Broadwind Inc (BWEN) 2026 Q1 法說會逐字稿

Greetings and welcome to Broadwind's first quarter 2026 results conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation.

各位好，歡迎參加 Broadwind 2026 年第一季財報電話會議。此刻，所有與會者皆處於僅聆聽模式。正式簡報結束後將進行問答環節。

(Operator Instructions). As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Tom Ciccone.

（接線員指示）。提醒各位，本次會議將被錄音。現在我想將會議交給主持人 Tom Ciccone 先生。

Thank you. You may begin.

謝謝。您可以開始了。

Good morning, and welcome to the Broadwind First Quarter 2026 Results Conference Call.

各位早安，歡迎參加 Broadwind 2026 年第一季財報電話會議。

Leading the call today is our CEO, Eric Blashford. And I'm Tom Ciccone, the company's Vice President and Chief Financial Officer.

今天由我們的執行長 Eric Blashford 帶領本次電話會議。我是 Tom Ciccone，擔任公司副總裁暨財務長。

We issued a press release before the market opened today detailing our first quarter results. 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. 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.

我們已在今日開盤前發布新聞稿，詳述第一季業績。提醒各位，管理層在今日電話會議中的評論與問答可能包含前瞻性陳述；其本質具有不確定性，且不在公司控制範圍內。儘管這些前瞻性陳述係基於管理層目前的預期與信念，實際結果仍可能出現重大差異。關於可能導致實際結果不同的部分因素，請參閱我們最近向美國證券交易委員會（SEC）提交之年度與季度申報文件中的「風險因素」章節。

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.

此外，請注意：您可在今日發布的新聞稿中，找到本次電話會議所討論之歷史非 GAAP 財務衡量指標的調節表。

At the conclusion of our prepared remarks, we will open the line for questions.

在我們的預先準備發言結束後，我們將開放提問。

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

接下來，我把電話交給 Eric。

Thank you, Tom, and welcome to our call today.

謝謝你，Tom，也歡迎各位參加今天的電話會議。

During the first quarter, we advanced our business transformation strategy while delivering strong revenue growth, margin realization and order momentum in our core gearing in Industrial Solutions segments. Higher demand in the power generation and critical infrastructure end markets. Drove revenue growth of more than 40% in gearing and more than 60% in industrial solutions year-over-year. We anticipate our strategic exit from wind tower production will be complete in the third quarter of 2026.

第一季期間，我們在推進業務轉型策略的同時，也在核心的齒輪傳動（Gearing）與工業解決方案（Industrial Solutions）部門實現強勁的營收成長、毛利率落地與訂單動能。發電與關鍵基礎設施終端市場需求提升，帶動齒輪傳動業務營收年增逾 40%，工業解決方案業務營收年增逾 60%。我們預期，策略性退出風電塔筒生產將於 2026 年第三季完成。

So gearing and industrial solutions will represent our core businesses moving forward. Excluding the divested product lines within the heavy fabrication segment, Broadwind generated approximately $64 million of revenue on a trailing 12-month basis through the end of the first quarter. Our remaining businesses are higher growth, more predictable, more profitable and not policy dependent with meaningfully improved earnings quality.

因此，未來齒輪傳動與工業解決方案將成為我們的核心業務。排除重型製造（Heavy Fabrication）部門中已剝離的產品線後，截至第一季末的過去 12 個月（TTM），Broadwind 產生約 6,400 萬美元營收。我們的剩餘業務具備更高成長性、更可預測性、更高獲利能力，且不依賴政策，盈餘品質亦顯著提升。

Over time. We will use our core gearing industrial solutions segments as a platform to grow a business of increasing scale and profitability. Within the gearing segment, Q1 orders increased more than 65% to $13.2 million, supporting a backlog of $30.5 million. Demand growth within the gearing segment has been largely driven by strong customer activity and power generation, driven by the AI data center boom. As well as industrial and mining markets. Quoting activity remains robust with green shoots now forming in defense.

隨著時間推進，我們將以核心的齒輪傳動與工業解決方案部門作為平台，擴大業務規模並提升獲利能力。在齒輪傳動部門，第一季訂單增加逾 65% 至 1,320 萬美元，支撐 3,050 萬美元的在手訂單（backlog）。齒輪傳動部門的需求成長主要來自客戶活動強勁，以及受 AI 資料中心熱潮帶動的發電需求。同時也來自工業與採礦市場。報價活動仍然強勁，且國防領域已開始出現初步回溫跡象。

Our Industrial Solutions segment had yet another strong quarter as orders increased 44% year-over-year to $14.6 million, driving backlog to a record $ 43.3 million. Natural gas turbine demand remains very strong, also driven by the AI data center boom, as well as global electrification, representing key growth drivers for this segment, and we are happy to meet that demand.

我們的工業解決方案部門再度繳出強勁的一季，訂單年增 44% 至 1,460 萬美元，帶動在手訂單攀升至創紀錄的 4,330 萬美元。天然氣渦輪機需求仍非常強勁，同樣受 AI 資料中心熱潮與全球電氣化趨勢帶動，為該部門的關鍵成長動能；我們也很高興能滿足這些需求。

Operationally, we continue to invest in equipment and technology to increase our process capabilities, reduce costs, and improve our profitability and gearing. This quarter, we commissioned new very high-precision grinding and mechanical balancing equipment to improve quality and reduce lead times in the production of high-speed reduction gearing, such as the gearing used on natural gas turbines. These technology improvements make us one of the most vertically integrated manufacturers of these types of critical components in the U.S. In the Industrial Solutions segment, we continue to make investments to improve our capacity and capabilities in order to meet the strong customer demand that we are experiencing from our key gas turbine equipment customers.

