US Market News
2週前
Babcock & Wilcox to Support TerraSpark’s Development Efforts for 1.6 GW Coal-fired Power Plant Project in West VirginiaJune 8, 2026 6:30 AM
Business Wire Babcock & Wilcox (B&W) (NYSE: BW) today announced it is collaborating with TerraSpark in support of its planned energy generation project in West Virginia. The project, known as the TerraSpark Energy Campus, will include a 1.6-gigawatt (GW) coal-fired power plant, a multi-industry campus and a Coal Innovation & Training Center for rare earth extraction and advanced materials initiatives. The project has been awarded an $18.5 million grant from the U.S. Department of Energy to support its development. As part of the intended collaboration, B&W’s anticipated scope for the project would include the design and supply of four 400-megawatt supercritical boilers and a full suite of advanced emissions control equipment. Additionally, Babcock & Wilcox Construction Co., LLC would be expected to provide construction services. B&W will also work closely with Mantel for the project’s carbon capture technology. “This project aligns with B&W’s continued commitment to serving the U.S. coal fleet, which is a reliable, secure and essential component of the nation’s energy mix,” said Jimmy Morgan, B&W Executive Vice President and Chief Commercial Officer. “We look forward to the opportunity to work with the TerraSpark team as development progresses.” “Projects like the TerraSpark Energy Campus highlight how coal-based generation can play a critical role in delivering dependable, high-capacity and low-emissions power for emerging demands, including energy-intensive industrial and manufacturing infrastructure, while supporting U.S. energy priorities to ensure reliable and resilient domestic energy resources,” Morgan continued. “Our proven boiler and emissions control technologies are designed to help extend the life, improve performance and enhance the environmental compliance of existing and new coal-fired assets, and we look forward to further demonstrating our leadership in providing advanced, dependable energy solutions – including new, reliable baseload power – to our customers.” “We are building a truly stellar project team to support this effort, and Babcock & Wilcox will be a key part of that, bringing more than 160 years of innovation in the power generation industry,” said Bill Tolpegin, partner at TerraSpark. “We look forward to working with B&W to deliver reliable, around-the-clock power and advance this next-generation energy project in West Virginia.” “Coal will be an important part of global electricity generation for decades to come. Mantel's carbon capture technology enables coal-fired power plants and other industrial facilities to operate efficiently, but with dramatically lower emissions. Wherever coal operates, it should operate with the best emission control technologies available,” said Cameron Halliday, co-founder and CEO of Mantel. “Babcock & Wilcox’s leadership in advanced boiler design and air pollution control makes them a trusted and valuable resource. Their expertise will play an important role in helping move this project forward and developing the next generation of low-emission power systems.” About Babcock & Wilcox Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com. About TerraSpark TerraSpark is a next-generation eco-friendly energy developer. Its first flagship energy and infrastructure project is the TerraSpark Energy Campus located in West Virginia. It is designed to deliver 1.6 GW of reliable, around-the-clock power while setting a new standard for environmental performance, transparency, and local economic impact. For more information, visit terraspark.us or reach out to info@terraspark.us About Mantel Mantel is the carbon capture company built for heavy industry. Our high-temperature, liquid-phase carbon capture system uses a proprietary molten-borate that integrates directly into industrial operations. Mantel’s system reduces energy losses by 97% and operates at less than half the industry-average cost per tonne. Backed by leading global energy investors, including Shell, Eni, and bp, Mantel is deploying across power generation, oil & gas, pulp & paper, chemicals, and other critical sectors. For more information, visit mantelcapture.com or reach out to info@mantelcapture.com. Forward-Looking Statements B&W cautions that this release contains forward-looking statements regarding B&W’s support of development efforts for a 1.6 GW coal-fired power plant project in West Virginia and the anticipated design, supply and construction of boilers and environmental equipment for the project. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260608228683/en/ Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
investors@babcock.com Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
rscornell@babcock.com Original: Babcock & Wilcox to Support TerraSpark’s Development Efforts for 1.6 GW Coal-fired Power Plant Project in West Virginia
US Market News
1月前
Babcock & Wilcox Enterprises Announces Closing of Common Stock OfferingMay 18, 2026 5:22 PM
Business Wire Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced today the closing of its previously announced underwritten public offering of 12,432,432 shares of its common stock at a price to the public of $18.50 per share (the “Offering”). The 12,432,432 shares of common stock sold in the Offering reflect the full exercise by the underwriters of their option to purchase up to an additional 1,621,621 shares of common stock at the public offering price, less underwriting discounts and commissions. The Company received gross proceeds of approximately $230 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds of the Offering to prepay amounts outstanding under its Credit Agreement and subsequently reborrow such amounts under its Credit Agreement and use any such reborrowed amounts to fund project-related capital and working capital needs to influence steam turbine and boiler production capacity, support growth initiatives, including AI data center power generation projects and BrightLoopTM technology commercialization, potential acquisitions of aftermarket or other energy businesses, strengthen the Company’s balance sheet and for general corporate purposes. The Offering included participation from institutional and strategic investors, including Applied Digital Corporation (“Applied Digital”), which purchased approximately 540,500 shares at the public offering price. Wes Cummins, Chairman and Chief Executive Officer of Applied Digital, commented, “We are pleased to support Babcock & Wilcox in this transaction. We believe the Company is well positioned to capitalize on growing demand for power infrastructure supporting AI and high-performance computing applications, and we look forward to the opportunity to participate in its continued growth.” B. Riley Securities served as the lead book-running manager for the Offering. Craig-Hallum and Lake Street Capital Markets acted as joint book-running managers for the Offering. Northland Capital Markets acted as co-manager for the Offering. The shares of common stock were offered under the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on April 8, 2025. The Offering was made only by means of a prospectus supplement and accompanying base prospectus, which were filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus for the Offering may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities, Inc. at 1655 Fort Myer Drive, Suite 1200, Arlington, Virginia 22209, Attention: Syndicate Prospectus Department, by telephone at 703-312-9580 or by email at prospectuses@brileysecurities.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding the Company’s intended use of net proceeds from the Offering. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for further conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Senior Notes due 2026 prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties and subcontractors on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders' ownership or voting power; the significant influence of BRC Group Holdings, Inc. over us; anti-takeover provisions in our corporate documents; changes in tax rates or tax law; our ability to use net operating losses and certain tax credits; failure to maintain effective internal control over financial reporting; new accounting pronouncements or changes in existing accounting standards and practices; our ability to attract and maintain key personnel; our relationship with labor unions; pension and medical expenses associated with our retirement benefits; natural disasters or other events beyond our control; and the risks and uncertainties described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K and Part II, Item 1A of our Quarterly Reports on Form 10-Q as such risk factors may be amended, supplemented, or superseded from time to time by other reports we file with the SEC. These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements. About Babcock & Wilcox Enterprises Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260518668138/en/ Investor Contact:
Cameron Frymyer, Chief Financial Officer
Babcock & Wilcox Enterprises, Inc.
330.860.6176 | investors@babcock.com Media Contact:
Ryan Cornell, Public Relations Lead
Babcock & Wilcox Enterprises, Inc.
