8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): May 4, 2018  

BROADWIND ENERGY, INC.
(Exact Name of Registrant as Specified in Charter)

Delaware	001-34278	88-0409160
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

3240 S. Central Ave., Cicero, Illinois 60804

(Address of Principal Executive Offices) (Zip Code)

708-780-4800
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
	[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

Item 2.02. Results of Operations and Financial Condition.

     On May 4, 2018, Broadwind Energy, Inc. (the “Company”) issued a press release announcing its financial results as of and for the quarter ended March 31, 2018. The press release is incorporated herein by reference and is attached hereto as Exhibit 99.1.

     The information contained in, or incorporated into, this Item 2.02 of this Current Report on Form 8-K (this “Report”), including Exhibit 99.1, is furnished under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act regardless of any general incorporation language in such filings.

Item 7.01. Regulation FD Disclosure.

     An Investor Presentation dated May 4, 2018 is incorporated herein by reference and attached hereto as Exhibit 99.2.

     The information contained in, or incorporated into, this Item 7.01 of this Report, including Exhibit 99.2 attached hereto, is furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act regardless of any general incorporation language in such filings.

     This Report shall not be deemed an admission as to the materiality of any information in this Report that is being disclosed pursuant to Regulation FD.

     Please refer to Exhibit 99.2 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

EXHIBIT NUMBER	DESCRIPTION
99.1	Press Release dated May 4, 2018
99.2	Investor Presentation dated May 4, 2018

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BROADWIND ENERGY, INC.
Date: May 4, 2018	By:	/s/ Stephanie K. Kushner
		Stephanie K. Kushner
		Chief Executive Officer (Principal Executive Officer)

EXHIBIT INDEX

EXHIBIT NUMBER	DESCRIPTION
99.1	Press Release dated May 4, 2018
99.2	Investor Presentation dated May 4, 2018

EX-99.1

Exhibit 99.1

Broadwind Energy Announces Q1 2018 Results

Highlights:

• Q1 2018 orders totaled $28 million – strong Gearing orders and initial tower order following 2017 inventory correction
  
  
• Q1 2018 revenue of $30 million down from $56 million in Q1 2017, but up 69% sequentially as tower production begins to ramp up
  
  
• EPS loss of $.32 due to low tower production
  
  
• Initiated restructuring plan for Abilene fabrications facility and exit of CNG business          

CICERO, Ill., May 04, 2018 (GLOBE NEWSWIRE) --  Broadwind Energy, Inc. (NASDAQ:BWEN) reported sales of $30.0 million in Q1 2018, down 47% compared to $56.1 million in Q1 2017. The sharp decrease was primarily due to a $32.1 million decrease in Towers and Heavy Fabrications segment revenue due to a 64% reduction in tower sections sold, as the two tower production facilities were restarting operations following a near shutdown in the fourth quarter of 2017, and a lower average sales price on the product mix sold. Partially offsetting were increased sales for the Gearing segment, up 127% compared to Q1 2017 due to the strong demand from oil and gas customers, and higher Process Systems revenue, due to the recovery in mining and other industrial markets.

The Company reported a net loss from continuing operations of $4.8 million, or $.32 per share, in Q1 2018, compared to a net income from continuing operations of $6.5 million, or $.43 per share, in Q1 2017. The prior-year quarter included a $5.1 million, or $.34 per share income tax benefit due primarily to the partial release of a tax valuation allowance related to the Red Wolf acquisition. The remaining difference is primarily due to low tower production in the first quarter of 2018.

The Company reported near break-even results from discontinued operations in Q1 2018, compared to net loss from discontinued operations of $.2 million in Q1 2017. The Company reported non-GAAP adjusted EBITDA loss (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs) of $1.6 million in Q1 2018, compared to non-GAAP adjusted EBITDA of $3.9 million in Q1 2017 (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release). The $5.5 million decrease was mainly attributable to significantly lower production volume in the Towers and Heavy Fabrications segment, partly offset by improvements in the other business segments.

Broadwind CEO Stephanie Kushner stated, “We are regaining our footing after a very difficult second half of 2017. We booked $28 million in orders during Q1 2018, which included the first significant tower order in a year following an inventory correction triggered by the merger of our two large tower customers. Our operational leaders did a good job restarting production in our tower plants following a near shutdown last year. Our visibility has improved, although our capacity utilization will only gradually recover this year and we are monitoring the steel tariff impact carefully. We are on track with our 2018 customer diversification initiative of more than $40 million in orders outside of our core customer base.  

Kushner continued, “Our Gearing segment is off to a strong start, with first quarter revenue more than double last year. With the resurgence in demand from oil and gas customers, we are continuing to deal with supply chain constraints and general growing pains, which we expect to iron out as the year progresses. Our order visibility is significantly improved in this segment, as customers have secured production slots in response to the threat of rising input costs and lengthening material lead times, and our production is largely booked out for 2018.

Following the decision to exit the CNG market, we will consolidate into one production facility in Abilene, Texas, where we will produce both towers and other heavy fabrications, which will save us about $600 thousand in manufacturing overhead annually.”

