Broadwind Q4 Revenue Climbs 12.4% to $37.7M with $1.9M EBITDA
Broadwind reported Q4 2025 revenue of $37.7 million, up 12.4% year-over-year, with non-GAAP adjusted EBITDA of $1.9 million and maintained a 1.6x net debt-to-EBITDA ratio. Full-year 2025 revenue rose 10.4% to $158.1 million, delivering GAAP net income of $5.2 million after an $8.2 million divestiture gain.
1. Fourth Quarter and Full-Year Financial Results
Broadwind’s Q4 revenue reached $37.7 million, up 12.4% year-over-year, with a GAAP net loss of $0.9 million and non-GAAP adjusted EBITDA of $1.9 million. Full-year 2025 revenue rose 10.4% to $158.1 million, producing GAAP net income of $5.2 million and adjusted EBITDA of $8.7 million, with net debt at 1.6x trailing EBITDA.
2. Segment Performance and Order Growth
Heavy Fabrications segment sales increased 6% to $21.6 million in Q4, driven by wind tower demand, while Industrial Solutions revenue soared 60%, pushing backlog to a record $38.1 million. Gearing segment revenues declined year-over-year except in power generation and oil & gas verticals, but combined orders in Gearing and Industrial Solutions advanced 38% compared to Q4 2024.
3. Strategic Initiatives and Outlook
In September 2025, Broadwind divested its industrial fabrication operations for an $8.2 million gain, optimizing its asset base. The company entered 2026 with $25 million in liquidity, a 1.6x net debt/EBITDA ratio, secured a $6 million follow-on gas turbine gearing order, and reaffirmed full-year 2026 guidance.