330.860.1345 | rscornell@babcock.com Original: Babcock & Wilcox Enterprises Announces Closing of Common Stock Offering
US Market News
1月前
Babcock & Wilcox Enterprises Announces Pricing of Common Stock OfferingMay 15, 2026 7:00 AM
Business Wire Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced that it priced an underwritten public offering of 10,810,811 shares of its common stock at a price to the public of $18.50 per share (the “Offering”), for gross proceeds of approximately $200 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company has granted the underwriters a 30-day option to purchase up to an additional 15% of its common stock sold in the Offering at the public offering price, less underwriting discounts and commissions. All of the shares in the Offering are being offered by B&W. The Offering is expected to close on May 18, 2026, subject to customary closing conditions. The Company intends to use the net proceeds of the Offering to prepay amounts outstanding under its Credit Agreement and subsequently reborrow such amounts under its Credit Agreement and use any such reborrowed amounts to fund project-related capital and working capital needs to influence steam turbine and boiler production capacity, support growth initiatives, including AI data center power generation projects and BrightLoop™ technology commercialization, potential acquisitions of aftermarket or other energy businesses, strengthen the Company’s balance sheet and for general corporate purposes. B. Riley Securities is serving as the lead book-running manager for the Offering. Craig-Hallum and Lake Street Capital Markets are acting as joint book-running managers for the Offering. Northland Capital Markets is acting as co-manager for the Offering. The shares of common stock were offered under the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on April 8, 2025. The Offering was made only by means of a preliminary prospectus supplement and accompanying base prospectus, which were filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying base prospectus for the Offering may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities, Inc. at 1655 Fort Myer Drive, Suite 1200, Arlington, Virginia 22209, Attention: Syndicate Prospectus Department, by telephone at 703-312-9580 or by email at prospectuses@brileysecurities.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding the Company’s public offering of common stock and intended use of net proceeds. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for further conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Senior Notes due 2026 prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties and subcontractors on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders' ownership or voting power; the significant influence of BRC Group Holdings, Inc. over us; anti-takeover provisions in our corporate documents; changes in tax rates or tax law; our ability to use net operating losses and certain tax credits; failure to maintain effective internal control over financial reporting; new accounting pronouncements or changes in existing accounting standards and practices; our ability to attract and maintain key personnel; our relationship with labor unions; pension and medical expenses associated with our retirement benefits; natural disasters or other events beyond our control; and the risks and uncertainties described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K and Part II, Item 1A of our Quarterly Reports on Form 10-Q as such risk factors may be amended, supplemented, or superseded from time to time by other reports we file with the SEC. These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements. About Babcock & Wilcox Enterprises Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515410605/en/ Investor Contact:
Cameron Frymyer, Chief Financial Officer
Babcock & Wilcox Enterprises, Inc.
330.860.6176 | investors@babcock.com Media Contact:
Ryan Cornell, Public Relations Lead
Babcock & Wilcox Enterprises, Inc.
330.860.1345 | rscornell@babcock.com Original: Babcock & Wilcox Enterprises Announces Pricing of Common Stock Offering
US Market News
1月前
Babcock & Wilcox Enterprises Announces Proposed Public Offering of Common StockMay 14, 2026 4:18 PM
Business Wire Babcock & Wilcox Enterprises, Inc. (“B&W” or the “Company”) (NYSE: BW) announced the commencement of an underwritten public offering of $200 million of its common stock (the “Offering”). The Company expects to grant the underwriters a 30-day option to purchase up to an additional 15% of its common stock sold in the proposed offering. All of the shares in the Offering are being offered by B&W. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The Company expects to use the net proceeds of this Offering to prepay amounts outstanding under its Credit Agreement and subsequently reborrow such amounts under its Credit Agreement and use any such reborrowed amounts to fund project-related capital and working capital needs to influence steam turbine and boiler production capacity, support growth initiatives, including AI data center power generation projects and BrightLoopTM technology commercialization, potential acquisitions of aftermarket or other energy businesses, strengthen our balance sheet and for general corporate purposes. B. Riley Securities is serving as the lead book-running manager for the Offering. Craig-Hallum and Lake Street Capital Markets are acting as joint book-running managers for the Offering. The shares of common stock will be offered under the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on April 8, 2025. The Offering will be made only by means of the preliminary prospectus supplement dated May 14, 2026 and the accompanying base prospectus dated April 8, 2025, as may be further supplemented by any free writing prospectus and/or pricing supplement that the Company may file with the SEC. Copies of the preliminary prospectus supplement and the accompanying base prospectus and any free writing prospectus and/or pricing supplement for the offering may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities, Inc. at 1655 Fort Myer Drive, Suite 1200, Arlington, Virginia 22209, Attention: Syndicate Prospectus Department, by telephone at 703-312-9580 or by email at prospectuses@brileysecurities.com. The final terms of the proposed Offering will be disclosed in a final prospectus supplement to be filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding the Company’s public offering of common stock and intended use of net proceeds. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for future conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Senior Notes due 2026 prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties’ and subcontractors’ on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders’ ownership or voting power; the significant influence of B. Riley over us; anti-takeover provisions in our corporate documents; changes in tax rates or tax law; our ability to use NOL and certain tax credits; failure to maintain effective internal control over financial reporting; new accounting pronouncements or changes in existing accounting standards and practices; our ability to attract and maintain key personnel; our relationship with labor unions; pension and medical expenses associated with our retirement benefit; natural disasters or other events beyond our control; and the risks and uncertainties described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K and Part II, Item 1A our Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements. About Babcock & Wilcox Enterprises Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc., is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514670059/en/ Investor Contact:
Cameron Frymyer, Chief Financial Officer
Babcock & Wilcox Enterprises, Inc.
330.860.6176 | investors@babcock.com Media Contact:
Ryan Cornell, Public Relations Lead
Babcock & Wilcox Enterprises, Inc.
