Broadwind Inc (BWEN) 2025 Q1 法說會逐字稿

Greetings, and welcome to Broadwind's first quarter and full year 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加博德溫德公司2025年第一季及全年業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Tom Ciccone. Thank you. You may begin.

現在我謹將會議交給主持人湯姆·西科內先生。謝謝。你可以開始了。

Good morning, and welcome to the broadwind first quarter 2025 results conference call. Leading the call today is our CEO, Eric Blashford; and I'm Tom Ciccone, the company's Vice President and Chief Financial Officer. We issued a press release before the market opened today, detailing our first quarter results.

早安，歡迎參加博德溫德2025年第一季業績電話會議。今天主持電話會議的是我們的執行長埃里克·布拉什福德；我是公司副總裁兼財務長湯姆·西科內。在今天開市前，我們發布了一份新聞稿，詳細介紹了我們第一季的業績。

I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially.

我想提醒各位，管理層在今天電話會議上的評論和對問題的回答可能包含前瞻性陳述，這些陳述本質上是不確定的，並且超出公司的控制範圍。儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能與預期有重大差異。

For a discussion of some of the factors that could cause actual results to differ please refer to the risk factors section of our latest annual and quarterly filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release issued today. At the conclusion of our prepared remarks, we will open the line for questions.

有關可能導致實際結果出現差異的一些因素的討論，請參閱我們向美國證券交易委員會提交的最新年度和季度文件中的風險因素部分。此外，請注意，您可以在今天發布的新聞稿中找到我們在電話會議中討論的歷史非GAAP財務指標的調整表。在我們結束事先準備好的發言後，我們將開放提問環節。

With that, I'll turn the call over to Eric.

接下來，我將把電話交給艾瑞克。

Thanks, Tom. And welcome to those joining us today. Broadwind delivered solid commercial and operational execution during the quarter, with revenue and adjusted EBITDA of $37 million and $2.4 million, respectively, with increasing momentum reflected in sequential growth in both revenue and gross margin. Stronger demand for wind repowering adapters supported our revenue this quarter, while our disciplined operations produced a positive EBITDA margin despite a lower margin product mix, and supply chain delays.

謝謝你，湯姆。歡迎今天加入我們的各位。Broadwind 在本季實現了穩健的商業和營運執行，營收和調整後 EBITDA 分別為 3,700 萬美元和 240 萬美元，營收和毛利率的環比成長反映了其不斷增強的勢頭。本季度，對風力發電改造適配器的強勁需求支撐了我們的收入，儘管產品組合利潤率較低，且供應鏈出現延誤，但我們嚴謹的營運仍實現了正的 EBITDA 利潤率。

Customer activity continues to accelerate with order rates increasing 5% year-over-year to $30 million. Stronger demand for wind repowering adapters and natural gas turbine content more than offset lower demand in mining and natural gas pressure-reducing systems, or PRSs. These market dynamics highlight the importance of our diverse customer base especially during times of US trade policy uncertainty.

客戶活動持續加速，訂單量年增 5%，達到 3,000 萬美元。風力發電改造適配器和天然氣渦輪機組件的強勁需求，足以抵消採礦和天然氣減壓系統（PRS）需求的下降。這些市場動態凸顯了我們多元化客戶群的重要性，尤其是在美國貿易政策不確定時期。

Orders within our heavy fabrication business increased 10% year-over-year due to continued strong demand for the adapters used to repower wind. Orders for our gearing business continued their upward sequential trajectory, increasing 13% versus Q4 2024 as we have begun to realize sizable wins in the strategic power generation market as well as a lift in oil and gas gearing, which we believe is partially due to tariff-related onshoring.

由於對風力發電改造的適配器的需求持續強勁，我們重型製造業務的訂單同比增長了 10%。我們的齒輪業務訂單繼續保持環比增長勢頭，與 2024 年第四季度相比增長了 13%，因為我們在戰略發電市場開始取得可觀的勝利，同時石油和天然氣齒輪業務也有所增長，我們認為這部分是由於與關稅相關的生產回流所致。

Orders from our Industrial Solutions segment increased 38% year-over-year due to continued strength in the global gas turbine market setting another record for orders and backlog in this segment. At a commercial level, we continue to expand our product mix within higher-margin adjacent markets. Quoting activity remains elevated in all segments, but most notably in our heavy fabrications and industrial solutions businesses, where we're seeing strong interest from the power generation market.

由於全球燃氣渦輪機市場持續強勁，我們工業解決方案部門的訂單年增 38%，該部門的訂單和積壓訂單再次創下紀錄。在商業層面，我們持續在高利潤的鄰近市場擴大產品組合。所有業務板塊的報價活動依然活躍，尤其是在重型製造和工業解決方案業務板塊，我們看到了來自發電市場的濃厚興趣。

We are prudently adding resources to meet this increasing demand. In the gearing market, we're pleased to see that the investments made in equipment and quality certifications over the last year are returning dividends in the form of new orders from new customers in power generation and defense. Operationally, we continue to invest in equipment technology to improve our process capabilities, reduce costs and improve our profitability.

