Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-34278 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-0409160 | |
Entity Address, Address Line One | 3240 S. Central Avenue | |
Entity Address, City or Town | Cicero | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60804 | |
City Area Code | 708 | |
Local Phone Number | 780-4800 | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Trading Symbol | BWEN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,733,679 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash | $ 1,073 | $ 1,099 |
Accounts receivable, net | 14,601 | 19,231 |
AMP credit receivable | 1,732 | 7,051 |
Contract assets | 660 | 1,460 |
Inventories | 37,386 | 37,405 |
Prepaid expenses and other current assets | 2,829 | 3,500 |
Total current assets | 58,281 | 69,746 |
LONG-TERM ASSETS: | ||
Property and equipment, net | 47,137 | 47,123 |
Operating lease right-of-use assets, net | 15,159 | 15,593 |
Intangible assets, net | 1,899 | 2,064 |
Other assets | 595 | 630 |
TOTAL ASSETS | 123,071 | 135,156 |
CURRENT LIABILITIES: | ||
Line of credit and current maturities of long-term debt | 1,428 | 5,903 |
Current portion of finance lease obligations | 2,205 | 2,153 |
Current portion of operating lease obligations | 1,914 | 1,851 |
Accounts payable | 16,298 | 20,728 |
Accrued liabilities | 6,406 | 6,477 |
Customer deposits | 11,403 | 16,500 |
Total current liabilities | 39,654 | 53,612 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net of current maturities | 6,262 | 6,250 |
Long-term finance lease obligations, net of current portion | 3,733 | 3,372 |
Long-term operating lease obligations, net of current portion | 15,374 | 15,888 |
Other | 7 | 15 |
Total long-term liabilities | 25,376 | 25,525 |
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; 21,947,606 and 21,840,301 shares issued as of March 31, 2024, and December 31, 2023, respectively | 22 | 22 |
Treasury stock, at cost, 273,937 shares as of March 31, 2024 and December 31, 2023 | (1,842) | (1,842) |
Additional paid-in capital | 399,848 | 399,336 |
Accumulated deficit | (339,987) | (341,497) |
Total stockholders’ equity | 58,041 | 56,019 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 123,071 | $ 135,156 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 21,947,606 | 21,840,301 |
Treasury stock, common shares (in shares) | 273,937 | 273,937 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 37,616 | $ 48,873 |
Cost of sales | 30,979 | 41,897 |
Gross profit | 6,637 | 6,976 |
OPERATING EXPENSES: | ||
Selling, general and administrative | 4,394 | 5,526 |
Intangible amortization | 165 | 168 |
Total operating expenses | 4,559 | 5,694 |
Operating income | 2,078 | 1,282 |
OTHER EXPENSE, net: | ||
Interest expense, net | (532) | (488) |
Other, net | 3 | (2) |
Total other expense, net | (529) | (490) |
Net income before provision for income taxes | 1,549 | 792 |
Provision for income taxes | 39 | 23 |
NET INCOME | $ 1,510 | $ 769 |
NET INCOME PER COMMON SHARE—BASIC: | ||
Net income (in dollars per share) | $ 0.07 | $ 0.04 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC (in shares) | 21,594,664 | 20,869,035 |
NET INCOME PER COMMON SHARE—DILUTED: | ||
Net income (in dollars per share) | $ 0.07 | $ 0.04 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—DILUTED (in shares) | 21,806,782 | 21,387,014 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
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 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 64,807 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 302 | 0 | 302 |
Share-based compensation | 0 | 0 | 178 | 0 | 178 |
Net income | $ 0 | $ 0 | 0 | 769 | 769 |
BALANCE (in shares) at Mar. 31, 2023 | 21,191,937 | (273,937) | |||
BALANCE at Mar. 31, 2023 | $ 21 | $ (1,842) | 397,720 | (348,377) | 47,522 |
BALANCE (in shares) at Dec. 31, 2023 | 21,840,301 | (273,937) | |||
BALANCE at Dec. 31, 2023 | $ 22 | $ (1,842) | 399,336 | (341,497) | 56,019 |
Stock issued under defined contribution 401(k) retirement savings plan (in shares) | 107,305 | 0 | |||
Stock issued under defined contribution 401(k) retirement savings plan | $ 0 | $ 0 | 287 | 0 | 287 |
Share-based compensation | 0 | 0 | 225 | 0 | 225 |
Net income | $ 0 | $ 0 | 0 | 1,510 | 1,510 |
BALANCE (in shares) at Mar. 31, 2024 | 21,947,606 | (273,937) | |||
BALANCE at Mar. 31, 2024 | $ 22 | $ (1,842) | $ 399,848 | $ (339,987) | $ 58,041 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 1,510 | $ 769 | |
Adjustments to reconcile net cash provided by (used in) operating activities: | |||
Depreciation and amortization expense | 1,596 | 1,605 | $ 1,605 |
Deferred income taxes | (8) | (5) | |
Stock-based compensation | 225 | 178 | |
Allowance for doubtful accounts | (2) | 14 | |
Common stock issued under defined contribution 401(k) plan | 287 | 302 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 4,632 | (8,841) | |
AMP credit receivable | 5,319 | (3,162) | |
Contract assets | 800 | 46 | |
Inventories | 19 | (4,281) | |
Prepaid expenses and other current assets | 635 | 130 | |
Accounts payable | (4,005) | (784) | |
Accrued liabilities | (71) | 847 | |
Customer deposits | (5,097) | (12,799) | |
Other non-current assets and liabilities | 17 | (3) | |
Net cash provided by (used in) operating activities | 5,857 | (25,984) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (1,744) | (1,065) | |
Net cash used in investing activities | (1,744) | (1,065) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
(Payments on) proceeds from line of credit, net | (4,657) | 16,945 | |
Proceeds from long-term debt | 1,244 | 0 | |
Payments on long-term debt | (325) | (634) | |
Principal payments on finance leases | (401) | (265) | |
Net cash (used in) provided by financing activities | (4,139) | 16,046 | |
NET DECREASE IN CASH | (26) | (11,003) | |
CASH beginning of the period | 1,099 | 12,732 | 12,732 |
