Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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, $0.001 par value | |
Trading Symbol | BWEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,673,265 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash | $ 1,509 | $ 852 |
Accounts receivable, net | 16,916 | 13,802 |
Employee retention credit receivable | 0 | 497 |
Contract assets | 3,489 | 1,136 |
Inventories, net | 33,902 | 33,377 |
Prepaid expenses and other current assets | 3,858 | 2,661 |
Total current assets | 59,674 | 52,325 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 45,497 | 43,655 |
Operating lease right-of-use assets | 16,872 | 18,029 |
Intangible assets, net | 2,902 | 3,453 |
Other assets | 1,119 | 585 |
TOTAL ASSETS | 126,064 | 118,047 |
CURRENT LIABILITIES: | ||
Line of credit and other notes payable | 15,629 | 6,650 |
Current portion of finance lease obligations | 1,967 | 2,060 |
Current portion of operating lease obligations | 1,871 | 1,775 |
Accounts payable | 21,436 | 16,462 |
Accrued liabilities | 4,897 | 3,654 |
Customer deposits | 3,076 | 12,082 |
Total current liabilities | 48,876 | 42,683 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net of current maturities | 8,489 | 177 |
Long-term finance lease obligations, net of current portion | 2,881 | 2,481 |
Long-term operating lease obligations, net of current portion | 17,180 | 18,405 |
Other | 24 | 167 |
Total long-term liabilities | 28,574 | 21,230 |
COMMITMENTS AND CONTINGENCIES | ||
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; 30,000,000 shares authorized; 20,944,873 and 19,859,650 shares issued as of September 30, 2022, and December 31, 2021, respectively | 21 | 20 |
Treasury stock, at cost, 273,937 shares as of September 30, 2022 and December 31, 2021 | (1,842) | (1,842) |
Additional paid-in capital | 396,730 | 395,372 |
Accumulated deficit | (346,295) | (339,416) |
Total stockholders’ equity | 48,614 | 54,134 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 126,064 | $ 118,047 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 20,944,873 | 19,859,650 |
Treasury stock, common shares (in shares) | 273,937 | 273,937 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 44,843 | $ 40,389 | $ 136,699 | $ 119,608 |
Cost of sales | 41,095 | 38,315 | 128,545 | 115,054 |
Gross profit | 3,748 | 2,074 | 8,154 | 4,554 |
OPERATING EXPENSES: | ||||
Selling, general and administrative | 4,085 | 3,888 | 12,109 | 12,623 |
Intangible amortization | 183 | 183 | 550 | 550 |
Total operating expenses | 4,268 | 4,071 | 12,659 | 13,173 |
Operating loss | (520) | (1,997) | (4,505) | (8,619) |
OTHER (EXPENSE) INCOME, net: | ||||
Paycheck Protection Program loan forgiveness | 0 | 0 | 0 | 9,151 |
Interest expense, net | (1,234) | (269) | (2,355) | (816) |
Other, net | (4) | 185 | 17 | 7,322 |
Total other (expense) income, net | (1,238) | (84) | (2,338) | 15,657 |
Net (loss) income before provision for income taxes | (1,758) | (2,081) | (6,843) | 7,038 |
Provision for income taxes | 14 | 24 | 36 | 101 |
NET (LOSS) INCOME | $ (1,772) | $ (2,105) | $ (6,879) | $ 6,937 |
NET (LOSS) INCOME PER COMMON SHARE—BASIC: | ||||
Net (loss) income (in dollars per share) | $ (0.09) | $ (0.11) | $ (0.34) | $ 0.38 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC (in shares) | 20,505,884 | 19,417,675 | 20,155,548 | 18,460,444 |
NET (LOSS) INCOME PER COMMON SHARE—DILUTED: | ||||
Net (loss) income (in dollars per share) | $ (0.09) | $ (0.11) | $ (0.34) | $ 0.36 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—DILUTED (in shares) | 20,505,884 | 19,417,675 | 20,155,548 | 19,218,420 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2020 | 17,211,498 | (273,937) | |||
BALANCE at Dec. 31, 2020 | $ 17 | $ (1,842) | $ 384,749 | $ (342,263) | $ 40,661 |
Stock issued for restricted stock (in shares) | 241,806 | 0 | |||
Stock issued for restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 26,265 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 258 | 0 | 258 |
Share-based compensation | $ 0 | $ 0 | 219 | 0 | 219 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (105,399) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (847) | 0 | (847) |
Sale of common stock, net (in shares) | 1,100,000 | 0 | |||
Sale of common stock, net | $ 1 | $ 0 | 6,100 | 0 | 6,101 |
Net (loss) income | $ 0 | $ 0 | 0 | (1,210) | (1,210) |
BALANCE (in shares) at Mar. 31, 2021 | 18,474,170 | (273,937) | |||
BALANCE at Mar. 31, 2021 | $ 18 | $ (1,842) | 390,479 | (343,473) | 45,182 |
BALANCE (in shares) at Dec. 31, 2020 | 17,211,498 | (273,937) | |||
BALANCE at Dec. 31, 2020 | $ 17 | $ (1,842) | 384,749 | (342,263) | 40,661 |
BALANCE (in shares) at Jun. 30, 2021 | 19,658,998 | (273,937) | |||
BALANCE at Jun. 30, 2021 | $ 20 | $ (1,842) | 393,839 | (333,221) | 58,796 |
BALANCE (in shares) at Dec. 31, 2020 | 17,211,498 | (273,937) | |||
BALANCE at Dec. 31, 2020 | $ 17 | $ (1,842) | 384,749 | (342,263) | 40,661 |
Net (loss) income | 6,937 | ||||
BALANCE (in shares) at Sep. 30, 2021 | 19,753,256 | (273,937) | |||
BALANCE at Sep. 30, 2021 | $ 20 | $ (1,842) | 394,300 | (335,326) | 57,152 |
BALANCE (in shares) at Mar. 31, 2021 | 18,474,170 | (273,937) | |||
BALANCE at Mar. 31, 2021 | $ 18 | $ (1,842) | 390,479 | (343,473) | 45,182 |
Stock issued for restricted stock (in shares) | 440,611 | 0 | |||
Stock issued for restricted stock | $ 1 | $ 0 | 0 | 0 | 1 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 71,334 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 312 | 0 | 312 |
Share-based compensation | $ 0 | $ 0 | 445 | 0 | 445 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (124,814) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (644) | 0 | (644) |
Sale of common stock, net (in shares) | 797,697 | 0 | |||
Sale of common stock, net | $ 1 | $ 0 | 3,247 | 0 | 3,248 |
Net (loss) income | $ 0 | $ 0 | 0 | 10,252 | 10,252 |
BALANCE (in shares) at Jun. 30, 2021 | 19,658,998 | (273,937) | |||
BALANCE at Jun. 30, 2021 | $ 20 | $ (1,842) | 393,839 | (333,221) | 58,796 |
Stock issued for restricted stock (in shares) | 9,583 | 0 | |||
Stock issued for restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 87,615 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 300 | 0 | 300 |
Share-based compensation | $ 0 | $ 0 | 193 | 0 | 193 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (2,940) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (12) | 0 | (12) |
Sale of common stock, net (in shares) | 0 | 0 | |||
Net (loss) income | $ 0 | $ 0 | 0 | (2,105) | (2,105) |
Sale of common stock, net | $ 0 | $ 0 | (20) | 0 | (20) |
BALANCE (in shares) at Sep. 30, 2021 | 19,753,256 | (273,937) | |||
BALANCE at Sep. 30, 2021 | $ 20 | $ (1,842) | 394,300 | (335,326) | 57,152 |
BALANCE (in shares) at Dec. 31, 2021 | 19,859,650 | (273,937) | |||
BALANCE at Dec. 31, 2021 | $ 20 | $ (1,842) | 395,372 | (339,416) | 54,134 |
