Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 06, 2023 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 29,365,000 | ||
Entity Common Stock, Shares Outstanding | 20,853,193 | ||
Auditor Firm ID | 49 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Chicago, Illinois |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash | $ 12,732 | $ 852 |
Accounts receivable, net | 17,018 | 13,802 |
Employee retention credit receivable | 0 | 497 |
Contract assets | 1,955 | 1,136 |
Inventories, net | 44,262 | 33,377 |
Prepaid expenses and other current assets | 3,291 | 2,661 |
Total current assets | 79,258 | 52,325 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 45,319 | 43,655 |
Operating lease right-of-use assets | 16,396 | 18,029 |
Intangible assets, net | 2,728 | 3,453 |
Other assets | 839 | 585 |
TOTAL ASSETS | 144,540 | 118,047 |
CURRENT LIABILITIES: | ||
Line of credit and current portion of long-term debt | 1,170 | 6,650 |
Current portion of finance lease obligations | 2,008 | 2,060 |
Current portion of operating lease obligations | 1,882 | 1,775 |
Accounts payable | 26,255 | 16,462 |
Accrued liabilities | 4,313 | 3,654 |
Customer deposits | 34,550 | 12,082 |
Total current liabilities | 70,178 | 42,683 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net of current maturities | 7,141 | 177 |
Long-term finance lease obligations, net of current portion | 4,226 | 2,481 |
Long-term operating lease obligations, net of current portion | 16,696 | 18,405 |
Other | 26 | 167 |
Total long-term liabilities | 28,089 | 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; 21,127,130 and 19,859,650 shares issued as of December 31, 2022, and December 31, 2021, respectively | 21 | 20 |
Treasury stock, at cost, 273,937 shares as of December 31, 2022 and December 31, 2021 | (1,842) | (1,842) |
Additional paid-in capital | 397,240 | 395,372 |
Accumulated deficit | (349,146) | (339,416) |
Total stockholders’ equity | 46,273 | 54,134 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 144,540 | $ 118,047 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 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) | 21,127,130 | 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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 176,759 | $ 145,619 |
Cost of sales | 166,049 | 140,108 |
Gross profit | 10,710 | 5,511 |
OPERATING EXPENSES: | ||
Selling, general and administrative | 16,592 | 17,372 |
Intangible amortization | 725 | 733 |
Total operating expenses | 17,317 | 18,105 |
Operating loss | (6,607) | (12,594) |
OTHER INCOME (EXPENSE), net: | ||
Paycheck Protection Program loan forgiveness | 0 | 9,151 |
Interest expense, net | (3,218) | (1,129) |
Other, net | 130 | 7,444 |
Total other (expense) income, net | (3,088) | 15,466 |
Net (loss) income before provision for income taxes | (9,695) | 2,872 |
Provision for income taxes | 35 | 25 |
NET (LOSS) INCOME | $ (9,730) | $ 2,847 |
NET (LOSS) INCOME PER COMMON SHARE—BASIC: | ||
Net (loss) income (in dollars per share) | $ (0.48) | $ 0.15 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC (in shares) | 20,298,641 | 18,726,459 |
NET (LOSS) INCOME PER COMMON SHARE—DILUTED: | ||
Net (loss) income (in dollars per share) | $ (0.48) | $ 0.15 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—DILUTED (in shares) | 20,298,641 | 19,388,489 |
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) | 695,216 | 0 | |||
Stock issued for restricted stock | $ 1 | $ 0 | 0 | 0 | 1 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 289,519 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 1,193 | 0 | 1,193 |
Share-based compensation | $ 0 | $ 0 | 1,541 | 0 | 1,541 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (234,280) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (1,423) | 0 | (1,423) |
Sale of common stock, net (in shares) | 1,897,697 | 0 | |||
Sale of common stock, net | $ 2 | $ 0 | 9,312 | 0 | 9,314 |
Net (loss) income | $ 0 | $ 0 | 0 | 2,847 | 2,847 |
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) | 818,956 | 0 | |||
Stock issued for restricted stock | $ 0 | $ 0 | 0 | 0 | 0 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 629,213 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 1,244 | 0 | 1,244 |
Share-based compensation | $ 0 | $ 0 | 944 | 0 | 944 |
Shares withheld for taxes in connection with issuance of restricted stock (in shares) | (281,068) | 0 | |||
Shares withheld for taxes in connection with issuance of restricted stock | $ 0 | $ 0 | (549) | 0 | (549) |
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 | (9,730) | (9,730) |
BALANCE (in shares) at Dec. 31, 2022 | 21,127,130 | (273,937) | |||
BALANCE at Dec. 31, 2022 | $ 21 | $ (1,842) | $ 397,240 | $ (349,146) | $ 46,273 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (9,730) | $ 2,847 |
Adjustments to reconcile net cash provided by (used in) provided by operating activities: | ||
Depreciation and amortization expense | 6,060 | 6,336 |
Paycheck Protection Program loan forgiveness | 0 | (9,151) |
Deferred income taxes | (13) | (2) |
Change in fair value of interest rate swap agreements | (27) | 23 |
Stock-based compensation | 944 | 1,541 |
Allowance for doubtful accounts | (30) | (426) |
Common stock issued under defined contribution 401(k) plan | 1,244 | 1,193 |
Loss (gain) on disposal of assets | 3 | (33) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,186) | 1,961 |
Employee retention credit receivable | 497 | (497) |
Contract assets | (820) | 1,117 |
Inventories | (10,885) | (6,653) |
Prepaid expenses and other current assets | (629) | 133 |
Accounts payable | 9,926 | (1,736) |
Accrued liabilities | 686 | (2,676) |
Customer deposits | 22,468 | (6,737) |
Other non-current assets and liabilities | 135 | (66) |
Net cash provided by (used in) provided by operating activities | 16,643 | (12,826) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (3,098) | (1,707) |
Proceeds from disposals of property and equipment | 0 | 33 |
Net cash used in investing activities | (3,098) | (1,674) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Payments on) proceeds from line of credit, net | (6,350) | 5,105 |
Payments for deferred financing costs | (470) | 0 |
Proceeds from long-term debt | 8,113 | 817 |
Payments on long-term debt | (863) | (161) |
Principal payments on finance leases | (1,776) | (1,672) |
Shares withheld for taxes in connection with issuance of restricted stock | (549) | (1,423) |
Proceeds from sale of common stock, net | 230 | 9,314 |
Net cash (used in) provided by financing activities | (1,665) | 11,980 |
NET INCREASE (DECREASE) IN CASH | 11,880 | (2,520) |
CASH beginning of the period | 852 | 3,372 |
CASH end of the period | 12,732 | 852 |
Supplemental cash flow information: | ||
Interest paid | 1,638 | 741 |
Income taxes paid | 23 | 102 |
Non-cash investing and financing activities: | ||
Equipment additions via finance lease | 3,882 | 2,757 |
Non-cash purchases of property and equipment | $ 134 | $ 18 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Description of Business Broadwind, Inc. (the “Company”) is a precision manufacturer of structures, equipment and components for clean tech 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 most significant presence is within the U.S. wind energy industry, although the Company has increasingly diversified into other industrial markets. Within the U.S. wind energy industry, the Company provides products primarily to turbine manufacturers. The Company also provides precision gearing and heavy fabrications to a broad range of industrial customers for oil and gas (“O&G”), mining, steel and other industrial applications, in addition to supplying components for natural gas turbines. The Company has three reportable operating segments: Heavy Fabrications, Gearing, and Industrial Solutions. 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 concentrations, 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 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 (1650 tower sections), sufficient to support turbines generating more than 1,100 MW of power. The Company has expanded its production capabilities and leveraged manufacturing competencies, including welding, lifting capacity and stringent quality practices, into aftermarket and OEM components utilized in surface and underground mining, construction, material handling, 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 addition to gearbox repair 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. Liquidity The Company meets its short term liquidity needs through cash generated from operations, its available cash balances, through its 2022 9 3 2022 2022 December 31, 2022 December 31, 2021 2022 December 31, 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 years ended December 31, 2022 December 31, 2021, Debt and finance lease obligations at December 31, 2022 twelve 2022 December 31, 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. December 31, 2022, December 31, 2022, On March 27, 2020, 2020 2021 September 30, 2021 70% 2021, $10,000 2021 $7,000 first second 2021, 20 first 2021 20% first 2021 first 2019, first 2021, second 2021. 500 2019, not third 2021 2021 third 2019, not December 31, 2021 December 31, 2021. January 2022. The Company anticipates that current cash resources, amounts available under the 2022 3 twelve Reclassifications Certain prior year amounts, which are not Summary of Significant Accounting Policies Management’s Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“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 inventory reserves, warranty reserves, impairment of long-lived assets, allowance for doubtful accounts, 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 Cash As of December 31, 2022 December 31, 2021 December 31, 2022 2021 Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Customer deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned. Cash payments to customers are presumed to be classified as reductions of revenue in the Company’s statement of operations. 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 versus shipment. 