B&W受惠24億美元天然氣項目 次季收入倍增扭虧為盈

bw-20260630false2026Q2000163080512/3161xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesbw:segmentiso4217:DKKxbrli:purebw:power_plantutr:MWbw:year00016308052026-01-012026-06-300001630805us-gaap:CommonStockMember2026-01-012026-06-300001630805bw:SeniorNotes650Due2026Member2026-01-012026-06-300001630805us-gaap:SeriesAPreferredStockMember2026-01-012026-06-3000016308052026-08-0400016308052026-04-012026-06-3000016308052025-04-012025-06-3000016308052025-01-012025-06-3000016308052026-06-3000016308052025-12-310001630805us-gaap:CommonStockMember2025-12-310001630805us-gaap:PreferredStockMember2025-12-310001630805us-gaap:AdditionalPaidInCapitalMember2025-12-310001630805us-gaap:TreasuryStockCommonMember2025-12-310001630805us-gaap:RetainedEarningsMember2025-12-310001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001630805us-gaap:RetainedEarningsMember2026-01-012026-03-3100016308052026-01-012026-03-310001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001630805us-gaap:CommonStockMember2026-01-012026-03-310001630805us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001630805us-gaap:TreasuryStockCommonMember2026-01-012026-03-310001630805us-gaap:CommonStockMember2026-03-310001630805us-gaap:PreferredStockMember2026-03-310001630805us-gaap:AdditionalPaidInCapitalMember2026-03-310001630805us-gaap:TreasuryStockCommonMember2026-03-310001630805us-gaap:RetainedEarningsMember2026-03-310001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-3100016308052026-03-310001630805us-gaap:RetainedEarningsMember2026-04-012026-06-300001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001630805us-gaap:CommonStockMember2026-04-012026-06-300001630805us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001630805us-gaap:TreasuryStockCommonMember2026-04-012026-06-300001630805us-gaap:CommonStockMember2026-06-300001630805us-gaap:PreferredStockMember2026-06-300001630805us-gaap:AdditionalPaidInCapitalMember2026-06-300001630805us-gaap:TreasuryStockCommonMember2026-06-300001630805us-gaap:RetainedEarningsMember2026-06-300001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001630805us-gaap:CommonStockMember2024-12-310001630805us-gaap:PreferredStockMember2024-12-310001630805us-gaap:AdditionalPaidInCapitalMember2024-12-310001630805us-gaap:TreasuryStockCommonMember2024-12-310001630805us-gaap:RetainedEarningsMember2024-12-310001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001630805us-gaap:NoncontrollingInterestMember2024-12-3100016308052024-12-310001630805us-gaap:RetainedEarningsMember2025-01-012025-03-310001630805us-gaap:NoncontrollingInterestMember2025-01-012025-03-3100016308052025-01-012025-03-310001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001630805us-gaap:CommonStockMember2025-01-012025-03-310001630805us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001630805us-gaap:CommonStockMember2025-03-310001630805us-gaap:PreferredStockMember2025-03-310001630805us-gaap:AdditionalPaidInCapitalMember2025-03-310001630805us-gaap:TreasuryStockCommonMember2025-03-310001630805us-gaap:RetainedEarningsMember2025-03-310001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001630805us-gaap:NoncontrollingInterestMember2025-03-3100016308052025-03-310001630805us-gaap:RetainedEarningsMember2025-04-012025-06-300001630805us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001630805us-gaap:CommonStockMember2025-04-012025-06-300001630805us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001630805us-gaap:TreasuryStockCommonMember2025-04-012025-06-300001630805us-gaap:CommonStockMember2025-06-300001630805us-gaap:PreferredStockMember2025-06-300001630805us-gaap:AdditionalPaidInCapitalMember2025-06-300001630805us-gaap:TreasuryStockCommonMember2025-06-300001630805us-gaap:RetainedEarningsMember2025-06-300001630805us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001630805us-gaap:NoncontrollingInterestMember2025-06-3000016308052025-06-300001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:VlundMember2025-04-300001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:VlundMember2025-04-012025-04-300001630805us-gaap:RelatedPartyMember2025-04-300001630805us-gaap:DiscontinuedOperationsHeldforsaleMemberbw:VlundMember2025-04-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldforsaleMemberbw:VlundMember2025-01-012025-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMember2025-04-012025-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-06-300001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:DiamondPowerMember2025-06-300001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:DiamondPowerMember2025-06-012025-06-300001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:DiamondPowerMember2025-07-012025-09-300001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