CASH end of the period | $ 1,073 | $ 1,729 | $ 1,099 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1 The unaudited condensed consolidated financial statements presented herein include the accounts of Broadwind, Inc. (the “Company”) and its wholly-owned subsidiaries Broadwind Heavy Fabrications, Inc. (“Broadwind Heavy Fabrications”), Brad Foote Gear Works, Inc. (“Brad Foote”) and Broadwind Industrial Solutions, LLC (“Broadwind Industrial Solutions”). All intercompany transactions and balances have been eliminated. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10 10 X. not Operating results for the three March 31, 2024 not may twelve December 31, 2024, may 10 December 31, 2023 The December 31, 2023 not 10 December 31, 2023 There have been no three March 31, 2024 10 December 31, 2023 Company Description Through its subsidiaries, the Company is a precision manufacturer of structures, equipment and components for clean technology and other specialized applications. The Company provides technologically advanced high value products to customers with complex systems and stringent quality standards that operate in energy, mining and infrastructure sectors, primarily in the United States of America (the “U.S.”). The Company’s capabilities include, but are not first three 2024 2023, Liquidity The Company typically meets its short term liquidity needs through cash generated from operations, its available cash balances, the 2022 3 5 See Note 8, 2022 Debt and finance lease obligations at March 31, 2024 2022 three March 31, 2024, March 31, 2024. On September 22, 2023, 3, October 12, 2023 ( 3” October 12, 2023. one On September 12, 2022, may December 31, 2022, No December 31, 2023 three March 31, 2024. March 31, 2024, 3 424 The Company also utilizes supply chain financing arrangements as a component of its funding for working capital, which accelerates receivable collections and helps to better manage cash flow. Under these agreements, the Company has agreed to sell certain of its accounts receivable balances to banking institutions who have agreed to advance amounts equal to the net accounts receivable balances due, less a discount as set forth in the respective agreements. The balances under these agreements are accounted for as sales of accounts receivable, as they are sold without recourse. Cash proceeds from these agreements are reflected as operating activities included in the change in accounts receivable in the Company's consolidated statements of cash flows. Fees incurred in connection with the agreements are recorded as interest expense by the Company. During the three March 31, 2024 March 31, 2023, In January 2023, 2023 2024. November 2023, 2024 2025, The Company anticipates that current cash resources, amounts available under the 2022 3, twelve If assumptions regarding the Company’s production, sales and subsequent collections from certain of the Company’s large customers, the Company’s ability to finalize the terms of the remaining obligations under a supply agreement with a leading global wind turbine manufacturer, as well as receipt of customer deposits and revenues generated from new customer orders, are materially inconsistent with management’s expectations, the Company may If the Company’s operational performance deteriorates, the Company may 2022 no Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation in the condensed consolidated financial statements and the notes to the condensed consolidated financial statements. Management’s Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reported period. Significant estimates, among others, include inventory reserves, warranty reserves, impairment of long-lived assets, allowance for doubtful accounts, health insurance reserves, and valuation allowances on deferred taxes. Although these estimates are based upon management’s best knowledge of current events and actions that the Company may |
Note 2 - Revenues
Note 2 - Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 Revenues are recognized when the promised goods or services are transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The following table presents the Company’s revenues disaggregated by revenue source for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Heavy Fabrications $ 22,016 $ 31,593 Gearing 8,337 11,965 Industrial Solutions 7,994 5,423 Eliminations (731 ) (108 ) Consolidated $ 37,616 $ 48,873 Revenue within the Company’s Gearing and Industrial Solutions segments, as well as industrial fabrication product line revenues within the Heavy Fabrications segment, are generally recognized at a point in time, typically when the promised goods or services are physically transferred to its customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. The Company measures revenue based on the consideration specified in the purchase order and revenue is recognized when the performance obligations are satisfied. If applicable, the transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. For many tower sales within the Company’s Heavy Fabrications segment, products are sold under terms included in bill and hold sales arrangements that result in different timing for revenue recognition. The Company recognizes revenue under these arrangements only when there is a substantive reason for the agreement, the ordered goods are identified separately as belonging to the customer and not not During the three March 31, 2024 2023, no three March 31, 2024 March 31, 2023, 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 | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 3 The following table presents a reconciliation of basic and diluted earnings per share for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Basic earnings per share calculation: Net income $ 1,510 $ 769 Weighted average number of common shares outstanding 21,594,664 20,869,035 Basic net income per share $ 0.07 $ 0.04 Diluted earnings per share calculation: Net income $ 1,510 $ 769 Weighted average number of common shares outstanding 21,594,664 20,869,035 Common stock equivalents: Non-vested stock awards 212,118 517,979 Weighted average number of common shares outstanding 21,806,782 21,387,014 Diluted net income per share $ 0.07 $ 0.04 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 The components of inventories as of March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Raw materials $ 21,381 $ 24,651 Work-in-process 14,138 10,390 Finished goods 4,109 4,595 39,628 39,636 Less: Reserve (2,242 ) (2,231 ) Net inventories $ 37,386 $ 37,405 |