Stock issued for restricted stock (in shares) | 480,595 | 0 | |||
Stock issued for restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 146,790 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 282 | 0 | 282 |
Share-based compensation | $ 0 | $ 0 | 192 | 0 | 192 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (194,962) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (411) | 0 | (411) |
Net (loss) income | $ 0 | $ 0 | 0 | (2,404) | (2,404) |
BALANCE (in shares) at Mar. 31, 2022 | 20,292,073 | (273,937) | |||
BALANCE at Mar. 31, 2022 | $ 20 | $ (1,842) | 395,435 | (341,820) | 51,793 |
BALANCE (in shares) at Dec. 31, 2021 | 19,859,650 | (273,937) | |||
BALANCE at Dec. 31, 2021 | $ 20 | $ (1,842) | 395,372 | (339,416) | $ 54,134 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (280,175) | ||||
Net (loss) income | $ (6,879) | ||||
BALANCE (in shares) at Sep. 30, 2022 | 20,944,873 | (273,937) | |||
BALANCE at Sep. 30, 2022 | $ 21 | $ (1,842) | 396,730 | (346,295) | 48,614 |
BALANCE (in shares) at Mar. 31, 2022 | 20,292,073 | (273,937) | |||
BALANCE at Mar. 31, 2022 | $ 20 | $ (1,842) | 395,435 | (341,820) | 51,793 |
Stock issued for restricted stock (in shares) | 328,139 | 0 | |||
Stock issued for restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 207,722 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 331 | 0 | 331 |
Share-based compensation | $ 0 | $ 0 | 388 | 0 | 388 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (82,946) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (133) | 0 | (133) |
Net (loss) income | $ 0 | $ 0 | 0 | (2,703) | (2,703) |
BALANCE (in shares) at Jun. 30, 2022 | 20,744,988 | (273,937) | |||
BALANCE at Jun. 30, 2022 | $ 20 | $ (1,842) | 396,021 | (344,523) | 49,676 |
Stock issued for restricted stock (in shares) | 7,000 | 0 | |||
Stock issued for restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 94,773 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 302 | 0 | 302 |
Share-based compensation | $ 0 | $ 0 | 180 | 0 | 180 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (2,267) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (2) | 0 | (2) |
Sale of common stock, net (in shares) | 100,379 | 0 | |||
Sale of common stock, net | $ 1 | $ 0 | 229 | 0 | 230 |
Net (loss) income | $ 0 | $ 0 | 0 | (1,772) | (1,772) |
BALANCE (in shares) at Sep. 30, 2022 | 20,944,873 | (273,937) | |||
BALANCE at Sep. 30, 2022 | $ 21 | $ (1,842) | $ 396,730 | $ (346,295) | $ 48,614 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (6,879) | $ 6,937 |
Adjustments to reconcile net cash used in operating activities: | ||
Depreciation and amortization expense | 4,581 | 4,758 |
Paycheck Protection Program loan forgiveness | 0 | (9,151) |
Deferred income taxes | (13) | 19 |
Change in fair value of interest rate swap agreements | (27) | 18 |
Stock-based compensation | 760 | 857 |
Allowance for doubtful accounts | (18) | (434) |
Common stock issued under defined contribution 401(k) plan | 915 | 870 |
Loss (gain) on disposal of assets | 3 | (33) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,096) | (360) |
Employee retention credit receivable | 497 | (503) |
Contract assets | (2,353) | 763 |
Inventories | (525) | 1,848 |
Prepaid expenses and other current assets | (1,200) | 689 |
Accounts payable | 4,968 | (4,321) |
Accrued liabilities | 1,271 | (2,285) |
Customer deposits | (9,006) | (11,139) |
Other non-current assets and liabilities | (149) | 644 |
Net cash used in operating activities | (10,271) | (10,823) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (2,757) | (1,369) |
Proceeds from disposals of property and equipment | 0 | 33 |
Net cash used in investing activities | (2,757) | (1,336) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from line of credit, net | 7,966 | 4,039 |
Payments for deferred financing costs | (470) | 0 |
Proceeds from long-term debt | 8,113 | 613 |
Payments on long-term debt | (261) | (159) |
Principal payments on finance leases | (1,347) | (1,197) |
Shares withheld for taxes in connection with issuance of restricted stock | (546) | (1,503) |
Proceeds from sale of common stock, net | 230 | 9,329 |
Net cash provided by financing activities | 13,685 | 11,122 |
NET INCREASE (DECREASE) IN CASH | 657 | (1,037) |
CASH beginning of the period | 852 | 3,372 |
CASH end of the period | $ 1,509 | $ 2,335 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1 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 10 X. not Operating results for the three nine September 30, 2022 not may twelve December 31, 2022, may 10 December 31, 2021 The December 31, 2021 not 10 December 31, 2021 There have been no nine September 30, 2022 10 December 31, 2021 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 first nine 2022 2021, Liquidity The Company typically meets its short term liquidity needs through cash generated from operations, its available cash balances, the 2016 2022 7, 3 See Note 7, 2016 2022 Total debt and finance lease obligations at September 30, 2022 On August 18, 2020, 3, October 13, 2020 ( 3” October 12, 2023. one On March 9, 2021, first two 2021. On September 12, 2022, may 3 424 September 12, 2022. September 30, 2022, September 30, 2022, On March 27, 2020, September 30, 2021 70% 2021 $7,000 first second 2021, not third 2021 2021 third 2019. December 31, 2021 December 31, 2021. January 2022. 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 nine September 30, 2022, three nine September 30, 2021, The Company anticipates that current cash resources, amounts available under the 2022 3 twelve If assumptions regarding the Company’s production, sales and subsequent collections from certain of the Company’s large customers, as well as receipt of customer deposits and revenues generated from new customer orders, are materially inconsistent with management’s expectations, particularly in light of the COVID- 19 may may 2022 may no 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 revenue recognition, future cash flows, inventory reserves, warranty reserves, impairment of long-lived assets, allowance for doubtful accounts, 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 19 |
Note 2 - Revenues
