EXHIBIT 99.1

Broadwind Announces First Quarter 2020 Results

CICERO, Ill., May 08, 2020 (GLOBE NEWSWIRE) -- Broadwind (NASDAQ: BWEN), a diversified precision manufacturer of specialized components and solutions serving global industries, today announced results for the first quarter 2020.

1Q20 HIGHLIGHTS

• Total revenue of $48.6 million (+17% y/y)
• Total gross margin of 12.7% (+420 bps y/y)
• Total net income of $1.0 million, or $0.06 per basic share
• Total non-GAAP adjusted EBITDA of $3.6 million (+$1.9 million y/y)
• Total orders of $33.8 million (+41% y/y)
• Total backlog of $127.4 million (+57% y/y)
• Total cash and availability of $19.0 million (+$11.5 million y/y)

FULL-YEAR 2020 MANAGEMENT OUTLOOK

• Withdrawing full-year 2020 guidance and assumptions due to potential impact from COVID-19
• Implementing measures to reduce operating expenses and discretionary capital expenditures

For the three months ended March 31, 2020, the Company reported total sales of $48.6 million, an increase of 16.7% when compared to the prior-year period.  Broadwind reported net income from continuing operations of $1.0 million, or $0.06 per basic share in the first quarter 2020, compared to a net loss of ($1.0) million, or ($0.07) per basic share, in the first quarter 2019.  The Company reported adjusted EBITDA of $3.6 million in the first quarter 2020, compared to $1.7 million in the prior-year period. 

Double-digit revenue growth in both the Heavy Fabrications and Industrial Solutions Segments more than offset a decline in Gearing Segment revenue in the first quarter.  The Heavy Fabrications Segment benefited from a significant increase in demand for wind tower sections to support the expected increase of wind turbine installations in the current year.  The number of tower sections sold and plant utilization increased to the highest levels realized since 2017.  Within the Industrial Solutions Segment, increased demand for natural gas turbine components, together with improved operating efficiencies, contributed to improved segment results.  Within the Gearing Segment, several customers postponed purchasing activity to the second half of 2020, given economic uncertainty stemming from the impact of the novel coronavirus (COVID-19) and the impacts of lower order activity in the second half of 2019, resulting in a year-over-year decline in segment revenue.

COVID-19 BUSINESS RESPONSE

Broadwind is closely monitoring the potential impact of COVID-19 on its operations, customers and strategic sourcing partners.  Although the Company’s manufacturing facilities remain operational, all sites have adopted virus-prevention protocols consistent with the recommendations provided by the U.S. Centers for Disease Control and Prevention.  Broadwind’s facilities currently operate as essential businesses based on the customers and markets served.  Should it become necessary, the Company is prepared to enact a business continuity plan to ensure the continued production, sale and shipment of deliverables to customers.

MANAGEMENT COMMENTARY

“Our first quarter results reflect significant year-over-year growth in both revenue and margin capture, resulting in a return to profitability in the period,” stated Eric Blashford, CEO of Broadwind.  “Due to our ongoing customer diversification efforts, our order book improved materially across each of our reporting segments during the first quarter, while total backlog increased by more than 50% on a year-over-year basis, given increased demand for our wind tower, gearing and industrial fabrication product lines.  We are pleased with our growth in industrial fabrication orders, which booked $8.5 million of orders during the quarter.  In recent weeks, we announced more than $24 million in new tower contracts, contributing to improved visibility in second half 2020 production.”

“We sold more than 300 wind tower sections in the first quarter, an increase of more than 65% compared to the prior-year period.” continued Blashford.  “Improved plant utilization contributed to a significant expansion in segment operating margin the first quarter, when compared to the year-ago period.  During March, we entered into a new supply relationship with a large global wind turbine manufacturer.  With the addition of this customer, Broadwind expects to supply tower sections to three of the top four global wind tower OEMs in 2020 serving the U.S. market, positioning us as a key participant in the development of clean energy-producing infrastructure.  Looking ahead, offshore wind remains an emerging growth opportunity for us, one where our precision manufacturing expertise and deep industry knowledge position us to capitalize on increased global investment in sustainable energy sources.”

