The core Gearing and Industrial Solutions segments are growing rapidly (42% and 64% YoY) with record backlogs, signaling strong power generation demand. However, the Heavy Fabrications wind tower exit creates a $16-25M quarterly revenue hole. Watch for Q2 2026 results to see if core segment growth can offset the wind exit, and monitor for bolt-on M&A using the $17.2M Abilene proceeds.
Price Chart
Executive Summary
Broadwind reported Q1 2026 revenue of $34.1M, down 7.5% YoY, and a GAAP net loss of $0.5M ($0.02/share), slightly wider than the $0.4M loss a year ago. Core Gearing (+42%) and Industrial Solutions (+64%) segments grew strongly, but the Heavy Fabrications segment collapsed 35% due to the wind tower exit and supply issues. The company reaffirmed its full-year 2026 guidance of $140-150M revenue and $8-10M adjusted EBITDA, and highlighted $17.2M in net proceeds from the Abilene facility sale.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $34.1M, down 7.5% YoY from $36.8M
- GAAP net loss of $0.5M ($0.02/share) vs $0.4M loss ($0.02/share) in Q1 2025
- Non-GAAP adjusted EBITDA of $2.2M (6.5% of revenue) vs $2.4M (6.4%) in Q1 2025
- Total orders of $37.4M, up 23% YoY
- Gearing segment revenue +42% YoY to $8.5M; Industrial Solutions +64% to $9.2M
- Heavy Fabrications revenue -35% to $16.4M due to wind tower exit and supply issues
- Industrial Solutions backlog reached a record $43.3M; Gearing backlog $30.5M
- Received $17.2M net proceeds from Abilene facility sale in April 2026
- Net leverage of 1.7x as of March 31, 2026, below 2.0x target
- Reaffirmed full-year 2026 guidance: revenue $140-150M, adjusted EBITDA $8-10M
Financial Impact
Revenue decline of $2.8M YoY (7.5%) with core segments growing but Heavy Fab declining $8.9M; net loss widened by $0.1M
Risk Factors
- Wind tower exit will significantly reduce total revenue in H2 2026
- Heavy Fabrications segment still faces raw material supply disruptions
- Net loss continues despite core segment profitability — corporate overhead remains high
- Guidance assumes no further deterioration in wind-related operations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001171843-26-003268 |
| Exhibit: exh_992.htm | 0001171843-26-003268 |
| Document: f8k_051226.htm | 0001171843-26-003268 |
| Document: 0001171843-26-003268-index-headers.html | 0001171843-26-003268 |
| Document: 0001171843-26-003268-index.html | 0001171843-26-003268 |
| Document: 0001171843-26-003268.txt | 0001171843-26-003268 |
| 8-K Data (Synthetic) | 0001171843-26-003268 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 11w ago | 8-K | $5.34 $4.04 | ▼ −24.34% | ▼ −23.29% | $3.07 (−42.51%) |
Jul 28, 2026 13w ago | Press Release | $3.49 $4.39 | ▲ +25.79% | ▲ +20.77% | $3.07 (−12.03%) |
May 12, 2026 24w ago | 8-K | $4.41 $3.96 | ▼ −10.20% | ▼ −8.48% | $3.07 (−30.39%) |
May 12, 2026 24w ago | Press Release | $4.41 $3.96 | ▼ −10.20% | ▼ −8.48% | $3.07 (−30.39%) |
May 5, 2026 25w ago | Press Release | $1.98 $4.06 | ▲ +105.05% | ▲ +102.27% | $3.07 (+55.05%) |
May 1, 2026 25w ago | Press Release | $2.62 $3.72 | ▲ +41.98% | ▲ +36.70% | $3.07 (+17.18%) |
Apr 14, 2026 28w ago | DEFA14A | $2.19 $2.03 | ▼ −7.31% | ▼ −13.60% | $3.07 (+40.18%) |
Apr 6, 2026 29w ago | 8-K | $2.08 $2.54 | ▲ +22.12% | ▲ +13.13% | $3.07 (+47.60%) |
Mar 11, 2026 32w ago | Press Release | $2.22 $2.11 | ▼ −4.96% | ▼ −5.48% | $3.07 (+38.29%) |
US Market Status
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