Note 5 - AMP Credits
Note 5 - AMP Credits | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Advanced Manufacturing Production Tax Credits [Text Block] | NOTE 5 During the three March 31, 2024 March 31, 2023, August 16, 2022. 2023 2032. third three March 31, 2024 March 31, 2023. March 31, 2024 December 31, 2023. On December 21, 2023, 2023 2024 third 2023 2023 first 2024. December 31, 2023. During the three March 31, 2024, March 31, 2024. |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 6 Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company’s acquisition of Brad Foote completed in 2007 2017. As of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 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 $ (170 ) $ — $ — — $ 170 $ (170 ) $ — $ — — Customer relationships 15,979 (7,907 ) (7,592 ) 480 1.8 15,979 (7,842 ) (7,592 ) 545 2.1 Trade names 9,099 (7,680 ) — 1,419 3.5 9,099 (7,580 ) — 1,519 3.8 Intangible assets $ 25,248 $ (15,757 ) $ (7,592 ) $ 1,899 3.1 $ 25,248 $ (15,592 ) $ (7,592 ) $ 2,064 3.3 As of March 31, 2024 2024 $ 496 2025 661 2026 422 2027 320 Total $ 1,899 |
Note 7 - Accrued Liabilities
Note 7 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 7 Accrued liabilities as of March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Accrued payroll and benefits $ 5,187 $ 5,051 Accrued property taxes 206 — Income taxes payable 302 254 Accrued professional fees 96 140 Accrued warranty liability 255 322 Self-insured workers compensation reserve 52 21 Accrued sales tax 107 310 Accrued other 201 379 Total accrued liabilities $ 6,406 $ 6,477 |
Note 8 - Debt and Credit Agreem
Note 8 - Debt and Credit Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 The Company’s outstanding debt balances as of March 31, 2024 December 31, 2023 March 31, December 31, 2024 2023 Line of credit $ — $ 4,657 Other notes payable 1,826 1,361 Long-term debt 5,864 6,135 Total debt 7,690 12,153 Less: current maturities (1,428 ) (5,903 ) Long-term debt, net of current maturities $ 6,262 $ 6,250 Credit Facility On August 4, 2022, “2022 may “2022 2022 2022 March 31, 2024. 2022 December 31, 2023. March 31, 2024 December 31, 2023. On February 8, 2023, No. 1 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. The 2022 August 4, 2027. August 4, 2027, 84 As of March 31, 2024 2022 March 31, 2024, 2022 March 31, 2024, December 31, 2023, Other In addition, the Company has outstanding notes payable for capital expenditures in the amount of $1,826 and $1,361 as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 September 2028. |
Note 9 - Leases
Note 9 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee Operating and Finance Leases [Text Block] | NOTE 9 The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016 02, 842” The Company has elected to apply the short-term lease exception to all leases of one three March 31, 2024 2023, not three March 31, 2024 2023, Some of the Company’s facility leases include options to renew. The exercise of the renewal options is typically at the Company’s discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them. Quantitative information regarding the Company’s leases is as follows: Three Months Ended March 31, 2024 2023 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 358 $ 370 Interest on finance lease liabilities 107 98 Total finance lease costs 465 468 Operating lease cost components: Operating lease cost 642 704 Short-term lease cost 46 89 Variable lease cost (1) 369 345 Sublease income (50 ) (48 ) Total operating lease costs 1,007 1,090 Total lease cost $ 1,472 $ 1,558 Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2024 and 2023: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 810 $ 864 Weighted-average remaining lease term-finance leases at end of period (in years) 2.9 3.2 Weighted-average remaining lease term-operating leases at end of period (in years) 6.9 7.9 Weighted-average discount rate-finance leases at end of period 8.0 % 6.3 % Weighted-average discount rate-operating leases at end of period 8.9 % 8.8 % ( 1 Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment. As of March 31, 2024 Finance Operating Leases Leases Total 2024 $ 2,137 $ 2,516 $ 4,653 2025 1,456 3,447 4,903 2026 1,199 3,442 4,641 2027 912 3,144 4,056 2028 671 3,153 3,824 2029 and thereafter 343 7,802 8,145 Total lease payments 6,718 23,504 30,222 Less—portion representing interest (780 ) (6,216 ) (6,996 ) Present value of lease obligations 5,938 17,288 23,226 Less—current portion of lease obligations (2,205 ) (1,914 ) (4,119 ) Long-term portion of lease obligations $ 3,733 $ 15,374 $ 19,107 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 10 Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, which include cash, accounts receivable, accounts payable and customer deposits, approximate their respective fair values due to the relatively short-term nature of these instruments. Based upon interest rates currently available to the Company for debt with similar terms, the carrying value of the Company’s long-term debt is approximately equal to its fair value. The Company 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 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11 Effective tax rates differ from federal statutory income tax rates primarily due to changes in the Company’s valuation allowance, permanent differences and provisions for state and local income taxes. As of March 31, 2024 three March 31, 2024 three March 31, 2023 August 16, 2022, 2023 2032. no The Company files income tax returns in U.S. federal and state jurisdictions. As of March 31, 2024 1996 December 31, 2023 2026. 