BROADWIND, INC.
For the period ended Jun 30, 2025. Filed Aug 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 12, 2025
BWEN$2.69+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001437749-25-016392
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001437749-25-026122
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 50 previous paragraphs and 68 current paragraphs.
28 unchanged; 19 reworded; 17 added; 3 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 12 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
The One Big Beautiful Bill Act (the “OBBBA”), which was signed into law on July 4, 2025, eliminates AMP credits for components produced and sold after December 31, 2027. The OBBBA shortened the time period in which we could benefit from the AMP credits, which could have a material adverse effect on our business in the near term. Under the OBBBA, wind projects that begin construction after July 4, 2026, must be placed in service by December 31, 2027, to qualify for the production tax credit (“PTC”) or the investment tax credit (“ITC”). Any wind project that begins construction after July 4, 2026, and is not placed in service by December 31, 2027, will not qualify for the PTC or the ITC. The PTC and ITC drive demand for new wind projects by providing financial incentives to developers. We expect the changes to the PTC and the ITC could lead to a decrease in the number of new wind projects, which would cause a corresponding decrease in demand for our wind products. Lower demand for our wind products, coupled with the expedited phase out of the AMP credits, would adversely impact the profitability of our Heavy Fabrications segment.
Current report
Second Quarter Overview
Current report
On June 4, 2025, we entered into a definitive agreement (the “Manitowoc Purchase Agreement”) with Wisconsin Heavy Fabrication, LLC to sell certain assets used in our industrial fabrication operations in Manitowoc, Wisconsin including specified contracts, equipment, machinery and other personal property, and permits for an aggregate purchase price of up to $13,800 in cash, subject to certain purchase price adjustments. The transaction is expected to close during the third quarter of 2025, subject to the satisfaction of customary closing conditions. As such, within the Heavy Fabrications segment we have only reported orders and backlog which we believe will be recorded as revenue.
Current report
Revenues increased by $2,783 as compared to the prior year period primarily due to a 27% increase in revenue within our Heavy Fabrications segment. Wind revenue increased 52% from the prior year period as we restarted tower production with a limited run at our Manitowoc facility and recognized increased wind repowering revenue. This was partially offset by a decrease in industrial fabrication product line revenues as we experienced reduced shipments to mining customers. Industrial Solutions segment revenue increased 14% from the prior year period primarily due to higher shipments to new gas turbine customers. Gearing segment revenue decreased 30% relative to the comparable prior year period, reflective of reduced shipments to O&G customers.
Current report
Despite the increase in revenue described above, gross profit decreased versus the prior year due primarily to manufacturing inefficiencies experienced within Heavy Fabrications** and increased fixed costs to support higher volumes. Operating expenses decreased from the prior year period primarily due to lower professional expenses and incentive compensation, partially offset by **higher medical costs in the current year quarter.
Current report
Within our Heavy Fabrications segment, orders decreased 97% from the prior year period as orders were muted as we wind down certain operations due to the pending sale of the Manitowoc facility. Segment revenues increased by 27% compared to the prior year period as we restarted tower production with a limited run at our Manitowoc facility and recognized increased wind repowering revenue. This was partially offset by a 20% decrease in industrial fabrication product line revenue as we experienced reduced shipments to mining customers.
Current report
Heavy Fabrications segment operating income increased by $154 as compared to the prior year period. The increase in operating income was primarily a result of higher segment revenue and the corresponding increase in Advanced Manufacturing Production tax credits (“AMP credits”) recognized. This was partially offset by manufacturing inefficiencies associated with the production of a new, larger size wind tower model and restarting tower production on a limited run within our Manitowoc facility.
Current report
Gearing segment orders increased 45% from the prior year period primarily due to higher demand from customers from most markets served. Gearing revenue was down 30% relative to the prior year period reflective of reduced shipments to O&G customers.
Current report
Six months ended June 30, 2025, Compared to Six months ended June 30, 2024
Current report
Consolidated
Current report
Revenues for the six months ending June 30, 2025, increased by $2,005 as compared to the prior year period primarily due to an increase in revenue within our Heavy Fabrications segment. Wind revenue increased 39% from the prior year period primarily due to** **restarting tower production with a limited run at our Manitowoc facility and increased wind repowering revenue. Partially offsetting this was a 17% decrease in industrial fabrication product line revenues due primarily to lower sales of our Pressure Reducing Systems (“PRS”) units and reduced shipments to mining customers. Gearing segment revenue decreased 29% compared to the prior year period, reflective of reduced shipments to O&G customers. Industrial Solutions segment revenue decreased 10% from the prior year period primarily due to reduced shipments to aftermarket gas turbine customers, partially offset by higher shipments to new gas turbine customers.
