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):  March 9, 2023

_______________________________

BROADWIND, INC.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware	001-34278	88-0409160
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	BWEN	The NASDAQ Capital Market

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

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 March 9, 2023, Broadwind, Inc. (the “Company”) issued a press release announcing its financial results as of and for the year ended December 31, 2022. 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.

Please refer to Exhibit 99.1 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.

Item 7.01. Regulation FD Disclosure.

An Investor Presentation dated March 9, 2023 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 March 9, 2023
99.2	Investor Presentation dated March 9, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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, INC.
Date: March 9, 2023	By:	/s/ Eric B. Blashford
		Eric B. Blashford
		President, Chief Executive Officer (Principal Executive Officer)

EX-99.1

EXHIBIT 99.1

Broadwind Announces Fourth Quarter and Full-Year 2022 Results, Introduces 2023 Financial Outlook

CICERO, Ill., March 09, 2023 (GLOBE NEWSWIRE) -- Broadwind, Inc. (Nasdaq: BWEN, “Broadwind” or the “Company”), a diversified precision manufacturer of specialized components and solutions serving global markets, today announced results for the fourth quarter and full-year 2022.

FOURTH QUARTER 2022 RESULTS
(As compared to the fourth quarter 2021)

• Total revenue of $40.1 million, +54.0% y/y
• Total gross profit of $2.6 million, +$1.6 million y/y
• Total non-GAAP adjusted EBITDA of $0.2 million, +$1.4 million y/y
• Total orders of $204.8 million, +$149.1 million y/y
• Total backlog of $297.2 million, +$190.8 million y/y
• Total cash and excess availability of $40.1 million, +$25.2 million y/y

FULL-YEAR 2022 RESULTS
(As compared to the full-year 2021)

• Total revenue of $176.8 million, +21.4% y/y
• Total gross profit of $10.7 million, +94.3% y/y
• Total non-GAAP adjusted EBITDA of $2.4 million, +$5.3 million y/y excluding the 2021 benefit of the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC)

FULL-YEAR 2023 FINANCIAL GUIDANCE

• Total revenue of between $200 million to $220 million
• Total non-GAAP adjusted EBITDA of between $14 million to $16 million

For the three months ended December 31, 2022, Broadwind reported total revenue of $40.1 million, an increase of 54.0% when compared to the prior year period. The Company reported a net loss of ($2.9) million, or ($0.14) per basic share in the fourth quarter 2022, compared to a net loss ($4.1) million, or ($0.21) per basic share, in the fourth quarter 2021. The Company reported adjusted EBITDA, a non-GAAP measure, of $0.2 million in the fourth quarter 2022, compared to ($1.2) million in the prior-year period.

Fourth quarter results benefited from a combination of broad-based demand growth and improved operating leverage, partially offset by lower-margin project activity that commenced during the fourth quarter 2022. Each of the Company’s reporting segments reported positive year-over-year growth in both revenue and non-GAAP adjusted EBITDA during the fourth quarter 2022. Total gross margin increased 270 basis points on a year-over-year basis to 6.4%, primarily driven by improved price discipline and improved sales mix. Total operating cash flow increased by $28.9 million versus the prior-year period to $26.9 million, due to significant deposits received from a major customer.

Fourth quarter orders increased nearly 270% versus the prior-year period, while total backlog at year-end 2022 reached a near-record $297.2 million, supported by improved demand conditions across the Company’s diverse end-markets.

As of December 31, 2022, Broadwind had total cash on hand and availability under the Company’s credit facility of $40.1 million, up from $14.8 million at the end of the third quarter 2022. The significant, sequential increase in available liquidity was the result of more favorable terms on customer orders with respect to deposits, which will better optimize the Company's working capital management moving forward.

BUSINESS UPDATE

Broadwind has continued to demonstrate strong operational excellence and commercial execution, consistent with a multi-year focus on building a market-leading precision manufacturing platform. Broadwind remains focused on organic growth within existing and adjacent markets; further revenue mix diversification beyond its core wind business; improved asset optimization; ratable growth in orders and backlog; and disciplined capital management to support the requirements of the business.

• New business development. During the last three years, Broadwind has pursued an aggressive development strategy designed to both increase its share-of-wallet with its existing customers, while expanding into complementary adjacent markets – and new customer relationships. In January 2023, the Company announced the receipt of approximately $175 million in new tower orders from a leading global wind turbine manufacturer. The transformational, two-year order, which was the primary driver of the sequential improvement in our year-end backlog, secures significant tower production capacity across Broadwind’s facilities in both 2023 and 2024. 
   
• Revenue mix diversification. Since 2018, Broadwind has grown its non-wind precision manufacturing revenue by nearly 45% and expanded relationships with both new and existing customers. In the full year 2022, non-wind revenue increased by nearly 60% on a year-over-year basis to a record $91.6 million, supported by broad-based share gains across most end-markets. Included in non-wind revenue is $7 million generated from sales of Broadwind’s new line of proprietary pressure reducing systems (“PRS”).
   