我們正在謹慎地增加資源，以滿足不斷增長的需求。在齒輪市場，我們很高興地看到，過去一年在設備和品質認證方面的投資正在獲得回報，來自發電和國防領域新客戶的新訂單。在營運方面，我們將繼續投資設備技術，以提高我們的製程能力，降低成本，提高獲利能力。

In the industrial solutions segment, we're investing in advanced testing equipment to expand our transmitter panel offering and are moving forward with a UL certification for electrical panels to further expand our offering. In heavy fabrications, we've invested in new milling and beveling equipment to improve throughput and precision in our wind tower and repowering adapter manufacturing processes while reducing costs.

在工業解決方案領域，我們正在投資先進的測試設備，以擴大我們的發射器面板產品範圍，並正在推進電氣面板的 UL 認證，以進一步擴大我們的產品範圍。在重型製造方面，我們投資了新的銑削和倒角設備，以提高風塔和改造適配器製造流程的產量和精度，同時降低成本。

Looking at sales in the first quarter, revenue was slightly below the prior year quarter due to the absence of a large natural gas turbine aftermarket shipment in the prior year and softness in the oil and gas gearing market, offset by stronger shipments into the wind market. Within our heavy fabrication segment, Q1 revenue was $25 million, up 15% from a year ago mostly due to the aforementioned increase in demand for wind tower adapters, partially offset by slower sales of our PRS units.

從第一季的銷售情況來看，由於去年同期天然氣渦輪機售後市場出貨量不足以及石油和天然氣齒輪市場疲軟，收入略低於去年同期，但風能市場出貨量強勁抵消了這一影響。在我們的重型製造部門，第一季營收為 2,500 萬美元，比去年同期成長 15%，這主要是由於前面提到的風塔適配器需求增加，但部分被我們的 PRS 單元銷售放緩所抵消。

Gearing revenue was $6 million in Q1, down 28% year-over-year due to broad-based softness in the oil and gas gearing market, partially offset by strength in wind and the industrial sector. We've taken further cost actions to align production capacity with the present demand levels while maintaining key manufacturing and engineering talent required to accommodate the anticipated increase in orders later this year.

第一季齒輪業務收入為 600 萬美元，年減 28%，因為石油和天然氣齒輪市場整體疲軟，但風能和工業領域的強勁表現部分抵消了這一影響。我們採取了進一步的成本控制措施，使產能與當前的需求水準相匹配，同時保留了關鍵的製造和工程人才，以滿足今年稍後預計的訂單成長。

Industrial solutions revenue was $5.6 million, down 29% year-over-year, primarily due to the timing of certain aftermarket shipments into the natural gas turbine market. In summary, the team and business continues to perform well. As we navigate demand fluctuations and policy uncertainty, while we maintain our key operating talent and execute our diversification strategy.

工業解決方案收入為 560 萬美元，年減 29%，主要原因是某些售後市場產品向天然氣渦輪機市場的出貨時間表。總而言之，團隊和業務繼續表現良好。在應對需求波動和政策不確定性的同時，我們保持了關鍵營運人才，並執行了多元化策略。

With that, I'll turn the call over to Tom for a discussion of our first quarter financial performance.

接下來，我將把電話交給湯姆，讓他來討論我們第一季的財務表現。

Thank you, Eric. Turning to slide 5 for an overview of our first quarter performance. First quarter consolidated revenues were $36.8 million a 2% decrease as our production levels continue to be impacted by the extended slowdown within the oil and gas sector. Sequentially, revenue was up almost 10%, as we have experienced stronger demand for wind repowering.

謝謝你，埃里克。請翻到第 5 張投影片，了解我們第一季的業績概覽。第一季綜合收入為 3,680 萬美元，下降 2%，原因是石油和天然氣行業的持續低迷繼續影響著我們的生產水準。與上一季相比，營收成長近 10%，因為我們看到了對風力發電改造的更強勁的需求。

Adjusted EBITDA margin was 6.4%, due primarily to low capacity utilization, particularly within our Gearing segment and a lower margin mix of products sold across all three operating segments. Q1 orders totaled $30.5 million, an increase of 5% versus the prior year first quarter. Orders in heavy fabrications and Industrial Solutions increased due to strong demand from the wind repowering and power generation markets, while orders and gearing remain muted.

調整後的 EBITDA 利潤率為 6.4%，主要原因是產能利用率低，尤其是在我們的齒輪部門，以及所有三個營運部門銷售的產品利潤率較低。第一季訂單總額為 3,050 萬美元，比去年同期成長 5%。由於風力發電改造和發電市場的強勁需求，重型製造和工業解決方案的訂單增加，而訂單和槓桿率仍然低迷。

Turning to slide 6 for a discussion of our heavy fabrication segment. First quarter orders of $12.4 million are up versus the $11.2 million booked in the prior year period as we continue to realize improved demand for wind repowering projects. This is partially offset by a decrease in orders for our PRS units. First quarter revenues of $25.2 million are up both sequentially and versus the prior year quarter, driven by an increase in wind tower sections sold and increased revenue related to repowering adapters.

