5 unchanged sentences
Our capabilities include but are not limited to the following:
−Removed: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treat, assembly, engineering and packaging solutions.
+Added: heavy fabrications, welding, metal rolling, coatings, gear cutting and shaping, gearbox manufacturing and repair, heat treatment, precision machining, assembly, engineering and packaging solutions.
We were incorporated in 1996 in Nevada as Blackfoot Enterprises, Inc., and through a series of subsequent transactions, became Broadwind Energy, Inc., a Delaware corporation, in 2008.
14 unchanged sentences
domestic wind energy and equipment manufacturing hubs.
−Removed: The two facilities have a combined annual tower production capacity of up to approximately 550 towers (1650 tower sections), sufficient to support turbines generating more than 1,100 MW of power.
+Added: The two facilities have a combined annual tower production capacity of up to approximately 550 towers (1650 tower sections), sufficient to support turbines generating more than 1.7 GW of power (assuming a 3 MW tower).
We have expanded our production capabilities and leveraged our 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.
−Removed: We have designed and manufacture a mobile, modular pressure reducing system for the compressed natural gas virtual pipeline market.
+Added: We have designed and manufacture a mobile, modular pressure reducing system (“PRS”) for the compressed natural gas virtual pipeline market.
We manufacture components for buckets, shovels, car bodies, drill masts and other products that support mining and construction markets.
1 unchanged sentence
We provide gearing, gearboxes and precision machined components to a broad set of customers in diverse markets including;
−Removed: surface and underground mining, wind energy, steel, material handling, infrastructure, onshore and offshore O&G fracking and drilling, marine and other industrial markets.
+Added: surface and underground mining, wind energy, steel, material handling, infrastructure, onshore and offshore O&G fracking and drilling, marine, defense, and other industrial markets.
We provide gearbox repair services and have manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for a century.
4 unchanged sentences
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.
−Removed: We leverage a global supply chain to provide instrumentation & controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes & wiring, energy storage services and electromechanical devices.
+Added: We leverage a global supply chain to provide instrumentation & controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes & wiring, and electromechanical devices.
We also provide packaging solutions and fabricate panels and sub-assemblies to reduce our customers’ costs, improve manufacturing velocity and reliability.
34 unchanged sentences
Pressure Reducing Systems
+Added: -Precision Machining
-Solar Powered Shelters/Charging Stations
15 unchanged sentences
We are working to improve our capacity utilization and financial results by leveraging our existing manufacturing capacity and adjusting capacity where we can, in response to changing market conditions.
−Removed: In our Heavy Fabrications segment, we have expanded production capabilities and leveraged our fabrication competencies to support growth in mining, material handling, O&G, infrastructure, and other industrial markets.
Pursue opportunistic acquisitions as well as organic investments.
2 unchanged sentences
improve manufacturing competencies, support our existing capacity utilization strategy, enhance our diversification strategy and/or augment our penetration into renewable markets.
−Removed: Additionally, we are developing new variations of our Pressure Reducing Systems (“PRS”) unit which supplies compressed natural gas to regions without established infrastructure as part of the virtual pipeline.
+Added: Additionally, we are developing new variations of our PRS unit which supplies compressed natural gas to regions without established infrastructure as part of the virtual pipeline.
We believe that execution of our investment strategy provides significant opportunity to generate stockholder value, through profitable growth and leveraging a significant unrealized economic asset, over $295 million of net operating losses (“NOLs”) as of December 31, 2024 which can be used to cover future prospective tax liabilities.
12 unchanged sentences
The wind turbine market is very concentrated.
−Removed: According to Wood Mackenzie Power & Renewables 2023 industry data, the top four wind turbine manufacturers comprised approximately 88% of the U.S.
+Added: According to Wood Mackenzie Power & Renewables 2024 industry data, the top two wind turbine manufacturers comprised approximately 91% of the U.S.