330.860.1345 | rscornell@babcock.com Original: Babcock & Wilcox Enterprises Announces Proposed Public Offering of Common Stock
US Market News
1月前
Babcock & Wilcox Enterprises Reports First Quarter 2026 ResultsMay 11, 2026 6:30 AM
Business Wire Revenue in the first quarter of $214.4 million, a 44% increase compared to the same period of 2025, ahead of consensus street expectations Net loss from continuing operations was $79.6 million in the first quarter, of which $81.8 million was due to non-cash warrant and stock appreciation rights increased valuations from improved common stock performance Adjusted Net Income from continuing operations, which excludes non-cash warrants and other stock costs, was $2.2 million in the first quarter Adjusted EBITDA in the first quarter of $16.1 million, a 296% increase compared to the same period of 2025, ahead of consensus street expectations Total global pipeline grew by 17% to more than $14.0 billion Bookings of $2.5 billion in the first quarter, a 1,971% increase compared to the same period of 2025 Backlog of $2.7 billion in the first quarter, a 483% increase compared to the same period of 2025 Significantly reduced secured debt and unsecured bonds by 87% to a net debt of $42.4 million at the end of the quarter Q1 2026 Continuing Operations Highlights and Outlook Revenues of $214.4 million, compared to $148.6 million in the first quarter of 2025 Operating loss of $1.7 million, compared to $1.8 million in the first quarter of 2025 Net loss from continuing operations of $79.6 million, compared to a loss of $15.6 million in the first quarter of 2025 primarily due to increased non-cash warrant and other stock cost valuations Adjusted net income from continuing operations of $2.2 million, compared to an adjusted net loss of $15.6 million in the first quarter of 2025 Adjusted EBITDA of $16.1 million, compared to $4.0 million in the first quarter of 2025 Company reiterates full year 2026 Adjusted EBITDA target range of $80.0 million to $100.0 million from core business Babcock & Wilcox Enterprises, Inc. ("B&W", "Babcock & Wilcox" or the "Company") (NYSE: BW) announced its financial results for the first quarter of 2026. "We are pleased to report a strong financial and operational start to 2026 as first quarter revenue and Adjusted EBITDA exceeded Company and consensus street expectations. We are experiencing strong interest from new AI data center and hyperscaler customers, which plan to utilize our power generation solutions to support the increasing demand for energy,” commented Kenneth Young, B&W’s Chairman and Chief Executive Officer. "Global demand for our diverse technology portfolio supported by sustained momentum in our core business continues to grow while we reduce debt on our balance sheet. Innovative, strategic collaborations, such as our recent engagement with Base Electron, alongside the increasing power demands of AI data centers, has set the course for future growth at B&W while contributing to solid growth in our pipeline, bookings and backlog. Our continued focus on our strategic objectives is delivering results, positioning B&W to capitalize on strong global demand for baseload generation and behind-the-meter data center projects." "During the first quarter of 2026, we delivered strong operating results across all aspects of our business, highlighted by Revenue and Adjusted EBITDA that exceeded consensus street expectations for the quarter," Young said. "Additionally, we saw meaningful growth in adjusted net income from continuing operations this quarter. Excluding the $81.8 million of non-cash warrants and other stock-related costs, the Company had adjusted net income from continuing operations of $2.2 million for the first quarter. These recent developments and strong financial results are underpinned by positive operating cash flow and a significant reduction of secured debt and unsecured bonds during the quarter resulting in current net debt of $42.4 million, bringing net debt to below 1.0 times our trailing-twelve-month adjusted EBITDA. Our core parts and services continued to excel, delivering the strongest first quarter revenues in recent history, as higher demand from consumers, industrials and AI data centers drives increased coal baseload generation. We continue to pay down December 2026 bonds on the open market and plan to pay off these bonds in a timely fashion." "Additionally, our existing project with Base Electron continues to progress favorably as manufacturing of the boilers and steam turbines and other long-lead-time components continues as planned. The permitting process has begun as we work to provide our proven natural gas-fired boilers and related technologies, alongside Siemens Energy steam turbine systems, to deliver reliable, high-capacity energy generation on the fast-track timeline required by AI data center customers. Boiler manufacturing and other long-lead-time items have now been released and are currently moving forward, and we are preparing for onsite construction to progress as planned." "This quarter represents another positive step forward for B&W, as we continue to convert our global pipeline of identified project opportunities. We believe our results reflect a strong global demand for B&W's technologies and combined with the increased demand for power generation gives us a solid foundation for continued growth this year, and for many years to follow. Our global pipeline increased by 17% and now exceeds $14.0 billion in project opportunities due to this surging demand. We are excited about the progress to date and remain optimistic that we will continue to execute on our existing pipeline while maintaining viability for future expansion as we move forward." Q1 2026 Continuing Operations Financial Summary Revenues in the first quarter of 2026 were $214.4 million, a 44% increase compared to $148.6 million in the first quarter of 2025, primarily driven by an increase in large project volume of over $60 million, including our ongoing project with Base Electron. Operating loss in the first quarter of 2026 was $1.7 million compared to an operating loss of $1.8 million in the first quarter of 2025. Net loss from continuing operations in the first quarter of 2026 was $79.6 million, compared to a net loss from continuing operations of $15.6 million in the first quarter of 2025. Net loss in the first quarter of 2026 was primarily driven by $81.8 million of non-cash warrant valuations and other stock-related costs due to the increased common stock performance. Adjusted net income from continuing operations was $2.2 million. Loss per share in the first quarter of 2026 was $0.62 compared to a loss per share of $0.19 in the first quarter of 2025. Adjusted EBITDA was $16.1 million, an increase of 296% compared to $4.0 million in the first quarter of 2025. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of the non-GAAP measures of Adjusted EBITDA, net debt and adjusted net income from continuing operations to the most directly comparable GAAP measures are provided in the exhibits to this release. See “Bookings and Backlog” below for important information regarding our calculation and presentation of those metrics. Liquidity and Balance Sheet At March 31, 2026, the Company had secured debt and bonds of $237.2 million, and a cash, cash equivalents and restricted cash balance of $194.8 million, which when deducted equals net debt of $42.4 million. During the quarter B&W paid off $15.0 million in outstanding bonds due in December 2026. The Company expects to fully pay off remaining outstanding December 2026 bonds in 2026. Earnings Call Information B&W plans to host a conference call and webcast on Monday, May 11, 2026 at 5 p.m. ET to discuss the Company’s first quarter 2026 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 461-5787; the dial-in number for participants in Canada is (365) 657-4084; the dial-in number for participants in all other locations is (585) 542-9983. The conference ID for all participants is 737825489. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time. Non-GAAP Financial Measures The Company uses non-GAAP financial measures internally, also referred to in this release as “adjusted” financial measures, to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP. Adjusted EBITDA on a consolidated basis is a non-GAAP metric and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, stock-based compensation, restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs, and costs related to financial consulting. In addition, the Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before overhead and other expenses not attributable to the operating performance of the Company. The Company added two additional non-GAAP financial measures in the first quarter of 2026: net debt and adjusted net income from continuing operations. The Company presents the non-GAAP financial measure of net debt, which excludes sale-leaseback related transactions, forgivable and other loans, unamortized financing fees and premium as management believes that this provides a better representation of debt that has an obligation of repayment, less cash on hand. The Company presents the non-GAAP financial measure of adjusted net income from continuing operations, which excludes $81.8 million of non-cash warrants and other stock-related costs, as management believes it is a useful measure for investors to accurately reflect the impact of recent stock price growth on costs related to customer warrants and stock-based compensation. This release also presents certain targets for the Company's Adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs. Bookings and Backlog Bookings and backlog are our measures of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies. We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog. Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods and that shorter-term changes in bookings may not necessarily indicate a material trend. Pipeline Pipeline represents our uncontracted, potential opportunities, which have been identified and are in active discussions, that could reach a decision to proceed over the next 36 months. Pipeline is an internal metric monitored by management to understand the anticipated growth of our Company and our estimated future revenue, which may increase or decrease from time to time. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Impacts of Market Conditions Management continues to adapt to macroeconomic conditions, including the impacts from inflation, changing interest rates and foreign exchange rate volatility, current and potential tariff actions, geopolitical conflicts (including the ongoing conflicts in Ukraine and the Middle East) and global shipping and supply chain disruptions that continued to have an impact across 2026. In certain instances, these situations have resulted in cost increases and delays or disruptions that have had, and could continue to have, an adverse impact on our ability to meet customers’ demands. We continue to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact on our operating results cannot be reasonably estimated. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding expected demand, our pipeline, technology, and opportunities. You should not place undue reliance on these statements. Forward-looking statements may include words such as "expect," "intend," "plan," "likely," "seek," "believe," "project," "forecast," "target," "goal," "potential," "estimate," "may," "might," "will," "would," "should," "could," "can," "have," "due," "anticipate," "assume," "contemplate," "continue" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for future conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Senior Notes due 2026 prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties' and subcontractors' on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders' ownership or voting power; the significant influence of B. Riley over us; anti-takeover provisions in our corporate documents; changes in tax rates or tax law; our ability to use NOL and certain tax credits; failure to maintain effective internal control over financial reporting; new accounting pronouncements or changes in existing accounting standards and practices; our ability to attract and maintain key personnel; our relationship with labor unions; pension and medical expenses associated with our retirement benefit; natural disasters or other events beyond our control; and the risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of our Annual Report and Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. About B&W Enterprises, Inc. Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com. Exhibit 1 Babcock & Wilcox Enterprises, Inc. Condensed Consolidated Statements of Operations (1) (Unaudited) (In millions, except per share amounts) Three Months Ended March 31, 2026 2025 Revenues $ 214.4 $ 148.6 Costs and expenses: Cost of operations 171.0 120.8 Selling, general and administrative expenses 44.4 28.3 Research and development costs 0.8 0.3 Impairment of long-lived assets — 1.0 (Gain) loss on asset disposals, net (0.1 ) — Total costs and expenses 216.1 150.4 Operating loss (1.7 ) (1.8 ) Other (expense) income: Interest expense (4.4 ) (11.0 ) Interest income 0.6 0.2 Benefit plans, net 0.4 (0.8 ) Foreign exchange (0.1 ) (0.4 ) Change in fair value of customer warrants (70.2 ) — Other (expense) income – net (0.1 ) 0.1 Total other expense (73.8 ) (11.9 ) Loss from continuing operations before income tax expense (75.5 ) (13.7 ) Income tax expense 4.2 1.9 Loss from continuing operations (79.6 ) (15.6 ) Income (loss) from discontinued operations, net of tax 2.7 (6.4 ) Net loss attributable to stockholders (76.9 ) (22.0 ) Less: Dividend on Series A Preferred Stock 3.7 3.7 Net loss attributable to stockholders of common stock $ (80.7 ) $ (25.7 ) Basic and diluted loss per share Continuing operations $ (0.62 ) $ (0.19 ) Discontinued operations 0.02 (0.07 ) Basic and diluted loss per share $ (0.60 ) $ (0.26 ) Shares used in the computation of loss per share: Basic and diluted 133.8 97.9 (1) Figures may not be clerically accurate due to rounding Exhibit 2 Babcock & Wilcox Enterprises, Inc. Condensed Consolidated Balance Sheets (1) (Unaudited) (In millions) March 31, 2026 December 31, 2025 Cash and cash equivalents $ 106.5 $ 89.5 Current restricted cash 54.2 85.0 Accounts receivable – trade, net 126.4 118.4 Contracts in progress 90.9 72.8 Inventories, net 60.7 60.9 Current customer contract asset 10.5 8.3 Other current assets 42.0 35.9 Total current assets 491.3 470.7 Net property, plant and equipment and finance leases 70.8 65.5 Goodwill 52.7 53.1 Intangible assets, net 14.3 15.3 Right-of-use assets 16.6 17.7 Long-term restricted cash 34.1 26.9 Deferred tax assets 0.9 0.9 Customer contract asset noncurrent 60.9 — Other assets 16.2 12.9 Total assets $ 757.8 $ 662.9 Accounts payable $ 108.8 $ 69.2 Accrued employee benefits 10.6 4.6 Advance billings on contracts 106.5 112.0 Accrued warranty expense 3.5 3.6 Financing lease liabilities 2.0 1.9 Operating lease liabilities 3.6 3.8 Customer warrants 142.8 8.3 Other accrued liabilities 47.0 32.1 Current senior notes 69.1 83.9 Current borrowings 0.7 67.4 Total current liabilities 494.5 386.7 Borrowings, net of current portion 56.8 18.9 Senior Notes due 2030 149.3 151.0 Pension and other postretirement benefit liabilities 168.9 176.2 Finance lease liabilities, net of current portion 26.3 26.7 Operating lease liabilities, net of current portion 14.2 15.1 Deferred tax liability 10.6 10.7 Other noncurrent liabilities 9.4 9.2 Total liabilities 929.9 794.5 Stockholders' deficit: Preferred Stock 0.1 0.1 Common stock 5.7 5.6 Capital in excess of par value 1,738.5 1,691.4 Treasury stock at cost (122.1 ) (115.9 ) Accumulated deficit (1,777.4 ) (1,696.7 ) Accumulated other comprehensive loss (16.9 ) (16.0 ) Total stockholders' deficit (172.1 ) (131.5 ) Total liabilities and stockholders' deficit $ 757.8 $ 662.9 (1) Figures may not be clerically accurate due to rounding. Exhibit 3 Babcock & Wilcox Enterprises, Inc. Condensed Consolidated Statements of Cash Flows (1) (Unaudited) (In millions) Three Months Ended March 31, 2026 2025 Operating Activities: Net loss from continuing operations $ (79.6 ) $ (15.6 ) Net income (loss) from discontinued operations 2.7 (6.4 ) Net loss (76.9 ) (22.0 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization of long-lived assets 2.5 2.5 Impairment of long-lived assets — 8.8 Amortization of deferred financing costs and debt premium (1.2 ) 1.5 Amortization of customer warrants 1.1 — Change in fair value of customer warrants 70.2 — Non-cash operating lease expense 0.9 1.7 Gain on sale of business (2.7 ) — (Gain) loss on asset disposals (0.1 ) — Benefit from deferred income taxes, including valuation allowances (0.1 ) (0.5 ) Prior service cost amortization for pension and postretirement plans (0.4 ) 0.1 Stock-based compensation 13.2 0.8 Foreign exchange 0.1 (1.8 ) Unrealized loss (gain) on securities — (0.5 ) Bad debt expense — 0.6 Changes in operating assets and liabilities: Accounts receivable - trade, net (8.0 ) (14.3 ) Contracts in progress (18.0 ) 11.0 Other current and noncurrent assets (4.3 ) (5.7 ) Advance billings on contracts (5.5 ) (7.5 ) Inventories, net 0.1 (3.0 ) Income taxes 2.8 