• Drive asset optimization. As of December 31, 2022, Broadwind has secured approximately 50% of its optimal tower production capacity across its facilities in both 2023 and 2024. During 2023, the Company expects to further optimize plant utilization, resulting in improved economies of scale. Broadwind has deployed a lean operating approach across all divisions which includes continuous improvement efforts designed to improve throughput and asset optimization. The base load of orders in backlog allows the Company to focus these efforts on specific manufacturing processes offering the highest return on the resources invested.
   
• Consistent growth in order and backlog. Total orders increased by more than 130%, or $209 million, in the full year 2022 compared to 2021, supported by broad-based demand growth across new and existing customer accounts. Fourth quarter 2022 orders increased to $205 million, supported by strong order activity from within wind, mining, steel and other markets. Total backlog increased to $297 million at year-end 2022, versus $106 million at year-end 2021, representing the highest total year-end backlog since 2013. 
   
• Capitalize on IRA tailwinds. The Inflation Reduction Act (“IRA”) passed into law in 2022 provides critical industries, including those supporting the energy transition, with tax credits designed to accelerate a generational shift in the energy production mix from fossil fuels toward renewable energy, including wind. Included within section 45x of the IRA is a provision for a new advanced manufacturing tax credit for which the recently announced $175 million tower order qualifies.
   
• Disciplined capital allocation. At year-end 2022, total cash and liquidity increased materially on both a sequential and year-over-year basis to $40.1 million, supported by growth in deposits on new customer orders. The Company’s ratio of net debt to trailing twelve-month non-GAAP adjusted EBITDA was 0.7x as of December 31, 2022. Broadwind remains well-capitalized to support the ongoing growth of its business.

MANAGEMENT COMMENTARY

“We continued to advance our commercial strategy during the fourth quarter and full-year 2022, resulting in strong, year-over-year revenue growth across our diverse end-markets,” stated Eric Blashford, President and CEO of Broadwind. “For most of last year, persistent supply chain disruptions and elevated raw materials costs impacted customer activity levels, particularly within the domestic, onshore wind market. Beginning in the fourth quarter 2022, freight activity began to normalize, raw materials prices showed signs of returning toward historical levels and customer demand across both wind and non-wind markets began to increase. Recent actions we’ve taken to improve asset optimization and reduce fixed overhead have taken hold, positioning us to drive profitable, above-market growth into a recovery.”

“In January 2023, we announced $175 million in new tower orders from a leading global wind turbine manufacturer,” continued Blashford. “On a standalone basis, this transformational two-year order secures approximately 50% of our optimal tower production capacity across Broadwind’s manufacturing facilities during the full-year 2023 and 2024. In addition to providing significant order book visibility over the next two years, we expect this order will provide significant economies of scale across our organization. Ordered tower sections will be produced at both our Abilene and Manitowoc facilities.” 

“Our backlog sits at a near-record high entering the first quarter 2023,” continued Blashford. “While the fourth quarter 2022 included some lower-margin, legacy project work, margin capture on our current-year backlog will benefit from IRA-related tax credits. Assuming full utilization of our wind tower manufacturing facilities, we believe the IRA could provide up to ~$30 million in incremental annual gross profit in future years.”

“At year-end 2022, we had $40.1 million of available cash and liquidity, given recent actions taken to further optimize our working capital management,” continued Blashford. “In 2023, our capital allocation priorities will include further debt reduction; organic investment in new intellectual property; and opportunistic investments in complementary, immediately-accretive bolt-on acquisitions that expand our capabilities within energy transition markets. As of December 31, 2022, our net leverage was 0.7x, well within our target range of at or below 2.0x.”

“Today, we introduced financial guidance for the full-year 2023,” concluded Blashford. “Our risk-adjusted guidance reflects expectations for a gradual recovery in customer demand this year, improved efficiencies resulting from economies of scale, together with improved margin realization resulting from the IRA’s 45x tax credit, pending final guidance from the Internal Revenue Service.”

SEGMENT RESULTS

Heavy Fabrications Segment
Broadwind provides large, complex and precision fabrications to customers in a broad range of industrial markets. Key products include wind towers and industrial fabrications, including mining and material handling components and other frames/structures. 

Heavy Fabrications segment sales increased by 61.2% to $23.7 million in the fourth quarter 2022, as compared to the prior-year period, primarily driven by a 22% increase in towers sections sold and a 73% increase in industrial fabrication product line revenue as a result of higher recent order intake from industrial customers and additional revenue recognized from our PRS units. The segment reported an operating loss of ($1.0) million in the fourth quarter of 2022, as compared to an operating loss of ($1.3) million in the prior year period.  Segment non-GAAP adjusted EBITDA was $0.3 million in the fourth quarter 2022, as compared to ($0.04) million in the prior-year period. 