As a result, although we have historically produced towers for a broad range of wind turbine manufacturers, in any given year a limited number of customers have accounted for the majority of our revenues.
2 unchanged sentences
Within our other industrial markets served, our customer base includes steel producers, ship builders, and manufacturers of material handling, pulp and paper and other power generation equipment.
−Removed: Sales to GE Renewable Energy represented greater than 10% of our consolidated revenues for the year ended December 31, 2023.
−Removed: Sales to Siemens Gamesa Renewable Energy (“SGRE”) and GE Renewable Energy each represented greater than 10% of our consolidated revenues for the year ended December 31, 2022.
−Removed: The loss of one of these customers could have a material adverse effect on our business, results of operation or financial condition.
+Added: Sales to GE Vernova represented greater than 10% of our consolidated revenues for the years ended December 31, 2024 and 2023.
+Added: The loss of this customer could have a material adverse effect on our business, results of operation or financial condition.
As a result, we have an ongoing initiative to diversify our customer base.
12 unchanged sentences
Court of Appeals affirmed the decision from the U.S.
−Removed: Court of International Trade and at the same time excluded CS Wind Vietnam from the antidumping order.
+Added: Court of International Trade but excluded CS Wind Vietnam from the antidumping order.
In April 2019, the USDOC extended the term of these duties for an additional five-year period.
−Removed: Following a renewed surge of tower imports from countries not impacted by existing tariffs, in July 2020, the USDOC issued antidumping and countervailing duty orders on imports of wind towers from Canada, Indonesia, and Vietnam and an antidumping order on imports of towers from Korea.
+Added: Following a renewed surge of tower imports from countries not impacted by existing duties, in July 2020, the USDOC issued antidumping and countervailing duty orders on imports of wind towers from Canada, Indonesia, and Vietnam—including CS Wind Vietnam—and an antidumping order on imports of towers from Korea.
The Indonesia countervailing duty order was later revoked after an appeal to the U.S.
4 unchanged sentences
The USDOC imposed orders for two cases in August 2021 and the remainder in December 2021.
−Removed: Appeals of several of the USDOC determinations are currently pending at the CIT and the CAFC.
+Added: Appeals of the Canada and Korea antidumping determinations are currently pending at the U.S.
+Added: Court of Appeals for the Federal Circuit.
+Added: In July 2025, the USITC and USDOC will conduct a required “five-year review” of the trade orders on Canada, Indonesia, Korea, and Vietnam to determine whether the orders should be revoked.
Within our industrial fabrications product line of our Heavy Fabrications segment, our competitors in a fragmented market include Weldall Manufacturing and AT&F Advanced Metals, along with a large number of other regional competitors.
48 unchanged sentences
The collective bargaining agreement with the Neville Island union was renegotiated in November 2022 and is expected to remain in effect through October 2026.
−Removed: A four-year collective bargaining agreement in regards to the Cicero, Illinois facility was negotiated in February 2022 and is expected to remain in effect through February 2026.
+Added: A four-year collective bargaining agreement in regard to the Cicero, Illinois facility was negotiated in February 2022 and is expected to remain in effect through February 2026.
We believe that our relationship with our employees is generally positive.
20 unchanged sentences
All of our core operating facilities are ISO 9001:2015 certified.
+Added: Our Gearing segment is also AS9100D certified as of August 2024 and has the ability to produce aerospace components.
+Added: Additionally, our Gearing and Heavy Fabrications segments completed International Traffic in Arms Regulations registrations in 2024 to protect the intellectual property of our defense customers.
We will continue our efforts to achieve the highest quality standards.
17 unchanged sentences
Our OWC at December 31, 2024 was $19,287, or 14% of trailing three months of sales annualized, compared to December 31, 2023, when OWC was $19,408, or 10% of trailing three months of sales annualized.
−Removed: The increase in OWC was driven primarily by higher accounts receivable balances.
+Added: The decrease in OWC was driven primarily by lower accounts receivable balances.
CORPORATE INFORMATION
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.