:DiamondPowerMember2026-01-012026-03-310001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:AllenShermanHoffLLCMember2025-10-012025-10-310001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:AllenShermanHoffLLCMember2025-10-012025-12-310001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:BabcockWilcoxRenewableServiceASBWRSMember2024-01-012024-12-310001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:BabcockWilcoxRenewableServiceASBWRSMember2025-01-012025-03-310001630805us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberbw:BabcockWilcoxRenewableServiceASBWRSMember2026-01-012026-03-310001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:BWSolarMember2025-04-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:VlundMember2025-04-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:DiamondPowerMember2025-04-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:AllenShermanHoffLLCMember2025-04-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMember2025-04-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:BWSolarMember2025-01-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:BabcockWilcoxRenewableServiceASBWRSMember2025-01-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:VlundMember2025-01-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:DiamondPowerMember2025-01-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberbw:AllenShermanHoffLLCMember2025-01-012025-06-300001630805us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMember2025-01-012025-06-300001630805bw:PartsMemberbw:BWMember2026-04-012026-06-300001630805bw:PartsMemberbw:BWMember2025-04-012025-06-300001630805bw:PartsMemberbw:BWMember2026-01-012026-06-300001630805bw:PartsMemberbw:BWMember2025-01-012025-06-300001630805bw:ProjectsMemberbw:BWMember2026-04-012026-06-300001630805bw:ProjectsMemberbw:BWMember2025-04-012025-06-300001630805bw:ProjectsMemberbw:BWMember2026-01-012026-06-300001630805bw:ProjectsMemberbw:BWMember2025-01-012025-06-300001630805us-gaap:ConstructionMemberbw:BWMember2026-04-012026-06-300001630805us-gaap:ConstructionMemberbw:BWMember2025-04-012025-06-300001630805us-gaap:ConstructionMemberbw:BWMember2026-01-012026-06-300001630805us-gaap:ConstructionMemberbw:BWMember2025-01-012025-06-300001630805bw:BWMember2026-04-012026-06-300001630805bw:BWMember2025-04-012025-06-300001630805bw:BWMember2026-01-012026-06-300001630805bw:BWMember2025-01-012025-06-300001630805us-gaap:TransferredOverTimeMember2026-04-012026-06-300001630805us-gaap:TransferredOverTimeMember2026-01-012026-06-300001630805us-gaap:TransferredOverTimeMember2025-04-012025-06-300001630805us-gaap:TransferredOverTimeMember2025-01-012025-06-300001630805us-gaap:TransferredAtPointInTimeMember2026-04-012026-06-300001630805us-gaap:TransferredAtPointInTimeMember2026-01-012026-06-300001630805us-gaap:TransferredAtPointInTimeMember2025-04-012025-06-300001630805us-gaap:TransferredAtPointInTimeMember2025-01-012025-06-300001630805bw:AppliedDigitalBaseElectronMember2026-02-260001630805bw:AppliedDigitalBaseElectronMember2026-02-262026-02-260001630805bw:AppliedDigitalBaseElectronMember2026-04-012026-06-300001630805bw:AppliedDigitalBaseElectronMember2026-01-012026-06-300001630805bw:AppliedDigitalBaseElectronMember2026-06-300001630805us-gaap:SegmentContinuingOperationsMember2025-01-012025-06-3000016308052026-07-012026-06-3000016308052027-01-012026-06-3000016308052028-01-012026-06-300001630805us-gaap:LandMember2026-06-300001630805us-gaap:LandMember2025-12-310001630805us-gaap:BuildingMember2026-06-300001630805us-gaap:BuildingMember2025-12-310001630805us-gaap:MachineryAndEquipmentMember2026-06-300001630805us-gaap:MachineryAndEquipmentMember2025-12-310001630805us-gaap:ConstructionInProgressMember2026-06-300001630805us-gaap:ConstructionInProgressMember2025-12-310001630805us-gaap:CustomerRelationshipsMember2026-06-300001630805us-gaap:CustomerRelationshipsMember2025-12-310001630805us-gaap:UnpatentedTechnologyMember2026-06-300001630805us-gaap:UnpatentedTechnologyMember2025-12-310001630805us-gaap:PatentedTechnologyMember2026-06-300001630805us-gaap:PatentedTechnologyMember2025-12-310001630805us-gaap:TradeNamesMember2026-06-300001630805us-gaap:TradeNamesMember2025-12-310001630805us-gaap:OtherIntangibleAssetsMember2026-06-300001630805us-gaap:OtherIntangibleAssetsMember2025-12-3100016308052025-01-012025-12-310001630805us-gaap:PensionPlansDefinedBenefitMember2026-04-012026-06-300001630805us-gaap:PensionPlansDefinedBenefitMember2025-04-012025-06-300001630805us-gaap:PensionPlansDefinedBenefitMember2026-01-012026-06-300001630805us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-06-300001630805us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-04-012026-06-300001630805us