“The Gearing Segment reported 74% year-over-year growth in orders during the first quarter, supported by increased demand from the wind, oil & gas and steel markets,” stated Blashford.  “Several gearing customers pushed activity initially planned for the first quarter into the second half of 2020, given current oil and gas prices and uncertainty related to COVID-19, resulting in a year-over-year revenue decline in the period.  We have taken actions to reduce costs in this business as we align our capabilities with the current demand environment.” 

“Despite current strength in our tower order book and existing backlog, there remains significant uncertainty as to how the novel coronavirus may impact customer demand, our supply chain and our ability to maintain production in our plants in the coming months,” continued Blashford.  “As a result, we have decided to withdraw our full year 2020 guidance due to the uncertainty in the current environment.”

ORDERS AND BACKLOG

Total orders increased 41% to $33.8 million in the first quarter, versus $24.0 million in the year-ago period, supported by increased demand from across a diverse range of industries.  Orders within the Company’s Heavy Fabrications, Gearing and Industrial Solutions Segments all increased on a double-digit percentage basis, compared to the first quarter 2019.   However, Gearing orders began to weaken in the last few weeks of March, as customers delayed purchasing decisions due to COVID-19 and as oil prices deteriorated.  Consolidated orders from customers in the mining, industrial, wind, gas turbine and oil & gas end-markets all increased on a year-over-year basis in the first quarter 2020, serving to more than offset slower order activity in the construction market.

Total backlog increased 57% to $127.4 million in the first quarter, from $81.1 million in the year-ago period, primarily due to increased demand for wind towers.  As of March 31, 2020, Heavy Fabrications represented approximately 76% of total Company backlog. 

SEGMENT RESULTS

Heavy Fabrications Segment
Broadwind provides large complex and precision fabrications to customers in a broad range of industrial markets.  Key products include wind towers and industrial fabrications, including mining and crane components, pressure vessels and frames/structures. 

Heavy Fabrications Segment sales increased by $10.1 million to $38.4 million in the first quarter, when compared to prior year period.  Total operating income increased $3.8 million to $3.5 million, when compared to the first quarter 2019.  Segment non-GAAP adjusted EBITDA increased $3.5 million to $4.5 million, when compared to the first quarter 2019.  First quarter segment performance was primarily driven by growth in customer demand for wind towers.

Gearing Segment
Broadwind provides custom gearboxes, loose gearing and heat treat services to a broad set of customers in diverse markets, including oil & gas production, surface and underground mining, wind energy, steel, material handling and other infrastructure markets. 

Gearing Segment sales declined by $3.8 million to $6.2 million in the first quarter, when compared to year-ago period.  Total operating income (loss) declined $1.6 million to ($0.3) million, when compared to the first quarter 2019.  Segment non-GAAP adjusted EBITDA declined $1.7 million to $0.3 million, when compared to the first quarter 2019.  First quarter segment performance was driven by lower sales across each major end-market, as the emergence of COVID-19 and deteriorating oil prices, led customers to temporarily postpone purchasing activity. 

Industrial Solutions Segment
Broadwind provides supply chain solutions, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine markets. 

Industrial Solutions Segment sales increased by $0.7 million to $4.0 million in the first quarter, when compared to year-ago period.  Total operating income (loss) increased by $0.5 million to $0.2 million in the first quarter, when compared to the first quarter 2019.  Segment non-GAAP adjusted EBITDA increased $0.5 million to $0.3 million, when compared to the first quarter 2019.  First quarter segment performance was driven by higher sales associated with new gas turbine installations and improved operating efficiencies. 

BALANCE SHEET

As of March 31, 2020, Broadwind had cash and availability on outstanding credit facilities of $2.7 million and $16.3 million, respectively.  Total cash and liquidity increased by $11.5 million to $19.0 million at the end of the first quarter 2020.  Total debt and capital leases were $17.8 million as of March 31, 2020. 

