural gas turbine content. While in the Gearing segment, revenue declined year-over-year due to lower customer demand from most markets served, partially offset by increased sales in the power generation and oil & gas verticals. Total orders increased 3% in the fourth quarter, when compared to the prior year period, led by 38% year-over-year growth in the Gearing and Industrial Solutions segments, partially offset by a 20% year-over-year decline in the Heavy Fabrications segment. Within the Industrial Solutions segment, the backlog reached $38.1 million, a new record during the fourth quarter. At the end of the fourth quarter, Broadwind ( BWEN ) had total cash and availability under its credit facility of $25 million. The Company’s ratio of net debt to trailing twelve month Adjusted EBITDA was 1.6x at the end of the fourth quarter 2025. **SEGMENT RESULTS** **_Heavy Fabrications Segment_** _Broadwind ( BWEN ) provides large, complex and precision fabrications, and proprietary industrial processing equipment, to customers in a broad range of industrial markets. Key products include wind towers and compressed natural gas pressure reducing systems._ Heavy Fabrications segment sales increased by 6% to $21.6 million in the fourth quarter 2025, as compared to the prior-year period, primarily driven by a increase in wind-related revenue. The segment reported operating income of $0.4 million in the fourth quarter, as compared to operating income of $1.3 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.6 million in the fourth quarter, as compared to $2.6 million in the prior-year period. **_Gearing Segment_** _Broadwind ( BWEN ) provides custom gearboxes, loose gearing, precision machined components and heat treat services to a broad set of customers in diverse markets, including power generation, oil & gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets._ Gearing segment sales declined by 8% to $7.0 million in the fourth quarter 2025, as compared to the prior year period, primarily driven by softness in demand from most markets served, partially offset by increasing demand from our power generation and oil & gas verticals. The segment reported an operating loss of ($0.9) million in the fourth quarter, compared to an operating loss of ($0.6) million in the prior year period. Segment non-GAAP adjusted EBITDA was ($0.3) million in the fourth quarter, as compared to $0.1 million in the prior-year period. **_Industrial Solutions Segment_** _Broadwind ( BWEN ) provides supply chain solutions, light fabrication, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market as well as other clean technology markets._ Industrial Solutions segment sales increased by 60% to $9.4 million in the fourth quarter 2025, as compared to the prior year period, primarily driven by increased demand for natural gas turbine content. The segment reported operating income of $1.3 million in the fourth quarter compared to operating income of $0.4 million in the prior year period. Segment non-GAAP adjusted EBITDA was $1.5 million in the fourth quarter, as compared to $0.6 million in the prior year period. **FINANCIAL GUIDANCE** Today, Broadwind ( BWEN ) reaffirmed its financial guidance for the full-year 2026. The following financial guidance reflects the Company’s current expectations and beliefs. All guidance is current as of the time provided and is subject to change. **Full-Year 2026** _$ in millions_ Low Midpoint High **Total Revenue** $140.0 $145.0 $150.0 **Non-GAAP Adjusted EBITDA** $8.0 $9.0 $10.0 ** FOURTH QUARTER AND FULL-YEAR 2025 RESULTS CONFERENCE CALL** Broadwind ( BWEN ) will host a conference call today, March 11, 2026, at 11:00 a.m. ET to review the Company’s financial results and conduct a question-and-answer session. A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s corporate website at https://investors.bwen.com/investors. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software. To participate in the live teleconference: **Live Teleconference:** 877-407-9716 To listen to a replay of the teleconference, which will be available through Wednesday, March 18, 2026: **Teleconference Replay:** 844-512-2921 **Conference ID:** 13758099 **ABOUT BROADWIND ( BWEN )** Broadwind ( BWEN ) is a precision manufacturer of structures, equipment and components for power generation, critical infrastructure, and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com **NON-GAAP FINANCIAL MEASURES** The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share-based compensation and other stock payments, restructuring costs, impairment charges, proxy contest-related expenses, other non-cash gains and losses, and the gain from the sale of the Manitowoc industrial fabrication operations) as supplemental information regarding the Company’s business performance. The Company’s management uses this supplemental information when it internally evaluates its performance, reviews financial trends and makes operating and strategic decisions. The Company believes that this non-GAAP financial measure is useful to investors because it provides investors with a better understanding of the Company’s past financial performance and future results, which allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company's definition of adjusted EBITDA may be different from similar non-GAAP financial measures used by other companies and/or analysts. **FORWARD-LOOKING STATEMENTS** This release 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) our expectations and beliefs with respect to our financial guidance as set forth in the Company’s press releases from time to time; (ii) the impact of global health concerns on the economies and financial markets and the demand for our products; (iii) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related phase out, extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States; (iv) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (v) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (vi) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary; (vii) our ability to continue to grow our business organically and through acquisitions; (viii) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (ix) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (x) the sufficiency of our liquidity and alternate sources of funding, if necessary; (xi) our ability to realize revenue from customer orders and backlog; (xii) the economy and the potential impact it may have on our business, including our customers; (xiii) the state of the wind energy market and other energy and industrial markets generally, including the availability of tax credits, and the impact of competition and economic volatility in those markets; (xiv) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers; (xvi) the effects of the change of administrations in the U.S. federal government; (xvii) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xviii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xix) the effects of proxy contests and actions of activist stockholders; (xx) the limited trading market for our securities and the volatility of market price for our securities; (xxi) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xxii) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1A of our most recently filed Form 10-K and in Part II, Item 1A of our current year Quarterly Reports on Form 10-Q, and in our other filings with the Securities and Exchange Commission. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. BROADWIND, INC. ( BWEN ) AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) **December 31,** **December 31,** **2025** **2024** **ASSETS** **CURRENT ASSETS:** Cash $ 456 $ 7,721 Accounts receivable, net 15,836 13,454 AMP credit receivable 2,564 2,533 Contract assets 900 836 Inventories 42,008 39,950 Prepaid expenses and other current assets 2,503 2,374 Total current assets 64,267 66,868 **LONG-TERM ASSETS:** Property and equipment, net 39,464 45,572 Operating lease right-of-use assets, net 11,892 13,841 Intangible assets, net 741 1,403 Other assets 441 606 **TOTAL ASSETS** $ 116,805 $ 128,290 **LIABILITIES AND STOCKHOLDERS' EQUITY** **CURRENT LIABILITIES:** Line of credit and current maturities of long-term debt $ 5,036 $ 1,454 Current portion of finance lease obligations 2,111 2,266 