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-04-012025-06-300001630805us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-01-012026-06-300001630805us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes650Due2026Member2026-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes650Due2026Member2025-12-310001630805us-gaap:SeniorNotesMemberbw:SeniorNotes650Due2026Member2026-04-012026-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes650Due2026Member2026-01-012026-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2026-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2025-12-310001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2025-05-310001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8125Due2026Member2025-05-310001630805us-gaap:SeniorNotesMemberbw:SeniorNotes650Due2026Member2025-05-310001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2025-05-312025-05-310001630805us-gaap:LineOfCreditMemberbw:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-01-310001630805us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2024-01-310001630805bw:CreditFacilityMemberbw:DebtInstrumentCovenantOneMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-01-012024-01-310001630805bw:CreditFacilityMemberbw:DebtInstrumentCovenantOneMemberus-gaap:RevolvingCreditFacilityMember2024-01-310001630805bw:CreditFacilityMemberbw:DebtInstrumentCovenantTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-01-012024-01-310001630805bw:CreditFacilityMemberbw:DebtInstrumentCovenantTwoMemberus-gaap:RevolvingCreditFacilityMember2024-01-310001630805bw:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2024-01-012024-01-310001630805bw:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberbw:DailySimpleSecuredOvernightFinancingRateSOFRMember2024-01-012024-01-310001630805us-gaap:RevolvingCreditFacilityMemberbw:CreditFacilityMember2024-01-012024-01-310001630805us-gaap:LineOfCreditMemberbw:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-01-310001630805us-gaap:RevolvingCreditFacilityMemberbw:CreditFacilityMember2024-01-310001630805us-gaap:RevolvingCreditFacilityMemberbw:CreditFacilityMember2026-02-250001630805us-gaap:LineOfCreditMemberbw:CreditFacilityMember2026-06-300001630805bw:CreditFacilityMember2026-06-300001630805bw:PerformanceLettersOfCreditMember2026-06-300001630805bw:PerformanceLettersOfCreditMember2025-12-310001630805bw:FinancialLettersOfCreditMember2026-06-300001630805bw:FinancialLettersOfCreditMember2025-12-310001630805bw:BackstoppedBondsMember2026-06-300001630805bw:BackstoppedBondsMember2025-12-310001630805us-gaap:SuretyBondMember2026-06-300001630805us-gaap:SuretyBondMember2025-12-310001630805bw:LettersOfCreditSubjectToForeignCurrencyRevaluationMember2026-06-300001630805bw:LettersOfCreditSubjectToForeignCurrencyRevaluationMember2025-12-310001630805bw:LetterOfCreditNonDomesticFacilitiesMember2026-06-300001630805bw:LetterOfCreditNonDomesticFacilitiesMember2025-12-310001630805bw:SaleLeasebackFinancingTransactionsMember2026-06-300001630805bw:SaleLeasebackFinancingTransactionsMember2025-12-310001630805bw:StateOfWestVirginiaMemberbw:ForgivableLoanMember2026-06-300001630805bw:StateOfWestVirginiaMemberbw:ForgivableLoanMember2025-12-310001630805us-gaap:RevolvingCreditFacilityMember2026-04-012026-06-300001630805us-gaap:RevolvingCreditFacilityMember2025-04-012025-06-300001630805us-gaap:RevolvingCreditFacilityMember2026-01-012026-06-300001630805us-gaap:RevolvingCreditFacilityMember2025-01-012025-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes650Due2026Member2025-04-012025-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes650Due2026Member2025-01-012025-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2026-04-012026-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2025-04-012025-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2026-01-012026-06-300001630805us-gaap:SeniorNotesMemberbw:SeniorNotes8.75Due2030Member2025-01-012025-06-300001630805us-gaap:SeriesAPreferredStockMember2026-06-300001630805bw:AtTheMarketOfferingMember2025-01-012025-06-300001630805bw:TwoThousandTwentyFiveSalesAgreementMember2025-11-300001630805bw:TwoThousandTwentyFiveSalesAgreementMember2026-01-012026-06-300001630805bw:PublicStockOfferingIncludingOverAllotmentOptionMember2026-05-182026-05-180001630805bw:PublicStockOfferingMember2026-05-182026-05-1800016308052026-05-182026-05-180001630805bw:AppliedDigitalBaseElectronMember2025-11-300001630805us-gaap:PrivatePlacementMember2025-11-012025-11-300001630805us-gaap:PrivatePlacementMember2025-11-300001630805bw:InitialWarrantsMember2025-11-300001630805bw:AdditionalWarrantsMember2025-11-300001630805bw:WarrantsMember2026-03-180001630805bw:InitialWarrantsMember2026-06-300001630805bw:InitialWarrantsMember2025-12-310001630805bw:AdditionalWarrantsMember