在營運方面，我們持續投資設備與技術，以提升製程能力、降低成本，並改善我們的獲利能力與齒輪傳動業務表現。本季我們啟用新的超高精度研磨與機械動平衡設備，以提升品質並縮短高速減速齒輪箱（例如用於天然氣渦輪機的齒輪傳動）之生產交期。這些技術升級使我們成為美國此類關鍵零組件最具垂直整合能力的製造商之一。在工業解決方案部門，我們持續投資以提升產能與能力，來滿足我們主要燃氣渦輪設備客戶所帶來的強勁需求。

We are on track to expand our local footprint in our North Carolina facility in Q2. This expansion will increase production space in North Carolina by 30%, which is necessary to service our strong backlog. That position us to handle the future growth projected in this market. Within our heavy fabrication segment, Q1 revenue decreased by 35%, reflecting the sale of the Manitowoc Industrial Fabrications business last year, lower PRS demand, and the residual impact of the OEM directed by material supply issue we experienced late last year.

我們正按計畫於第二季擴大北卡羅來納州廠區的在地據點。此次擴建將使北卡羅來納州的生產空間增加 30%，以因應我們強勁的在手訂單需求。這也使我們能夠承接該市場預期的未來成長。在重型製造部門，第一季營收下降 35%，反映去年出售 Manitowoc Industrial Fabrications 業務、PRS 需求降低，以及我們去年底遭遇 OEM 指示之材料供應問題所造成的殘餘影響。

Revenue on our gearing segment increased 42% year-over-year. To $ 8.5 million, given the steady ramp-up in power generation-related demand. Within Industrial Solutions, revenue grew 64% year-over-year to $ 9.2 million, primarily due to stronger shipments of natural gas turbine components.

齒輪傳動部門營收年增 42%，達 850 萬美元，主要因發電相關需求穩定爬升。在工業解決方案部門，營收年增 64% 至 920 萬美元，主要由天然氣渦輪機零組件出貨增加所帶動。

In summary, the team and business continue to perform well as we sharpen our focus within adjacent higher-margin precision manufacturing verticals. Our progress on industry-specific certifications such as AS9100 for Aerospace and Defense and the Cybersecurity Maturity Model Certification or CMMC 2.0 for the defense market and others, combined with targeted investments in capacity and capability is yielding the results we expected and more. Our decision to strategically pivot from the unpredictable, uncertain and policy-dependent wind tower business. And repurpose that capital toward higher growth, more predictable, more profitable markets position us well for the future.

總結而言，團隊與業務持續表現良好，我們也更聚焦於相鄰的高毛利精密製造垂直領域。我們在產業特定認證方面的進展（例如航太與國防的 AS9100，以及國防市場的 Cybersecurity Maturity Model Certification／CMMC 2.0 等），再加上針對性的產能與能力投資，正帶來符合甚至超出預期的成果。我們決定策略性轉向，退出不可預測、不確定且依賴政策的風電塔筒業務，並將資本重新配置至更高成長、更可預測且更高獲利的市場，使我們在未來具備良好定位。

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

接下來，我把電話交給 Tom，請他說明第一季的財務表現。

Thank you, Eric.

謝謝你，Eric。

Turning to Slide 5 for an overview of our first quarter performance.

請看投影片第 5 頁，先概述第一季表現。

First quarter consolidated revenues of $34.1 million, representing an 8% decrease versus the prior-year period. As expected, we experienced a decrease in our Heavy Fabrication segment.

第一季合併營收為 3,410 萬美元，較去年同期下降 8%。如預期所示，我們的重型製造部門出現下滑。

However, outside of the Heavy Fabrication segment, first quarter revenues within our Gearing and Industrial Solutions segment increased more than 40% and 60%, respectively, reflective of the strong order activity levels we've been recognizing. Adjusted EBITDA declined slightly to $2.2 million versus the prior year of $2.4 million.

然而，若排除重型製造部門，我們的齒輪傳動與工業解決方案部門第一季營收分別增加逾 40% 與 60%，反映我們所觀察到的強勁訂單活動水準。調整後 EBITDA 小幅下降至 220 萬美元，去年同期為 240 萬美元。

However, adjusted EBITDA increased approximately 16% sequentially, driven by improved capacity utilization and a more profitable mix. First quarter orders remained strong at over $ 37 million. Orders increased within our Gearing and Industrial Solutions segments, driven by strength in the power generation and natural gas turbine verticals, while orders decreased within our Heavy Fabrication segment. Reflective of our exit of the Manitowoc facility late in 2025.

不過，調整後 EBITDA 較前一季約增加 16%，主要受惠於產能利用率提升與更有利的產品組合。第一季訂單仍維持強勁，超過 3,700 萬美元。齒輪傳動與工業解決方案部門訂單增加，受發電與天然氣渦輪機垂直領域強勁需求帶動；而重型製造部門訂單則下降。這反映我們於 2025 年底退出 Manitowoc 廠區。

Turning to Slide 6 for a discussion of our Heavy Fabrication segment. As expected with the wind down of the Manitowoc operations, we continue to see decreases in revenue, orders and backlog. We anticipate this to continue going forward, especially in light of our recently announced sale of our Abilene facility, pursuant to which we strategically exited the wind market. First quarter orders of $9.7 million primarily consist of wind tower production that will continue through Q3 of 2026 out of the Abilene facility, as well as some baseline PRS activity.