Current report
Despite the increase in revenue described above, gross profit decreased versus the prior year period due primarily to manufacturing inefficiencies experienced within Heavy Fabrications and increased fixed costs to support higher volumes.** **Operating expenses decreased from the prior year period primarily due to lower incentive compensation and commission expenses in the current year period.
Current report
Heavy Fabrications Segment
Current report
Gearing Segment
Current report
Industrial Solutions Segment
Current report
Corporate and Other
Current report
Corporate and Other expenses decreased compared to the prior year period primarily due to** **lower employee compensation, partially offset by higher medical costs in the current year period.
Removed paragraphs (3)
Previous report
First Quarter Overview
Previous report
Revenues decreased by $778 as compared to the prior year period primarily due to a drop in revenue in the Gearing and Industrial Solutions segments. Gearing segment revenue decreased 28% relative to the comparable prior year period, reflective of reduced shipments to O&G customers. Industrial Solutions segment revenue decreased 29% from the prior year period primarily due to reduced shipments to aftermarket gas turbine customers. Within our Heavy Fabrications segment, wind revenue increased 28% from the prior year period primarily due to** **an increase in wind repowering revenue. Industrial fabrication product line revenues decreased by 13% due largely to reduced sales of our PRS units.
Previous report
Gross profit decreased by $2,311 when compared to the prior year period primarily due to a** less profitable mix of products sold across all three of our segments and operating inefficiencies within our Gearing segment when compared to the prior year period. **Operating expenses decreased from the prior year period primarily due to lower employee compensation in the current year quarter.
Reworded paragraphs (19)
Previous wording
We received $30,455 in new orders in the first quarter, up from $28,996 in the first quarter of 2024. Within our Heavy Fabrications segment, orders increased 10% primarily due to the timing of orders associated with wind repowering projects. Partially offsetting this was a 52% decrease in industrial fabrication product line orders, primarily due to reduced demand from mining customers and reduced demand for our Pressure Reducing Systems (“PRS”) units. Orders within our Industrial Solutions segment increased 38% compared to the prior year quarter primarily due to an increase in orders associated with new gas turbine and aftermarket gas turbine** **projects. Gearing segment orders decreased 24% from the prior year period primarily due to reduced demand from mining and aftermarket wind customers, partially offset by improved demand from oil and gas (“O&G”) customers.
Current wording
We received $20,956 in new orders in the second quarter, up from $18,372 in the second quarter of 2024. Industrial Solutions orders increased by** over **200% compared to the prior year quarter primarily due to an increase in demand associated with new gas turbine and aftermarket gas turbine projects. Additionally, Gearing segment orders increased 45% versus the prior year period primarily due to improved demand from most markets served. Partially offsetting this was a significant decrease in orders within our Heavy Fabrications segment as orders were muted as we wind down operations in our Manitowoc facility in conjunction with the pending sale of the Manitowoc facility (described below).
Previous wording
We recognized revenue of $36,838 in the first quarter, which was a 2% decrease compared to the first quarter of 2024. Within the Heavy Fabrications segment wind revenue increased 28% from the prior year period primarily due to an increase in wind repowering revenue. This was partially offset by a decrease in industrial fabrication product line revenue as we experienced reduced shipments of our PRS units when compared to the prior year period. Gearing segment revenue decreased 28% relative to the comparable prior year period primarily due to reduced shipments to O&G customers. Industrial Solutions segment revenue decreased by 29% from the prior year period primarily due to reduced shipments to aftermarket gas turbine customers.
Current wording
We recognized revenue of $39,235 in the second quarter, which was an 8% increase compared to the second quarter of 2024.Within the Heavy Fabrications segment, wind revenue increased 52% as we restarted tower production with a limited run at our Manitowoc facility and recognized increased wind repowering revenue. This was partially offset by a decrease in industrial fabrication product line revenue as we experienced reduced shipments to mining customers. Industrial Solutions segment revenue increased by 14% from the prior year period primarily due to increased shipments to new gas turbine customers. Gearing segment revenue decreased 30% relative to the comparable prior year period primarily due to reduced shipments to oil and gas (“O&G”) customers.
Previous wording
We recorded a net loss of** $370 or ($0.02) per share in the first quarter of 2025, compared to net income of $1,510 or $0.07 per share in the first quarter of 2024. This decrease in net income was primarily attributable to a **less profitable mix of products sold across all three of our segments and operating inefficiencies within our Gearing segment when compared to the prior year period.