Kushner concluded, “As our tower business recovers and our gearing and heavy fabrications orders accelerate, we expect consolidated Q2 revenue to rise to $36-38 million and to return to positive EBITDA generation.”

Orders and Backlog

The Company booked $28.1 million of net new orders in Q1 2018, compared to $40.0 million in Q1 2017. Towers and Heavy Fabrications orders, which vary considerably from quarter to quarter, totaled $7.8 million in Q1 2018, down from $29.1 million in Q1 2017. Gearing orders totaled $15.4 million in Q1 2018, more than double Q1 2017 orders of $7.3 million, as a result of increased orders from oil & gas and industrial customers. Process Systems orders totaled $4.9 million in Q1 2018 compared to $3.6 million in Q1 2017 as a result of the timing of the Red Wolf acquisition in the prior year.

At March 31, 2018, total backlog was $136.3 million, compared to $138.2 million at December 31, 2017.

Segment Results

Towers and Heavy Fabrications (formerly known as Towers and Weldments)
Broadwind Energy produces fabrications for wind, oil and gas, mining and other industrial applications, specializing in the production of wind turbine towers.

Towers and Heavy Fabrications segment sales totaled $16.8 million in Q1 2018, compared to $48.9 million in Q1 2017. The significant decrease was due to a 64% reduction in tower sections sold as our largest customer halted orders beginning in Q2 2017 in order to work off excess inventory, and a lower average sales price on the product mix sold. This was partially offset by increased heavy fabrications volume due primarily to an expanded customer base and the recovery in mining and other industrial markets. The Towers and Heavy Fabrications segment operating loss totaled $1.5 million in Q1 2018 compared to operating income of $5.8 million in Q1 2017. The significant reduction was primarily due to operating at a low capacity level, a less favorable product mix and significant start-up costs related to the quick production ramp up from near shutdown levels in Q4 2017. These factors were partially offset by $1.3 million in savings attributable to reduced labor and overhead expense. The net loss for the Towers and Heavy Fabrications segment totaled $1.1 million in Q1 2018, compared to net income of $4.0 million in Q1 2017. Non-GAAP Adjusted EBITDA in Q1 2018 was a loss of $.1 million compared to non-GAAP adjusted EBITDA of $7.0 million in Q1 2017. The decrease was due to the factors described above.

Gearing
Broadwind Energy engineers, builds and remanufactures precision gears and gearboxes for oil and gas, mining, steel, wind and other specialized applications.

Gearing segment sales totaled $8.8 million in Q1 2018, compared to $3.9 million in Q1 2017. The $4.9 million increase was due to successful expansion of the customer base and continued strong sales to oil & gas and other industrial customers related to the rebound in these markets. The operating loss narrowed to $.6 million in Q1 2018, compared to $1.5 million in Q1 2017. The improvement was due to the increase in revenue noted above, partially offset by the residual impact of supply chain delays that led to operating inefficiencies, and higher manufacturing variances to support the increased production. The net loss for the Gearing segment totaled $.6 million in Q1 2018, compared to $1.5 million in Q1 2017. The Gearing segment reported slightly positive Non-GAAP adjusted EBITDA for Q1 2018 compared to a Non-GAAP adjusted EBITDA loss of $.9 million in Q1 2017. The $.9 million improvement was due to the factors described above (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release).

Process Systems
Broadwind Energy designs and manufactures custom, modular systems for compression, filtration and other specialized process applications for the global market. On February 1, 2017, the Company acquired Red Wolf which has been combined with the Abilene-based compressed natural gas (“CNG”) and fabrication business, previously reported as a part of Towers and Heavy Fabrications, to form the Process Systems segment.

The Company acquired Red Wolf on February 1, 2017, therefore the 2017 results included only a partial quarter for that operation. Process Systems revenue totaled $4.4 million in Q1 2018 compared to $3.3 million in Q1 2017 due to the recovery in mining and other industrial markets. The operating loss totaled $.9 million in Q1 2018 compared to $.8 million in Q1 2017 due to a less favorable product mix.

Corporate

Corporate and other expenses totaled $1.5 million in Q1 2018, down from $1.9 million in Q1 2017. The decrease was primarily due to a reduction in incentive compensation and lower salaries and benefits expense due to reduced staffing.

Cash and Liquidity

During Q1 2018, operating working capital (accounts receivable and inventory, net of accounts payable and customer deposits) increased to $14.3 million as production levels increased to support higher scheduled tower deliveries.

Capital expenditures, net of disposals, in Q1 2018 totaled $.3 million.

Debt and capital leases totaled $21.2 million at March 31, 2018, including the $2.6 million New Markets Tax Credit loan, which is expected to be substantially forgiven when it matures in Q3 18. The Company was not in compliance with the minimum EBITDA covenant of its credit facility as of March 31, 2018. On May 3, 2018, the Company and Canadian Imperial Bank of Commerce (“CIBC”) executed an amendment to the loan agreement waiving compliance with this covenant. The Company’s $25 million line of credit with CIBC had a balance of $14.2 million at March 31, 2018 and $9.9 million of availability.