FINANCIAL GUIDANCE

Broadwind is withdrawing the guidance and assumptions pertaining to its full-year 2020 performance expectations last communicated on February 27, 2020 due to the potential impact of the novel coronavirus on its operations.

FIRST QUARTER 2020 CONFERENCE CALL

Broadwind will host a conference call today, May 8, 2020, at 11:00 A.M. ET to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.  A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of Broadwind’s website at www.BWEN.com/Investors.  To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

To listen to a replay of the teleconference, which will be available through May 15, 2020:

ABOUT BROADWIND

Broadwind (NASDAQ: BWEN) is a precision manufacturer of structures, equipment and components for clean tech and other specialized applications. With facilities throughout the U.S., our talented team is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com

NON-GAAP FINANCIAL MEASURES

The Company provides non-GAAP adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and stock compensation) as supplemental information regarding the Company’s business performance. The Company’s management uses adjusted EBITDA when it internally evaluates the performance of the Company’s business, reviews financial trends and makes operating and strategic decisions. The Company believes that this non-GAAP financial measure is useful to investors because it provides investors with a better understanding of the Company’s past financial performance and future results allows investors to evaluate the Company’s performance using the same methodology and information as used by the Company’s management. The Company's definition of adjusted EBITDA may be different from similar non-GAAP financial measures used by other companies and/or analysts.

FORWARD-LOOKING STATEMENTS

This release contains “forward looking statements”—that is, statements related to future, not past, events—as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that reflect our current expectations regarding our future growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities, as well as assumptions made by, and information currently available to, our management. Forward looking statements include any statement that does not directly relate to a current or historical fact. We have tried to identify forward looking statements by using words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “may,” “plan” and similar expressions, but these words are not the exclusive means of identifying forward looking statements.

Our forward-looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following, many of which are, and will be, amplified by the COVID-19 pandemic: (i) the impact of global health concerns, including the impact of the current COVID-19 pandemic on the economies and financial markets and the demand for our products; (ii) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States; (iii) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units; (iv) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary, in light of the COVID-19 pandemic; (v) our ability to continue to grow our business organically and through acquisitions, and the impairment thereto by the impact of the COVID-19 pandemic; (vi) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows; (vii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security, including with respect to any remote work arrangements implemented in response to the COVID-19 pandemic; (viii) the sufficiency of our liquidity and alternate sources of funding, if necessary; (ix) our ability to realize revenue from customer orders and backlog; (x) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow; (xi) the economy, including its stability in light of the COVID-19 pandemic, and the potential impact it may have on our business, including our customers; (xii) the state of the wind energy market and other energy and industrial markets generally and the impact of competition and economic volatility in those markets; (xiii) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities; (xiv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers; (xv) the effects of the change of administrations in the U.S. federal government; (xvi) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions; (xvii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986, as amended; (xviii) our ability to utilize various relief options enabled by the Coronavirus Aid, Relief and Economic Security Act; (xix) the limited trading market for our securities and the volatility of market price for our securities; and (xx) the impact of future sales of our common stock or securities convertible into our common stock on our stock price. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. We are under no duty to update any of these statements. You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change.

