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): April 26, 2019  

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 South Central Avenue, 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 April 26, 2019, Broadwind Energy, Inc. (the “Company”) issued a press release announcing its financial results as of and for the quarter ended March 31, 2019.  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 April 26, 2019 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 April 26, 2019
99.2	Investor Presentation dated April 26, 2019

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: April 26, 2019	By:	/s/ Stephanie K. Kushner
		Stephanie K. Kushner
		Chief Executive Officer (Principal Executive Officer)

EXHIBIT INDEX

EXHIBIT NUMBER	DESCRIPTION
99.1	Press Release dated April 26, 2019
99.2	Investor Presentation dated April 26, 2019

EX-99.1

EXHIBIT 99.1

Broadwind Energy Announces Q1 2019 Results

Highlights:

• Q1 2019 revenue of $41.7 million up 39% from 2018, all segments higher  
• Strong Gearing performance -- $10 million revenue and $1.4 million operating income
• EPS loss narrows to $.07 due to improved operating performance
• Adjusted EBITDA at $1.7 million, up $3.3 million year over year (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release)
• Operating working capital increases $12.6M, consistent with the recovery in revenue

CICERO, Ill., April 26, 2019 (GLOBE NEWSWIRE) -- Broadwind Energy, Inc. (NASDAQ: BWEN) reported sales of $41.7 million in Q1 2019, up 39% compared to $30.0 million in Q1 2018. The sharp increase was due primarily to a $10.1 million increase in Towers and Heavy Fabrications segment sales as a result of a 31% increase in tower sections sold, in support of a strengthening Tower market and a higher average sales price driven by increases in steel prices. Additionally, Gearing segment sales were up $1.2 million, or 14% compared to Q1 2018, due primarily to strong demand from mining, wind and other industrial customers.   

The Company reported a net loss of $1.0 million, or $.07 per share, in Q1 2019, compared to a net loss of $4.8 million, or $.32 per share, in Q1 2018. The current year loss narrowed as a result of the increased in sales and improved operating performance.

The Company reported non-GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, share-based payments and restructuring costs) of $1.7 million in Q1 2019, compared to non-GAAP adjusted EBITDA loss of $1.6 million in Q1 2018 (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release). The $3.3 million improvement was mainly attributable to significantly higher production volume in the Towers and Heavy Fabrications segment and improvements in Gearing operating performance.

Broadwind CEO Stephanie Kushner stated, “Gearing continues to deliver strong operating results, reflecting growth in the customer base, stable operations and good cost management.  The changes in the organizational structure and investments in process changes have dramatically improved the performance of this business for the long term.”  

Kushner continued, “Capacity utilization at our tower plants is rising, and we expect it to remain strong for the medium term.  Margins have been impacted by higher steel prices, but the team continues to deliver operational improvements to help offset this pressure.  Our expansion into other heavy fabrications remains paramount, and order activity continues to be strong.”

Kushner concluded, “In Q2, we expect revenue to exceed $40 million with approximately $1.3 -$1.8 million of EBITDA.  Our full year outlook on the business is unchanged.  We continue to expect quarterly revenues to exceed $40 million and EBITDA generation of approximately $8 million for the year.”

Orders and Backlog

The Company booked $24.0 million of net new orders in Q1 2019, compared to $28.1 million in Q1 2018. Towers and Heavy Fabrications orders rose to $12.5 million in Q1 2019, up from $9.8 million in Q1 2018. Gearing orders totaled $7.1 million in Q1 2019, down from $15.4 million Q1 2018, following a surge in oil and gas orders to secure production slots in the prior year, and reflecting reduced near-term demand for frack gears linked to a pause in development activity in the Permian Basin. Process Systems orders totaled $4.4 million in Q1 2019 compared to $3.0 million in Q1 2018 as a result of higher new gas turbine content demand from an international customer.

At March 31, 2019, total backlog was $81.1 million, compared to $96.5 million at December 31, 2018, a reduction that reflects the final year of a 3-year tower supply agreement.  Future orders are expected to be on a spot basis, reflecting a shift in procurement practices in the industry.