Gearing Segment
Broadwind provides custom gearboxes, loose gearing and heat treat services to a broad set of customers in diverse markets, including oil & gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets. 

Gearing segment sales increased by 41.5% to $11.7 million in the fourth quarter 2022, as compared to the prior year period, primarily driven by increased demand across the energy, industrial and steel end-markets. The segment reported operating income of $0.1 million in the fourth quarter 2022, compared to an operating loss of ($0.5) million in the prior year period. The segment reported non-GAAP adjusted EBITDA of $0.8 million in the fourth quarter 2022, versus $0.1 million in the fourth quarter 2021. 

Industrial Solutions Segment
Broadwind provides supply chain solutions, light fabrication, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market as well as other clean technology markets. 

Industrial Solutions segment sales increased 53.2% to $4.7 million in the fourth quarter 2022, as compared to the prior year period, primarily driven by increased demand for natural gas turbine content. The segment reported operating income of $0.5 million in the fourth quarter 2022, compared to an operating loss of ($0.2) million in the prior year period. The segment reported non-GAAP adjusted EBITDA of $0.7 million in the fourth quarter 2022, versus ($0.04) million in the prior year period.

FINANCIAL GUIDANCE

The following financial guidance for the full year 2023 reflects the Company’s current expectations and beliefs. All guidance is current as of the time provided and is subject to change.

			Full Year 2023 Guidance
$ in millions	2022 Actual		2023 Low		2023 High
Revenue	$	176.8	$	200.0	$	220.0
Non-GAAP Adjusted EBITDA	$	2.4	$	14.0	$	16.0

FOURTH QUARTER 2022 CONFERENCE CALL

Broadwind will host a conference call today, March 9, 2023 at 11:00 A.M. ET to review its financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of the Company’s corporate website at https://investors.bwen.com/investors. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the live teleconference:

Live Teleconference: 1-877-407-9716

To listen to a replay of the teleconference, which will be available through March 16, 2023:

Teleconference Replay:	1-844-512-2921
Conference ID:	13735951

ABOUT BROADWIND

Broadwind (NASDAQ: BWEN) is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com

NON-GAAP FINANCIAL MEASURES

The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share-based compensation and other stock payments, restructuring costs, impairment charges and other non-cash gains and losses) as supplemental information regarding the Company’s business performance. The Company’s management uses this supplemental information when it internally evaluates its performance, 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, which 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.

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.

The Company’s forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following, many of which are, and will be, amplified by the COVID-19 pandemic: (i) the impact of global health concerns, including the impact of the current COVID-19 pandemic on the economies and financial markets and the demand for our products; (ii) 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 as well as new or continuing tariffs on steel or other products imported into the United States; (iii) 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; (iv) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary, in light of the COVID-19 pandemic; (v) our ability to continue to grow our business organically and through acquisitions, and the impairment thereto by the impact of the COVID-19 pandemic; (vi) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (vii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security, including with respect to any remote work arrangements implemented in response to the COVID-19 pandemic; (viii) the sufficiency of our liquidity and alternate sources of funding, if necessary; (ix) our ability to realize revenue from customer orders and backlog; (x) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (xi) the economy, including its stability in light of the COVID-19 pandemic, and the potential impact it may have on our business, including our customers; (xii) 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; (xiii) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xiv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers; (xv) the effects of the change of administrations in the U.S. federal government; (xvi) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xvii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xviii) our ability to utilize various relief options enabled by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); (xix) the limited trading market for our securities and the volatility of market price for our securities; and (xx) 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 including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission (the “SEC”). 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. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results.

BROADWIND, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)

	December 31,			December 31,
		2022			2021
ASSETS
CURRENT ASSETS:
Cash	$	12,732		$	852
Accounts receivable, net		17,018			13,802
Employee retention credit receivable		-			497
Contract assets		1,955			1,136
Inventories, net		44,262			33,377
Prepaid expenses and other current assets		3,291			2,661
Total current assets		79,258			52,325
LONG-TERM ASSETS:
Property and equipment, net		45,319			43,655
Operating lease right-of-use assets		16,396			18,029
Intangible assets, net		2,728			3,453
Other assets		839			585
TOTAL ASSETS	$	144,540		$	118,047
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Line of credit and current portion of long-term debt	$	1,170		$	6,650
Current portion of finance lease obligations		2,008			2,060
Current portion of operating lease obligations		1,882			1,775
Accounts payable		26,255			16,462
Accrued liabilities		4,313			3,654
Customer deposits		34,550			12,082
Total current liabilities		70,178			42,683
LONG-TERM LIABILITIES:
Long-term debt, net of current maturities		7,141			177
Long-term finance lease obligations, net of current portion		4,226			2,481
Long-term operating lease obligations, net of current portion		16,696			18,405
Other		26			167
Total long-term liabilities		28,089			21,230
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; 21,127,130 and 19,859,650 shares issued as of December 31, 2022 and December 31, 2021, respectively		21			20
Treasury stock, at cost, 273,937 shares as of December 31, 2022 and December 31, 2021, respectively		(1,842	)		(1,842	)
Additional paid-in capital		397,240			395,372
Accumulated deficit		(349,146	)		(339,416	)
Total stockholders' equity		46,273			54,134
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	144,540		$	118,047