Cash assets (cash and short-term investments) remained near zero as expected because the Company’s cash and receipts are automatically applied to the outstanding credit line balance consistent with the terms of the line.

About Broadwind Energy, Inc.
Broadwind Energy (NASDAQ:BWEN) is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. From gears and gearing systems for wind, oil and gas and mining applications, to wind towers and industrial weldments, we have solutions for the clean tech, energy and infrastructure needs of the future. With facilities throughout the U.S., Broadwind Energy's talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com

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, 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. Forward looking statements include any statement that does not directly relate to a current or historical fact. 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.

Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants and state renewable portfolio standards; (ii) 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; (iii) our ability to continue to grow our business organically and through acquisitions; (iv) the sufficiency of our liquidity and alternate sources of funding, if necessary; (v) our ability to realize revenue from customer orders and backlog; (vi) our ability to operate our business efficiently, manage capital expenditures and costs effectively, and generate cash flow; (vii) the economy and the potential impact it may have on our business, including our customers; (viii) the state of the wind energy market and other energy and industrial markets generally and the impact of competition and economic volatility in those markets; (ix) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (x) the effects of the recent change of administrations in the U.S. federal government; (xi) our ability to successfully integrate and operate the business of Red Wolf Company, LLC and to identify, negotiate and execute future acquisitions; (xii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; and (xiii) 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. 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.

BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

			March 31,			December 31,
				2018			2017
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents……………………………………………………………………………………..		$	26		$	78
	Accounts receivable, net……………………………………………………………………………………..			15,925			13,644
	Inventories, net……………………………………………………………………………………………….			22,294			19,279
	Prepaid expenses and other current assets…………………………………………………………………			1,819			1,798
	Current assets held for sale………………………………………………………………………………………………………			579			580
		Total current assets…………………………………………………………………………………………		40,643			35,379
LONG-TERM ASSETS:
	Property and equipment, net…………………………………………………………………………………..			53,707			55,693
	Goodwill…………………………………………………………………………………..			4,993			4,993
	Other intangible assets, net……………………………………………………………………………………………			15,607			16,078
	Other assets……………………………………………………………………………………………………….			195			207
TOTAL ASSETS…………………………………………………………………………………………………			$	115,145		$	112,350
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
	Line of credit, NMTC and other notes payable…………………………………………………………………………………..		$	18,028		$	14,138
	Current maturities of long-term debt……………………………………………………………………….			114			114
	Current portions of capital lease obligations……………………………………………………………….			771			762
	Accounts payable…………………………………………………………………………………………………..			13,905			11,756
	Accrued liabilities …………………………………………………………………………………………………			6,046			4,393
	Customer deposits…………………………………………………………………………………………………			9,988			9,791
	Current liabilities held for sale…………………………………………………………………………………………………			29			30
		Total current liabilities………………………………………………………………………………………		48,881			40,984
LONG-TERM LIABILITIES:
	Long-term debt, net of current maturities……………………………………………………………………..			1,523			797
	Long-term capital lease obligations, net of current portions…………………………………………………			745			941
	Other………………………………………………………………………………………………………………..			2,333			3,557
		Total long-term liabilities……………………………………………………………………………………		4,601			5,295
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; 30,000,000 shares authorized; 15,650,956 and
	15,480,299 shares issued as of March 31, 2018 and December 31, 2017, respectively………………………………………….			16			15
	Treasury stock, at cost, 273,937 shares at March 31, 2018
	and December 31, 2017……………………………………………………………………………………………….			(1,842	)		(1,842	)
	Additional paid-in capital………………………………………………………………………………………..			380,434			380,005
	Accumulated deficit………………………………………………………………………………………………			(316,945	)		(312,107	)
		Total stockholders' equity………………………………………………………………………………………		61,663			66,071
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY………………………………………………………………….			$	115,145		$	112,350

BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

			Three Months Ended March 31,
				2018			2017
Revenues……………………………………………………………………………………………………..			$	29,967		$	56,060
Cost of sales……………………………………………………………………………………………………….				29,984			49,686
Restructuring……………………………………………………………………………………………………….				115			-
Gross (loss)/profit…………………………………………………………………………………………….				(132	)		6,374
OPERATING EXPENSES:
	Selling, general and administrative……………………………………………………………………..			3,898			4,420
	Intangible amortization…………………………………………………………………………………			471			351
	Restructuring……………………………………………………………………………………………………….			36			-
		Total operating expenses…………………………………………………………………………….		4,405			4,771
Operating (loss) income………………………………………………………………………………………………				(4,537	)		1,603
OTHER INCOME, net:
	Interest expense, net……………………………………………………………………………………….			(298	)		(139	)
	Other, net…………………………………………………………………………………………….			(3	)		-
		Total other expense, net……………………………………………………………………………….		(301	)		(139	)
Net (loss) income before benefit for income taxes………………………………………………………..				(4,838	)		1,464
Benefit for income taxes………………………………………………………………….…………………………				(27	)		(5,018	)
(LOSS) INCOME FROM CONTINUING OPERATIONS………………………………..……………………………………				(4,811	)		6,482
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX…………………………………………..………………………………………………				(27	)		(155	)
NET (LOSS) INCOME………………………………………………………………………………………………			$	(4,838	)	$	6,327
NET (LOSS) INCOME PER COMMON SHARE - BASIC:
(Loss) income from continuing operations………………………………..……………………………………			$	(0.32	)	$	0.43
Loss from discontinued operations………………………………..……………………………………….				-			(0.01	)
Net (loss) income……………………………………………………………………………………………………………………..			$	(0.32	)	$	0.42
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - Basic………………………………				15,257			14,929
NET INCOME (LOSS) PER COMMON SHARE - DILUTED:
(Loss) income from continuing operations………………………………..……………………………….			$	(0.32	)	$	0.43
Loss from discontinued operations………………………………..……………………………………….				-			(0.01	)
Net (loss) income…………………………………………………………………………………………….			$	(0.32	)	$	0.42
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - Diluted……………………………				15,257			15,195

BROADWIND ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)

				Three Months Ended March 31,
					2018			2017
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net (loss) income…...……………………………………………………………………………………………			$	(4,838	)	$	6,327
	Loss from discontinued operations……………………………………………………………………….				(27	)		(155	)
	(Loss) income from continuing operations……………………………………………………………………………………………				(4,811	)		6,482
Adjustments to reconcile net cash used in operating activities:
		Depreciation and amortization expense…………………………………………………………………….			2,357			2,101
		Deferred income taxes………………………………………………………………………………………….			(27	)		(5,050	)
		Stock-based compensation……………………………………………………………………………………..			262			222
		Allowance for doubtful accounts……………………………………………………………………………….			(15	)		8
		Common stock issued under defined contribution 401(k) plan…………………………………….			167			-
		Gain on disposal of assets……………………………………………………………………………………….			-			(2	)
		Changes in operating assets and liabilities:
			Accounts receivable………………………………………………………………………………………………..		(2,266	)		(9,037	)
			Inventories  ……………………………………………………………………………………………………………		(2,577	)		382
			Prepaid expenses and other current assets……………………………………………………………..		21			423
			Accounts payable ……………………………………………………………………………………………….		2,956			2,883
			Accrued liabilities………………………………………………………………………………………………		1,653			(2,356	)
			Customer deposits…………………………………………………………………………………………….		197			(4,440	)
			Other non-current assets and liabilities…………………………………………………………………………………………….		(1,210	)		239
Net cash used in operating activities of continued operations………………………………………………………………………………………………					(3,293	)		(8,145	)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Cash paid in acquisition………………………………………………………………………………..				-			(16,659	)
	Sales of available for sale securities……………………………………………………...…………..				-			2,221
	Maturities of available for sale securities……………………………………………………...…….				-			950
	Purchases of property and equipment……………………………………………………………………………...…….				(229	)		(3,261	)
	Proceeds from disposals of property and equipment……………………………………………………………………				-			2
Net cash used in investing activities of continued operations………………………………………………………………………………………………					(229	)		(16,747	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from line of credit………………………………………………………………………..				32,886			51,852
	Payments on line of credit……………………………………………………………………………….				(29,202	)		(45,358	)
	Principal payments on capital leases………………………………………………………………………………..				(187	)		(114	)
Net cash provided by financing activities of continued operations………………………………………………………………………………………………………………………………					3,497			6,380
DISCONTINUED OPERATIONS:
	Operating cash flows………………………………………………………………………………………………..				(27	)		74
	Financing cash flows……………………………………………………………………………………………..				-			(109	)
Net cash used in discontinued operations………………………………………………………………………………………………………………………………					(27	)		(35	)
Add: Cash balance of discontinued operations, beginning of period					-			2
Less: Cash balance of discontinued operations, end of period					-			-
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH………………………………….					(52	)		(18,545	)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH beginning of the period…………………………………………………….					78			18,800
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH end of the period………………………………………………………………………..				$	26		$	255
Supplemental cash flow information:
	Interest paid…………………………………………………………….…………………………..			$	233		$	77
	Income taxes paid…………………………………………………………………………………..			$	-		$	3
Non-cash activities:
	Issuance of restricted stock grants………………………………………………………………………..			$	262		$	222
	Contingent consideration related to business acquisition…………………………………………………………………………………..			$	-		$	2,944
Red Wolf acquisition:
	Assets acquired…………………………………………………………….………………………….			$	-			27,157
	Liabilities assumed…………………………………………………………………………………..			$	-			7,554

BROADWIND ENERGY, INC. AND SUBSIDIARIES
SELECTED SEGMENT FINANCIAL INFORMATION
(IN THOUSANDS)
(UNAUDITED)