CORPORATE CONTACT

Jason Bonfigt
708.780.4821

EXHIBIT 99.2

1Q20 Results Conference Call Investor Presentation

SAFE - HARBOR STATEMENT 2 | Investor Presentation Broadwind obtained the industry and market data used throughout this presentation from our own research, internal surveys and studies conducted by third parties, independent industry associations or general publications and other publicly available information . Independent industry publications and surveys generally state that they have obtained information from sources believed to be reliable, but do not guarantee the accuracy or completeness of such information . Forecasts are particularly likely to be inaccurate, especially over long periods of time . We are not aware of any misstatements in the industry data we have presented herein, but estimates involve risks and uncertainties and are subject to change based on various factors beyond our control . Our forward - looking statements may include or relate to our beliefs, expectations, plans and/or assumptions with respect to the following, many of which are, and will be, amplified by the COVID - 19 pandemic : ( i ) the impact of global health concerns, including the impact of the current COVID - 19 pandemic on the economies and financial markets and the demand for our products ; (ii) state, local and federal regulatory frameworks affecting the industries in which we compete, including the wind energy industry, and the related extension, continuation or renewal of federal tax incentives and grants and state renewable portfolio standards as well as new or continuing tariffs on steel or other products imported into the United States ; (iii) our customer relationships and our substantial dependency on a few significant customers and our efforts to diversify our customer base and sector focus and leverage relationships across business units ; (iv) the economic and operational stability of our significant customers and suppliers, including their respective supply chains, and the ability to source alternative suppliers as necessary, in light of the COVID - 19 pandemic ; (v) our ability to continue to grow our business organically and through acquisitions, and the impairment thereto by the impact of the COVID - 19 pandemic ; (vi) the production, sales, collections, customer deposits and revenues generated by new customer orders and our ability to realize the resulting cash flows ; (vii) information technology failures, network disruptions, cybersecurity attacks or breaches in data security, including with respect to any remote work arrangements implemented in response to the COVID - 19 pandemic ; (viii) the sufficiency of our liquidity and alternate sources of funding, if necessary ; (ix) our ability to realize revenue from customer orders and backlog ; (x) our ability to operate our business efficiently, comply with our debt obligations, manage capital expenditures and costs effectively, and generate cash flow ; (xi) the economy, including its stability in light of the COVID - 19 pandemic, and the potential impact it may have on our business, including our customers ; (xii) the state of the wind energy market and other energy and industrial markets generally and the impact of competition and economic volatility in those markets ; (xiii) the effects of market disruptions and regular market volatility, including fluctuations in the price of oil, gas and other commodities ; (xiv) competition from new or existing industry participants including, in particular, increased competition from foreign tower manufacturers ; (xv) the effects of the change of administrations in the U . S . federal government ; (xvi) our ability to successfully integrate and operate acquired companies and to identify, negotiate and execute future acquisitions ; (xvii) the potential loss of tax benefits if we experience an “ownership change” under Section 382 of the Internal Revenue Code of 1986 , as amended ; (xviii) our ability to utilize various relief options enabled by the Coronavirus Aid, Relief and Economic Security Act ; (xix) the limited trading market for our securities and the volatility of market price for our securities ; and (xx) the impact of future sales of our common stock or securities convertible into our common stock on our stock price . These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements . We are under no duty to update any of these statements . You should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or other factors that could cause our current beliefs, expectations, plans and/or assumptions to change . . This presentation contains non - GAAP financial information . We believe that certain non - GAAP financial measures may provide users of this financial information with meaningful comparisons between current results and results in prior operating periods . We believe that these non - GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain infrequently occurring or non - operational items that impact the overall comparability . Non - GAAP financial measures should be viewed in addition to, and not as an alternative to, our reported results prepared in accordance with GAAP . Please see our earnings release dated May 8 , 2020 for a reconciliation of certain non - GAAP measures presented in this presentation .

PERFORMANCE OVERVIEW

COVID - 19 BUSINESS RESPONSE We Continue To Monitor The Potential Impact of The Pandemic On Our Business 4 | Investor Presentation Employee Health & Safety Liquidity Profile Business Continuity > The company remains in full compliance with all debt covenants > The company received a Payroll Protection Plan loan in April > This loan was necessary due to protect our employees and business due to the uncertainty of the impact to our workforce; ability to maintain production at our plants; customer demand; global supply chain response > Our business is considered critical and essential infrastructure by the U.S. Department of Homeland Security > All facilities are considered essential businesses; are currently open and operating > Should it become necessary, we are prepared to enact a business continuity plan to ensure the continued production, sale and shipment of products to customers > We are closely monitoring the potential impact of the novel coronavirus (COVID - 19) on our operations, customers and supply chain > We have adopted all necessary and appropriate virus prevention protocols consistent with the recommendations provided by the U.S Centers for Disease Control and Prevention