Note 2 - Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 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 nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Heavy Fabrications $ 30,640 $ 28,675 $ 93,486 $ 87,282 Gearing 10,190 7,562 30,890 20,315 Industrial Solutions 4,020 4,213 13,142 12,357 Eliminations (7 ) (61 ) (819 ) (346 ) Consolidated $ 44,843 $ 40,389 $ 136,699 $ 119,608 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 not Within the Gearing segment, the Company recognized revenue over time of $499 three nine September 30, 2021, no fourth 2021, nine September 30, 2022 2021, no three nine September 30, 2022, three nine September 30, 2021, not not 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 one |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 The following table presents a reconciliation of basic and diluted earnings per share for the three nine September 30, 2022 2021 Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Basic earnings per share calculation: Net (loss) income $ (1,772 ) $ (2,105 ) $ (6,879 ) $ 6,937 Weighted average number of common shares outstanding 20,505,884 19,417,675 20,155,548 18,460,444 Basic net (loss) income per share $ (0.09 ) $ (0.11 ) $ (0.34 ) $ 0.38 Diluted earnings per share calculation: Net (loss) income $ (1,772 ) $ (2,105 ) $ (6,879 ) $ 6,937 Weighted average number of common shares outstanding 20,505,884 19,417,675 20,155,548 18,460,444 Common stock equivalents: Non-vested stock awards (1) — — — 757,976 Weighted average number of common shares outstanding 20,505,884 19,417,675 20,155,548 19,218,420 Diluted net (loss) income per share $ (0.09 ) $ (0.11 ) $ (0.34 ) $ 0.36 ( 1 September 30, 2022, three nine September 30, 2022. |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 The components of inventories as of September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 Raw materials $ 21,512 $ 16,148 Work-in-process 10,634 13,639 Finished goods 4,252 6,575 36,398 36,362 Less: Reserve for excess and obsolete inventory (2,496 ) (2,985 ) Net inventories $ 33,902 $ 33,377 |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 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 2017. As of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 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 $ (161 ) $ — $ 9 0.3 $ 170 $ (139 ) $ — $ 31 1.1 Customer relationships 15,979 (7,513 ) (7,592 ) 874 3.3 15,979 (7,284 ) (7,592 ) 1,103 4.0 Trade names 9,099 (7,080 ) — 2,019 5.0 9,099 (6,780 ) — 2,319 5.8 Intangible assets $ 25,248 $ (14,754 ) $ (7,592 ) $ 2,902 4.5 $ 25,248 $ (14,203 ) $ (7,592 ) $ 3,453 5.2 As of September 30, 2022 2022 $ 180 2023 664 2024 661 2025 661 2026 422 2027 and thereafter 314 Total $ 2,902 |
Note 6 - Accrued Liabilities
Note 6 - Accrued Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6 Accrued liabilities as of September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 Accrued payroll and benefits $ 3,355 $ 2,992 Fair value of interest rate swap — 27 Accrued property taxes 546 — Income taxes payable 39 1 Accrued professional fees 109 129 Accrued warranty liability 128 125 Self-insured workers compensation reserve 31 166 Accrued other 689 214 Total accrued liabilities $ 4,897 $ 3,654 |
Note 7 - Debt and Credit Agreem
Note 7 - Debt and Credit Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 7 The Company’s outstanding debt balances as of September 30, 2022 December 31, 2021 September 30, December 31, 2022 2021 Line of credit $ 14,406 $ 6,350 Current portion of term loan 1,083 — Other notes payable 2,198 274 Long-term debt 6,431 203 Less: Current portion (15,629 ) (6,650 ) Long-term debt, net of current maturities $ 8,489 $ 177 Credit Facility On October 26, 2016, three February 25, 2019, three “2016 2016 first On October 29, 2020, twelve 2016 July 31, 2023. On February 23, 2021, March 31, 2021 June 20, 2021, March 31, 2021 March 31, 2021 June 30, 2021. September 30, 2021, On November 8, 2021, September 30, 2021, September 30, 2022, three December 31, 2021, six March 31, 2022, nine June 30, 2022 twelve September 30, 2022 December 31, 2022. On February 28, 2022, January 31, 2024, three December 31, 2021, December 31, 2022 nine March 31, 2022, three March 31, 2022, six June 30, 2022 nine September 30, 2022, In conjunction with the Amended and Restated Loan Agreement, during June 2019, 2016 may December 31, 2021 February 2022. On August 4, 2022, “2022 may “2022 2022 2022 2016 2016 2022 August 5, 2022. The 2022 2022 2022 twelve July 31, 2023 December 31, 2023 1.0; twelve 1.0 2022 six June 30, 2022, nine September 30, 2022, twelve December 31, 2022, twelve March 31, 2023, twelve June 30, 2023. August 4, 2027. August 4, 2027, Borrowings under the 2022 • term loan - Daily Simple SOFR (a rate per annum equal to the secured overnight financing rate published by the SOFR administrator on the website of the Federal Reserve Bank of New York or any successor source), plus an applicable margin of 2.50%; • revolving credit loan - Daily Simple SOFR, plus an applicable margin of 2.00% to 2.50% depending on the excess availability on the revolving loan facility. The 2022 2022 2022 2022 The obligations under the 2022 first In connection with the 2022 August 4, 2022, 2022 2022 September 30, 2022. As of September 30, 2022 2022 September 30, 2022, 2022 Other In 2016, September 30, 2022 December 31, 2021 2021, 2020, 2019, 2018, September 30, 2022 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 September 2028. |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee Operating and Finance Leases [Text Block] | NOTE 8 The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016 02, 842” The Company has elected to apply the short-term lease exception to all leases of one nine September 30, 2022 2021, nine September 30, 2022 2021, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 293 $ 268 $ 869 $ 709 Interest on finance lease liabilities 82 92 259 265 Total finance lease costs 375 360 1,128 974 Operating lease cost components: Operating lease cost 716 741 2,119 2,260 Short-term lease cost 187 166 483 540 Variable lease cost (1) 218 220 669 647 Sublease income (64 ) (47 ) (143 ) (140 ) Total operating lease costs 1,057 1,080 3,128 3,307 Total lease cost $ 1,432 $ 1,440 $ 4,256 $ 4,281 Supplemental cash flow information related to our operating leases is as follows for the nine months ended September 30, 2022 and 2021: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 2,609 $ 2,722 Weighted-average remaining lease term-finance leases at end of period (in years) 2.5 2.0 Weighted-average remaining lease term-operating leases at end of period (in years) 8.3 9.1 Weighted-average discount rate-finance leases at end of period 6.0 % 6.4 % Weighted-average discount rate-operating leases at end of period 8.7 % 8.6 % ( 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 September 30, 2022 Finance Operating Leases Leases Total 2022 $ 728 $ 887 $ 1,615 2023 1,924 3,453 5,377 2024 1,041 2,998 4,039 2025 635 3,064 3,699 2026 422 3,059 3,481 2027 and thereafter 694 14,046 14,740 Total lease payments 5,444 27,507 32,951 Less—portion representing interest (596 ) (8,456 ) (9,052 ) Present value of lease obligations 4,848 19,051 23,899 Less—current portion of lease obligations (1,967 ) (1,871 ) (3,838 ) Long-term portion of lease obligations $ 2,881 $ 17,180 $ 20,061 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9 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 entered into an interest rate swap in June 2019 7, February 2022. The Company is required to provide disclosure and categorize assets and liabilities measured at fair value into one three 1 3 Level 1 Level 2 not Level 3 The following tables represent the fair values of the Company’s financial liabilities as of September 30, 2022 December 31, 2021 September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ — $ — $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ 27 $ — $ 27 Total liabilities at fair value $ — $ 27 $ — $ 27 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 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 September 30, 2022 nine September 30, 2022 nine September 30, 2021 The Company files income tax returns in U.S. federal and state jurisdictions. As of September 30, 2022 1996 December 31, 2021 2026. 