BROADWIND, INC. (BWEN) presents a deeply negative liquidation recovery posture as of March 31, 2026, consistent with the MFFAIS-computed cash liquidation value of negative $50.1M and liquid liquidation value of negative $34.2M. The operating liquidation value of positive $7.8M reflects that PP&E carries some residual tangible value, but after applying standard haircuts and settling liabilities at face value, equity recovers nothing in a wind-down scenario. The TAG_CONTEXT contains no XBRL tags for this filing, so all quantitative analysis is drawn from the filing narrative and financial statement data visible in the HTML. Total consolidated assets as of March 31, 2026 were $118.0M, down from $128.3M at December 31, 2025 (the prior 10-K period), a decline of approximately $10.3M in one quarter. The Heavy Fabrications segment drove the bulk of the asset reduction, falling from $43.0M to $29.1M, reflecting wind-down of the Manitowoc, Wisconsin operations and related working capital drawdown. The Gearing segment assets ticked up slightly to $42.9M from $40.8M, and Industrial Solutions increased to $23.1M from $14.9M. Corporate assets held at $44.3M, roughly stable. Total debt and finance lease obligations at quarter end were $15.0M against cash of $0.9M, leaving net debt of approximately $14.1M. The Wells Fargo 2022 Credit Facility had $9.6M drawn on the revolving line, with additional borrowing availability of $15.4M subject to a 25% minimum availability covenant. Notes payable for capex totaled $1.15M. The liability stack remains senior-secured first, with no subordinated or unsecured bond debt disclosed. The most material post-period event for the liquidation lens is the April 30, 2026 sale of the Abilene, Texas production facility to Freeman Enclosure Systems (IES Holdings subsidiary) for up to $19.5M in cash, with $1.0M held in escrow pending facility vacation by approximately September 5, 2026. The company simultaneously entered a short-term leaseback. $1.42M of proceeds were immediately applied to the term loan. The company expects the Abilene sale and the Manitowoc disposition together to trigger discontinued operations reclassification for the wind business within Heavy Fabrications beginning Q2 2026. This is a structural asset disposition that reduces the PP&E base and eliminates approximately $16.4M of Heavy Fabrications quarterly revenue run-rate, creating a materially smaller and differently composed asset base going forward. AMP credits under the One Big Beautiful Budget Act (OBBBA) are eliminated for components produced after December 31, 2027, with additional Prohibited Foreign Entity restrictions effective January 1, 2026. AMP credits contributed $2.6M to Q1 2026 segment economics (Heavy Fabrications), an income-statement benefit that collapses on a liquidation analysis but flags the regulatory cliff that reduces the going-concern floor. The filing does not separately tag any balance sheet, liability, or intangible line items in XBRL for this period; all asset and liability values referenced above derive from the narrative and segment asset disclosures visible in the filing body. The allowance for credit losses is nominal at $0.18M against an unstated gross AR balance. No pension, no goodwill impairment, and no restructuring charges are disclosed in this period.
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