Broadwind, Inc.

Company overview

Delaware corporation headquartered in Cicero, Illinois.
Operates three segments: Heavy Fabrications, Gearing, and Industrial Solutions.
Precision manufacturer of structures, equipment, and components for power generation, critical infrastructure, and other specialized applications in energy, mining, and infrastructure sectors, primarily in the United States.
Core capabilities: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly, and packaging solutions.

Focus on large, complex steel fabrications; historically strong in wind towers and repowering adapters.
Sold Manitowoc, Wisconsin industrial fabrication operations in September 2025 and consolidated remaining operations at Abilene, Texas.
Abilene facility capacity: up to ~220 towers per year (660 tower sections), supporting turbines generating more than 800 MW (assuming 3 MW turbines).
Other product: proprietary mobile, modular pressure reducing system (PRS) for the compressed natural gas virtual pipeline market.

Produces gears, gearboxes, and precision machined components for power generation, oil & gas, mining, wind, steel, infrastructure, marine, and defense markets.
Services include gearbox repair, loose gearing manufacturing, and heat treatment.
Employs design and metallurgical engineers to meet stringent quality requirements.

Provides supply chain solutions, light fabrication, inventory management, kitting, and assembly.
Serves the combined-cycle natural gas turbine market and supports wind power with tower internals kitting for on-site installations.
Uses a global supply chain for instrumentation and controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes and wiring, and electromechanical devices.
Additional offerings: packaging solutions, fabricated panels and sub-assemblies, solar inverter racks, precision machining, and solar-powered shelters/charging stations.

Heavy Fabrications: wind power generation, power generation, and other heavy fabrication needs.
Gearing: onshore/offshore oil & gas, mining, steel, infrastructure, marine, defense, wind energy, and power generation components.
Industrial Solutions: wind power generation (tower internals kits), combined-cycle gas turbine market, solar components (inverters, racks), material handling, and various industrial applications.
Representative product lines: wind towers and adapters, loose gearing, supply chain solutions, pressure reducing systems, custom gearboxes, inventory management, gearbox repair, kitting and assembly, heat treat services, solar inverter racks, precision machining, and solar-powered shelters/charging stations.

Customer base includes wind turbine manufacturers and gearbox remanufacturers, hydrocarbon machinery suppliers, mining equipment manufacturers, and other industrial customers.
GE Vernova accounted for greater than 10% of consolidated revenues in both 2025 and 2024.
In 2025, the top five customers represented about 80% of consolidated revenues.
Wind energy represented about 51% of total sales in 2025.
The U.S. wind turbine market is highly concentrated: per Wood Mackenzie Power & Renewables (2025), the top two U.S. wind turbine manufacturers accounted for roughly 88% of the market.

U.S.-based employees: 341 as of December 31, 2025.
- 304 manufacturing-related
- 37 administrative
Approximately 20% of employees are covered by collective bargaining agreements at Cicero, IL and Neville Island, PA facilities.
Current labor agreements:
- Neville Island: renegotiated November 2022; effective through October 2026.
- Cicero, IL: new four-year agreement agreed March 6, 2026; effective through February 2030.

Abilene, TX: Heavy Fabrications tower manufacturing facility (owned), capacity as noted above.
Cicero, IL: Gearing system manufacturing—machining and corporate administration (leased).
Neville Island, PA: Gearing system manufacturing—heat treatment and gearbox repair (owned).
Sanford, NC: Industrial Solutions manufacturing (leased).

Backlog (unfulfilled purchase orders and supply agreements): approximately $96 million as of December 31, 2025 (down 24% from December 31, 2024).
Operating working capital as of December 31, 2025: $37,795 thousand (~$37.8 million), or 25% of trailing three months of annualized sales, versus $19,287 thousand (~$19.3 million) or 14% in the prior year.
Customer deposits and supplier financing programs can affect liquidity.

ISO 9001:2015 certified at core operating facilities.
Gearing segment AS9100D certified (as of August 2024) and capable of aerospace components.
International Traffic in Arms Regulations (ITAR) registrations completed in 2024 for defense customer protections.

The company has reported historical net losses since inception.
The annual report describes substantial indebtedness and the potential for future debt, including related covenants and possible restrictions.
The report discusses incentives and regulatory impacts on demand (PTC/ITC, IRA, IIJA) and their potential effects on revenue and profitability.