接著請看投影片第 6 頁，討論重型製造部門。如同預期，隨著 Manitowoc 營運逐步收尾，我們持續看到營收、訂單與在手訂單下滑。我們預期未來仍將延續此趨勢，尤其考量我們近期宣布出售 Abilene 廠區，依此我們已策略性退出風電市場。第一季訂單為 970 萬美元，主要包含將由 Abilene 廠區持續至 2026 年第三季的風電塔筒生產，以及部分基本的 PRS 業務活動。

As a reminder, we will retain the PRS business, and we are evaluating segment reporting following the divestiture. We'll provide additional detail as the process is finalized. First quarter revenues of $16.4 million and adjusted EBITDA of $1.7 million are both down versus the comparative prior year period due to the wind down of our Manitowoc operations, the resolved raw material supply issue and lower PRS demand.

提醒一下，我們將保留 PRS 業務，並且在完成剝離後，我們正在評估分部報導方式。待流程定案後，我們將提供更多細節。第一季營收為 1,640 萬美元、調整後 EBITDA 為 170 萬美元，兩者相較去年同期皆下滑，原因在於我們 Manitowoc 營運的逐步收尾、原物料供應問題已解決，以及 PRS 需求較低。

Turning to Slide 7, Q1 gearing orders remained strong at $13.2 million, an increase of 66% versus the prior year. And 36% sequentially. We ended Q1 with over $ 30 million in backlog, a level we have not reached since 2023. As we noted in prior quarters, we continue to see strong orders from power generation and oil and gas customers, and that momentum continued into Q2 as we booked more than $6 million in orders in April alone. Segment revenue was $8.5 million, an increase both sequentially and versus the prior year, reflective of the stronger recent order intake levels. We recognized adjusted EBITDA of $0.6 million compared to an adjusted EBITDA loss of $0.2 million in the prior-year period. As our volumes continue to recover, we are improving our capacity utilization, driving improved operating leverage.

接著看第 7 頁投影片，第一季齒輪（Gearing）接單維持強勁，達 1,320 萬美元，較去年同期成長 66%。且較前一季成長 36%。第一季結束時，我們的在手訂單（backlog）超過 3,000 萬美元，這是自 2023 年以來未曾達到的水準。如同我們在前幾季所提到的，我們持續看到來自發電以及油氣客戶的強勁訂單，而這股動能延續至第二季，僅 4 月我們就新增超過 600 萬美元的訂單。分部營收為 850 萬美元，無論較前一季或較去年同期皆增加，反映近期接單水準更強。我們認列調整後 EBITDA 為 60 萬美元，相較去年同期調整後 EBITDA 虧損 20 萬美元。隨著出貨量持續回升，我們正在提升產能利用率，帶動營運槓桿改善。

Turning to Slide 8. Industrial Solutions booked almost $15 million of new orders during the first quarter, a 44% increase over the prior year. During the first quarter, the segment set a new record for both orders and backlog and is on track to do so again in Q2 as it has already recorded over $10 million in orders during April alone. The $43 million backlog total is more than $5 million above the previous high-water mark set in Q4. Q1 represents the sixth straight quarter setting a record backlog level. Q1 segment revenue was $9.2 million, up over 60% versus the prior year, reflective of the elevated order levels received recently.

接著看第 8 頁投影片。工業解決方案（Industrial Solutions）在第一季新增接單接近 1,500 萬美元，較去年同期成長 44%。第一季期間，該分部在接單與在手訂單兩方面皆創下新紀錄，且第二季也有望再創新高，因為僅 4 月就已記錄超過 1,000 萬美元的訂單。4,300 萬美元的在手訂單總額較第四季創下的前一個高點高出逾 500 萬美元。第一季是連續第六個季度創下在手訂單新高。第一季分部營收為 920 萬美元，較去年同期成長超過 60%，反映近期收到的高接單水準。

As we noted last quarter, we expect this business will operate at these elevated revenue levels over the medium term. First quarter adjusted EBITDA was $1.8 million or 19% of revenue. This represents a significant increase over the $0.5 million in adjusted EBITDA and 8.7% EBITDA margin in the prior year as the segment benefited from improved capacity utilization and a more favorable mix of products sold.

如同我們上季所提到的，我們預期這項業務在中期將維持在這些較高的營收水準運作。第一季調整後 EBITDA 為 180 萬美元，約占營收 19%。相較去年調整後 EBITDA 為 50 萬美元、EBITDA 利潤率 8.7%，這代表顯著提升，因該分部受惠於產能利用率改善以及銷售產品組合更有利。

Turning to Slide 9, we ended the first quarter with total cash and availability on our credit facility of more than $ 25 million or $16.4 million after adjusting for the minimum excess availability requirement in place effective Q1. Pro forma for the sale of the Abilene facility, our liquidity improved approximately $10 million, reflective of credit availability adjustments and required debt payments. During Q1, operating working capital increased slightly as a decrease within our Heavy Fabrication segment was more than offset by increases within our Gearing and Industrial Solutions segment, in line with their increasing activity levels.

