Broadwind, Inc.

Greetings and welcome to Broadwind's first quarter 2026 results conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Tom Ciccone. Thank you. You may begin.

Good morning and welcome to the broad winning first quarter 2026 results conference call. Leading the call today is our CEO, Eric Blashford, and I'm Tom Ciccone, the company's vice president and chief financial officer. We issued a press release before the market opened today detailing our first quarter results. I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the risk factors section of our latest annual and quarterly filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release issued today. At the conclusion of our prepared remarks, we will open the line for questions. With that, I'll turn the call over to Eric.

Thank you, Tom, and welcome to our call today. During the first quarter, we advanced our business transformation strategy while delivering strong revenue growth, margin realization, and order momentum in our core gearing and industrial solution segments. Higher demand in the power generation and critical infrastructure end markets drove revenue growth of more than 40% in gearing and more than 60% in industrial solutions year over year. We anticipate our strategic exit from wind tower production will be complete in the third quarter of 2026, so Gearing and industrial solutions will represent our core businesses moving forward. Excluding the divested product lines within the heavy fabrication segment, Broadwind generated approximately $64 million of revenue on a trailing 12-month basis through the end of the first quarter. Our remaining businesses are higher growth, more predictable, more profitable, and not policy-dependent. with meaningfully improved earnings quality. Over time, we will use our core gearing industrial solution segments as a platform to grow a business of increasing scale and profitability. Within the gearing segment, Q1 orders increased more than 65% to $13.2 million, supporting a backlog of $30.5 million. Demand growth within the gearing segment has been largely driven by strong customer activity and power generation, driven by the AI data center boom, as well as industrial and mining markets. Quoting activity remains robust, with green shoots now forming in defense. Our industrial solutions segment had yet another strong quarter, as orders increased 44% year over year to $14.6 million, driving backlog to a record $43.3 million. Natural gas turbine demand remains very strong, also driven by the AI data center boom, as well as global electrification, representing key growth drivers for this segment, and we are happy to meet that demand. Operationally, we continue to invest in equipment and technology to increase our process capabilities, reduce costs, and improve our profitability. In gearing, this quarter we commissioned new very high-precision grinding and mechanical balancing equipment to improve quality and reduce lead times in the production of high-speed reduction gearing, such as the gearing used on natural gas turbines. These technology improvements make us one of the most vertically integrated manufacturers of these types of critical components in the U.S. In the industrial solutions segment, we continue to make investments to improve our capacity and capabilities in order to meet the strong customer demand that we're experiencing from our key gas turbine equipment customers. We are on track to expand our local footprint in our North Carolina facility in Q2. This expansion will increase production space in North Carolina by 30%, which is necessary to service our strong backlog to position us to handle the future growth projected in this market. Within our heavy fabrication segment, Q1 revenue decreased by 35%, reflecting the sale of the Manitowoc industrial fabrications business last year, lower PRS demand, and the residual impact of the OEM directed by material supply issue we experienced late last year. Revenue on our gearing segment increased 42% year-over-year to $8.5 million, given the steady ramp-up in power generation-related demand. Within industrial solutions, revenue grew 64% year-over-year to $9.2 million, primarily due to stronger shipments of natural gas turbine components. In summary, the team and business continue to perform well as we sharpen our focus within adjacent higher margin precision manufacturing verticals. Our progress on industry-specific certifications, such as AS9100 for aerospace and defense, and the Cybersecurity Maturity Model Certification, or CMMC 2.0, for the defense market and others, combined with targeted investments in capacity and capability, is yielding the results we expected and more. Our decision to strategically pivot from the unpredictable, uncertain, and policy-dependent wind tower business and repurpose that capital toward higher growth, more predictable, more profitable markets positions us well for the future. With that, I'll turn the call over to Tom for a discussion of our first quarter financial performance.