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 During 2022 2021, no not not Cost of Sales Cost of sales represents all direct and indirect costs associated with the production of products for sale to customers. These costs include operation, repair and maintenance of equipment, materials, direct and indirect labor and benefit costs, rent and utilities, maintenance, insurance, equipment rentals, freight, and depreciation. Selling, General and Administrative Expenses Selling, general and administrative (“SG&A”) expenses include all corporate and administrative functions such as sales and marketing, legal, human resource management, finance, investor and public relations, information technology and senior management. These functions serve to support the Company’s current and future operations and provide an infrastructure to support future growth. Major expense items in this category include management and staff wages and benefits, share-based compensation and professional services. Accounts Receivable (A/R) The Company generally grants uncollateralized credit to customers on an individual basis based upon the customer’s financial condition and credit history. Credit is typically on net 30 Historically, the Company’s A/R is highly concentrated with a select number of customers. During the year ended December 31, 2022 December 31, 2021 Allowance for Doubtful Accounts Based upon past experience and judgment, the Company establishes an allowance for doubtful accounts with respect to A/R. 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 realizability of its A/R. These factors include individual customer circumstances, history with the Company and other relevant criteria. A/R balances that remain outstanding after the Company has exhausted reasonable collection efforts are written off through a charge to the valuation allowance and a credit to A/R. The Company monitors its collections and write-off experience to assess whether or not may may Inventories Inventories are stated at the lower of cost or net realizable value. Net realizable value is the value that can be realized upon the sale of the inventory less a reasonable estimate of selling costs. Cost is determined either based on the first first Inventories consist of raw materials, work-in-process and finished goods. Raw materials consist of components and parts for general production use. Work-in-process consists of labor and overhead, processing costs, purchased subcomponents and materials purchased for specific customer orders. Finished goods consist of components purchased from third Long-Lived Assets Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment is recognized using the straight-line method over the estimated useful lives of the related assets for financial reporting purposes, and generally using an accelerated method for income tax reporting purposes. Depreciation expense related to property and equipment for the years ended December 31, 2022 2021 not The Company reviews property and equipment and other long-lived assets (“long-lived assets”) for impairment whenever events or circumstances indicate that carrying amounts may not first In evaluating the recoverability of long-lived assets, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of such assets. If the Company’s fair value estimates or related assumptions change in the future, the Company may 7, Leases The Company leases various property and equipment under operating lease arrangements. On January 1, 2019, 2016 02, 842” 2018 11 Warranty Liability The Company provides warranty terms that generally range from one five third December 31, 2022 2021 As of December 31, 2022 2021 Balance, beginning of period $ 125 $ 33 Increase of warranty reserve 23 70 Warranty claims 3 22 Other adjustments (2 ) — Balance, end of period $ 149 $ 125 Income Taxes The Company accounts for income taxes based upon an asset and liability approach. Deferred tax assets and liabilities represent the future tax consequences of the differences between the financial statement carrying amounts of assets and liabilities versus the tax basis of assets and liabilities. Under this method, deferred tax assets are recognized for deductible temporary differences, and operating loss and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not In connection with the preparation of its consolidated financial statements, the Company is required to estimate its income tax liability for each of the tax jurisdictions in which the Company operates. This process involves estimating the Company’s actual current income tax expense and assessing temporary differences resulting from differing treatment of certain income or expense items for income tax reporting and financial reporting purposes. The Company also recognizes as deferred income tax assets the expected future income tax benefits of net operating loss (“NOL”) carryforwards. In evaluating the realizability of deferred income tax assets associated with NOL carryforwards, the Company considers, among other things, expected future taxable income, the expected timing of the reversals of existing temporary reporting differences and the expected impact of tax planning strategies that may The Company also accounts for the uncertainty in income taxes related to the recognition and measurement of a tax position taken or expected to be taken in an income tax return. The Company follows the applicable pronouncement guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition related to the uncertainty in these income tax positions. Share-Based Compensation The Company grants incentive stock options, restricted stock units (“RSUs”) and/or performance awards (“PSUs”) to certain officers, directors, and employees. The Company accounts for share-based compensation related to these awards based on the estimated fair value of the equity award and recognizes expense ratably over the required vesting term of the award. The expense associated with PSUs is also based on the probability of achieving embedded targets. Awards that are based on a fixed number of shares are treated as equity while awards that are based on a fixed amount of dollars are treated as liabilities. See Note 14 Net Income Per Share The Company presents both basic and diluted net income (loss) per share. Basic net income (loss) per share is based solely upon the weighted average number of common shares outstanding and excludes any dilutive effects of restricted stock, options, warrants and convertible securities. Diluted net income (loss) per share is based upon the weighted average number of common shares and common-share equivalents outstanding during the year excluding those common-share equivalents where the impact to basic net income (loss) per share would be anti-dilutive. |
Note 2 - Revenues
Note 2 - Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenues are recognized when control of the promised goods or services is 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 years ended December 31, 2022 2021 Year Ended December 31, 2022 2021 Heavy Fabrications $ 117,206 $ 101,994 Gearing 42,588 28,583 Industrial Solutions 17,804 15,402 Eliminations (839 ) (360 ) Consolidated $ 176,759 $ 145,619 The Company’s revenue is generally recognized at a point in time, typically when control of the promised goods or services is 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 versus shipment. The Company recognizes revenue under these arrangements only when there is a substantive reason for the arrangement, the ordered goods are identified separately as belonging to the customer and not not During the years ended December 31, 2022 2021, no December 30, 2022 2021, December 31, 2021. fourth 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 | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3 . EARNINGS PER SHARE The following table presents a reconciliation of basic and diluted earnings per share for the years ended December 31, 2022 2021 For the Years Ended December 31, 2022 2021 Basic earnings per share calculation: Net (loss) income $ (9,730 ) $ 2,847 Weighted average number of common shares outstanding 20,298,641 18,726,459 Basic net (loss) income per share $ (0.48 ) $ 0.15 Diluted earnings per share calculation: Net (loss) income $ (9,730 ) $ 2,847 Weighted average number of common shares outstanding 20,298,641 18,726,459 Common stock equivalents: Non-vested stock awards (1) — 662,030 Weighted average number of common shares outstanding 20,298,641 19,388,489 Diluted net (loss) income per share $ (0.48 ) $ 0.15 ( 1 December 31, 2022 |
Note 4 - Recent Accounting Pron
Note 4 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 4. The Company reviews new accounting standards as issued. Although some of the accounting standards issued or effective in the current fiscal year may none In June 2016, No. 2016 13, 326 December 15, 2022, |
Note 5 - Allowance for Doubtful
Note 5 - Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | 5 . ALLOWANCE FOR DOUBTFUL ACCOUNTS The activity in the accounts receivable allowance from operations for the years ended December 31, 2022 2021 For the Year Ended December 31, 2022 2021 Balance at beginning of period $ 47 $ 473 Bad debt expense — 9 Write-offs — (229 ) Other adjustments (30 ) (206 ) Balance at end of period $ 17 $ 47 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. The components of inventories as of December 31, 2022 2021 As of December 31, 2022 2021 Raw materials $ 27,644 $ 16,148 Work-in-process 13,843 13,639 Finished goods 4,916 6,575 46,403 36,362 Less: Reserve (2,141 ) (2,985 ) Net inventories $ 44,262 $ 33,377 |
Note 7 - Long-lived Assets