2028 2037. January 1, 2018 not Since the Company has no not twelve 382 1986, may may 382 382 2010, may In February 2013, February 2016 382 February 7, 2019, three 2019 April 23, 2019. February 3, 2022, three 2022 April 26, 2022. 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. one one February 12, 2013 not As of September 30, 2022 September 30, 2022 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11 There was no nine September 30, 2022 September 30, 2022 three September 30, 2022, 2023. September 30, 2022. The following table summarizes the Company’s restricted stock unit and performance award activity during the nine September 30, 2022 Weighted Average Number of Grant-Date Fair Value Shares Per Share Unvested as of December 31, 2021 918,448 $ 2.72 Granted 734,077 $ 1.75 Vested (815,734 ) $ 2.23 Forfeited (25,449 ) $ 2.60 Unvested as of September 30, 2022 811,342 $ 2.39 Under certain situations, shares are withheld from issuance to cover taxes for the vesting of restricted stock units and performance awards. For the nine September 30, 2022, The following table summarizes share-based compensation expense included in the Company’s condensed consolidated statements of operations for the nine September 30, 2022 2021 Nine Months Ended September 30, 2022 2021 Share-based compensation expense: Cost of sales $ 106 $ 103 Selling, general and administrative 1,079 754 Net effect of share-based compensation expense on net income $ 1,185 $ 857 Reduction in earnings per share: Basic earnings per share $ 0.06 $ 0.05 Diluted earnings per share $ 0.06 $ 0.04 |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 12 The Company is party to a variety of legal proceedings that arise in the normal course of its business. While the results of these legal proceedings cannot be predicted with certainty, management believes that the final outcome of these proceedings will not no not one |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 13 The Company reviews new accounting standards as issued. Although some of the accounting standards issued or effective in the current fiscal year may none |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 14— 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 concentration, 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 tower 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 1,100 megawatts of power. The Company has expanded 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. Gearing The Company provides gearing and gearboxes to a broad set of customers in diverse markets including; onshore and offshore O&G fracking and drilling, surface and underground mining, wind energy, steel, material handling and other infrastructure markets. The Company has manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for nearly a century. The Company uses an integrated manufacturing process, which includes machining and finishing processes 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, kitting and assembly services, primarily serving the combined cycle natural gas turbine market, as well as other clean technology markets. 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, three nine September 30, 2022 2021 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended September 30, 2022 Revenues from external customers $ 30,640 $ 10,190 $ 4,013 $ — $ — $ 44,843 Intersegment revenues — — 7 — (7 ) — Net revenues 30,640 10,190 4,020 — (7 ) 44,843 Operating income (loss) 372 624 (191 ) (1,322 ) (3 ) (520 ) Depreciation and amortization 852 477 98 59 — 1,486 Capital expenditures 976 64 20 — — 1,060 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended September 30, 2021 Revenues from external customers $ 28,675 $ 7,562 $ 4,152 $ — $ — $ 40,389 Intersegment revenues — — 61 — (61 ) — Net revenues 28,675 7,562 4,213 — (61 ) 40,389 Operating (loss) income (445 ) (219 ) (108 ) (1,248 ) 23 (1,997 ) Depreciation and amortization 967 463 105 59 — 1,594 Capital expenditures 294 306 — 4 — 604 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Nine Months Ended September 30, 2022 Revenues from external customers $ 93,486 $ 30,874 $ 12,339 $ — $ — $ 136,699 Intersegment revenues — 16 803 — (819 ) — Net revenues 93,486 30,890 13,142 — (819 ) 136,699 Operating loss (11 ) (73 ) (368 ) (4,050 ) (3 ) (4,505 ) Depreciation and amortization 2,593 1,507 299 182 — 4,581 Capital expenditures 2,176 540 38 3 — 2,757 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Nine Months Ended September 30, 2021 Revenues from external customers $ 87,277 $ 20,315 $ 12,016 $ — $ — $ 119,608 Intersegment revenues 5 — 341 — (346 ) — Net revenues 87,282 20,315 12,357 — (346 ) 119,608 Operating loss (1,873 ) (2,090 ) (169 ) (4,487 ) — (8,619 ) Depreciation and amortization 2,904 1,383 315 156 — 4,758 Capital expenditures 942 343 26 58 — 1,369 Total Assets as of September 30, December 31, Segments: 2022 2021 Heavy Fabrications $ 38,975 $ 37,131 Gearing 51,356 46,219 Industrial Solutions 11,277 10,825 Corporate 241,385 228,219 Eliminations (216,929 ) (204,347 ) $ 126,064 $ 118,047 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 15 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 one may Allowance for Doubtful Accounts Based upon past experience and judgment, the Company establishes an allowance for doubtful accounts with respect to accounts receivable. The Company’s standard allowance estimation methodology considers a number of factors that, based on its collections experience, the Company believes will have an impact on its credit risk and the collectability of its accounts receivable. These factors include individual customer circumstances, history with the Company, the length of the time period during which the account receivable has been past due and other relevant criteria. The Company monitors its collections and write-off experience to assess whether or not may may nine September 30, 2022 2021 For the Nine Months Ended September 30, 2022 2021 Balance at beginning of period $ 47 $ 473 Write-offs (8 ) (432 ) Other adjustments (10 ) (2 ) Balance at end of period $ 29 $ 39 