Segment Results

Towers and Heavy Fabrications
Broadwind Energy produces fabrications for wind, oil and gas, mining and other industrial applications, specializing in the production of wind turbine towers.  In Q1 2019, the Company revised and retroactively adjusted the financial statements of its segment reporting by moving the Abilene CNG and Fabrication business to the Towers and Heavy Fabrications segment from the Process Systems segment. 

Towers and Heavy Fabrications segment sales totaled $28.3 million in Q1 2019, compared to $18.2 million in Q1 2018. The significant improvement was due primarily to a 31% increase in tower sections sold and a higher average sales price on the product mix sold due primarily to the rise in steel prices.  

The Towers and Heavy Fabrications segment operating loss totaled $.2 million in Q1 2019 compared to an operating loss of $2.1 million in Q1 2018. The significant improvement was due primarily to higher plant utilization and improved plant efficiencies including the absence of significant start-up costs related to the quick production ramp up from near shutdown levels in the prior year. The net loss narrowed for the Towers and Heavy Fabrications segment to $.2 million in Q1 2019, from a net loss of $1.7 million in Q1 2018. Non-GAAP Adjusted EBITDA in Q1 2019 was $1.1 million compared to an EBITDA loss of $.5 million in Q1 2018 (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release).  The increase was due primarily 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 $10.0 million in Q1 2019, compared to $8.8 million in Q1 2018. The $1.2 million increase was due primarily to higher mining, wind and other industrial shipments, partially offset by lower demand from oil and gas customers, which is expected to continue in the near-term. The operating profit increased to $1.4 million in Q1 2019, compared to a $.6 million loss in Q1 2018. The significant improvement was due primarily to the increase in revenue noted above, continued improvements in operating efficiencies and the absence of residual impact of supply chain delays and higher manufacturing variances in the prior year.  The net income for the Gearing segment totaled $1.3 million in Q1 2019, compared to a net loss of $.6 million in Q1 2018. The Gearing segment reported $2.0 million of Non-GAAP adjusted EBITDA for Q1 2019 compared to a near breakeven Non-GAAP adjusted EBITDA in Q1 2018 (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release).  The $2.0 million improvement was due primarily to the factors described above.

Process Systems
Broadwind Energy provides contract manufacturing services that include build-to-print, kitting, and inventory management for customers, primarily supporting the natural gas electrical generation market.

Process Systems revenue totaled $3.3 million in Q1 2019 compared to $3.0 million in Q1 2018, due primarily to higher sales for aftermarket natural gas turbine content.  The operating loss was $.3 million in both periods, as the favorable impact of lower amortization expense was offset by a lower margin revenue mix.  The net loss for the Process Systems segment was $.3 million in Q1 2019, compared to a net loss of $.1 million in Q1 2018. The Process Systems segment reported $.2 million of Non-GAAP adjusted EBITDA loss for Q1 2019 compared to Non-GAAP adjusted EBITDA of $.1 million in Q1 2018 (please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release).

Corporate
Corporate and other expenses totaled $1.4 million in Q1 2019, down from $1.5 million in Q1 2018. The decrease was due primarily to lower insurance expense, partly offset by increased incentive compensation expense.  

Cash and Liquidity

During Q1 2019, operating working capital (accounts receivable and inventory, net of accounts payable and customer deposits) increased to $17.6 million from $5.0M at year end 2018, as production levels increased to support higher scheduled tower deliveries. The cash conversion ratio increased sequentially, from 16 days at year end 2018 to 41 days, predominantly driven by the increase in operating working capital.

Capital expenditures, net of disposals, in Q1 2019 totaled $.6 million.

Debt and capital leases totaled $25.7 million at March 31, 2019.  The Company’s $35 million line of credit with CIBC had a balance of $22.2 million at March 31, 2019 and $7.5 million of availability.

