Form 10-Q - Quarterly report [Sections 13 or 15(d)]

 

 

Table of Contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the quarterly period ended June 30, 2024

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OR

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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the transition period from                   to

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Commission file number 001-34278

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BROADWIND, INC.

(Exact name of registrant as specified in its charter)

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Delaware	​	88-0409160
(State or other jurisdiction of incorporation or organization)	​	(I.R.S. Employer Identification No.)

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3240 S. Central Avenue, Cicero, IL 60804

(Address of principal executive offices)

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[phone]

(Registrant’s telephone number, including area code)

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Not applicable

(Former name, former address and former fiscal year, if changed since last report)

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.001 par value	BWEN	The NASDAQ Capital Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding twelve months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒  No  ☐

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

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Large accelerated filer ☐	​	Accelerated filer ☐
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Non-accelerated filer ☒	​	Smaller reporting company ☒
Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period to comply with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒

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Number of shares of registrant’s common stock, par value $0.001, outstanding as of August 8, 2024: 21,985,559.

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BROADWIND, INC. AND SUBSIDIARIES

 

INDEX

 

​	​	Page No.
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PART I. FINANCIAL INFORMATION
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Item 1.	Unaudited Financial Statements	1
​	Condensed Consolidated Balance Sheets	1
​	Condensed Consolidated Statements of Operations	2
​	Condensed Consolidated Statements of Stockholders’ Equity	3
​	Condensed Consolidated Statements of Cash Flows	4
​	Notes to Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	27
Signatures	​	29

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PART I.       FINANCIAL INFORMATION

 

Item 1.Financial Statements

 

BROADWIND, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share data)

 

 

		June 30,				December 31,
		2024				2023
ASSETS
CURRENT ASSETS:
Cash		$	938			$	1,099
Accounts receivable, net			14,172				19,231
AMP credit receivable			1,691				7,051
Contract assets			1,157				1,460
Inventories			38,802				37,405
Prepaid expenses and other current assets			2,390				3,500
Total current assets			59,150				69,746
LONG-TERM ASSETS:
Property and equipment, net			46,266				47,123
Operating lease right-of-use assets, net			14,748				15,593
Intangible assets, net			1,733				2,064
Other assets			636				630
TOTAL ASSETS		$	122,533			$	135,156
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Line of credit and current maturities of long-term debt		$	12,012			$	5,903
Current portion of finance lease obligations			2,098				2,153
Current portion of operating lease obligations			1,987				1,851
Accounts payable			15,950				20,728
Accrued liabilities			4,347				6,477
Customer deposits			2,772				16,500
Total current liabilities			39,166				53,612
LONG-TERM LIABILITIES:
Long-term debt, net of current maturities			5,945				6,250
Long-term finance lease obligations, net of current portion			3,481				3,372
Long-term operating lease obligations, net of current portion			14,872				15,888
Other			17				15
Total long-term liabilities			24,315				25,525
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding			—				—
Common stock, $0.001 par value; 45,000,000 shares authorized; 22,259,496 and 21,840,301 shares issued as of June 30, 2024, and December 31, 2023, respectively	(1)		22				22
Treasury stock, at cost, 273,937 shares as of June 30, 2024 and December 31, 2023			(1,842	)			(1,842	)
Additional paid-in capital			400,377				399,336
Accumulated deficit			(339,505	)			(341,497	)
Total stockholders’ equity			59,052				56,019
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	122,533			$	135,156

 

(1) Refer to Note 17 “Capitalization”, for additional information regarding the calculation of the number of shares of common stock authorized. 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

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BROADWIND, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share data)

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Revenues			$ 36,452				$ 50,843				$ 74,068				$ 99,716
Cost of sales			30,886				42,510				61,865				84,407
Gross profit			5,566				8,333				12,203				15,309
OPERATING EXPENSES:
Selling, general and administrative			4,143				5,952				8,537				11,478
Intangible amortization			166				165				331				333
Total operating expenses			4,309				6,117				8,868				11,811
Operating income			1,257				2,216				3,335				3,498
OTHER EXPENSE, net:
Interest expense, net			(726)				(751)				(1,258)				(1,239)
Other, net			4				(22)				7				(24)
Total other expense, net			(722)				(773)				(1,251)				(1,263)
Net income before provision for income taxes			535				1,443				2,084				2,235
Provision for income taxes			53				28				92				51
NET INCOME			482				1,415				1,992				2,184
NET INCOME PER COMMON SHARE—BASIC:
Net income			$ 0.02				$ 0.07				$ 0.09				$ 0.10
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC			21,783				21,091				21,689				20,981
NET INCOME PER COMMON SHARE—DILUTED:
Net income			$ 0.02				$ 0.07				$ 0.09				$ 0.10
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—DILUTED			22,003				21,409				21,904				21,390

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

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BROADWIND, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(in thousands, except share data)

 

		Common Stock								Treasury Stock								Additional
		Shares				Issued								Issued				Paid-in				Accumulated
		Issued				Amount				Shares				Amount				Capital				Deficit				Total
BALANCE, December 31, 2022			21,127,130			$	21				(273,937	)		$	(1,842	)		$	397,240			$	(349,146	)		$	46,273
Stock issued under defined contribution 401(k) retirement savings plan			64,807				—				—				—				302				—				302
Share-based compensation			—				—				—				—				178				—				178
Net income			—				—				—				—				—				769				769
BALANCE, March 31, 2023			21,191,937			$	21				(273,937	)		$	(1,842	)		$	397,720			$	(348,377	)		$	47,522
Stock issued for restricted stock			408,436				1				—				—				—				—				1
Stock issued under defined contribution 401(k) retirement savings plan			71,536				—				—				—				346				—				346
Share-based compensation			—				—				—				—				231				—				231
Shares withheld for taxes in connection with issuance of restricted stock			(92,984	)			—				—				—				(117	)			—				(117	)
Sale of common stock, net			—				—				—				—				—				—				—
Net income			—				—				—				—				—				1,415				1,415
BALANCE, June 30, 2023			21,578,925			$	22				(273,937	)		$	(1,842	)		$	398,180			$	(346,962	)		$	49,398
BALANCE, December 31, 2023			21,840,301			$	22				(273,937	)		$	(1,842	)		$	399,336			$	(341,497	)		$	56,019
Stock issued under defined contribution 401(k) retirement savings plan			107,305				—				—				—				287				—				287
Share-based compensation			—				—				—				—				225				—				225
Net income			—				—				—				—				—				1,510				1,510
BALANCE, March 31, 2024			21,947,606			$	22				(273,937	)		$	(1,842	)		$	399,848			$	(339,987	)		$	58,041
Stock issued for restricted stock			240,397				—				—				—				—				—				—
Stock issued under defined contribution 401(k) retirement savings plan			118,161				—				—				—				308				—				308
Share-based compensation			—				—				—				—				351				—				351
Shares withheld for taxes in connection with issuance of restricted stock			(46,668	)			—				—				—				(130	)			—				(130	)
Net income			—				—				—				—				—				482				482
BALANCE, June 30, 2024			22,259,496			$	22				(273,937	)		$	(1,842	)		$	400,377			$	(339,505	)		$	59,052

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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BROADWIND, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

		Six Months Ended June 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	1,992			$	2,184
Adjustments to reconcile net cash used in operating activities:
Depreciation and amortization expense			3,314				3,167
Deferred income taxes			2				(5	)
Share-based compensation			576				409
Allowance for credit losses			(2	)			16
Common stock issued under defined contribution 401(k) plan			595				648
(Gain) loss on disposal of assets			(114	)			48
Changes in operating assets and liabilities:
Accounts receivable			5,061				(11,794	)
AMP credit receivable			5,360				(6,729	)
Contract assets			302				(273	)
Inventories			(1,397	)			(4,293	)
Prepaid expenses and other current assets			1,111				147
Accounts payable			(4,328	)			1,776
Accrued liabilities			(2,130	)			1,367
Customer deposits			(13,728	)			(4,190	)
Other non-current assets and liabilities			(41	)			75
Net cash used in operating activities			(3,427	)			(17,447	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(2,534	)			(3,977	)
Proceeds from disposals of property and equipment			159				15
Net cash used in investing activities			(2,375	)			(3,962	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit, net			5,914				11,991
Proceeds from long-term debt			1,421				618
Payments on long-term debt			(681	)			(607	)
Payments on finance leases			(883	)			(1,113	)
Shares withheld for taxes in connection with issuance of restricted stock			(130	)			(117	)
Net cash provided by financing activities			5,641				10,772
NET DECREASE IN CASH			(161	)			(10,637	)
CASH beginning of the period			1,099				12,732
CASH end of the period		$	938			$	2,095

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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BROADWIND, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(Dollars are presented in thousands, except share, per share and per employee data or unless otherwise stated)

 

 

NOTE 1 — BASIS OF PRESENTATION 

 

The unaudited condensed consolidated financial statements presented herein include the accounts of Broadwind, Inc. (the “Company”) and its wholly-owned subsidiaries Broadwind Heavy Fabrications, Inc. (“Broadwind Heavy Fabrications”), Brad Foote Gear Works, Inc. (“Brad Foote”) and Broadwind Industrial Solutions, LLC (“Broadwind Industrial Solutions”). All intercompany transactions and balances have been eliminated. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included.

 

Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2024, or any other interim period, which may differ materially due to, among other things, the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023.

 

The December 31, 2023 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. This financial information should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2024 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

Company Description  

 

Through its subsidiaries, the Company is a precision manufacturer of structures, equipment and components for clean technology and other specialized applications. The Company provides technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the “U.S.”). The Company’s capabilities include, but are not limited to, the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly, engineering and packaging solutions. The Company’s most significant presence is within the U.S. wind energy industry, which accounted for 40% and 50% of the Company’s revenue during the first six months of 2024 and 2023, respectively. 

 

Liquidity

 

The Company typically meets its short term liquidity needs through cash generated from operations, its available cash balances, the 2022 Credit Facility (as defined below), equipment financing, access to the public and private debt and/or equity markets, and has the option to raise capital from the sale of the Company’s securities under the Company’s registration statement on Form S-3 (as discussed below), and proceeds from sales of Advanced Manufacturing Production tax credits (“AMP credits”) (discussed in Note 5 “AMP Credits” of these condensed consolidated financial statements).

 

See Note 8, “Debt and Credit Agreements,” of these condensed consolidated financial statements for a description of the 2022 Credit Facility and the Company’s other debt. 

 

Debt and finance lease obligations at  June 30, 2024 totaled $23,536, which includes current outstanding debt and finance leases totaling $14,110. The Company’s outstanding debt includes $5,593 outstanding from the senior secured term loan under the 2022 Credit Facility. During the six months ended June 30, 2024, the Company borrowed on the revolving line of credit and repaid such borrowings during the period. The Company had $10,571 drawn on the revolving line of credit as of June 30, 2024. The Company’s revolving line of credit balance, if any, is included in the “Line of credit and current maturities of long-term debt” line item in the Company's condensed consolidated balance sheet. 

  

On September 22, 2023, the Company filed a shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 12, 2023 (the “Form S-3”), replacing a prior shelf registration statement which expired on October 12, 2023. This shelf registration statement, which includes a base prospectus, allows the Company to offer any combination of securities described in the prospectus in one or more offerings. Unless otherwise specified in the prospectus supplement accompanying the base prospectus, the Company would use the net proceeds from the sale of any securities offered pursuant to the shelf registration statement for general corporate purposes.

 

On September 12, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC and HC Wainwright & Co., LLC (collectively, the “Agents”). Pursuant to the terms of the Sales Agreement, the Company may sell from time to time through the Agents shares of the Company’s common stock, par value $0.001 per share with an aggregate sales price of up to $12,000. The Company will pay a commission to the Agents of 2.75% of the gross proceeds of the sale of the shares sold under the Sales Agreement and reimburse the Agents for the expenses incident to the performance of their obligations under the Sales Agreement. No shares of the Company’s common stock were issued under the Sales Agreement during the year ended December 31, 2023 or during the six months ended June 30, 2024. As of June 30, 2024, shares of the Company’s common stock having a value of approximately $11,667 remained available for issuance under the Sales Agreement. Any additional shares offered and sold under the Sales Agreement are to be issued pursuant to the Form S-3 and a 424(b) prospectus supplement.

 

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The Company also utilizes supply chain financing arrangements as a component of its funding for working capital, which accelerates receivable collections and helps to better manage cash flow. Under these agreements, the Company has agreed to sell certain of its accounts receivable balances to banking institutions who have agreed to advance amounts equal to the net accounts receivable balances due, less a discount as set forth in the respective agreements. The balances under these agreements are accounted for as sales of accounts receivable, as they are sold without recourse. Cash proceeds from these agreements are reflected as operating activities included in the change in accounts receivable in the Company's consolidated statements of cash flows. Fees incurred in connection with the agreements are recorded as interest expense by the Company.

 

During the three and six months ended June 30, 2024, the Company sold account receivables totaling $13,234 and $20,039, respectively, related to supply chain financing arrangements, of which customers’ financial institutions applied discount fees totaling $352 and $516, respectively. During the three and six months ended June 30, 2023, the Company sold account receivables totaling $9,495 and $18,807, respectively, related to supply chain financing arrangements, of which customers’ financial institutions applied discount fees totaling $184 and $315, respectively. 

 

In January 2023, the Company announced that it had entered into a supply agreement for wind tower purchases valued at approximately $175 million with a leading global wind turbine manufacturer.  Under the terms of the supply agreement, order fulfillment is to occur beginning in 2023 through year-end 2024. In early November 2023, the parties discussed their joint intent to shift approximately half of the contracted tower section orders initially planned for 2024 into 2025, while maintaining the total number of tower sections stipulated under the supply agreement.

 

The Company anticipates that current cash resources, amounts available under the 2022 Credit Facility, sales of shares under the Sales Agreement, cash to be generated from operations and equipment financing, access to the public and private debt and/or equity markets, any potential proceeds from the sale of further Company securities under the Form S-3, and proceeds from sales of AMP credits will be adequate to meet the Company’s liquidity needs for at least the next twelve months.

 

If assumptions regarding the Company’s production, sales and subsequent collections from certain of the Company’s large customers, the Company’s ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer, as well as receipt of customer deposits and revenues generated from new customer orders, are materially inconsistent with management’s expectations, the Company may in the future encounter cash flow and liquidity issues.

 

If the Company’s operational performance deteriorates, the Company may be unable to comply with existing financial covenants, and could lose access to the 2022 Credit Facility. This could limit the Company’s operational flexibility, require a delay in making planned investments and/or require us to seek additional equity or debt financing. Any attempt to raise equity through the public markets could have a negative effect on the Company’s stock price, making an equity raise more difficult or more dilutive. Any additional equity financing or equity-linked financing, if available, will be dilutive to stockholders, and additional debt financing, if available, would likely require new financial covenants or impose other operating and financial restrictions on the Company. While management believes that the Company will continue to have sufficient cash available to operate its businesses and to meet the Company’s financial obligations and debt covenants, there can be no assurances that the Company’s operations will generate sufficient cash, or that credit facilities or equity or equity-linked financings will be available in an amount sufficient to enable the Company to meet these financial obligations.

 

Reclassifications

 

Certain prior year amounts have been reclassified to conform to current year presentation in the condensed consolidated financial statements and the notes to the condensed consolidated financial statements.  

 

Management’s Use of Estimates

 

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reported period. Significant estimates, among others, include inventory reserves, warranty reserves, impairment of long-lived assets, allowance for credit losses, health insurance reserves, and valuation allowances on deferred taxes. Although these estimates are based upon management’s best knowledge of current events and actions that the Company may undertake in the future, actual results could differ from these estimates.

 

 

NOTE 2 — REVENUES

 

Revenues are recognized when the promised goods or services are transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

 

The following table presents the Company’s revenues disaggregated by revenue source for the three and six months ended June 30, 2024 and 2023:

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Heavy Fabrications		$	19,611			$	33,944			$	41,628			$	65,537
Gearing			10,454				10,977				18,791				22,943
Industrial Solutions			6,463				6,270				14,456				11,692
Eliminations			(76	)			(348	)			(807	)			(456	)
Consolidated		$	36,452			$	50,843			$	74,068			$	99,716

 

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Revenue within the Company’s Gearing and Industrial Solutions segments, as well as industrial fabrication product line revenues within the Heavy Fabrications segment, are generally recognized at a point in time, typically when the promised goods or services are physically transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. The Company measures revenue based on the consideration specified in the purchase order and revenue is recognized when the performance obligations are satisfied. If applicable, the transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation.

 

For many tower sales within the Company’s Heavy Fabrications segment, products are sold under terms included in bill and hold sales arrangements that result in different timing for revenue recognition. The Company recognizes revenue under these arrangements only when there is a substantive reason for the agreement, the ordered goods are identified separately as belonging to the customer and not available to fill other orders, the goods are currently ready for physical transfer to the customer, and the Company does not have the ability to use the product or to direct it to another customer. Assuming these required revenue recognition criteria are met, revenue is recognized upon completion of product manufacture and customer acceptance.

 

During the six months ended June 30, 2024 and 2023, the Company recognized a portion of revenue within the Heavy Fabrications segment over time, as the products had no alternative use to the Company and the Company had an enforceable right to payment, including profit, upon termination of the contracts. Within the Heavy Fabrications segment, the Company recognized revenue for contracts that meet over time criteria of $2,067 and $2,347 for the three and six months ended June 30, 2024, respectively. Within the Heavy Fabrications segment, the Company recognized revenue over time of $3,076 and $6,744 for the three and six months ended June 30, 2023, respectively. The Company uses labor hours as the input measure of progress for the applicable Heavy Fabrications contracts because the projects are labor intensive. Contract assets are recorded when performance obligations are satisfied but the Company is not yet entitled to payment. Contract assets represent the Company’s rights to consideration for work completed but not billed at the end of the period. 

 

The Company generally expenses sales commissions when incurred. These costs are recorded within selling, general and administrative expenses. Customer deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned. Cash payments to customers are classified as reductions of revenue in the Company’s statement of operations.

 

The Company does not disclose the value of the unsatisfied performance obligations for contracts with an original expected length of one year or less.

 

 

NOTE 3 — EARNINGS PER SHARE 

 

The following table presents a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023, as follows: 

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Basic earnings per share calculation:
Net income		$	482			$	1,415			$	1,992			$	2,184
Weighted average number of common shares outstanding			21,783,219				21,091,496				21,688,941				20,980,880
Basic net income per share		$	0.02			$	0.07			$	0.09			$	0.10
Diluted earnings per share calculation:
Net income		$	482			$	1,415			$	1,992			$	2,184
Weighted average number of common shares outstanding			21,783,219				21,091,496				21,688,941				20,980,880
Common stock equivalents:
Non-vested stock awards			219,859				317,031				215,515				409,351
Weighted average number of common shares outstanding			22,003,078				21,408,527				21,904,456				21,390,231
Diluted net income per share		$	0.02			$	0.07			$	0.09			$	0.10

 

 

NOTE 4 — INVENTORIES 

 

The components of inventories as of June 30, 2024 and December 31, 2023 are summarized as follows:

 

		June 30,				December 31,
		2024				2023
Raw materials		$	20,028			$	24,651
Work-in-process			13,372				10,390
Finished goods			7,467				4,595
			40,867				39,636
Less: Reserve			(2,065	)			(2,231	)
Net inventories		$	38,802			$	37,405

          

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​

 

NOTE 5 — AMP CREDITS

 

During the three and six months ended June 30, 2024, the Company recognized gross AMP credits totaling $1,848 and $3,720, respectively, within the Heavy Fabrications segment. During the three and six months ended June 30, 2023, the Company recognized AMP credits totaling $3,567 and $6,729, respectively, within the Heavy Fabrications segment. These AMP credits were introduced as part of the Inflation Reduction Act (“IRA”), which was enacted on August 16, 2022. The IRA includes advanced manufacturing tax credits for manufacturers of eligible components, including wind components. Manufacturers of wind components qualify for the AMP credits based on the total rated capacity, expressed on a per watt basis, of the completed wind turbine for which such component is designed. The credit applies to each component produced and sold in the U.S. beginning in 2023 through 2032. Wind towers within the Company’s Heavy Fabrications segment are eligible for credits of $0.03 per watt for each wind tower produced. In calculating the eligible credit, the Company relied on the megawatt rating provided by the customers. Manufacturers who qualify for the AMP credits can apply to the Internal Revenue Service for cash refunds of the AMP credits, sell the AMP credits to third parties for cash, or apply the AMP credits against taxable income. The Company recognized the AMP credits as a reduction to cost of sales in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2024 and June 30, 2023. The assets related to the AMP credits are recognized as current assets in the “AMP credit receivable” line item in the Company’s condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023. 