2028 2037. January 1, 2018 not Since the Company has no not twelve 382 1986, may may 382 382 2010, may In February 2013, 2016, 2019 2022 three 382 The Rights Plan is intended to act as a deterrent to any person or group, together with its affiliates and associates, becoming the beneficial owner of 4.9% or more of the Company’s common stock and thereby triggering a further limitation of the Company’s available NOL carryforwards. In connection with the adoption of the Rights Plan, the Board declared a non-taxable dividend of one preferred share purchase right (a “Right”) for each outstanding share of the Company’s common stock to the Company’s stockholders of record as of the close of business on February 22, 2013. one one February 12, 2013 not As of March 31, 2024 March 31, 2024 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 12 There was no stock option activity during the three March 31, 2024 March 31, 2023 no March 31, 2024 March 31, 2023. The following table summarizes the Company’s restricted stock unit and performance award activity during the three March 31, 2024 Weighted Average Number of Grant-Date Fair Value Shares Per Share Unvested as of December 31, 2023 687,206 $ 3.03 Vested (1,398 ) $ 3.43 Unvested as of March 31, 2024 685,808 $ 3.03 Under certain situations, shares are withheld from issuance to cover taxes for the vesting of restricted stock units and performance awards. For the three March 31, 2024 2023, no The following table summarizes share-based compensation expense included in the Company’s condensed consolidated statements of operations for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Share-based compensation expense: Cost of sales $ 29 $ 23 Selling, general and administrative 196 155 Net effect of share-based compensation expense on net income $ 225 $ 178 Reduction in earnings per share: Basic earnings per share $ 0.01 $ 0.01 Diluted earnings per share $ 0.01 $ 0.01 |
Note 13 - Legal Proceedings and
Note 13 - Legal Proceedings and Other Matters | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 13 Legal Proceedings The Company is party to a variety of legal proceedings that arise in the normal course of its business. While the results of these legal proceedings cannot be predicted with certainty, management believes that the final outcome of these proceedings will not no not one |
Note 14 - Recent Accounting Pro
Note 14 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 14 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 November 2023, No. 2023 07, 280 December 31, 2024, January 1, 2025. not In December 2023, No. 2023 09, 740 December 31, 2025. not |
Note 15 - Segment Reporting
Note 15 - Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 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 and service offerings are summarized below: Heavy Fabrications The Company provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Company’s most significant presence is within the U.S. wind energy industry, although it has diversified into other industrial markets in order to improve capacity utilization, reduce customer 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 (1,650 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 original equipment manufacturer (“OEM”) components utilized in surface and underground mining, construction, material handling, oil and gas (“O&G”) and other infrastructure markets. The Company has designed and manufactures a mobile, modular pressure reducing system for the compressed natural gas virtual pipeline market. The Company manufactures components for buckets, shovels, car bodies, drill masts and other products that support mining and construction markets. In other industrial markets, the Company provides crane components, pressure vessels, frames and other structures. Gearing The Company provides gearing, gearboxes and precision machined components to a broad set of customers in diverse markets including; surface and underground mining, wind energy, steel, material handling, infrastructure, onshore and offshore oil and gas fracking and drilling, marine, and other industrial markets. The Company has manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for 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 and kitting and assembly services, primarily serving the combined cycle natural gas turbine market. The Company has recently expanded into the U.S. wind power generation market, by providing tower internals kitting solutions for on-site installations, as OEMs domesticate their supply chain due to lead time and reliability issues. The Company leverages a global supply chain to provide instrumentation and controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes and wiring, energy storage services and electromechanical devices. The Company also provides packaging solutions and fabricates panels and sub-assemblies to reduce customers’ costs and improve manufacturing velocity and reliability. Corporate “Corporate” includes the assets and selling, general and administrative expenses of the Company’s corporate office. “Eliminations” comprises adjustments to reconcile segment results to consolidated results. The accounting policies of the reportable segments are the same as those referenced in Note 1, three March 31, 2024 2023 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2024 Revenues from external customers $ 22,016 $ 8,337 $ 7,263 $ — $ — $ 37,616 Intersegment revenues — — 731 — (731 ) — Net revenues 22,016 8,337 7,994 — (731 ) 37,616 Operating income (loss) 2,046 25 1,767 (1,760 ) — 2,078 Depreciation and amortization 911 540 100 45 — 1,596 Capital expenditures 461 1,068 215 — — 1,744 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2023 Revenues from external customers $ 31,593 $ 11,965 $ 5,315 $ — $ — $ 48,873 Intersegment revenues — — 108 — (108 ) — Net revenues 31,593 11,965 5,423 — (108 ) 48,873 Operating income (loss) 2,790 581 622 (2,711 ) — 1,282 Depreciation and amortization 858 596 94 57 — 1,605 Capital expenditures 