Broadwind Registers 26% Revenue Decline In Q3 - Broadwind (NASDAQ:BWEN)

Broadwind Inc BWEN reported third-quarter revenue declined of 26.1% year-over-year to $40.39 million, beating the consensus of $38.58 million.
Total orders increased by 7.7% Y/Y to $42.59 million.
EPS loss widened to $(0.11) from $(0.06) in 3Q20, missing consensus of $(0.09).
The gross margin contracted by 171 bps to 5.1%. The operating loss expanded to $(1.99) million from $(0.475) million a year ago.
Adjusted EBITDA was $0.40 million, compared to $1.29 million in 3Q20, and margin contracted by 140 bps to 1%.
Total backlog declined 21% Y/Y to $76.5 million in the quarter.
Broadwind's cash used in operating activities year-to-date totaled $10.82 million, compared to $2.47 million a year ago. It held cash of $2.34 million.
"Looking ahead, we anticipate a positive inflection in onshore tower demand beginning in late 2022 and into 2023, driven by incremental growth in onshore capacity additions," commented Eric Blashford, President and CEO of Broadwind.
Q4 Outlook: The company anticipates adjusted EBITDA loss of $(1.0) million - $(1.5) million.
Price Action: BWEN shares are trading lower by 1.24% at $3.20 on the last check Wednesday.