接著看第 9 頁投影片，第一季結束時，我們的現金總額加上信貸額度可用額度合計超過 2,500 萬美元；若依第一季起生效的最低超額可用額度要求調整後，為 1,640 萬美元。以出售 Abilene 廠的備考（pro forma）基礎計算，我們的流動性改善約 1,000 萬美元，反映信貸可用額度調整以及必要的債務償付。第一季營運周轉資金小幅增加，因重型製造（Heavy Fabrication）分部的下降，已被齒輪（Gearing）與工業解決方案（Industrial Solutions）分部的增加所抵銷，符合其活動水準提升的趨勢。

Finally, with respect to our financial guidance, as noted last week with the sale of the Abilene facility, we have elected to withdraw our full-year 2026 financial guidance.

最後，關於我們的財務指引，如同上週在出售 Abilene 廠時所提到的，我們已決定撤回 2026 全年財務指引。

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

以上是我的發言。我將把電話交回給 Eric，繼續我們的討論。

Thanks, Tom. Now allow me to provide some thoughts as we move into Q2 and beyond.

謝謝，Tom。接下來讓我分享一些我們邁入第二季及之後的看法。

We continue to make a decisive shift toward increasingly stable growing power generation in critical infrastructure markets. The strategic moves we've made with our tower facilities position us to focus on higher growth. And higher margin opportunities that leverage our precision manufacturing expertise and to do so with a strengthened balance sheet. We will complete our remaining wind tower orders through Q3 and then direct our full attention to our growth strategy.

我們持續果斷地轉向在關鍵基礎設施市場中更穩定、成長中的發電領域。我們針對風電塔筒設施所採取的策略性行動，使我們得以聚焦於更高成長。以及更高毛利的機會，運用我們的精密製造專長，並在更強健的資產負債表基礎上推進。我們將在第三季前完成剩餘的風電塔筒訂單，之後把全部重心投入成長策略。

Our remaining facilities in Chicago, Pittsburgh and Sanford, North Carolina near Raleigh have more than 450,000 square feet of manufacturing space ready to serve our customers. Quarter upon quarter of strong order growth within the gearing and industrial solutions segments from power generation, specifically within distributed power, as well as growing opportunities in both small frame and utility-scale natural gas turbines support our strategy to expand in this market. Quote activity continues to increase in both gearing and industrial solutions, generated by our ability to solve complex. Precision manufacturing and sourcing challenges faced by our customers in this growing market. So, we have prudently added resources to meet this demand in both divisions. In our gearing segment, we continue to execute our strategy to move beyond traditional gearing for new opportunities in other precision machine products for power generation, aerospace and defense.

我們在芝加哥、匹茲堡，以及北卡羅來納州 Sanford（靠近 Raleigh）的剩餘廠區，擁有超過 45 萬平方英尺的製造空間，已準備好為客戶提供服務。齒輪（Gearing）與工業解決方案（Industrial Solutions）分部來自發電領域（尤其是分散式發電）的訂單連季強勁成長，加上小型機組與公用事業規模天然氣渦輪機的機會增加，支持我們在此市場擴張的策略。齒輪與工業解決方案兩個分部的報價活動持續增加，源自我們有能力解決複雜的。精密製造與採購挑戰，這些都是客戶在此成長市場中所面臨的問題。因此，我們已審慎地在兩個事業部門增補資源以滿足需求。在齒輪分部，我們持續執行策略，從傳統齒輪業務延伸至其他精密機加工產品的新機會，涵蓋發電、航太與國防。

We see the continuing strength in incoming orders from the power generation sector as the beginning of a super cycle for which we are prepared. The expansion of our very high precision and vertically integrated capabilities to serve the high-speed gear segment I mentioned earlier increases our value-add to key customers. We're pleased with the increasing level of customer activity we're seeing in various new infrastructure-related opportunities such as material processing and defense. We expect further inroads in defense as we complete our CMMC 2.0 certification later this year, which is a requirement when producing certain defense-related products. Lastly, there is also improving order activity in traditional gearing markets supporting oil and gas, specifically the fracking aftermarket as certain customers begin putting older rigs back in service. In Industrial Solutions, our commercial performance continues to set new records in both orders and backlog.

我們將發電產業持續強勁的新增訂單視為一個我們已做好準備的超級循環（super cycle）的開端。我先前提到，擴充我們超高精度且垂直整合的能力，以服務高速齒輪（high-speed gear）領域，將提升我們對關鍵客戶的附加價值。我們很高興看到客戶在多項與新基礎設施相關的機會上活動日益增加，例如材料處理與國防。我們預期在國防領域將有更進一步的突破，因為我們將於今年稍晚完成 CMMC 2.0 認證，這是生產某些國防相關產品的要求。最後，傳統齒輪市場（支援油氣）也出現接單活動改善，特別是壓裂（fracking）售後市場，因部分客戶開始讓較舊的鑽機重新投入使用。在工業解決方案方面，我們的商業表現持續在接單與在手訂單兩方面創下新紀錄。

The strong demand that we began experiencing in 2025 continues to accelerate in 2026. As the global demand for natural gas power generation equipment grows and as our customers bring additional production capacity online, we believe this is an extended period of growth. Some of our key customers have sold out their production capacity for the remainder of the decade, which gives us confidence that this period of strong demand is still in its early stages. In summary, I am pleased with the order growth and the strategic actions we've taken over the last year, and I'm excited to execute our plan.