2026-06-300001630805bw:WarrantsMember2026-04-012026-06-300001630805bw:WarrantsMember2026-01-012026-06-300001630805us-gaap:MeasurementInputRiskFreeInterestRateMember2026-06-300001630805us-gaap:MeasurementInputRiskFreeInterestRateMember2025-12-310001630805us-gaap:MeasurementInputPriceVolatilityMember2026-06-300001630805us-gaap:MeasurementInputPriceVolatilityMember2025-12-310001630805us-gaap:MeasurementInputExercisePriceMember2026-06-300001630805us-gaap:MeasurementInputExercisePriceMember2025-12-310001630805us-gaap:MeasurementInputExpectedTermMember2026-06-300001630805us-gaap:MeasurementInputExpectedTermMember2025-12-310001630805bw:CashandCashEquivalentsForeignOperationsMember2026-06-300001630805bw:CashandCashEquivalentsForeignOperationsMember2025-12-310001630805country:US2026-06-300001630805country:US2025-12-310001630805bw:CashHeldToMeetReinsuranceReserveRequirementsMember2026-06-300001630805bw:CashHeldToMeetReinsuranceReserveRequirementsMember2025-12-310001630805bw:ProjectIndemnityCollateralMember2026-06-300001630805bw:ProjectIndemnityCollateralMember2025-12-310001630805bw:LettersOfCreditCollateralMember2026-06-300001630805bw:LettersOfCreditCollateralMember2025-12-310001630805bw:EscrowMember2026-06-300001630805bw:EscrowMember2025-12-310001630805srt:MinimumMember2026-05-200001630805srt:MaximumMember2026-05-200001630805us-gaap:RestrictedStockUnitsRSUMember2025-12-310001630805us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-06-300001630805us-gaap:RestrictedStockUnitsRSUMember2026-06-300001630805us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300001630805bw:RestrictedStockUnitsWithMarketConditionsMember2022-07-012022-07-3100016308052026-03-050001630805bw:RestrictedStockUnitsWithMarketConditionsMember2026-03-052026-03-050001630805bw:RestrictedStockUnitsWithMarketConditionsMember2026-01-012026-06-300001630805bw:RestrictedStockUnitsWithMarketConditionsMember2025-01-012025-06-300001630805us-gaap:StockAppreciationRightsSARSMember2026-06-300001630805us-gaap:StockAppreciationRightsSARSMember2026-04-012026-06-300001630805us-gaap:StockAppreciationRightsSARSMember2026-01-012026-06-300001630805us-gaap:StockAppreciationRightsSARSMember2025-01-012025-12-310001630805us-gaap:StockAppreciationRightsSARSMember2025-12-310001630805us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310001630805us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-03-310001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-01-012026-03-310001630805us-gaap:AccumulatedTranslationAdjustmentMember2026-03-310001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-03-310001630805us-gaap:AccumulatedTranslationAdjustmentMember2026-04-012026-06-300001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-04-012026-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMember2026-06-300001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310001630805us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310001630805us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-01-012026-06-300001630805us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-01-012026-06-300001630805us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001630805us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001630805us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001630805us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-01-012026-06-300001630805us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300001630805us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2026-06-300001630805us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Member2025-12-310001630805us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-06-300001630805us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001630805srt:MinimumMember2026-06-300001630805srt:MaximumMember2026-06-300001630805us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2026-06-300001630805bw:BabcockWilcoxEnterprisesInc.Memberbw:B.RileyCapitalManagementLLCMember2026-01-012026-06-300001630805bw:CreditFacilityMemberbw:AnnualFeeMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-01-310001630805bw:BRileySecuritiesIncMembersrt:AffiliatedEntityMember2024-04-300001630805bw:BRileySecuritiesIncMembersrt:AffiliatedEntityMember2025-11-300001630805bw:BRileySecuritiesIncMembersrt:AffiliatedEntityMember2026-03-310001630805bw:BRileySecuritiesIncMembersrt:AffiliatedEntityMember2026-01-012026-03-310001630805bw:BRileySecuritiesIncMembersrt:AffiliatedEntityMember2026-01-012026-06-300001630805us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMemberbw:SeniorNotes650Due2026Member2026-07-132026-07-130001630805us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMemberbw:SeniorNotes650Due2026Member2026-07-130001630805us-gaap:SubsequentEventMember2026-07-13