1Q20 EXECUTIVE SUMMARY 5 | Investor Presentation 1. Net Income increased $2.0 million y/y to $1.0 million > Earnings per share of $0.06 in 1Q20 vs. ($0.07) in 1Q19 2. Total Revenue + 17% y/y to $48.6 million: Improved Demand From Wind, Mining and Gas Turbine Markets > Wind industry sales increased by more than $9.2 million on a y/y basis; wind tower sections sold +66% y/y to highest level si nce 1Q17 3. Significant Margin Expansion: Gross Margin +420 bps y/y; Operating Margin +470 bps y/y > Benefit from improved plant utilization and operating efficiencies 4. Total Adjusted EBITDA +$1.9 million y/y to $3.6 million > TTM Adjusted EBITDA of $9.1 million vs. $2.3 million in prior - year TTM period 5. Total backlog +57% y/y to $127.4 million: Growth in Heavy Fabrications and Industrial Solutions > Total Heavy Fabrications backlog +83% y/y; driven by Wind Tower and Industrial Fabrication product lines 6. Total orders +41% y/y to $33.8 million: Customer and End - Market Diversification Continues > Gearing Segment orders +$5.3 million y/y to $12.4 million; Heavy Fabrications Orders +$3.0 million y/y to $15.5 million; Adde d m ajor global wind - turbine OEM to customer list in Mar - 20

6 | Investor Presentation 10. Total cash and availability of $19 million as of 3/31/20 > Continued focus on disciplined working capital management 11. Withdrawing Full - Year 2020 Financial Guidance 8. Gearing revenue (38%) y/y: Customer Deliveries Pushed to 2H:20 Given COVID - 19 Impact > Broad - based softness; realigned cost structure given current demand environment 9. Industrial Solutions revenue +21% y/y: Growth Through Diversification > Improve y/y growth supported mainly by strong demand from the natural gas turbine market 11. Withdrawing Full - Year 2020 Financial Guidance issued in February > Given current market uncertainty related to COVID - 19 we have chosen to withdraw guidance at this time > Growing macroeconomic and operational uncertainty 1Q20 EXECUTIVE SUMMARY (Continued) 7. Heavy Fabrications revenue +36% y/y: Acceleration In Wind Tower Section Demand and Diversification > Tower plants operating at 76% of nameplate capacity

KEY FINANCIAL DATA Y/Y Growth In Revenue, Gross Profit, Adjusted EBITDA and EPS 7 | Investor Presentation Total Revenue ($MM) Gross Profit ($MM) Adjusted EBITDA ($MM) Earnings Per Share > Generated net income of $1.0MM or $0.06 per share in 1Q20 – 1 st profitable quarter since 2017 Return To Profitability > Gross margin and operating margin of 12.7% and 3.5%, respectively Positive Margin Trend Broad - Based Revenue Growth $41.7 $48.6 $137.1 $185.2 1Q19 1Q20 TTM 1Q19 TTM 1Q20 > Increased demand for wind towers, together with increased mining and gas turbine activity, more than offset weakness in Gearing $3.5 $6.2 $6.7 $18.0 1Q19 1Q20 TTM 1Q19 TTM 1Q20 $1.7 $3.6 $2.3 $9.1 1Q19 1Q20 TTM 1Q19 TTM 1Q20 ($0.07) $0.06 ($1.31) ($0.15) 1Q19 1Q20 TTM 1Q19 TTM 1Q20