接下來請翻到第 6 張投影片，討論我們的重型製造部分。第一季訂單金額為 1,240 萬美元，高於去年同期的 1,120 萬美元，這得益於我們對風力發電改造專案需求的持續成長。但這部分被PRS產品訂單的減少所抵消。第一季營收為 2,520 萬美元，環比和去年同期均有所成長，主要得益於風力塔段銷量增加以及與改造適配器相關的收入成長。

During the first quarter, we recognized segment adjusted EBITDA of $3.4 million an increase sequentially and versus the prior year first quarter, driven by increased revenue and overall production levels as we ramp up for increased shipments expected in the second quarter. Turning to slide 7. Gearing orders of $8 million are down approximately $2.5 million.

第一季度，我們確認分部調整後 EBITDA 為 340 萬美元，環比增長，較上年同期也有所增長，這主要得益於收入增加和整體生產水平提高，因為我們正在為預計第二季度增加的出貨量做準備。翻到第7張投影片。價值 800 萬美元的齒輪訂單減少了約 250 萬美元。

Although down versus the prior year, Q1 gearing orders are up sequentially and are well above the quarterly average for the past two years within the segment. We have booked some meaningful oil and gas volume for the first time in over a year as we may be benefiting from the possible onshoring in reaction to recent US trade policies.

儘管與上年同期相比有所下降，但第一季的齒輪箱訂單環比增長，並且遠高於過去兩年該領域的季度平均水平。由於美國近期貿易政策可能導致石油和天然氣開採活動轉移到國內，我們一年多來首次獲得了相當可觀的石油和天然氣產量。

Segment revenue was $6 million, down $2.4 million versus the prior year quarter. We experienced an adjusted EBITDA loss of $0.2 million driven by lower revenue resulting from softer order intake levels in recent quarters in addition to operational inefficiencies experienced in Q1. Turning to slide 8. Industrial solutions recorded more than $10 million of orders in the first quarter, surpassing the previous $8 million record achieved last quarter.

該業務部門營收為 600 萬美元，比去年同期減少 240 萬美元。由於近幾季訂單量下降導致營收減少，加上第一季營運效率低下，我們調整後的 EBITDA 虧損為 20 萬美元。翻到第8張幻燈片。工業解決方案業務第一季訂單額超過 1,000 萬美元，超過了上季創下的 800 萬美元的紀錄。

The segment continues to operate in a robust demand environment and there continues to be strong commercial interest for its natural gas turbine content. Segment backlog also hit a new record high of nearly $23 million at the end of the first quarter, eclipsing the previous record of $18.5 million set in Q4 of 2024. Q1 segment revenue was $5.6 million, and Q1 segment adjusted EBITDA was $0.5 million.

該業務板塊在強勁的需求環境下持續運營，其天然氣渦輪機零件的商業價值仍然很高。第一季末，分部積壓訂單也創下近 2,300 萬美元的新紀錄，超過了 2024 年第四季創下的 1,850 萬美元的紀錄。第一季分部營收為 560 萬美元，第一季分部調整後 EBITDA 為 50 萬美元。

Both down versus the prior year period as we experienced supply chain headwinds, which impacted shipments during the quarter. We believe these issues to be temporary and expect revenue totals to improve over the balance of 2025. Turning to slide 9. We ended the first quarter with cash and availability on our credit facility of approximately $23 million, reflective of our deposit balance returning to a more normal operating level.

與去年同期相比均有所下降，因為我們遇到了供應鏈的不利因素，這影響了本季的出貨量。我們認為這些問題是暫時的，並預計 2025 年剩餘時間內收入總額將有所改善。翻到第9張投影片。第一季末，我們的現金及可用信貸額度約為 2,300 萬美元，反映出我們的存款餘額已恢復到較正常的營運水準。

In addition, we experienced a significant inventory build in Q1 as we began a tower run in Manitowoc early in Q2 and transitioned to a new tower design with increased material content in Abilene. Finally, with respect to our financial guidance. Today, we are reiterating our full year 2025 revenue and adjusted EBITDA guidance. We anticipate full year revenue to be in the range of $140 million to $160 million and adjusted EBITDA to be in the range of $13 million to $15 million.

此外，由於我們在第二季初在馬尼托沃克開始生產塔架，並在阿比林過渡到材料含量更高的新塔架設計，我們在第一季經歷了大量的庫存積壓。最後，關於我們的財務指引。今天，我們重申我們對 2025 年全年營收和調整 EBITDA 的預期。我們預計全年營收將在 1.4 億美元至 1.6 億美元之間，調整後 EBITDA 將在 1,300 萬美元至 1,500 萬美元之間。

That concludes my remarks. I will turn the call back over to Eric to continue our discussion.

我的發言到此結束。我將把電話轉回給埃里克，讓他繼續我們的討論。

Thanks, Tom. Now allow me to provide some thoughts as we move into Q2. Beginning with our Heavy Fabrications segment. We believe that domestic onshore wind tower activity will continue at its present rate through 2026. We are encouraged by the continued momentum in the wind repowering market. As we are seeing sustained demand from our OEM customers for the adapters we manufacture, which are used to upgrade most legacy turbines.

謝謝你，湯姆。現在，隨著我們進入第二季度，請允許我分享一些想法。首先從我們的重型製造部門開始。我們認為，國內陸風電塔架建設活動將以目前的速度持續到 2026 年。我們對風電改造市場的持續成長動能感到鼓舞。我們看到 OEM 客戶對我們生產的適配器有著持續的需求，這些適配器用於升級大多數老式渦輪機。

We believe that the tariffs announced earlier this year, combined with the existing antidumping measures in place will continue to benefit domestic wind tower manufacturers. We have good visibility for tower production through the balance of 2025 and are in active discussions with several OEM customers for 2026 volume.