The Company adopted Accounting Standards Codification 842, related to new lease accounting standards, on January 1, 2019, recognizing operating lease liabilities totaling $19.1 million and a corresponding right of use asset of $17.2 million. 

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 production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (v) the sufficiency of our liquidity and alternate sources of funding, if necessary; (vi) our ability to realize revenue from customer orders and backlog; (vii) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (viii) the economy and the potential impact it may have on our business, including our customers; (ix) 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; (x) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xi) the effects of the change of administrations in the U.S. federal government; (xii) our ability to successfully integrate and operate companies and to identify, negotiate and execute future acquisitions; (xiii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xiv)  the limited trading market for our securities and the volatility of market price for our securities; and (xv) 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)
(UNAUDITED)

			March 31,			December 31,
				2019			2018
ASSETS
CURRENT ASSETS:
	Cash and cash equivalents		$	37		$	1,177
	Accounts receivable, net			22,509			17,455
	Inventories, net			32,944			22,670
	Prepaid expenses and other current assets			1,706			1,776
		Total current assets		57,196			43,078
LONG-TERM ASSETS:
	Property and equipment, net			48,472			49,087
	Other intangible assets, net			6,399			6,602
	Other assets			357			398
	Operating lease right-of-use assets			17,155			-
TOTAL ASSETS			$	129,579		$	99,165
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
	Line of credit and other notes payable		$	23,199		$	11,930
	Current portion of finance lease obligations			894			967
	Current portion of operating lease obligations			1,726			-
	Accounts payable			20,091			11,618
	Accrued liabilities			4,127			3,806
	Customer deposits			17,755			23,507
	Current liabilities held for sale			26			27
		Total current liabilities		67,818			51,855
LONG-TERM LIABILITIES:
	Long-term debt, net of current maturities			1,185			1,408
	Long-term finance lease obligations, net of current portion			408			571
	Long-term operating lease obligations, net of current portion			17,341			-
	Other			65			1,969
		Total long-term liabilities		18,999			3,948
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; 16,259,642
	and 15,982,622 shares issued as of March 31, 2019 and
	December 31, 2018, respectively			16			16
	Treasury stock, at cost, 273,937 shares as of March 31, 2019 and December 31, 2018,
	respectively			(1,842	)		(1,842	)
	Additional paid-in capital			381,883			381,441
	Accumulated deficit			(337,295	)		(336,253	)
		Total stockholders' equity		42,762			43,362
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$	129,579		$	99,165

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

		Three Months Ended March 31,
			2019			2018
Revenues		$	41,660		$	29,967
Cost of sales			38,111			29,984
Restructuring			12			115
Gross profit (loss)			3,537			(132	)
OPERATING EXPENSES:
Selling, general and administrative			3,828			3,898
Intangible amortization			203			471
Restructuring			-			36
	Total operating expenses		4,031			4,405
Operating loss			(494	)		(4,537	)
OTHER (EXPENSE) INCOME, net:
Interest expense, net			(536	)		(298	)
Other, net			(2	)		(3	)
	Total other income (expense), net		(538	)		(301	)
Net loss before provision (benefit) for income taxes			(1,032	)		(4,838	)
Provision (benefit) for income taxes			11			(27	)
LOSS FROM CONTINUING OPERATIONS			(1,043	)		(4,811	)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS			1			(27	)
NET LOSS		$	(1,042	)	$	(4,838	)
NET LOSS PER COMMON SHARE - BASIC:
Loss from continuing operations		$	(0.07	)	$	(0.32	)
Income (loss) from discontinued operations			0.00		$	0.00
Net loss		$	(0.07	)	$	(0.32	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC			15,786			15,257
NET LOSS PER COMMON SHARE - DILUTED:
Loss from continuing operations		$	(0.07	)	$	(0.32	)
Income (loss) from discontinued operations			0.00			0.00
Net loss		$	(0.07	)	$	(0.32	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED			15,786			15,257