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 no September 30, 2022 December 31, 2021. |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Heavy Fabrications $ 30,640 $ 28,675 $ 93,486 $ 87,282 Gearing 10,190 7,562 30,890 20,315 Industrial Solutions 4,020 4,213 13,142 12,357 Eliminations (7 ) (61 ) (819 ) (346 ) Consolidated $ 44,843 $ 40,389 $ 136,699 $ 119,608 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Basic earnings per share calculation: Net (loss) income $ (1,772 ) $ (2,105 ) $ (6,879 ) $ 6,937 Weighted average number of common shares outstanding 20,505,884 19,417,675 20,155,548 18,460,444 Basic net (loss) income per share $ (0.09 ) $ (0.11 ) $ (0.34 ) $ 0.38 Diluted earnings per share calculation: Net (loss) income $ (1,772 ) $ (2,105 ) $ (6,879 ) $ 6,937 Weighted average number of common shares outstanding 20,505,884 19,417,675 20,155,548 18,460,444 Common stock equivalents: Non-vested stock awards (1) — — — 757,976 Weighted average number of common shares outstanding 20,505,884 19,417,675 20,155,548 19,218,420 Diluted net (loss) income per share $ (0.09 ) $ (0.11 ) $ (0.34 ) $ 0.36 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 Raw materials $ 21,512 $ 16,148 Work-in-process 10,634 13,639 Finished goods 4,252 6,575 36,398 36,362 Less: Reserve for excess and obsolete inventory (2,496 ) (2,985 ) Net inventories $ 33,902 $ 33,377 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2022 December 31, 2021 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 $ (161 ) $ — $ 9 0.3 $ 170 $ (139 ) $ — $ 31 1.1 Customer relationships 15,979 (7,513 ) (7,592 ) 874 3.3 15,979 (7,284 ) (7,592 ) 1,103 4.0 Trade names 9,099 (7,080 ) — 2,019 5.0 9,099 (6,780 ) — 2,319 5.8 Intangible assets $ 25,248 $ (14,754 ) $ (7,592 ) $ 2,902 4.5 $ 25,248 $ (14,203 ) $ (7,592 ) $ 3,453 5.2 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | 2022 $ 180 2023 664 2024 661 2025 661 2026 422 2027 and thereafter 314 Total $ 2,902 |
Note 6 - Accrued Liabilities (T
Note 6 - Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2022 2021 Accrued payroll and benefits $ 3,355 $ 2,992 Fair value of interest rate swap — 27 Accrued property taxes 546 — Income taxes payable 39 1 Accrued professional fees 109 129 Accrued warranty liability 128 125 Self-insured workers compensation reserve 31 166 Accrued other 689 214 Total accrued liabilities $ 4,897 $ 3,654 |
Note 7 - Debt and Credit Agre_2
Note 7 - Debt and Credit Agreements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, 2022 2021 Line of credit $ 14,406 $ 6,350 Current portion of term loan 1,083 — Other notes payable 2,198 274 Long-term debt 6,431 203 Less: Current portion (15,629 ) (6,650 ) Long-term debt, net of current maturities $ 8,489 $ 177 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Lease Quantitative Disclosure [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 293 $ 268 $ 869 $ 709 Interest on finance lease liabilities 82 92 259 265 Total finance lease costs 375 360 1,128 974 Operating lease cost components: Operating lease cost 716 741 2,119 2,260 Short-term lease cost 187 166 483 540 Variable lease cost (1) 218 220 669 647 Sublease income (64 ) (47 ) (143 ) (140 ) Total operating lease costs 1,057 1,080 3,128 3,307 Total lease cost $ 1,432 $ 1,440 $ 4,256 $ 4,281 Supplemental cash flow information related to our operating leases is as follows for the nine months ended September 30, 2022 and 2021: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 2,609 $ 2,722 Weighted-average remaining lease term-finance leases at end of period (in years) 2.5 2.0 Weighted-average remaining lease term-operating leases at end of period (in years) 8.3 9.1 Weighted-average discount rate-finance leases at end of period 6.0 % 6.4 % Weighted-average discount rate-operating leases at end of period 8.7 % 8.6 % |
Finance and Operating Lease Liability Maturity [Table Text Block] | Finance Operating Leases Leases Total 2022 $ 728 $ 887 $ 1,615 2023 1,924 3,453 5,377 2024 1,041 2,998 4,039 2025 635 3,064 3,699 2026 422 3,059 3,481 2027 and thereafter 694 14,046 14,740 Total lease payments 5,444 27,507 32,951 Less—portion representing interest (596 ) (8,456 ) (9,052 ) Present value of lease obligations 4,848 19,051 23,899 Less—current portion of lease obligations (1,967 ) (1,871 ) (3,838 ) Long-term portion of lease obligations $ 2,881 $ 17,180 $ 20,061 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ — $ — $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities measured on a recurring basis: Interest rate swap $ — $ 27 $ — $ 27 Total liabilities at fair value $ — $ 27 $ — $ 27 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 918,448 $ 2.72 Granted 734,077 $ 1.75 Vested (815,734 ) $ 2.23 Forfeited (25,449 ) $ 2.60 Unvested as of September 30, 2022 811,342 $ 2.39 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Nine Months Ended September 30, 2022 2021 Share-based compensation expense: Cost of sales $ 106 $ 103 Selling, general and administrative 1,079 754 Net effect of share-based compensation expense on net income $ 1,185 $ 857 Reduction in earnings per share: Basic earnings per share $ 0.06 $ 0.05 Diluted earnings per share $ 0.06 $ 0.04 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 Revenues from external customers $ 30,640 $ 10,190 $ 4,013 $ — $ — $ 44,843 Intersegment revenues — — 7 — (7 ) — Net revenues 30,640 10,190 4,020 — (7 ) 44,843 Operating income (loss) 372 624 (191 ) (1,322 ) (3 ) (520 ) Depreciation and amortization 852 477 98 59 — 1,486 Capital expenditures 976 64 20 — — 1,060 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended September 30, 2021 Revenues from external customers $ 28,675 $ 7,562 $ 4,152 $ — $ — $ 40,389 Intersegment revenues — — 61 — (61 ) — Net revenues 28,675 7,562 4,213 — (61 ) 40,389 Operating (loss) income (445 ) (219 ) (108 ) (1,248 ) 23 (1,997 ) Depreciation and amortization 967 463 105 59 — 1,594 Capital expenditures 294 306 — 4 — 604 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Nine Months Ended September 30, 2022 Revenues from external customers $ 93,486 $ 30,874 $ 12,339 $ — $ — $ 136,699 Intersegment revenues — 16 803 — (819 ) — Net revenues 93,486 30,890 13,142 — (819 ) 136,699 Operating loss (11 ) (73 ) (368 ) (4,050 ) (3 ) (4,505 ) Depreciation and amortization 2,593 1,507 299 182 — 4,581 Capital expenditures 2,176 540 38 3 — 2,757 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Nine Months Ended September 30, 2021 Revenues from external customers $ 87,277 $ 20,315 $ 12,016 $ — $ — $ 119,608 Intersegment revenues 5 — 341 — (346 ) — Net revenues 87,282 20,315 12,357 — (346 ) 119,608 Operating loss (1,873 ) (2,090 ) (169 ) (4,487 ) — (8,619 ) Depreciation and amortization 2,904 1,383 315 156 — 4,758 Capital expenditures 942 343 26 58 — 1,369 Total Assets as of September 30, December 31, Segments: 2022 2021 Heavy Fabrications $ 38,975 $ 37,131 Gearing 51,356 46,219 Industrial Solutions 11,277 10,825 Corporate 241,385 228,219 Eliminations (216,929 ) (204,347 ) $ 126,064 $ 118,047 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Nine Months Ended September 30, 2022 2021 Balance at beginning of period $ 47 $ 473 Write-offs (8 ) (432 ) Other adjustments (10 ) (2 ) Balance at end of period $ 29 $ 39 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Sep. 12, 2022 | Mar. 09, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 31, 2022 | Dec. 31, 2021 | |