Current wording
We recorded a net loss of** $989 or ($0.04) **per share in the second quarter of 2025, compared to net income of $482 or $0.02 per share in the second quarter of 2024. Despite an increase in revenue, net income decreased due primarily to manufacturing inefficiencies experienced within the Heavy Fabrications segment and increased fixed costs to support higher production levels.
Previous wording
We recorded a net loss of $370 during the three months ended March 31, 2025,** **compared to net income of $1,510 during the three months ended March 31, 2024. This decrease in net income was primarily due to the factors described above.
Current wording
We recorded a net loss of $989 during the three months ended June 30, 2025,** **compared to net income of $482 during the three months ended June 30, 2024. This decrease in net income was primarily due to the factors described above.
Previous wording
Corporate and Other expenses decreased during the three months ended March 31, 2025 compared to the prior year period primarily due to** **lower employee compensation.
Current wording
Corporate and Other expenses increased during the three months ended June 30, 2025 compared to the prior year period primarily due to** higher insurance and medical expenses, partially offset by **lower employee compensation.
Previous wording
Within our Heavy Fabrications segment, orders increased 10% from the prior year period primarily due to the timing of orders associated with wind repowering projects. Partially offsetting this was a 52% decrease in industrial fabrication product line orders, primarily due to reduced demand from mining customers and demand for our PRS units. Segment revenues increased by 15% compared to the prior year period primarily due to a 28% increase in wind revenue. This was partially offset by a 13% decrease in industrial fabrication product line revenues during the current year period primarily due to reduced shipments of our PRS units in the current year quarter.
Current wording
Within our Heavy Fabrications segment, orders decreased 49% from the prior year period primarily due to a 75% decrease in industrial fabrication product line orders as we wind down certain operations in conjunction with the pending sale of the Manitowoc facility and lower demand for our PRS units. Partially offsetting this decrease was a 92% increase in wind orders primarily due to the timing of orders associated with wind repowering projects. Segment revenues increased by 21% compared to the prior year period primarily due to a 39%** **increase in wind revenue as we restarted tower production with a limited run at our Manitowoc facility and recognized increased wind repowering revenue. This was partially offset by a 17% decrease in industrial fabrication product line revenues due to reduced shipments to mining customers and fewer shipments of our PRS units.
Previous wording
Heavy Fabrications segment operating income increased by $195 as compared to the prior year period. The increase in operating performance was primarily a result of higher segment revenue, partially offset by a less profitable product mix sold.
Current wording
Heavy Fabrications segment operating income increased by $351 as compared to the prior year period. The improved operating performance was primarily a result of higher segment revenue and the corresponding increase in AMP credits recognized, partially offset by manufacturing inefficiencies associated with the production of a new, larger size wind tower model and restarting tower production on a limited run within our Manitowoc facility.
Previous wording
Gearing segment orders decreased 24% from the prior year period primarily due to reduced demand from mining and aftermarket wind customers, partially offset by improved demand from O&G customers. Gearing revenue was down 28% relative to the prior year period reflective of reduced shipments to O&G customers.
Current wording
Gearing segment orders decreased 3% from the prior year period primarily due to the timing of orders from aftermarket wind customers. Gearing revenue was down 29% relative to the prior year period reflective of reduced shipments to O&G customers.
Previous wording
The Gearing segment’s operating income decreased by $917 from the prior year period. This** decrease was primarily attributable to lower sales and operational inefficiencies incurred in the current year period. These factors were partially offset by a favorable $482 **property tax adjustment in the current year period.
Current wording
The Gearing segment’s operating income decreased by $2,219 from the prior year period. This** **decrease was primarily attributable to lower sales, partially offset by a favorable $482 property tax adjustment in the current year period.
Previous wording
Industrial Solutions segment orders increased from the prior year period primarily due to an increase in orders associated with new and aftermarket gas turbine projects. Segment revenues decreased from the prior year period primarily due to decreased shipments to aftermarket gas turbine customers. Operating income decreased versus the prior-year period primarily as a result of lower sales and a less profitable mix of product sold.
Current wording
Industrial Solutions segment orders increased from the prior year period primarily due to an increase in orders associated with new and aftermarket gas turbine projects. Segment revenues decreased from the prior year period primarily due to decreased shipments to aftermarket gas turbine customers, partially offset by increased shipments to new gas turbine customers. Operating income decreased versus the prior year period primarily as a result of lower sales and a less profitable mix of product sold.