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

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Revenues	$	40,060		$	26,011		$	176,759		$	145,619
Cost of sales		37,504			25,054			166,049			140,108
Gross profit		2,556			957			10,710			5,511
OPERATING EXPENSES:
Selling, general and administrative		4,483			4,749			16,592			17,372
Intangible amortization		175			183			725			733
Total operating expenses		4,658			4,932			17,317			18,105
Operating loss		(2,102	)		(3,975	)		(6,607	)		(12,594	)
OTHER (EXPENSE) INCOME, net:
Paycheck Protection Program loan forgiveness		-			-			-			9,151
Interest expense, net		(863	)		(313	)		(3,218	)		(1,129	)
Other, net		113			122			130			7,444
Total other (expense) income, net		(750	)		(191	)		(3,088	)		15,466
Net (loss) income before provision for income taxes		(2,852	)		(4,166	)		(9,695	)		2,872
(Benefit) provision for income taxes		(1	)		(76	)		35			25
NET (LOSS) INCOME	$	(2,851	)	$	(4,090	)	$	(9,730	)	$	2,847
NET (LOSS) INCOME PER COMMON SHARE - BASIC:
Net (loss) income	$	(0.14	)	$	(0.21	)	$	(0.48	)	$	0.15
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC		20,723			19,516			20,299			18,726
NET (LOSS) INCOME PER COMMON SHARE - DILUTED:
Net (loss) income	$	(0.14	)	$	(0.21	)	$	(0.48	)	$	0.15
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED		20,723			19,516			20,299			19,388

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

	Twelve Months Ended December 31,
		2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(9,730	)	$	2,847
Adjustments to reconcile net cash provided by (used in) operating activities:
Depreciation and amortization expense		6,060			6,336
Paycheck Protection Program loan forgiveness		-			(9,151	)
Deferred income taxes		(13	)		(2	)
Change in fair value of interest rate swap agreements		(27	)		23
Stock-based compensation		944			1,541
Allowance for doubtful accounts		(30	)		(426	)
Common stock issued under defined contribution 401(k) plan		1,244			1,193
Loss (gain) on disposal of assets		3			(33	)
Changes in operating assets and liabilities:
Accounts receivable		(3,186	)		1,961
Employee retention credit receivable		497			(497	)
Contract assets		(820	)		1,117
Inventories		(10,885	)		(6,653	)
Prepaid expenses and other current assets		(629	)		133
Accounts payable		9,926			(1,736	)
Accrued liabilities		686			(2,676	)
Customer deposits		22,468			(6,737	)
Other non-current assets and liabilities		135			(66	)
Net cash provided by (used in) operating activities		16,643			(12,826	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(3,098	)		(1,707	)
Proceeds from disposals of property and equipment		-			33
Net cash used in investing activities		(3,098	)		(1,674	)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Payments on) proceeds from line of credit, net		(6,350	)		5,105
Payments for deferred financing costs		(470	)		-
Proceeds from long-term debt		8,113			817
Payments on long-term debt		(863	)		(161	)
Principal payments on finance leases		(1,776	)		(1,672	)
Shares withheld for taxes in connection with issuance of restricted stock		(549	)		(1,423	)
Proceeds from sale of common stock, net		230			9,314
Net cash (used in) provided by financing activities		(1,665	)		11,980
NET INCREASE (DECREASE) IN CASH		11,880			(2,520	)
CASH beginning of the period		852			3,372
CASH end of the period	$	12,732		$	852
Supplemental cash flow information:
Interest paid	$	1,638		$	741
Income taxes paid	$	23		$	102
Non-cash investing and financing activities:
Equipment additions via finance lease	$	3,882		$	2,757
Non-cash purchases of property and equipment	$	134		$	18