Note 7 - Long-lived Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant, and Equipment and Intangible Assets [Text Block] | 7. The cost basis and estimated lives of property and equipment from continuing operations as of December 31, 2022 2021 As of December 31, 2022 2021 Life (in years) Land $ 1,423 $ 1,423 Buildings 20,792 20,778 39 Machinery and equipment 120,893 116,725 2 - 10 Office furniture and equipment 5,705 5,480 3 - 7 Leasehold improvements 9,040 8,937 Shorter of asset life or life of lease Construction in progress 2,360 677 160,213 154,020 Less accumulated depreciation and amortization (114,894 ) (110,365 ) Total property and equipment $ 45,319 $ 43,655 As of December 31, 2022 Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their estimated useful lives, with a remaining life range from 1 5 During November 2022, December 31, 2022. November 30, 2022 no November 30, 2022 December 31, 2022, December 31, 2022. During November 2021, December 31, 2021. November 30, 2021 no November 30, 2021 December 31, 2021, no December 31, 2021. As of December 31, 2022 2021 December 31, 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 $ (167 ) $ — $ 3 0.1 $ 170 $ (139 ) $ — $ 31 1.1 Customer relationships 15,979 (7,581 ) (7,592 ) 806 3.1 15,979 (7,284 ) (7,592 ) 1,103 4.0 Trade names 9,099 (7,180 ) — 1,919 4.8 9,099 (6,780 ) — 2,319 5.8 Intangible assets $ 25,248 $ (14,928 ) $ (7,592 ) $ 2,728 4.3 $ 25,248 $ (14,203 ) $ (7,592 ) $ 3,453 5.2 Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 6 20 December 31, 2022 2021 December 31, 2022 2023 $ 664 2024 661 2025 661 2026 422 2027 320 Total $ 2,728 |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8 . ACCRUED LIABILITIES Accrued liabilities as of December 31, 2022 2021 December 31, December 31, 2022 2021 Accrued payroll and benefits $ 3,110 $ 2,992 Fair value of interest rate swap — 27 Accrued property taxes 17 — Income taxes payable 26 1 Accrued professional fees 118 129 Accrued warranty liability 149 125 Self-insured workers compensation reserve 30 166 Long term incentive plan accrual 619 — Accrued other 244 214 Total accrued liabilities $ 4,313 $ 3,654 |
Note 9 - Debt and Credit Agreem
Note 9 - Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. The Company’s outstanding debt balances as of December 31, 2022 2021 December 31, 2022 2021 Line of credit $ — $ 6,350 Other notes payable 1,094 477 Long-term debt 7,217 — Less: current portion (1,170 ) (6,650 ) Long-term debt, net of current maturities $ 7,141 $ 177 As of December 31, 2022 2023 $ 1,170 2024 1,969 2025 1,113 2026 1,114 2027 1,115 2028 and thereafter 1,830 Total $ 8,311 Credit Facilities On October 26, 2016, three February 25, 2019, three “2016 “2016 2016 first On October 29, 2020, 2016 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 2016 June 2019, 2016 may December 31, 2021. February 2022. All obligations outstanding under the 2016 2022 August 5, 2022. August 4, 2022, “2022 may “2022 2022 2022 2016 2022 December 31, 2022. The 2022 2022 twelve January 31, 2024 June 30, 2024 1.0, twelve 1.0 2022 twelve March 31, 2023, twelve June 30, 2023, twelve September 30, 2023, twelve December 31, 2023. August 4, 2027. August 4, 2027, On February 8, 2023, No. 1 2022 fourth 2022 December 31, 2022, 2022 twelve January 31, 2024 June 30, 2024 twelve twelve March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023. As of December 31, 2022 2022 2022 December 31, 2022 December 31, 2022, December 31, 2021, 2016 Other In 2016, December 31, 2022 2021 $114 December 31, 2022 December 31, 2021, $114, December 31, 2022 2021 December 31, 2022 2021 July 2023 September 2028. On April 15, 2020, March 27, 2020 19 May 13, 2020. 2020 June 5, 2020, twenty-four 60% 60% first 2021. June 30, 2021, |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee Operating and Finance Leases [Text Block] | 10. The Company leases various property and equipment under operating lease arrangements. On January 1, 2019, 842 2018 11 one As of December 31, 2022 December 31, 2021, 842 Lease terms generally range from 3 to 15 not not December 31, 2022 2021 In addition, the Company has entered into finance lease arrangements to finance property and equipment and assumed finance lease obligations in connection with certain acquisitions. Finance rental expense for the years ended December 31, 2022 2021 Amortization expense recorded in connection with assets recorded under finance leases was $1,172 and $984 for the years ended December 31, 2022 2021 Quantitative information regarding the Company’s leases is as follows: Year Ended December 31, 2022 2021 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 1,172 $ 984 Interest on finance lease liabilities 467 395 Total finance lease costs 1,639 1,379 Operating lease cost components: Operating lease cost 2,839 2,965 Short-term lease cost 707 654 Variable lease cost (1) 898 870 Sublease income (191 ) (187 ) Total operating lease costs 4,253 4,302 Total lease cost $ 5,892 $ 5,681 Supplemental cash flow information related to our operating leases is as follows for the twelve months ended December 31, 2022 and 2021: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 3,496 $ 3,581 Right-of-use assets obtained in exchange for new operating lease liabilities $ 187 $ 907 Weighted-average remaining lease term-finance leases at end of period (in years) 3.3 1.9 Weighted-average remaining lease term-operating leases at end of period (in years) 8.1 8.9 Weighted-average discount rate-finance leases at end of period 6.0 % 6.3 % 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. Amortization associated with new right-of-use assets obtained in exchange for new operating lease liabilities is $20 and $270 for the years ended December 31, 2022 2021, As of December 31, 2022 Finance Operating Leases Leases Total 2023 $ 2,372 $ 3,453 $ 5,825 2024 1,392 2,998 4,390 2025 986 3,064 4,050 2026 774 3,059 3,833 2027 671 3,098 3,769 2028 and thereafter 1,015 10,948 11,963 Total lease payments 7,210 26,620 33,830 Less—portion representing interest (976 ) (8,042 ) (9,018 ) Present value of lease obligations 6,234 18,578 24,812 Less—current portion of lease obligations (2,008 ) (1,882 ) (3,890 ) Long-term portion of lease obligations $ 4,226 $ 16,696 $ 20,922 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Legal Proceedings From time to time, the Company is subject to legal proceedings or claims that arise in the ordinary course of its business. The Company accrues for costs related to loss contingencies when such costs are probable and reasonably estimable. As of December 31, 2022 not no 18, 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. Also, certain environmental laws can impose the entire cost or a portion of the cost of investigating and cleaning up a contaminated site, regardless of fault, upon any one may 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. Warranty Liability The Company provides warranty terms that generally range from one five third 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 dependent on actual losses sustained by the customer. When the damages are determined to be probable and estimable, the damages are recorded as a reduction to revenue. During 2022 2021 no December 31, 2022 December 31, 2021. Workers’ Compensation Reserves As of December 31, 2022 2021 third 2013, third 2016, may may not Health Insurance Reserves As of December 31, 2022 2021 not may may Other As of December 31, 2022 two November 2022, four October 2026. four February 2022 February 2026. |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12 . FAIR VALUE MEASUREMENTS The Company measures its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. Additionally, 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 Fair value of financial instruments The carrying amounts of the Company’s financial instruments, which include cash, A/R, 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 9, February 2022. The following table represents the fair value of the Company’s financial assets measured as of December 31, 2022 2021 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 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. The provision for income taxes for the years ended December 31, 2022 2021 For the Years Ended Year Ended December 31, 2022 2021 Current provision Federal $ — $ — State 48 21 Total current provision 48 21 Deferred provision Federal (2,102 ) (1,636 ) State (460 ) (304 ) Total deferred provision (2,562 ) (1,940 ) Increase in deferred tax valuation allowance 2,549 1,944 Total provision for income taxes $ 35 $ 25 During the year ended December 31, 2022 December 31, 2021 August 16, 2022, 2023 2032. No The total change in the deferred tax valuation allowance was $2,549 December 31, 2022 2021 2022 2021 The tax effects of the temporary differences and NOLs that give rise to significant portions of deferred tax assets and liabilities are as follows: As of Year Ended December 31, 2022 2021 Noncurrent deferred income tax assets: Net operating loss carryforwards $ 74,807 $ 71,967 Intangible assets — 453 Accrual and reserves 3,531 2,946 Leases 3,834 4,428 Other 4 8 Total noncurrent deferred tax assets 82,176 79,802 Valuation allowance (74,559 ) (72,010 ) Noncurrent deferred tax assets, net of valuation allowance 7,617 7,792 Noncurrent deferred income tax liabilities: Fixed assets 2,584 2,834 Intangible assets 674 — Leases 4,344 4,956 Total noncurrent deferred tax liabilities 7,602 7,790 Net deferred income tax asset $ 15 $ 2 Certain prior year amounts have been reclassified to conform to current year presentation. Valuation allowances of $74,559 and $72,010 have been provided for deferred income tax assets for which realization is uncertain as of December 31, 2022 2021 Valuation allowance as of December 31, 2021 $ (72,010 ) Gross increase for current year activity (2,549 ) Valuation allowance as of Balance at December 31, 2022 $ (74,559 ) As of December 31, 2022 2026. 2028 2037. January 1, 2018 not The reconciliation between the statutory U.S. federal income tax rate and the Company’s effective income tax rate is as follows: For the Year Ended December 31, 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 3.3 (6.6 ) Permanent differences (0.6 ) 1.9 Change in valuation allowance (26.3 ) 29.2 Equity compensation 0.0 14.5 Other (2.1 ) 0.2 State NOL deferred adjustment 4.3 - PPP loan forgiveness 0.0 (59.6 ) Effective income tax rate (0.4 )% 0.6 % The Company accounts for the uncertainty in income taxes by prescribing a minimum recognition threshold for a tax position taken, or expected to be taken, in a tax return that is required to be met before being recognized in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions as income tax expense. As of December 31, 2022 no The Company files income tax returns in the U.S. federal and state jurisdictions. As of December 31, 2022 no December 31, 2018; may 2008 2009 2011 no Section 382 1986, may may 382, 2010. In February 2013, February 2016 382 February 7, 2019, three 2019 April 23, 2019 ( “2019 February 3, 2022, three 2022 The Rights Plan is intended to act as a deterrent to any person or group, together with its affiliates and associates, being or 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 one February 12, 2013 not |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 14. Overview of Share-Based Compensation Plan The Company has granted incentive stock options and other equity awards pursuant to previously Board approved equity incentive plans. Most recently, the Company has granted equity awards pursuant to the Broadwind Energy, Inc. 2015 February 2015 April 2015. February 19, 2019, 2015 “2015 2015 2015 2019 February 7, 2021, 2015 2015 2015 2021 The purposes of the Company’s equity incentive plans are (a) to align the interests of the Company’s stockholders and recipients of awards by increasing the proprietary interest of such recipients in the Company’s growth and success; (b) to advance the interests of the Company by attracting and retaining officers, other employees, non-employee directors and independent contractors; and (c) to motivate such persons to act in the long-term best interests of the Company and its stockholders. Under the 2015 may 422 Stock Options. 