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission File No. 001-36876 

BABCOCK & WILCOX ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)

Delaware47-2783641
(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)

1200 East Market Street, Suite 650

Akron, Ohio
44305
(Address of Principal Executive Offices)(Zip Code)

Registrant's Telephone Number, Including Area Code: (330) 753-4511
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueBWNew York Stock Exchange
6.50% Senior Notes due 2026BWNBNew York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred StockBW PRANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☒

Non-accelerated filer☐Smaller reporting company☒

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐    No  ☒
The number of shares of the registrant's common stock outstanding at August 4, 2026 was 148,965,066.
1

TABLE OF CONTENTS
PAGE
Cautionary Statement Concerning Forward-Looking Information
4

PART I - FINANCIAL INFORMATION

Item 1.
Condensed Consolidated Financial Statements
5

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
6

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
7

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)
8

Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
9

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (Unaudited)
10

Notes to Condensed Consolidated Financial Statements (Unaudited)
12

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
33

Business Overview
33

Results of Operations – Three and Six Months Ended June 30, 2026 and 2025
34

Liquidity and Capital Resources
40

Critical Accounting Policies and Estimates
41

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
41

Item 4.
Controls and Procedures
41

PART II - OTHER INFORMATION

Item 1.
Legal Proceedings
42

Item 1A.
Risk Factors
42

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
43

Item 5.
Other Information
43

Item 6.
Exhibits
44

SIGNATURES
45

2

Definitions

In this Quarterly Report on Form 10-Q, or this "Quarterly Report", unless the context otherwise indicates, "B&W," "we," "us," "our" or the "Company" mean Babcock & Wilcox Enterprises, Inc. and its consolidated subsidiaries. Unless otherwise noted, discussion of our business and results of operations in this Quarterly Report on Form 10-Q refers to our continuing operations. 