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

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2022			2021			2022			2021
ORDERS:
Heavy Fabrications	$	184,075		$	31,150		$	294,097		$	93,246
Gearing		15,071			16,757			53,597			46,081
Industrial Solutions		5,685			7,866			20,333			19,698
Total orders	$	204,831		$	55,773		$	368,027		$	159,025
REVENUES:
Heavy Fabrications	$	23,720		$	14,713		$	117,206		$	101,994
Gearing		11,697			8,268			42,588			28,583
Industrial Solutions		4,663			3,044			17,804			15,402
Corporate and Other		(20	)		(14	)		(839	)		(360	)
Total revenues	$	40,060		$	26,011		$	176,759		$	145,619
OPERATING PROFIT/(LOSS):
Heavy Fabrications	$	(1,032	)	$	(1,341	)	$	(1,044	)	$	(3,214	)
Gearing		116			(504	)		43			(2,593	)
Industrial Solutions		487			(217	)		120			(386	)
Corporate and Other		(1,673	)		(1,913	)		(5,726	)		(6,401	)
Total operating loss	$	(2,102	)	$	(3,975	)	$	(6,607	)	$	(12,594	)

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

Consolidated	Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Net (Loss) Income	$	(2,851	)	$	(4,090	)	$	(9,730	)	$	2,847
Interest Expense		863			313			3,218			1,129
Income Tax Provision		(1	)		(76	)		35			25
Depreciation and Amortization		1,478			1,577			6,060			6,336
Share-based Compensation and Other Stock Payments		695			1,067			2,861			2,872
Adjusted EBITDA (Non-GAAP)	$	184		$	(1,209	)	$	2,444		$	13,209

Heavy Fabrications Segment	Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Net (Loss) Income	$	(926	)	$	367		$	(1,935	)	$	6,996
Interest Expense		338			149			1,585			530
Income Tax (Benefit) Provision		(330	)		(1,742	)		(579	)		382
Depreciation		852			941			3,446			3,844
Share-based Compensation and Other Stock Payments		331			244			1,028			975
Adjusted EBITDA (Non-GAAP)	$	265		$	(41	)	$	3,545		$	12,727

Gearing Segment	Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Net Income (Loss)	$	(5	)	$	(554	)	$	(190	)	$	1,280
Interest Expense		117			30			249			62
Income Tax Provision		4			20			7			30
Depreciation and Amortization		471			472			1,978			1,855
Share-based Compensation and Other Stock Payments		192			173			589			531
Adjusted EBITDA (Non-GAAP)	$	779		$	141		$	2,633		$	3,758

Industrial Solutions Segment	Three Months Ended December 31,					Twelve Months Ended December 31,
		2022		2021			2022			2021
Net (Loss) Income	$	410	$	(196	)	$	(130	)	$	488
Interest Expense		74		13			221			56
Income Tax Provision		1		(34	)		22			21
Depreciation and Amortization		98		110			397			425
Share-based Compensation and Other Stock Payments		112		64			295			211
Adjusted EBITDA (Non-GAAP)	$	695	$	(43	)	$	805		$	1,201

Corporate and Other	Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Net Loss	$	(2,330	)	$	(3,707	)	$	(7,475	)	$	(5,917	)
Interest Expense		334			121			1,163			481
Income Tax Provision (Benefit)		324			1,680			585			(408	)
Depreciation and Amortization		57			54			239			212
Share-based Compensation and Other Stock Payments		60			586			949			1,155
Adjusted EBITDA (Non-GAAP)	$	(1,555	)	$	(1,266	)	$	(4,539	)	$	(4,477	)

IR CONTACT

Noel Ryan, IRC
investor@bwen.com

EX-99.2

Exhibit 99.2

Fourth Quarter 2022 Conference Call Presentation March 9, 2023

SAFE - HARBOR STATEMENT 2 | Investor Presentation This release contains “forward looking statements” — that is, statements related to future, not past, events — as defined in Section 21 E 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, many of which are, and will be, amplified by the COVID - 19 pandemic : ( i ) the impact of global health concerns, including the impact of the current COVID - 19 pandemic on the economies and financial markets and the demand for our products ; (ii) 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 as well as new or continuing tariffs on steel or other products imported into the United States ; (iii) 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 ; (iv) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary, in light of the COVID - 19 pandemic ; (v) our ability to continue to grow our business organically and through acquisitions, and the impairment thereto by the impact of the COVID - 19 pandemic ; (vi) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows ; (vii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security, including with respect to any remote work arrangements implemented in response to the COVID - 19 pandemic ; (viii) the sufficiency of our liquidity and alternate sources of funding, if necessary ; (ix) our ability to realize revenue from customer orders and backlog ; (x) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow ; (xi) the economy, including its stability in light of the COVID - 19 pandemic, and the potential impact it may have on our business, including our customers ; (xii) 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 ; (xiii) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities ; (xiv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers ; (xv) the effects of the change of administrations in the U . S . federal government ; (xvi) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions ; (xvii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986 , as amended ; (xviii) our ability to utilize various relief options enabled by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ; (xix) the limited trading market for our securities and the volatility of market price for our securities ; and (xx) 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 including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1 A of our most recently filed Form 10 - K and our other filings with the Securities and Exchange Commission (the “SEC”) . 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 . Accordingly, forward - looking statements should not be relied upon as a predictor of actual results .