 

On December 21, 2023, the Company entered into an agreement to sell 2023 and 2024 AMP credits to a third party. At that time, the Company sold a portion of the gross 2023 credits in the amount of $6,952 and recognized a 6.5% discount on the sale in the amount of $452 which was recognized in cost of sales. In addition, the Company wrote down the remaining receivable of $7,541 to net realizable value and recorded the expected loss on sale of $490 in cost of sales. The remaining 2023 AMP credit receivable was collected during the first quarter of 2024. The Company also incurred other miscellaneous administrative costs related to selling the credits in the amount of $254, $197 of which has been recorded as cost of sales, with the remaining capitalized and included in the “Prepaid expenses and other current assets” line item of the Company’s condensed consolidated financial statements at December 31, 2023. 

 

During the six months ended June 30, 2024, the Company recognized gross AMP credits totaling $3,720 and recognized a 6.5% discount on the credits totaling $242, which was recognized in cost of sales. The Company also incurred other miscellaneous administrative costs related to the credits in the amount of $65, which have been recorded as cost of sales. Additionally, costs totaling $28 are included in the “Prepaid expenses and other current assets” line item of the Company’s condensed consolidated financial statements at June 30, 2024. 

 

NOTE 6 — INTANGIBLE ASSETS

 

Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company’s acquisition of Brad Foote completed in 2007 as well as the noncompetition agreements, trade names and customer relationships that were part of the Company’s acquisition of Red Wolf Company, LLC completed in 2017. Intangible assets are amortized on a straight-line basis over their estimated useful lives, with a remaining life range from 2 to 3 years.

 

As of June 30, 2024 and December 31, 2023, the cost basis, accumulated amortization and net book value of intangible assets were as follows:

 

		June 30, 2024																				December 31, 2023
																		Remaining																				Remaining
																		Weighted																				Weighted
										Accumulated				Net				Average												Accumulated				Net				Average
		Cost				Accumulated				Impairment				Book				Amortization								Accumulated				Impairment				Book				Amortization
		Basis				Amortization				Charges				Value				Period				Cost				Amortization				Charges				Value				Period
Intangible assets:
Noncompete agreements		$	170			$	(170	)		$	—			$	—				—			$	170			$	(170	)		$	—			$	—				—
Customer relationships			15,979				(7,973	)			(7,592	)			414				1.6				15,979				(7,842	)			(7,592	)			545				2.1
Trade names			9,099				(7,780	)			—				1,319				3.3				9,099				(7,580	)			—				1,519				3.8
Intangible assets		$	25,248			$	(15,923	)		$	(7,592	)		$	1,733				2.9			$	25,248			$	(15,592	)		$	(7,592	)		$	2,064				3.3

​

As of June 30, 2024, estimated future amortization expense was as follows:

 

2024		$	331
2025			661
2026			422
2027			319
Total		$	1,733

​

​ 

 

NOTE 7 — ACCRUED LIABILITIES

 

Accrued liabilities as of June 30, 2024 and December 31, 2023 consisted of the following: 

 

		June 30,				December 31,
		2024				2023
Accrued payroll and benefits		$	3,151			$	5,051
Accrued property taxes			411				—
Income taxes payable			80				254
Accrued professional fees			62				140
Accrued warranty liability			277				322
Self-insured workers compensation reserve			47				21
Accrued sales tax			1				310
Accrued other			318				379
Total accrued liabilities		$	4,347			$	6,477

 

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NOTE 8 — DEBT AND CREDIT AGREEMENTS

 

The Company’s outstanding debt balances as of June 30, 2024 and December 31, 2023 consisted of the following:

 

		June 30,				December 31,
		2024				2023
Line of credit		$	10,571			$	4,657
Other notes payable			1,793				1,361
Long-term debt			5,593				6,135
Total debt			17,957				12,153
Less: current maturities			(12,012	)			(5,903	)
Long-term debt, net of current maturities		$	5,945			$	6,250

 

Credit Facility

 

On August 4, 2022, the Company entered into a credit agreement (the “2022 Credit Agreement”) with Wells Fargo Bank, National Association, as lender (“Wells Fargo”), which replaced its prior credit facility and provided the Company and its subsidiaries with a $35,000 senior secured revolving credit facility (which may be further increased by up to an additional $10,000 upon the request of the Company and at the sole discretion of Wells Fargo) and a $7,578 senior secured term loan (collectively, the “2022 Credit Facility”). The proceeds of the 2022 Credit Facility are available for general corporate purposes, including strategic growth opportunities. At June 30, 2024, deferred financing costs related to the 2022 Credit Facility were $308 primarily related to the revolving credit loan, which is net of accumulated amortization of $192. At December 31, 2023, deferred financing costs related to the 2022 Credit Facility were $359 which is net of accumulated amortization of $141. These costs are included in the “Other assets” line item of the Company's condensed consolidated financial statements at June 30, 2024 and December 31, 2023. 

 

On February 8, 2023, the Company executed Amendment No. 1 to Credit Agreement and Limited Waiver which waived the Company’s fourth quarter minimum EBITDA (as defined in the 2022 Credit Agreement) requirement for the period ended December 31, 2022, amended the Fixed Charge Coverage Ratio (as defined in the 2022 Credit Agreement) requirements for the twelve-month period ending January 31, 2024 through and including June 30, 2024 and each twelve-month period thereafter, and amended the minimum EBITDA requirements applicable to the twelve-month periods ending March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023.

 

The 2022 Credit Agreement, as amended, contains customary covenants limiting the Company’s and its subsidiaries’ ability to, among other things, incur liens, make investments, incur indebtedness, merge or consolidate with others or dispose of assets, change the nature of its business, and enter into transactions with affiliates. The initial term of the revolving credit facility matures August 4, 2027. The term loan also matures on August 4, 2027, with monthly payments based on an 84-month amortization.

 

As of June 30, 2024, there was $16,164 of outstanding indebtedness under the 2022 Credit Facility, with the ability to borrow an additional $17,509. As of June 30, 2024, the Company was in compliance with all financial covenants under the 2022 Credit Facility. As of June 30, 2024, the effective interest rate of the senior secured revolving credit facility was 7.59% and the senior secured term loan was 7.84%. As of December 31, 2023, the effective interest rate of the senior secured revolving credit facility was 7.64% and the effective rate of the senior secured term loan was 7.89%. 

 

Other 

 

 In addition, the Company has outstanding notes payable for capital expenditures in the amount of $1,793 and $1,361 as of June 30, 2024 and December 31, 2023, respectively, with $359 and $163 included in the “Line of credit and current maturities of long-term debt” line item of the Company’s condensed consolidated financial statements as of June 30, 2024 and December 31, 2023, respectively. The notes payable have monthly payments that range from $1 to $20 and an interest rate of approximately 7%. The equipment purchased is utilized as collateral for the notes payable. The outstanding notes payable have maturity dates that range from  September 2028 to May 2029.

 

 

NOTE 9 — LEASES

 

The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016-02, Leases (“Topic 842”), and the Company elected to apply each available practical expedient. The discount rates used for the leases are based on an interest rate yield curve developed for the leases in the Company’s lease portfolio.

 

The Company has elected to apply the short-term lease exception to all leases of one year or less. During the six months ended June 30, 2024 and 2023, the Company had an additional operating lease that resulted in right-of-use assets obtained in exchange for lease obligations in the amount of $29 and $0, respectively. During the six months ended June 30, 2024 and 2023, the Company had additional finance leases associated with property, plant, and equipment of $880 and $0, respectively. 

 

Some of the Company’s facility leases include options to renew. The exercise of the renewal options is typically at the Company’s discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them.

 

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Quantitative information regarding the Company’s leases is as follows:

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Components of lease cost
Finance lease cost components:
Amortization of finance lease assets		$	370			$	369			$	728			$	739
Interest on finance lease liabilities			121				86				228				184
Total finance lease costs			491				455				956				923
Operating lease cost components:
Operating lease cost			703				689				1,345				1,393
Short-term lease cost			54				78				100				167
Variable lease cost (1)			384				178				753				523
Sublease income			(49	)			(49	)			(99	)			(97	)
Total operating lease costs			1,092				896				2,099				1,986
Total lease cost		$	1,583			$	1,351			$	3,055			$	2,909
Supplemental cash flow information related to our operating leases is as follows for the six months ended June 30, 2024 and 2023:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases										$	1,679			$	1,727
Weighted-average remaining lease term-finance leases at end of period (in years)											2.8				3.1
Weighted-average remaining lease term-operating leases at end of period (in years)											6.6				7.7
Weighted-average discount rate-finance leases at end of period											5.4	%			5.1	%
Weighted-average discount rate-operating leases at end of period											8.9	%			8.8	%

 

(1)

Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment.

​

As of June 30, 2024, future minimum lease payments under finance leases and operating leases were as follows:

​

		Finance				Operating
		Leases				Leases				Total
2024		$	1,637			$	1,683			$	3,320
2025			1,477				3,454				4,931
2026			1,220				3,449				4,669
2027			929				3,151				4,080
2028			6				3,160				3,166
2029 and thereafter			1,014				7,802				8,816
Total lease payments			6,283				22,699				28,982
Less—portion representing interest			(704	)			(5,840	)			(6,544	)
Present value of lease obligations			5,579				16,859				22,438
Less—current portion of lease obligations			(2,098	)			(1,987	)			(4,085	)
Long-term portion of lease obligations		$	3,481			$	14,872			$	18,353

​ 

 

NOTE 10 — FAIR VALUE MEASUREMENTS 

 

Fair Value of Financial Instruments 

 

The carrying amounts of the Company’s financial instruments, which include cash, accounts receivable, accounts payable and customer deposits, approximate their respective fair values due to the relatively short-term nature of these instruments. Based upon interest rates currently available to the Company for debt with similar terms, the carrying value of the Company’s long-term debt is approximately equal to its fair value. 

 

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The Company is required to provide disclosure and categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value while Level 3 generally requires significant management judgment. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. Financial instruments are assessed quarterly to determine the appropriate classification within the fair value hierarchy. Transfers between fair value classifications are made based upon the nature and type of the observable inputs. The fair value hierarchy is defined as follows:

 

Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

 

Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. 

 

Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date.

 

 

NOTE 11 — INCOME TAXES 

 

Effective tax rates differ from federal statutory income tax rates primarily due to changes in the Company’s valuation allowance, permanent differences and provisions for state and local income taxes. As of June 30, 2024, the Company has a full valuation allowance recorded against deferred tax assets. During the six months ended June 30, 2024, the Company recorded a provision for income taxes of $92, compared to a provision for income taxes of $51 during the six months ended June 30, 2023. On  August 16, 2022, Congress enacted the IRA which includes advanced manufacturing tax credits for manufacturers of eligible components, including wind components produced and sold in the U.S. beginning in 2023 through 2032. These credits will have no impact on income tax expense. 

 

The Company files income tax returns in U.S. federal and state jurisdictions. As of June 30, 2024, open tax years in federal and some state jurisdictions date back to 1996 due to the taxing authorities’ ability to adjust operating loss carryforwards. As of December 31, 2023, the Company had federal and unapportioned state net operating loss (“NOL”) carryforwards of $290,233 of which $227,781 will generally begin to expire in 2026. The majority of the NOL carryforwards will expire in various years from 2028 through 2037. NOLs generated after January 1, 2018 will not expire.

 

Since the Company has no unrecognized tax benefits, they will not have an impact on the condensed consolidated financial statements as a result of the expiration of the applicable statues of limitations within the next twelve months. In addition, Section 382 of the Internal Revenue Code of 1986, as amended (the “IRC”), generally imposes an annual limitation on the amount of NOL carryforwards and associated built-in losses that may be used to offset taxable income when a corporation has undergone certain changes in stock ownership. The Company’s ability to utilize NOL carryforwards and built-in losses may be limited, under Section 382 of the IRC or otherwise, by the Company’s issuance of common stock or by other changes in stock ownership. Upon completion of the Company’s analysis of  Section 382 of the IRC in 2010, the Company determined that aggregate changes in stock ownership triggered an annual limitation on NOL carryforwards and built-in losses available for utilization, thereby currently limiting annual NOL usage to $14,284 per year. Further limitations may occur, depending on additional future changes in stock ownership. To the extent the Company’s use of NOL carryforwards and associated built-in losses is significantly limited in the future, the Company’s income could be subject to U.S. corporate income tax earlier than it would be if the Company were able to use NOL carryforwards and built-in losses without such limitation, which could result in lower profits and the loss of benefits from these attributes. 

  

In February 2013, the Company adopted a Stockholder Rights Plan, which was approved by the Company’s stockholders and extended in 2016, 2019 and 2022 for additional three-year periods (as amended, the “Rights Plan”), designed to preserve the Company’s substantial tax assets associated with NOL carryforwards under Section 382 of the IRC.

 

The Rights Plan is intended to act as a deterrent to any person or group, together with its affiliates and associates, becoming the beneficial owner of 4.9% or more of the Company’s common stock and thereby triggering a further limitation of the Company’s available NOL carryforwards. In connection with the adoption of the Rights Plan, the Board declared a non-taxable dividend of one preferred share purchase right (a “Right”) for each outstanding share of the Company’s common stock to the Company’s stockholders of record as of the close of business on February 22, 2013. Each Right entitles its holder to purchase from the Company one one-thousandth of a share of the Company’s Series A Junior Participating Preferred Stock at an exercise price of $7.26 per Right, subject to adjustment. As a result of the Rights Plan, any person or group that acquires beneficial ownership of 4.9% or more of the Company’s common stock without the approval of the Board would be subject to significant dilution in the ownership interest of that person or group. Stockholders who owned 4.9% or more of the outstanding shares of the Company’s common stock as of February 12, 2013 will not trigger the preferred share purchase rights unless they acquire additional shares after that date. 

 

As of June 30, 2024, the Company had no unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions as income tax expense. The Company had no accrued interest and penalties as of June 30, 2024.

    

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NOTE 12 — SHARE-BASED COMPENSATION 

​

There was no stock option activity during the six months ended June 30, 2024 and June 30, 2023 and no stock options were outstanding as of June 30, 2024 or June 30, 2023.

 

The following table summarizes the Company’s restricted stock unit and performance award activity during the six months ended June 30, 2024: 

 

 

						Weighted Average
		Number of				Grant-Date Fair Value
		Shares				Per Share
Unvested as of December 31, 2023			687,206			$	3.03
Granted			456,370			$	2.72
Vested			(240,397	)		$	3.41
Forfeited			(46,418	)		$	2.98
Unvested as of June 30, 2024			856,761			$	2.76

 

Under certain situations, shares are withheld from issuance to cover taxes for the vesting of restricted stock units and performance awards. For the six months ended June 30, 2024 and 2023, 46,668 and 92,984 shares, respectively, were withheld to cover tax obligations. 

 

The following table summarizes share-based compensation expense included in the Company’s condensed consolidated statements of operations for the six months ended June 30, 2024 and 2023, as follows: 

 

		Six Months Ended June 30,
		2024				2023
Share-based compensation expense:
Cost of sales		$	64			$	69
Selling, general and administrative			512				340
Net effect of share-based compensation expense on net income		$	576			$	409
Reduction in earnings per share:
Basic earnings per share		$	0.03			$	0.02
Diluted earnings per share		$	0.03			$	0.02

   

 

NOTE 13 — LEGAL PROCEEDINGS AND OTHER MATTERS

 

Legal Proceedings

 

The Company is party to a variety of legal proceedings that arise in the normal course of its business. On an ongoing basis, the Company is often the subject of, or party to, various legal claims by other parties against the Company, by the Company against other parties, or involving the Company, which arise in the normal course of its business, including the claims described in Note 17, “Capitalization” of these condensed consolidated financial statements. While the results of these legal proceedings or claims cannot be predicted with certainty, management believes that the final outcome of these proceedings or claims will not have a material adverse effect, individually or in the aggregate, on the Company’s results of operations, financial condition or cash flows. Due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s results of operations, financial condition or cash flows. It is possible that if one or more of such matters were decided against the Company, the effects could be material to the Company’s results of operations in the period in which the Company would be required to record or adjust the related liability and could also be material to the Company’s financial condition and cash flows in the periods the Company would be required to pay such liability.

     

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NOTE 14 — RECENT ACCOUNTING PRONOUNCEMENTS 

 

The Company reviews new accounting standards as issued. Although some of the accounting standards issued or effective in the current fiscal year may be applicable to it, the Company believes that none of the new standards have a significant impact on its condensed consolidated financial statements.

 

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses on an annual and interim basis. This guidance will be applied retrospectively and will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

 

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. The Company does not expect the adoption of this guidance to have a material impact on the Company's consolidated financial statements.

 

NOTE 15— SEGMENT REPORTING 

 

The Company is organized into reporting segments based on the nature of the products offered and business activities from which it earns revenues and incurs expenses for which discrete financial information is available and regularly reviewed by the Company’s chief operating decision maker.

 

The Company’s segments and their product and service offerings are summarized below: 

 

Heavy Fabrications

 

The Company provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Company’s most significant presence is within the U.S. wind energy industry, although it has diversified into other industrial markets in order to improve capacity utilization, reduce customer concentrations, and reduce exposure to uncertainty related to governmental policies currently impacting the U.S. wind energy industry. Within the U.S. wind energy industry, the Company provides steel towers and adapters primarily to wind turbine manufacturers. Production facilities, located in Manitowoc, Wisconsin and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The two facilities have a combined annual tower production capacity of up to approximately 550 towers (1,650 tower sections), sufficient to support turbines generating more than 1,500 MW of power. The Company has expanded its production capabilities and leveraged manufacturing competencies, including welding, lifting capacity and stringent quality practices, into aftermarket and original equipment manufacturer (“OEM”) components utilized in surface and underground mining, construction, material handling, oil and gas (“O&G”) and other infrastructure markets. The Company has designed and manufactures a mobile, modular pressure reducing system for the compressed natural gas virtual pipeline market. The Company manufactures components for buckets, shovels, car bodies, drill masts and other products that support mining and construction markets. In other industrial markets, the Company provides crane components, pressure vessels, frames and other structures.

 

Gearing 

 

The Company provides gearing, gearboxes and precision machined components to a broad set of customers in diverse markets including surface and underground mining, wind energy, steel, material handling, infrastructure, onshore and offshore oil and gas fracking and drilling, marine, defense, and other industrial markets. The Company has manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for a century. The Company uses an integrated manufacturing process, which includes machining and finishing processes in addition to gearbox repair in Cicero, Illinois, and heat treatment and gearbox repair in Neville Island, Pennsylvania.

 

Industrial Solutions 

 

The Company provides supply chain solutions, light fabrication, inventory management and kitting and assembly services, primarily serving the combined cycle natural gas turbine market. The Company has recently expanded into the U.S. wind power generation market, by providing tower internals kitting solutions for on-site installations, as OEMs domesticate their supply chain due to lead time and reliability issues. The Company leverages a global supply chain to provide instrumentation and controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes and wiring, and electromechanical devices. The Company also provides packaging solutions and fabricates panels and sub-assemblies to reduce customers’ costs and improve manufacturing velocity and reliability.

 

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Corporate

 

“Corporate” includes the assets and selling, general and administrative expenses of the Company’s corporate office. “Eliminations” comprises adjustments to reconcile segment results to consolidated results. 