HEAVY FABRICATIONS SEGMENT Approximately 80% of Full - Year 2020 Tower Production Capacity in Backlog as of May 2020 8 | Investor Presentation Revenue ($MM) Adjusted EBITDA ($MM) Orders ($MM) Backlog ($MM) Increased Tower Demand $28.3 $38.4 $84.8 $138.8 1Q19 1Q20 TTM 1Q19 TTM 1Q20 > Wind towers demand driving plant utilization levels of ~75% $12.5 $15.5 $31.3 $182.7 1Q19 1Q20 TTM 1Q19 TTM 1Q20 $53.3 $120.3 $97.4 1Q19 4Q19 1Q20 3/31/19 12/31/19 3/31/20 $1.1 $4.5 $2.7 $10.2 1Q19 1Q20 TTM 1Q19 TTM 1Q20 Broad - Based Demand > $8.5MM of orders in Industrial Fabrications Positive Segment Outlook > Order and backlog both increased materially on a y/y basis > Operating leverage driving EBITDA growth

HEAVY FABRICATIONS SEGMENT PTC - Driven Demand For Tower Sections 9 | Investor Presentation Total Tower Sections Sold (Number of Sections) Note: In December 2019, the United States production tax credit for renewable wind projects was extended for one - year, pursuant to a year - end 2019 appropriations bill, from January 1, 2020 to January 1, 2021. As a result of the new legislation, the PTC will subsidize wind projects commenced as late as 2020 and completed by 2024, or later, if conti nuo us construction can be demonstrated. The extension of the PTC is expected to result in a material, near - term increase in wind tower orders during calendar 2020, as producers seek to capture the ratable economic benefit associat ed with the PTC extension. 201 201 132 243 64 302 188 312 2Q18 2Q19 3Q18 3Q19 4Q18 4Q19 1Q19 1Q20 Flat y/y +84% y/y +372% y/y +66% y/y

GEARING SEGMENT Outlook weakening following COVID - 19; Customer Activity Shifts From 1H20 to 2H20 10 | Investor Presentation Revenue ($MM) Adjusted EBITDA ($MM) Orders ($MM) Backlog ($MM) Impacted by COVID - 19 $10.0 $6.2 $39.6 $31.1 1Q19 1Q20 TTM 1Q19 TTM 1Q20 $7.1 $12.4 $33.3 $30.7 1Q19 1Q20 TTM 1Q19 TTM 1Q20 $20.7 $14.3 $20.5 1Q19 4Q19 1Q20 3/31/19 12/31/19 3/31/20 > Customer activity dampened by pandemic; purchasing activity pushed to 2H20 $2.0 $0.3 $4.5 $3.9 1Q19 1Q20 TTM 1Q19 TTM 1Q20 Strong Pre - COVID - 19 orders > First y/y improvement since 4Q18 Segment Outlook > Near - term outlook impacted by COVID - 19; LT fundamentals remain intact; focused on expense reductions to right - size cost structure with current demand environment

INDUSTRIAL SOLUTIONS SEGMENT Revenue Diversification Story Continues To Make Progress 11 | Investor Presentation Revenue ($MM) Adjusted EBITDA ($MM) Orders ($MM) Backlog ($MM) Positive KPI Trend $3.3 $4.0 $12.8 $15.4 1Q19 1Q20 TTM 1Q19 TTM 1Q20 ($0.2) $0.3 ($1.4) $0.9 1Q19 1Q20 TTM 1Q19 TTM 1Q20 $7.1 $7.7 $9.5 1Q19 4Q19 1Q20 3/31/19 12/31/19 3/31/20 > y/y improvement in 1Q20 and TTM Revenue, Adjusted EBITDA and Orders Diversification Progress > Components to support New Gas Turbine installations up more than double y/y Realization of Efficiencies > Cost reduction efforts over the last 12 months have contributed to improved margin realization $4.4 $5.9 $14.4 $17.9 1Q19 1Q20 TTM 1Q19 TTM 1Q20

BALANCE SHEET UPDATE Improved Operational Performance / Working Capital Initiatives Bolstering Liquidity 12 | Investor Presentation Total Cash and Availability on Credit Facility ($MM) Operating Working Capital as a % of Sales (1) (1) Operating working capital divided by T3M sales annualized 12% 10% 14% 5% 11% 13% 3% 3% 5% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 $9.9 $9.7 $6.0 $11.5 $7.6 $8.1 $19.2 $19.0 $19.0 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20