我們相信，今年稍早宣布的關稅，加上現有的反傾銷措施，將繼續使國內風塔製造商受益。我們對 2025 年剩餘時間的塔式設備生產前景有良好的預期，並且正在與幾家 OEM 客戶積極洽談 2026 年的產量。

We continue to reallocate production capacity towards stable recurring project revenue streams across diverse end markets with recent gearing wins in the power generation market and expanded opportunities in large utility scale natural gas turbines. We continue to see quote activity from the power generation and grid hardening space, especially for products supporting the nation's electrical infrastructure, such as the large transformers required to support the grid.

我們不斷重新分配產能，以期在多元化的終端市場中獲得穩定的經常性專案收入，近期在發電市場取得了融資成功，並在大型公用事業規模的天然氣渦輪機領域獲得了更多機會。我們持續看到來自發電和電網加固領域的報價活動，特別是支援國家電力基礎設施的產品，例如支援電網所需的大型變壓器。

We are expanding our service and commercial teams for our clean fuels PRS line to better serve customers outside the Permian and Eagle Ford regions into the DJ and Bakken regions. The newest model in our line, the L-70 low flow unit continues to perform well in field trials and will be ready for full release this summer. Customers appreciate the unit's performance specifications, compact footprint simplicity of operation, remote monitoring capability and attractive price point, making it the ideal solution for industrial applications, such as primary or backup power supply systems and pipeline integrity projects.

我們正在擴大清潔燃料 PRS 產品線的服務和商業團隊，以便更好地服務二疊紀盆地和鷹灘盆地以外的 DJ 和巴肯盆地的客戶。我們產品線中的最新型號 L-70 低流量裝置在現場試驗中繼續表現出色，並將於今年夏天全面上市。客戶欣賞該設備的性能規格、緊湊的佔地面積、簡單的操作、遠端監控功能和有吸引力的價格，使其成為工業應用的理想解決方案，例如主電源或備用電源系統和管道完整性項目。

Furthermore, we're evaluating certain export opportunities, which we will address through key distribution partners who provide local service and support after the sale. In our Gearing segment, we continue to execute our strategy to move beyond traditional gearing toward other precision machine products. We're pleased with the increasing level of customer activity we're seeing in various new markets such as air derivative gas turbines, aggregate material processing and large high-speed compressors to name a few.

此外，我們正在評估一些出口機會，我們將透過提供售後本地服務和支援的主要分銷合作夥伴來解決這些機會。在齒輪傳動領域，我們繼續執行我們的策略，從傳統的齒輪傳動轉向其他精密機械產品。我們很高興看到客戶在各種新興市場（例如空氣衍生燃氣渦輪機、骨料加工和大型高速壓縮機等）的活動水平不斷提高。

The recent sizable orders we received from the power generation sector are evidence that our strategy is working. In industrial solutions, the momentum that we've experienced in the gas turbine industry last year continues this year as we set another quarterly record for bookings in Q1. Our key customers, which see strong demand for gas turbine equipment and services are reporting strong backlogs and are increasing their production capacity in response.

我們最近從發電業收到的大筆訂單證明，我們的策略是有效的。在工業解決方案方面，我們去年在燃氣渦輪機行業取得的良好勢頭在今年得以延續，我們在第一季度再次創下了訂單量季度紀錄。我們的主要客戶對燃氣渦輪機設備和服務的需求強勁，訂單積壓嚴重，因此正在提高產能以應對需求。

The strength in the natural gas turbine market is attributable, at least in part to data centers and other sources of increasing electrical load and is expected to continue for years. So we are taking the necessary steps to increase capacity, add capabilities such as electrical panel manufacturing and improve processes so that we can take full advantage of this significant growth opportunity.

天然氣渦輪機市場的強勁表現，至少部分歸因於資料中心和其他電力負載不斷增加的來源，預計這種趨勢將持續數年。因此，我們正在採取必要措施來提高產能，增加電氣面板製造等能力，並改善工藝，以便充分利用這一重大成長機會。

As a reminder, our industrial solutions business provides supply chain solutions, custom fabrications, and control panel manufacturing for the growing combined-cycle natural gas turbine market worldwide. In summary, I am pleased with our start this year. as we continue to demonstrate strong execution of our strategic priorities.

再次提醒大家，我們的工業解決方案業務為全球不斷成長的聯合循環天然氣渦輪機市場提供供應鏈解決方案、客製化加工和控制面板製造。總而言之，我對我們今年的開局感到滿意，因為我們繼續展現出對策略重點的強大執行力。

Each of our divisions is well positioned to support the nation's growing need for power generation and infrastructure improvement which we see as long-term opportunities for us. Our quality, quick response and reliable deliveries continue to win new customers for us, particularly within the gearing business. We've reduced our cost structure during a transitional period for domestic onshore wind and oil and gas gearing demand while retaining our key talent and continuing to work on vital activities like process improvement, prudent capabilities investment and product expansion.