662 385 18 — — 1,065 Total Assets as of March 31, December 31, Segments: 2024 2023 Heavy Fabrications $ 37,322 $ 46,931 Gearing 47,207 48,599 Industrial Solutions 16,127 16,295 Corporate 52,329 58,487 Eliminations (29,914 ) (35,156 ) $ 123,071 $ 135,156 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 16 Environmental Compliance and Remediation Liabilities The Company’s operations and products are subject to a variety of environmental laws and regulations in the jurisdictions in which the Company operates and sells products governing, among other things, air emissions, wastewater discharges, the use, handling and disposal of hazardous materials, soil and groundwater contamination, employee health and safety, and product content, performance and packaging. Certain environmental laws may one may Allowance for Credit Losses Beginning January 1, 2023, three March 31, 2023 not The Company monitors its collections and write-off experience to assess whether or not may may three March 31, 2024 2023 For the Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 99 $ 17 Bad debt expense — 14 Other adjustments (2 ) — Balance at end of period $ 97 $ 31 Collateral In select instances, the Company has pledged specific inventory and machinery and equipment assets to serve as collateral on related payable or financing obligations. Liquidated Damages In certain customer contracts, the Company has agreed to pay liquidated damages in the event of qualifying delivery or production delays. These damages are typically limited to a specific percentage of the value of the product in question and/or are dependent on actual losses sustained by the customer. The Company does not March 31, 2024 December 31, 2023. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information Rule 10b5 1 During the three March 31, 2024, none 16a 1 1934 10b5 1 10b5 1 408 1933 |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation in the condensed consolidated financial statements and the notes to the condensed consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Management’s Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reported period. Significant estimates, among others, include inventory reserves, warranty reserves, impairment of long-lived assets, allowance for doubtful accounts, health insurance reserves, and valuation allowances on deferred taxes. Although these estimates are based upon management’s best knowledge of current events and actions that the Company may |
Note 2 - Revenues (Tables)
Note 2 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Heavy Fabrications $ 22,016 $ 31,593 Gearing 8,337 11,965 Industrial Solutions 7,994 5,423 Eliminations (731 ) (108 ) Consolidated $ 37,616 $ 48,873 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Basic earnings per share calculation: Net income $ 1,510 $ 769 Weighted average number of common shares outstanding 21,594,664 20,869,035 Basic net income per share $ 0.07 $ 0.04 Diluted earnings per share calculation: Net income $ 1,510 $ 769 Weighted average number of common shares outstanding 21,594,664 20,869,035 Common stock equivalents: Non-vested stock awards 212,118 517,979 Weighted average number of common shares outstanding 21,806,782 21,387,014 Diluted net income per share $ 0.07 $ 0.04 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw materials $ 21,381 $ 24,651 Work-in-process 14,138 10,390 Finished goods 4,109 4,595 39,628 39,636 Less: Reserve (2,242 ) (2,231 ) Net inventories $ 37,386 $ 37,405 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 December 31, 2023 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 $ (170 ) $ — $ — — $ 170 $ (170 ) $ — $ — — Customer relationships 15,979 (7,907 ) (7,592 ) 480 1.8 15,979 (7,842 ) (7,592 ) 545 2.1 Trade names 9,099 (7,680 ) — 1,419 3.5 9,099 (7,580 ) — 1,519 3.8 Intangible assets $ 25,248 $ (15,757 ) $ (7,592 ) $ 1,899 3.1 $ 25,248 $ (15,592 ) $ (7,592 ) $ 2,064 3.3 |
Finite-Lived Intangible Assets Amortization Expense [Table Text Block] | 2024 $ 496 2025 661 2026 422 2027 320 Total $ 1,899 |
Note 7 - Accrued Liabilities (T
Note 7 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2024 2023 Accrued payroll and benefits $ 5,187 $ 5,051 Accrued property taxes 206 — Income taxes payable 302 254 Accrued professional fees 96 140 Accrued warranty liability 255 322 Self-insured workers compensation reserve 52 21 Accrued sales tax 107 310 Accrued other 201 379 Total accrued liabilities $ 6,406 $ 6,477 |
Note 8 - Debt and Credit Agre_2
Note 8 - Debt and Credit Agreements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | March 31, December 31, 2024 2023 Line of credit $ — $ 4,657 Other notes payable 1,826 1,361 Long-term debt 5,864 6,135 Total debt 7,690 12,153 Less: current maturities (1,428 ) (5,903 ) Long-term debt, net of current maturities $ 6,262 $ 6,250 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Lease Quantitative Disclosure [Table Text Block] | Three Months Ended March 31, 2024 2023 Components of lease cost Finance lease cost components: Amortization of finance lease assets $ 358 $ 370 Interest on finance lease liabilities 107 98 Total finance lease costs 465 468 Operating lease cost components: Operating lease cost 642 704 Short-term lease cost 46 89 Variable lease cost (1) 369 345 Sublease income (50 ) (48 ) Total operating lease costs 1,007 1,090 Total lease cost $ 1,472 $ 1,558 Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2024 and 2023: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 810 $ 864 Weighted-average remaining lease term-finance leases at end of period (in years) 2.9 3.2 Weighted-average remaining lease term-operating leases at end of period (in years) 6.9 7.9 Weighted-average discount rate-finance leases at end of period 8.0 % 6.3 % Weighted-average discount rate-operating leases at end of period 8.9 % 8.8 % |
