$BWEN — Sitting down with Broadwind CEO & CFO

Sitting down with Broadwind CEO Eric Blashford and CFO Thomas Ciccone

9 Ventures | Equity Research

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Attendees

• Eric Blashford, President & CEO, Broadwind, Inc.

• Thomas Ciccone, VP & CFO, Broadwind, Inc.

• Brian Hawthorne, Investor Relations

• 9 Ventures, just a guy who likes his job

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Overview

I got time with Eric Blashford and Thomas Ciccone earlier this week. The conversation covered backlog dynamics, competitive positioning, margin targets, and the long-term Supercycle thesis. The key takeaway: management is not hedging and are laser focused on delivering for customers, driving both growth and margin. They are explicitly targeting historical best margins in both Gearing and Industrial Solutions in the future, and the demand picture they are describing is unlike anything they have seen before.