我們各部門都已做好充分準備，以滿足國家日益增長的電力生產和基礎設施改善需求，我們認為這是我們的長期發展機會。我們的產品品質、快速反應和可靠交付不斷為我們贏得新客戶，尤其是在齒輪行業。在國內陸風電和油氣槓桿需求轉型期間，我們降低了成本結構，同時保留了關鍵人才，並持續進行流程改善、審慎的能力投資和產品擴展等重要活動。

We value our people and are committed to keeping them safe, fulfilled and productive. We have five plants, all US-based so we're prepared to capitalize on any opportunities afforded by the pro domestic manufacturing policy backdrop afforded by the current administration. While the potential impacts of both tariffs and renewable energy policy changes are unknown, we are confident that we can support the necessary rebuilding of the country's infrastructure.

我們重視員工，並致力於保障他們的安全、成就感和生產力。我們擁有五家工廠，全部位於美國，因此我們已做好準備，抓住現任政府推行的親國內製造業政策所帶來的任何機會。雖然關稅和再生能源政策變化可能產生的影響尚不明確，但我們有信心能夠支持該國基礎設施的必要重建。

We're encouraged that our order intake continues to grow, positioning us for improved utilization of our manufacturing base over the coming year as we build a firm foundation for steady, profitable growth serving the power generation, infrastructure and other key markets with high-quality precision components and proprietary products to capitalize on improved demand in the years ahead.

我們很高興地看到訂單量持續成長，這使我們能夠在未來一年更好地利用製造基地，為穩步、盈利的成長奠定堅實的基礎。我們將為發電、基礎設施和其他關鍵市場提供高品質的精密零件和專有產品，以掌握未來幾年不斷增長的需求。

With that said, I'll turn the call back over to the moderator for the Q&A session.

接下來，我將把電話交還給主持人，進行問答環節。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

（操作員說明）賈斯汀·克萊爾，ROTH Capital Partners。

So I just wanted to start off on the heavy fabrications segment. Q1 revenue was the strongest we've seen in, I think, over a year for that segment. And so I was just wondering if you could talk a little bit more about the repowering opportunity that you're seeing? And then maybe how revenue might trend for heavy fabrications through the remainder of 2025?

所以我只想先從重型製造部分開始。我認為，就該業務部門而言，第一季的收入是近一年來最強勁的。所以我想問您能否再詳細談談您看到的改造機會？那麼，到 2025 年剩餘時間裡，重型製造業的收入趨勢可能會如何呢？

And then if you could speak to 2026 a little bit, it sounds like you are anticipating kind of flat demand year-over-year, but do you see any mix shift between Abilene or Manitowoc or between the repowering opportunity or tower segments?

那麼，如果您能稍微談談 2026 年的情況，聽起來您預計需求將與前一年持平，但您認為 Abilene 或 Manitowoc 之間，或者改造機會或鐵塔部分之間，是否存在任何組合變化？

Yes. Thanks, Justin. I think some of the strength that we've seen in Q1 really had to do with strong demand for our repowering adapters that we produce for our customers. So that seems to be a very strong market right now, and we're billing for several OEMs in both of our plants right now. So that's been a real good tailwind for us.

是的。謝謝你，賈斯汀。我認為我們在第一季看到的強勁表現，實際上與我們為客戶生產的電源適配器的強勁需求有關。所以目前看來這是一個非常強勁的市場，我們兩家工廠目前都在為幾家原始設備製造商 (OEM) 供貨。所以這對我們來說確實是個很好的順風。

As it relates to the rest of 2025, we are expecting to see some increase in our overall revenue in that segment, particularly in Manitowoc as we are starting -- we did start a tower run in Q2. I mean, we expect to start reaping some of the revenue -- recording some of that revenue in Q2 and Q3.

至於 2025 年剩餘時間，我們預計該領域的整體收入會有所增長，尤其是在馬尼托沃克，因為我們已經開始——我們確實在第二季度開始了鐵塔建設。我的意思是，我們預計將在第二季和第三季開始獲得部分收入——記錄部分收入。

Yes. And Justin, this is Eric. Just to add on to that. Regarding '26, we expect '26 to be about the same from a new wind tower perspective and repowering adapters to be at the same level, if not a hair higher. We are actually producing for -- we're actually producing for multiple OEMs and another one is actually interested in our capacity to in repowering.

是的。賈斯汀，這位是埃里克。補充一點。關於 2026 年，我們預計從新的風力發電塔架的角度來看，2026 年的情況大致相同，而重新供電適配器的價格也將保持在同一水平，甚至可能略高一些。我們實際上正在為多家原始設備製造商 (OEM) 生產產品，還有一家 OEM 對我們的動力升級改造能力很感興趣。

Got it. Okay. That's good to hear. Maybe just shifting over to tariffs. I know all your manufacturing is in the US, but wondering if tariffs are having any effect on your cost structure, any materials that you might source from overseas? And then just wondering on the competitive environment, are the tariffs changing anything in terms of your relative cost structure to others you may compete against really across any of your segments?