2015 may one five ten Restricted Stock Units (RSUs). 2015 one five Performance Awards (PSUs). 2015 The 2015 December 31, 2022, 2015 There was no stock option activity during the years ended December 31, 2022 2021 no December 31, 2022 2021. not The following table summarizes information with respect to outstanding RSUs and PSUs accounted for as equity awards as of December 31, 2022 2021 Weighted Average Grant-Date Fair Value Number of Shares Per Share Unvested as of December 31, 2021 918,448 $ 2.73 Granted 748,694 $ 1.75 Vested (818,956 ) $ 2.23 Forfeited (25,449 ) $ 2.60 Unvested as of December 31, 2022 822,737 $ 2.37 RSUs and PSUs are generally subject to ratable vesting over a three December 31, 2022 2021 During the year ended December 31, 2022, 2023. December 31, 2022. December 31, 2022 2021 For the Years Ended December 31, 2022 2021 Share-based compensation expense: Cost of sales $ 129 $ 130 Selling, general and administrative 1,434 1,411 Net effect of share-based compensation expense on net income $ 1,563 $ 1,541 Reduction in earnings per share: Basic earnings per share $ 0.08 $ 0.08 Diluted earnings per share $ 0.08 $ 0.08 ( 1 Income tax benefit is not not December 31, 2022 2021 As of December 31, 2022 2024. |
Note 15 - Segment Reporting
Note 15 - Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. 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 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 concentrations, 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 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 (1650 tower sections), sufficient to support turbines generating more than 1,100 MW of power. The Company has expanded production capabilities and leveraged manufacturing competencies, including welding, lifting capacity and stringent quality practices, into aftermarket and OEM components utilized in surface and underground mining, construction, material handling, 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. Corporate and Other “Corporate” includes the assets and SG&A 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, Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Year Ended December 31, 2022 Revenues from external customers $ 117,194 42,572 16,993 — — $ 176,759 Intersegment revenues 12 16 811 — (839 ) — Net revenues 117,206 42,588 17,804 — (839 ) 176,759 Operating (loss) income (1,044 ) 43 120 (5,722 ) (4 ) (6,607 ) Depreciation and amortization 3,446 1,978 397 239 — 6,060 Capital expenditures 2,601 446 48 3 — 3,098 Total assets 45,475 51,944 12,775 224,856 (190,510 ) 144,540 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Year Ended December 31, 2021 Revenues from external customers $ 101,989 28,583 15,047 — — $ 145,619 Intersegment revenues 5 — 355 — (360 ) — Net revenues 101,994 28,583 15,402 — (360 ) 145,619 Operating loss (3,214 ) (2,593 ) (386 ) (6,401 ) — (12,594 ) Depreciation and amortization 3,844 1,855 425 212 — 6,336 Capital expenditures 1,038 328 261 80 — 1,707 Total assets 37,131 46,219 10,825 228,219 (204,347 ) 118,047 The Company generates revenues entirely from transactions completed in the U.S. and its long-lived assets are all located in the U.S. All intercompany revenue is eliminated in consolidation. During 2022 10% 2021 two 10% December 31, 2022 2021 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 16. Retirement Savings and Profit Sharing Plans Retirement Savings and Profit Sharing Plans The Company offers a 401 may December 31, 2022 first For the years ended December 31, 2022 2021 Deferred Compensation Plan The Company maintains a deferred compensation plan for certain key employees and nonemployee directors, whereby certain wages earned, compensation for services rendered, and discretionary company-matching contributions may December 31, 2022 2021 December 31, 2022 2021 In addition to the employee benefit plans described above, the Company participates in certain customary employee benefits plans, including those which provide health and life insurance benefits to employees. |
Note 17 - Quarterly Financial S
Note 17 - Quarterly Financial Summary (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17. The following table provides a summary of selected financial results of operations by quarter for the years ended December 31, 2022 2021 2022 First Second Third Fourth Revenues $ 41,844 $ 50,012 $ 44,843 $ 40,060 Gross profit 2,012 2,394 3,748 2,556 Operating loss (2,073 ) (1,912 ) (520 ) (2,102 ) Net loss (2,404 ) (2,703 ) (1,772 ) (2,851 ) Net loss per share: Basic $ (0.12 ) $ (0.13 ) $ (0.09 ) $ (0.14 ) Diluted $ (0.12 ) $ (0.13 ) $ (0.09 ) $ (0.14 ) 2021 First Second Third Fourth Revenues $ 32,728 $ 46,491 $ 40,389 $ 26,011 Gross profit 282 2,198 2,074 957 Operating loss (4,311 ) (2,311 ) (1,997 ) (3,975 ) Net (loss) income (1,210 ) 10,252 (2,105 ) (4,090 ) Net (loss) income per share: Basic $ (0.07 ) $ 0.55 $ (0.11 ) $ (0.21 ) Diluted $ (0.07 ) $ 0.53 $ (0.11 ) $ (0.21 ) |
Note 18 - Legal Proceedings
Note 18 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 18. 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 The Company received a notice dated January 18, 2023 1.0% six 2023 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Management’s Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“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 inventory reserves, warranty reserves, impairment of long-lived assets, allowance for doubtful accounts, 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 |
Cash, Cash Equivalents and Short Term Investments [Policy Text Block] | Cash As of December 31, 2022 December 31, 2021 December 31, 2022 2021 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Customer deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned. Cash payments to customers are presumed to be classified as reductions of revenue in the Company’s statement of operations. 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 versus shipment. 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 During 2022 2021, no not not |
Cost of Goods and Service [Policy Text Block] | Cost of Sales Cost of sales represents all direct and indirect costs associated with the production of products for sale to customers. These costs include operation, repair and maintenance of equipment, materials, direct and indirect labor and benefit costs, rent and utilities, maintenance, insurance, equipment rentals, freight, and depreciation. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses Selling, general and administrative (“SG&A”) expenses include all corporate and administrative functions such as sales and marketing, legal, human resource management, finance, investor and public relations, information technology and senior management. These functions serve to support the Company’s current and future operations and provide an infrastructure to support future growth. Major expense items in this category include management and staff wages and benefits, share-based compensation and professional services. |
Receivable [Policy Text Block] | Accounts Receivable (A/R) The Company generally grants uncollateralized credit to customers on an individual basis based upon the customer’s financial condition and credit history. Credit is typically on net 30 Historically, the Company’s A/R is highly concentrated with a select number of customers. During the year ended December 31, 2022 December 31, 2021 |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts Based upon past experience and judgment, the Company establishes an allowance for doubtful accounts with respect to A/R. 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 realizability of its A/R. These factors include individual customer circumstances, history with the Company and other relevant criteria. A/R balances that remain outstanding after the Company has exhausted reasonable collection efforts are written off through a charge to the valuation allowance and a credit to A/R. The Company monitors its collections and write-off experience to assess whether or not may may |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Net realizable value is the value that can be realized upon the sale of the inventory less a reasonable estimate of selling costs. Cost is determined either based on the first first Inventories consist of raw materials, work-in-process and finished goods. Raw materials consist of components and parts for general production use. Work-in-process consists of labor and overhead, processing costs, purchased subcomponents and materials purchased for specific customer orders. Finished goods consist of components purchased from third |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of property and equipment is recognized using the straight-line method over the estimated useful lives of the related assets for financial reporting purposes, and generally using an accelerated method for income tax reporting purposes. Depreciation expense related to property and equipment for the years ended December 31, 2022 2021 not The Company reviews property and equipment and other long-lived assets (“long-lived assets”) for impairment whenever events or circumstances indicate that carrying amounts may not first In evaluating the recoverability of long-lived assets, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of such assets. If the Company’s fair value estimates or related assumptions change in the future, the Company may 7, |