Current portion of operating lease obligations 2,306 2,115 Accounts payable 17,357 16,080 Accrued liabilities 2,182 3,605 Customer deposits 2,692 18,037 Total current liabilities 31,684 43,557 **LONG-TERM LIABILITIES:** Long-term debt, net of current maturities 5,094 7,742 Long-term finance lease obligations, net of current portion 2,482 3,777 Long-term operating lease obligations, net of current portion 11,252 13,799 Other 4 15 Total long-term liabilities 18,832 25,333 **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; 23,584,677 and 22,593,589 shares issued as of December 31, 2025 and December 31, 2024, respectively 24 23 Treasury stock, at cost, 273,937 shares as of December 31, 2025 and December 31, 2024, respectively (1,842 ) (1,842 ) Additional paid-in capital 403,210 401,564 Accumulated deficit (335,103 ) (340,345 ) Total stockholders' equity 66,289 59,400 **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** $ 116,805 $ 128,290 BROADWIND, INC. ( BWEN ) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) **Three Months Ended December 31,** **Twelve Months Ended December 31,** **2025** **2024** **2025** **2024** Revenues $ 37,740 $ 33,565 $ 158,052 $ 143,136 Cost of sales 34,428 29,776 141,919 121,947 Gross profit 3,312 3,789 16,133 21,189 **OPERATING EXPENSES (INCOME):** Selling, general and administrative 3,216 3,912 15,021 16,303 Loss (gain) on sale of Manitowoc industrial fabrication operations 13 \- (8,200 ) \- Intangible amortization 165 165 661 661 Total operating expense, net 3,394 4,077 7,482 16,964 Operating (loss) income (82 ) (288 ) 8,651 4,225 **OTHER (EXPENSE) INCOME, net:** Interest expense, net (860 ) (762 ) (3,386 ) (3,078 ) Other, net 71 77 64 79 Total other expense, net (789 ) (685 ) (3,322 ) (2,999 ) Net (loss) income before provision for income taxes (871 ) (973 ) 5,329 1,226 (Benefit) provision for income taxes (9 ) (59 ) 87 74 **NET (LOSS) INCOME** $ (862 ) $ (914 ) $ 5,242 $ 1,152 **NET (LOSS) INCOME PER COMMON SHARE - BASIC:** Net (loss) income $ (0.04 ) $ (0.04 ) $ 0.23 $ 0.05 **WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC** 23,243 22,172 22,873 21,896 **NET (LOSS) INCOME PER COMMON SHARE - DILUTED:** Net (loss) income $ (0.04 ) $ (0.04 ) $ 0.23 $ 0.05 **WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED** 23,243 22,224 22,980 21,975 BROADWIND, INC. ( BWEN ) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) **Twelve Months Ended December 31,** **2025** **2024** **CASH FLOWS FROM OPERATING ACTIVITIES:** Net income $ 5,242 $ 1,152 **Adjustments to reconcile net cash (used in) provided by operating activities:** Depreciation and amortization expense 6,310 6,684 Deferred income taxes (10 ) \- Stock-based compensation 638 1,160 Allowance for credit losses 103 (5 ) Common stock issued under defined contribution 401(k) plan 1,264 1,199 Gain on sale of assets (8,202 ) (114 ) Changes in operating assets and liabilities: Accounts receivable (2,485 ) 5,782 AMP credit receivable (31 ) 4,518 Contract assets (64 ) 624 Inventories (2,479 ) (2,545 ) Prepaid expenses and other current assets (259 ) 1,126 Accounts payable 1,358 (4,392 ) Accrued liabilities (1,423 ) (2,872 ) Customer deposits (15,345 ) 1,537 Other non-current assets and liabilities (2 ) (48 ) Net cash (used in) provided by operating activities (15,385 ) 13,806 **CASH FLOWS FROM INVESTING ACTIVITIES:** Purchases of property and equipment (3,630 ) (3,618 ) Net proceeds from sale of Manitowoc industrial fabrication operations 12,522 \- Net proceeds from disposals of property and equipment \- 159 Net cash provided by (used in) investing activities 8,892 (3,459 ) **CASH FLOWS FROM FINANCING ACTIVITIES:** Proceeds from line of credit, net 3,901 (4,637 ) Payments for deferred financing costs \- (20 ) Proceeds from long-term debt \- 4,107 Payments on long-term debt (2,967 ) (1,399 ) Payments on finance leases (1,450 ) (1,646 ) Shares withheld for taxes in connection with issuance of restricted stock (256 ) (130 ) Net cash used in financing activities (772 ) (3,725 ) **NET (DECREASE) INCREASE IN CASH** (7,265 ) 6,622 **CASH beginning of the period** 7,721 1,099 **CASH end of the period** $ 