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

				Three Months Ended March 31,
					2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
	Net loss			$	(1,042	)	$	(4,838	)
	Income (loss) from discontinued operations				1			(27	)
	Loss from continuing operations				(1,043	)		(4,811	)
Adjustments to reconcile net cash used in operating activities:
		Depreciation and amortization expense			1,761			2,357
		Deferred income taxes			(9	)		(27	)
		Stock-based compensation			255			262
		Allowance for doubtful accounts			(14	)		(15	)
		Common stock issued under defined contribution 401(k) plan			187			167
		Gain on disposal of assets			(1	)		-
		Changes in operating assets and liabilities, net of acquisition:
			Accounts receivable		(5,040	)		(2,266	)
			Inventories		(10,274	)		(2,577	)
			Prepaid expenses and other current assets		70			21
			Accounts payable		8,132			2,956
			Accrued liabilities		321			1,653
			Customer deposits		(5,752	)		197
			Other non-current assets and liabilities		57			(1,210	)
Net cash used in operating activities of continued operations					(11,350	)		(3,293	)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchases of property and equipment				(577	)		(229	)
	Proceeds from disposals of property and equipment				1			-
Net cash used in investing activities of continued operations					(576	)		(229	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from line of credit				42,440			32,886
	Payments on line of credit				(31,191	)		(29,202	)
	Payments on long-term debt				(228	)
	Principal payments on capital leases				(236	)		(187	)
Net cash provided by financing activities of continued operations					10,785			3,497
								-
DISCONTINUED OPERATIONS:
	Operating cash flows				1			(27	)
Net cash provided by (used in) discontinued operations					1			(27	)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH					(1,140	)		(52	)
CASH AND CASH EQUIVALENTS beginning of the period					1,177			78
CASH AND CASH EQUIVALENTS end of the period				$	37		$	26
Supplemental cash flow information:
	Interest paid			$	274		$	233
Non-cash activities:
	Issuance of restricted stock grants			$	255		$	262

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

		Three Months Ended
		March 31,
			2019			2018
ORDERS:
	Towers and Heavy Fabrications	$	12,510		$	9,804
	Gearing		7,135			15,366
	Process Systems		4,361			2,971
	Total orders	$	24,006		$	28,141
REVENUES:
	Towers and Heavy Fabrications	$	28,294		$	18,196
	Gearing		10,027			8,805
	Process Systems		3,339			2,966
	Corporate and Other		-			-
	Total revenues	$	41,660		$	29,967
OPERATING (LOSS)/PROFIT:
	Towers and Heavy Fabrications	$	(222	)	$	(2,096	)
	Gearing		1,387			(626	)
	Process Systems		(285	)		(301	)
	Corporate and Other		(1,374	)		(1,514	)
	Total operating (loss)/profit	$	(494	)	$	(4,537	)

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,
			2019			2018
Loss from continuing operations		$	(1,043	)	$	(4,811	)
Interest Expense			537			299
Income Tax Provision/(Benefit)			12			(27	)
Depreciation and Amortization			1,761			2,357
Share-based Compensation and Other Stock Payments			436			428
Restructuring Costs			12			152
	Adjusted EBITDA (Non-GAAP)	$	1,715		$	(1,602	)

Towers and Heavy Fabrications Segment	Three Months Ended March 31,
		2019			2018
Net Loss	$	(235	)	$	(1,708	)
Interest Expense		66			31
Income Tax (Benefit)		(53	)		(419	)
Depreciation and Amortization		1,095			1,320
Share-based Compensation and Other Stock Payments		165			152
Restructuring Expense		12			152
Adjusted EBITDA (Non-GAAP)	$	1,050		$	(472	)

Gearing Segment	Three Months Ended March 31,
		2019		2018
Net Income/(Loss)	$	1,300	$	(631	)
Interest Expense		83		3
Income Tax Provision		4		2
Depreciation and Amortization		482		591
Share-based Compensation and Other Stock Payments		92		66
Adjusted EBITDA (Non-GAAP)	$	1,961	$	31