0.3 Accounts payable 39.6 19.6 Accrued and other current liabilities 5.6 8.9 Accrued contract loss (0.1 ) (3.5 ) Pension liabilities, accrued postretirement benefits and employee benefits (0.5 ) (3.6 ) Other, net (0.5 ) (1.8 ) Net cash provided by (used in) operating activities 17.8 (8.5 ) Investing Activities: Purchase of property, plant and equipment (7.1 ) (4.3 ) Proceeds from sale of business and assets 3.6 — Purchases of securities (0.6 ) (4.0 ) Sales and maturities of securities 0.6 4.4 Net cash used in investing activities (3.5 ) (3.9 ) Financing Activities: Borrowings on loan payable 0.4 19.0 Repayments on loan payable (29.1 ) (20.4 ) Buyback of Senior Notes due 2026 (15.0 ) — Finance lease payments (0.5 ) (0.4 ) Payment of Preferred Stock dividends (3.7 ) (3.7 ) Employee tax withholding on stock-based compensation (6.2 ) — Issuance of common stock, net 34.1 5.2 Debt issuance costs (0.3 ) — Payment of non-controlling interest dividends — (0.1 ) Net cash used in financing activities (20.3 ) (0.4 ) Effects of exchange rate changes on cash (0.5 ) 0.4 Net decrease in cash, cash equivalents and restricted cash (6.5 ) (12.4 ) Cash, cash equivalents and restricted cash at beginning of period 201.4 131.1 Cash, cash equivalents and restricted cash at end of period $ 194.8 $ 118.6 (1) Figures may not be clerically accurate due to rounding. Exhibit 4 Babcock & Wilcox Enterprises, Inc. Reconciliation of Adjusted EBITDA (1) (In millions) Three Months Ended March 31, 2026 2025 Loss from continuing operations $ (79.6 ) $ (15.6 ) Interest expense, net 3.8 10.8 Income tax expense 4.2 1.9 Depreciation & amortization 2.5 2.3 EBITDA (69.2 ) (0.6 ) Impairment of long-lived assets — 1.0 Benefit plans, net (0.4 ) 0.8 (Gain) loss on asset disposals, net (0.1 ) — Stock-based compensation 13.2 0.8 Restructuring activities 0.5 0.1 Settlements and related legal costs — 0.1 Foreign exchange 0.1 0.4 Financial advisory services 0.5 1.8 Customer warrants 1.1 — Change in fair value of customer warrants 70.2 — Other-net 0.1 (0.3 ) Adjusted EBITDA $ 16.1 $ 4.0 (1) Figures may not be clerically accurate due to rounding. Exhibit 5 Babcock & Wilcox Enterprises, Inc. Reconciliation of Total Debt (1) (In millions) March 31, 2026 Total Debt (2) $ 237.2 Senior Notes 199.3 Letter of Credit Collateral (3) 37.9 Cash, cash equivalents and restricted cash 194.8 Net Debt $ 42.4 (1) Figures may not be clerically accurate due to rounding. (2) Excludes sale-leaseback related transactions, forgivable and other loans of $19.6 million. Also excludes unamortized deferred financing fees and premium of $19.1 million. Without these adjustments current and non-current debt would total $275.9 million as reported in the 10-Q. (3) Letter of Credit Collateral under the Axos Credit Facility is on B&W's Balance Sheet in Restricted & Long-Term Restricted Cash offset by debt. March 31, 2025 Total Debt (4) $ 467.9 Senior Notes 344.5 Revolving Credit Line 45.0 Letter of Credit Collateral (5) 78.4 Cash, cash equivalents and restricted cash 118.6 Net Debt $ 349.3 (4) Excludes sale-leaseback related transactions, forgivable and other loans of $9.3 million. Also excludes unamortized deferred financing fees and premium of $(3.6 million). Without these adjustments current and non-current debt would total $473.6 million as previously reported on Form 10-Q for the quarter ended March 31, 2025. (5) Letter of Credit Collateral under the Axos Credit Facility is on B&W's Balance Sheet in Restricted & Long-Term Restricted Cash offset by debt. Exhibit 6 Babcock & Wilcox Enterprises, Inc. Reconciliation of Net Loss (1) (In millions) Three Months Ended March 31, 2026 2025 Net loss from continuing operations $ (79.6 ) $ (15.6 ) Stock appreciation rights (2) 6.0 — Customer warrants (3) 75.8 — Adjusted net income from continuing operations $ 2.2 $ (15.6 ) (1) Figures may not be clerically accurate due to rounding. (2) Stock appreciation rights issued in 2018 for target stock price of $22.50 and $25.00 to certain employees and former employees whose value was significantly increased by the Company’s increased share value, resulting in an additional expense of $6.4 million in the quarter, reduced by the tax effect of $0.4 million. (3) These customer warrants were issued to Base Electron and Applied Digital in November 2025 and February 2026. The amount includes the variance in warrant value at quarter-end compared to the original valuation at grant of the awards which is reported separately as expense in the calculation of income (loss) from continuing operations. This also includes amortization of the cost of the warrants reported as a reduction in revenue for the period. The tax effect of these adjustments is an increase of $4.5 million. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511023290/en/ Investor Contact:
Cameron Frymyer, Chief Financial Officer
Babcock & Wilcox Enterprises, Inc.
330.860.6176 | investors@babcock.com Media Contact:
Ryan Cornell, Public Relations Lead
Babcock & Wilcox Enterprises, Inc.
330.860.1345 | rscornell@babcock.com Original: Babcock & Wilcox Enterprises Reports First Quarter 2026 Results
US Market News
4月前
Babcock & Wilcox Reports Fourth Quarter and Full Year 2025 ResultsMarch 4, 2026 6:30 AM
Business Wire
Revenue, Operating Income and EBITDA all ahead of street expectations
Revenue in fourth quarter of $161.0 million
Operating income in the fourth quarter of $12.2 million, compared to operating income of $2.6 million in the same period of 2024
Adjusted EBITDA from Continuing Operations in the fourth quarter of $16.4 million, a 53% increase compared to the same period of 2024
Parts & services revenues increased 17% in 2025, continuing to outperform expectations due to increased coal generation usage and higher baseload demand in North America
Paid off outstanding bonds due February 2026 in December 2025
Signed full notice to proceed for a $2.4 billion AI data center project
Total global pipeline continues to grow and now exceeds $12.0 billion
Continuing Operations Backlog of $2.8 billion, including the $2.4 billion data center project
Significantly reduced debt on balance sheet, resulting in net debt of $119.7 million
Q4 2025 Continuing Operations Financial Highlights
Revenue of $161.0 million, compared to revenue of $161.8 million in the fourth quarter of 2024
Loss from Continuing Operations of $3.5 million, compared to a loss from Continuing Operations of $53.8 million in the fourth quarter of 2024
Loss per share of $0.05, compared to a loss per share of $0.61 in the fourth quarter of 2024
Adjusted EBITDA from Continuing Operations of $16.4 million, compared to Adjusted EBITDA from Continuing Operations of $10.7 million in the fourth quarter of 2024
Full Year 2025 Continuing Operations Financial Highlights
Revenue of $587.7 million, compared to revenue of $581.0 million in 2024
Loss from Continuing Operations of $32.8 million, compared to a loss from Continuing Operations of $104.3 million in 2024
Loss per share of $0.45, compared to a loss per share of $1.30 in 2024
Adjusted EBITDA from Continuing Operations of $43.7 million, compared to $21.2 million in 2024
Backlog of $2.8 billion with the inclusion of recent data center project, a 470% increase compared to the end of 2024
Babcock & Wilcox Enterprises, Inc. ("B&W", "Babcock & Wilcox" or the "Company") (NYSE: BW) announced it has entered into an agreement for the full notice to proceed on a $2.4 billion project with Base Electron, backed by Applied Digital (NASDAQ: APLD), advancing the November 2025 limited notice to proceed for 1.2 GW of efficient natural gas technology for AI Factory campuses. The company also announced its financial results for the fourth quarter and full year 2025.
"During the fourth quarter of 2025, we delivered strong operating results while displaying continued core business momentum and achieving a substantial reduction of debt on our balance sheet," said Kenneth Young, B&W Chairman and Chief Executive Officer. "Adjusted EBITDA and Operating Income significantly outperformed consensus street expectations for the quarter. The improvements in our operating results demonstrate B&W's evolution and the notable strategic advancements we have made since 2024. Additionally, our core parts & services continued to excel in the fourth quarter, reflecting tailwinds from increased coal baseload generation usage due to higher demand from consumers, industrials and data centers. During the quarter we paid off the remaining bonds due in February 2026 and plan to pay off the December 2026 bonds in a timely fashion. We have reduced our senior debt levels and recently extended the maturity date of our Axos facility."