Lessee, Leases [Policy Text Block] | Leases The Company leases various property and equipment under operating lease arrangements. On January 1, 2019, 2016 02, 842” 2018 11 |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Liability The Company provides warranty terms that generally range from one five third December 31, 2022 2021 As of December 31, 2022 2021 Balance, beginning of period $ 125 $ 33 Increase of warranty reserve 23 70 Warranty claims 3 22 Other adjustments (2 ) — Balance, end of period $ 149 $ 125 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes based upon an asset and liability approach. Deferred tax assets and liabilities represent the future tax consequences of the differences between the financial statement carrying amounts of assets and liabilities versus the tax basis of assets and liabilities. Under this method, deferred tax assets are recognized for deductible temporary differences, and operating loss and tax credit carryforwards. Deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not In connection with the preparation of its consolidated financial statements, the Company is required to estimate its income tax liability for each of the tax jurisdictions in which the Company operates. This process involves estimating the Company’s actual current income tax expense and assessing temporary differences resulting from differing treatment of certain income or expense items for income tax reporting and financial reporting purposes. The Company also recognizes as deferred income tax assets the expected future income tax benefits of net operating loss (“NOL”) carryforwards. In evaluating the realizability of deferred income tax assets associated with NOL carryforwards, the Company considers, among other things, expected future taxable income, the expected timing of the reversals of existing temporary reporting differences and the expected impact of tax planning strategies that may The Company also accounts for the uncertainty in income taxes related to the recognition and measurement of a tax position taken or expected to be taken in an income tax return. The Company follows the applicable pronouncement guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition related to the uncertainty in these income tax positions. |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company grants incentive stock options, restricted stock units (“RSUs”) and/or performance awards (“PSUs”) to certain officers, directors, and employees. The Company accounts for share-based compensation related to these awards based on the estimated fair value of the equity award and recognizes expense ratably over the required vesting term of the award. The expense associated with PSUs is also based on the probability of achieving embedded targets. Awards that are based on a fixed number of shares are treated as equity while awards that are based on a fixed amount of dollars are treated as liabilities. See Note 14 |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share The Company presents both basic and diluted net income (loss) per share. Basic net income (loss) per share is based solely upon the weighted average number of common shares outstanding and excludes any dilutive effects of restricted stock, options, warrants and convertible securities. Diluted net income (loss) per share is based upon the weighted average number of common shares and common-share equivalents outstanding during the year excluding those common-share equivalents where the impact to basic net income (loss) per share would be anti-dilutive. |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | As of December 31, 2022 2021 Balance, beginning of period $ 125 $ 33 Increase of warranty reserve 23 70 Warranty claims 3 22 Other adjustments (2 ) — Balance, end of period $ 149 $ 125 |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2022 2021 Heavy Fabrications $ 117,206 $ 101,994 Gearing 42,588 28,583 Industrial Solutions 17,804 15,402 Eliminations (839 ) (360 ) Consolidated $ 176,759 $ 145,619 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended December 31, 2022 2021 Basic earnings per share calculation: Net (loss) income $ (9,730 ) $ 2,847 Weighted average number of common shares outstanding 20,298,641 18,726,459 Basic net (loss) income per share $ (0.48 ) $ 0.15 Diluted earnings per share calculation: Net (loss) income $ (9,730 ) $ 2,847 Weighted average number of common shares outstanding 20,298,641 18,726,459 Common stock equivalents: Non-vested stock awards (1) — 662,030 Weighted average number of common shares outstanding 20,298,641 19,388,489 Diluted net (loss) income per share $ (0.48 ) $ 0.15 |
Note 5 - Allowance for Doubtf_2
Note 5 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Year Ended December 31, 2022 2021 Balance at beginning of period $ 47 $ 473 Bad debt expense — 9 Write-offs — (229 ) Other adjustments (30 ) (206 ) Balance at end of period $ 17 $ 47 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | As of December 31, 2022 2021 Raw materials $ 27,644 $ 16,148 Work-in-process 13,843 13,639 Finished goods 4,916 6,575 46,403 36,362 Less: Reserve (2,141 ) (2,985 ) Net inventories $ 44,262 $ 33,377 |
Note 7 - Long-lived Assets (Tab
Note 7 - Long-lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2022 2021 Life (in years) Land $ 1,423 $ 1,423 Buildings 20,792 20,778 39 Machinery and equipment 120,893 116,725 2 - 10 Office furniture and equipment 5,705 5,480 3 - 7 Leasehold improvements 9,040 8,937 Shorter of asset life or life of lease Construction in progress 2,360 677 160,213 154,020 Less accumulated depreciation and amortization (114,894 ) (110,365 ) Total property and equipment $ 45,319 $ 43,655 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 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 $ (167 ) $ — $ 3 0.1 $ 170 $ (139 ) $ — $ 31 1.1 Customer relationships 15,979 (7,581 ) (7,592 ) 806 3.1 15,979 (7,284 ) (7,592 ) 1,103 4.0 Trade names 9,099 (7,180 ) — 1,919 4.8 9,099 (6,780 ) — 2,319 5.8 Intangible assets $ 25,248 $ (14,928 ) $ (7,592 ) $ 2,728 4.3 $ 25,248 $ (14,203 ) $ (7,592 ) $ 3,453 5.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 $ 664 2024 661 2025 661 2026 422 2027 320 Total $ 2,728 |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, December 31, 2022 2021 Accrued payroll and benefits $ 3,110 $ 2,992 Fair value of interest rate swap — 27 Accrued property taxes 17 — Income taxes payable 26 1 Accrued professional fees 118 129 Accrued warranty liability 149 125 Self-insured workers compensation reserve 30 166 Long term incentive plan accrual 619 — Accrued other 244 214 Total accrued liabilities $ 4,313 $ 3,654 |
Note 9 - Debt and Credit Agre_2
Note 9 - Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2022 2021 Line of credit $ — $ 6,350 Other notes payable 1,094 477 Long-term debt 7,217 — Less: current portion (1,170 ) (6,650 ) Long-term debt, net of current maturities $ 7,141 $ 177 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 $ 1,170 2024 1,969 2025 1,113 2026 1,114 2027 1,115 2028 and thereafter 1,830 Total $ 8,311 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Lease Quantitative Disclosure [Table Text Block] | Year Ended December 31, 2022 2021 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 1,172 $ 984 Interest on finance lease liabilities 467 395 Total finance lease costs 1,639 1,379 Operating lease cost components: Operating lease cost 2,839 2,965 Short-term lease cost 707 654 Variable lease cost (1) 898 870 Sublease income (191 ) (187 ) Total operating lease costs 4,253 4,302 Total lease cost $ 5,892 $ 5,681 Supplemental cash flow information related to our operating leases is as follows for the twelve months ended December 31, 2022 and 2021: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 3,496 $ 3,581 Right-of-use assets obtained in exchange for new operating lease liabilities $ 187 $ 907 Weighted-average remaining lease term-finance leases at end of period (in years) 3.3 1.9 Weighted-average remaining lease term-operating leases at end of period (in years) 8.1 8.9 Weighted-average discount rate-finance leases at end of period 6.0 % 6.3 % 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 2023 $ 2,372 $ 3,453 $ 5,825 2024 1,392 2,998 4,390 2025 986 3,064 4,050 2026 774 3,059 3,833 2027 671 3,098 3,769 2028 and thereafter 1,015 10,948 11,963 Total lease payments 7,210 26,620 33,830 Less—portion representing interest (976 ) (8,042 ) (9,018 ) Present value of lease obligations 6,234 18,578 24,812 Less—current portion of lease obligations (2,008 ) (1,882 ) (3,890 ) Long-term portion of lease obligations $ 4,226 $ 16,696 $ 20,922 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | 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 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Years Ended Year Ended December 31, 2022 2021 Current provision Federal $ — $ — State 48 21 Total current provision 48 21 Deferred provision Federal (2,102 ) (1,636 ) State (460 ) (304 ) Total deferred provision (2,562 ) (1,940 ) Increase in deferred tax valuation allowance 2,549 1,944 Total provision for income taxes $ 35 $ 25 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of Year Ended December 31, 2022 2021 Noncurrent deferred income tax assets: Net operating loss carryforwards $ 74,807 $ 71,967 Intangible assets — 453 Accrual and reserves 3,531 2,946 Leases 3,834 4,428 Other 4 8 Total noncurrent deferred tax assets 82,176 79,802 Valuation allowance (74,559 ) (72,010 ) Noncurrent deferred tax assets, net of valuation allowance 7,617 7,792 Noncurrent deferred income tax liabilities: Fixed assets 2,584 2,834 Intangible assets 674 — Leases 4,344 4,956 Total noncurrent deferred tax liabilities 7,602 7,790 Net deferred income tax asset $ 15 $ 2 |
