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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
BW Industrial
BW Industrial (BWGC) investor relations material
BW Industrial has been private
BW Industrial Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Registration Filing summary21 Jan, 2026
Company overview and business model
Provides engineering, procurement, and construction (EPC) services for critical process systems in sectors such as automotive, energy storage, renewable energy, electronics, advanced manufacturing, and semiconductors.
Built expertise serving international companies expanding manufacturing in the U.S., now diversifying to domestic and additional foreign clients, and public sector projects.
Headquartered in Houston, Texas, with a wholly owned Texas subsidiary; incorporated in Delaware in 2025.
Offers comprehensive pre-construction advisory, cross-border technical navigation, and strategic procurement optimization.
Launched proprietary modular water treatment systems in 2025, targeting commercial and public sector clients in North and South America.
Financial performance and metrics
Revenue grew from $29.1 million in 2023 to $102.0 million in 2024; net income increased from $4.1 million to $7.8 million.
For the nine months ended September 30, 2025, revenue was $19.9 million with net income of $5.4 million, down from $66.3 million and $5.6 million, respectively, in the prior year period.
Revenue is highly concentrated: in 2024, two clients accounted for 78% and 19% of revenue; in 2023, one client accounted for 96%.
Gross profit margin decreased from 24% in 2023 to 13% in 2024 due to lower bidding margins and large project scale; margin rebounded to 54% for the nine months ended September 30, 2025, due to favorable change orders and cost adjustments.
Cash position as of September 30, 2025, was $4.6 million; net current assets were $15.1 million.
Use of proceeds and capital allocation
Plans to use 50% of IPO proceeds for business expansion (talent, geographic reach, public infrastructure projects), 35% for strategic acquisitions (design institutes, engineering firms, building materials), and 15% for working capital and general corporate purposes.
No specific acquisition targets identified as of the filing date.
Proceeds may be reallocated if business conditions change.
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BW Industrial
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