		Three Months Ended
		March 31,
			2018			2017
ORDERS:
	Towers and Heavy Fabrications………………………………………………………………	$	7,842		$	29,088
	Gearing………………………………………………………………		15,366			7,319
	Process Systems………………………………………………………………		4,933			3,615
	Total orders……………………………………	$	28,141		$	40,022
REVENUES:
	Towers and Heavy Fabrications……………………………………………………………………	$	16,785		$	48,895
	Gearing………………………………………………………………		8,805			3,871
	Process Systems………………………………………………………………		4,377			3,294
	Corporate and Other……………………………………………………………		-			-
	Total revenues……………………………………	$	29,967		$	56,060
OPERATING PROFIT/(LOSS):
	Towers and Heavy Fabrications………………………………………………………………	$	(1,503	)	$	5,849
	Gearing………………………………………………………………		(626	)		(1,531	)
	Process Systems………………………………………………………………		(893	)		(822	)
	Corporate and Other……………………………………………………………		(1,514	)		(1,893	)
	Total operating (loss)/profit ……………………………………	$	(4,537	)	$	1,603

Non-GAAP Financial Measure
The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and stock compensation) as supplemental information regarding the Company’s business performance. The Company’s management uses adjusted EBITDA when it internally evaluates the performance of the Company’s business, 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 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.

BROADWIND ENERGY, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(IN THOUSANDS)
(UNAUDITED)

Consolidated		Three Months Ended March 31,
			2018			2017
Net (Loss)/Income from continuing operations…………………………….		$	(4,811	)	$	6,482
Interest Expense……………………………………………….			298			139
Income Tax Provision/(Benefit)………………………………			(27	)		(5,018	)
Depreciation and Amortization………………………………………………………………			2,357			2,101
Share-based Compensation and Other Stock Payments………………………………………………………………			429			222
Restructuring Costs………………………………………….			151			-
	Adjusted EBITDA (Non-GAAP)………………………….	$	(1,603	)	$	3,926

Towers and Heavy Fabrications Segment	Three Months Ended March 31,
		2018			2017
Net (Loss)/Income………………………………………….	$	(1,115	)	$	4,003
Interest Expense/(Benefit)………………………………….		31			15
Income Tax (Benefit)/Provision………………………………		(419	)		1,831
Depreciation and Amortization………………………………………………………………		1,255			1,092
Share-based Compensation and Other Stock Payments………………………………………………………………		143			58
Adjusted EBITDA (Non-GAAP)……………………………..	$	(105	)	$	6,999

Gearing Segment	Three Months Ended March 31,
		2018			2017
Net Income/(Loss)…………...…………………………….	$	(631	)	$	(1,537	)
Interest Expense……………………………………………		3			4
Income Tax Provision/(Benefit)………………………………		3			2
Depreciation and Amortization………………………………………………………………		590			625
Share-based Compensation and Other Stock Payments………………………………………………………………		66			19
Adjusted EBITDA (Non-GAAP)………………………..	$	31		$	(887	)

Process Systems	Three Months Ended March 31,
		2018			2017
Net Income/(Loss)…………………………………………………	$	(644	)	$	(699	)
Interest Expense…………………………………………………….		1			1
Income Tax Provision/(Benefit)……………………………………		(253	)		(125	)
Depreciation and Amortization…………………………………….		451			334
Share-based Compensation and Other Stock Payments…………		28			6
Restructuring Expense…………………………………………….		152			-
Adjusted EBITDA (Non-GAAP)………………………………	$	(265	)	$	(483	)

Corporate and Other	Three Months Ended March 31,
		2018			2017
Net(Loss)/Income…………………………………………………..	$	(2,421	)	$	4,715
Interest Expense…………………………………………………		263			119
Income Tax Provision/(Benefit)………………………………		642			(6,726	)
Depreciation and Amortization………………………………………………………………		61			51
Share-based Compensation and Other Stock Payments………………………………………………………………		192			138
Adjusted EBITDA (Non-GAAP)…………………………….	$	(1,263	)	$	(1,703	)

BWEN INVESTOR CONTACT: Joni Konstantelos, 708.780.4819 joni.konstantelos@bwen.com