Finance and Operating Lease Liability Maturity [Table Text Block] | Finance Operating Leases Leases Total 2024 $ 2,137 $ 2,516 $ 4,653 2025 1,456 3,447 4,903 2026 1,199 3,442 4,641 2027 912 3,144 4,056 2028 671 3,153 3,824 2029 and thereafter 343 7,802 8,145 Total lease payments 6,718 23,504 30,222 Less—portion representing interest (780 ) (6,216 ) (6,996 ) Present value of lease obligations 5,938 17,288 23,226 Less—current portion of lease obligations (2,205 ) (1,914 ) (4,119 ) Long-term portion of lease obligations $ 3,733 $ 15,374 $ 19,107 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Number of Grant-Date Fair Value Shares Per Share Unvested as of December 31, 2023 687,206 $ 3.03 Vested (1,398 ) $ 3.43 Unvested as of March 31, 2024 685,808 $ 3.03 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Share-based compensation expense: Cost of sales $ 29 $ 23 Selling, general and administrative 196 155 Net effect of share-based compensation expense on net income $ 225 $ 178 Reduction in earnings per share: Basic earnings per share $ 0.01 $ 0.01 Diluted earnings per share $ 0.01 $ 0.01 |
Note 15 - Segment Reporting (Ta
Note 15 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2024 Revenues from external customers $ 22,016 $ 8,337 $ 7,263 $ — $ — $ 37,616 Intersegment revenues — — 731 — (731 ) — Net revenues 22,016 8,337 7,994 — (731 ) 37,616 Operating income (loss) 2,046 25 1,767 (1,760 ) — 2,078 Depreciation and amortization 911 540 100 45 — 1,596 Capital expenditures 461 1,068 215 — — 1,744 Heavy Fabrications Gearing Industrial Solutions Corporate Eliminations Consolidated For the Three Months Ended March 31, 2023 Revenues from external customers $ 31,593 $ 11,965 $ 5,315 $ — $ — $ 48,873 Intersegment revenues — — 108 — (108 ) — Net revenues 31,593 11,965 5,423 — (108 ) 48,873 Operating income (loss) 2,790 581 622 (2,711 ) — 1,282 Depreciation and amortization 858 596 94 57 — 1,605 Capital expenditures 662 385 18 — — 1,065 Total Assets as of March 31, December 31, Segments: 2024 2023 Heavy Fabrications $ 37,322 $ 46,931 Gearing 47,207 48,599 Industrial Solutions 16,127 16,295 Corporate 52,329 58,487 Eliminations (29,914 ) (35,156 ) $ 123,071 $ 135,156 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 99 $ 17 Bad debt expense — 14 Other adjustments (2 ) — Balance at end of period $ 97 $ 31 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |||||
Sep. 12, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Jan. 31, 2023 | Mar. 09, 2021 | |
Revenue as Percentage of Sales Associated with New Wind Turbine Installations | 39% | 50% | ||||
Debt and Lease Obligation | $ 13,628 | |||||
Debt, Current | $ 3,633 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Accounts Receivable, Sale | $ 6,805 | $ 9,614 | ||||
Accounts Receivable, Sale, Discount Fees | 164 | $ 131 | ||||
Long-Term Contract with Customer [Member] | ||||||
Contract with Customer, Asset, before Allowance for Credit Loss | $ 175,000 | |||||
The ATM Agreement [Member] | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||
The Sales Agreement [Member] | ||||||
Sales Agent Commission Percentage | 2.75% | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 100,379 | |||||
Proceeds from Issuance of Common Stock, Net | $ 323 | |||||
Payments of Stock Issuance Costs | 9 | |||||
Other Stock Issuance Expenses | 93 | |||||
Sale of Stock, Common Stock Available for Issuance, Value | 11,667 | |||||
The Sales Agreement [Member] | Maximum [Member] | ||||||
Value of Shares Issuable, Maximum | $ 12,000 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit, Current | 0 | |||||
The 2022 Credit Facility [Member] | ||||||
Line of Credit, Current | $ 5,864 |
Note 2 - Revenues (Details Text
Note 2 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 37,616 | $ 48,873 | $ 48,873 |
Heavy Fabrications [Member] | Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 280 | $ 3,669 |
Note 2 - Revenues - Disaggregat
Note 2 - Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues | $ 37,616 | $ 48,873 | $ 48,873 |
Consolidation, Eliminations [Member] | |||
Revenues | (731) | (108) | (108) |
Heavy Fabrications [Member] | Operating Segments [Member] | |||
Revenues | 22,016 | 31,593 | 31,593 |
Gearing [Member] | Operating Segments [Member] | |||
Revenues | 8,337 | 11,965 | 11,965 |
Industrial Solutions [Member] | Operating Segments [Member] | |||
Revenues | $ 7,994 | $ 5,423 | $ 5,423 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net income | $ 1,510 | $ 769 | |
Weighted average number of common shares outstanding (in shares) | 21,594,664 | 20,869,035 | |
Basic net income per share (in dollars per share) | $ 0.07 | $ 0.04 | |
Non-vested stock awards (in shares) | [1] | 212,118 | 517,979 |
Weighted average number of common shares outstanding (in shares) | 21,806,782 | 21,387,014 | |
Diluted net income per share (in dollars per share) | $ 0.07 | $ 0.04 | |
[1]Restricted stock units granted and outstanding of 822,737 are excluded from the computation of diluted earnings for the year ended December 31, 2022 due to the anti-dilutive effect as a result of the Company’s net loss for that period. |
Note 4 - Inventories - Schedule
Note 4 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 21,381 | $ 24,651 |
Work-in-process | 14,138 | 10,390 |
Finished goods | 4,109 | 4,595 |
Inventory, Gross | 39,628 | 39,636 |
Less: Reserve | (2,242) | (2,231) |
Net inventories | $ 37,386 | $ 37,405 |
Note 5 - AMP Credits (Details T
Note 5 - AMP Credits (Details Textual) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 21, 2023 USD ($) | |
Increase (Decrease) in AMP Credit Receivable | $ (5,319) | $ 3,162 | ||
Heavy Fabrications [Member] | ||||
Increase (Decrease) in AMP Credit Receivable | $ 1,872 | $ 3,162 | ||
AMP Credit, Credit Per Watt of Wind Power Produced | 0.03 | |||
AMP Credit, Credits Sold | $ 6,952 | |||
AMP Credit, Discount on the Sale Of AMP Credits, Percentage | 6.50% | 6.50% | ||
AMP Credit, Discount on the Sale of AMP Credits, Amount | $ 122 | $ 452 | ||
AMP Credit, Write-down of Remaining Credit Receivable | 7,541 | |||
AMP Credit, Loss on Sale of AMP Credits | 490 | |||
AMP Credit, Miscellaneous Administrative Cost Incurred | 33 | $ 254 | ||