“Our full year 2025 results reflect the major strides that Babcock & Wilcox has taken in the past year. We have rightsized our balance sheet, reduced our debt, and continued to develop a robust pipeline and backlog supplemented by innovative new partnerships. We saw significant year-over-year increases in adjusted EBITDA and our core parts & services across 2025, indicating that the strategic actions we have implemented are delivering measurable bottom-line results. We continue to make progress in converting our global pipeline of identified project opportunities and we believe these results reflect a strong global demand for our technologies, underpinning our pipeline and outlook for sustained growth as we move into 2026."
"Building on our strong financial results, our announcement of full notice to proceed on our project with Base Electron is an exciting step forward as B&W further expands into power generation for the rapidly evolving AI Data Center space," Young said. “We believe that our proven and previously installed natural gas-fired boilers and related technologies – as well as steam turbines supplied through an agreement with Siemens Energy – will provide the reliable, high-capacity energy generation on the fast-track schedule that is required to meet the demand of the power grid today. We are in discussions on other data center opportunities which are reflected in our current pipeline of over $12.0 billion. We are also seeing increased coal utilization and opportunities to deliver coal technologies that provide reliable and secure power to our utility customers in North America."
"We believe that B&W is uniquely positioned to capitalize on the growing demand for baseload generation around the world. We are seeing increased use of coal power generation, as well as upgrades, and enhancements as mandates by the Department of Energy and the National Energy Dominance Council continue to push for more coal power usage. This and the increased demand for fossil fuel power generation and the lengthy delays in obtaining combustion turbines directly correlate with our abilities to provide solutions faster utilizing proven steam generation technologies. The increasing need for power and electricity to support artificial intelligence and data center growth have become key drivers for momentum across our broad range of technologies. As a result of this surging demand, our global pipeline remains robust, exceeding $12.0 billion in project opportunities, after previously converting the $2.4 billion data center project from pipeline to backlog. Even with the conversion of this recent $2.4 billion order, our pipeline still grew by roughly 20% in 2025. We remain optimistic that we will continue to execute on our existing pipeline while maintaining viability for future expansion alongside rising demand for power generation in the United States and beyond."
All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of income (loss) from continuing operations, the most directly comparable GAAP measure to Adjusted EBITDA, are provided in the exhibits to this release. See “Bookings and Backlog” below for important information regarding our calculation and presentation of those metrics.
Q4 2025 Continuing Operations Financial Summary
Revenues in the fourth quarter of 2025 were $161.0 million, compared to revenues of $161.8 million in the fourth quarter of 2024. Operating income in the fourth quarter of 2025 was $12.2 million, compared to operating income of $2.6 million in the fourth quarter of 2024. Loss from continuing operations in the fourth quarter of 2025 was $3.5 million, compared to a loss from continuing operations of $53.8 million in the fourth quarter of 2024. Loss per share in the fourth quarter of 2025 was $0.05, compared to a loss per share of $0.61 in the fourth quarter of 2024. Adjusted EBITDA was $16.4 million, an increase compared to $10.7 million in the fourth quarter of 2024.
Full Year 2025 Continuing Operations Financial Summary
Consolidated revenues in 2025 were $587.7 million, a 1.2% increase compared to $581.0 million in 2024. Loss from continuing operations in 2025 was $32.8 million compared to a loss from continuing operations of $104.3 million in 2024. Operating income in 2025 was $20.7 million, compared to an operating loss of $6.3 million in 2024 and consolidated Adjusted EBITDA was $43.7 million, an increase of 107% compared to $21.2 million in 2024. With the inclusion of the recently announced data center project, 2025 backlog increased to $2.8 billion, a 470% increase compared to December 31, 2024. Reconciliations of income (loss) from continuing operations, the most directly comparable GAAP measure to Adjusted EBITDA, are provided in the exhibits to this release.
Liquidity and Balance Sheet
At December 31, 2025, the Company had total debt of $321.1 million and a cash, cash equivalents and restricted cash balance of $201.4 million which when deducted equals net debt of $119.7 million. B&W fully paid off outstanding February 2026 bonds in December 2025. The Company expects to fully pay off remaining outstanding December 2026 bonds in 2026.
Earnings Call Information
B&W plans to host a conference call and webcast on Monday, March 16, 2026 at 5 p.m. ET to discuss the Company's fourth quarter 2025 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 470-1428; the dial-in number for participants in Canada is (833) 950-0062; the dial-in number for participants in all other locations is (929) 526-1599. The conference ID for all participants is 975139. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally, also referred to in this release as “adjusted” financial measures, to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.
Adjusted EBITDA on a consolidated basis is a non-GAAP metric and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, stock compensation, restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs, and costs related to financial consulting. In addition, the Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before overhead and other expenses not attributable to the operating performance of the Company. In addition, the Company presents the non-GAAP financial measure of Adjusted EBITDA excluding BrightLoop™ and ClimateBright™. Management believes this measure is useful to investors because of the increasing importance of BrightLoop and ClimateBright to the future growth of the Company. Management uses Adjusted EBITDA excluding BrightLoop and ClimateBright to assess the Company's performance independent of these technologies.
Bookings and Backlog
Bookings and backlog are our measures of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies.
We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.
Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods and that shorter-term changes in bookings may not necessarily indicate a material trend.
Pipeline
Pipeline represents our uncontracted, potential opportunities, which have been identified and are in active discussions, that could reach a decision to proceed over the next 36 months. Pipeline is an internal metric monitored by management to understand the anticipated growth of our Company and our estimated future revenue, which may increase or decrease from time to time.
We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity.
Impacts of Market Conditions
Management continues to adapt to macroeconomic conditions, including the impacts from inflation, changing interest rates and foreign exchange rate volatility, current and potential tariff actions, geopolitical conflicts (including the ongoing conflicts in Ukraine and the Middle East) and global shipping and supply chain disruptions that continued to have an impact across 2025. In certain instances, these situations have resulted in cost increases and delays or disruptions that have had, and could continue to have, an adverse impact on our ability to meet customers’ demands. We continue to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact on our operating results cannot be reasonably estimated.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. These forward-looking statements include, without limitation, statements regarding expected demand, our pipeline, technology, and opportunities. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, but not limited to: the potential for future conditions that could raise substantial doubt as to our ability to continue as a going concern, which has occurred in the past; our obligation to refinance or repay our 6.50% Notes due 2026 prior to their maturity; risks associated with contractual pricing in our industry; disputes with customers with long-term contracts; the performance of third parties' and subcontractors' on whom we rely; disruptions at our or third-party manufacturing facilities; our ability to execute our growth strategy; our evaluation of strategic alternatives; our ability to deliver our backlog on time or at all; professional liability, product liability, warranty or other claims; inadequate insurance coverage; our ability to compete successfully against current and future competitors; our development of new products; cyclical and economic impacts on demand for our products; compliance with government regulations; legislative and regulatory developments impacting our business; supply chain issues; the financial and other covenants in our debt agreements; our ability to maintain adequate bonding and letter of credit capacity; impairment to our goodwill or other indefinite-lived intangible assets; our exposure to credit risk; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; failure to comply with data and privacy laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches; failure to protect our intellectual property rights, or inability to obtain or renew licenses to use intellectual property of third parties; uncertainty over tariffs and their impacts; sanctions and export controls; international political, economic and other uncertainties; fluctuations in the value of foreign currencies could harm our profitability; volatility of the market price and trading volume of our common stock; dilution of our common shareholders' ownership or voting power; the significant influence of B. Riley over us; anti-takeover provisions in our corporate documents; changes in tax rates or tax law; our ability to use NOL and certain tax credits; failure to maintain effective internal control over financial reporting; new accounting pronouncements or changes in existing accounting standards and practices; our ability to attract and maintain key personnel; our relationship with labor unions; pension and medical expenses associated with our retirement benefit; natural disasters or other events beyond our control; and the risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of our most recent Annual Report, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC.
