Benzinga | Nov 10, 2021 12:12PM EST

Broadwind Registers 26% Revenue Decline In Q3

* Broadwind Inc (NASDAQ:BWEN) reported third-quarter revenue declined of 26.1% year-over-year to $40.39 million, beating the consensus of $38.58 million.

* Total orders increased by 7.7% Y/Y to $42.59 million.

* EPS loss widened to $(0.11) from $(0.06) in 3Q20, missing consensus of $(0.09).

* The gross margin contracted by 171 bps to 5.1%. The operating loss expanded to $(1.99) million from $(0.475) million a year ago.

* Adjusted EBITDA was $0.40 million, compared to $1.29 million in 3Q20, and margin contracted by 140 bps to 1%.

* Total backlog declined 21% Y/Y to $76.5 million in the quarter.

* Broadwind's cash used in operating activities year-to-date totaled $10.82 million, compared to $2.47 million a year ago. It held cash of $2.34 million.

* "Looking ahead, we anticipate a positive inflection in onshore tower demand beginning in late 2022 and into 2023, driven by incremental growth in onshore capacity additions," commented Eric Blashford, President and CEO of Broadwind.

* Q4 Outlook: The company anticipates adjusted EBITDA loss of $(1.0) million - $(1.5) million.

* Price Action: BWEN shares are trading lower by 1.24% at $3.20 on the last check Wednesday.