AMP Credit, Miscellaneous Costs Incurred, Uncapitalized | $ 42 | $ 197 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 3 years 1 month 6 days | 3 years 3 months 18 days |
Minimum [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 4 years |
Note 6 - Intangible Assets - In
Note 6 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cost Basis | $ 25,248 | $ 25,248 |
Accumulated Amortization | (15,757) | (15,592) |
Accumulated Impairment Charges | (7,592) | (7,592) |
Intangible assets, net | $ 1,899 | $ 2,064 |
Remaining Average Amortization Period (Year) | 3 years 1 month 6 days | 3 years 3 months 18 days |
Noncompete Agreements [Member] | ||
Cost Basis | $ 170 | $ 170 |
Accumulated Amortization | (170) | (170) |
Accumulated Impairment Charges | 0 | 0 |
Intangible assets, net | 0 | 0 |
Customer Relationships [Member] | ||
Cost Basis | 15,979 | 15,979 |
Accumulated Amortization | (7,907) | (7,842) |
Accumulated Impairment Charges | (7,592) | (7,592) |
Intangible assets, net | $ 480 | $ 545 |
Remaining Average Amortization Period (Year) | 1 year 9 months 18 days | 2 years 1 month 6 days |
Trade Names [Member] | ||
Cost Basis | $ 9,099 | $ 9,099 |
Accumulated Amortization | (7,680) | (7,580) |
Accumulated Impairment Charges | 0 | 0 |
Intangible assets, net | $ 1,419 | $ 1,519 |
Remaining Average Amortization Period (Year) | 3 years 6 months | 3 years 9 months 18 days |
Note 6 - Intangible Assets - Es
Note 6 - Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 | $ 496 | |
2025 | 661 | |
2026 | 422 | |
2027 | 320 | |
Total | $ 1,899 | $ 2,064 |
Note 7 - Accrued Liabilities -
Note 7 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued payroll and benefits | $ 5,187 | $ 5,051 |
Accrued property taxes | 206 | 0 |
Income taxes payable | 302 | 254 |
Accrued professional fees | 96 | 140 |
Accrued warranty liability | 255 | 322 |
Self-insured workers compensation reserve | 52 | 21 |
Accrued sales tax | 107 | 310 |
Accrued other | 201 | 379 |
Total accrued liabilities | $ 6,406 | $ 6,477 |
Note 8 - Debt and Credit Agre_3
Note 8 - Debt and Credit Agreements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Aug. 04, 2022 | |
Long-Term Debt, Current Maturities | $ 1,428 | $ 5,903 | |
Development Corporation of Abilene Loan [Member] | |||
Notes Payable | 1,826 | 1,361 | |
Notes Payable, Other Payables [Member] | |||
Long-Term Debt, Current Maturities | $ 345 | $ 163 | |
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||
Notes Payable, Other Payables [Member] | Minimum [Member] | |||
Debt Instrument, Periodic Payment | $ 3 | ||
Notes Payable, Other Payables [Member] | Maximum [Member] | |||
Debt Instrument, Periodic Payment | 20 | ||
The 2022 Credit Facility [Member] | |||
Line of Credit, Current | 5,864 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 21,326 | ||
Revolving Credit Facility [Member] | |||
Line of Credit, Current | $ 0 | ||
Debt Instrument, Interest Rate, Effective Percentage | 7.32% | 7.64% | |
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, Net | $ 333 | $ 359 | |
Accumulated Amortization, Debt Issuance Costs | $ 167 | $ 141 | |
Senior Secured Term Loan [Member] | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.82% | 7.89% |
Note 8 - Debt and Credit Agre_4
Note 8 - Debt and Credit Agreements - Outstanding Debt Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long-term debt | $ 7,690 | $ 12,153 |
Less: current maturities | (1,428) | (5,903) |
Long-term debt, net of current maturities | 6,262 | 6,250 |
Line of Credit [Member] | ||
Long-term debt | 0 | 4,657 |
Notes Payable, Other Payables [Member] | ||
Long-term debt | 1,826 | 1,361 |
Less: current maturities | (345) | (163) |
Long-Term Debt [Member] | ||
Long-term debt | $ 5,864 | $ 6,135 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 | $ 0 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 813 | $ 0 |
Minimum [Member] | ||
Lessee, Lease Term of Contract (Year) | 3 years |
Note 9 - Leases - Leases Inform
Note 9 - Leases - Leases Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Amortization of finance lease assets | $ 358 | $ 370 | |
Interest on finance lease liabilities | 107 | 98 | |
Total finance lease costs | 465 | 468 | |
Operating lease cost | 642 | 704 | |
Short-term lease cost | 46 | 89 | |
Variable lease cost | [1] | 369 | 345 |
Sublease income | (50) | (48) | |
Total operating lease costs | 1,007 | 1,090 | |
Total lease cost | 1,472 | 1,558 | |
Operating cash outflow from operating leases | $ 810 | $ 864 | |
Weighted-average remaining lease term-finance leases at end of period (in years) (Year) | 2 years 10 months 24 days | 3 years 2 months 12 days | |
Weighted-average remaining lease term-operating leases at end of period (in years) (Year) | 6 years 10 months 24 days | 7 years 10 months 24 days | |
Weighted-average discount rate-finance leases at end of period | 8% | 6.30% | |
Weighted-average discount rate-operating leases at end of period | 8.90% | 8.80% | |
[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 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024, finance leases | $ 2,137 | |
2024, operating leases | 2,516 | |
2024, total | 4,653 | |
2025, finance leases | 1,456 | |
2025, operating leases | 3,447 | |
2025, total | 4,903 | |
2026, finance leases | 1,199 | |
2026, operating leases | 3,442 | |
2026, total | 4,641 | |
2027, finance leases | 912 | |
2027, operating leases | 3,144 | |
2027, total | 4,056 | |
2028, finance leases | 671 | |
2028, operating leases | 3,153 | |
2028, total | 3,824 | |
2029 and thereafter, finance leases | 343 | |
2029 and thereafter, operating leases | 7,802 | |
2029 and thereafter, total | 8,145 | |
Total lease payments, finance leases | 6,718 | |
Total lease payments, operating leases | 23,504 | |
Total lease payments, total | 30,222 | |
Less—portion representing interest, finance leases | (780) | |
Less—portion representing interest, operating leases | (6,216) | |
Less—portion representing interest, total | (6,996) | |
Present value of lease obligations, finance leases | 5,938 | |