 

The accounting policies of the reportable segments are the same as those referenced in Note 1, “Basis of Presentation” of these condensed consolidated financial statements. Summary financial information by reportable segment for the three and six months ended June 30, 2024 and 2023 is as follows:

 

		Heavy Fabrications				Gearing				Industrial Solutions				Corporate				Eliminations				Consolidated
For the Three Months Ended June 30, 2024
Revenues from external customers		$	19,611			$	10,454			$	6,387			$	—			$	—			$	36,452
Intersegment revenues			—				—				76				—				(76	)			—
Net revenues			19,611				10,454				6,463				—				(76	)			36,452
Operating income (loss)			1,557				482				623				(1,405	)			—				1,257
Depreciation and amortization			1,022				553				105				38				—				1,718
Capital expenditures			370				280				123				17				—				790

 

		Heavy Fabrications				Gearing				Industrial Solutions				Corporate				Eliminations				Consolidated
For the Three Months Ended June 30, 2023
Revenues from external customers		$	33,944			$	10,977			$	5,922			$	—			$	—			$	50,843
Intersegment revenues			—				—				348				—				(348	)			—
Net revenues			33,944				10,977				6,270				—				(348	)			50,843
Operating income (loss)			3,867				348				843				(2,845	)			3				2,216
Depreciation and amortization			856				556				92				58				—				1,562
Capital expenditures			2,156				739				—				17				—				2,912

      

		Heavy Fabrications				Gearing				Industrial Solutions				Corporate				Eliminations				Consolidated
For the Six Months Ended June 30, 2024
Revenues from external customers		$	41,628			$	18,791			$	13,649			$	—			$	—			$	74,068
Intersegment revenues			—				—				807				—				(807	)			—
Net revenues			41,628				18,791				14,456				—				(807	)			74,068
Operating income (loss)			3,601				508				2,390				(3,164	)			—				3,335
Depreciation and amortization			1,933				1,093				205				83				—				3,314
Capital expenditures			831				1,348				338				17				—				2,534

 

		Heavy Fabrications				Gearing				Industrial Solutions				Corporate				Eliminations				Consolidated
For the Six Months Ended June 30, 2023
Revenues from external customers		$	65,537			$	22,943			$	11,236			$	—			$	—			$	99,716
Intersegment revenues			—				—				456				—				(456	)			—
Net revenues			65,537				22,943				11,692				—				(456	)			99,716
Operating income (loss)			6,657				929				1,465				(5,556	)			3				3,498
Depreciation and amortization			1,714				1,152				186				115				—				3,167
Capital expenditures			2,818				1,124				18				17				—				3,977

 

		Total Assets as of
		June 30,				December 31,
Segments:		2024				2023
Heavy Fabrications		$	40,558			$	46,931
Gearing			45,730				48,599
Industrial Solutions			14,602				16,295
Corporate			60,100				58,487
Eliminations			(38,457	)			(35,156	)
		$	122,533			$	135,156

 

 

NOTE 16 — COMMITMENTS AND CONTINGENCIES 

 

Environmental Compliance and Remediation Liabilities 

 

The Company’s operations and products are subject to a variety of environmental laws and regulations in the jurisdictions in which the Company operates and sells products governing, among other things, air emissions, wastewater discharges, the use, handling and disposal of hazardous materials, soil and groundwater contamination, employee health and safety, and product content, performance and packaging. Certain environmental laws may impose the entire cost or a portion of the cost of investigating and cleaning up a contaminated site, regardless of fault, upon any one or more of a number of parties, including the current or previous owners or operators of the site. These environmental laws also impose liability on any person who arranges for the disposal or treatment of hazardous substances at a contaminated site. Third parties may also make claims against owners or operators of sites and users of disposal sites for personal injuries and property damage associated with releases of hazardous substances from those sites. 

 

Allowance for Credit Losses 

 

 Beginning January 1, 2023, the Company assessed and recorded an allowance for credit losses using the current expected credit loss (“CECL”) model. The adjustment for credit losses to management’s current estimate is recorded in net income as credit loss expense. All credit losses were on trade receivables and/or contract assets arising from the Company's contracts with customers. The adjustment for credit losses using this CECL model on accounts receivable and contract assets during the six months ended June 30, 2024 and 2023 was not material.  

 

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The Company monitors its collections and write-off experience to assess whether or not adjustments to its allowance estimates are necessary. Changes in trends in any of the factors that the Company believes may impact the collectability of its accounts receivable, or modifications to its credit standards, collection practices and other related policies may impact the Company’s allowance for credit losses and its financial results. The activity in the accounts receivable allowance liability for the six months ended June 30, 2024 and 2023 consisted of the following: 

 

		For the Six Months Ended June 30,
		2024				2023
Balance at beginning of period		$	99			$	17
Bad debt expense			—				16
Other adjustments			(2	)			—
Balance at end of period		$	97			$	33

 

Collateral 

 

In select instances, the Company has pledged specific inventory and machinery and equipment assets to serve as collateral on related payable or financing obligations. 

 

Liquidated Damages 

 

In certain customer contracts, the Company has agreed to pay liquidated damages in the event of qualifying delivery or production delays. These damages are typically limited to a specific percentage of the value of the product in question and/or are dependent on actual losses sustained by the customer. The Company does not believe that this potential exposure will have a material adverse effect on the Company’s consolidated financial position or results of operations. There was a reserve for liquidated damages of $84 at  June 30, 2024 and  December 31, 2023. 

 

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NOTE 17 — CAPITALIZATION

 

The Company’s authorized capital stock at June 30, 2024 consisted of 45,000,000 shares of common stock, par value $0.001 per share and 10,000,000 shares of undesignated stock, par value $0.001 per share. At June 30, 2024, 21,985,559 shares of common stock were outstanding and no shares of preferred stock were issued and outstanding.

 

On March 18, 2024, the Board of Directors of the Company (the “Board”) approved an amendment to the Company’s Certificate of Incorporation to increase the number of shares of our common stock from thirty million (30,000,000) to forty-five million (45,000,000) (the “Share Increase Amendment”), subject to the approval of such amendment by the stockholders. On May 16, 2024, an annual meeting of the stockholders was convened (the “Annual Meeting”). In the definitive proxy statement dated April 2, 2024 filed by the Company with the SEC in respect of the Annual Meeting (the “Proxy Statement”), the Board solicited the vote of the stockholders in favor of the Share Increase Amendment. The Proxy Statement stated that broker non-votes in respect of the Share Increase Amendment would be counted as votes against the amendment. However, under relevant stock exchange rules, brokers, banks and/or other nominees had discretionary authority to vote shares held in their name on behalf of beneficial owners in favor of the Share Increase Amendment if the broker, bank and/or other nominee had not received voting instruction from the beneficial owners. As such, brokers, banks and/or other nominees that had not received voting instructions from the beneficial owners of such shares may have voted in favor of the Share Increase Amendment at the Annual Meeting. Such votes, and others cast by the Company’s stockholders, were tabulated by the Company’s inspector of elections in accordance with the applicable New York Stock Exchange rules (which also applies to Nasdaq-listed companies) and based on the tabulation, the inspector of elections determined that the proposal to approve the Share Increase Amendment was adopted by the requisite vote of stockholders and certified that the proposal had passed. Following this approval, the Company filed the Share Increase Amendment with the Secretary of State on May 16, 2024, and it became effective on the same date.

 

Following the Annual Meeting, the Company received letters from two stockholders claiming that disclosures in the Proxy Statement regarding the authority of brokers, banks and/or other nominees to vote on the Share Increase Amendment in the absence of instructions from the beneficial owners of the applicable shares were inconsistent with how votes were tabulated and counted or that the Company mistabulated uninstructed votes of brokers, banks and/or other nominees as votes in favor of the Share Increase Amendment. The stockholders requested that the Board deem the Share Increase Amendment ineffective and make appropriate disclosure of such determination or seek valid stockholder approval of the Share Increase Amendment.

 

The Company believes it was and is appropriate to include the affirmative votes cast by brokers, banks and/or other nominees pursuant to their discretionary authority in the tabulation of votes in favor of the Share Increase Amendment and, thus, that the Share Increase Amendment was properly approved and is effective. However, to avoid potential future litigation risk, and to eliminate any uncertainty as to the Share Increase Amendment and the validity of shares of Common Stock that in the future may be issued by virtue of the Share Increase Amendment, the Board has determined that it is advisable and in the best interests of the Company to solicit stockholders to ratify the Share Increase Amendment at a stockholder meeting. No specific transaction was contemplated in connection with the Share Increase Amendment, and as of the date of the filing of this Form 10-Q, none of the shares authorized by the Share Increase Amendment have been issued. Further information about such meeting will be provided in a Definitive Proxy Statement to be filed with the Securities and Exchange Commission.

 

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations 

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes thereto in Item 1, “Financial Statements,” of this Quarterly Report and the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The discussion below contains forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances including, but not limited to, those identified in “Cautionary Note Regarding Forward-Looking Statements” at the end of Item 2. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties. As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” and the “Company” refer to Broadwind, Inc., a Delaware corporation headquartered in Cicero, Illinois, and its subsidiaries, as appropriate. 

 

(Dollars are presented in thousands except share, per share and per employee data or unless otherwise stated) 

 

KEY METRICS USED BY MANAGEMENT TO MEASURE PERFORMANCE

 

In addition to measures of financial performance presented in our consolidated financial statements in accordance with GAAP, we use certain other financial measures to analyze our performance. These non-GAAP financial measures primarily consist of adjusted EBITDA (as defined below) and free cash flow which help us evaluate growth trends, establish budgets, assess operational efficiencies, oversee our overall liquidity, and evaluate our overall financial performance.

 

Key Financial Measures

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Net revenues		$	36,452			$	50,843			$	74,068			$	99,716
Net income		$	482			$	1,415			$	1,992			$	2,184
Adjusted EBITDA (1)		$	3,642			$	5,359			$	7,811			$	9,456
Capital expenditures		$	790			$	2,912			$	2,534			$	3,977
Free cash flow (2)		$	(6,955	)		$	10,733			$	(9,408	)		$	(12,603	)
Operating working capital (3)		$	34,252			$	18,572			$	34,252			$	18,572
Total debt		$	17,957			$	20,313			$	17,957			$	20,313
Total orders		$	18,372			$	25,361			$	47,368			$	64,963
Backlog at end of period (4)		$	139,060			$	262,180			$	139,060			$	262,180
Book-to-bill (5)			0.5				0.5				0.6				0.7

 

(1)

We provide non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, share based compensation and other stock payments, restructuring costs, impairment charges, proxy contest-related expenses, and other non-cash gains and losses) as supplemental information regarding our business performance. Our management uses adjusted EBITDA when it internally evaluates the performance of our business, reviews financial trends and makes operating and strategic decisions. We believe that this non-GAAP financial measure is useful to investors because it provides a better understanding of our past financial performance and future results, and it allows investors to evaluate our performance using the same methodology and information as used by our management. Our definition of adjusted EBITDA may be different from similar non-GAAP financial measures used by other companies and/or analysts.

 

(2)

We define free cash flow as adjusted EBITDA plus or minus changes in operating working capital less capital expenditures net of any proceeds from disposals of property and equipment. We believe free cash flow is a useful measure for investors because it portrays our ability to generate cash from our business for purposes such as repaying maturing debt and funding future investments.

 

(3)	We define operating working capital as accounts receivable and inventory net of accounts payable and customer deposits.

 

(4)	Our backlog at June 30, 2024 and 2023 is net of revenue recognized over time. Backlog as of June 30, 2024 has been adjusted to reflect updated assumptions related to raw material pricing (which is a customer passthrough) and other variables.

 

(5)	We define the book-to-bill as the ratio of new orders we received, net of cancellations, to revenue during a period.

  

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The following table reconciles our non-GAAP key financial measures to the most directly comparable GAAP measure:

 

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2024				2023				2024				2023
Net income		$	482			$	1,415			$	1,992			$	2,184
Interest expense			726				751				1,258				1,239
Income tax provision			53				28				92				51
Depreciation and amortization			1,718				1,562				3,314				3,167
Share-based compensation and other stock payments			663				567				1,165				1,060
Proxy contest-related expenses			—				1,036				(10	)			1,755
Adjusted EBITDA			3,642				5,359				7,811				9,456
Changes in operating working capital			(9,966	)			8,271				(14,844	)			(18,097	)
Capital expenditures			(790	)			(2,912	)			(2,534	)			(3,977	)
Proceeds from disposal of property and equipment			159				15				159				15
Free Cash Flow		$	(6,955	)		$	10,733			$	(9,408	)		$	(12,603	)

 

OUR BUSINESS 

 

Second Quarter Overview 

 

We received $18,372 in new orders in the second quarter of 2024, down from $25,361 in the second quarter of 2023. Within our Heavy Fabrications segment, industrial fabrication orders decreased 47%, primarily due to reduced demand for our Pressure Reducing Systems (“PRS”) units. Partially offsetting this was an increase in orders primarily due to the timing of orders associated with wind repowering projects. Gearing segment orders decreased 19% from the prior year period primarily due to reduced demand from industrial and steel customers. Orders within our Industrial Solutions segment decreased 37% compared to the prior year quarter primarily due to a reduction in orders associated with aftermarket projects.

 

We recognized revenue of $36,452 in the second quarter of 2024, down 28% compared to the second quarter of 2023. Within the Heavy Fabrications segment wind tower revenue decreased 48% from the prior year period primarily due to a decrease in tower sections sold as a global wind turbine manufacturer shifted approximately half of its contracted tower section orders initially planned for 2024 into 2025. Gearing segment revenue decreased 5% relative to the comparable prior year period primarily due to reduced shipments within most markets served. Industrial Solutions segment revenue increased by 3% from the prior year period primarily due to increased shipments of aftermarket gas turbine content.

 

We recorded net income of $482 or $0.02 per share in the second quarter of 2024, compared to net income of $1,415 or $0.07 per share in the second quarter of 2023. This decrease in net income was primarily attributable to lower tower sales within our Heavy Fabrications segment and the corresponding decrease in the Advanced Manufacturing Production tax credits (“AMP credits”) earned. This was partially offset by the absence of proxy-contest related expenses that were recognized in the prior year quarter.

 

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RESULTS OF OPERATIONS 

 

Three months ended June 30, 2024, Compared to Three months ended June 30, 2023 

 

The condensed consolidated statement of operations table below should be read in connection with a review of the following discussion of our results of operations for the three months ended June 30, 2024, compared to the three months ended June 30, 2023.

 

		Three Months Ended June 30,																2024 vs. 2023
						% of Total								% of Total
		2024				Revenue				2023				Revenue				$ Change				% Change
Revenues		$	36,452				100.0	%		$	50,843				100.0	%		$	(14,391	)			(28.3	)%
Cost of sales			30,886				84.7	%			42,510				83.6	%			(11,624	)			(27.3	)%
Gross profit			5,566				15.3	%			8,333				16.4	%			(2,767	)			(33.2	)%
Operating expenses
Selling, general and administrative expenses			4,143				11.4	%			5,952				11.7	%			(1,809	)			(30.4	)%
Intangible amortization			166				0.5	%			165				0.3	%			1				0.6	%
Total operating expenses			4,309				11.8	%			6,117				12.0	%			(1,808	)			(29.6	)%
Operating income			1,257				3.4	%			2,216				4.4	%			(959	)			(43.3	)%
Other expense, net
Interest expense, net			(726	)			(2.0	)%			(751	)			(1.5	)%			25				3.3	%
Other, net			4				0.0	%			(22	)			(0.0	)%			26				118.2	%
Total other expense, net			(722	)			(2.0	)%			(773	)			(1.5	)%			51				6.6	%
Net income before provision for income taxes			535				1.5	%			1,443				2.8	%			(908	)			(62.9	)%
Provision for income taxes			53				0.1	%			28				0.1	%			25				89.3	%
Net income		$	482				1.3	%		$	1,415				2.8	%		$	(933	)			(65.9	)%

 

Consolidated 

 

Revenues decreased by $14,391 as compared to the prior year period primarily due to lower sales within the Heavy Fabrications and Gearing segments, partially offset by increased sales within the Industrial Solutions segment. Wind tower revenue decreased 48% from the prior year period primarily due to a 58% decrease in tower sections sold as a global wind turbine manufacturer shifted approximately half of its contracted tower section orders initially planned for 2024 into 2025. Industrial Solutions segment revenue increased 3% from the prior year period primarily due to the increased shipments of aftermarket gas turbine content. Gearing segment revenue decreased 5% relative to the comparable prior year period, reflective of reduced shipments within most markets served. 

 

Gross profit decreased by $2,767 when compared to the prior year period, primarily due to lower sales and the decrease in AMP credits earned, partially offset by reduced overhead costs. Operating expenses decreased from the prior year period primarily due to the absence of proxy-contest related expenses that were recognized in the prior year quarter and lower employee compensation in the current year quarter.

 

Net income was $482 during the three months ended June 30, 2024, compared to net income of $1,415 during the three months ended June 30, 2023. This decrease in net income was primarily due to the factors described above.

 

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Heavy Fabrications Segment 

 

		Three Months Ended
		June 30,
		2024				2023
Orders		$	9,138			$	12,363
Tower sections sold			58				138
Revenues			19,611				33,944
Operating income			1,557				3,867
Operating margin			7.9	%			11.4	%

 

Within our Heavy Fabrications segment, industrial fabrication orders decreased 47%, primarily due to reduced demand for our PRS units. Partially offsetting this was an increase in orders due to the timing of orders associated with wind repowering projects. Segment revenues decreased by 42% compared to the prior year period primarily due to a 48% decrease in wind tower revenue. The decrease in wind revenue was primarily a result of less tower sections sold, as a global wind turbine manufacturer shifted approximately half of its contracted tower section orders initially planned for 2024 into 2025. Additionally, industrial fabrication revenues decreased by 27% during the current year period primarily due to reduced shipments of our PRS units in the current year quarter. 

 

Heavy Fabrications segment operating results decreased by $2,310 as compared to the prior year period. The decrease in operating performance was primarily a result of lower tower sales and the corresponding reduction in AMP credits recognized, as well as lower industrial fabrication revenues. These factors were partially offset by reduced overhead costs. Operating margin was 7.9% during the three months ended June 30, 2024 compared to 11.4% during the three months ended June 30, 2023 primarily due to the factors described above. 

  

Gearing Segment

 

		Three Months Ended
		June 30,
		2024				2023
Orders		$	4,704			$	5,813
Revenues			10,454				10,977
Operating income			482				348
Operating margin			4.6	%			3.2	%

 

Gearing segment orders decreased 19% from the prior year period primarily due to reduced demand from industrial and steel customers. Gearing revenue was down 5% relative to the comparable prior year period reflective of reduced shipments within most markets served, partially offset by higher shipments to aftermarket wind customers.

 

Gearing segment operating income increased by $134 from the prior year period. This increase was primarily attributable to a more profitable product mix sold and cost savings, partially offset by lower sales. Operating margin was 4.6% during the three months ended June 30, 2024, an increase from 3.2% during the three months ended June 30, 2023, driven primarily by the items identified above.

 

Industrial Solutions Segment 

 

		Three Months Ended
		June 30,
		2024				2023
Orders		$	4,530			$	7,185
Revenues			6,463				6,270
Operating income			623				843
Operating margin			9.6	%			13.4	%

 

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Industrial Solutions segment orders decreased from the prior year period primarily due to a decrease in orders associated with aftermarket projects. Segment revenues increased from the prior year period primarily due to increased shipments of aftermarket gas turbine content. Operating income decreased versus the prior-year period primarily as a result of a less profitable mix of product sold and increased operating costs. 

 

Corporate and Other 

 

Corporate and Other expenses decreased during the three months ended June 30, 2024 compared to the prior year period primarily due to the absence of professional fees associated with the contested proxy election recognized in the prior year quarter and lower employee compensation.