Previous wording
On August 4, 2022, we entered into a credit agreement (the “2022 Credit Agreement”) with Wells Fargo Bank, National Association, as lender (“Wells Fargo”), providing the Company and its subsidiaries with a $35,000 senior secured revolving credit facility (which may be further increased by up to an additional $10,000 upon the request of the Company and at the sole discretion of Wells Fargo) and a $7,578 senior secured term loan (collectively, the “2022 Credit Facility”). The proceeds of the 2022 Credit Facility are available for general corporate purposes, including strategic growth opportunities. As of March 31, 2025, cash totaled $1,204, a decrease of $6,517** **from December 31, 2024. Debt and finance lease obligations at March 31, 2025 totaled $17,871. As of March 31, 2025, we had $3,357 outstanding on the senior secured revolving credit facility and had the ability to borrow up to an additional $21,392 under the 2022 Credit Facility.
Current wording
On August 4, 2022, we entered into a credit agreement (the “2022 Credit Agreement”) with Wells Fargo Bank, National Association, as lender (“Wells Fargo”), providing the Company and its subsidiaries with a $35,000 senior secured revolving credit facility (which may be further increased by up to an additional $10,000 upon the request of the Company and at the sole discretion of Wells Fargo) and a $7,578 senior secured term loan (collectively, the “2022 Credit Facility”). The proceeds of the 2022 Credit Facility are available for general corporate purposes, including strategic growth opportunities. As of June 30, 2025, cash totaled $1,037, a decrease of $6,684** from December 31, 2024. Debt and finance lease obligations at June 30, 2025 totaled $31,423. As of June 30, 2025, we had $24,671 **outstanding under the 2022 Credit Facility and had the ability to borrow up to an additional $13,831.
Previous wording
We also have outstanding notes payable for capital expenditures in the amount of $1,527** and $1,618 as of March 31, 2025 and December 31, 2024, respectively, with $377 and $371 included in the “Line of Credit and current maturities of long-term debt” line item of our condensed consolidated financial statements as of March 31, 2025 and December 31, 2024, respectively. The notes payable have monthly payments that range from $1 to $20 **and an interest rate of approximately 7%. The equipment purchased is utilized as collateral for the notes payable. The outstanding notes payable have maturity dates that range from September 2028 to June 2029.
Current wording
We also have outstanding notes payable for capital expenditures in the amount of $1,434** and $1,618 as of June 30, 2025 and December 31, 2024, respectively, with $383 and $371 included in the “Line of Credit and current maturities of long-term debt” line item of our condensed consolidated financial statements as of June 30, 2025 and December 31, 2024, respectively. The notes payable have monthly payments that range from $1 to $20 and an interest rate of approximately **7%. The equipment purchased is utilized as collateral for the notes payable. The outstanding notes payable have maturity dates that range from September 2028 to June 2029.
Previous wording
On September 12, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC and HC Wainwright & Co., LLC (collectively, the “Agents”). Pursuant to the terms of the Sales Agreement, we may sell from time to time through the Agents shares of our common stock with an aggregate sales price of up to $12,000. We will pay a commission to the Agents of 2.75% of the gross proceeds of the sale of the shares sold under the Sales Agreement and reimburse the Agents for the expenses incident to the performance of their obligations under the Sales Agreement. No shares of the Company’s common stock were issued under the Sales Agreement during the year ended December 31, 2024 or three months ended March 31, 2025. As of March 31, 2025, shares of our common stock having a value of approximately $11,667 remained available for issuance under the Sales Agreement. Any additional shares offered and sold under the Sales Agreement are to be issued pursuant to the Form S-3 and a 424(b) prospectus supplement.
Current wording
On September 12, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC and HC Wainwright & Co., LLC (collectively, the “Agents”). Pursuant to the terms of the Sales Agreement, we may sell from time to time through the Agents shares of our common stock with an aggregate sales price of up to $12,000. We will pay a commission to the Agents of 2.75% of the gross proceeds of the sale of the shares sold under the Sales Agreement and reimburse the Agents for the expenses incident to the performance of their obligations under the Sales Agreement. No shares of the Company’s common stock were issued under the Sales Agreement during the year ended December 31, 2024 or six months ended June 30, 2025. As of June 30, 2025, shares of our common stock having a value of approximately $11,667 remained available for issuance under the Sales Agreement. Any additional shares offered and sold under the Sales Agreement are to be issued pursuant to the Form S-3 and a 424(b) prospectus supplement.
