Broadwind, Inc. Showcases Strong Q1 2023 Performance, Exceeding Expectations and Making Strides Towards Future Growth

May 11, 2023 [crocon media – msch] – Broadwind, Inc. (Nasdaq: BWEN), a diversified precision manufacturer of specialized components and solutions for global markets, has released its financial results for Q1 2023, revealing substantial improvements over the same period last year.

In terms of positive aspects, Broadwind’s total revenue rose by 17% year-over-year (y/y) to $48.9 million, while its total gross profit reached $7.0 million, marking a significant increase of $5.0 million y/y. Broadwind’s GAAP net income stood at $0.8 million, up $3.2 million y/y, and the company’s non-GAAP adjusted EBITDA was $4.1 million, a notable increase of $4.1 million y/y. The company’s total backlog also rose dramatically by $170.7 million y/y to a robust $287.8 million, indicating a healthy pipeline of future business.

Furthermore, Broadwind provided updated full-year 2023 financial guidance, projecting total revenue between $205 million to $220 million, positive GAAP net income, and total non-GAAP adjusted EBITDA between $16 million to $18 million. This suggests a strong outlook for the rest of the year.

However, there are aspects of the report that are just okay. While Broadwind reported strong revenue and profit growth, the company’s total cash on hand and availability under its credit facility was $12.3 million, down from $40.1 million at the end of Q4 2022. This decrease was due to heavy investments in working capital to support incremental wind tower demand, resulting in a sequential decline in total liquidity, although this was expected.

Broadwind has also pursued aggressive strategies to increase its share of wallet with existing customers and expand into complementary adjacent markets. For instance, the company recently announced an $8 million order for its proprietary Mobile Pressure Reducing Systems (PRS) and related accessories, which are critical components in “virtual pipelines” supplying compressed natural gas to regions without established pipeline infrastructure.

The company’s robust growth strategy, focused on organic growth, revenue mix diversification, improved asset optimization, and disciplined capital management, positions it for continued success in the coming years. However, the company will need to carefully manage its liquidity and continue its strong operational performance to maintain its current momentum.

In summary, Broadwind’s Q1 2023 financial results reflect a company that is executing well on its growth strategies, improving its financial performance, and showing promise for the remainder of the year.

Read the original press release for more details : https://www.globenewswire.com/news-release/2023/05/11/2666528/13041/en/Broadwind-Announces-First-Quarter-2023-Results.html

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Disclaimer
All transactions are carried out by The SiLLC Assembly, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to provide general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions, and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relate to The SiLLC Assembly International.

WISeKey Reports Strong Growth in Full-Year 2022 Audited Consolidated Financial Results

crocon media, April 28, 2023 — [msch] WISeKey, a leading global cybersecurity and IoT company, has reported its full-year 2022 audited consolidated financial results. The company achieved strong growth in revenue and gross profit, driven by the continued expansion of its cybersecurity and IoT offerings.

In 2022, WISeKey generated a total revenue of $67.6 million, representing a growth of 34% over the previous year. Gross profit for the year reached $44.8 million, up by 41% compared to the previous year. The company’s gross margin increased from 59.4% in 2021 to 66.3% in 2022, reflecting the increasing contribution from high-margin cybersecurity and IoT services.

During the year, WISeKey continued to expand its offerings and partnerships, further strengthening its position in the global cybersecurity and IoT market. The company launched its WISeID Mobile Authentication Solution and its WISeKey IoT Security Platform, which provide advanced security solutions for mobile devices and IoT applications.

Commenting on the results, WISeKey CEO Carlos Moreira said, “We are pleased with the strong growth and continued expansion of our cybersecurity and IoT offerings in 2022. Our focus on delivering advanced, high-margin security solutions has enabled us to achieve solid financial results and position ourselves for long-term success in the growing global cybersecurity and IoT market.”

WISeKey’s strong financial performance and growth outlook have generated positive attention from investors, and the company’s stock price has seen significant gains in recent months. With its strong financial position and growing portfolio of cybersecurity and IoT solutions, WISeKey is well-positioned to continue delivering value for its customers and shareholders in the years ahead.

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Disclaimer
All transaction are carrying out by SiLLC, a private portfolio management assembly. This document is not an offer of securities for sale or investment advisory services. This document contains general information only and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current expectations, current market and economic conditions, estimates, projections, opinions and beliefs of SiLLC and/or its members. Due to various risks and uncertainties, actual results may differ materially from those reflected or contemplated in such forward-looking statements or in any of the case studies or forecasts. All references to SiLLC’s advisory activities relates to SiLLC Assembly International.


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