 

Six months ended June 30, 2024, Compared to Six months ended June 30, 2023 

 

The condensed consolidated statement of operations table below should be read in connection with a review of the following discussion of our results of operations for the six months ended June 30, 2024, compared to the six months ended June 30, 2023.

 

		Six Months Ended June 30,																2024 vs. 2023
						% of Total								% of Total
		2024				Revenue				2023				Revenue				$ Change				% Change
Revenues		$	74,068				100.0	%		$	99,716				100.0	%		$	(25,648	)			(25.7	)%
Cost of sales			61,865				83.5	%			84,407				84.6	%			(22,542	)			(26.7	)%
Gross profit			12,203				16.5	%			15,309				15.4	%			(3,106	)			(20.3	)%
Operating expenses
Selling, general and administrative expenses			8,537				11.5	%			11,478				11.5	%			(2,941	)			(25.6	)%
Intangible amortization			331				0.4	%			333				0.3	%			(2	)			(0.6	)%
Total operating expenses			8,868				12.0	%			11,811				11.8	%			(2,943	)			(24.9	)%
Operating income			3,335				4.5	%			3,498				3.5	%			(163	)			(4.7	)%
Other expense, net
Interest expense, net			(1,258	)			(1.7	)%			(1,239	)			(1.2	)%			(19	)			(1.5	)%
Other, net			7				0.0	%			(24	)			(0.0	)%			31				129.2	%
Total other expense, net			(1,251	)			(1.7	)%			(1,263	)			(1.3	)%			12				1.0	%
Net income before provision for income taxes			2,084				2.8	%			2,235				2.2	%			(151	)			(6.8	)%
Provision for income taxes			92				0.1	%			51				0.1	%			41				80.4	%
Net income		$	1,992				2.7	%		$	2,184				2.2	%		$	(192	)			(8.8	)%

 

Consolidated 

 

Revenues decreased by $25,648 as compared to the prior year period due to lower sales within the Heavy Fabrications and Gearing segments, partially offset by increased sales within the Industrial Solutions segment. Wind tower revenue decreased 44% from the prior year period primarily due to a 51% decrease in tower sections sold as a global wind turbine manufacturer shifted approximately half of its contracted tower section orders initially planned for 2024 into 2025. Industrial Solutions segment revenue increased 24% from the prior year period primarily due to increased shipments of aftermarket gas turbine content. Gearing segment revenue decreased 18% relative to the comparable prior year period reflective of reduced shipments within most markets served, partially offset by higher shipments to aftermarket wind customers.

 

Gross profit decreased by $3,106 when compared to the prior year period, primarily due to lower sales, partially offset by reduced overhead costs. Operating expenses decreased from the prior year period primarily as a result of the absence of proxy-contest related expenses that were recognized in the prior year period.

 

Net income was $1,992 during the six months ended June 30, 2024, compared to net income of $2,184 during the six months ended June 30, 2023. This decrease in net income was primarily due to the factors described above.

 

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Heavy Fabrications Segment 

 

		Six Months Ended
		June 30,
		2024				2023
Orders		$	20,359			$	32,599
Tower sections sold			136				278
Revenues			41,628				65,537
Operating income			3,601				6,657
Operating margin			8.7	%			10.2	%

 

Within our Heavy Fabrications segment, wind tower orders decreased compared to the prior year period primarily due to the timing of tower orders. Additionally, industrial fabrication orders decreased by 19% in the current year period primarily due to reduced demand for our PRS units, partially offset by improved demand from mining and industrial customers. Segment revenues decreased by 36% during the six months ended June 30, 2024 primarily due to a 44% decrease in wind tower revenue. The decrease in wind revenue was primarily a result of less tower sections sold as a global wind turbine manufacturer shifted approximately half of its contracted tower section orders initially planned for 2024 into 2025. 

 

Heavy Fabrications segment operating results decreased by $3,056 as compared to the prior year period. The decrease in operating performance was primarily a result of lower tower sales and the corresponding reduction in AMP credits recognized. These factors were partially offset by improved operating efficiencies. Operating margin was 8.7% during the six months ended June 30, 2024 compared to 10.2% during the six months ended June 30, 2023 primarily due to the factors described above. 

  

Gearing Segment

 

		Six Months Ended
		June 30,
		2024				2023
Orders		$	15,150			$	18,206
Revenues			18,791				22,943
Operating income			508				929
Operating margin			2.7	%			4.0	%

 

Gearing segment orders decreased 17% from the prior year period primarily due to reduced demand from O&G customers, partially offset by increased demand from aftermarket wind customers. Gearing revenue was down 18% relative to the comparable prior year period reflective of reduced shipments within most markets served, partially offset by higher shipments to aftermarket wind customers.

 

Gearing segment operating income decreased by $421 compared to the prior year period. This decrease was primarily attributable to lower sales, partially offset by a more profitable product mix sold and cost savings. Operating margin was 2.7% during the six months ended June 30, 2024, a decrease from 4.0% during the six months ended June 30, 2023, driven primarily by the items identified above.

 

Industrial Solutions Segment 

 

		Six Months Ended
		June 30,
		2024				2023
Orders		$	11,859			$	14,158
Revenues			14,456				11,692
Operating income			2,390				1,465
Operating margin			16.5	%			12.5	%

 

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Industrial Solutions segment orders decreased from the prior year period primarily due to reduced orders associated with aftermarket projects. Segment revenues increased from the prior year period primarily due to increased shipments of aftermarket gas turbine content. Operating income increased versus the prior-year period primarily as a result of higher sales and a more profitable mix of product sold. 

 

Corporate and Other 

 

Corporate and Other expenses during the six months ended June 30, 2024 decreased from the prior year period primarily due to the absence of professional fees associated with the contested proxy election recognized in the prior year quarter and lower medical costs.

 

 

LIQUIDITY, FINANCIAL POSITION AND CAPITAL RESOURCES 

 

On August 4, 2022, we entered into a credit agreement (the “2022 Credit Agreement”) with Wells Fargo Bank, National Association, as lender (“Wells Fargo”), providing the Company and its subsidiaries with a $35,000 senior secured revolving credit facility (which may be further increased by up to an additional $10,000 upon the request of the Company and at the sole discretion of Wells Fargo) and a $7,578 senior secured term loan (collectively, the “2022 Credit Facility”). The proceeds of the 2022 Credit Facility are available for general corporate purposes, including strategic growth opportunities. As of June 30, 2024, cash totaled $938, a decrease of $161 from December 31, 2023. Debt and finance lease obligations at June 30, 2024 totaled $23,536. As of June 30, 2024, we had the ability to borrow up to an additional $17,509 under the 2022 Credit Facility. 

 

In addition to the 2022 Credit Facility, we also utilize supply chain financing arrangements as a component of our funding for working capital, which accelerates receivable collections and helps to better manage cash flow. Under these agreements, we have agreed to sell certain of our accounts receivable balances to banking institutions who have agreed to advance amounts equal to the net accounts receivable balances due, less a discount as set forth in the respective agreements. The balances under these agreements are accounted for as sales of accounts receivable, as they are sold without recourse. Cash proceeds from these agreements are reflected as operating activities included in the change in accounts receivable in the consolidated statements of cash flows. Fees incurred in connection with the agreements are recorded as interest expense.

 

We also have outstanding notes payable for capital expenditures in the amount of $1,793 and $1,361 as of June 30, 2024 and December 31, 2023, respectively, with $359 and $163 included in the “Line of Credit and current maturities of long-term debt” line item of our condensed consolidated financial statements as of June 30, 2024 and December 31, 2023, respectively. The notes payable have monthly payments that range from $1 to $20 and an interest rate of approximately 7%. The equipment purchased is utilized as collateral for the notes payable. The outstanding notes payable have maturity dates that range from September 2028 to May 2029.

 

On September 22, 2023, we filed a shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 12, 2023 (the “Form S-3”), replacing a prior shelf registration statement which expired on October 12, 2023. This shelf registration statement, which includes a base prospectus, allows us to offer any combination of securities described in the prospectus in one or more offerings. Unless otherwise specified in the prospectus supplement accompanying the base prospectus, we would use the net proceeds from the sale of any securities offered pursuant to the shelf registration statement for general corporate purposes.

 

On September 12, 2022, we entered into a Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC and HC Wainwright & Co., LLC (collectively, the “Agents”). Pursuant to the terms of the Sales Agreement, we may sell from time to time through the Agents shares of our common stock with an aggregate sales price of up to $12,000. We will pay a commission to the Agents of 2.75% of the gross proceeds of the sale of the shares sold under the Sales Agreement and reimburse the Agents for the expenses incident to the performance of their obligations under the Sales Agreement. No shares of the Company’s common stock were issued under the Sales Agreement during the year ended December 31, 2023 or six months ended June 30, 2024. As of June 30, 2024, shares of our common stock having a value of approximately $11,667 remained available for issuance under the Sales Agreement. Any additional shares offered and sold under the Sales Agreement are to be issued pursuant to the Form S-3 and a 424(b) prospectus supplement.

 

We anticipate that current cash resources, amounts available under the 2022 Credit Facility, cash to be generated from operations and equipment financing, potential proceeds from the sale of securities under the Sales Agreement, access to the public or private debt and/or equity markets including any potential proceeds from the sale of further securities under the Form S-3, and proceeds from sales of AMP credits will be adequate to meet our liquidity needs for at least the next twelve months. 

 

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If assumptions regarding our production, sales and subsequent collections from certain of our large customers, our ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer, as well as receipt of customer deposits and revenues generated from new customer orders, are materially inconsistent with management’s expectations, we may in the future encounter cash flow and liquidity issues.

 

If our operational performance deteriorates, we may be unable to comply with existing financial covenants, and could lose access to the 2022 Credit Facility. This could limit our operational flexibility, require a delay in making planned investments and/or require us to seek additional equity or debt financing. Any attempt to raise equity through the public markets could have a negative effect on our stock price, making an equity raise more difficult or more dilutive. Any additional equity financing or equity-linked financing, if available, will be dilutive to stockholders, and additional debt financing, if available, would likely require new financial covenants or impose other operating and financial restrictions on us. While we believe that we will continue to have sufficient cash available to operate our businesses and to meet our financial obligations and debt covenants, there can be no assurances that our operations will generate sufficient cash, or that credit facilities or equity or equity-linked financings will be available in an amount sufficient to enable us to meet these financial obligations.

 

Sources and Uses of Cash 

 

The following table summarizes our cash flows from operating, investing, and financing activities for the six months ended June 30, 2024 and 2023:

 

		Six Months Ended
		June 30,
		2024				2023
Total cash provided by (used in):
Operating activities		$	(3,427	)		$	(17,447	)
Investing activities			(2,375	)			(3,962	)
Financing activities			5,641				10,772
Net decrease in cash		$	(161	)		$	(10,637	)

 

Operating Cash Flows 

 

During the six months ended June 30, 2024, net cash used in operating activities totaled $3,427 compared to net cash used in operating activities of $17,447 during the prior year period. The decrease in net cash used in operating activities during the current year period was primarily attributable to proceeds from the sale of the 2023 AMP credits received during the current year period and a significant increase in accounts receivable during the prior year period due to a change in payment terms with a major customer. This was partially offset by a more significant decrease in customer deposits during the current year period.

 

Investing Cash Flows 

 

During the six months ended June 30, 2024, net cash used in investing activities totaled $2,375, compared to net cash used in investing activities of $3,962 during the prior year period. The decrease in net cash used in investing activities as compared to the prior-year period was primarily due to a net decrease in purchases of property and equipment.

 

Financing Cash Flows 

 

During the six months ended June 30, 2024, net cash provided by financing activities totaled $5,641, compared to net cash provided by financing activities of $10,772 during the prior year period. The decrease was primarily due to decreased net borrowings under the 2022 Credit Facility in the current year period. 

 

CRITICAL ACCOUNTING ESTIMATES

 

There have been no material changes in our critical accounting estimates during the six months ended June 30, 2024 as compared to the critical accounting estimates described in our Annual Report on Form 10-K for the year ended December 31, 2023. 

 

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 

 

The preceding discussion and analysis should be read in conjunction with our condensed consolidated financial statements and related notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2023. Portions of this Quarterly Report on Form 10-Q, including the discussion and analysis in this Part I, Item 2, contain “forward looking statements”, as defined in Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward looking statements. Forward-looking statements include any statement that does not directly relate to a current or historical fact. Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following: (i) the impact of global health concerns on the economies and financial markets and the demand for our products; (ii) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants, including the advanced manufacturing tax credits, and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States; (iii) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (iv) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (v) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary; (vi) our ability to continue to grow our business organically and through acquisitions; (vii) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (viii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security; (ix) the sufficiency of our liquidity and alternate sources of funding, if necessary; (x) our ability to realize revenue from customer orders and backlog (including our ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer); (xi) the economy and the potential impact it may have on our business, including our customers; (xii) the state of the wind energy market and other energy and industrial markets generally, including the availability of tax credits, and the impact of competition and economic volatility in those markets; (xiii) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xiv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers; (xv) the effects of the change of administrations in the U.S. federal government; (xvi) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xvii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xviii) the limited trading market for our securities and the volatility of market price for our securities; (xix) our outstanding indebtedness and its impact on our business activities (including our ability to incur additional debt in the future); and (xx) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements including, but not limited to, those set forth under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results.

 

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Item 3.  Quantitative and Qualitative Disclosures About Market Risk 

 

We are a smaller reporting company as defined by Item 10(f)(1) of Regulation S-K under the Securities Act and as such are not required to provide information under this Item pursuant to Item 305I of Regulation S-K. 

 

Item 4.  Controls and Procedures 

 

Evaluation of Disclosure Controls and Procedures 

 

We seek to maintain disclosure controls and procedures (as defined in Rules 13a-15I and 15d-15I under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. This information is also accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure. Our management, under the supervision and with the participation of our CEO and CFO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the most recent fiscal quarter reported on herein. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of June 30, 2024.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

​

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PART II.   OTHER INFORMATION 

 

Item 1.

Legal Proceedings

 

The information required by this item is incorporated herein by reference to Note 13, “Legal Proceedings And Other Matters” of the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q. 

 

Item 1A.

Risk Factors

 

The Risk Factors identified in our Annual Report on Form 10-K for the year ended December 31, 2023 continue to represent the most significant risks to the Company’s future results of operations and financial conditions.

  

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

None. 

 

Item 3.

Defaults Upon Senior Securities

 

None. 

 

Item 4.

Mine Safety Disclosures

 

Not Applicable. 

 

  

Item 5.

Other Information

 

 

Rule 10b5-1 Trading Arrangement

 

During the three months ended June 30, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

  

 

Item 6.

Exhibits

 

The exhibits listed on the Exhibit Index are filed as part of this Quarterly Report on Form 10-Q.

​

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EXHIBIT INDEX

BROADWIND, INC.

FORM 10-Q FOR THE QUARTER ENDED June 30, 2024

 

Exhibit Number	​ Exhibit
3.1	Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2008
3.2	Certificate of Amendment to the Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed August 23, 2012)
3.3	Certificate of Amendment to the Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed May 6, 2020)
3.4	Certificate of Amendment to the Certificate of Incorporation of the Company (incorporated by reference to Exhibit 4.4 to the Company’s Registration Statement on Form S-8 filed May 17, 2024)
3.5	Fourth Amended and Restated Bylaws of the Company, adopted as of June 26, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed June 28, 2023)
31.1	Rule 13a-14(a) Certification of Chief Executive Officer*
31.2	Rule 13a-14(a) Certification of Chief Financial Officer*
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Chief Executive Officer*
32.2	Certification Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Chief Financial Officer*
101	The following financial information from this Form 10-Q of Broadwind, Inc. for the quarter ended June 30, 2024, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text.
101.INS*	Inline XBRL Instance
101.SCH*	Inline XBRL Taxonomy Extension Schema
101.CAL*	Inline XBRL Taxonomy Extension Calculation
101.DEF*	Inline XBRL Taxonomy Extension Definition
101.LAB*	Inline XBRL Taxonomy Extension Labels
101.PRE*	Inline XBRL Taxonomy Extension Presentation
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

---

*	Filed herewith.

​

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SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

​	BROADWIND, INC.
​	​
​	​
August 13, 2024	By:	/s/ Eric B. Blashford
​	​	Eric B. Blashford
​	​	President and Chief Executive Officer
​	​	(Principal Executive Officer)

​

29

EXHIBIT 31.1

 

CERTIFICATION

 

I, Eric B. Blashford, certify that:

 

1.	I have reviewed this quarterly report on Form 10-Q of Broadwind, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 13, 2024
	/s/ Eric B. Blashford
	Eric B. Blashford
	President and Chief Executive Officer
	(Principal Executive Officer)

 

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Thomas A. Ciccone, certify that:

 

1.	I have reviewed this quarterly report on Form 10-Q of Broadwind, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 13, 2024
	/s/ Thomas A. Ciccone
	Thomas A. Ciccone
	Vice President, Chief Financial Officer
	(Principal Financial Officer)

 

 

 

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER 

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report on Form 10-Q of Broadwind, Inc. (the “Company”) for the period ended June 30, 2024, as filed with the Securities and Exchange Commission (the “Commission”) on the date hereof (the “Report”), I, Eric B. Blashford, President and Chief Executive Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (“Section 906”), that:

 

(i)     the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); and

 

(ii)     the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

August 13, 2024
	/s/ Eric B. Blashford
	Eric B. Blashford
	President and Chief Executive Officer
	(Principal Executive Officer)

 

This certification accompanies the Report pursuant to Section 906 and shall not be deemed filed by the Company for purposes of Section 18 of the Exchange Act.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Commission or its staff upon request.

 

 

EXHIBIT 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report on Form 10-Q of Broadwind , Inc. (the “Company”) for the period ended June 30, 2024, as filed with the Securities and Exchange Commission (the “Commission”) on the date hereof (the “Report”), I, Thomas A. Ciccone, Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (“Section 906”), that:

 

(i)     the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; (the “Exchange Act”); and

 

(ii)     the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

August 13, 2024
	/s/ Thomas A. Ciccone
	Thomas A. Ciccone
	Vice President, Chief Financial Officer
	(Principal Financial Officer)

 

This certification accompanies the Report pursuant to Section 906 and shall not be deemed filed by the Company for purposes of Section 18 of the Exchange Act.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Commission or its staff upon request.