EX-99.2

Exhibit 99.2

Q1 2018 Earnings Call May 4, 2018

Industry Data and Forward - Looking Statements Disclaimer ▪ Broadwind obtained the industry and market data used throughout this presentation from our own research, internal surveys and st udies conducted by third parties, independent industry associations or general publications and other publicly available informatio n. Independent industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not gu arantee the accuracy or completeness of such information. Forecasts are particularly likely to be inaccurate, especially over long periods of time. W e a re not aware of any misstatements in the industry data we have presented herein, but estimates involve risks and uncertainties and a re subject to change based on various factors beyond our control. ▪ This presentation contains “forward - looking statements ”, as defined in Section 21E of the Securities Exchange Act of 1934, as amended. Forward - looking statements include any statement that does not directly relate to a current or historical fact. Our forward - look ing statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i ) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, conti nua tion or renewal of federal tax incentives and grants and state renewable portfolio standards; (ii) our customer relationships and efforts to div ers ify our customer base and sector focus and leverage customer relationships across business units; (iii) our ability to continue to grow our busines s o rganically and through acquisitions; (iv) the sufficiency of our liquidity and alternate sources of funding, if necessary; (v) our ability t o r ealize revenue from customer orders and backlog; (vi) our ability to operate our business efficiently, manage capital expenditures and costs effe cti vely, and generate cash flow; (vii) the economy and the potential impact it may have on our business, including our customers; (viii) the state of the wind energy market and other energy and industrial markets generally and the impact of competition and economic volatility in those marke ts; (ix) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (x) the effects of the recent change of administrations in the U.S. federal government; (xi) our ability to successfully integrate and operate the business of Red Wolf Company, LLC and to identify, negotiate and execute future acquisitions; and (xii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors. We are under no duty to update any of these statements. You sh oul d 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 c urr ent beliefs, expectations, plans and/or assumptions to change. ▪ This presentation contains non - GAAP financial information. We believe that certain non - GAAP financial measures may provide users of this financial information with meaningful comparisons between current results and results in prior operating periods. We believe tha t these non - GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a c omp arison of historical information that excludes certain infrequently occurring or non - operational items that impact the overall comparabili ty. Non - GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance wi th GAAP. Please see our earnings release dated May 4, 2018 for a reconciliation of certain non - GAAP measures presented in this presentation. May 4, 2018 2 © 2018 Broadwind Energy, Inc. All rights reserved.

Q1 2018 Highlights May 4, 2018 ▪ Order intake recovering ▪ Successful ramp up of tower facilities following near shut down in Q4 17 ▪ Q1 18 revenue of $30 million up 69% sequentially as tower production recovers ▪ Customer diversification efforts on track ▪ Initiated restructuring plan following exit of CNG business ▪ Eric Blashford appointed COO 3 © 2018 Broadwind Energy, Inc. All rights reserved.

Orders and Backlog ($ Millions) Orders ▪ Initial tower order following inventory correction that began in Q2 17 ▪ Rising demand for heavy fabrications for mining in 2018 ▪ Strong Gearing orders from oil & gas customers ▪ Process Systems - timing of acquisition Backlog ▪ 3/31/18 backlog $136M ▪ Current multi - year tower order booked in 2016 supports baseload production through 2019 ~$50 M per year May 4, 2018 Q1 2017 Q1 2018 YTD 2018 Book:Bill Towers & Heavy Fabrications 29.1 7.8 .47 Gearing 7.3 15.4 1.75 Process Systems 3.6 4.9 1.13 Total 40.0 28.1 .94 4 © 2018 Broadwind Energy, Inc. All rights reserved. - 50 100 150 200 250 300 350 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 Millions

US Wind Market Update Source : MAKE Global Wind Market Outlook Update – Q1 2018 Forecast Development Pipeline - GW Source: AWEA Q4 2017 Market Report ▪ Wind development pipeline remains robust – 40% increase vs. Q1 2017 ▪ Adv. dev means turbines ordered, PPA signed or utility owned ▪ The majority of pipeline projects will qualify for 100% or 80% PTC ▪ Slight shift of demand toward PTC - expiration year ▪ 2021 outlook strengthening with 80% PTC qualifications of 10 GW ▪ Post - PTC uncertainty remains for 2022 and beyond © 2018 Broadwind Energy, Inc. All rights reserved. Forecast – GW Installations May 4, 2018 5 8.0 8.2 6.4 8.4 10.9 12.9 6 7 8 9 10 11 12 13 14 2015a 2016a 2017a 2018e 2019e 2020e GW 0 5 10 15 20 25 30 35 40 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 GW Under construction at QE Adv. Development

Tariff and Trade Uncertainties © 2018 Broadwind Energy, Inc. All rights reserved. 6 ▪ Steel accounts for nearly half of material content of a wind turbine ▪ Fluctuating US vs Chinese steel prices influence tower sourcing for US OEM’s – depending on location of windfarm and shipping costs (also highly variable) ▪ Steel price differential on ~200 ton/tower material content ranges from $16k (low in Q4 2017) to $75k (recent prices) ▪ Section 232 announcement has triggered domestic steel price spike; final tariff/quota outcome remains highly uncertain – to - date countries accounting for ~ 65% of steel imports are exempted Wind Turbine Materials Cost Breakdown 200 300 400 500 600 700 800 900 1000 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 18-Apr Relative Steel Price $/ST * US China Source: Platts May 4, 2018

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2015a 2016a 2017a 2018e 2019e 2020e $M US Gear Production *Excluding automotive 7 Demand for U.S. gearing remains healthy Sources: AGMA & IHS ▪ U.S. market reached inflection point in 2016 ▪ For BWEN, oil and gas resurgence has dominated, but mining is becoming healthier as well ▪ Fracking equipment market strong – horsepower additions up 60% drives demands for gearboxes 9 .0% CAGR Source: IHS Markit December 2017 Markets excluded: farm machinery, aerospace, railroad, shipbuilding and machine tools % market 2014 - 2017 CAGR 2017 - 2019 CAGR Turbines & Power 10% - 6% +5% Oil & Gas 6% - 13% +22% Mining & Const 7% - 6% +7% Other Industrial 38% +1.5% +1% May 4, 2018 © 2018 Broadwind Energy, Inc. All rights reserved.