Previous wording
The following table summarizes our cash flows from operating, investing, and financing activities for the three months ended March 31, 2025 and 2024:
Current wording
The following table summarizes our cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024:
Previous wording
During the three months ended March 31, 2025,** net cash used in operating activities totaled $8,037 compared to net cash provided by operating activities of $5,857 during the prior year period. The increase in net cash used in operating activities during the current year period was primarily attributable to an increase in inventory, decreased proceeds from **the sale of AMP credits, and a more significant decrease in customer deposits. Partially offsetting this was an increase in accounts payable during the current year period as compared to a decrease in the prior year period.
Current wording
During the six months ended June 30, 2025,** net cash used in operating activities totaled $20,498 compared to net cash used in operating activities of $3,427 during the prior year period. The increase in net cash used in operating activities during the current year period was primarily attributable to a more significant increase in inventory, decreased proceeds from **the sale of AMP credits, and an increase in cash used to fund accounts receivable in the current year period. Partially offsetting this was an increase in accounts payable during the current year period as compared to a decrease in the prior year period.
Previous wording
During the three months ended March 31, 2025,** **net cash used in investing activities totaled $916, comp ared to net cash used in investing activities of $1,744 during the prior year period. The decrease in net cash used in investing activities as compared to the prior-year period was primarily due to a net decrease in purchases of property and equipment.
Current wording
During the six months ended June 30, 2025,** **net cash used in investing activities totaled $2,115, comp ared to net cash used in investing activities of $2,375 during the prior year period. The decrease in net cash used in investing activities as compared to the prior-year period was primarily due to a net decrease in purchases of property and equipment.
Previous wording
During the three months ended March 31, 2025, net cash provided by financing activities totaled $2,436, compared to net cash used in financing activities of $4,139 during the prior year period. The increase was primarily due to increased net borrowings under the 2022 Credit Facility in the current year period, partially offset by proceeds from long-term debt received in the prior year period.
Current wording
During the six months ended June 30, 2025, net cash provided by financing activities totaled $15,929, compared to net cash provided by financing activities of $5,641 during the prior year period. The increase was primarily due to increased net borrowings under the 2022 Credit Facility in the current year period, partially offset by proceeds from long-term debt received in the prior year period.
Previous wording
There have been no material changes in our critical accounting estimates during the three months ended March 31, 2025 as compared to the critical accounting estimates described in our Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
There have been no material changes in our critical accounting estimates during the six months ended June 30, 2025 as compared to the critical accounting estimates described in our Annual Report on Form 10-K for the year ended December 31, 2024.
Previous wording
The preceding discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Portions of this Quarterly Report on Form 10-Q, including the discussion and analysis in this Part I, Item 2, contain “forward looking statements”, as defined in Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), 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. 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. Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) the impact of global health concerns 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, including the advanced manufacturing tax credits, 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) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (v) 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; (vi) our ability to continue to grow our business organically and through acquisitions; (vii) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (viii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (ix) the sufficiency of our liquidity and alternate sources of funding, if necessa…
Excerpt shortened here; the source contains the full paragraph.
Current wording
The preceding discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Portions of this Quarterly Report on Form 10-Q, including the discussion and analysis in this Part I, Item 2, contain “forward looking statements”, as defined in Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), 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. 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. Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) the impact of global health concerns 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 phase out, extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits, 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) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (v) 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; (vi) our ability to continue to grow our business organically and through acquisitions; (vii) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (viii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (ix) the sufficiency of our liquidity and alternate sources of funding,…
Excerpt shortened here; the source contains the full paragraph.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The Gearing segment’s operating income decreased by $1,301 from the prior year period. This** **decrease was primarily attributable to lower sales in the current year period.
Current report — wording carried from elsewhere
Industrial Solutions segment orders increased from the prior year period primarily due to an increase in orders associated with new and aftermarket gas turbine projects. Segment revenues increased from the prior year period primarily due to higher shipments to new gas turbine customers. Operating income decreased versus the prior-year period primarily as a result of** **a less profitable mix of product sold and increased fixed costs to support higher volumes.
Current report — wording carried from elsewhere
The condensed consolidated statement of operations table below should be read in connection with a review of the following discussion of our results of operations for the six months ended June 30, 2025, compared to the six months ended June 30, 2024.
Current report — wording carried from elsewhere
We recorded a net loss of $1,359 during the six months ended June 30, 2025,** **compared to net income of $1,992 during the six months ended June 30, 2024. This decrease in net income was primarily due to the factors described above.