我們自 2025 年開始感受到的強勁需求，在 2026 年持續加速。隨著全球對天然氣發電設備的需求成長，以及我們的客戶將更多產能投入運轉，我們相信這將是一段延長的成長期。我們的一些關鍵客戶在本十年剩餘期間的產能已全數售罄，這讓我們有信心，這波強勁需求仍處於早期階段。總結而言，我對訂單成長以及我們過去一年所採取的策略行動感到滿意，也很期待執行我們的計畫。

Our divisions are 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 ability to solve complex manufacturing challenges for our customers continue to help us win new opportunities. We've refocused our business on investing wisely and are taking decisive strategic actions towards higher value growing end markets. We're encouraged that our order intake continues to grow positioning us for improved utilization of our reduced manufacturing footprint in 2026 as we strengthen our foundation for steady profitable growth, serving the power generation, critical infrastructure and other key markets with high-quality precision components and proprietary products to capitalize on improved demand in the years ahead.

我們各事業部已做好定位，以支援國家日益增加的發電需求與基礎設施改善。我們將其視為我們的長期機會。我們的品質、快速回應，以及為客戶解決複雜製造挑戰的能力，持續協助我們贏得新機會。我們已重新聚焦於審慎投資，並採取果斷的策略行動，朝向更高價值、成長中的終端市場。我們受到鼓舞的是，我們的接單持續成長，使我們在 2026 年能更有效利用已縮減的製造版圖，並在強化穩健獲利成長基礎的同時，為發電、關鍵基礎設施及其他重要市場提供高品質精密零組件與自有產品，以把握未來數年需求改善所帶來的機會。

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

話說到這裡，我將把電話交給主持人，進入問答環節。

(Operator instructions).

（接線員指示）。

Our first question comes from Justin Clare with ROTH Capital Partners. Your line is now live.

我們的第一個問題來自 ROTH Capital Partners 的 Justin Clare。您的線路已接通。

Hey, good morning. Thanks for taking our questions here.

嗨，早安。謝謝讓我們在這裡提問。

Good morning, Justin.

早安，Justin。

Good morning. I wanted to start out with Heavy Fab and just wanted to see how you'd frame the conversion of the remaining backlog for Heavy Fab, the $25 million. How do you expect that to convert between Q2 and Q3? And then just wanted to see how you're thinking about the inventory levels for the overall business as you convert the remaining orders.

早安。我想先從重型製造（Heavy Fab）開始，想請教您會如何描述重型製造剩餘在手訂單（backlog）2,500 萬美元的轉換情況。您預期在第二季與第三季之間會如何轉換為營收？另外也想了解，隨著你們把剩餘訂單逐步轉換出貨，你們對整體業務的庫存水位是如何思考的？

For heavy Fab here and then what the effect could be on your overall liquidity, because I'm imagining you may have a lower inventory level as you convert the remaining orders here?

關於這裡的重型製造（Fab），以及這可能對你們整體流動性造成的影響，因為我在想，當你們把這裡剩餘的訂單轉換完成時，庫存水位可能會比較低？

Yes, thanks, Justin.

是的，謝謝你，Justin。

So, of the $25 million of backlog, the overwhelming majority that is towers related that will be completing out of the Avalene facility here, and that should be very ratable over the next two quarters. So. It's probably five months. Think of it fifth over the next five months, if you will. So I think that you can call that fairly ratable post-Q1 here.

所以，在2,500萬美元的在手訂單（backlog）中，絕大多數都與塔筒相關，將會在這裡的 Abilene 廠完成，而且在接下來兩個季度應該會相當平均地出貨。所以。大概是五個月。你可以把它想成接下來五個月每個月完成五分之一。所以我認為在這裡 Q1 之後，你可以把它視為相當平均。

The other thing I would mention is, overall, when we're looking at not just inventory balances, but our operating working capital, we have maybe about $10 million of operating working capital. Associated with our wind business at the end of the quarter. So, we expect that that will obviously decrease, but we are expecting that to be partially offset by increases within our gearing and our biz segments as those businesses continue to ramp up here for the balance of the year.

另外我想提的是，整體而言，當我們看的不只是庫存餘額，而是我們的營運週轉資金（operating working capital）時，在本季末，我們在風電業務上大概有1,000萬美元的營運週轉資金。與我們的風電業務相關。所以，我們預期那當然會下降，但我們也預期，隨著今年剩餘期間我們的齒輪（gearing）與 biz 事業部持續爬坡，這部分會被其中的增加所部分抵銷。

So there may be some benefit, but I think it'll be muted.

所以可能會有一些好處，但我認為影響會被淡化。

Got it.

了解。

And then with the sale of Abilene, just wondering how we should think about the overall operating expenses for the business here and how you anticipate that changing as you exit that wind tower business? And then any other actions we should be looking for in terms of things that you may be looking to do to optimize the business as you shift to a focus on power generation and critical infrastructure?

另外，關於出售 Abilene，我想了解我們應該如何看待公司整體的營運費用，以及當你們退出風電塔筒業務時，你們預期這會如何變化？另外，當你們把重心轉向發電與關鍵基礎設施時，還有沒有其他我們應該留意的行動，例如你們可能會採取哪些措施來優化業務？

Well, yes, we do have, obviously, the operating expenses associated with that facility will go away as we exit the facility. I don't think that their cost structure is significantly different than what we have within the other business units, so we shouldn't see any consolidated impact there. In terms of other costs that we're looking at all of our costs and trying to optimize that in light of this transaction going forward.

嗯，是的，當然，與該廠相關的營運費用會在我們退出該廠時一併消失。我不認為它的成本結構與我們其他事業單位有顯著差異，所以在合併層面不應該看到任何影響。至於其他成本，我們正在檢視所有成本，並嘗試在這筆交易之後持續加以優化。

Got it. And then maybe just one more.