4Q22 PERFORMANCE SUMMARY

PERFORMANCE UPDATE Fourth Quarter 2022 4 | Investor Presentation Targeted commercial expansion, improved operational execution Record orders and backlog entering 2023 4Q22 Performance Strategic Progress Points Three months ended Dec. 31 2022 As of March 2023 • Commercial execution. Broad - based y/y revenue and Adjusted EBITDA growth across each reporting segment • Order and backlog growth. 4Q22 orders increased 270% y/y; near record backlog of $297.2 million as of 12/31/22 • Improved margin outlook. Will complete lower - margin project activity in backlog in Q1 ‘23 ; improved demand, operating leverage, price discipline support margin expansion in 2023 • Improved asset utilization. 50% of optimal tower capacity is booked for the full - year 2023 and 2024 • Improved balance sheet. Total cash and availability of $40.1 million, +$25.2 million on a y/y basis – sufficient liquidity to support business growth • Favorable policy outlook. IRA - related policy visibility provides significant, incremental tax benefits for qualifying projects; OEM activity beginning to improve New business development. $175 million in new wind tower orders with major global OEM (announced Jan - 23) Revenue mix diversification. Increased non - wind revenue by 45% since 2018 – supports risk mitigation Asset optimization. More than half of optimal wind tower capacity booked through year - end 2024 Record, high - margin backlog. IRA 45x tax credit supports improved project economics on backlog Disciplined capital allocation. More than $40 million in cash and liquidity to support growth entering 2023; net leverage of 0.7x

CONSOLIDATED FINANCIAL DATA Fourth Quarter 2022 5 | Investor Presentation Demand recovery underway within Wind market, while other, diverse end - markets remain stable entering 2023 +54% y/y revenue growth , supported by increased demand across all segments Gross profit margin increased +270 bps y/y to 6.4%; includes completion of a portion of competitively priced tower order in 4Q22, the remainder of which will be completed in 1Q23 Generated y/y growth in Adjusted EBITDA in all reporting segments Total Revenue ($MM) Gross Profit ($MM) Adjusted EBITDA ($MM) Net Income (Loss) ($MM) $26.0 $44.8 $40.1 4Q21 3Q22 4Q22 $1.0 $3.7 $2.6 4Q21 3Q22 4Q22 - $1.2 $1.9 $0.2 4Q21 3Q22 4Q22 - $4.1 - $1.8 - $2.9 4Q21 3Q22 4Q22 Improved demand expected to drive increased operating leverage in 2023

HEAVY FABRICATIONS SEGMENT Fourth Quarter 2022 6 | Investor Presentation Organic share gains position us to drive above - market growth into a secular domestic onshore wind recovery +61% y/y segment revenue growth , supported by increasingly stable backlog of project work S egment EBITDA burdened by new tower model start - up costs and production of lower - margin order which will be completed in Q1 ' 23 Orders and backlog benefited from $175 million in new orders with major OEM announced in Jan - 23 Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) Anticipated, additional new tower awards to further support operating leverage $14.7 $30.6 $23.7 4Q21 3Q22 4Q22 $0.0 $1.5 $0.3 4Q21 3Q22 4Q22 $31.1 $62.9 $184.1 4Q21 3Q22 4Q22 $62.6 $79.1 $239.5 4Q21 3Q22 4Q22

GEARING SEGMENT Fourth Quarter 2022 7 | Investor Presentation Focused on driving segment EBITDA margin to within a low - to - mid teens % range through improved utilization, higher - margin project work +41% y/y segment revenue growth , supported by demand growth within energy, industrial and steel markets Segment backlog remains elevated, +33% on a y/y basis Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) $0.1 $1.2 $0.8 4Q21 3Q22 4Q22 $32.1 $39.0 $42.5 4Q21 3Q22 4Q22 Focused on driving continued price discipline, improved mix and further operational excellence to drive sustained margin expansion $8.3 $10.2 $11.7 4Q21 3Q22 4Q22 $16.8 $15.5 $15.1 4Q21 3Q22 4Q22

INDUSTRIAL SOLUTIONS SEGMENT Fourth Quarter 2022 8 | Investor Presentation Seeing renewed strength in the natural gas turbine market, while benefiting from improved price realization and lower logistics expenses +53% y/y segment revenue growth , supported by improved demand in the global natural gas turbine market Segment backlog remains elevated, +29% on a y/y basis Segment Revenue ($MM) Segment EBITDA ($MM) Segment Orders ($MM) Segment Backlog at Quarter - End ($MM) Delivered 15% EBITDA margin in 4Q22, versus negative margin in the prior - year period $3.0 $4.0 $4.7 4Q21 3Q22 4Q22 $0.0 $0.0 $0.7 4Q21 3Q22 4Q22 $7.9 $6.1 $5.7 4Q21 3Q22 4Q22 $11.8 $14.1 $15.2 4Q21 3Q22 4Q22