Abbreviation or acronymTerm
6.50% Senior Notes6.50% Senior Notes due December 31, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021
8.125% Senior Notes8.125% Senior Notes due February 28, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021, fully redeemed as of December 31, 2025
8.75% Senior Notes8.75% Senior Secured Notes due June 30, 2030 issued by Babcock & Wilcox Enterprises, Inc. in 2025
AgentsCollectively, B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC
2025 Agents
Collectively, B. Riley and Lake Street Capital Markets, LLC
AI
Artificial intelligence

AOCIAccumulated Other Comprehensive Income (loss)
Applied DigitalApplied Digital Corporation
ASCAccounting Standards Codification
ASHAllen-Sherman-Hoff Division
ASUAccounting Standards Update
AxosAxos Bank, an affiliate of Axos Financial, Inc.
Base ElectronBase Electron, Inc.
B&W SolarBabcock & Wilcox Solar Energy, Inc., formerly known as Fosler Construction Company, Inc.
B. RileyB. Riley Financial, Inc. and its affiliates, a related party
BWRSBabcock & Wilcox Renewable Service A/S
CODMChief Operating Decision Maker, who is our chief executive officer 
Credit AgreementCredit Agreement between us, with certain of our subsidiaries as guarantors, the lenders party thereto from time to time and Axos Bank, as administrative agent, swingline lender and letter of credit issuer on January 18, 2024 (as amended from time to time)
Credit FacilityRevolving credit facility
CTACurrency translation adjustment
Diamond PowerDiamond Power International, LLC
EBITDAEarnings before interest, taxes, depreciation and amortization
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPGenerally Accepted Accounting Principles in the United States of America
GMABBabcock & Wilcox Vølund AB f/k/a Gӧtaverken Miljӧ AB
MTMMark-to-Market
NOLNet operating losses
NYSENew York Stock Exchange
PBGCPension Benefit Guaranty Corporation
Preferred Stock7.75% Series A Cumulative Perpetual Preferred Stock
Sales AgreementSales agreement with B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC
2025 Sales Agreement
Sales agreement with B. Riley Securities, Inc. and Lake Street Capital Markets, LLC
SECUnited States Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended

3

Abbreviation or acronymTerm
Senior Notes Due 2026Collectively, the 8.125% Senior Notes due February 28, 2026 and the 6.50% Senior Notes due December 31, 2026. The 8.125% Senior Notes were fully redeemed as of December 31, 2025
SG&ASelling, general and administrative expenses
SOFRThe Secured Overnight Financing Rate
SPIGSPIG S.p.A

***** Cautionary Statement Concerning Forward-Looking Information *****

This Quarterly Report on Form 10-Q, including Management's Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical or current fact included in this Quarterly Report are forward-looking statements. 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 in 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.

4

PART I 

ITEM 1. Condensed Consolidated Financial Statements
5

 BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
(in thousands, except per share amounts)2026202520262025
Revenues$319,716 $138,856 $534,130 $287,454 
Costs and expenses:
Cost of operations273,080 97,401 444,037 218,232 
Selling, general and administrative expenses33,695 33,332 78,074 61,636 

Research and development costs
619 942 1,422 1,290 

Impairment of long-lived assets — — — 950 
Loss on asset disposals, net 
553 165 484 173 
Total costs and expenses307,947 131,840 524,017 282,281 
Operating income
11,769 7,016 10,113 5,173 
Other (expense) income:
Interest expense(5,007)(10,992)(9,455)(22,034)
Interest income750 537 1,390 777 
Loss on debt extinguishment
(31)— (59)— 

Benefit plans, net427 (776)856 (1,555)
Foreign exchange4 1,590 (97)1,188 
Change in fair value of customer warrants5,858 — (64,384)— 
Other expense, net
(591)(788)(653)(672)
Total other income (expense)
1,410 (10,429)(72,402)(22,296)
Income (loss) from continuing operations before income tax (benefit) expense
13,179 (3,413)(62,289)(17,123)
Income tax (benefit) expense
(1,076)4,023 3,078 5,945 
Income (loss) from continuing operations
14,255 (7,436)(65,367)(23,068)
Income (loss) from discontinued operations, net of tax
— (51,056)2,677 (57,431)

Net income (loss) attributable to stockholders
14,255 (58,492)(62,690)(80,499)
Less: Dividend on Series A Preferred Stock3,715 3,715 7,430 7,430 
Net income (loss) attributable to stockholders of common stock
$10,540 $(62,207)$(70,120)$(87,929)

Basic earnings (loss) per share:

Continuing operations$0.07 $(0.11)$(0.53)$(0.31)
Discontinued operations— (0.52)0.02 (0.58)
Basic earnings (loss) per share
$0.07 $(0.63)$(0.51)$(0.89)