了解。那再問最後一個。

You had indicated natural gas content drove order growth for Industrial Solutions and gearing. I'm wondering if you could talk about the opportunity for Broadwind to expand content per turbine or wallet share within the nat gas end market.

你們提到天然氣相關內容帶動了 Industrial Solutions 與 gearing 的訂單成長。我想請你談談 Broadwind 在天然氣終端市場中，擴大每台渦輪機的供應內容（content per turbine）或提高錢包份額（wallet share）的機會。

And then also, I guess, what you're seeing in terms of order size or project scope and how that's trending?

另外，我想問你們在訂單規模或專案範疇方面看到什麼情況，以及這個趨勢如何？

Yeah, thanks, Justin. This is Eric. Well, I will tell you that we are engaged with a couple different producers of gas turbines, primarily the ones that are in the utility scale. We're engaged right now with four of the top 10 right now. Of course, we do have some concentration on a couple of those. As far as content, the content for industrial solutions is broad, as we discussed before.

好的，謝謝你，Justin。我是 Eric。我可以告訴你，我們正與幾家燃氣渦輪機製造商合作，主要是公用事業級（utility scale）的那些。我們目前與前十大中的四家合作。當然，我們在其中幾家客戶上確實有一定集中度。就供應內容而言，Industrial Solutions 的內容範圍很廣，正如我們之前討論過的。

We tend to support those installations on what's called hot gas path but surrounding the hot gas path. So we continue to invest in capabilities to grow share within that product set. So I think we are growing within our primary customer and another three on top of that. We're also growing content from industrial solutions kind of beyond what we traditionally do by taking more manufacturing on ourselves. With regard to gearing, we do reduction gearing and we're looking at some other components within the natural gas turbine, but it will be limited primarily to that reduction gearing that we discussed before because that's primarily what these turbines need from us as far as precision machine gearing.

我們通常支援所謂的熱氣通道（hot gas path）相關的安裝，但更偏向於熱氣通道周邊的部分。因此我們持續投資能力，以在該產品組合中提升市占。所以我認為我們在主要客戶以及另外三家客戶上都在成長。我們也在擴大 Industrial Solutions 的供應內容，超越我們傳統所做的範圍，方式是把更多製造工作攬到自己身上。至於 gearing，我們做減速齒輪（reduction gearing），也在看天然氣渦輪機中的其他零組件，但主要仍會限於我們之前討論過的減速齒輪，因為就精密加工齒輪而言，這些渦輪機主要需要我們提供的就是那一項。

Okay, got it.

好的，了解。

Thank you. Appreciate it.

謝謝。很感謝。

Thanks, Justin.

謝謝你，Justin。

Our next question comes from Eric Stine with Craig-Hallum. Your line is now live.

下一個問題來自 Craig-Hallum 的 Eric Stine。您的線路已開通。

Hi, Eric. Hi, Tom.

嗨，Eric。嗨，Tom。

Good morning.

早安。

Good morning.

早安。

So, obviously, you're focusing here. You've been investing in gearing and industrial solutions for some time.

所以，很明顯你們正在聚焦。你們在 gearing 和 Industrial Solutions 上投資已經有一段時間了。

Curious, could you update us on -- you've got really strong backlog in both segments. Update us on how you would expect that backlog to flow in both businesses, whether that has changed or improved your ability to execute on that and then just what that implies over the next, say, 12 to 18 months.

我想了解，你們在兩個事業部都有非常強勁的在手訂單。能否更新一下你們預期這些在手訂單在兩個業務中的轉化節奏？這是否有改變，或是否提升了你們的執行能力？以及這對未來大約12到18個月意味著什麼？

Sure. Sure. Thanks, Eric. I think what we're seeing is that we think that Q1 is probably the low watermark for our revenues for both of those segments. We do expect these revenues to ramp up.

當然。當然。謝謝你，Eric。我想我們看到的是，我們認為 Q1 可能是這兩個事業部營收的低點。我們確實預期這些營收會逐步爬升。

I don't think we can take our order run rate and extrapolate that to mean what we're going to book in terms of revenue because we are probably booking further into the future than we have in the past. But I think just suffice to say, I think we can expect a steady ratable growth for the balance of this year.

我不認為我們可以把目前的接單速度直接外推成我們將認列的營收，因為我們現在接單的交期可能比過去更往後。但我想簡單來說，我認為今年剩餘期間可以期待穩定、平均的成長。

And we are, I should add that we are booking into '27 and actually a little bit into '28 now, that's depending on when the customers want the product, not depending on our capability to deliver, it's when the customers want it. They are looking further out, a couple of our customers are booked literally to the end of the decade and so we have some advance notice of some of their products, they want to secure capacity now instead of waiting.

另外我補充一下，我們現在的接單已經排到 2027 年，甚至也有一點到 2028 年；這取決於客戶何時需要產品，而不是取決於我們的交付能力，是客戶想要的時間。他們把規劃看得更遠，有幾位客戶的訂單甚至已經排到這個十年的末尾，因此我們能提前得知他們的一些產品需求；他們希望現在就先確保產能，而不是等到之後。

I don't want to put words in your mouth, but you could -- it sounds like you could execute on this backlog in both segments, perhaps over the next 12 or so months, but in some cases, as you said, it has to do when the customers want that production and that that would potentially be the limiting factor.

我不想替你說話，但你可以——聽起來你們在兩個事業部都能在接下來大約12個月左右執行這些在手訂單；但在某些情況下，如你所說，限制因素在於客戶希望何時生產，而那可能會成為限制。

Correct, which also means there's more capacity we have to fill in the interim.