Summary of Valuation Allowance [Table Text Block] | Valuation allowance as of December 31, 2021 $ (72,010 ) Gross increase for current year activity (2,549 ) Valuation allowance as of Balance at December 31, 2022 $ (74,559 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Year Ended December 31, 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 3.3 (6.6 ) Permanent differences (0.6 ) 1.9 Change in valuation allowance (26.3 ) 29.2 Equity compensation 0.0 14.5 Other (2.1 ) 0.2 State NOL deferred adjustment 4.3 - PPP loan forgiveness 0.0 (59.6 ) Effective income tax rate (0.4 )% 0.6 % |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant-Date Fair Value Number of Shares Per Share Unvested as of December 31, 2021 918,448 $ 2.73 Granted 748,694 $ 1.75 Vested (818,956 ) $ 2.23 Forfeited (25,449 ) $ 2.60 Unvested as of December 31, 2022 822,737 $ 2.37 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the Years Ended December 31, 2022 2021 Share-based compensation expense: Cost of sales $ 129 $ 130 Selling, general and administrative 1,434 1,411 Net effect of share-based compensation expense on net income $ 1,563 $ 1,541 Reduction in earnings per share: Basic earnings per share $ 0.08 $ 0.08 Diluted earnings per share $ 0.08 $ 0.08 |
Note 15 - Segment Reporting (Ta
Note 15 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Year Ended December 31, 2022 Revenues from external customers $ 117,194 42,572 16,993 — — $ 176,759 Intersegment revenues 12 16 811 — (839 ) — Net revenues 117,206 42,588 17,804 — (839 ) 176,759 Operating (loss) income (1,044 ) 43 120 (5,722 ) (4 ) (6,607 ) Depreciation and amortization 3,446 1,978 397 239 — 6,060 Capital expenditures 2,601 446 48 3 — 3,098 Total assets 45,475 51,944 12,775 224,856 (190,510 ) 144,540 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Year Ended December 31, 2021 Revenues from external customers $ 101,989 28,583 15,047 — — $ 145,619 Intersegment revenues 5 — 355 — (360 ) — Net revenues 101,994 28,583 15,402 — (360 ) 145,619 Operating loss (3,214 ) (2,593 ) (386 ) (6,401 ) — (12,594 ) Depreciation and amortization 3,844 1,855 425 212 — 6,336 Capital expenditures 1,038 328 261 80 — 1,707 Total assets 37,131 46,219 10,825 228,219 (204,347 ) 118,047 |
Note 17 - Quarterly Financial_2
Note 17 - Quarterly Financial Summary (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2022 First Second Third Fourth Revenues $ 41,844 $ 50,012 $ 44,843 $ 40,060 Gross profit 2,012 2,394 3,748 2,556 Operating loss (2,073 ) (1,912 ) (520 ) (2,102 ) Net loss (2,404 ) (2,703 ) (1,772 ) (2,851 ) Net loss per share: Basic $ (0.12 ) $ (0.13 ) $ (0.09 ) $ (0.14 ) Diluted $ (0.12 ) $ (0.13 ) $ (0.09 ) $ (0.14 ) 2021 First Second Third Fourth Revenues $ 32,728 $ 46,491 $ 40,389 $ 26,011 Gross profit 282 2,198 2,074 957 Operating loss (4,311 ) (2,311 ) (1,997 ) (3,975 ) Net (loss) income (1,210 ) 10,252 (2,105 ) (4,090 ) Net (loss) income per share: Basic $ (0.07 ) $ 0.55 $ (0.11 ) $ (0.21 ) Diluted $ (0.07 ) $ 0.53 $ (0.11 ) $ (0.21 ) |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Sep. 12, 2022 USD ($) $ / shares shares | Mar. 09, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Jun. 30, 2021 shares | Dec. 31, 2022 USD ($) MWh $ / shares | Dec. 31, 2021 USD ($) MWh $ / shares | Sep. 30, 2022 USD ($) | Jan. 31, 2022 USD ($) | |
Number of Reportable Segments | 3 | ||||||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 12,732 | $ 852 | |||||||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 11,880 | (2,520) | |||||||
Accounts Receivable, Sale | 93,245 | 99,130 | |||||||
Accounts Receivable, Sale, Discount Fees | 1,431 | 251 | |||||||
Debt and Lease Obligation, Total | 14,545 | ||||||||
Debt, Current, Total | 3,178 | ||||||||
Line of Credit, Current | 7,217 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 230 | $ 9,314 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||
Employee Retention Credit Benefit | $ 3,593 | $ 3,372 | |||||||
Receivable, Uncollected Employee Retention Credit | $ 497 | ||||||||
Collected, Employee Retention Credit | $ 497 | ||||||||
Interest Income, Other | $ 0 | 1 | |||||||
Depreciation, Total | $ 5,335 | $ 5,603 | |||||||
Customer Concentration Risk [Member] | |||||||||
Number of Major Customers | 5 | 5 | |||||||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Five Largest Customers [Member] | |||||||||
Concentration Risk, Percentage | 69% | 71% | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Largest Customers [Member] | |||||||||
Concentration Risk, Percentage | 43% | 25% | |||||||
The ATM Agreement [Member] | |||||||||
Value of Shares Issuable, Maximum | $ 10,000 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,897,697 | ||||||||
Proceeds from Issuance of Common Stock, Net | 9,725 | ||||||||
Payments of Stock Issuance Costs | 275 | ||||||||
Other Stock Issuance Expenses | $ 411 | ||||||||
The Sales Agreement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 100,379,000 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 323 | ||||||||
Payments of Stock Issuance Costs | 9 | ||||||||
Other Stock Issuance Expenses | $ 93 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 1 | ||||||||
Sales Agent Commission Percentage | 2.75% | ||||||||
Sale of Stock, Common Stock Available for Issuance, Value | $ 11,667 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 27,351 | ||||||||
Line of Credit, Current | $ 0 | ||||||||
Maximum [Member] | |||||||||
Product Warranty Term (Year) | 5 years | 5 years | |||||||
Maximum [Member] | The Sales Agreement [Member] | |||||||||
Value of Shares Issuable, Maximum | $ 12,000 | ||||||||
Minimum [Member] | |||||||||
Product Warranty Term (Year) | 1 year | 1 year | |||||||
Heavy Fabrications [Member] | |||||||||
Number of Facilities | 2 | 2 | |||||||
Number of Tower Sections in Production Capacity of Turbines Total | 1,650 | 1,650 | |||||||
Heavy Fabrications [Member] | Customer Concentration Risk [Member] | |||||||||
Number of Major Customers | 2 | ||||||||
Heavy Fabrications [Member] | Maximum [Member] | |||||||||
Annual Tower Production Capacity | 550 | 550 | |||||||
Heavy Fabrications [Member] | Minimum [Member] | |||||||||
Power Generating Capacity of Turbines (Megawatt-Hour) | MWh | 1,100 | 1,100 |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Summary of Significant Accounting Policies - Changes in Carrying Amount of Total Product Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of period | $ 125 | $ 33 |
Increase of warranty reserve | 23 | 70 |
Warranty claims | 3 | 22 |
Other adjustments | (2) | 0 |
Balance, end of period | $ 149 | $ 125 |
Note 2 - Revenues (Details Text
Note 2 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 40,060 | $ 44,843 | $ 50,012 | $ 41,844 | $ 26,011 | $ 40,389 | $ 46,491 | $ 32,728 | $ 176,759 | $ 145,619 |
Transferred over Time [Member] | Heavy Fabrications [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 14,298 | 5,665 | ||||||||
Transferred over Time [Member] | Gearing [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,444 |
Note 2 - Revenues - Disaggregat
Note 2 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 40,060 | $ 44,843 | $ 50,012 | $ 41,844 | $ 26,011 | $ 40,389 | $ 46,491 | $ 32,728 | $ 176,759 | $ 145,619 |
Consolidation, Eliminations [Member] | ||||||||||
Revenues | (839) | (360) | ||||||||
Heavy Fabrications [Member] | Operating Segments [Member] | ||||||||||
Revenues | 117,206 | 101,994 | ||||||||
Gearing [Member] | Operating Segments [Member] | ||||||||||
Revenues | 42,588 | 28,583 | ||||||||
Industrial Solutions [Member] | Operating Segments [Member] | ||||||||||
Revenues | $ 17,804 | $ 15,402 |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2022 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 822,737 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Net (loss) income | $ (9,730) | $ 2,847 | |
Weighted average number of common shares outstanding (in shares) | 20,298,641 | 18,726,459 | |
Basic net (loss) income per share (in dollars per share) | $ (0.48) | $ 0.15 | |
Non-vested stock awards (1) (in shares) | [1] | 0 | 662,030 |
Weighted average number of common shares outstanding (in shares) | 20,298,641 | 19,388,489 | |
Diluted net (loss) income per share (in dollars per share) | $ (0.48) | $ 0.15 | |
[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 5 - Allowance for Doubtf_3
Note 5 - Allowance for Doubtful Accounts - Activity in Accounts Receivable Allowance from Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of period | $ 47 | $ 473 |
Bad debt expense | 0 | 9 |
Write-offs | 0 | (229) |
Other adjustments | (30) | (206) |
Balance at end of period | $ 17 | $ 47 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 27,644 | $ 16,148 |
Work-in-process | 13,843 | 13,639 |
Finished goods | 4,916 | 6,575 |
Inventory, Gross, Total | 46,403 | 36,362 |
Less: Reserve | (2,141) | (2,985) |
Net inventories | $ 44,262 | $ 33,377 |
Note 7 - Long-lived Assets (Det
Note 7 - Long-lived Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Construction in Progress Expenditures Incurred but Not yet Paid | $ 1,942 | |
Amortization of Intangible Assets | 725 | $ 733 |
Industrial Solutions [Member] | ||
Goodwill and Intangible Asset Impairment, Total | $ 0 | |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 6 years | |
Minimum [Member] | Red Wolf [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | |
Maximum [Member] | Red Wolf [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 7 - Long-lived Assets - Co
Note 7 - Long-lived Assets - Cost Basis and Estimated Lives of Property and Equipment from Continuing Operations (Details) - USD ($) $ in Thousands | 24 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property and equipment, gross | $ 160,213 | $ 154,020 |
Less accumulated depreciation and amortization | (114,894) | (110,365) |
Total property and equipment | 45,319 | 43,655 |
Land [Member] | ||
Property and equipment, gross | 1,423 | 1,423 |
Building [Member] | ||
Property and equipment, gross | $ 20,792 | 20,778 |
Life (Year) | 39 years | |
Machinery and Equipment [Member] | ||
Property and equipment, gross | $ 120,893 | 116,725 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Life (Year) | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Life (Year) | 10 years | |
Office Equipment [Member] | ||
Property and equipment, gross | $ 5,705 | 5,480 |
Office Equipment [Member] | Minimum [Member] | ||
Life (Year) | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Life (Year) | 7 years | |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 9,040 | 8,937 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 2,360 | $ 677 |
Note 7 - Long-lived Assets - _2
Note 7 - Long-lived Assets - Cost Basis, Accumulated Amortization and Net Book Value of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets, cost basis | $ 25,248 | $ 25,248 |