MANAGEMENT OUTLOOK

DEMAND OUTLOOK BY END - MARKET Customer Guidance Drives Our Outlook 14 | Investor Presentation > TTM Revenue > 68% > Sector Outlook > Positive > Customer Feedback > Near to medium term strength > > Some project delays due to COVID - 19 > TTM Revenue > 6% > Sector Outlook > Positive/Neutral > Customer Feedback > Manitowoc deep water port and manufacturing competencies strategic advantages > Focused on Material Handling > TTM Revenue > 8% > Sector Outlook > Positive > Customer Feedback > Primary customer regaining share in the near term > TTM Revenue > 10% > Sector Outlook > Neutral > Customer Feedback > Strong Q1 orders, some weakening in Q2 > TTM Revenue > 6% > Sector Outlook > Negative > Customer Feedback > Customers deferring purchases > Frac fleets / North America capex declining rapidly > TTM Revenue > 2% > Sector Outlook > Negative > Customer Feedback > Infrastructure bill would be meaningful Wind Sector Industrial/Other Sector Power Generation Sector Mining Sector Oil & Gas Sector Construction Sector

U.S. WIND SECTOR FORECAST Onshore Ramp Occurring; Offshore Ramp Beginning In 2023 15 | Investor Presentation U.S. Wind Power Onshore and Offshore Capacity Installations (Annual On - Shore GW Installed) (1) Source: Wood MacKenzie 1Q20 Wind Sector Outlook; wind values include new build and repowering Onshore Update > Near term uncertainties arising from COVID - 19 Offshore Update > U.S. adding 19 GW of off - shore capacity by 2028 – flat vs. prior forecast > Continue to see 2023 as a significant year for U.S. offshore installations 8.0 CY18 CY19 CY20 E CY21 E CY22 E CY23 E CY24 E CY25 E CY26 E CY27 E CY28 E United States Onshore Wind Energy (GW) United States Offshore Wind Energy (GW) 10.2 14.7 12.8 6.2 6.6 9.1 5.8 6.6 8.4 8.3

KEY INITIATIVES BY SEGMENT Positioned For Profitable Growth 16 | Investor Presentation > Sell remaining ’20 tower capacity and expand tower and repowering customer base > Add production capabilities and complete key systems upgrades to maximize profitability > Develop offshore tower market strategy > Grow Industrial Fabrication product line customer base > Strengthen engineering and supply chain organization to support evolving tower market > Take continuous improvement actions to ensure "zero defect" quality ratings Heavy Fabrications Segment Continued growth in both wind and non - wind markets > Accelerate end - market diversification beyond oil/gas gearing market > Strengthen engineering and sales resources > Grow custom gearbox business; expand repair business geographically > Leverage recently completed systems initiatives to maximize profitability Gearing Segment Focused on Gearbox market share growth, increase weighting in less cyclical end - markets > Continue core focus on NGT and aftermarket, while expanding customer base > Pursue solar energy installation market; a large, untapped opportunity > Leverage BWEN engineering and business development resources Industrial Solutions Segment Heavily focused on revenue diversification within gas turbines and growth in solar market

INVESTMENT THESIS Diversified Precision Manufacturer Serving Clean Tech and Industrial Applications 17 | Investor Presentation 1. Leading precision manufacturer with a multi - industry focus > Heritage is in the renewable sector (e.g. Wind); future includes mining, oil/gas, power gen, material handling construction, ind ustrial 2. Multi - year revenue diversification initiative gaining momentum > Annual revenue outside the wind sector is approaching $65 million, customer concentration improving 3. Total backlog +57% y/y to $127.4 MM, while order growth remains strong across key end - markets > Plant utilization dramatically improving; margins expected to expand; diverse revenue has increased by nearly 3x since 2016 4. Extension of PTC and preliminary trade case findings provide major catalyst for Heavy Fabrications > Demand for renewable energy driven by government incentives and corporate ESG initiatives 5. Clean tech play positioned for profitable growth > Base wind business remains strong; offshore wind remains a key growth opportunity