 

 

 

 

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 08, 2024
Document Information [Line Items]
Entity Central Index Key	0001120370
Entity Registrant Name	BROADWIND, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-34278
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0409160
Entity Address, Address Line One	3240 S. Central Avenue
Entity Address, City or Town	Cicero
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60804
City Area Code	708
Local Phone Number	780-4800
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	BWEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,985,559

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash	$ 938	$ 1,099
Accounts receivable, net	14,172	19,231
AMP credit receivable	1,691	7,051
Contract assets	1,157	1,460
Inventories	38,802	37,405
Prepaid expenses and other current assets	2,390	3,500
Total current assets	59,150	69,746
LONG-TERM ASSETS:
Property and equipment, net	46,266	47,123
Operating lease right-of-use assets, net	14,748	15,593
Intangible assets, net	1,733	2,064
Other assets	636	630
TOTAL ASSETS	122,533	135,156
CURRENT LIABILITIES:
Line of credit and current maturities of long-term debt	12,012	5,903
Current portion of finance lease obligations	2,098	2,153
Current portion of operating lease obligations	1,987	1,851
Accounts payable	15,950	20,728
Accrued liabilities	4,347	6,477
Customer deposits	2,772	16,500
Total current liabilities	39,166	53,612
LONG-TERM LIABILITIES:
Long-term debt, net of current maturities	5,945	6,250
Long-term finance lease obligations, net of current portion	3,481	3,372
Long-term operating lease obligations, net of current portion	14,872	15,888
Other	17	15
Total long-term liabilities	24,315	25,525
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.001 par value; 45,000,000 shares authorized; 22,259,496 and 21,840,301 shares issued as of June 30, 2024, and December 31, 2023, respectively	22	22
Treasury stock, at cost, 273,937 shares as of June 30, 2024 and December 31, 2023	(1,842)	(1,842)
Additional paid-in capital	400,377	399,336
Accumulated deficit	(339,505)	(341,497)
Total stockholders’ equity	59,052	56,019
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 122,533	$ 135,156

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	45,000,000	45,000,000
Common stock, shares issued (in shares)	22,259,496	21,840,301
Treasury stock, common shares (in shares)	273,937	273,937

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 36,452	$ 50,843	$ 74,068	$ 99,716
Cost of sales	30,886	42,510	61,865	84,407
Gross profit	5,566	8,333	12,203	15,309
OPERATING EXPENSES:
Selling, general and administrative	4,143	5,952	8,537	11,478
Intangible amortization	166	165	331	333
Total operating expenses	4,309	6,117	8,868	11,811
Operating income	1,257	2,216	3,335	3,498
OTHER EXPENSE, net:
Interest expense, net	(726)	(751)	(1,258)	(1,239)
Other, net	4	(22)	7	(24)
Total other expense, net	(722)	(773)	(1,251)	(1,263)
Net income before provision for income taxes	535	1,443	2,084	2,235
Provision for income taxes	53	28	92	51
NET INCOME	$ 482	$ 1,415	$ 1,992	$ 2,184
NET INCOME PER COMMON SHARE—BASIC:
Net income (in dollars per share)	$ 0.02	$ 0.07	$ 0.09	$ 0.1
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC (in shares)	21,783,219	21,091,496	21,688,941	20,980,880
NET INCOME PER COMMON SHARE—DILUTED:
Net income (in dollars per share)	$ 0.02	$ 0.07	$ 0.09	$ 0.1
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—DILUTED (in shares)	22,003,078	21,408,527	21,904,456	21,390,231

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
BALANCE (in shares) at Dec. 31, 2022	21,127,130	(273,937)
BALANCE at Dec. 31, 2022	$ 21	$ (1,842)	$ 397,240	$ (349,146)	$ 46,273
Stock issued under defined contribution 401(k) retirement savings plan (in shares)	64,807	0
Stock issued under defined contribution 401(k) retirement savings plan	$ 0	$ 0	302	0	302
Share-based compensation	0	0	178	0	178
Net income	$ 0	$ 0	0	769	769
BALANCE (in shares) at Mar. 31, 2023	21,191,937	(273,937)
BALANCE at Mar. 31, 2023	$ 21	$ (1,842)	397,720	(348,377)	47,522
BALANCE (in shares) at Dec. 31, 2022	21,127,130	(273,937)
BALANCE at Dec. 31, 2022	$ 21	$ (1,842)	397,240	(349,146)	46,273
Net income					$ 2,184
Shares withheld for taxes in connection with issuance of restricted stock (in shares)					(92,984)
BALANCE (in shares) at Jun. 30, 2023	21,578,925	(273,937)
BALANCE at Jun. 30, 2023	$ 22	$ (1,842)	398,180	(346,962)	$ 49,398
BALANCE (in shares) at Mar. 31, 2023	21,191,937	(273,937)
BALANCE at Mar. 31, 2023	$ 21	$ (1,842)	397,720	(348,377)	47,522
Stock issued under defined contribution 401(k) retirement savings plan (in shares)	71,536	0
Stock issued under defined contribution 401(k) retirement savings plan	$ 0	$ 0	346	0	346
Share-based compensation	0	0	231	0	231
Net income	$ 0	$ 0	0	1,415	1,415
Stock issued for restricted stock (in shares)	408,436	0
Stock issued for restricted stock	$ 1	$ 0	0	0	1
Shares withheld for taxes in connection with issuance of restricted stock (in shares)	(92,984)	0
Shares withheld for taxes in connection with issuance of restricted stock	$ 0	$ 0	(117)	0	(117)
Sale of common stock, net	$ 0	$ 0	0	0	0
BALANCE (in shares) at Jun. 30, 2023	21,578,925	(273,937)
BALANCE at Jun. 30, 2023	$ 22	$ (1,842)	398,180	(346,962)	49,398
BALANCE (in shares) at Dec. 31, 2023	21,840,301	(273,937)
BALANCE at Dec. 31, 2023	$ 22	$ (1,842)	399,336	(341,497)	56,019
Stock issued under defined contribution 401(k) retirement savings plan (in shares)	107,305	0
Stock issued under defined contribution 401(k) retirement savings plan	$ 0	$ 0	287	0	287
Share-based compensation	0	0	225	0	225
Net income	$ 0	$ 0	0	1,510	1,510
BALANCE (in shares) at Mar. 31, 2024	21,947,606	(273,937)
BALANCE at Mar. 31, 2024	$ 22	$ (1,842)	399,848	(339,987)	58,041
BALANCE (in shares) at Dec. 31, 2023	21,840,301	(273,937)
BALANCE at Dec. 31, 2023	$ 22	$ (1,842)	399,336	(341,497)	56,019
Net income					$ 1,992
Shares withheld for taxes in connection with issuance of restricted stock (in shares)					(46,668)
BALANCE (in shares) at Jun. 30, 2024	22,259,496	(273,937)
BALANCE at Jun. 30, 2024	$ 22	$ (1,842)	400,377	(339,505)	$ 59,052
BALANCE (in shares) at Mar. 31, 2024	21,947,606	(273,937)
BALANCE at Mar. 31, 2024	$ 22	$ (1,842)	399,848	(339,987)	58,041
Stock issued under defined contribution 401(k) retirement savings plan (in shares)	118,161	0
Stock issued under defined contribution 401(k) retirement savings plan	$ 0	$ 0	308	0	308
Share-based compensation	0	0	351	0	351
Net income	$ 0	$ 0	0	482	482
Stock issued for restricted stock (in shares)	240,397	0
Stock issued for restricted stock	$ 0	$ 0	0	0	0
Shares withheld for taxes in connection with issuance of restricted stock (in shares)	(46,668)	0
Shares withheld for taxes in connection with issuance of restricted stock	$ 0	$ 0	(130)	0	(130)
BALANCE (in shares) at Jun. 30, 2024	22,259,496	(273,937)
BALANCE at Jun. 30, 2024	$ 22	$ (1,842)	$ 400,377	$ (339,505)	$ 59,052

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,992	$ 2,184
Adjustments to reconcile net cash used in operating activities:
Depreciation and amortization expense	3,314	3,167
Deferred income taxes	2	(5)
Share-based compensation	576	409
Allowance for credit losses	(2)	16
Common stock issued under defined contribution 401(k) plan	595	648
(Gain) loss on disposal of assets	(114)	48
Changes in operating assets and liabilities:
Accounts receivable	5,061	(11,794)
AMP credit receivable	5,360	(6,729)
Contract assets	302	(273)
Inventories	(1,397)	(4,293)
Prepaid expenses and other current assets	1,111	147
Accounts payable	(4,328)	1,776
Accrued liabilities	(2,130)	1,367
Customer deposits	(13,728)	(4,190)
Other non-current assets and liabilities	(41)	75
Net cash used in operating activities	(3,427)	(17,447)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(2,534)	(3,977)
Proceeds from disposals of property and equipment	159	15
Net cash used in investing activities	(2,375)	(3,962)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from line of credit, net	5,914	11,991
Proceeds from long-term debt	1,421	618
Payments on long-term debt	(681)	(607)
Payments on finance leases	(883)	(1,113)
Shares withheld for taxes in connection with issuance of restricted stock	(130)	(117)
Net cash provided by financing activities	5,641	10,772
NET DECREASE IN CASH	(161)	(10,637)
CASH beginning of the period	1,099	12,732
CASH end of the period	$ 938	$ 2,095

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	NOTE 1 — BASIS OF PRESENTATION    The unaudited condensed consolidated financial statements presented herein include the accounts of Broadwind, Inc. (the “Company”) and its wholly-owned subsidiaries Broadwind Heavy Fabrications, Inc. (“Broadwind Heavy Fabrications”), Brad Foote Gear Works, Inc. (“Brad Foote”) and Broadwind Industrial Solutions, LLC (“Broadwind Industrial Solutions”). All intercompany transactions and balances have been eliminated. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included.   Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2024, or any other interim period, which may differ materially due to, among other things, the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023.   The December 31, 2023 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. This financial information should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.   There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2024 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.   Company Description     Through its subsidiaries, the Company is a precision manufacturer of structures, equipment and components for clean technology and other specialized applications. The Company provides technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the “U.S.”). The Company’s capabilities include, but are not limited to, the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly, engineering and packaging solutions. The Company’s most significant presence is within the U.S. wind energy industry, which accounted for 40% and 50% of the Company’s revenue during the first six months of 2024 and 2023, respectively.    Liquidity   The Company typically meets its short term liquidity needs through cash generated from operations, its available cash balances, the 2022 Credit Facility (as defined below), equipment financing, access to the public and private debt and/or equity markets, and has the option to raise capital from the sale of the Company’s securities under the Company’s registration statement on Form S-3 (as discussed below), and proceeds from sales of Advanced Manufacturing Production tax credits (“AMP credits”) (discussed in Note 5 “AMP Credits” of these condensed consolidated financial statements).   See Note 8, “Debt and Credit Agreements,” of these condensed consolidated financial statements for a description of the 2022 Credit Facility and the Company’s other debt.    Debt and finance lease obligations at  June 30, 2024 totaled $23,536, which includes current outstanding debt and finance leases totaling $14,110. The Company’s outstanding debt includes $5,593 outstanding from the senior secured term loan under the 2022 Credit Facility. During the six months ended June 30, 2024, the Company borrowed on the revolving line of credit and repaid such borrowings during the period. The Company had $10,571 drawn on the revolving line of credit as of June 30, 2024. The Company’s revolving line of credit balance, if any, is included in the “Line of credit and current maturities of long-term debt” line item in the Company's condensed consolidated balance sheet.     On September 22, 2023, the Company filed a shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 12, 2023 (the “Form S-3”), replacing a prior shelf registration statement which expired on October 12, 2023. This shelf registration statement, which includes a base prospectus, allows the Company to offer any combination of securities described in the prospectus in one or more offerings. Unless otherwise specified in the prospectus supplement accompanying the base prospectus, the Company would use the net proceeds from the sale of any securities offered pursuant to the shelf registration statement for general corporate purposes.   On September 12, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC and HC Wainwright & Co., LLC (collectively, the “Agents”). Pursuant to the terms of the Sales Agreement, the Company may sell from time to time through the Agents shares of the Company’s common stock, par value $0.001 per share with an aggregate sales price of up to $12,000. The Company will pay a commission to the Agents of 2.75% of the gross proceeds of the sale of the shares sold under the Sales Agreement and reimburse the Agents for the expenses incident to the performance of their obligations under the Sales Agreement. No shares of the Company’s common stock were issued under the Sales Agreement during the year ended December 31, 2023 or during the six months ended June 30, 2024. As of June 30, 2024, shares of the Company’s common stock having a value of approximately $11,667 remained available for issuance under the Sales Agreement. Any additional shares offered and sold under the Sales Agreement are to be issued pursuant to the Form S-3 and a 424(b) prospectus supplement.   The Company also utilizes supply chain financing arrangements as a component of its funding for working capital, which accelerates receivable collections and helps to better manage cash flow. Under these agreements, the Company has agreed to sell certain of its accounts receivable balances to banking institutions who have agreed to advance amounts equal to the net accounts receivable balances due, less a discount as set forth in the respective agreements. The balances under these agreements are accounted for as sales of accounts receivable, as they are sold without recourse. Cash proceeds from these agreements are reflected as operating activities included in the change in accounts receivable in the Company's consolidated statements of cash flows. Fees incurred in connection with the agreements are recorded as interest expense by the Company.   During the three and six months ended June 30, 2024, the Company sold account receivables totaling $13,234 and $20,039, respectively, related to supply chain financing arrangements, of which customers’ financial institutions applied discount fees totaling $352 and $516, respectively. During the three and six months ended June 30, 2023, the Company sold account receivables totaling $9,495 and $18,807, respectively, related to supply chain financing arrangements, of which customers’ financial institutions applied discount fees totaling $184 and $315, respectively.    In January 2023, the Company announced that it had entered into a supply agreement for wind tower purchases valued at approximately $175 million with a leading global wind turbine manufacturer.  Under the terms of the supply agreement, order fulfillment is to occur beginning in 2023 through year-end 2024. In early November 2023, the parties discussed their joint intent to shift approximately half of the contracted tower section orders initially planned for 2024 into 2025, while maintaining the total number of tower sections stipulated under the supply agreement.   The Company anticipates that current cash resources, amounts available under the 2022 Credit Facility, sales of shares under the Sales Agreement, cash to be generated from operations and equipment financing, access to the public and private debt and/or equity markets, any potential proceeds from the sale of further Company securities under the Form S-3, and proceeds from sales of AMP credits will be adequate to meet the Company’s liquidity needs for at least the next twelve months.   If assumptions regarding the Company’s production, sales and subsequent collections from certain of the Company’s large customers, the Company’s ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer, as well as receipt of customer deposits and revenues generated from new customer orders, are materially inconsistent with management’s expectations, the Company may in the future encounter cash flow and liquidity issues.   If the Company’s operational performance deteriorates, the Company may be unable to comply with existing financial covenants, and could lose access to the 2022 Credit Facility. This could limit the Company’s operational flexibility, require a delay in making planned investments and/or require us to seek additional equity or debt financing. Any attempt to raise equity through the public markets could have a negative effect on the Company’s stock price, making an equity raise more difficult or more dilutive. Any additional equity financing or equity-linked financing, if available, will be dilutive to stockholders, and additional debt financing, if available, would likely require new financial covenants or impose other operating and financial restrictions on the Company. While management believes that the Company will continue to have sufficient cash available to operate its businesses and to meet the Company’s financial obligations and debt covenants, there can be no assurances that the Company’s operations will generate sufficient cash, or that credit facilities or equity or equity-linked financings will be available in an amount sufficient to enable the Company to meet these financial obligations.   Reclassifications   Certain prior year amounts have been reclassified to conform to current year presentation in the condensed consolidated financial statements and the notes to the condensed consolidated financial statements.     Management’s Use of Estimates   The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reported period. Significant estimates, among others, include inventory reserves, warranty reserves, impairment of long-lived assets, allowance for credit losses, health insurance reserves, and valuation allowances on deferred taxes. Although these estimates are based upon management’s best knowledge of current events and actions that the Company may undertake in the future, actual results could differ from these estimates.

Note 2 - Revenues	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 2 — REVENUES   Revenues are recognized when the promised goods or services are transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.   The following table presents the Company’s revenues disaggregated by revenue source for the three and six months ended June 30, 2024 and 2023:       Three Months Ended June 30,     Six Months Ended June 30,       2024     2023     2024     2023   Heavy Fabrications   $ 19,611     $ 33,944     $ 41,628     $ 65,537   Gearing     10,454       10,977       18,791       22,943   Industrial Solutions     6,463       6,270       14,456       11,692   Eliminations     (76 )     (348 )     (807 )     (456 ) Consolidated   $ 36,452     $ 50,843     $ 74,068     $ 99,716     Revenue within the Company’s Gearing and Industrial Solutions segments, as well as industrial fabrication product line revenues within the Heavy Fabrications segment, are generally recognized at a point in time, typically when the promised goods or services are physically transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. The Company measures revenue based on the consideration specified in the purchase order and revenue is recognized when the performance obligations are satisfied. If applicable, the transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation.   For many tower sales within the Company’s Heavy Fabrications segment, products are sold under terms included in bill and hold sales arrangements that result in different timing for revenue recognition. The Company recognizes revenue under these arrangements only when there is a substantive reason for the agreement, the ordered goods are identified separately as belonging to the customer and not available to fill other orders, the goods are currently ready for physical transfer to the customer, and the Company does not have the ability to use the product or to direct it to another customer. Assuming these required revenue recognition criteria are met, revenue is recognized upon completion of product manufacture and customer acceptance.   During the six months ended June 30, 2024 and 2023, the Company recognized a portion of revenue within the Heavy Fabrications segment over time, as the products had no alternative use to the Company and the Company had an enforceable right to payment, including profit, upon termination of the contracts. Within the Heavy Fabrications segment, the Company recognized revenue for contracts that meet over time criteria of $2,067 and $2,347 for the three and six months ended June 30, 2024, respectively. Within the Heavy Fabrications segment, the Company recognized revenue over time of $3,076 and $6,744 for the three and six months ended June 30, 2023, respectively. The Company uses labor hours as the input measure of progress for the applicable Heavy Fabrications contracts because the projects are labor intensive. Contract assets are recorded when performance obligations are satisfied but the Company is not yet entitled to payment. Contract assets represent the Company’s rights to consideration for work completed but not billed at the end of the period.    The Company generally expenses sales commissions when incurred. These costs are recorded within selling, general and administrative expenses. Customer deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned. Cash payments to customers are classified as reductions of revenue in the Company’s statement of operations.   The Company does not disclose the value of the unsatisfied performance obligations for contracts with an original expected length of one year or less.

Note 3 - Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 3 — EARNINGS PER SHARE    The following table presents a reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023, as follows:        Three Months Ended     Six Months Ended       June 30,     June 30,       2024     2023     2024     2023   Basic earnings per share calculation:                                 Net income   $ 482     $ 1,415     $ 1,992     $ 2,184   Weighted average number of common shares outstanding     21,783,219       21,091,496       21,688,941       20,980,880   Basic net income per share   $ 0.02     $ 0.07     $ 0.09     $ 0.10   Diluted earnings per share calculation:                                 Net income   $ 482     $ 1,415     $ 1,992     $ 2,184   Weighted average number of common shares outstanding     21,783,219       21,091,496       21,688,941       20,980,880   Common stock equivalents:                                 Non-vested stock awards     219,859       317,031       215,515       409,351   Weighted average number of common shares outstanding     22,003,078       21,408,527       21,904,456       21,390,231   Diluted net income per share   $ 0.02     $ 0.07     $ 0.09     $ 0.10

Note 4 - Inventories	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 4 — INVENTORIES    The components of inventories as of June 30, 2024 and December 31, 2023 are summarized as follows:       June 30,     December 31,       2024     2023   Raw materials   $ 20,028     $ 24,651   Work-in-process     13,372       10,390   Finished goods     7,467       4,595         40,867       39,636   Less: Reserve     (2,065 )     (2,231 ) Net inventories   $ 38,802     $ 37,405

Note 5 - AMP Credits	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Advanced Manufacturing Production Tax Credits [Text Block]	NOTE 5 — AMP CREDITS   During the three and six months ended June 30, 2024, the Company recognized gross AMP credits totaling $1,848 and $3,720, respectively, within the Heavy Fabrications segment. During the three and six months ended June 30, 2023, the Company recognized AMP credits totaling $3,567 and $6,729, respectively, within the Heavy Fabrications segment. These AMP credits were introduced as part of the Inflation Reduction Act (“IRA”), which was enacted on August 16, 2022. The IRA includes advanced manufacturing tax credits for manufacturers of eligible components, including wind components. Manufacturers of wind components qualify for the AMP credits based on the total rated capacity, expressed on a per watt basis, of the completed wind turbine for which such component is designed. The credit applies to each component produced and sold in the U.S. beginning in 2023 through 2032. Wind towers within the Company’s Heavy Fabrications segment are eligible for credits of $0.03 per watt for each wind tower produced. In calculating the eligible credit, the Company relied on the megawatt rating provided by the customers. Manufacturers who qualify for the AMP credits can apply to the Internal Revenue Service for cash refunds of the AMP credits, sell the AMP credits to third parties for cash, or apply the AMP credits against taxable income. The Company recognized the AMP credits as a reduction to cost of sales in the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2024 and June 30, 2023. The assets related to the AMP credits are recognized as current assets in the “AMP credit receivable” line item in the Company’s condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023.    On December 21, 2023, the Company entered into an agreement to sell 2023 and 2024 AMP credits to a third party. At that time, the Company sold a portion of the gross 2023 credits in the amount of $6,952 and recognized a 6.5% discount on the sale in the amount of $452 which was recognized in cost of sales. In addition, the Company wrote down the remaining receivable of $7,541 to net realizable value and recorded the expected loss on sale of $490 in cost of sales. The remaining 2023 AMP credit receivable was collected during the first quarter of 2024. The Company also incurred other miscellaneous administrative costs related to selling the credits in the amount of $254, $197 of which has been recorded as cost of sales, with the remaining capitalized and included in the “Prepaid expenses and other current assets” line item of the Company’s condensed consolidated financial statements at December 31, 2023.    During the six months ended June 30, 2024, the Company recognized gross AMP credits totaling $3,720 and recognized a 6.5% discount on the credits totaling $242, which was recognized in cost of sales. The Company also incurred other miscellaneous administrative costs related to the credits in the amount of $65, which have been recorded as cost of sales. Additionally, costs totaling $28 are included in the “Prepaid expenses and other current assets” line item of the Company’s condensed consolidated financial statements at June 30, 2024.