BALANCE SHEET UPDATE As of December 31, 2022 9 | Investor Presentation We had more than $40 million of cash and liquidity as of 12/31/22, given recent actions to further optimize working capital management In 2023, our capital allocation priorities will include debt reduction, organic investments in new IP; and opportunistic investments in complementary, immediately accretive bolt - on acquisitions Cash and LOC Availability at Quarter - End ($MM) Net Debt Outstanding (1) ($MM) Operating Working Capital ($MM) Total Inventory ($MM) (1) On August 4, 2022, Broadwind entered into a $35.0 million Senior Secured Revolving Credit Facility (the “Credit Facility” ), including an optional $10.0 million accordion feature, and a $7.6 million Senior Secured Term Loan (the “Term Loan). The Ter m L oan bears interest at SOFR +2.5%; the Credit Facility bears interest at SOFR +2.0 - 2.5%, subject to the level of excess availability on the Credit Facility. At 12/31/22, net leverage was 0.7x, well within our targeted range of at or below 2.0x $14.9 $14.8 $40.1 4Q21 3Q22 4Q22 $10.5 $27.5 $1.8 4Q21 3Q22 4Q22 $18.6 $26.3 $0.5 4Q21 3Q22 4Q22 $33.4 $33.9 $44.3 4Q21 3Q22 4Q22

FULL - YEAR 2023 FINANCIAL GUIDANCE Risk - adjusted guidance implies significant y/y growth in revenue, EBITDA and margin realization 10 | Investor Presentation Risk - adjusted guidance reflects ratable demand recovery across both wind and non - wind markets in 2023 Assumes approximately 50% utilization at tower facilities as of March 2023, as if no additional tower orders are received in 2023; any additional new orders would be incremental to this guidance Assumes no changes to IRS’ 45x tax credit guidance Total Revenue ($MM) Total Adjusted EBITDA ($MM) $176.8 $200 to $220 2022A 2023E $2.4 $14 to $16 2022A 2023E

BUSINESS UPDATE

BROADWIND VISION 2025 Leveraging our precision manufacturing expertise to support energy transition technologies 12 | Investor Presentation Gross Margin 8.4% We seek to be a tier - 1 producer and supplier of customer - driven fabrications and solutions that support next - generation energy transition technologies We are positioning Broadwind to capitalize on a multi - decade investment trend within wind, solar, clean fuels, power and infrastructure Strategic Growth Priorities High - growth energy transition market focus Drive high - performance culture focused on long - term value creation Culture of accountability focused on delivering quality, innovative solutions Maximize precision manufacturing share within growing, high - value energy transition markets Partner with leading global organizations to deliver next - generation fabrications and tooling Pursue bolt - on acquisitions of complementary assets that expand capabilities and TAM Enhance service capabilities, augment product offering and accelerate our leadership position Secure pipeline of high - value backlog to support profitable growth Grow share - of - wallet with new and existing customers across diverse end - markets Drive operational excellence to support commercial success Drive margin expansion through plant optimization, operational improvements, multi - year commercial wins

TRANSFORMATIONAL NEW TOWER ORDER Announced $175 million in wind tower purchase orders to be fulfilled in 2023 and 2024 13 | Investor Presentation Gross Margin 8.4% Basic EPS ($0.09) After a two - year hiatus, domestic onshore wind tower installation activity is gradually accelerating During a period of evolving market conditions, we have continued to grow our share - of - wallet with long - term turbine OEM customers, while developing new relationships Within our wind tower business, our primary objective is to grow in excess of the broader market through organic share gains, while building stable pipeline of profitable orders that support full utilization of our tower facilities in Texas and Wisconsin $175 tower order announced in January 2023 supports at least 50% utilization across tower manufacturing system during the full - years 2023 and 2024 Transformational order advances core business development strategy Reflects the successful expansion of this customer relationship that is expected to scale, over time Order secures significant production capacity over multi - year period Order secures ~ 50 % of optimal tower production capacity across our facilities in 2023 and 2024 Anticipate ratable, paced utilization at both tower plants Ordered tower sections will be produced at both the Company’s Abilene and Manitowoc facilities Order carries favorable economics, including the benefit of federal tax credit O rder will carry a favorable margin profile, one supportive of our strategic focus on profitable growth More than doubles total backlog as of 9 / 30 / 22 Order more than doubles current total backlog, when compared to 9 / 30 / 22