APPENDIX

EXHIBIT A Orders, Revenues and Operating Income (Loss) By Segment 19 | Investor Presentation Three Months Ended Twelve Months Ended 2020 2019 ORDERS: Heavy Fabrications………………………………………………………………15,514$ 12,510$ Gearing………………………………………………………………12,421 7,135 Industrial Solutions………………………………………………………………5,874 4,361 Total orders………………………………...………………33,809$ 24,006$ REVENUES: Heavy Fabrications………………………………………………………………38,368$ 28,294$ Gearing………………………………………………………………6,227 10,027 Industrial Solutions………………………………………………………………4,039 3,339 Corporate and Other……………………………………………………………- - Total revenues…………………………………..……………………48,634$ 41,660$ OPERATING PROFIT/(LOSS): Heavy Fabrications………………………………………………………………3,541$ (222)$ Gearing………………………………………………………………(261) 1,387 Industrial Solutions………………………………………………………………192 (285) Corporate and Other……………………………………………………………(1,792) (1,374) Total operating profit/(loss)……………………………………1,680$ (494)$ March 31,

EXHIBIT B GAAP to Non - GAAP Consolidated Adjusted EBITDA Reconciliation 20 | Investor Presentation Consolidated 2020 2019 Net Income/(Loss)……………………...……………………………. 953$ (1,042)$ Interest Expense…………………….……………………………………. 673 536 Income Tax Provision…………………………….....…………………… 52 11 Depreciation and Amortization………………..……………………………………………………1,612 1,761 Share-based Compensation and Other Stock Payments………………………………………………………………315 437 Restructuring Costs…………………………………...……………………. - 12 Adjusted EBITDA (Non-GAAP)…………………………. 3,605$ 1,715$ Three Months Ended March 31,

EXHIBIT C GAAP to Non - GAAP Adjusted EBITDA Reconciliation By Segment 21 | Investor Presentation Heavy Fabrications Segment 2020 2019 Net Income/(Loss)……………………...……………………………. 2,698$ (235)$ Interest Expense……………………………..……………………. 105 66 Income Tax Provision/(Benefit)…………………...…………………… 738 (53) Depreciation……………………………………………………………… 964 1,095 Share-based Compensation and Other Stock Payments………………………………………………………………42 165 Restructuring Expense………………………………………...…………… - 12 Adjusted EBITDA (Non-GAAP)…………………………….. 4,547$ 1,050$ Three Months Ended March 31, Gearing Segment 2020 2019 Net (Loss)/Income……………………...……………………………. (314)$ 1,300$ Interest Expense………………………...……………………………… 50 83 Income Tax Provision…………………...…………………… 4 4 Depreciation and Amortization………………………………………………………………512 482 Share-based Compensation and Other Stock Payments………………………………………………………………15 92 Adjusted EBITDA (Non-GAAP)……………………….. 267$ 1,961$ Three Months Ended March 31,

EXHIBIT C (Continued) GAAP to Non - GAAP Adjusted EBITDA Reconciliation By Segment 22 | Investor Presentation Industrial Solutions 2020 2019 Net Income/(Loss)……………………...……………………………. 159$ (215)$ Interest Expense……………………………………………………. 1 1 Income Tax Provision/(Benefit)…………………...…………………… 31 (72) Depreciation and Amortization……………………………………. 104 122 Share-based Compensation and Other Stock Payments………… 19 13 Adjusted EBITDA (Non-GAAP)……………………………… 314$ (151)$ Three Months Ended March 31, Corporate and Other 2020 2019 Loss from continuing operations…………………………...…………. (1,590)$ (1,892)$ Interest Expense……………….…………………………………… 517 386 Income Tax (Benefit)/Provision……………………..…………… (721) 132 Depreciation and Amortization………………………………………………………………32 62 Share-based Compensation and Other Stock Payments………………………………………………………………239 167 Adjusted EBITDA (Non-GAAP)……………………..……………. (1,523)$ (1,145)$ Three Months Ended March 31,

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