8 © 2018 Broadwind Energy, Inc. All rights reserved. Global Gas Turbine Market May 4, 2018 ▪ Low power pricing environment has strained both n ew unit and aftermarket activity ▪ New unit deliveries in 2017 fell well short of PY and industry forecast ▪ Q1 18 orders up slightly – 10MW and 92 units, although not expected to be sustained ▪ Red Wolf focus on customer diversification outside of gas turbine OEM’s Source: McCoy Power Reports 0 10 20 30 40 50 60 70 0 50 100 150 200 250 300 350 400 2014 2015 2016 2017 Capacity (GW) # of Units > 10MW Global Gas Turbine Sales (Utility and IPP Class > 10MW) # of Units > 10MW GW

BWEN Consolidated Financial Results May 4, 2018 ▪ Q1 18 sales down from Q1 17 but up 69% sequentially – tower production begins to ramp up and continued strength in Gearing sales ▪ Operating loss for Q1 18 due primarily to low tower volume but recovery is evident ▪ Adj. EBITDA loss of $1.6 million in Q1 18 – weak tower results, partially offset by improvements in other businesses, 17pp improvement sequentially 9 © 2018 Broadwind Energy, Inc. All rights reserved. Q1 17 Q4 17 Q1 18 Total Sales $56.1 $17.8 $30.0 Gross Profit 6.4 (3.1) (.1) Gross Profit % 11.4% (17.5%) (.4%) Operating Expense 4.8 3.6 4.4 Operating Income/(Loss) 1.6 (6.7) (4.5) % of sales 2.9% (37.6%) (15.1%) Adj. EBITDA 3.9 (4.0) (1.6) % of sales 7.0% (22.2%) (5.3%) EPS, Continuing .43 (.45) (.32) $M except as noted otherwise

356 352 344 387 400 264 126 30 143 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Quarterly Tower Section Sales Towers and Heavy Fabrications Q1 2017 Q4 2017 Q1 2018 Orders ($M) $29.1 $2.5 $7.8 Sections Sold (#) 400 9 143 Revenue ($M) 48.9 4.2 16.8 Operating Inc/(Loss) ($M) 5.8 (4.5) (1.5) - % of Sales 12.0% n/m (9.0%) EBITDA* ($M) 7.0 (3.0) (.1) - % of Sales 14.3% n/m n/m Q1 Results ▪ Initial tower order received after very weak 2017, continued demand for mining fabrications ▪ Q1 18 sections sold significantly below prior year, but up sequentially as production restarts from near shut down ▪ Operating loss due to low tower volume, less favorable product mix and significant start - up costs 2018 Objectives ▪ Diversify tower customer base and grow heavy fabrications business ▪ Cost out to offset margin pressure ▪ Build capabilities and customer base for heavy fabrications May 4, 2018 * Reconciliation to non - GAAP measure included in Appendix 10 © 2018 Broadwind Energy, Inc. All rights reserved.

Gearing Q1 2017 Q4 2017 Q1 2018 Orders ($M) $7.3 $7.4 $15.4 Revenue ($M) 3.9 8.5 8.8 Operating (Loss)/ Income ($M) (1.5) (.1) (.6) EBITDA* ($M) (.9) .6 - Q1 Results ▪ Orders continue to be strong primarily from oil & gas customers ▪ Revenue more than double Q1 17 ▪ Generated small positive EBITDA during Q1 18 May 4, 2018 2018 Objectives ▪ Optimize production flow through plants ▪ Continue diversification of customer base ▪ Achieve consistent operating pattern ▪ Generate positive operating income * Reconciliation to non - GAAP measure included in Appendix 11 © 2018 Broadwind Energy, Inc. All rights reserved. 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2013 2014 2015 2016 2017 Q1 18 $M Quarterly Avg. Gearing Revenue by Market Oil & Gas Mining Wind Industrial Steel

May 4, 2018 Process Systems Q1 2017 Q4 2017 Q1 2018 Orders ($M) $3.6 $2.4 $4.9 Revenue ($M) 3.3 5.1 4.4 Operating Profit/(Loss) ($M) (.8) (.5) (.9) EBITDA* ($M) (.5) - (.3) * Reconciliation to non - GAAP measure included in Appendix Q1 Results ▪ Process Systems includes Abilene - based CNG and fabrications, and Red Wolf as of Feb 1, 2017 ▪ Operating loss worse due to low productivity ▪ Initiated restructuring plan for Abilene fabrications facility and exit of CNG business 2018 Objectives ▪ Progress Red Wolf customer diversification ▪ Expand share with existing customers ▪ Exit CNG 12 © 2018 Broadwind Energy, Inc. All rights reserved.