These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
About B&W Enterprises, Inc.
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
Exhibit 1
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Statements of Operations (1)
(In millions, except per share amounts)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
Revenues
$
161.0
$
161.8
$
587.7
$
581.0
Costs and expenses:
Cost of operations
119.7
125.1
443.8
454.3
Selling, general and administrative expenses
28.7
28.2
119.5
124.5
Research and development (benefit) costs
(0.1
)
2.4
1.5
5.1
Impairment of long-lived assets
—
3.7
1.0
3.7
Loss (gain) on asset disposals, net
0.5
(0.4
)
1.2
(0.4
)
Total costs and expenses
148.8
159.2
566.9
587.4
Operating income (loss)
12.2
2.6
20.8
(6.4
)
Other (expense) income:
Interest expense
(7.0
)
(12.1
)
(37.5
)
(46.1
)
Interest income
0.4
0.2
1.5
0.7
Gain (Loss) on debt extinguishment
0.1
(0.5
)
1.8
(7.3
)
Benefit plans, net
(7.4
)
(31.4
)
(9.8
)
(31.2
)
Foreign exchange
0.2
(2.0
)
0.1
0.2
Other expense, net
(0.4
)
(0.3
)
(1.4
)
(1.4
)
Total other expense, net
(14.2
)
(46.1
)
(45.3
)
(85.1
)
Loss from continued operations before income tax expense
(2.0
)
(43.6
)
(24.6
)
(91.5
)
Income tax expense
1.6
10.3
8.3
12.8
Loss from continuing operations
(3.5
)
(53.8
)
(32.8
)
(104.3
)
Income (loss) from discontinued operations, net of tax
12.8
(9.3
)
(3.3
)
44.4
Net income (loss) attributable to stockholders
9.2
(63.2
)
(36.2
)
(59.9
)
Less: Dividend on Series A preferred stock
3.7
3.7
14.9
14.9
Net income (loss) attributable to stockholders of common stock
$
5.5
$
(66.9
)
$
(51.0
)
$
(74.8
)
Basic and diluted loss per share
Continuing operations
$
(0.05
)
$
(0.61
)
$
(0.45
)
$
(1.30
)
Discontinued operations
0.10
(0.10
)
(0.03
)
0.48
$
0.05
$
(0.71
)
$
(0.48
)
$
(0.82
)
Shares used in the computation of loss per share:
Basic and diluted
121.8
94.1
105.4
91.7
(1) Figures may not be clerically accurate due to rounding
Exhibit 2
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Balance Sheets (1)
(In millions, except per share amount)
December 31, 2025
December 31, 2024
Cash and cash equivalents
$
89.5
$
23.4
Current restricted cash
85.0
94.2
Accounts receivable – trade, net
118.4
91.8
Contracts in progress
72.8
79.1
Inventories, net
60.9
58.3
Other current assets
44.2
23.5
Current assets held for sale
—
183.2
Total current assets
470.7
553.5
Net property, plant and equipment, and finance leases
65.5
60.9
Goodwill
53.1
51.4
Intangible assets, net
15.3
17.6
Right-of-use assets
17.7
16.9
Long-term restricted cash
26.9
10.0
Deferred tax assets
0.9
0.2
Other assets
12.9
16.5
Total assets
$
662.9
$
727.0
Accounts payable
$
69.2
$
88.3
Accrued employee benefits
4.6
3.8
Advance billings on contracts
112.0
56.4
Accrued warranty expense
3.6
2.7
Financing lease liabilities
1.9
1.6
Operating lease liabilities
3.8
3.2
Other accrued liabilities
40.4
28.0
Current senior notes
83.9
—
Current borrowings
67.4
125.1
Current liabilities held for sale
—
97.5
Total current liabilities
386.7
406.7
Senior notes, net of current portion
—
340.2
Senior notes due 2030
151.0
—
Borrowings, net of current portion
18.9
8.6
Pension and other postretirement benefit liabilities
176.2
192.7
Finance lease liabilities, net of current portion
26.7
28.5
Operating lease liabilities, net of current portion
15.1
13.8
Deferred tax liability
10.7
9.8
Other noncurrent liabilities
9.2
10.0
Total liabilities
794.5
1,010.2
Stockholders' deficit:
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares 7,669 at both December 31, 2025 and December 31, 2024
0.1
0.1
Common stock, par value $0.01 per share, authorized shares of 500,000; outstanding shares of 130,447 and 95,138 at December 31, 2025 and December 31, 2024, respectively
5.6
5.2
Capital in excess of par value
1,691.4
1,558.8
Treasury stock at cost, 2,690 and 2,379 shares at December 31, 2025 and December 31, 2024, respectively
(115.9
)
(115.5
)
Accumulated deficit
(1,696.7
)
(1,645.7
)
Accumulated other comprehensive loss
(16.0
)
(86.7
)
Stockholders' deficit attributable to shareholders
(131.5
)
(283.8
)
Non-controlling interest
—
0.6
Total stockholders' deficit
(131.5
)
(283.2
)
Total liabilities and stockholders' deficit
$
662.9
$
727.0
(1) Figures may not be clerically accurate due to rounding.
Exhibit 3
Babcock & Wilcox Enterprises, Inc.
Condensed Consolidated Statements of Cash Flows (1)
(In millions)
Year ended December 31,
2025
2024
Operating Activities:
Net loss from continuing operations
$
(32.8
)
$
(104.3
)
Net (loss) income from discontinued operations
(3.3
)
44.4
Net loss
(36.2
)
(59.9
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of long-lived assets
10.1
16.7
Impairment of long-lived assets
9.9
9.6
Amortization of deferred financing costs and debt premium
3.5
5.8
Amortization of guaranty fee
0.1
2.9
Non-cash operating lease expense
3.9
7.4
(Gain) loss on debt extinguishment
(1.8
)
7.3
Gain on sale of business
(38.9
)
(58.9
)
Loss on asset disposals
5.7
0.4
Provision for (benefit from) deferred income taxes, including valuation allowances
0.8
7.1
Mark to market, prior service cost amortization for pension and postretirement plans
9.7
34.9
Stock-based compensation, net of associated income taxes
2.8
4.7
Foreign exchange
(6.1
)
3.1
Bad debt (recovery) expense
(6.4
)
(1.1
)
Changes in operating assets and liabilities:
Accounts receivable - trade, net
(16.5
)
(12.2
)
Contracts in progress
19.7
(41.6
)
Other current and noncurrent assets
(14.4
)
(5.7
)
Advance billings on contracts
50.7
(3.3
)
Inventories, net
(7.8
)
(6.4
)
Income taxes
0.2
9.7
Accounts payable
(57.9
)
8.1
Accrued and other current liabilities
15.8
(28.5
)
Accrued contract loss
(4.8
)
(2.4
)
Pension liabilities, accrued postretirement benefits and employee benefits
(10.6
)
(16.8
)
Other, net
(0.4
)
0.5
Net cash used in operating activities
(68.9
)
(118.7
)
Investing Activities:
Purchase of property, plant and equipment
(16.8
)
(11.2
)
Proceeds from sale of business and assets
216.3
120.9
Purchases of securities
(6.0
)
(7.1
)
Sales and maturities of securities
3.5
7.4
Net cash provided by investing activities
197.0
109.9
Financing Activities:
Borrowings on loan payable
84.6
215.6
Repayments on loan payable
(138.9
)
(121.9
)
Buyback of Senior Notes due 2026
(110.7
)
—
Payment of holdback funds from acquisition
—
(3.0
)
Finance lease payments
(1.7
)
(1.4
)
Payment of Preferred Stock dividends
(14.9
)
(18.6
)
Shares of common stock returned to treasury stock
(0.4
)
(0.3
)
Issuance of common stock, net
130.1
7.9
Debt issuance costs
(6.5
)
(8.5
)
Payment of non-controlling interest dividends
(0.1
)
—
Other, net
(0.3
)
(0.2
)
Net cash (used in) provided by financing activities
(58.7
)
69.7
Effects of exchange rate changes on cash
0.9
(1.3
)
Net increase in cash, cash equivalents and restricted cash
70.3
59.7
Cash, cash equivalents and restricted cash at beginning of period
131.1
71.4
Cash, cash equivalents and restricted cash at end of period
$
201.4
$
131.1
(1) Figures may not be clerically accurate due to rounding.