知道了。好的。聽到這個消息真好。或許可以轉而徵收關稅。我知道你們所有的生產都在美國進行，但我想知道關稅是否對你們的成本結構有任何影響，以及你們是否從海外採購任何原料？另外，我想了解競爭環境，關稅是否會改變您在各個細分市場中相對於其他競爭對手的成本結構？

Well, if we start with wind. Wind, as you know, has some components that are sourced from overseas. Our OEM partners saw this coming and they've shifted some of their -- some of the internals which typically come from China out to other countries that are less suspect or less impacted by tariffs. So I think it could have a minor impact, but that would be a pass-through for us.

好吧，如果我們從風開始說起的話。如您所知，風能的一些部件是從海外採購的。我們的 OEM 合作夥伴預見了這種情況，他們已經將一些——一些通常從中國進口的內部零件——轉移到其他受關稅影響較小或嫌疑較小的國家。所以我認為這可能會產生輕微的影響，但對我們來說只是間接影響。

So we don't see a lot of impact because of the kind of advanced change that we did within our supply chain. With regard to the other locations, the other divisions that we have, we're seeing a little bit of lift in terms of the consumables such as welding wire and whatnot that we're able to pass through to our customers because, as you know, we quote virtually every job independently.

因此，由於我們在供應鏈中進行了先進的變革，我們沒有看到太大的影響。至於其他地點、其他部門，我們看到焊絲等耗材的需求略有增長，我們可以將耗材轉嫁給客戶，因為如您所知，我們幾乎對每項工作都獨立報價。

On the flip side, we're starting to see some potential onshoring activities. Even with oil and gas gearing that we haven't seen before, we're seeing a lift and we suspect that it could have something to do with our customers' concerns with regard to tariffs out of especially the Far East and so looking to reshore or onshore more gearing and gearing components to the US.

另一方面，我們開始看到一些潛在的本土化活動。即使石油和天然氣行業的槓桿率出現了前所未有的上升，我們也看到了增長，我們懷疑這可能與我們的客戶對來自遠東地區的關稅的擔憂有關，因此他們正在尋求將更多的槓桿和槓桿部件遷回美國。

Okay. Got it. And then, I guess, just following up on gearing. We have seen oil prices drop this year, and they're still at a relatively low level. I guess what's your visibility into the demand outlook for gearing and how might the outlook for oil and gas be affecting that?

好的。知道了。然後，我想，就跟齒輪比方面做些後續工作吧。今年以來，我們已經看到油價下跌，目前仍處於相對較低的水平。我想請問您對槓桿融資的需求前景有何看法？石油和天然氣的前景又將如何影響這種前景？

As far as oil and gas gearing, as we reported before, that's on a certainly 18-months to two-year lull because fracking -- new frac rigs and whatnot are not being brought online. We are seeing some upgrades, updates to existing fleets, and we're selling into the aftermarket there. So I would say that would be soft to a little bit of a lift.

至於石油和天然氣行業，正如我們之前報導的那樣，目前正處於長達 18 個月到兩年的低迷期，因為水力壓裂——新的壓裂鑽機等等——沒有投入使用。我們看到一些升級和現有車隊的更新，我們也在向售後市場銷售產品。所以我覺得這應該算是輕柔的提拉吧。

We had some stronger orders and revenue in gearing that we have seen in several years, which is interesting. And certainly, attractive to us, but the power gen sector which is obviously not drilling. It's using natural gas and oil. We're seeing a lift in. And that's -- those were strategic target markets we went after specifically with gearing with this AS9100 Certification, that's air derivatives and whatnot, we're starting to see some green shoots in that.

我們在槓桿業務方面獲得了近幾年來最強勁的訂單和收入，這很有趣。當然，這對我們來說很有吸引力，但發電行業顯然不涉及鑽探。它使用天然氣和石油。我們看到客流量有所上升。而這些正是我們利用 AS9100 認證專門瞄準的策略目標市場，例如空氣衍生性商品等等，我們開始看到一些正面的跡象。

So notwithstanding the price of oil and gas being down, we're seeing some real opportunities in power generation from that sector.

儘管石油和天然氣價格下跌，但我們仍然看到該行業在發電領域存在一些真正的機會。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

I will focus on the industrial solutions segment. It seems -- and correct me if I'm wrong, but the drop in revenue could be attributed to supply chain and delays. And also, it looks like the outlook and the backlog seems to be quite strong here. Is the assessment that the Q1 performance only attributable to supply chain or delivery pushouts the correct assumption?

我將專注於工業解決方案領域。看起來——如果我錯了請糾正我——收入下降可能是由於供應鏈和延誤造成的。而且，這裡的市場前景和積壓訂單似乎都相當強勁。認為第一季業績僅歸因於供應鏈或交付延遲的評估是否正確？

Yes. Sameer, that's a correct assumption. We're attributing the drop in revenues. It's simply a temporary delay as a result of supply chain issues that we've been experiencing in Q1. I think we've largely made up for that already in the beginning of Q2.

是的。薩米爾，你的假設是對的。我們認為收入下降的原因在於此。這只是由於我們在第一季遇到的供應鏈問題而導致的暫時性延誤。我認為我們在第二季度初已經基本彌補了這一點。

Yes. So with regard to the industrial solutions, if you remember, we're providing some pretty complex and large packages for utility-scale installations and upgrades of turbines and with several hundred pieces and components in each package, if one is delayed, we have to delay the whole package. But within our supply chain and our OEM support with their supply chain specifications, we are qualifying new suppliers and actually US and international suppliers.

