Broadwind Reports Q4 EBITDA Drop to $1.9M, Affirms $140M–$150M 2026 Guide
Broadwind’s Q4 adjusted EBITDA declined to $1.9 million from $2.1 million as cash balances fell to $25 million and Gearing utilization remained low. Management reaffirmed 2026 guidance for $140–150 million revenue and $8–10 million adjusted EBITDA, forecasting double-digit Gearing segment growth on a backlog twice last year’s level.
1. Q4 Financial Results
In Q4 2025 Broadwind’s adjusted EBITDA fell to $1.9 million from $2.1 million in the prior year, driven by lower Gearing segment utilization and operational inefficiencies. Total cash and credit availability declined to $25 million, reflecting tighter liquidity compared with last year.
2. Gearing and Industrial Solutions Outlook
The Gearing segment backlog has doubled since early 2025, supporting management’s expectation of double-digit revenue growth in 2026 and a ramp-up in Q1. Industrial Solutions capacity has expanded by 30%, with staffing and equipment investments enabling potential revenue to exceed $70 million through an additional production shift.
3. Strategic Priorities and Divestiture
Broadwind completed the Manitowoc fabrication divestiture to streamline operations and redirect capital toward power generation and grid infrastructure opportunities. The company secured an alternative raw material supplier to resolve Heavy Fabrication throughput disruptions and leverages a 100% domestic manufacturing base to attract tier-one OEMs.
4. 2026 Guidance and Market Outlook
Full-year 2026 guidance remains $140–150 million in revenue and $8–10 million in adjusted EBITDA, with expected stability in wind tower activity through 2027. Management anticipates a multi-year super cycle in power generation and grid sectors, driven by strong demand for natural gas turbines and distributed energy solutions.