Note 6 - Intangible Assets	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	NOTE 6 — INTANGIBLE ASSETS   Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company’s acquisition of Brad Foote completed in 2007 as well as the noncompetition agreements, trade names and customer relationships that were part of the Company’s acquisition of Red Wolf Company, LLC completed in 2017. Intangible assets are amortized on a straight-line basis over their estimated useful lives, with a remaining life range from 2 to 3 years.   As of June 30, 2024 and December 31, 2023, the cost basis, accumulated amortization and net book value of intangible assets were as follows:       June 30, 2024     December 31, 2023                                       Remaining                                     Remaining                                       Weighted                                     Weighted                       Accumulated     Net     Average                     Accumulated     Net     Average       Cost     Accumulated     Impairment     Book     Amortization             Accumulated     Impairment     Book     Amortization       Basis     Amortization     Charges     Value     Period     Cost     Amortization     Charges     Value     Period   Intangible assets:                                                                                 Noncompete agreements   $ 170     $ (170 )   $ —     $ —       —     $ 170     $ (170 )   $ —     $ —       —   Customer relationships     15,979       (7,973 )     (7,592 )     414       1.6       15,979       (7,842 )     (7,592 )     545       2.1   Trade names     9,099       (7,780 )     —       1,319       3.3       9,099       (7,580 )     —       1,519       3.8   Intangible assets   $ 25,248     $ (15,923 )   $ (7,592 )   $ 1,733       2.9     $ 25,248     $ (15,592 )   $ (7,592 )   $ 2,064       3.3   ​ As of June 30, 2024, estimated future amortization expense was as follows:   2024   $ 331   2025     661   2026     422   2027     319   Total   $ 1,733   ​ ​

Note 7 - Accrued Liabilities	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 7 — ACCRUED LIABILITIES   Accrued liabilities as of June 30, 2024 and December 31, 2023 consisted of the following:        June 30,     December 31,       2024     2023   Accrued payroll and benefits   $ 3,151     $ 5,051   Accrued property taxes     411       —   Income taxes payable     80       254   Accrued professional fees     62       140   Accrued warranty liability     277       322   Self-insured workers compensation reserve     47       21   Accrued sales tax     1       310   Accrued other     318       379   Total accrued liabilities   $ 4,347     $ 6,477

Note 8 - Debt and Credit Agreements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 8 — DEBT AND CREDIT AGREEMENTS   The Company’s outstanding debt balances as of June 30, 2024 and December 31, 2023 consisted of the following:       June 30,     December 31,       2024     2023   Line of credit   $ 10,571     $ 4,657   Other notes payable     1,793       1,361   Long-term debt     5,593       6,135   Total debt     17,957       12,153   Less: current maturities     (12,012 )     (5,903 ) Long-term debt, net of current maturities   $ 5,945     $ 6,250     Credit Facility   On August 4, 2022, the Company entered into a credit agreement (the “2022 Credit Agreement”) with Wells Fargo Bank, National Association, as lender (“Wells Fargo”), which replaced its prior credit facility and provided the Company and its subsidiaries with a $35,000 senior secured revolving credit facility (which may be further increased by up to an additional $10,000 upon the request of the Company and at the sole discretion of Wells Fargo) and a $7,578 senior secured term loan (collectively, the “2022 Credit Facility”). The proceeds of the 2022 Credit Facility are available for general corporate purposes, including strategic growth opportunities. At June 30, 2024, deferred financing costs related to the 2022 Credit Facility were $308 primarily related to the revolving credit loan, which is net of accumulated amortization of $192. At December 31, 2023, deferred financing costs related to the 2022 Credit Facility were $359 which is net of accumulated amortization of $141. These costs are included in the “Other assets” line item of the Company's condensed consolidated financial statements at June 30, 2024 and December 31, 2023.    On February 8, 2023, the Company executed Amendment No. 1 to Credit Agreement and Limited Waiver which waived the Company’s fourth quarter minimum EBITDA (as defined in the 2022 Credit Agreement) requirement for the period ended December 31, 2022, amended the Fixed Charge Coverage Ratio (as defined in the 2022 Credit Agreement) requirements for the twelve-month period ending January 31, 2024 through and including June 30, 2024 and each twelve-month period thereafter, and amended the minimum EBITDA requirements applicable to the twelve-month periods ending March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023.   The 2022 Credit Agreement, as amended, contains customary covenants limiting the Company’s and its subsidiaries’ ability to, among other things, incur liens, make investments, incur indebtedness, merge or consolidate with others or dispose of assets, change the nature of its business, and enter into transactions with affiliates. The initial term of the revolving credit facility matures August 4, 2027. The term loan also matures on August 4, 2027, with monthly payments based on an 84-month amortization.   As of June 30, 2024, there was $16,164 of outstanding indebtedness under the 2022 Credit Facility, with the ability to borrow an additional $17,509. As of June 30, 2024, the Company was in compliance with all financial covenants under the 2022 Credit Facility. As of June 30, 2024, the effective interest rate of the senior secured revolving credit facility was 7.59% and the senior secured term loan was 7.84%. As of December 31, 2023, the effective interest rate of the senior secured revolving credit facility was 7.64% and the effective rate of the senior secured term loan was 7.89%.    Other     In addition, the Company has outstanding notes payable for capital expenditures in the amount of $1,793 and $1,361 as of June 30, 2024 and December 31, 2023, respectively, with $359 and $163 included in the “Line of credit and current maturities of long-term debt” line item of the Company’s condensed consolidated financial statements as of June 30, 2024 and December 31, 2023, respectively. The notes payable have monthly payments that range from $1 to $20 and an interest rate of approximately 7%. The equipment purchased is utilized as collateral for the notes payable. The outstanding notes payable have maturity dates that range from  September 2028 to May 2029.

Note 9 - Leases	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Lessee Operating and Finance Leases [Text Block]	NOTE 9 — LEASES   The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016-02, Leases (“Topic 842”), and the Company elected to apply each available practical expedient. The discount rates used for the leases are based on an interest rate yield curve developed for the leases in the Company’s lease portfolio.   The Company has elected to apply the short-term lease exception to all leases of one year or less. During the six months ended June 30, 2024 and 2023, the Company had an additional operating lease that resulted in right-of-use assets obtained in exchange for lease obligations in the amount of $29 and $0, respectively. During the six months ended June 30, 2024 and 2023, the Company had additional finance leases associated with property, plant, and equipment of $880 and $0, respectively.    Some of the Company’s facility leases include options to renew. The exercise of the renewal options is typically at the Company’s discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them.   Quantitative information regarding the Company’s leases is as follows:       Three Months Ended June 30,     Six Months Ended June 30,       2024     2023     2024     2023   Components of lease cost                                 Finance lease cost components:                                 Amortization of finance lease assets   $ 370     $ 369     $ 728     $ 739   Interest on finance lease liabilities     121       86       228       184   Total finance lease costs     491       455       956       923   Operating lease cost components:                                 Operating lease cost     703       689       1,345       1,393   Short-term lease cost     54       78       100       167   Variable lease cost (1)     384       178       753       523   Sublease income     (49 )     (49 )     (99 )     (97 ) Total operating lease costs     1,092       896       2,099       1,986                                     Total lease cost   $ 1,583     $ 1,351     $ 3,055     $ 2,909                                     Supplemental cash flow information related to our operating leases is as follows for the six months ended June 30, 2024 and 2023:                                 Cash paid for amounts included in the measurement of lease liabilities:                                 Operating cash outflow from operating leases                   $ 1,679     $ 1,727                                     Weighted-average remaining lease term-finance leases at end of period (in years)                     2.8       3.1   Weighted-average remaining lease term-operating leases at end of period (in years)                     6.6       7.7   Weighted-average discount rate-finance leases at end of period                     5.4 %     5.1 % Weighted-average discount rate-operating leases at end of period                     8.9 %     8.8 %     (1) Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment. ​ As of June 30, 2024, future minimum lease payments under finance leases and operating leases were as follows: ​     Finance     Operating               Leases     Leases     Total   2024   $ 1,637     $ 1,683     $ 3,320   2025     1,477       3,454       4,931   2026     1,220       3,449       4,669   2027     929       3,151       4,080   2028     6       3,160       3,166   2029 and thereafter     1,014       7,802       8,816   Total lease payments     6,283       22,699       28,982   Less—portion representing interest     (704 )     (5,840 )     (6,544 ) Present value of lease obligations     5,579       16,859       22,438   Less—current portion of lease obligations     (2,098 )     (1,987 )     (4,085 ) Long-term portion of lease obligations   $ 3,481     $ 14,872     $ 18,353   ​

Note 10 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 10 — FAIR VALUE MEASUREMENTS    Fair Value of Financial Instruments    The carrying amounts of the Company’s financial instruments, which include cash, accounts receivable, accounts payable and customer deposits, approximate their respective fair values due to the relatively short-term nature of these instruments. Based upon interest rates currently available to the Company for debt with similar terms, the carrying value of the Company’s long-term debt is approximately equal to its fair value.    The Company is required to provide disclosure and categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value while Level 3 generally requires significant management judgment. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. Financial instruments are assessed quarterly to determine the appropriate classification within the fair value hierarchy. Transfers between fair value classifications are made based upon the nature and type of the observable inputs. The fair value hierarchy is defined as follows:   Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.   Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly.    Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date.

Note 11 - Income Taxes	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 11 — INCOME TAXES    Effective tax rates differ from federal statutory income tax rates primarily due to changes in the Company’s valuation allowance, permanent differences and provisions for state and local income taxes. As of June 30, 2024, the Company has a full valuation allowance recorded against deferred tax assets. During the six months ended June 30, 2024, the Company recorded a provision for income taxes of $92, compared to a provision for income taxes of $51 during the six months ended June 30, 2023. On  August 16, 2022, Congress enacted the IRA which includes advanced manufacturing tax credits for manufacturers of eligible components, including wind components produced and sold in the U.S. beginning in 2023 through 2032. These credits will have no impact on income tax expense.    The Company files income tax returns in U.S. federal and state jurisdictions. As of June 30, 2024, open tax years in federal and some state jurisdictions date back to 1996 due to the taxing authorities’ ability to adjust operating loss carryforwards. As of December 31, 2023, the Company had federal and unapportioned state net operating loss (“NOL”) carryforwards of $290,233 of which $227,781 will generally begin to expire in 2026. The majority of the NOL carryforwards will expire in various years from 2028 through 2037. NOLs generated after January 1, 2018 will not expire.   Since the Company has no unrecognized tax benefits, they will not have an impact on the condensed consolidated financial statements as a result of the expiration of the applicable statues of limitations within the next twelve months. In addition, Section 382 of the Internal Revenue Code of 1986, as amended (the “IRC”), generally imposes an annual limitation on the amount of NOL carryforwards and associated built-in losses that may be used to offset taxable income when a corporation has undergone certain changes in stock ownership. The Company’s ability to utilize NOL carryforwards and built-in losses may be limited, under Section 382 of the IRC or otherwise, by the Company’s issuance of common stock or by other changes in stock ownership. Upon completion of the Company’s analysis of  Section 382 of the IRC in 2010, the Company determined that aggregate changes in stock ownership triggered an annual limitation on NOL carryforwards and built-in losses available for utilization, thereby currently limiting annual NOL usage to $14,284 per year. Further limitations may occur, depending on additional future changes in stock ownership. To the extent the Company’s use of NOL carryforwards and associated built-in losses is significantly limited in the future, the Company’s income could be subject to U.S. corporate income tax earlier than it would be if the Company were able to use NOL carryforwards and built-in losses without such limitation, which could result in lower profits and the loss of benefits from these attributes.     In February 2013, the Company adopted a Stockholder Rights Plan, which was approved by the Company’s stockholders and extended in 2016, 2019 and 2022 for additional three-year periods (as amended, the “Rights Plan”), designed to preserve the Company’s substantial tax assets associated with NOL carryforwards under Section 382 of the IRC.   The Rights Plan is intended to act as a deterrent to any person or group, together with its affiliates and associates, becoming the beneficial owner of 4.9% or more of the Company’s common stock and thereby triggering a further limitation of the Company’s available NOL carryforwards. In connection with the adoption of the Rights Plan, the Board declared a non-taxable dividend of one preferred share purchase right (a “Right”) for each outstanding share of the Company’s common stock to the Company’s stockholders of record as of the close of business on February 22, 2013. Each Right entitles its holder to purchase from the Company one one-thousandth of a share of the Company’s Series A Junior Participating Preferred Stock at an exercise price of $7.26 per Right, subject to adjustment. As a result of the Rights Plan, any person or group that acquires beneficial ownership of 4.9% or more of the Company’s common stock without the approval of the Board would be subject to significant dilution in the ownership interest of that person or group. Stockholders who owned 4.9% or more of the outstanding shares of the Company’s common stock as of February 12, 2013 will not trigger the preferred share purchase rights unless they acquire additional shares after that date.    As of June 30, 2024, the Company had no unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions as income tax expense. The Company had no accrued interest and penalties as of June 30, 2024.

Note 12 - Share-based Compensation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	NOTE 12 — SHARE-BASED COMPENSATION  ​ There was no stock option activity during the six months ended June 30, 2024 and June 30, 2023 and no stock options were outstanding as of June 30, 2024 or June 30, 2023.   The following table summarizes the Company’s restricted stock unit and performance award activity during the six months ended June 30, 2024:                  Weighted Average       Number of     Grant-Date Fair Value       Shares     Per Share   Unvested as of December 31, 2023     687,206     $ 3.03   Granted     456,370     $ 2.72   Vested     (240,397 )   $ 3.41   Forfeited     (46,418 )   $ 2.98   Unvested as of June 30, 2024     856,761     $ 2.76     Under certain situations, shares are withheld from issuance to cover taxes for the vesting of restricted stock units and performance awards. For the six months ended June 30, 2024 and 2023, 46,668 and 92,984 shares, respectively, were withheld to cover tax obligations.    The following table summarizes share-based compensation expense included in the Company’s condensed consolidated statements of operations for the six months ended June 30, 2024 and 2023, as follows:        Six Months Ended June 30,       2024     2023   Share-based compensation expense:                 Cost of sales   $ 64     $ 69   Selling, general and administrative     512       340   Net effect of share-based compensation expense on net income   $ 576     $ 409   Reduction in earnings per share:                 Basic earnings per share   $ 0.03     $ 0.02   Diluted earnings per share   $ 0.03     $ 0.02

Note 13 - Legal Proceedings and Other Matters	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	NOTE 13 — LEGAL PROCEEDINGS AND OTHER MATTERS   Legal Proceedings   The Company is party to a variety of legal proceedings that arise in the normal course of its business. On an ongoing basis, the Company is often the subject of, or party to, various legal claims by other parties against the Company, by the Company against other parties, or involving the Company, which arise in the normal course of its business, including the claims described in Note 17, “Capitalization” of these condensed consolidated financial statements. While the results of these legal proceedings or claims cannot be predicted with certainty, management believes that the final outcome of these proceedings or claims will not have a material adverse effect, individually or in the aggregate, on the Company’s results of operations, financial condition or cash flows. Due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s results of operations, financial condition or cash flows. It is possible that if one or more of such matters were decided against the Company, the effects could be material to the Company’s results of operations in the period in which the Company would be required to record or adjust the related liability and could also be material to the Company’s financial condition and cash flows in the periods the Company would be required to pay such liability.

Note 14 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE 14 — RECENT ACCOUNTING PRONOUNCEMENTS    The Company reviews new accounting standards as issued. Although some of the accounting standards issued or effective in the current fiscal year may be applicable to it, the Company believes that none of the new standards have a significant impact on its condensed consolidated financial statements.   In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses on an annual and interim basis. This guidance will be applied retrospectively and will be effective for the annual periods beginning the year ended December 31, 2024, and for interim periods beginning January 1, 2025. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.   In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. The Company does not expect the adoption of this guidance to have a material impact on the Company's consolidated financial statements.

Note 15 - Segment Reporting	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 15— SEGMENT REPORTING    The Company is organized into reporting segments based on the nature of the products offered and business activities from which it earns revenues and incurs expenses for which discrete financial information is available and regularly reviewed by the Company’s chief operating decision maker.   The Company’s segments and their product and service offerings are summarized below:    Heavy Fabrications   The Company provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Company’s most significant presence is within the U.S. wind energy industry, although it has diversified into other industrial markets in order to improve capacity utilization, reduce customer concentrations, and reduce exposure to uncertainty related to governmental policies currently impacting the U.S. wind energy industry. Within the U.S. wind energy industry, the Company provides steel towers and adapters primarily to wind turbine manufacturers. Production facilities, located in Manitowoc, Wisconsin and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The two facilities have a combined annual tower production capacity of up to approximately 550 towers (1,650 tower sections), sufficient to support turbines generating more than 1,500 MW of power. The Company has expanded its production capabilities and leveraged manufacturing competencies, including welding, lifting capacity and stringent quality practices, into aftermarket and original equipment manufacturer (“OEM”) components utilized in surface and underground mining, construction, material handling, oil and gas (“O&G”) and other infrastructure markets. The Company has designed and manufactures a mobile, modular pressure reducing system for the compressed natural gas virtual pipeline market. The Company manufactures components for buckets, shovels, car bodies, drill masts and other products that support mining and construction markets. In other industrial markets, the Company provides crane components, pressure vessels, frames and other structures.   Gearing    The Company provides gearing, gearboxes and precision machined components to a broad set of customers in diverse markets including surface and underground mining, wind energy, steel, material handling, infrastructure, onshore and offshore oil and gas fracking and drilling, marine, defense, and other industrial markets. The Company has manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for a century. The Company uses an integrated manufacturing process, which includes machining and finishing processes in addition to gearbox repair in Cicero, Illinois, and heat treatment and gearbox repair in Neville Island, Pennsylvania.   Industrial Solutions    The Company provides supply chain solutions, light fabrication, inventory management and kitting and assembly services, primarily serving the combined cycle natural gas turbine market. The Company has recently expanded into the U.S. wind power generation market, by providing tower internals kitting solutions for on-site installations, as OEMs domesticate their supply chain due to lead time and reliability issues. The Company leverages a global supply chain to provide instrumentation and controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes and wiring, and electromechanical devices. The Company also provides packaging solutions and fabricates panels and sub-assemblies to reduce customers’ costs and improve manufacturing velocity and reliability.   Corporate   “Corporate” includes the assets and selling, general and administrative expenses of the Company’s corporate office. “Eliminations” comprises adjustments to reconcile segment results to consolidated results.    The accounting policies of the reportable segments are the same as those referenced in Note 1, “Basis of Presentation” of these condensed consolidated financial statements. Summary financial information by reportable segment for the three and six months ended June 30, 2024 and 2023 is as follows:       Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Three Months Ended June 30, 2024                                                 Revenues from external customers   $ 19,611     $ 10,454     $ 6,387     $ —     $ —     $ 36,452   Intersegment revenues     —       —       76       —       (76 )     —   Net revenues     19,611       10,454       6,463       —       (76 )     36,452   Operating income (loss)     1,557       482       623       (1,405 )     —       1,257   Depreciation and amortization     1,022       553       105       38       —       1,718   Capital expenditures     370       280       123       17       —       790         Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Three Months Ended June 30, 2023                                                 Revenues from external customers   $ 33,944     $ 10,977     $ 5,922     $ —     $ —     $ 50,843   Intersegment revenues     —       —       348       —       (348 )     —   Net revenues     33,944       10,977       6,270       —       (348 )     50,843   Operating income (loss)     3,867       348       843       (2,845 )     3       2,216   Depreciation and amortization     856       556       92       58       —       1,562   Capital expenditures     2,156       739       —       17       —       2,912              Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Six Months Ended June 30, 2024                                                 Revenues from external customers   $ 41,628     $ 18,791     $ 13,649     $ —     $ —     $ 74,068   Intersegment revenues     —       —       807       —       (807 )     —   Net revenues     41,628       18,791       14,456       —       (807 )     74,068   Operating income (loss)     3,601       508       2,390       (3,164 )     —       3,335   Depreciation and amortization     1,933       1,093       205       83       —       3,314   Capital expenditures     831       1,348       338       17       —       2,534         Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Six Months Ended June 30, 2023                                                 Revenues from external customers   $ 65,537     $ 22,943     $ 11,236     $ —     $ —     $ 99,716   Intersegment revenues     —       —       456       —       (456 )     —   Net revenues     65,537       22,943       11,692       —       (456 )     99,716   Operating income (loss)     6,657       929       1,465       (5,556 )     3       3,498   Depreciation and amortization     1,714       1,152       186       115       —       3,167   Capital expenditures     2,818       1,124       18       17       —       3,977         Total Assets as of       June 30,     December 31,   Segments:   2024     2023   Heavy Fabrications   $ 40,558     $ 46,931   Gearing     45,730       48,599   Industrial Solutions     14,602       16,295   Corporate     60,100       58,487   Eliminations     (38,457 )     (35,156 )     $ 122,533     $ 135,156