Process Systems	Three Months Ended March 31,
		2019			2018
Net Loss	$	(278	)	$	(51	)
Interest Expense		1			-
Income Tax (Benefit)		(9	)		(253	)
Depreciation and Amortization		122			387
Share-based Compensation and Other Stock Payments		13			19
Adjusted EBITDA (Non-GAAP)	$	(151	)	$	102

Corporate and Other	Three Months Ended March 31,
		2019			2018
Loss from continuing operations	$	(1,830	)	$	(2,421	)
Interest Expense		387			265
Income Tax Provision/(Benefit)		70			643
Depreciation and Amortization		62			59
Share-based Compensation and Other Stock Payments		166			191
Adjusted EBITDA (Non-GAAP)	$	(1,145	)	$	(1,263	)

BWEN INVESTOR CONTACT: Jason Bonfigt, 708.780.4821 jason.bonfigt@bwen.com

EX-99.2

Exhibit 99.2

Q1 2019 Earnings Call April 26, 2019

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. ▪ 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 th e related extension, continuation or renewal of federal tax incentives and grants and state renewable portfolio standards; (ii) our customer relat ion ships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and lev era ge relationships across business units; (iii) our ability to continue to grow our business organically and through acquisitions; (iv) our prod uct ion, sales, collections, customer deposits and revenues generated by new customer orders and the resulting cash flows; (v) the sufficiency of our liqu idi ty and alternate sources of funding, if necessary; (vi) our ability to realize revenue from customer orders and backlog; (vii) our ability to ope rate our business efficiently, manage capital expenditures and costs effectively, and generate cash flow; (viii) the economy and the potential imp act it may have on our business, including our customers; (ix) the state of the wind energy market and other energy and industrial markets gener all y and the impact of competition and economic volatility in those markets; (x) the effects of market disruptions and regular market volatility, in clu ding fluctuations in the price of oil, gas and other commodities; (xi) the effects of the change of administrations in the U.S. federal government; (x ii) our ability to successfully integrate and operate the business of Red Wolf Company, LLC and to identify, negotiate and execute future acquis iti ons; and (xiii) 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 (xiv) 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. We are unde r n o 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, unce rta inties or other factors that could cause our current 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 April 26, 2019 for a reconciliation of certain non - GAAP measures presented in this presentation. 2

Q1 2019 Highlights ▪ Q1 Revenues up 39% YoY. All segments up YoY and in - line with guidance ▪ Strong Gearing Performance, $1.4M of operating income, 20% EBITDA margin ▪ Adj. EBITDA at $1.7M, up $3.3M YoY ▪ Tower order book building despite steel tariffs – trade case adding duties to Chinese and Vietnamese imports extended to 2023 ▪ 2019 Outlook confirmed – >30% revenue recovery 3

Orders and Backlog ($ Millions) Orders ▪ Tower orders impacted by steel price spike, activity levels improving ▪ Increased strategic focus on heavy fabrications for mining, construction, other ▪ Gearing orders down YoY due to Q1 ‘18 spike from O&G customers ▪ Process Systems: New Gas Turbine content orders strengthened Backlog $81M Q1 18 Q1 19 YTD 2019 Book:Bill Towers & Heavy Fabrications $9.8 $12.5 .44 Gearing 15.4 7.1 .71 Process Systems 3.0 4.4 1.31 Total 28.1 24.0 .58 4 Towers and Heavy Fabrications Gears Process Systems

Diversification of BWEN Customer Base 5 1. Reduce reliance on wind tower demand 2. Leverage core competencies and process capabilities 3. Grow existing customer relationships 4. Expand within existing/new end markets and products $40M target YTD Orders $40M target $40M Target Strategic Focus: Customer and Product Expansion T12M Revenue by Industry (in M’s) Wind O&G Mining Industrial Steel Construction