Revenue as Percentage of Sales Associated with New Wind Turbine Installations | 51% | 66% | |||||||||
Debt and Lease Obligation, Total | $ 28,966 | $ 28,966 | |||||||||
Debt, Current, Total | $ 17,596 | $ 17,596 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 230,000 | $ 9,329,000 | |||||||||
Receivable, Uncollected Employee Retention Credit | $ 497,000 | ||||||||||
Collected, Employee Retention Credit | $ 497,000 | ||||||||||
Accounts Receivable, Sale | $ 30,662,000 | $ 23,998,000 | 77,099,000 | 78,661,000 | |||||||
Accounts Receivable, Sale, Discount Fees | 615,000 | $ 47,000 | 1,110,000 | $ 183,000 | |||||||
Nonoperating Income (Expense) [Member] | |||||||||||
Employee Retention Credit Benefit | $ 3,593,000 | $ 3,372,000 | |||||||||
The ATM Agreement [Member] | |||||||||||
Value of Shares Issuable, Maximum | $ 10,000,000 | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,897,697 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | ||||||||||
Proceeds from Issuance of Common Stock, Net | $ 9,725,000 | ||||||||||
Payments of Stock Issuance Costs | 275,000 | ||||||||||
Other Stock Issuance Expenses | $ 411,000 | ||||||||||
The Sales Agreement [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 100,379,000 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 1 | ||||||||||
Proceeds from Issuance of Common Stock, Net | $ 323,000 | ||||||||||
Payments of Stock Issuance Costs | 9,000 | ||||||||||
Other Stock Issuance Expenses | $ 93,000 | ||||||||||
Sales Agent Commission Percentage | 2.75% | ||||||||||
Sale of Stock, Common Stock Available for Issuance, Value | $ 11,667,000 | $ 11,667,000 | |||||||||
The Sales Agreement [Member] | Maximum [Member] | |||||||||||
Value of Shares Issuable, Maximum | $ 12,000,000 |
Note 2 - Revenues (Details Text
Note 2 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 44,843 | $ 40,389 | $ 136,699 | $ 119,608 |
Transferred over Time [Member] | Gearing [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 499 | 2,444 | ||
Transferred over Time [Member] | Heavy Fabrications [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 5,927 | $ 1,791 | $ 13,336 | $ 4,220 |
Note 2 - Revenues - Disaggregat
Note 2 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 44,843 | $ 40,389 | $ 136,699 | $ 119,608 |
Consolidation, Eliminations [Member] | ||||
Revenues | (7) | (61) | (819) | (346) |
Heavy Fabrications [Member] | Operating Segments [Member] | ||||
Revenues | 30,640 | 28,675 | 93,486 | 87,282 |
Gearing [Member] | Operating Segments [Member] | ||||
Revenues | 10,190 | 7,562 | 30,890 | 20,315 |
Industrial Solutions [Member] | Operating Segments [Member] | ||||
Revenues | $ 4,020 | $ 4,213 | $ 13,142 | $ 12,357 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 811,342 | 811,342 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net (loss) income | $ (1,772) | $ (2,703) | $ (2,404) | $ (2,105) | $ 10,252 | $ (1,210) | $ (6,879) | $ 6,937 | |
Weighted average number of common shares outstanding (in shares) | 20,505,884 | 19,417,675 | 20,155,548 | 18,460,444 | |||||
Basic net (loss) income per share (in dollars per share) | $ (0.09) | $ (0.11) | $ (0.34) | $ 0.38 | |||||
Non-vested stock awards (1) (in shares) | [1] | 0 | 0 | 0 | 757,976 | ||||
Weighted average number of common shares outstanding (in shares) | 20,505,884 | 19,417,675 | 20,155,548 | 19,218,420 | |||||
Diluted net (loss) income per share (in dollars per share) | $ (0.09) | $ (0.11) | $ (0.34) | $ 0.36 | |||||
[1]Restricted stock units granted and outstanding of 829,890 as of June 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 and six months ended June 30, 2022. |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 21,512 | $ 16,148 |
Work-in-process | 10,634 | 13,639 |
Finished goods | 4,252 | 6,575 |
Inventory, Gross, Total | 36,398 | 36,362 |
Less: Reserve for excess and obsolete inventory | (2,496) | (2,985) |
Net inventories | $ 33,902 | $ 33,377 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 4 years 6 months | 5 years 2 months 12 days |
Minimum [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 0 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 5 years |
Note 5 - Intangible Assets - In
Note 5 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Cost Basis | $ 25,248 | $ 25,248 |
Accumulated Amortization | (14,754) | (14,203) |
Accumulated Impairment Charges | (7,592) | (7,592) |
Intangible assets, net | $ 2,902 | $ 3,453 |
Remaining Average Amortization Period (Year) | 4 years 6 months | 5 years 2 months 12 days |
Noncompete Agreements [Member] | ||
Cost Basis | $ 170 | $ 170 |
Accumulated Amortization | (161) | (139) |
Accumulated Impairment Charges | 0 | 0 |
Intangible assets, net | $ 9 | $ 31 |
Remaining Average Amortization Period (Year) | 3 months 18 days | 1 year 1 month 6 days |
Customer Relationships [Member] | ||
Cost Basis | $ 15,979 | $ 15,979 |
Accumulated Amortization | (7,513) | (7,284) |
Accumulated Impairment Charges | (7,592) | (7,592) |
Intangible assets, net | $ 874 | $ 1,103 |
Remaining Average Amortization Period (Year) | 3 years 3 months 18 days | 4 years |
Trade Names [Member] | ||
Cost Basis | $ 9,099 | $ 9,099 |
Accumulated Amortization | (7,080) | (6,780) |
Accumulated Impairment Charges | 0 | 0 |
Intangible assets, net | $ 2,019 | $ 2,319 |
Remaining Average Amortization Period (Year) | 5 years | 5 years 9 months 18 days |
Note 5 - Intangible Assets - Es
Note 5 - Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 | $ 180 | |
2023 | 664 | |
2024 | 661 | |
2025 | 661 | |
2026 | 422 | |
2027 and thereafter | 314 | |
Total | $ 2,902 | $ 3,453 |
Note 6 - Accrued Liabilities -
Note 6 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued payroll and benefits | $ 3,355 | $ 2,992 |
Fair value of interest rate swap | 0 | 27 |
Accrued property taxes | 546 | 0 |
Income taxes payable | 39 | 1 |
Accrued professional fees | 109 | 129 |
Accrued warranty liability | 128 | 125 |
Self-insured workers compensation reserve | 31 | 166 |
Accrued other | 689 | 214 |
Total accrued liabilities | $ 4,897 | $ 3,654 |
Note 7 - Debt and Credit Agre_3
Note 7 - Debt and Credit Agreements (Details Textual) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended | 17 Months Ended | |||||||||||||||