456 $ 7,721 **Supplemental cash flow information:** Interest paid $ 1,426 $ 1,555 Income taxes paid $ 164 $ 192 **Non-cash investing and financing activities:** Equipment additions via finance lease $ \- $ 1,376 Non-cash purchases of property and equipment $ 80 $ 257 SELECTED SEGMENT FINANCIAL INFORMATION (IN THOUSANDS) (UNAUDITED) **Three Months Ended** **Twelve Months Ended** **December 31,** **December 31,** **2025** **2024** **2025** **2024** **ORDERS:** Heavy Fabrications $ 17,965 $ 22,428 $ 42,168 $ 53,934 Gearing 9,688 7,016 40,324 26,562 Industrial Solutions 11,110 8,026 48,946 27,317 Total orders $ 38,763 $ 37,470 $ 131,438 $ 107,813 **REVENUES:** Heavy Fabrications $ 21,561 $ 20,429 $ 101,161 $ 82,657 Gearing 7,049 7,630 27,368 35,588 Industrial Solutions 9,370 5,863 30,252 26,056 Corporate and Other (240 ) (357 ) (729 ) (1,165 ) Total revenues $ 37,740 $ 33,565 $ 158,052 $ 143,136 **OPERATING INCOME/(LOSS):** Heavy Fabrications $ 384 $ 1,296 $ 14,619 $ 7,128 Gearing (926 ) (567 ) (3,188 ) (138 ) Industrial Solutions 1,309 413 2,569 3,265 Corporate and Other (849 ) (1,430 ) (5,349 ) (6,030 ) Total operating income (loss) $ (82 ) $ (288 ) $ 8,651 $ 4,225 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (IN THOUSANDS) (UNAUDITED) **Consolidated** **Three Months Ended December 31,** **Twelve Months Ended December 31,** **2025** **2024** **2025** **2024** Net (Loss) Income $ (862 ) $ (914 ) $ 5,242 $ 1,152 Interest Expense 860 762 3,386 3,078 Income Tax (Benefit) Provision (9 ) (59 ) 87 74 Depreciation and Amortization 1,492 1,698 6,310 6,684 Share-based Compensation and Other Stock Payments 406 662 1,874 2,347 Gain on Sale of Manitowoc Industrial Fabrication Operations 13 \- (8,200 ) \- Proxy Contest-Related Expenses \- \- \- (10 ) Adjusted EBITDA (Non-GAAP) $ 1,900 $ 2,149 $ 8,699 $ 13,325 **Heavy Fabrications Segment** **Three Months Ended December 31,** **Twelve Months Ended December 31,** **2025** **2024** **2025** **2024** Net (Loss) Income $ (169 ) $ 167 $ 12,987 $ 6,755 Interest Expense 437 218 1,370 1,071 Income Tax Provision (Benefit) 187 991 333 (617 ) Depreciation 802 1,006 3,586 3,938 Gain on Sale of Manitowoc Industrial Fabrication Operations 13 \- (8,293 ) \- Share-based Compensation and Other Stock Payments 283 202 682 791 Adjusted EBITDA (Non-GAAP) $ 1,553 $ 2,584 $ 10,665 $ 11,938 **Gearing Segment** **Three Months Ended December 31,** **Twelve Months Ended December 31,** **2025** **2024** **2025** **2024** Net Loss $ (973 ) $ (651 ) $ (3,421 ) $ (405 ) Interest Expense 53 75 230 237 Income Tax (Benefit) Provision (5 ) 9 3 30 Depreciation and Amortization 535 556 2,171 2,183 Share-based Compensation and Other Stock Payments 109 104 441 441 Adjusted EBITDA (Non-GAAP) $ (281 ) $ 93 $ (576 ) $ 2,486 **Industrial Solutions Segment** **Three Months Ended December 31,** **Twelve Months Ended December 31,** **2025** **2024** **2025** **2024** Net Income $ 1,109 $ 332 $ 1,891 $ 2,673 Interest Expense 173 92 577 517 Income Tax Provision (Benefit) 26 (13 ) 77 70 Depreciation and Amortization 136 113 484 427 Share-based Compensation and Other Stock Payments 40 75 237 258 Adjusted EBITDA (Non-GAAP) $ 1,484 $ 599 $ 3,266 $ 3,945 **Corporate and Other** **Three Months Ended December 31,** **Twelve Months Ended December 31,** **2025** **2024** **2025** **2024** Net Loss $ (829 ) $ (762 ) $ (6,215 ) $ (7,871 ) Interest Expense 197 377 1,209 1,253 Income Tax (Benefit) Provision (217 ) (1,046 ) (326 ) 591 Depreciation and Amortization 19 23 69 136 Share-based Compensation and Other Stock Payments (26 ) 281 514 857 Gain on Sale of Manitowoc Industrial Fabrication Operations \- \- 93 \- Proxy Contest-Related Expenses \- \- \- (10 ) Adjusted EBITDA (Non-GAAP) $ (856 ) $ (1,127 ) $ (4,656 ) $ (5,044 ) Image: https://www.globenewswire.com/newsroom/ti?nf=OTY2OTUwOCM3NDc4MjEwIzIwMTA1NDM= Image: https://ml.globenewswire.com/media/MDY1NjIzZWYtMjM4MC00NmJmLWEwM2YtMmRkNTg5YWExZTNmLTEwMjIxMTYtMjAyNi0wMy0xMS1lbg==/tiny/Broadwind-Inc-.png IR CONTACT Noel Ryan or Brian Hawthorne BWEN@val-adv.com Image: Primary Logo Source: Broadwind, Inc. 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