Market Outlook – US Wind Source : MAKE Global Wind Market Outlook Update – Q1 2019 Forecast 6 ▪ 2018 installations: >3,100 turbines, concentrated in Midwest, Plains states and Northeastern US ▪ Current development pipeline at a record high of > 39 GW, supports strength in 2019 - 21 ▪ Commercial and industrial purchases reached a record in 2018 – cheap power and sustainability targets important for corporate buyers GW Installations 0 2 4 6 8 10 12 14 '15 '16 '17 '18 '19e '20e '21e '22e Non - utility wind power purchases Forecast Source : AWEA

Other Customers/Markets April 26, 2019 7 Mining Oil and Gas Steel Other Industrial • Strong demand from both gearing and heavy fab customers; adding products • Gearing: short - term pause but 2H looks stronger • Process Systems: Gas turbines recovering • Strong capital spending • Expanding customer base for gearing

2019 Priorities 8 ▪ Continue focus on customer diversification - $60M order target ▪ Systems investments to support changing sales mix ▪ Continuous improvement to offset margin compression ▪ Adjust steel procurement strategy to support strong 2019 production ▪ Reduce average cash conversion cycle by ~20%

Towers and Heavy Fabrications Q1 2018 Q1 2019 Orders ($M) $9.8 $12.5 Sections Sold (#) 143 188 Revenue ($M) 18.2 28.3 Operating Inc/(Loss) ($M) (2.1) (.2) - % of Sales (11.5%) (.8%) EBITDA* ($M) (.5) 1.1 - % of Sales (2.6%) 3.7% Q1 Results ▪ M ining and industrial demand continues to be strong, Tower quoting activities increasing ▪ Q1 ‘19 tower sections sold up sequentially and up 31% YoY ▪ $1.1M EBITDA, better plant utilization and operational performance Priorities ▪ Diversify tower customer base and grow heavy fabrications business ▪ Cost out to offset margin pressure ▪ Build capabilities and expand capacity for heavy fabrications ▪ Balance trade - off between near - term tower demand spike and longer term diversification focus * Reconciliation to non - GAAP measure included in Appendix 9 356 352 344 387 400 264 126 30 143 201 132 64 188 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Quarterly Tower Section Sales Capacity

Gearing Q1 2018 Q1 2019 Orders ($M) $15.4 $7.1 Revenue ($M) 8.8 10.0 Operating (Loss)/ Income ($M) (0.6) 1.4 EBITDA* ($M) 0.0 2.0 Q1 Results ▪ Orders down due to surge in O&G orders in 2018, diversification efforts partially offsetting ▪ Revenue up 14% compared to Q1 ‘18, reflecting improved throughput ▪ End market diversification evident in Q1 ▪ EBITDA $2.0M – continued operational improvement Priorities ▪ Continue diversification of customer base ▪ Grow and optimize Gearbox production ▪ Continuous Improvement focused on maintenance and scheduling systems ▪ Optimize first article production process to accommodate increasing demand * Reconciliation to non - GAAP measure included in Appendix 10 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2013 2014 2015 2016 2017 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 $M Gearing Revenue by Market Oil & Gas Mining Wind Industrial Steel

Process Systems Q1 2018 Q1 2019 Orders ($M) $3.0 $4.4 Revenue ($M) 3.0 3.3 Operating income/(Loss) ($M) (.3) (.3) EBITDA* ($M) .1 (.2) * Reconciliation to non - GAAP measure included in Appendix Q1 Results ▪ Higher orders due to new gas turbine content for an international customer ▪ Revenue up $.3M YoY, reflecting increased order activity ▪ Targeted price adjustments began to positively impact margins on late Q1 sales Priorities ▪ Leverage increasing aftermarket opportunities in the NGT market ▪ Progress Red Wolf customer diversification ▪ Expand share with existing customers ▪ Leverage continuous improvement resources 11 Diverse Gas Turbine Aftermarket New Gas Turbine