Aug. 04, 2022 USD ($) | Oct. 29, 2020 | Feb. 25, 2019 USD ($) | Oct. 26, 2016 | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2024 | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2023 | Feb. 28, 2022 USD ($) | Nov. 08, 2021 USD ($) | Jun. 30, 2019 USD ($) | Dec. 31, 2016 USD ($) | |
Long-Term Debt, Current Maturities, Total | $ 15,629 | $ 6,650 | |||||||||||||||||
Development Corporation of Abilene Loan [Member] | |||||||||||||||||||
Long-term Debt, Total | 114 | $ 570 | |||||||||||||||||
Debt Instrument, Decrease, Forgiveness | 114 | $ 114 | $ 114 | $ 114 | |||||||||||||||
Notes Payable, Total | 2,111 | 363 | |||||||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||||||||
Long-term Debt, Total | 2,198 | 274 | |||||||||||||||||
Long-Term Debt, Current Maturities, Total | $ 26 | $ 186 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||||||||||||||||||
Interest Rate Swap [Member] | |||||||||||||||||||
Derivative Liability, Notional Amount | $ 6,000 | ||||||||||||||||||
Derivative, Fixed Interest Rate | 2.13% | ||||||||||||||||||
Minimum [Member] | Notes Payable, Other Payables [Member] | |||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 3 | ||||||||||||||||||
Maximum [Member] | Notes Payable, Other Payables [Member] | |||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 16 | ||||||||||||||||||
The 2022 Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Term (Year) | 84 months | ||||||||||||||||||
Debt Instrument, Covenant, Minimum EBITDA | $ 0 | 1,500 | |||||||||||||||||
The 2022 Credit Facility [Member] | Forecast [Member] | |||||||||||||||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.1 | 1 | |||||||||||||||||
Debt Instrument, Covenant, Minimum EBITDA | $ 5,100 | $ 3,600 | $ 2,500 | ||||||||||||||||
The 2022 Credit Facility [Member] | Senior Secured Term Loan [Member] | |||||||||||||||||||
Debt Instrument, Face Amount | $ 7,578 | ||||||||||||||||||
The 2022 Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Senior Secured Term Loan [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||||||
Revolving Credit Facility [Member] | The 2016 Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Term (Year) | 3 years | ||||||||||||||||||
Long Term Debt Extended Term (Year) | 3 years | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | $ 30,000 | |||||||||||||||||
Reserve to Revolving Loan Availability | $ 2,500 | $ 5,000 | |||||||||||||||||
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 Issuance Costs, Gross | 470 | ||||||||||||||||||
Long-Term Line of Credit, Total | 21,893 | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 13,315 | ||||||||||||||||||
Revolving Credit Facility [Member] | The 2022 Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||||||||||
Revolving Credit Facility [Member] | The 2022 Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||||||
Letter of Credit [Member] | The 2016 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||
Letter of Credit [Member] | The 2016 Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||||||||
Letter of Credit [Member] | The 2016 Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | ||||||||||||||||||
Letter of Credit [Member] | The 2016 Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Note 7 - Debt and Credit Agre_4
Note 7 - Debt and Credit Agreements - Outstanding Debt Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Less: Current portion | $ (15,629) | $ (6,650) |
Long-term debt, net of current maturities | 8,489 | 177 |
Line of Credit [Member] | ||
Long-term Debt, Total | 14,406 | 6,350 |
Long-term debt | 14,406 | 6,350 |
Current Portion of Term Loan [Member] | ||
Long-term Debt, Total | 1,083 | 0 |
Long-term debt | 1,083 | 0 |
Notes Payable, Other Payables [Member] | ||
Long-term Debt, Total | 2,198 | 274 |
Long-term debt | 2,198 | 274 |
Less: Current portion | (26) | (186) |
Long-Term Debt [Member] | ||
Long-term Debt, Total | 6,431 | 203 |
Long-term debt | $ 6,431 | $ 203 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 187 | $ 907 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 1,773 | $ 2,444 |
Note 8 - Leases - Leases Inform
Note 8 - Leases - Leases Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Amortization of finance lease assets | $ 293 | $ 268 | $ 869 | $ 709 | |
Interest on finance lease liabilities | 82 | 92 | 259 | 265 | |
Total finance lease costs | 375 | 360 | 1,128 | 974 | |
Operating lease cost | 716 | 741 | 2,119 | 2,260 | |
Short-term lease cost | 187 | 166 | 483 | 540 | |
Variable lease cost | [1] | 218 | 220 | 669 | 647 |
Sublease income | (64) | (47) | (143) | (140) | |
Total operating lease costs | 1,057 | 1,080 | 3,128 | 3,307 | |
Total lease cost | $ 1,432 | $ 1,440 | 4,256 | 4,281 | |
Operating cash outflow from operating leases | $ 2,609 | $ 2,722 | |||
Weighted-average remaining lease term-finance leases at end of period (in years) (Year) | 2 years 6 months | 2 years | 2 years 6 months | 2 years | |
Weighted-average remaining lease term-operating leases at end of period (in years) (Year) | 8 years 3 months 18 days | 9 years 1 month 6 days | 8 years 3 months 18 days | 9 years 1 month 6 days | |
Weighted-average discount rate-finance leases at end of period | 6% | 6.40% | 6% | 6.40% | |
Weighted-average discount rate-operating leases at end of period | 8.70% | 8.60% | 8.70% | 8.60% | |
[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 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022, finance leases | $ 728 | |
2022, operating leases | 887 | |
2022, total | 1,615 | |
2023, finance leases | 1,924 | |
2023, operating leases | 3,453 | |
2023, total | 5,377 | |
2024, finance leases | 1,041 | |
2024, operating leases | 2,998 | |
2024, total | 4,039 | |
2025, finance leases | 635 | |
2025, operating leases | 3,064 | |
2025, total | 3,699 | |
2026, finance leases | 422 | |
2026, operating leases | 3,059 | |
2026, total | 3,481 | |
2026 and thereafter, finance leases | 694 | |
2026 and thereafter, operating leases | 14,046 | |
2026 and thereafter, total | 14,740 | |
Total lease payments, finance leases | 5,444 | |
Total lease payments, operating leases | 27,507 | |
Total lease payments, total | 32,951 | |
Less—portion representing interest, finance leases | (596) | |
Less—portion representing interest, operating leases | (8,456) | |
Less—portion representing interest, total | (9,052) | |
Present value of lease obligations, finance leases | 4,848 | |
Present value of lease obligations, operating leases | 19,051 | |
Present value of lease obligations, total | 23,899 | |
Less—current portion of lease obligations, finance leases | (1,967) | $ (2,060) |
Less—current portion of lease obligations, operating leases | (1,871) | (1,775) |
Less—current portion of lease obligations, total | (3,838) | |
Long-term portion of lease obligations, finance leases | 2,881 | 2,481 |
Long-term portion of lease obligations, operating leases | 17,180 | $ 18,405 |