Present value of lease obligations, operating leases | 17,288 | |
Present value of lease obligations, total | 23,226 | |
Less—current portion of lease obligations, finance leases | (2,205) | $ (2,153) |
Less—current portion of lease obligations, operating leases | (1,914) | (1,851) |
Less—current portion of lease obligations, total | (4,119) | |
Long-term portion of lease obligations, finance leases | 3,733 | 3,372 |
Long-term portion of lease obligations, operating leases | 15,374 | $ 15,888 |
Long-term portion of lease obligations, total | $ 19,107 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Expense (Benefit) | $ 39 | $ 23 | |
Operating Loss Carryforwards | $ 290,233 | ||
Operating Loss Carryforwards, Subject to Expiration | $ 227,781 | ||
Operating Loss Carry Forwards Annual Limit | 14,284 | ||
Unrecognized Tax Benefits | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | ||
Rights [Member] | |||
Threshold Percentage of Beneficial Ownership for Significant Dilution in Ownership Interest | 4.90% | ||
Class of Warrant or Right Number of Rights Per Common Stock Share | 1 | ||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.001 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 7.26 | ||
Class of Warrant or Right Current Beneficial Ownership Percentage That Will Not Trigger Preferred Share Purchase Rights | 4.90% |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) shares in Thousands | Mar. 31, 2024 shares |
The 2007 and 2012 Equity Incentive Plans [Member] | |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 0 |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Restricted Stock Unit and Performance Award Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Unvested, number of shares (in shares) | shares | 687,206 |
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 3.03 |
Vested, number of shares (in shares) | shares | (1,398) |
Vested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 3.43 |
Unvested, number of shares (in shares) | shares | 685,808 |
Unvested, weighted average grant-date fair value per share (in dollars per share) | $ / shares | $ 3.03 |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based compensation expense | $ 225 | $ 178 |
Basic earnings per share (in dollars per share) | $ 0.01 | $ 0.01 |
Diluted earnings per share (in dollars per share) | $ 0.01 | $ 0.01 |
Cost of Sales [Member] | ||
Share-based compensation expense | $ 29 | $ 23 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | $ 196 | $ 155 |
Note 15 - Segment Reporting (De
Note 15 - Segment Reporting (Details Textual) - Heavy Fabrications [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 MWh | |
Number of Facilities | 2 | |
Number of Tower Sections in Production Capacity of Turbines Total | 1,650 | |
Maximum [Member] | ||
Annual Tower Production Capacity | 550 | |
Minimum [Member] | ||
Power Generating Capacity of Turbines (Megawatt-Hour) | 1,100 |
Note 15 - Segment Reporting - S
Note 15 - Segment Reporting - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues from external customers | $ 37,616 | $ 48,873 | |
Revenue from Contract with Customer, Including Assessed Tax | 37,616 | $ 48,873 | 48,873 |
Operating income (loss) | 2,078 | 1,282 | 1,282 |
Depreciation and amortization | 1,596 | 1,605 | 1,605 |
Capital expenditures | 1,744 | 1,065 | |
Total assets | 123,071 | 135,156 | |
Operating Segments [Member] | Heavy Fabrications [Member] | |||
Revenues from external customers | 22,016 | 31,593 | |
Revenue from Contract with Customer, Including Assessed Tax | 22,016 | 31,593 | 31,593 |
Operating income (loss) | 2,046 | 2,790 | |
Depreciation and amortization | 911 | 858 | |
Capital expenditures | 461 | 662 | |
Total assets | 37,322 | 46,931 | |
Operating Segments [Member] | Gearing [Member] | |||
Revenues from external customers | 8,337 | 11,965 | |
Revenue from Contract with Customer, Including Assessed Tax | 8,337 | 11,965 | 11,965 |
Operating income (loss) | 25 | 581 | |
Depreciation and amortization | 540 | 596 | |
Capital expenditures | 1,068 | 385 | |
Total assets | 47,207 | 48,599 | |
Operating Segments [Member] | Industrial Solutions [Member] | |||
Revenues from external customers | 7,263 | 5,315 | |
Revenue from Contract with Customer, Including Assessed Tax | 7,994 | 5,423 | 5,423 |
Operating income (loss) | 1,767 | 622 | |
Depreciation and amortization | 100 | 94 | |
Capital expenditures | 215 | 18 | |
Total assets | 16,127 | 16,295 | |
Operating Segments [Member] | Corporate Segment [Member] | |||
Revenues from external customers | 0 | 0 | |
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Operating income (loss) | (1,760) | (2,711) | |
Depreciation and amortization | 45 | 57 | |
Capital expenditures | 0 | 0 | |
Total assets | 52,329 | 58,487 | |
Consolidation, Eliminations [Member] | |||
Revenues from external customers | 0 | 0 | |
Revenue from Contract with Customer, Including Assessed Tax | (731) | $ (108) | (108) |
Operating income (loss) | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Total assets | (29,914) | (35,156) | |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | (731) | (108) | |
Intersegment Eliminations [Member] | Heavy Fabrications [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Intersegment Eliminations [Member] | Gearing [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Intersegment Eliminations [Member] | Industrial Solutions [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 731 | 108 | |
Intersegment Eliminations [Member] | Corporate Segment [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note 16 - Commitments and Con_3
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Product Liability Accrual, Period Expense | $ 84 | $ 84 |
Note 16 - Commitments and Con_4
Note 16 - Commitments and Contingencies - Allowance of Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance at beginning of period | $ 99 | $ 17 |
Bad debt expense | 0 | 14 |
Other adjustments | (2) | 0 |
Balance at end of period | $ 97 | $ 31 |