Note 16 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 16 — COMMITMENTS AND CONTINGENCIES    Environmental Compliance and Remediation Liabilities    The Company’s operations and products are subject to a variety of environmental laws and regulations in the jurisdictions in which the Company operates and sells products governing, among other things, air emissions, wastewater discharges, the use, handling and disposal of hazardous materials, soil and groundwater contamination, employee health and safety, and product content, performance and packaging. Certain environmental laws may impose the entire cost or a portion of the cost of investigating and cleaning up a contaminated site, regardless of fault, upon any one or more of a number of parties, including the current or previous owners or operators of the site. These environmental laws also impose liability on any person who arranges for the disposal or treatment of hazardous substances at a contaminated site. Third parties may also make claims against owners or operators of sites and users of disposal sites for personal injuries and property damage associated with releases of hazardous substances from those sites.    Allowance for Credit Losses     Beginning January 1, 2023, the Company assessed and recorded an allowance for credit losses using the current expected credit loss (“CECL”) model. The adjustment for credit losses to management’s current estimate is recorded in net income as credit loss expense. All credit losses were on trade receivables and/or contract assets arising from the Company's contracts with customers. The adjustment for credit losses using this CECL model on accounts receivable and contract assets during the six months ended June 30, 2024 and 2023 was not material.     The Company monitors its collections and write-off experience to assess whether or not adjustments to its allowance estimates are necessary. Changes in trends in any of the factors that the Company believes may impact the collectability of its accounts receivable, or modifications to its credit standards, collection practices and other related policies may impact the Company’s allowance for credit losses and its financial results. The activity in the accounts receivable allowance liability for the six months ended June 30, 2024 and 2023 consisted of the following:        For the Six Months Ended June 30,       2024     2023   Balance at beginning of period   $ 99     $ 17   Bad debt expense     —       16   Other adjustments     (2 )     —   Balance at end of period   $ 97     $ 33     Collateral    In select instances, the Company has pledged specific inventory and machinery and equipment assets to serve as collateral on related payable or financing obligations.    Liquidated Damages    In certain customer contracts, the Company has agreed to pay liquidated damages in the event of qualifying delivery or production delays. These damages are typically limited to a specific percentage of the value of the product in question and/or are dependent on actual losses sustained by the customer. The Company does not believe that this potential exposure will have a material adverse effect on the Company’s consolidated financial position or results of operations. There was a reserve for liquidated damages of $84 at  June 30, 2024 and  December 31, 2023.

Note 17 - Capitalization	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Equity [Text Block]	NOTE 17 — CAPITALIZATION   The Company’s authorized capital stock at June 30, 2024 consisted of 45,000,000 shares of common stock, par value $0.001 per share and 10,000,000 shares of undesignated stock, par value $0.001 per share. At June 30, 2024, 21,985,559 shares of common stock were outstanding and no shares of preferred stock were issued and outstanding.   On March 18, 2024, the Board of Directors of the Company (the “Board”) approved an amendment to the Company’s Certificate of Incorporation to increase the number of shares of our common stock from thirty million (30,000,000) to forty-five million (45,000,000) (the “Share Increase Amendment”), subject to the approval of such amendment by the stockholders. On May 16, 2024, an annual meeting of the stockholders was convened (the “Annual Meeting”). In the definitive proxy statement dated April 2, 2024 filed by the Company with the SEC in respect of the Annual Meeting (the “Proxy Statement”), the Board solicited the vote of the stockholders in favor of the Share Increase Amendment. The Proxy Statement stated that broker non-votes in respect of the Share Increase Amendment would be counted as votes against the amendment. However, under relevant stock exchange rules, brokers, banks and/or other nominees had discretionary authority to vote shares held in their name on behalf of beneficial owners in favor of the Share Increase Amendment if the broker, bank and/or other nominee had not received voting instruction from the beneficial owners. As such, brokers, banks and/or other nominees that had not received voting instructions from the beneficial owners of such shares may have voted in favor of the Share Increase Amendment at the Annual Meeting. Such votes, and others cast by the Company’s stockholders, were tabulated by the Company’s inspector of elections in accordance with the applicable New York Stock Exchange rules (which also applies to Nasdaq-listed companies) and based on the tabulation, the inspector of elections determined that the proposal to approve the Share Increase Amendment was adopted by the requisite vote of stockholders and certified that the proposal had passed. Following this approval, the Company filed the Share Increase Amendment with the Secretary of State on May 16, 2024, and it became effective on the same date.   Following the Annual Meeting, the Company received letters from two stockholders claiming that disclosures in the Proxy Statement regarding the authority of brokers, banks and/or other nominees to vote on the Share Increase Amendment in the absence of instructions from the beneficial owners of the applicable shares were inconsistent with how votes were tabulated and counted or that the Company mistabulated uninstructed votes of brokers, banks and/or other nominees as votes in favor of the Share Increase Amendment. The stockholders requested that the Board deem the Share Increase Amendment ineffective and make appropriate disclosure of such determination or seek valid stockholder approval of the Share Increase Amendment.   The Company believes it was and is appropriate to include the affirmative votes cast by brokers, banks and/or other nominees pursuant to their discretionary authority in the tabulation of votes in favor of the Share Increase Amendment and, thus, that the Share Increase Amendment was properly approved and is effective. However, to avoid potential future litigation risk, and to eliminate any uncertainty as to the Share Increase Amendment and the validity of shares of Common Stock that in the future may be issued by virtue of the Share Increase Amendment, the Board has determined that it is advisable and in the best interests of the Company to solicit stockholders to ratify the Share Increase Amendment at a stockholder meeting. No specific transaction was contemplated in connection with the Share Increase Amendment, and as of the date of the filing of this Form 10-Q, none of the shares authorized by the Share Increase Amendment have been issued. Further information about such meeting will be provided in a Definitive Proxy Statement to be filed with the Securities and Exchange Commission.

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information      Rule 10b5-1 Trading Arrangement   During the three months ended June 30, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The unaudited condensed consolidated financial statements presented herein include the accounts of Broadwind, Inc. (the “Company”) and its wholly-owned subsidiaries Broadwind Heavy Fabrications, Inc. (“Broadwind Heavy Fabrications”), Brad Foote Gear Works, Inc. (“Brad Foote”) and Broadwind Industrial Solutions, LLC (“Broadwind Industrial Solutions”). All intercompany transactions and balances have been eliminated. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included.   Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2024, or any other interim period, which may differ materially due to, among other things, the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023.   The December 31, 2023 condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. This financial information should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.   There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2024 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.   Company Description     Through its subsidiaries, the Company is a precision manufacturer of structures, equipment and components for clean technology and other specialized applications. The Company provides technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the “U.S.”). The Company’s capabilities include, but are not limited to, the following: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly, engineering and packaging solutions. The Company’s most significant presence is within the U.S. wind energy industry, which accounted for 40% and 50% of the Company’s revenue during the first six months of 2024 and 2023, respectively.
Liquidity Policy [Policy Text Block]	Liquidity   The Company typically meets its short term liquidity needs through cash generated from operations, its available cash balances, the 2022 Credit Facility (as defined below), equipment financing, access to the public and private debt and/or equity markets, and has the option to raise capital from the sale of the Company’s securities under the Company’s registration statement on Form S-3 (as discussed below), and proceeds from sales of Advanced Manufacturing Production tax credits (“AMP credits”) (discussed in Note 5 “AMP Credits” of these condensed consolidated financial statements).   See Note 8, “Debt and Credit Agreements,” of these condensed consolidated financial statements for a description of the 2022 Credit Facility and the Company’s other debt.    Debt and finance lease obligations at  June 30, 2024 totaled $23,536, which includes current outstanding debt and finance leases totaling $14,110. The Company’s outstanding debt includes $5,593 outstanding from the senior secured term loan under the 2022 Credit Facility. During the six months ended June 30, 2024, the Company borrowed on the revolving line of credit and repaid such borrowings during the period. The Company had $10,571 drawn on the revolving line of credit as of June 30, 2024. The Company’s revolving line of credit balance, if any, is included in the “Line of credit and current maturities of long-term debt” line item in the Company's condensed consolidated balance sheet.     On September 22, 2023, the Company filed a shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 12, 2023 (the “Form S-3”), replacing a prior shelf registration statement which expired on October 12, 2023. This shelf registration statement, which includes a base prospectus, allows the Company to offer any combination of securities described in the prospectus in one or more offerings. Unless otherwise specified in the prospectus supplement accompanying the base prospectus, the Company would use the net proceeds from the sale of any securities offered pursuant to the shelf registration statement for general corporate purposes.   On September 12, 2022, the Company entered into a Sales Agreement (the “Sales Agreement”) with Roth Capital Partners, LLC and HC Wainwright & Co., LLC (collectively, the “Agents”). Pursuant to the terms of the Sales Agreement, the Company may sell from time to time through the Agents shares of the Company’s common stock, par value $0.001 per share with an aggregate sales price of up to $12,000. The Company will pay a commission to the Agents of 2.75% of the gross proceeds of the sale of the shares sold under the Sales Agreement and reimburse the Agents for the expenses incident to the performance of their obligations under the Sales Agreement. No shares of the Company’s common stock were issued under the Sales Agreement during the year ended December 31, 2023 or during the six months ended June 30, 2024. As of June 30, 2024, shares of the Company’s common stock having a value of approximately $11,667 remained available for issuance under the Sales Agreement. Any additional shares offered and sold under the Sales Agreement are to be issued pursuant to the Form S-3 and a 424(b) prospectus supplement.   The Company also utilizes supply chain financing arrangements as a component of its funding for working capital, which accelerates receivable collections and helps to better manage cash flow. Under these agreements, the Company has agreed to sell certain of its accounts receivable balances to banking institutions who have agreed to advance amounts equal to the net accounts receivable balances due, less a discount as set forth in the respective agreements. The balances under these agreements are accounted for as sales of accounts receivable, as they are sold without recourse. Cash proceeds from these agreements are reflected as operating activities included in the change in accounts receivable in the Company's consolidated statements of cash flows. Fees incurred in connection with the agreements are recorded as interest expense by the Company.   During the three and six months ended June 30, 2024, the Company sold account receivables totaling $13,234 and $20,039, respectively, related to supply chain financing arrangements, of which customers’ financial institutions applied discount fees totaling $352 and $516, respectively. During the three and six months ended June 30, 2023, the Company sold account receivables totaling $9,495 and $18,807, respectively, related to supply chain financing arrangements, of which customers’ financial institutions applied discount fees totaling $184 and $315, respectively.    In January 2023, the Company announced that it had entered into a supply agreement for wind tower purchases valued at approximately $175 million with a leading global wind turbine manufacturer.  Under the terms of the supply agreement, order fulfillment is to occur beginning in 2023 through year-end 2024. In early November 2023, the parties discussed their joint intent to shift approximately half of the contracted tower section orders initially planned for 2024 into 2025, while maintaining the total number of tower sections stipulated under the supply agreement.   The Company anticipates that current cash resources, amounts available under the 2022 Credit Facility, sales of shares under the Sales Agreement, cash to be generated from operations and equipment financing, access to the public and private debt and/or equity markets, any potential proceeds from the sale of further Company securities under the Form S-3, and proceeds from sales of AMP credits will be adequate to meet the Company’s liquidity needs for at least the next twelve months.   If assumptions regarding the Company’s production, sales and subsequent collections from certain of the Company’s large customers, the Company’s ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer, as well as receipt of customer deposits and revenues generated from new customer orders, are materially inconsistent with management’s expectations, the Company may in the future encounter cash flow and liquidity issues.   If the Company’s operational performance deteriorates, the Company may be unable to comply with existing financial covenants, and could lose access to the 2022 Credit Facility. This could limit the Company’s operational flexibility, require a delay in making planned investments and/or require us to seek additional equity or debt financing. Any attempt to raise equity through the public markets could have a negative effect on the Company’s stock price, making an equity raise more difficult or more dilutive. Any additional equity financing or equity-linked financing, if available, will be dilutive to stockholders, and additional debt financing, if available, would likely require new financial covenants or impose other operating and financial restrictions on the Company. While management believes that the Company will continue to have sufficient cash available to operate its businesses and to meet the Company’s financial obligations and debt covenants, there can be no assurances that the Company’s operations will generate sufficient cash, or that credit facilities or equity or equity-linked financings will be available in an amount sufficient to enable the Company to meet these financial obligations.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications   Certain prior year amounts have been reclassified to conform to current year presentation in the condensed consolidated financial statements and the notes to the condensed consolidated financial statements.
Use of Estimates, Policy [Policy Text Block]	Management’s Use of Estimates   The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reported period. Significant estimates, among others, include inventory reserves, warranty reserves, impairment of long-lived assets, allowance for credit losses, health insurance reserves, and valuation allowances on deferred taxes. Although these estimates are based upon management’s best knowledge of current events and actions that the Company may undertake in the future, actual results could differ from these estimates.

Note 2 - Revenues (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30,     Six Months Ended June 30,       2024     2023     2024     2023   Heavy Fabrications   $ 19,611     $ 33,944     $ 41,628     $ 65,537   Gearing     10,454       10,977       18,791       22,943   Industrial Solutions     6,463       6,270       14,456       11,692   Eliminations     (76 )     (348 )     (807 )     (456 ) Consolidated   $ 36,452     $ 50,843     $ 74,068     $ 99,716

Note 3 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended     Six Months Ended       June 30,     June 30,       2024     2023     2024     2023   Basic earnings per share calculation:                                 Net income   $ 482     $ 1,415     $ 1,992     $ 2,184   Weighted average number of common shares outstanding     21,783,219       21,091,496       21,688,941       20,980,880   Basic net income per share   $ 0.02     $ 0.07     $ 0.09     $ 0.10   Diluted earnings per share calculation:                                 Net income   $ 482     $ 1,415     $ 1,992     $ 2,184   Weighted average number of common shares outstanding     21,783,219       21,091,496       21,688,941       20,980,880   Common stock equivalents:                                 Non-vested stock awards     219,859       317,031       215,515       409,351   Weighted average number of common shares outstanding     22,003,078       21,408,527       21,904,456       21,390,231   Diluted net income per share   $ 0.02     $ 0.07     $ 0.09     $ 0.10

Note 4 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30,     December 31,       2024     2023   Raw materials   $ 20,028     $ 24,651   Work-in-process     13,372       10,390   Finished goods     7,467       4,595         40,867       39,636   Less: Reserve     (2,065 )     (2,231 ) Net inventories   $ 38,802     $ 37,405

Note 6 - Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	June 30, 2024     December 31, 2023                                       Remaining                                     Remaining                                       Weighted                                     Weighted                       Accumulated     Net     Average                     Accumulated     Net     Average       Cost     Accumulated     Impairment     Book     Amortization             Accumulated     Impairment     Book     Amortization       Basis     Amortization     Charges     Value     Period     Cost     Amortization     Charges     Value     Period   Intangible assets:                                                                                 Noncompete agreements   $ 170     $ (170 )   $ —     $ —       —     $ 170     $ (170 )   $ —     $ —       —   Customer relationships     15,979       (7,973 )     (7,592 )     414       1.6       15,979       (7,842 )     (7,592 )     545       2.1   Trade names     9,099       (7,780 )     —       1,319       3.3       9,099       (7,580 )     —       1,519       3.8   Intangible assets   $ 25,248     $ (15,923 )   $ (7,592 )   $ 1,733       2.9     $ 25,248     $ (15,592 )   $ (7,592 )   $ 2,064       3.3
Finite-Lived Intangible Assets Amortization Expense [Table Text Block]	2024   $ 331   2025     661   2026     422   2027     319   Total   $ 1,733

Note 7 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30,     December 31,       2024     2023   Accrued payroll and benefits   $ 3,151     $ 5,051   Accrued property taxes     411       —   Income taxes payable     80       254   Accrued professional fees     62       140   Accrued warranty liability     277       322   Self-insured workers compensation reserve     47       21   Accrued sales tax     1       310   Accrued other     318       379   Total accrued liabilities   $ 4,347     $ 6,477

Note 8 - Debt and Credit Agreements (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Debt [Table Text Block]	June 30,     December 31,       2024     2023   Line of credit   $ 10,571     $ 4,657   Other notes payable     1,793       1,361   Long-term debt     5,593       6,135   Total debt     17,957       12,153   Less: current maturities     (12,012 )     (5,903 ) Long-term debt, net of current maturities   $ 5,945     $ 6,250

Note 9 - Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Lease Quantitative Disclosure [Table Text Block]	Three Months Ended June 30,     Six Months Ended June 30,       2024     2023     2024     2023   Components of lease cost                                 Finance lease cost components:                                 Amortization of finance lease assets   $ 370     $ 369     $ 728     $ 739   Interest on finance lease liabilities     121       86       228       184   Total finance lease costs     491       455       956       923   Operating lease cost components:                                 Operating lease cost     703       689       1,345       1,393   Short-term lease cost     54       78       100       167   Variable lease cost (1)     384       178       753       523   Sublease income     (49 )     (49 )     (99 )     (97 ) Total operating lease costs     1,092       896       2,099       1,986                                     Total lease cost   $ 1,583     $ 1,351     $ 3,055     $ 2,909                                     Supplemental cash flow information related to our operating leases is as follows for the six months ended June 30, 2024 and 2023:                                 Cash paid for amounts included in the measurement of lease liabilities:                                 Operating cash outflow from operating leases                   $ 1,679     $ 1,727                                     Weighted-average remaining lease term-finance leases at end of period (in years)                     2.8       3.1   Weighted-average remaining lease term-operating leases at end of period (in years)                     6.6       7.7   Weighted-average discount rate-finance leases at end of period                     5.4 %     5.1 % Weighted-average discount rate-operating leases at end of period                     8.9 %     8.8 %
Finance and Operating Lease Liability Maturity [Table Text Block]	Finance     Operating               Leases     Leases     Total   2024   $ 1,637     $ 1,683     $ 3,320   2025     1,477       3,454       4,931   2026     1,220       3,449       4,669   2027     929       3,151       4,080   2028     6       3,160       3,166   2029 and thereafter     1,014       7,802       8,816   Total lease payments     6,283       22,699       28,982   Less—portion representing interest     (704 )     (5,840 )     (6,544 ) Present value of lease obligations     5,579       16,859       22,438   Less—current portion of lease obligations     (2,098 )     (1,987 )     (4,085 ) Long-term portion of lease obligations   $ 3,481     $ 14,872     $ 18,353