是的。所以，關於工業解決方案，如果你還記得的話，我們為公用事業規模的渦輪機安裝和升級提供了一些非常複雜和龐大的方案，每個方案都有數百個部件，如果其中一個部件延誤，我們就必須延誤整個方案。但是，在我們的供應鏈和 OEM 支援範圍內，我們正在對新的供應商（實際上是美國和國際供應商）進行資格審查，並根據他們的供應鏈規範提供 OEM 支援。

So we've resolved that supply chain, I would say, constraint. But it's largely because of the growth in the industry, the overall growth in the industry as being absorbed by Broadwind, our customers and the supply chain.

所以，可以說，我們已經解決了供應鏈的這個瓶頸。但這主要是因為產業整體的成長，而這種成長又被 Broadwind、我們的客戶和供應鏈所吸收。

Understood. And maybe I'm reading too much into the inventory going up almost $10 million this quarter. Was it because of these sort of delayed shipments or any work in progress inventory that increased from -- particularly from the industrial solutions?

明白了。也許我對本季庫存增加近 1000 萬美元這件事想太多了。是因為這類延遲出貨，還是因為在製品庫存增加，特別是工業解決方案的庫存增加？

Sameer, I'm sorry, can you repeat that? Were you were asking about inventory?

薩米爾，不好意思，你能再說一次嗎？您是在詢問庫存狀況嗎？

Yes. So the inventory income increased by around $9.5 million to $10 million -- and I was wondering if it is mainly attributable to industrial solutions?

是的。因此，庫存收入增加了約 950 萬至 1000 萬美元——我想知道這是否主要歸功於工業解決方案？

Well, I would say only partially. The real driver there is we're beginning tower production, again, in Manitowoc and it's a rather large tower design. So we've been increasing our inventory during Q1 to accommodate that we're going to begin shipments in Q2 related to that tower builds. So we have a -- the lion's share of that increase is related to Manitowoc.

嗯，我只能說部分如此。真正的驅動因素是我們再次在馬尼托沃克開始生產塔架，而且這是一個相當大的塔架設計。因此，我們在第一季增加了庫存，以便在第二季度開始發貨，用於塔架建設。因此，這部分增長的大部分與馬尼托沃克有關。

I'd also say that we're seeing a slight increase in Abilene as well because we're moving to a bigger tower design with a higher material content. So that's really driving up some of the inventory that you're seeing. But this is also a contributing factor as well industrial solutions, that is, yes.

我還想說，我們看到阿比林的產量也略有增加，因為我們正在轉向更大的塔架設計，使用的材料含量更高。所以，這確實推高了你看到的庫存量。但這同時也是工業解決方案的促成因素，是的。

Got it. Understood. And then one last one on the PRS, I mean you talked about the demand in clean fields and also the L-70 low flow, which is performing well. Do you have sort of an aspirational goal revenues for 2026 from this particular product line or industry?

知道了。明白了。最後還有一個關於PRS的問題，您談到了清潔油田的需求，以及表現良好的L-70低流量。您對2026年該產品線或產業的營收是否有預期目標？

Certainly. We have said before, we see that to be about 10% of our revenue. So I would say between $15 million and $20 million should be a comfortable assumption for that product line. We're starting to see some more interest in two things in international, in South America for that product line, which we believe we've got certainly an innovative solution for that geography, but also some increased demand for rentals.

當然。我們之前說過，這大約占我們收入的 10%。所以我認為該產品線的預算在 1500 萬美元到 2000 萬美元之間應該比較合理。我們開始看到國際市場對兩件事產生了更大的興趣，在南美洲，我們對該產品線表現出了更大的興趣，我們相信我們肯定為該地區提供了一個創新的解決方案，同時租賃需求也有所增加。

So if a customer takes on a new job and it's a short-term job and they're not comfortable with investing in capital, they will often take advantage of one of our rental units or units processes. And eventually, that can turn into a buy. So with all that, we think -- I feel comfortable with about 10% of our revenue being out of the PRS line.

因此，如果客戶接受了一份新工作，而且這份工作是短期的，他們不願意投資資金，他們通常會利用我們的租賃單位或單位流程。最終，這可能會演變成一次購買。綜上所述，我們認為－我對PRS產品線貢獻約10%的收入感到滿意。

And do you expect the gross margins to be similar, higher for this going forward?

你預期未來毛利率會維持類似水平，甚至更高嗎？

Yes, we do. Yes, the L-70 has an attractive pricing point, but that doesn't mean that we're sacrificing gross margin for that. And obviously, with the rental and service, that comes naturally with higher margins. There's a capital outlay on Broadwind's part, but the return is quite a bit higher.

是的，我們有。是的，L-70 的定價很有吸引力，但這並不意味著我們會為此犧牲毛利率。顯然，租賃和服務業務的利潤率自然更高。Broadwind公司需要投入一定的資金，但回報也相當高。

Eric Stine, Craig-Hallum Capital Partners.

Eric Stine，Craig-Hallum Capital Partners。

So can we just dig into wind a little bit more? So interesting starting tower production for a new opportunity in Manitowoc and do you -- do you see that as kind of indicative of something changing in the market or more of a one-off? And then also just want to think about kind of your longer-term view in '26, you talked about seeing elevated quoting activity.