BWEN Consolidated Financial Results Q1 Comparison: ▪ S ales across each segment up YoY due to improved tower demand, customer/end market diversification and a rise in steel prices ▪ Gross profit up YoY due to improved productivity and plant utilization ▪ Operating expenses decline below 10% due to leverage ▪ Margin pressure due to steel price escalation ▪ $3.3M EBITDA improvement YoY 12 Q1 18 Q1 19 Total Sales $30.0 $41.7 Gross Profit (.1) 3.5 Gross Profit % (.4%) 8.5% Total Operating Expenses 4.4 4.0 Operating (Loss) (4.5) (.5) % of sales (15.1%) (1.2%) Adj. EBITDA (1.6) 1.7 % of sales (5.3%) 4.1% EPS, Continuing (.32) (.07) $M except as noted otherwise

Operating Working Capital (OWC) ▪ $12.6M increase in operating working capital due to rise in tower production levels ▪ Following the receipt of deposits to support 2019 tower production at 12/31/2018, operating working capital normalizes at 3/31/2019 ▪ Cash conversion cycle progress on track * Operating Working Capital = Trade A/R + Inventories – Trade Payables – Customer Deposits 12/31/18 3/31/19 DSO 59 49 Inv. Turns 4.9 4.6 DPO 38 48 Cash Conv. (days) 16 41 OWC $M 5.0 17.6 OWC* Historical Trend – cents/$ sales OWC* Management 13 $(0.05) $- $0.05 $0.10 $0.15 $0.20

Balance Sheet and Capital Expenditures Capital Expenditures (in Millions) ▪ Cash applied to balance on credit line ▪ $35M credit line had $7.5M of additional availability at quarter - end ▪ Other Assets/Liabilities increase as a result of the adoption of new lease accounting standard (ASC 842) ▪ 2019 capital expenditures ~2 - 3% of sales 14 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2016 2017 2018 2019 YTD Unfinanced Financed In Millions 12/31/18 3/31/19 Cash Assets $1.2 $0.0 Accounts Receivable 17.5 22.5 Inventory 22.7 32.9 PPE 49.1 48.5 Other 8.7 25.7 Total Assets 99.2 129.6 Accounts Payable 11.6 20.1 Customer Deposits 23.5 17.8 Line of Credit 11.0 22.2 Debt + Finance Leases 3.9 3.5 Other 5.8 23.2 Total Liabilities 55.8 86.8 Equity 43.4 42.8

Q2 Summary and Guidance ▪ Q1 2019: As guided ▪ 2019: Average quarterly revenue >$40M, FY EBITDA ~$8M ▪ Q2 2019: Gears segment continues to perform…rebuilding Towers, but margin pressures remain - Revenue >$40M and EBITDA ~$1.3 - 1.8M 15

Appendix 16 Towers and Heavy Fabrications Segment 2019 2018 Net Loss………...……………..…...……………………………. (235)$ (1,708)$ Interest Expense……………………………..……………………. 66 31 Income Tax (Benefit)………….……………………………… (53) (419) Depreciation and Amortization………………………………………………………………1,095 1,320 Share-based Compensation and Other Stock Payments………………………………………………………………165 152 Restructuring Expense………………………………………...…………… 12 152 Adjusted EBITDA (Non-GAAP)…………………………….. 1,050$ (472)$ Three Months Ended March 31, Gearing Segment 2019 2018 Net Income/(Loss)……………………...……………………………. 1,300$ (631)$ Interest Expense………………………...……………………………… 83 3 Income Tax Provision………….……………………………… 4 2 Depreciation and Amortization………………………………………………………………482 591 Share-based Compensation and Other Stock Payments………………………………………………………………92 66 Adjusted EBITDA (Non-GAAP)……………………….. 1,961$ 31$ Three Months Ended March 31, Process Systems 2019 2018 Net Loss………...……………..…...……………………………. (278)$ (51)$ Interest Expense……………………………………………………. 1 - Income Tax (Benefit)……………………………………..……… (9) (253) Depreciation and Amortization……………………………………. 122 387 Share-based Compensation and Other Stock Payments………… 13 19 Adjusted EBITDA (Non-GAAP)……………………………… (151)$ 102$ 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 17