Operating Working Capital (OWC) May 4, 2018 ▪ Reduction in AR past dues since year end ▪ Inventory turns improving because of elevated production levels * Operating Working Capital = Trade A/R + Inventories – Trade Payables – Customer Deposits 12/31/17 3/31/18 DSO 70 48 Inv. Turns 5.0 5.4 DPO 44 42 Cash Conv. (days) 48 44 OWC $M 11.4 14.3 OWC* Historical Trend – cents/$ sales OWC* Management 13 © 2018 Broadwind Energy, Inc. All rights reserved. $(0.05) $- $0.05 $0.10 $0.15 $0.20

Balance Sheet and Capital Expenditures May 4, 2018 $1.6 $6.2 $6.6 2015 2016 2017 2018e 2015 2016 2017 2018e 1.5 - 2.5% Capital Expenditures (net) ▪ Cash applied to balance on credit line ▪ CIBC (previously The Private Bank) $25M credit line had $10M of additional availability at quarter - end ▪ Capital expenditures minimal in 2018 – Abilene tower facility expansion complete in 2017 14 © 2018 Broadwind Energy, Inc. All rights reserved. % of sales 0.8% 3.4% 4.5% 3/31/201712/31/20173/31/2018 Cash Assets 0.3$ 0.1$ -$ Accounts Receivable 23.7 13.6 15.9 Inventory 25.8 19.3 22.3 PPE 56.0 55.7 53.7 Other 25.9 23.7 23.3 Total Assets 131.7 112.4 115.2 Accounts Payable 19.5 11.8 13.9 Customer Deposits 13.6 9.8 10.0 Debt + Cap Leases 10.5 16.7 21.2 Other 13.0 8.1 8.4 Total Liabilities 56.6 46.4 53.5 Equity 75.1 66.0 61.7 (In Millions)

2018 Priorities May 4, 2018 15 © 2018 Broadwind Energy, Inc. All rights reserved. ▪ Customer diversification ▪ Manufacturing footprint r eduction ▪ Restructure systems to support changing sales mix ▪ CI to offset margin compression ▪ Manage through steel escalation risk

Appendix May 4, 2018 16 © 2018 Broadwind Energy, Inc. All rights reserved. Consolidated 2018 2017 Net (Loss)/Income from continuing operations…………………………….(4,811)$ 6,482$ Interest Expense………………………………………………. 298 139 Income Tax Provision/(Benefit)……………………………… (27) (5,018) Depreciation and Amortization………………………………………………………………2,357 2,101 Share-based Compensation and Other Stock Payments………………………………………………………………429 222 Restructuring Costs…………………………………………. 151 - Adjusted EBITDA (Non-GAAP)…………………………. (1,603)$ 3,926$ Three Months Ended March 31, Towers and Heavy Fabrications Segment 2018 2017 Net (Loss)/Income…………………………………………. (1,115)$ 4,003$ Interest Expense/(Benefit)…………………………………. 31 15 Income Tax (Benefit)/Provision……………………………… (419) 1,831 Depreciation and Amortization………………………………………………………………1,255 1,092 Share-based Compensation and Other Stock Payments………………………………………………………………143 58 Adjusted EBITDA (Non-GAAP)…………………. (105)$ 6,999$ Three Months Ended March 31, Gearing Segment 2018 2017 Net Income/(Loss)…………...……………………………. (631)$ (1,537)$ Interest Expense…………………………………………… 3 4 Income Tax Provision/(Benefit)……………………………… 3 2 Depreciation and Amortization………………………………………………………………590 625 Share-based Compensation and Other Stock Payments………………………………………………………………66 19 Adjusted EBITDA (Non-GAAP)……………………….. 31$ (887)$ Three Months Ended March 31,

Appendix May 4, 2018 17 © 2018 Broadwind Energy, Inc. All rights reserved. Process Systems 2018 2017 Net Income/(Loss)……………………………………….. (644)$ (699)$ Interest Expense………………………………………….. 1 1 Income Tax Provision/(Benefit)…………………………. (253) (125) Depreciation and Amortization…………………………… 451 334 Share-based Compensation and Other Stock Payments…. 28 6 Restructuring Expense 152 - Adjusted EBITDA (Non-GAAP)……………………… (265)$ (483)$ Three Months Ended March 31, Corporate and Other 2018 2017 Net(Loss)/Income………………………………………………….. (2,421)$ 4,715$ Interest Expense………………………………………………… 263 119 Income Tax Provision/(Benefit)……………………………… 642 (6,726) Depreciation and Amortization………………………………………………………………61 51 Share-based Compensation and Other Stock Payments………………………………………………………………192 138 Adjusted EBITDA (Non-GAAP)……………………………. (1,263)$ (1,703)$ Three Months Ended March 31,

Broadwind Energy is a precision manufacturer of structures, equipment & components for clean tech and other specialized applications . www.BWEN.com May 4, 2018 18 © 2018 Broadwind Energy, Inc. All rights reserved.