沒錯，這也意味著我們在這段期間還有更多產能需要去填滿。

Yes, okay.

是的，好的。

Got it.

了解。

I mean, is it something where you're able to disclose kind of what your -- the percentage? And it sounds like it would be more skewed to industrial solutions when you're talking about booking further out, but are you able to kind of give a high-level view of, say, what.

我的意思是，你們是否能揭露一下大概的比例？而且聽起來你說的接單排得更遠，可能更偏向 Industrial Solutions，但你們能否從高層次提供一下，例如——

In that backlog, what is kind of earmarked for '26 versus '27 and '28?

在那個在手訂單中，大概有多少是對應 2026 年、2027 年與 2028 年？

We could probably provide that on the next call, we could provide some color there.

我們可能可以在下一次電話會議提供，我們可以補充一些說明。

At this point, I would say it's primarily '27, anything that's not in this year would be '27, and we're just starting to touch 2028. But we can add some color to that maybe on the next call for sure.

就目前而言，我會說主要是 2027 年；凡是不在今年的，基本上會是 2027 年，而我們才剛開始觸及 2028 年。但我們下次電話會議一定可以再補充一些說明。

And you're correct, the customer that is pushing some or requesting some 2028 due dates, delivery dates would be out of the Industrial Solutions segment, not so much out of gearing.

而你說得沒錯，那位把部分交期推到或要求 2028 年到期日／交付日期的客戶，是來自 Industrial Solutions 事業部，而不是 gearing。

And then could you just talk a little bit about gearing, you mentioned some positive trends in oil and gas and certainly. You are hearing just -- I mean, it's a distant memory, but early in the year, gas prices -- I'm sorry, oil prices pretty depressed. And you're hearing people start to talk about that that's really weighed on their oil and gas business and that it really has not picked up even with oil price appreciation given geopolitical factors. So maybe. Maybe talk about that. I mean, is that something that you're kind of concerned about or on the lookout for? Or is there a reason that gearing would be a little bit insulated from what some others are seeing?

接著您能否再稍微談一下齒輪傳動（gearing）？您提到油氣領域有一些正向趨勢，確實也是。您也聽到一些說法——我的意思是，這已經是很久以前的事了，但在年初，天然氣價格——抱歉，是油價——相當低迷。而您也聽到有人開始談到，這確實拖累了他們的油氣業務，而且即便在地緣政治因素帶動油價回升之後，業務也仍未真正回溫。所以也許……也許談談這點。我的意思是，這是您有點擔心或正在留意的事情嗎？或者，為什麼齒輪傳動業務會比其他人看到的情況更不受影響一些？

Well, gearing has been or oil and gas gearing, as has been at a low for, shoot, six or seven quarters now. And it's because of a couple of things. One is the customers are being more frugal with their capital. Their rigs are a lot more productive, so you don't need to add rigs to add output. However, what's going on now is we have customers that are putting some of their old rigs back to work and replacing some components within their existing rigs. So what we're seeing is what I would call quick turn domestic supply for our customers as they put some of their old equipment back to work.

嗯，齒輪傳動一直——或者說油氣用齒輪傳動——已經處在低檔，呃，現在大概六、七個季度了。原因有幾個。其一是客戶在資本支出上更節省。他們的鑽機效率高很多，所以不需要增加鑽機數量也能增加產出。不過，現在發生的情況是，我們有客戶把一些舊鑽機重新投入使用，並在既有鑽機上更換一些零組件。所以我們看到的是，我會稱之為客戶在把一些舊設備重新啟用時，對國內供應的快速周轉需求。

Got it. So I mean, maybe is this a possibility that that actually, I mean, you are seeing some improvement there, as you said, low levels, but you're seeing some improvement there because customers are, in fact, a little bit cautious, but they're trying to get more out of their existing equipment rather than new capital.

了解。所以我的意思是，這是否可能其實——也就是說，您如您所說，雖然仍在低檔，但您看到一些改善，是因為客戶確實比較謹慎，但他們想從既有設備榨出更多效益，而不是投入新的資本？

Right, that's correct. So the rig count in the US remains down.

對，沒錯。所以美國的鑽機數量仍然偏低。

The customers aren't really putting new rigs back to work. There's been a couple over the last couple of weeks that have been redeployed, but where we are seeing the demand is what I would call aftermarket, meaning the customers that have rigs working need to keep those rigs functioning and they're replacing some of their wear parts, the gearing wear parts with the new components, not new rigs, upgrading existing rigs.

客戶其實沒有把新鑽機重新投入運作。過去幾週有少數鑽機被重新部署，但我們看到需求的地方，我會稱之為售後市場（aftermarket），也就是那些正在運作的鑽機需要維持運轉，客戶會更換一些耗損零件——齒輪傳動的耗損零件——用新的零組件來替換；不是新鑽機，而是升級既有鑽機。

All right, that's helpful. Last one for me, just I mean, pretty clear signaling that you.

好，這很有幫助。我最後一個問題，就是，我的意思是，您相當清楚地釋放訊號說您。

That you aim to use a stronger balance sheet to add to your business. So I'm curious, maybe it's too early, or maybe you just can't talk about some specific thoughts, but just curious, when you look at your platform, what are some areas where you potentially could fill in?

您打算用更強健的資產負債表來擴充您的業務。所以我很好奇，也許現在還太早，或您可能無法談一些具體想法，但想請教，當您看您的平台時，有哪些領域可能可以補強？

Well, of course, we have been pretty open about wanting to grow inorganically. We're going to use those two, both of those platforms, gearing in industrial solutions as platforms to grow.