Intangible assets, accumulated amortization | (14,928) | (14,203) |
Intangible assets, net | $ 2,728 | $ 3,453 |
Intangible assets, remaining weighted average amortization period (Year) | 4 years 3 months 18 days | 5 years 2 months 12 days |
Intangible assets, accumulated impairment charges | $ (7,592) | $ (7,592) |
Noncompete Agreements [Member] | ||
Intangible assets, cost basis | 170 | 170 |
Intangible assets, accumulated amortization | (167) | (139) |
Intangible assets, net | $ 3 | $ 31 |
Intangible assets, remaining weighted average amortization period (Year) | 1 month 6 days | 1 year 1 month 6 days |
Customer Relationships [Member] | ||
Intangible assets, cost basis | $ 15,979 | $ 15,979 |
Intangible assets, accumulated amortization | (7,581) | (7,284) |
Intangible assets, net | $ 806 | $ 1,103 |
Intangible assets, remaining weighted average amortization period (Year) | 3 years 1 month 6 days | 4 years |
Intangible assets, accumulated impairment charges | $ (7,592) | $ (7,592) |
Trade Names [Member] | ||
Intangible assets, cost basis | 9,099 | 9,099 |
Intangible assets, accumulated amortization | (7,180) | (6,780) |
Intangible assets, net | $ 1,919 | $ 2,319 |
Intangible assets, remaining weighted average amortization period (Year) | 4 years 9 months 18 days | 5 years 9 months 18 days |
Note 7 - Long-lived Assets - Es
Note 7 - Long-lived Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 664 | |
2024 | 661 | |
2025 | 661 | |
2026 | 422 | |
2027 | 320 | |
Total | $ 2,728 | $ 3,453 |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued payroll and benefits | $ 3,110 | $ 2,992 | |
Fair value of interest rate swap | 0 | 27 | |
Accrued property taxes | 17 | 0 | |
Income taxes payable | 26 | 1 | |
Accrued professional fees | 118 | 129 | |
Accrued warranty liability | 149 | 125 | $ 33 |
Self-insured workers compensation reserve | 30 | 166 | |
Long term incentive plan accrual | 619 | 0 | |
Accrued other | 244 | 214 | |
Total accrued liabilities | $ 4,313 | $ 3,654 |
Note 9 - Debt and Credit Agre_3
Note 9 - Debt and Credit Agreements (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | 18 Months Ended | 23 Months Ended | |||||||||||||||
Aug. 04, 2022 USD ($) | Oct. 29, 2020 | May 13, 2020 USD ($) | Apr. 15, 2020 USD ($) | Feb. 25, 2019 USD ($) | Oct. 26, 2016 | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 31, 2024 | Jun. 30, 2024 | Feb. 28, 2022 USD ($) | Nov. 08, 2021 USD ($) | Jun. 30, 2019 USD ($) | Dec. 31, 2016 USD ($) | |
Line of Credit, Current | $ 7,217 | ||||||||||||||||||
Long-term Debt, Total | 8,311 | ||||||||||||||||||
Long-Term Debt, Current Maturities, Total | 1,170 | $ 6,650 | |||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | 9,151 | |||||||||||||||||
Development Corporation of Abilene Loan [Member] | |||||||||||||||||||
Long-term Debt, Total | $ 570 | ||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | 0 | 114 | |||||||||||||||||
Notes Payable, Total | 1,094 | 363 | |||||||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||||||||
Long-term Debt, Total | 1,094 | 477 | |||||||||||||||||
Long-Term Debt, Current Maturities, Total | $ 88 | $ 186 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | ||||||||||||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 9,530 | ||||||||||||||||||
Repayments of Long-term Debt, Total | $ 379 | ||||||||||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 9,151 | ||||||||||||||||||
The 2022 Credit Facility [Member] | |||||||||||||||||||
Debt Instrument, Term (Year) | 84 years | ||||||||||||||||||
The 2022 Credit Facility [Member] | Forecast [Member] | |||||||||||||||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1 | 1.1 | |||||||||||||||||
Debt Instrument, Covenant, Minimum EBITDA | $ 9,929,000 | $ 5,876,000 | $ 3,661,000 | $ 1,921,000 | |||||||||||||||
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 | ||||||||||||||||||
Revolving 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 | $ 5,000 | ||||||||||||||||||
Line of Credit, Current | 0 | ||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 27,351 | ||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.55% | 4% | |||||||||||||||||
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 Instrument, Face Amount | 7,578 | ||||||||||||||||||
Debt Issuance Costs, Gross | $ 470 | ||||||||||||||||||
Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||
Letter of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||||||||
Letter of Credit [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0% | ||||||||||||||||||
Letter of Credit [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||||||||||
Senior Secured Term Loan [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.80% |
Note 9 - Debt and Credit Agre_4
Note 9 - Debt and Credit Agreements - Outstanding Debt Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-term Debt, Total | $ 8,311 | |
Less: current portion | (1,170) | $ (6,650) |
Long-term debt, net of current maturities | 7,141 | 177 |
Line of Credit [Member] | ||
Long-term Debt, Total | 0 | 6,350 |
Notes Payable, Other Payables [Member] | ||
Long-term Debt, Total | 1,094 | 477 |
Less: current portion | (88) | (186) |
Long-Term Debt [Member] | ||
Long-term Debt, Total | $ 7,217 | $ 0 |
Note 9 - Debt and Credit Agre_5
Note 9 - Debt and Credit Agreements - Future Annual Principal Payments on Outstanding Debt Obligations (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 1,170 |
2024 | 1,969 |
2025 | 1,113 |
2026 | 1,114 |
2027 | 1,115 |
2028 and thereafter | 1,830 |
Total | $ 8,311 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Right-of-Use Asset | $ 16,396 | $ 18,029 |
Operating Lease, Liability, Current | 1,882 | 1,775 |
Operating Lease, Liability, Noncurrent | 16,696 | 18,405 |
Operating Lease, Expense | 4,253 | 4,302 |
Finance Lease, Expense | 1,639 | 1,379 |
Finance Lease, Right-of-Use Asset, Amortization | 1,172 | 984 |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 20 | $ 270 |
Minimum [Member] | ||
Lessee, Lease Term of Contract (Year) | 3 years | |
Maximum [Member] | ||
Lessee, Lease Term of Contract (Year) | 15 years |
Note 10 - Leases - Leases Infor
Note 10 - Leases - Leases Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Amortization of finance lease assets | $ 1,172 | $ 984 | |
Interest on finance lease liabilities | 467 | 395 | |
Total finance lease costs | 1,639 | 1,379 | |
Operating lease cost | 2,839 | 2,965 | |
Short-term lease cost | 707 | 654 | |
Variable lease cost | [1] | 898 | 870 |
Sublease income | (191) | (187) | |
Total operating lease costs | 4,253 | 4,302 | |
Total lease cost | 5,892 | 5,681 | |
Operating cash outflow from operating leases | 3,496 | 3,581 | |
operating lease liabilities | $ 187 | $ 907 | |
Weighted-average remaining lease term-finance leases at end of period (in years) (Year) | 3 years 3 months 18 days | 1 year 10 months 24 days | |
Weighted-average remaining lease term-operating leases at end of period (in years) (Year) | 8 years 1 month 6 days | 8 years 10 months 24 days | |
Weighted-average discount rate-finance leases at end of period | 6% | 6.30% | |
Weighted-average discount rate-operating leases at end of period | 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 10 - Leases - Future Minim
Note 10 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023, finance leases | $ 2,372 | |
2023, operating leases | 3,453 | |
2023, total | 5,825 | |
2024, finance leases | 1,392 | |
2024, operating leases | 2,998 | |
2024, total | 4,390 | |
2025, finance leases | 986 | |
2025, operating leases | 3,064 | |
2025, total | 4,050 | |
2026, finance leases | 774 | |
2026, operating leases | 3,059 | |
2026, total | 3,833 | |
2027, finance leases | 671 | |
2027, operating leases | 3,098 | |
2027, total | 3,769 | |
2026 and thereafter, finance leases | 1,015 | |
2028 and thereafter, operating leases | 10,948 | |
2028 and thereafter, total | 11,963 | |
Total lease payments, finance leases | 7,210 | |
Total lease payments, operating leases | 26,620 | |
Total lease payments, total | 33,830 | |
Less—portion representing interest, finance leases | (976) | |
Less—portion representing interest, operating leases | (8,042) | |
Less—portion representing interest, total | (9,018) | |
Present value of lease obligations, finance leases | 6,234 | |
Present value of lease obligations, operating leases | 18,578 | |
Present value of lease obligations, total | 24,812 | |
Less—current portion of lease obligations, finance leases | (2,008) | $ (2,060) |
Less—current portion of lease obligations, operating leases | (1,882) | (1,775) |
Less—current portion of lease obligations, total | (3,890) | |
Long-term portion of lease obligations, finance leases | 4,226 | 2,481 |
Long-term portion of lease obligations, operating leases | 16,696 | $ 18,405 |
Long-term portion of lease obligations, total | $ 20,922 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Product Liability Accrual, Component Amount | $ 0 | ||
Self Insurance Reserve | $ 30 | 166 | |
Accrued Health Insurance Liabilities | $ 360 | $ 416 | |
Collective Bargaining Agreements, Number of Agreements | 2 | ||
Neville Island Union [Member] | |||
Collective Bargaining Agreement, Term (Year) | 4 years | ||
Cicero Union [Member] | |||
Collective Bargaining Agreement, Term (Year) | 4 years | ||
Workforce Subject to Collective-Bargaining Arrangements Expiring within One Year [Member] | Unionized Employees Concentration Risk [Member] | |||
Concentration Risk, Percentage | 19% | ||
Minimum [Member] | |||
Product Warranty Term (Year) | 1 year | 1 year | |
Maximum [Member] | |||
Product Warranty Term (Year) | 5 years | 5 years |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements - Fair Value of Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Interest rate swap | $ 0 | $ 27 |
Fair Value, Recurring [Member] | ||
Total liabilities at fair value | 27 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total liabilities at fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total liabilities at fair value | 27 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total liabilities at fair value | 0 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest rate swap | 27 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap | 0 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap | 27 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap | $ 0 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 03, 2022 | Feb. 07, 2019 | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | |
Income Tax Expense (Benefit), Total | $ 35 | $ 25 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,549 | 1,944 | ||
Deferred Tax Assets, Valuation Allowance | 74,559 | 72,010 | ||
Operating Loss Carryforwards, Subject to Expiration | $ 288,462 | 227,781 | ||
Operating Loss Carry Forwards Annual Limit | $ 14,284 | |||
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% | 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 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 7.26 | |||
Class of Warrant or Right Current Beneficial Ownership Percentage That Will Not Trigger Preferred Share Purchase Rights | 4.90% |
Note 13 - Income Taxes - Provis
Note 13 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 0 | $ 0 |
State | 48 | 21 |
Total current provision | 48 | 21 |
Federal | (2,102) | (1,636) |
State | (460) | (304) |
Total deferred provision | (2,562) | (1,940) |
Increase in deferred tax valuation allowance | 2,549 | 1,944 |
Total provision for income taxes | $ 35 | $ 25 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net operating loss carryforwards | $ 74,807 | $ 71,967 |
Intangible assets | 0 | 453 |
Accrual and reserves | 3,531 | 2,946 |
Leases | 3,834 | 4,428 |
Other | 4 | 8 |
Total noncurrent deferred tax assets | 82,176 | 79,802 |
Valuation allowance | (74,559) | (72,010) |
Noncurrent deferred tax assets, net of valuation allowance | 7,617 | 7,792 |
Fixed assets | 2,584 | 2,834 |
Intangible assets | 674 | 0 |
Leases | 4,344 | 4,956 |
Total noncurrent deferred tax liabilities | 7,602 | 7,790 |
Net deferred income tax asset | $ 15 | $ 2 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation allowance | $ (72,010) | |
Gross increase for current year activity | (2,549) | $ (1,944) |
Valuation allowance | $ (74,559) | $ (72,010) |
Note 13 - Income Taxes - Reco_2
Note 13 - Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statutory U.S. federal income tax rate | 21% | 21% |
State and local income taxes, net of federal income tax benefit | 3.30% | (6.60%) |
Permanent differences | (0.60%) | 1.90% |
Change in valuation allowance | (26.30%) | 29.20% |
Equity compensation | 0% | 14.50% |
Other | (2.10%) | 0.20% |
State NOL deferred adjustment | 4.30% | 0% |
PPP loan forgiveness | 0% | (59.60%) |
Effective income tax rate | (0.40%) | 0.60% |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 07, 2021 | Feb. 19, 2019 | Feb. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Forfeiture Rate | 25% | |||||
Share-Based Payment Arrangement, Expense | $ 1,563 | $ 1,541 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,162 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
The 2015 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 3,200,000 | 3,200,000 | 2,200,000 | 1,100,000 | ||
Shares, Issued (in shares) | 1,854,919 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 822,737 | |||||
Share-Based Payment Arrangement, Expense | $ 619 | |||||
Deferred Compensation Liability, Current, Total | $ 619 | |||||
The 2007 and 2012 Equity Incentive Plans [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Restricted Stock Unit and Performance Award Activity (Details) | 12 Months Ended |
Dec. 31, 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 | $ 2.73 |
Granted, number of shares (in shares) | shares | 748,694 |
Granted, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 1.75 |
Vested, number of shares (in shares) | shares | (818,956) |
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 | 822,737 |
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 2.37 |
Note 14 - Share-based Compens_5
Note 14 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation expense | $ 1,563 | $ 1,541 |
Basic earnings per share (in dollars per share) | $ 0.08 | $ 0.08 |
Diluted earnings per share (in dollars per share) | $ 0.08 | $ 0.08 |
Cost of Sales [Member] | ||
Share-based compensation expense | $ 129 | $ 130 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | $ 1,434 | $ 1,411 |
Note 15 - Segment Reporting (De
Note 15 - Segment Reporting (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) MWh | Dec. 31, 2021 USD ($) MWh | |
Revenue from Contract with Customer, Including Assessed Tax | $ 40,060,000 | $ 44,843,000 | $ 50,012,000 | $ 41,844,000 | $ 26,011,000 | $ 40,389,000 | $ 46,491,000 | $ 32,728,000 | $ 176,759,000 | $ 145,619,000 |
Customer Concentration Risk [Member] | ||||||||||
Number of Major Customers | 5 | 5 | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||||||||
Number of Major Customers | 5 | 5 | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Five Largest Customers [Member] | ||||||||||
Concentration Risk, Percentage | 69% | 71% | ||||||||
Heavy Fabrications [Member] | ||||||||||
Number of Facilities | 2 | 2 | ||||||||
Number of Tower Sections in Production Capacity of Turbines Total | 1,650 | 1,650 | ||||||||
Heavy Fabrications [Member] | Customer Concentration Risk [Member] | ||||||||||
Number of Major Customers | 2 | |||||||||
Heavy Fabrications [Member] | Customer One [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 64,625,000 | $ 59,278 | ||||||||
Heavy Fabrications [Member] | Customer Two [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 20,336,000 | $ 25,946 | ||||||||
Heavy Fabrications [Member] | Maximum [Member] | ||||||||||
Annual Tower Production Capacity | 550 | 550 | ||||||||
Heavy Fabrications [Member] | Minimum [Member] | ||||||||||
Power Generating Capacity of Turbines (Megawatt-Hour) | MWh | 1,100 | 1,100 |
Note 15 - Segment Reporting - S
Note 15 - Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from external customers | $ 176,759 | $ 145,619 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 40,060 | $ 44,843 | $ 50,012 | $ 41,844 | $ 26,011 | $ 40,389 | $ 46,491 | $ 32,728 | 176,759 | 145,619 |
Operating (loss) income | (2,102) | $ (520) | $ (1,912) | $ (2,073) | (3,975) | $ (1,997) | $ (2,311) | $ (4,311) | (6,607) | (12,594) |
Depreciation and amortization | 6,060 | 6,336 | ||||||||
Capital expenditures | 3,098 | 1,707 | ||||||||
Total assets | 144,540 | 118,047 | 144,540 | 118,047 | ||||||
Consolidation, Eliminations [Member] | ||||||||||
Revenues from external customers | 0 | 0 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | (839) | (360) | ||||||||
Operating (loss) income | (4) | 0 | ||||||||
Depreciation and amortization | 0 | 0 | ||||||||
Capital expenditures | 0 | 0 | ||||||||
Total assets | (190,510) | (204,347) | (190,510) | (204,347) | ||||||
Intersegment Eliminations [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | ||||||||
Heavy Fabrications [Member] | ||||||||||
Operating (loss) income | (1,044) | (3,214) | ||||||||
Total assets | 45,475 | 37,131 | 45,475 | 37,131 | ||||||
Heavy Fabrications [Member] | Operating Segments [Member] | ||||||||||
Revenues from external customers | 117,194 | 101,989 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 117,206 | 101,994 | ||||||||
Depreciation and amortization | 3,446 | 3,844 | ||||||||
Capital expenditures | 2,601 | 1,038 | ||||||||
Heavy Fabrications [Member] | Intersegment Eliminations [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 12 | 5 | ||||||||
Gearing [Member] | ||||||||||
Operating (loss) income | 43 | (2,593) | ||||||||
Total assets | 51,944 | 46,219 | 51,944 | 46,219 | ||||||
Gearing [Member] | Operating Segments [Member] | ||||||||||
Revenues from external customers | 42,572 | 28,583 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 42,588 | 28,583 | ||||||||
Depreciation and amortization | 1,978 | 1,855 | ||||||||
Capital expenditures | 446 | 328 | ||||||||
Gearing [Member] | Intersegment Eliminations [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 16 | 0 | ||||||||
Industrial Solutions [Member] | ||||||||||
Operating (loss) income | 120 | (386) | ||||||||
Total assets | 12,775 | 10,825 | 12,775 | 10,825 | ||||||
Industrial Solutions [Member] | Operating Segments [Member] | ||||||||||
Revenues from external customers | 16,993 | 15,047 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 17,804 | 15,402 | ||||||||
Depreciation and amortization | 397 | 425 | ||||||||
Capital expenditures | 48 | 261 | ||||||||
Industrial Solutions [Member] | Intersegment Eliminations [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 811 | 355 | ||||||||
Corporate Segment [Member] | ||||||||||
Operating (loss) income | (5,722) | (6,401) | ||||||||
Total assets | $ 224,856 | $ 228,219 | 224,856 | 228,219 | ||||||
Corporate Segment [Member] | Operating Segments [Member] | ||||||||||
Revenues from external customers | 0 | 0 | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | ||||||||
Depreciation and amortization | 239 | 212 | ||||||||
Capital expenditures | 3 | 80 | ||||||||
Corporate Segment [Member] | Intersegment Eliminations [Member] | ||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Match, Employee Contribution, Level One | 100% | |
Defined Contribution Plan, Employer Match, Level One | 3% | |
Defined Contribution Plan, Employer Match, Employee Contribution, Level Two | 50% | |
Defined Contribution Plan, Employer Match, Level Two | 2% | |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100% | |
Defined Contribution Plan, Cost | $ 1,247 | $ 1,195 |
Deferred Compensation Arrangement with Individual, Compensation Expense | 1 | 55 |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 15 | $ 16 |
Note 17 - Quarterly Financial_3
Note 17 - Quarterly Financial Summary (Unaudited) - Summary of Selected Financial Results of Operations by Quarter (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 40,060 | $ 44,843 | $ 50,012 | $ 41,844 | $ 26,011 | $ 40,389 | $ 46,491 | $ 32,728 | $ 176,759 | $ 145,619 |
Gross profit | 2,556 | 3,748 | 2,394 | 2,012 | 957 | 2,074 | 2,198 | 282 | 10,710 | 5,511 |
Operating loss | (2,102) | (520) | (1,912) | (2,073) | (3,975) | (1,997) | (2,311) | (4,311) | $ (6,607) | $ (12,594) |
Net loss | $ (2,851) | $ (1,772) | $ (2,703) | $ (2,404) | $ (4,090) | $ (2,105) | $ 10,252 | $ (1,210) | ||
Basic (in dollars per share) | $ (0.14) | $ (0.09) | $ (0.13) | $ (0.12) | $ (0.21) | $ (0.11) | $ 0.55 | $ (0.07) | ||
Diluted (in dollars per share) | $ (0.14) | $ (0.09) | $ (0.13) | $ (0.12) | $ (0.21) | $ (0.11) | $ 0.53 | $ (0.07) |