Note 12 - Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Weighted Average       Number of     Grant-Date Fair Value       Shares     Per Share   Unvested as of December 31, 2023     687,206     $ 3.03   Granted     456,370     $ 2.72   Vested     (240,397 )   $ 3.41   Forfeited     (46,418 )   $ 2.98   Unvested as of June 30, 2024     856,761     $ 2.76
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Six Months Ended June 30,       2024     2023   Share-based compensation expense:                 Cost of sales   $ 64     $ 69   Selling, general and administrative     512       340   Net effect of share-based compensation expense on net income   $ 576     $ 409   Reduction in earnings per share:                 Basic earnings per share   $ 0.03     $ 0.02   Diluted earnings per share   $ 0.03     $ 0.02

Note 15 - Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Three Months Ended June 30, 2024                                                 Revenues from external customers   $ 19,611     $ 10,454     $ 6,387     $ —     $ —     $ 36,452   Intersegment revenues     —       —       76       —       (76 )     —   Net revenues     19,611       10,454       6,463       —       (76 )     36,452   Operating income (loss)     1,557       482       623       (1,405 )     —       1,257   Depreciation and amortization     1,022       553       105       38       —       1,718   Capital expenditures     370       280       123       17       —       790       Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Three Months Ended June 30, 2023                                                 Revenues from external customers   $ 33,944     $ 10,977     $ 5,922     $ —     $ —     $ 50,843   Intersegment revenues     —       —       348       —       (348 )     —   Net revenues     33,944       10,977       6,270       —       (348 )     50,843   Operating income (loss)     3,867       348       843       (2,845 )     3       2,216   Depreciation and amortization     856       556       92       58       —       1,562   Capital expenditures     2,156       739       —       17       —       2,912       Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Six Months Ended June 30, 2024                                                 Revenues from external customers   $ 41,628     $ 18,791     $ 13,649     $ —     $ —     $ 74,068   Intersegment revenues     —       —       807       —       (807 )     —   Net revenues     41,628       18,791       14,456       —       (807 )     74,068   Operating income (loss)     3,601       508       2,390       (3,164 )     —       3,335   Depreciation and amortization     1,933       1,093       205       83       —       3,314   Capital expenditures     831       1,348       338       17       —       2,534       Heavy Fabrications     Gearing     Industrial Solutions     Corporate     Eliminations     Consolidated   For the Six Months Ended June 30, 2023                                                 Revenues from external customers   $ 65,537     $ 22,943     $ 11,236     $ —     $ —     $ 99,716   Intersegment revenues     —       —       456       —       (456 )     —   Net revenues     65,537       22,943       11,692       —       (456 )     99,716   Operating income (loss)     6,657       929       1,465       (5,556 )     3       3,498   Depreciation and amortization     1,714       1,152       186       115       —       3,167   Capital expenditures     2,818       1,124       18       17       —       3,977       Total Assets as of       June 30,     December 31,   Segments:   2024     2023   Heavy Fabrications   $ 40,558     $ 46,931   Gearing     45,730       48,599   Industrial Solutions     14,602       16,295   Corporate     60,100       58,487   Eliminations     (38,457 )     (35,156 )     $ 122,533     $ 135,156

Note 16 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block]	For the Six Months Ended June 30,       2024     2023   Balance at beginning of period   $ 99     $ 17   Bad debt expense     —       16   Other adjustments     (2 )     —   Balance at end of period   $ 97     $ 33

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Sep. 12, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 31, 2023
Revenue as Percentage of Sales Associated with New Wind Turbine Installations				40.00%	50.00%
Debt and Lease Obligation		$ 23,536		$ 23,536
Debt, Current		14,110		14,110
Long-Term Debt		$ 17,957		$ 17,957		$ 12,153
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.001		$ 0.001		$ 0.001
Accounts Receivable, Sale		$ 13,234	$ 9,495	$ 20,039	$ 18,807
Accounts Receivable, Sale, Discount Fees		352	$ 184	516	$ 315
Long-Term Contract with Customer [Member]
Contract with Customer, Asset, before Allowance for Credit Loss							$ 175,000
The Sales Agreement [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 1.000
Sales Agent Commission Percentage	2.75%
Sale of Stock, Common Stock Available for Issuance, Value		11,667		11,667
The Sales Agreement [Member] | Maximum [Member]
Value of Shares Issuable, Maximum	$ 12,000
Revolving Credit Facility [Member]
Line of Credit, Current		10,571		10,571
The 2022 Credit Facility [Member]
Long-Term Debt		5,593		5,593
Line of Credit, Current		$ 16,164		$ 16,164

Note 2 - Revenues (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer, Including Assessed Tax	$ 36,452	$ 50,843	$ 74,068	$ 99,716
Heavy Fabrications [Member] | Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 2,067	$ 3,076	$ 2,347	$ 6,744

Note 2 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 36,452	$ 50,843	$ 74,068	$ 99,716
Consolidation, Eliminations [Member]
Revenues	(76)	(348)	(807)	(456)
Heavy Fabrications [Member] | Operating Segments [Member]
Revenues	19,611	33,944	41,628	65,537
Gearing [Member] | Operating Segments [Member]
Revenues	10,454	10,977	18,791	22,943
Industrial Solutions [Member] | Operating Segments [Member]
Revenues	$ 6,463	$ 6,270	$ 14,456	$ 11,692

Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income		$ 482	$ 1,510	$ 1,415	$ 769	$ 1,992	$ 2,184
Weighted average number of common shares outstanding (in shares)		21,783,219		21,091,496		21,688,941	20,980,880
Basic net income per share (in dollars per share)		$ 0.02		$ 0.07		$ 0.09	$ 0.1
Non-vested stock awards (in shares)	[1]	219,859		317,031		215,515	409,351
Weighted average number of common shares outstanding (in shares)		22,003,078		21,408,527		21,904,456	21,390,231
Diluted net income per share (in dollars per share)		$ 0.02		$ 0.07		$ 0.09	$ 0.1
[1] Restricted stock units granted and outstanding of 811,342 as of September 30, 2022, are excluded from the computation of diluted earnings due to the anti-dilutive effect as a result of the Company’s net loss for the three months and nine months ended September 30, 2022.

Note 4 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Raw materials	$ 20,028	$ 24,651
Work-in-process	13,372	10,390
Finished goods	7,467	4,595
Inventory, Gross	40,867	39,636
Less: Reserve	(2,065)	(2,231)
Net inventories	$ 38,802	$ 37,405

Note 5 - AMP Credits (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 21, 2023 USD ($)
Increase (Decrease) in AMP Credit Receivable			$ (5,360)	$ 6,729
Heavy Fabrications [Member]
Increase (Decrease) in AMP Credit Receivable	$ 1,848	$ 3,567	$ 3,720	$ 6,729
AMP Credit, Credit Per Watt of Wind Power Produced	0.03		0.03
AMP Credit, Credits Sold						$ 6,952
AMP Credit, Discount on the Sale Of AMP Credits, Percentage	6.50%		6.50%			6.50%
AMP Credit, Discount on the Sale of AMP Credits, Amount	$ 242		$ 242			$ 452
AMP Credit, Write-down of Remaining Credit Receivable						7,541
AMP Credit, Loss on Sale of AMP Credits						490
AMP Credit, Miscellaneous Administrative Cost Incurred	65		65			$ 254
AMP Credit, Miscellaneous Costs Incurred, Uncapitalized	$ 28		$ 28		$ 197

Note 6 - Intangible Assets (Details Textual)	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	2 years 10 months 24 days	3 years 3 months 18 days
Minimum [Member]
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	2 years
Maximum [Member]
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	3 years

Note 6 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cost Basis	$ 25,248	$ 25,248
Accumulated Amortization	(15,923)	(15,592)
Accumulated Impairment Charges	(7,592)	(7,592)
Intangible assets, net	$ 1,733	$ 2,064
Remaining Average Amortization Period (Year)	2 years 10 months 24 days	3 years 3 months 18 days
Noncompete Agreements [Member]
Cost Basis	$ 170	$ 170
Accumulated Amortization	(170)	(170)
Accumulated Impairment Charges	0	0
Intangible assets, net	0	0
Customer Relationships [Member]
Cost Basis	15,979	15,979
Accumulated Amortization	(7,973)	(7,842)
Accumulated Impairment Charges	(7,592)	(7,592)
Intangible assets, net	$ 414	$ 545
Remaining Average Amortization Period (Year)	1 year 7 months 6 days	2 years 1 month 6 days
Trade Names [Member]
Cost Basis	$ 9,099	$ 9,099
Accumulated Amortization	(7,780)	(7,580)
Accumulated Impairment Charges	0	0
Intangible assets, net	$ 1,319	$ 1,519
Remaining Average Amortization Period (Year)	3 years 3 months 18 days	3 years 9 months 18 days

Note 6 - Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
2024	$ 331
2025	661
2026	422
2027	319
Total	$ 1,733	$ 2,064

Note 7 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued payroll and benefits	$ 3,151	$ 5,051
Accrued property taxes	411	0
Income taxes payable	80	254
Accrued professional fees	62	140
Accrued warranty liability	277	322
Self-insured workers compensation reserve	47	21
Accrued sales tax	1	310
Accrued other	318	379
Total accrued liabilities	$ 4,347	$ 6,477

Note 8 - Debt and Credit Agreements (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Aug. 04, 2022
Long-Term Debt, Current Maturities	$ 12,012	$ 5,903
Development Corporation of Abilene Loan [Member]
Notes Payable	1,793	1,361
Notes Payable, Other Payables [Member]
Long-Term Debt, Current Maturities	$ 359	$ 163
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Notes Payable, Other Payables [Member] | Minimum [Member]
Debt Instrument, Periodic Payment	$ 1
Notes Payable, Other Payables [Member] | Maximum [Member]
Debt Instrument, Periodic Payment	20
The 2022 Credit Facility [Member]
Line of Credit, Current	16,164
Line of Credit Facility, Remaining Borrowing Capacity	17,509
Revolving Credit Facility [Member]
Line of Credit, Current	$ 10,571
Debt Instrument, Interest Rate, Effective Percentage	7.59%	7.64%
Revolving Credit Facility [Member] | The 2022 Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 35,000
Line of Credit Facility, Optional Increase in Maximum Borrowing Capacity			10,000
Debt Instrument, Face Amount			$ 7,578
Debt Issuance Costs, Net	$ 308	$ 359
Accumulated Amortization, Debt Issuance Costs	$ 192	$ 141
Senior Secured Term Loan [Member]
Debt Instrument, Interest Rate, Effective Percentage	7.84%	7.89%

Note 8 - Debt and Credit Agreements - Outstanding Debt Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-Term Debt	$ 17,957	$ 12,153
Less: current maturities	(12,012)	(5,903)
Long-term debt, net of current maturities	5,945	6,250
Line of Credit [Member]
Long-Term Debt	10,571	4,657
Notes Payable, Other Payables [Member]
Long-Term Debt	1,793	1,361
Less: current maturities	(359)	(163)
Long-Term Debt [Member]
Long-Term Debt	$ 5,593	$ 6,135

Note 9 - Leases (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 29	$ 0
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 880	$ 0

Note 9 - Leases - Leases Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amortization of finance lease assets		$ 370	$ 369	$ 728	$ 739
Interest on finance lease liabilities		121	86	228	184
Total finance lease costs		491	455	956	923
Operating lease cost		703	689	1,345	1,393
Short-term lease cost		54	78	100	167
Variable lease cost	[1]	384	178	753	523
Sublease income		(49)	(49)	(99)	(97)
Total operating lease costs		1,092	896	2,099	1,986
Total lease cost		$ 1,583	$ 1,351	3,055	2,909
Operating cash outflow from operating leases				$ 1,679	$ 1,727
Weighted-average remaining lease term-finance leases at end of period (in years) (Year)		2 years 9 months 18 days	3 years 1 month 6 days	2 years 9 months 18 days	3 years 1 month 6 days
Weighted-average remaining lease term-operating leases at end of period (in years) (Year)		6 years 7 months 6 days	7 years 8 months 12 days	6 years 7 months 6 days	7 years 8 months 12 days
Weighted-average discount rate-finance leases at end of period		5.40%	5.10%	5.40%	5.10%
Weighted-average discount rate-operating leases at end of period		8.90%	8.80%	8.90%	8.80%
[1] Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment. ?

Note 9 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
2024, finance leases	$ 1,637
2024, operating leases	1,683
2024, total	3,320
2025, finance leases	1,477
2025, operating leases	3,454
2025, total	4,931
2026, finance leases	1,220
2026, operating leases	3,449
2026, total	4,669
2027, finance leases	929
2027, operating leases	3,151
2027, total	4,080
2028, finance leases	6
2028, operating leases	3,160
2028, total	3,166
2029 and thereafter, finance leases	1,014
2029 and thereafter, operating leases	7,802
2029 and thereafter, total	8,816
Total lease payments, finance leases	6,283
Total lease payments, operating leases	22,699
Total lease payments, total	28,982
Less—portion representing interest, finance leases	(704)
Less—portion representing interest, operating leases	(5,840)
Less—portion representing interest, total	(6,544)
Present value of lease obligations, finance leases	5,579
Present value of lease obligations, operating leases	16,859
Present value of lease obligations, total	22,438
Less—current portion of lease obligations, finance leases	(2,098)	$ (2,153)
Less—current portion of lease obligations, operating leases	(1,987)	(1,851)
Less—current portion of lease obligations, total	(4,085)
Long-term portion of lease obligations, finance leases	3,481	3,372
Long-term portion of lease obligations, operating leases	14,872	$ 15,888
Long-term portion of lease obligations, total	$ 18,353

Note 11 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Expense (Benefit)	$ 53	$ 28	$ 92	$ 51
Operating Loss Carryforwards					$ 290,233
Operating Loss Carryforwards, Subject to Expiration					$ 227,781
Operating Loss Carry Forwards Annual Limit	14,284		14,284
Unrecognized Tax Benefits	0		0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0		$ 0
Rights [Member]
Threshold Percentage of Beneficial Ownership for Significant Dilution in Ownership Interest			4.90%
Class of Warrant or Right Number of Rights Per Common Stock Share			1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.001		0.001
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 7.26		$ 7.26
Class of Warrant or Right Current Beneficial Ownership Percentage That Will Not Trigger Preferred Share Purchase Rights			4.90%

Note 12 - Share-based Compensation (Details Textual) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	0
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)	46,668	92,984

Note 12 - Share-based Compensation - Restricted Stock Unit and Performance Award Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Unvested, number of shares (in shares) | shares	687,206
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares	$ 3.03
Granted, number of shares (in shares) | shares	456,370
Granted, weighted average grant-date fair value per share (in dollars per share) | $ / shares	$ 2.72
Vested, number of shares (in shares) | shares	(240,397)
Vested, weighted average grant-date fair value per share (in dollars per share) | $ / shares	$ 3.41
Forfeited, number of shares (in shares) | shares	(46,418)
Forfeited, weighted average grant-date fair value per share (in dollars per share) | $ / shares	$ 2.98
Unvested, number of shares (in shares) | shares	856,761
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares	$ 2.76

Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation expense	$ 576	$ 409
Basic earnings per share (in dollars per share)	$ 0.03	$ 0.02
Diluted earnings per share (in dollars per share)	$ 0.03	$ 0.02
Cost of Sales [Member]
Share-based compensation expense	$ 64	$ 69
Selling, General and Administrative Expenses [Member]
Share-based compensation expense	$ 512	$ 340

Note 15 - Segment Reporting (Details Textual) - Heavy Fabrications [Member]	6 Months Ended
	Jun. 30, 2024 Boe
Number of Facilities	2
Number of Tower Sections in Production Capacity of Turbines Total	1,650
Maximum [Member]
Annual Tower Production Capacity	550
Power Generating Capacity of Turbines (Barrel of Oil Equivalent)	1,500

Note 15 - Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues from external customers	$ 36,452	$ 50,843	$ 74,068	$ 99,716
Revenue from Contract with Customer, Including Assessed Tax	36,452	50,843	74,068	99,716
Operating income (loss)	1,257	2,216	3,335	3,498
Depreciation and amortization	1,718	1,562	3,314	3,167
Capital expenditures	790	2,912	2,534	3,977
Total assets	122,533		122,533		$ 135,156
Operating Segments [Member] | Heavy Fabrications [Member]
Revenues from external customers	19,611	33,944	41,628	65,537
Revenue from Contract with Customer, Including Assessed Tax	19,611	33,944	41,628	65,537
Operating income (loss)	1,557	3,867	3,601	6,657
Depreciation and amortization	1,022	856	1,933	1,714
Capital expenditures	370	2,156	831	2,818
Total assets	40,558		40,558		46,931
Operating Segments [Member] | Gearing [Member]
Revenues from external customers	10,454	10,977	18,791	22,943
Revenue from Contract with Customer, Including Assessed Tax	10,454	10,977	18,791	22,943
Operating income (loss)	482	348	508	929
Depreciation and amortization	553	556	1,093	1,152
Capital expenditures	280	739	1,348	1,124
Total assets	45,730		45,730		48,599
Operating Segments [Member] | Industrial Solutions [Member]
Revenues from external customers	6,387	5,922	13,649	11,236
Revenue from Contract with Customer, Including Assessed Tax	6,463	6,270	14,456	11,692
Operating income (loss)	623	843	2,390	1,465
Depreciation and amortization	105	92	205	186
Capital expenditures	123	0	338	18
Total assets	14,602		14,602		16,295
Operating Segments [Member] | Corporate Segment [Member]
Revenues from external customers	0	0	0	0
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Operating income (loss)	(1,405)	(2,845)	(3,164)	(5,556)
Depreciation and amortization	38	58	83	115
Capital expenditures	17	17	17	17
Total assets	60,100		60,100		58,487
Consolidation, Eliminations [Member]
Revenues from external customers	0	0	0	0
Revenue from Contract with Customer, Including Assessed Tax	(76)	(348)	(807)	(456)
Operating income (loss)	0	3	0	3
Depreciation and amortization	0	0	0	0
Capital expenditures	0	0	0	0
Total assets	(38,457)		(38,457)		$ (35,156)
Intersegment Eliminations [Member]
Revenue from Contract with Customer, Including Assessed Tax	(76)	(348)	(807)	(456)
Intersegment Eliminations [Member] | Heavy Fabrications [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Intersegment Eliminations [Member] | Gearing [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Intersegment Eliminations [Member] | Industrial Solutions [Member]
Revenue from Contract with Customer, Including Assessed Tax	76	348	807	456
Intersegment Eliminations [Member] | Corporate Segment [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0	$ 0	$ 0

Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Product Liability Accrual, Period Expense	$ 84	$ 84

Note 16 - Commitments and Contingencies - Allowance of Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Balance at beginning of period	$ 99	$ 17
Bad debt expense	0	16
Other adjustments	(2)	0
Balance at end of period	$ 97	$ 33

Note 17 - Capitalization (Details Textual) - $ / shares	Jun. 30, 2024	Mar. 18, 2024	Mar. 17, 2024	Dec. 31, 2023
Common Stock, Shares Authorized (in shares)	45,000,000		30,000,000	45,000,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001			$ 0.001
Preferred Stock, Shares Authorized (in shares)	10,000,000			10,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001			$ 0.001
Common Stock, Shares, Outstanding (in shares)	21,985,559
Preferred Stock, Shares Issued (in shares)	0			0
Preferred Stock, Shares Outstanding (in shares)	0			0
Maximum [Member]
Common Stock, Shares Authorized (in shares)	45,000,000	45,000,000

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