嗯，當然，我們一直很公開地表示希望透過非有機方式成長。我們會把這兩個平台——齒輪傳動與工業解決方案——作為成長的平台。

We like precision machining with exposure to defense and aerospace. We already have some exposure to power generation. If we can find something in power generation, that would make sense. We'd certainly like to bolt that on. We also like grid hardening.

我們喜歡精密加工，且能接觸國防與航太領域的業務。我們在發電領域已經有一些布局。如果我們能在發電領域找到合適的標的，那會很合理。我們當然希望把它併入（bolt on）。我們也喜歡電網強韌化（grid hardening）。

Think in terms of transmission distribution, a lot of the grid in the US is quite old.

可以從輸電與配電的角度來看，美國很多電網都相當老舊。

In need of upgrade, and we think there's a position for us to take to support that upgrade.

需要升級，我們認為我們可以取得一個位置來支持這項升級。

Okay, thank you.

好的，謝謝。

Thanks, sir.

謝謝您，先生。

Our next question comes from Amit Dayal with H.C. Wainwright. Your line is now live.

下一個問題來自 H.C. Wainwright 的 Amit Dayal。您的線路已開通。

Thank you. Good morning, everyone. Thanks for taking my questions.

謝謝。各位早安。謝謝讓我提問。

So, it looks like, you have a pretty clear strategy in front of you with the new segments you're focused on. In that context, what should we expect EBITDA margins to sort of come through maybe over the next 12 to 18 months as you sort of clean up the businesses you're exiting and focus on these new segments?

所以看起來，您在新的聚焦事業部上有一個相當清晰的策略。在這個背景下，當您逐步清理要退出的業務並聚焦這些新事業部時，未來 12 到 18 個月我們應該如何期待 EBITDA 利潤率的表現？

Sure. Yeah, I'll take that one.

當然。對，這題我來回答。

So, I would say within our gearing. segment, we should expect margins to continue to improve.

我會說，在我們的齒輪傳動事業部，我們應該會看到利潤率持續改善。

For them, it's really about volume and operating leverage. They have a big fixed cost structure and the more revenue that we can produce out of that plant, the more profitable the overall plant is. So we should see that continue to improve ratably.

對他們而言，關鍵其實在於出貨量與營運槓桿。他們有很大的固定成本結構，我們能從那座工廠產出越多營收，整體工廠的獲利就越高。所以我們應該會看到它持續按部就班地改善。

In terms of our biz, we should see our mix normalize. The last two quarters, I think we've got a very strong mix of products sold, and we expect that to increase we expect that to normalize, I should say, over the balance of the year, although revenue going up. But in terms of margins, I think you'll see that normalize a little bit over the balance of the year.

至於我們的業務，我們應該會看到產品組合回到常態。過去兩個季度，我認為我們銷售的產品組合非常強，我們預期——我應該說——在今年剩餘期間會回歸常態，雖然營收會上升。但就利潤率而言，我想您會看到在今年剩餘期間稍微回到常態。

Understood.

了解。

And then, we've spoken about this, guys, one-on-one in prior calls, but with the new fabrication now sort of out of the way, is there a potential rebranding coming for the company overall?

另外，我們之前在電話會議中一對一談過，但現在新的製造（fabrication）業務算是告一段落了，公司整體是否可能進行品牌重塑（rebranding）？

Yeah, the question really is, we don't know yet.

對，這個問題的答案其實是，我們還不確定。

There's certain of our divisions are already operating with different names, Bradford Gear, which we would not rebrand. But the overall company we're thinking about it, I would stay tuned on that. The word Broadwind has wind in it, but there's a whole lot more that Broadwind means to many people than just a wind company. So stay tuned. We've thought about it. We're considering it, but no decision at this point.

我們有些事業部已經用不同名稱在營運，例如 Bradford Gear，我們不會對它改名。但整體公司層面我們正在思考這件事，請持續關注。Broadwind 這個字裡有 wind（風電），但對很多人而言，Broadwind 的意義遠不只是風電公司。所以請持續關注。我們想過這件事。我們正在評估，但目前還沒有決定。

Understood. And then just last one. On the defense side, who are the customers on the defense side, Eric?

了解。最後一個問題。在國防方面，Eric，國防端的客戶是哪些？

Some of them, well, there's Oh, what kind of Just to get a sense of Yeah, what I would say is some of them don't want us to disclose their name, but let's say there are parts for weapon systems, there's parts for the naval systems, and there's parts for helicopters.

其中一些——嗯，有些客戶不希望我們揭露他們的名稱，但我可以說，我們供應的零件包含武器系統用零件、海軍系統用零件，以及直升機用零件。

Okay.

好的。

Thank you.

謝謝。

And that's all I have, guys. I'll take no other questions offline.

我就這些問題，各位。我不會再私下追問其他問題。

Thank you.

謝謝。

Thank you.

謝謝。

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。現在我想把電話交回給 Eric Blashford 作結語。

Yeah. Thanks, everyone, for listening today. We're on the move. We're excited to execute our strategy.

好的。謝謝各位今天收聽。我們正在推進中。我們很期待落實我們的策略。

So stay tuned on that. We look forward to speaking with you again after Q2 to discuss our results.

所以請持續關注。我們期待在第二季之後再與各位交流，討論我們的業績結果。

Have a great day, everyone.

祝各位有美好的一天。

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

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。