Long-term portion of lease obligations, total | $ 20,061 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements - Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Interest rate swap | $ 0 | $ 27 |
Fair Value, Recurring [Member] | ||
Total liabilities at fair value | 0 | 27 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total liabilities at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total liabilities at fair value | 0 | 27 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total liabilities at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 0 | 27 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap | 0 | 27 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap | $ 0 | $ 0 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Feb. 03, 2022 | Feb. 07, 2019 | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Income Tax Expense (Benefit), Total | $ 14 | $ 24 | $ 36 | $ 101 | |||
Operating Loss Carryforwards, Total | $ 277,310 | ||||||
Operating Loss Carryforwards, Subject to Expiration | $ 227,781 | ||||||
Operating Loss Carry Forwards Annual Limit | 14,284 | 14,284 | |||||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | |||||
Rights [Member] | |||||||
Term of Extended Rights Plan (Year) | 3 years | 3 years | |||||
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) | shares | 0.001 | 0.001 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 7.26 | $ 7.26 | |||||
Class of Warrant or Right Current Beneficial Ownership Percentage That Will Not Trigger Preferred Share Purchase Rights | 4.90% |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 0 | |
Share-Based Payment Arrangement, Expense | $ 1,185 | $ 857 | |
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 280,175 | ||
Payment, Tax Withholding, Share-Based Payment Arrangement | $ 546 | $ 1,503 | |
Accrued Liabilities [Member] | |||
Deferred Compensation Share-Based Arrangements, Liability, Current | $ 425 | $ 425 | |
Settled In 2023 [Member] | |||
Share-Based Payment Arrangement, Expense | $ 425 |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Restricted Stock Unit and Performance Award Activity (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Unvested, number of shares (in shares) | shares | 918,448 |
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 2.72 |
Granted, number of shares (in shares) | shares | 734,077 |
Granted, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 1.75 |
Vested, number of shares (in shares) | shares | (815,734) |
Vested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 2.23 |
Forfeited, number of shares (in shares) | shares | (25,449) |
Forfeited, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 2.60 |
Unvested, number of shares (in shares) | shares | 811,342 |
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 2.39 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation expense | $ 1,185 | $ 857 |
Basic earnings per share (in dollars per share) | $ 0.06 | $ 0.05 |
Diluted earnings per share (in dollars per share) | $ 0.06 | $ 0.04 |
Cost of Sales [Member] | ||
Share-based compensation expense | $ 106 | $ 103 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | $ 1,079 | $ 754 |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) - Heavy Fabrications [Member] | 9 Months Ended |
Sep. 30, 2022 MWh | |
Number of Facilities | 2 |
Number of Tower Sections in Production Capacity of Turbines Total | 1,650 |
Maximum [Member] | |
Annual Tower Production Capacity | 550 |
Minimum [Member] | |
Power Generating Capacity of Turbines (Megawatt-Hour) | 1,100 |
Note 14 - Segment Reporting - S
Note 14 - Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenues from external customers | $ 44,843 | $ 40,389 | $ 136,699 | $ 119,608 | |
Revenue from Contract with Customer, Including Assessed Tax | 44,843 | 40,389 | 136,699 | 119,608 | |
Operating income (loss) | (520) | (1,997) | (4,505) | (8,619) | |
Depreciation and amortization | 1,486 | 1,594 | 4,581 | 4,758 | |
Capital expenditures | 1,060 | 604 | 2,757 | 1,369 | |
Total assets | 126,064 | 126,064 | $ 118,047 | ||
Consolidation, Eliminations [Member] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
Revenue from Contract with Customer, Including Assessed Tax | (7) | (61) | (819) | (346) | |
Operating income (loss) | (3) | 23 | (3) | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Total assets | (216,929) | (216,929) | (204,347) | ||
Intersegment Eliminations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Heavy Fabrications [Member] | |||||
Operating income (loss) | 372 | (445) | (11) | (1,873) | |
Heavy Fabrications [Member] | Operating Segments [Member] | |||||
Revenues from external customers | 30,640 | 28,675 | 93,486 | 87,277 | |
Revenue from Contract with Customer, Including Assessed Tax | 30,640 | 28,675 | 93,486 | 87,282 | |
Depreciation and amortization | 852 | 967 | 2,593 | 2,904 | |
Capital expenditures | 976 | 294 | 2,176 | 942 | |
Total assets | 38,975 | 38,975 | 37,131 | ||
Heavy Fabrications [Member] | Intersegment Eliminations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 5 | |
Gearing [Member] | |||||
Operating income (loss) | 624 | (219) | (73) | (2,090) | |
Gearing [Member] | Operating Segments [Member] | |||||
Revenues from external customers | 10,190 | 7,562 | 30,874 | 20,315 | |
Revenue from Contract with Customer, Including Assessed Tax | 10,190 | 7,562 | 30,890 | 20,315 | |
Depreciation and amortization | 477 | 463 | 1,507 | 1,383 | |
Capital expenditures | 64 | 306 | 540 | 343 | |
Total assets | 51,356 | 51,356 | 46,219 | ||
Gearing [Member] | Intersegment Eliminations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 16 | 0 | |
Industrial Solutions [Member] | |||||
Operating income (loss) | (191) | (108) | (368) | (169) | |
Industrial Solutions [Member] | Operating Segments [Member] | |||||
Revenues from external customers | 4,013 | 4,152 | 12,339 | 12,016 | |
Revenue from Contract with Customer, Including Assessed Tax | 4,020 | 4,213 | 13,142 | 12,357 | |
Depreciation and amortization | 98 | 105 | 299 | 315 | |
Capital expenditures | 20 | 0 | 38 | 26 | |
Total assets | 11,277 | 11,277 | 10,825 | ||
Industrial Solutions [Member] | Intersegment Eliminations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 7 | 61 | 803 | 341 | |
Corporate Segment [Member] | |||||
Operating income (loss) | (1,322) | (1,248) | (4,050) | (4,487) | |
Corporate Segment [Member] | Operating Segments [Member] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 59 | 59 | 182 | 156 | |
Capital expenditures | 0 | 4 | 3 | 58 | |
Total assets | 241,385 | 241,385 | $ 228,219 | ||
Corporate Segment [Member] | Intersegment Eliminations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies - Allowance of Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance at beginning of period | $ 47 | $ 473 |
Write-offs | (8) | (432) |
Other adjustments | (10) | (2) |
Balance at end of period | $ 29 | $ 39 |