$BWEN: Q2 Earnings Review

The thesis continues to strengthen. Revised base & bull case and key takeaways.

9 Ventures | Equity Research

Robust growth on top line and backlog

Broadwind reported Q2 2026 on August 11. Revenue of $24.3 million, up 67% year over year. Adjusted EBITDA of $1.6 million against a $1.1 million loss in the prior year quarter. Gross profit nearly quadrupled to $3.8 million. Loss from continuing operations narrowed to $0.7 million from $3.0 million.

Q1 was the low water mark. Management said it on the last call and they were right. Both segments moved up sequentially, and the mix of what drove it is the part worth spending time on.

Orders were $35.2 million against $21.0 million a year ago. Book-to-bill of 1.5x. Combined Gearing and Industrial Solutions backlog is now roughly $85 million, up 93% year over year. Backlog is compounding at about $11 million a quarter and the conversion window on most of it is six to twelve months.

I built this position on a thesis that the wind exit would leave behind a clean precision manufacturing business levered to gas turbines, and that the street would begin to notice as we exit the fiscal year. Q2 is the quarter where the numbers stopped requiring imagination.