PASSAGE OF IRA SUPPORTS MULTI - YEAR INVESTMENT IN WIND Inflation Reduction Act of 2022 supports multi - decade decarbonization of domestic energy grid 14 | Investor Presentation United States Onshore Wind Development Forecast (1) (Total GW Installed Annually, Excludes Repowering (2023 - 2030) United States Offshore Wind Development Forecast (1) (Total GW Installed Annually, 2023 to 2030) (1) All forecast data sourced from Wood Mackenzie as of March 2023 IRA provides transformative, long - term funding for the entire energy ecosystem, including wind and solar The passage of the IRA extends tax credit availability into the mid - 2030s The wind industry is poised to capitalize on available domestic content tax credits, providing long - term support for multi - year investments in both onshore and offshore wind development We will seek to drive growth in excess of domestic onshore installation activity growth 7.4 9.2 10.3 11.6 12.2 13.1 13.7 14.4 15.4 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 2031e 0.8 1.0 2.7 4.0 3.9 4.1 5.6 6.7 7.5 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 2031e

INFLATION REDUCTION ACT IMPACT BENEFIT At full utilization, IRA could provide up to ~$30 million in incremental annual gross profit beginning in 2023 15 | Investor Presentation Gross Margin 8.4% Basic EPS ($0.09) Annual tower production @ 100% utilization (1) (1) Broadwind has an estimated 1,300 sections of annual optimal tower capacity; assuming each tower is four sections, the Company has the t he oretical capacity to produce up to 325 towers (2) Common OEM platforms range from 2.8 to 3.4 MW per tower (3) As defined in the Inflation Reduction Act of 2022, section 45x (B)(2)(A)(iii) (4) $0.03 x 1,000,000 watts per MW (5) Assuming average MW per tower of 3.1 Average MW per Tower (2) Total Watts per MW Cents Per Watt (3) Financial benefit of 45x credit per MW (4) Average benefit per tower (5) The IRA serves to materially enhance tower production economics beginning in 2023 The IRA, which passed into law in 2022, provides critical industries, including those supporting the energy transition, with tax credits designed to accelerate a generational shift in the energy production mix from fossil fuels toward renewable energy, including wind. Included within section 45x of the IRA is a provision for a new advanced manufacturing tax credit for which this order qualifies. 325 towers 3.1 avg. MW per tower 1,000,0000 $0.03 per watt $30,000 $93,000 Theoretical annual gross profit benefit to Broadwind $30 million Theoretical IRA Benefit to Broadwind Quantifying potential impact of the 45x advanced manufacturing credit

APPENDIX

CORPORATE OVERVIEW Leading U.S. based precision manufacturer supporting the clean energy transition 17 | Investor Presentation Why We Win Unique Value Proposition Our Customer Base Established OEM Relationships What We Do Precision manufacturing within wind sector and other diverse end - markets Heavy Fabrications Segment • We provide large complex and precision fabrications to customers in a broad range of industrial markets, as well as proprietary clean fuel processing systems. Key products include wind towers, PRS units and industrial fabrications, which include components for mining, construction, marine, material handling and other applications • Proven engineering and technical capabilities • Expertise in manufacturing large, complex fabrications • Integrated design, sourcing, fabrication, machining, coating, assembly • Stringent testing and quality capabilities • Targeted, multi - industry focus • We provide custom gearing, gearboxes and heat treat services to a broad set of customers in diverse markets, including oil and gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets Gearing Segment Industrial Solutions Segment • We provide supply chain solutions, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine and solar power generation markets Our Manufacturing Base Established OEM Relationships Manitowoc, WI Tower Manufacturing Industrial Fabrications Facility Abilene, TX Tower Manufacturing Industrial Fabrications Facility Cicero, IL Gear Manufacturing and Gearbox Repair Facility Pittsburgh, PA Gearbox Repair and Heat Treat Facility Sanford, NC Industrial Solutions and Gearbox Repair Facility

18 | Investor Presentation INDEPENDENT WIND ENERGY MANUFACTURERS Broadwind is a Key Link in the Value Chain Wind Blade Gearing / Nacelle Power Cables / System Tower

EXHIBIT A Orders, Revenues and Operating Income (Loss) Consolidated and by Segment 19 | Investor Presentation

EXHIBIT B GAAP to Non - GAAP Consolidated Adjusted EBITDA Reconciliation 20 | Investor Presentation

EXHIBIT B GAAP to Non - GAAP Consolidated Adjusted EBITDA Reconciliation 21 | Investor Presentation

EXHIBIT C Consolidated Statement of Cash Flows 22 | Investor Presentation

EXHIBIT D Consolidated Balance Sheet 23 | Investor Presentation

Please contact our investor relations team at Investor@BWEN.com IR CONTACT

XML

Cover	Mar. 09, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Mar. 09, 2023
Entity File Number	001-34278
Entity Registrant Name	BROADWIND, INC.
Entity Central Index Key	0001120370
Entity Tax Identification Number	88-0409160
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3240 South Central Avenue
Entity Address, City or Town	Cicero
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60804
City Area Code	708
Local Phone Number	780-4800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	BWEN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false