Exhibit 4
Babcock & Wilcox Enterprises, Inc.
Reconciliation of Adjusted EBITDA (1)
(In millions)
Three months ended December 31,
Year ended December 31,
2025
2024
2025
2024
Loss from continuing operations
$
(3.5
)
$
(53.8
)
$
(32.8
)
$
(104.3
)
Interest expense, net
6.6
11.9
36.0
45.5
Income tax expense
1.6
10.3
8.3
12.8
Depreciation & amortization
2.4
1.3
9.7
10.1
EBITDA
7.0
(30.4
)
21.2
(35.9
)
Benefit plans, net
7.4
31.4
9.8
31.2
Loss (gain) on asset disposals, net
0.5
(0.4
)
1.2
(0.4
)
Impairment of long-lived assets
—
3.7
1.0
3.7
Stock compensation
0.3
0.9
2.6
4.5
Restructuring activities
0.6
0.3
0.7
1.3
Settlement and related legal costs
(0.7
)
0.8
0.1
4.0
Gain (loss) on debt extinguishment
(0.1
)
0.5
(1.8
)
7.3
Foreign exchange
(0.2
)
2.0
(0.1
)
(0.2
)
Financial advisory services
1.2
0.3
8.0
1.9
Other – net
0.4
1.4
1.2
3.7
Adjusted EBITDA
$
16.4
$
10.7
$
43.7
$
21.2
(1) Figures may not be clerically accurate due to rounding.
Exhibit 5
Babcock & Wilcox Enterprises, Inc.
Pro Forma Backlog
(In millions)
Backlog
As of December 31,
2025
2024
Babcock & Wilcox
$
424
$
495
Design-Build Agreement:
Base Electron Contract
2,400
—
Pro Forma Backlog
$
2,824
$
495
View source version on businesswire.com: https://www.businesswire.com/news/home/20260304170976/en/
Investor Contact:
Cameron Frymyer, Chief Financial Officer
Babcock & Wilcox Enterprises, Inc.
330.860.6176 | investors@babcock.com
Media Contact:
Ryan Cornell, Public Relations Lead
Babcock & Wilcox Enterprises, Inc.
330.860.1345 | rscornell@babcock.com
Original: Babcock & Wilcox Reports Fourth Quarter and Full Year 2025 Results
US Market News
4月前
Babcock & Wilcox Receives Full Notice to Proceed on $2.4 Billion Power Generation Project for Base Electron to Supply Power to Applied Digital AI Factory CampusesMarch 4, 2026 6:30 AM
Business Wire
Project Will Deliver 1.2 GW of New Generation Capacity Through Four 300-MW Natural Gas Boilers and Steam Turbine Generators
Siemens Energy Formally Released to Proceed with Steam Turbine Supply
Base Electron Evaluating Option for an Additional 1.2 Gigawatts of Power
Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has received full notice to proceed on a $2.4 billion design-build agreement with Base Electron, an independent power producer (“IPP”) backed by Applied Digital (NASDAQ: APLD), to deliver 1.2 gigawatts (GW) of new generation capacity. The generation is intended to supply power to Applied Digital AI Factory campuses under separate power supply agreements. The project includes four 300-megawatt natural gas-fired boilers and steam turbine generator systems.
Base Electron, backed by Applied Digital, is focused on developing and owning generation assets that deliver new, dispatchable capacity to the grid and to contracted customers, including power supply agreements supporting Applied Digital’s high-density AI data center campuses.
Under its agreement with Base Electron, B&W will engineer, procure and construct the facility, with engineering and manufacturing activities already underway. Siemens Energy, Inc. (Siemens Energy) has been formally released to design and supply the steam turbine generator sets.
“Receiving full notice to proceed for this $2.4 billion project further underscores the strategic role B&W plays in supporting the rapidly expanding power needs of large-scale AI data centers,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “Our natural gas-fired boilers and related technologies – as well as steam turbines supplied through an agreement with Siemens Energy – provide the reliable, high-capacity energy generation on a schedule that is required for the grid today.”
“With data processing demand growing at an unprecedented pace, B&W is uniquely positioned to provide the proven, flexible and redundant power solutions these mission-critical operations require and deploy them faster than traditional combined-cycle or simple-cycle gas technologies,” Young added. “This contract further reinforces our commitment to providing technologies that meet the urgent demand for reliable and secure power.”
“This project represents to us a critical step in turning power into operational AI capacity,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Base Electron’s development of dedicated, reliable generation is intended to support our long-term campus strategy and reinforce our disciplined approach to scaling AI infrastructure. As a customer of Base Electron, securing stable, dispatchable power through partnerships with IPPs is foundational to meeting the growing demands of our campuses. We believe B&W’s decades of experience in large-scale steam generation and project execution make them a strong partner as we advance this platform. Additionally, we are evaluating an option with Base Electron for another 1.2 GW of generation capacity to support future development.”
“Siemens Energy is proud to support B&W and Base Electron on this important project by supplying our advanced steam turbine generator technology,” said Tobias Panse, Senior Vice President for Industrial Steam Turbines and Generators at Siemens Energy. “Our solution is engineered to deliver the performance, reliability and efficiency required for a facility of this scale and strategic importance, ensuring long-term operational excellence and sustained value for our partners.”
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
About Applied Digital
Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.
About Base Electron
Base Electron Corp. is a newly formed independent power producer that was founded by the team at Applied Digital for the purpose of developing dedicated, reliable generation intended to support Applied Digital’s long-term campus strategy and its disciplined approach to scaling AI infrastructure. Base Electron is an independent company from Applied Digital focused on delivering stabilized power infrastructure returns to its investors through an exclusive customer-provider relationship with Applied Digital.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to a contract fully releasing B&W to proceed with the design and installation of a 1.2 gigawatt power plant for an AI data center project, B&W’s subcontract for the design and supply of steam turbines, and the potential option for an additional 1.2 gigawatts of power for an additional project. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260304559255/en/
Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
investors@babcock.com
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
rscornell@babcock.com
Original: Babcock & Wilcox Receives Full Notice to Proceed on $2.4 Billion Power Generation Project for Base Electron to Supply Power to Applied Digital AI Factory Campuses
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