那我們能再深入探討一下風的問題嗎？在馬尼托沃克啟動塔式結構生產的新機會很有趣，您認為這是否預示著市場正在發生變化，還是只是一次性事件？另外，我還想談談您對 2026 年的長期展望，您提到您預計報價活動會更加活躍。

When you're talking about that being flat year-over-year, are you anticipating that, that quoting activity turns to orders? Do you need that for it to be flat year-over-year? Or is it kind of flat year-over-year based on what's in hand today?

當您說同比持平時，您是否預計報價活動會轉化為訂單？你需要它才能實現同比持平嗎？或者說，根據目前掌握的情況來看，與去年同期相比基本持平？

Well, I'll take the second part of your question. Well, the first part of your question has to do with Manitowoc. As you know, wind is basically project-based whether the North -- whether it be in the North or the South, that's where we have the two plants to address it. What's happening in the North are a couple of sizable projects that our customers are taking advantage of our capacity there in the North.

好的，我來回答你問題的第二部分。嗯，你問題的第一部分與馬尼托沃克有關。如您所知，風能基本上是以專案為基礎的，無論是在北方還是南方，我們都有兩個電廠來解決這個問題。目前北方地區有幾個規模較大的項目，我們的客戶正在利用我們在北方的產能。

And that's one of the reasons why we're building repowering adapters in both plants to keep that -- those capabilities in the workforce ready for a tower build. So I would say that would be project based. Again, I think demand is still stronger in the South in general than it is in the North. But regarding 2026, I do believe that to be -- the volume to be consistent in '26 versus '25.

這也是我們在兩座工廠都建造電力轉換適配器的原因之一，目的是保持這種能力——讓員工隨時準備好進行塔架建造。所以我認為這將是基於專案的。我仍然認為，南方地區的需求總體上仍然比北方地區強勁。但就 2026 年而言，我相信——2026 年的銷售量將與 2025 年保持一致。

The backlog that we have now that is partially because of the long-term agreement we signed a couple of years ago, takes us through the end of 2025. So into 2026, those would be new orders with consistent customer base.

我們現在積壓的訂單部分是由於幾年前我們簽署的長期協議造成的，這些訂單將持續到 2025 年底。因此，到 2026 年，這些都將是擁有穩定客戶群的新訂單。

Got it. Okay. And then did you -- and I can't remember if you do this on the call or if it's in the queue, but did you call out the 45 times tax credit that you recognized in Q1?

知道了。好的。然後，你——我不記得你是在電話會議上還是在隊列裡提到的，但你有沒有提到你在第一季確認的 45 倍稅收抵免？

We did not, but it's about $2.5 million for Q1 is what we've recorded.

我們沒有，但我們記錄的第一季收入約為 250 萬美元。

Okay. No, that's helpful. Yes. And then maybe last thing for me, just I want to make sure I understand it. So I know that you had identified $4 million in cost reductions for 2025. And I guess my understanding was that most of that had been put in place or achieved. But in your commentary, it seemed as if you may be considering targeted cost reductions in other areas, am I hearing that right? And if so, could you just provide a little bit more --

好的。不，這很有幫助。是的。最後，我還有一點想確認一下，我是否理解了。我知道你們已經確定了到 2025 年可以削減 400 萬美元的成本。我當時的理解是，大部分目標都已經實現或落實了。但從你的評論來看，你似乎正在考慮在其他領域進行有針對性的成本削減，我理解的對嗎？如果是這樣的話，您能否再提供一些資訊？--

Sure. Yes, sure. What we did last year was general cost actions. And really, that was a result of the overall reduction in wind output from '23 into '24. Those cost reductions are -- they're being maintained. They're in place and they remain in place. What I mentioned in the prepared remarks is with gearing capacity utilization and gearing, we've taken some cost actions in gearing to balance our output capability with demand.

當然。當然可以。我們去年採取的是整體成本控制措施。實際上，這是 2023 年至 2024 年風力發電量整體下降的結果。這些成本削減措施正在維持。它們已經就位，並將繼續就位。我在準備好的演講稿中提到，透過提高齒輪比利用率和齒輪比，我們在齒輪比方面採取了一些成本控制措施，以平衡我們的生產能力和需求。

And I expect that to kind of return back as we expect orders to increase throughout this year through these target markets I mentioned earlier, such as power generation and infrastructure and whatnot, defense and even aerospace out of that division. But that's what I'm referring to in the remarks is we took further actions in gearing to balance our capacity with demand.

我預計這種情況會有所好轉，因為我們預計今年透過我之前提到的這些目標市場（如發電、基礎設施等，以及國防甚至航空航天）的訂單將會增加。但我剛才所說的，就是我們採取了進一步的措施來調整產能，以平衡產能與需求。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eric Blashford for closing comments.

問答環節到此結束。現在我想把電話轉回給埃里克·布拉什福德，請他做總結發言。

Yes. Thanks, everyone. I appreciate your interest and look forward to executing our strategy in Q2 and coming back before you at the end of Q2 to talk about our results. Thank you.

是的。謝謝大家。感謝您的關注，期待在第二季執行我們的策略，並在第二季末與您再次見面，討論我們的成果。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的配合。