Diluted earnings (loss) per share:

Continuing operations$0.07 $(0.11)$(0.53)$(0.31)
Discontinued operations— (0.52)0.02 (0.58)
Diluted earnings (loss) per share
$0.07 $(0.63)$(0.51)$(0.89)

Shares used in the computation of earnings (loss) per share:

Basic142,331 98,719 138,066 98,327 
Diluted154,513 98,719 138,066 98,327 

See accompanying notes to the Condensed Consolidated Financial Statements. 
6

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Net income (loss) attributable to stockholders
$14,255 $(58,492)$(62,690)$(80,499)
Other comprehensive (loss) income:

Currency translation adjustments(852)2,196 (1,768)2,599 
Reclassification of currency translation adjustments to net income (loss)
— 52,646 — 52,646 

Pension and postretirement adjustments, net of tax— 123 — 247 
Other comprehensive (loss) income
(852)54,965 (1,768)55,492 
Total comprehensive income (loss)
13,403 (3,527)(64,458)(25,007)
Comprehensive income attributable to non-controlling interest
— (19)— (23)
Comprehensive income (loss) attributable to stockholders
$13,403 $(3,546)$(64,458)$(25,030)

See accompanying notes to the Condensed Consolidated Financial Statements.
7

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

 

(in thousands, except per share amounts)June 30, 2026December 31, 2025
Cash and cash equivalents$308,634 $89,456 
Current restricted cash39,444 84,991 
Accounts receivable – trade, net of allowance for credit losses of $2.0 million and $2.1 million as of June 30, 2026 and December 31, 2025, respectively
170,743 118,383 

Contracts in progress90,620 72,808 
Inventories, net60,978 60,880 
Customer contract asset current11,546 8,268 
Other current assets43,476 35,890 

Total current assets725,441 470,676 
Net property, plant and equipment and finance leases74,757 65,533 
Goodwill52,111 53,097 
Intangible assets, net13,367 15,267 
Right-of-use assets16,514 17,651 
Long-term restricted cash34,752 26,913 
Deferred tax assets911 945 
Customer contract asset noncurrent56,848 — 
Other assets24,902 12,856 

Total assets$999,603 $662,938 

Accounts payable$169,609 $69,192 
Accrued employee benefits10,252 4,575 
Advance billings on contracts81,502 111,987 
Accrued warranty expense3,933 3,584 
Financing lease liabilities2,040 1,894 
Operating lease liabilities3,598 3,819 
Customer warrants136,921 8,268 
Other accrued liabilities30,922 32,129 
Current senior notes61,369 83,873 
Current borrowings151 67,373 

Total current liabilities500,297 386,694 

Borrowings, net of current portion67,416 18,865 
Senior Notes due 2030147,907 150,970 

Pension and other postretirement benefit liabilities167,694 176,191 
Finance lease liabilities, net of current portion25,782 26,742 
Operating lease liabilities, net of current portion14,025 15,125 
Deferred tax liability10,452 10,666 

Other noncurrent liabilities8,661 9,226 
Total liabilities942,234 794,479 

Stockholders' equity (deficit):

Preferred Stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at June 30, 2026 and December 31, 2025
77 77 
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 148,962 and 130,447 at June 30, 2026 and December 31, 2025, respectively 
5,818 5,569 
Capital in excess of par value1,964,942 1,691,412 
Treasury stock at cost, 3,534 and 2,690 shares at June 30, 2026 and December 31, 2025, respectively
(128,867)(115,886)
Accumulated deficit(1,766,855)(1,696,735)
Accumulated other comprehensive loss(17,746)(15,978)

Total stockholders' equity (deficit)
57,369 (131,541)
Total liabilities and stockholders' equity (deficit)
$999,603 $662,938 
 
See accompanying notes to the Condensed Consolidated Financial Statements.

8

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)

Common StockPreferred StockCapital In
Excess of
Par ValueTreasury StockAccumulated DeficitAccumulated
Other
Comprehensive
LossTotal
Stockholders'
Equity (Deficit)

(in thousands)SharesPar 
ValueSharesPar 
Value
Balance at December 31, 2025130,447 $5,569 7,669 $77 $1,691,412 $(115,886)$(1,696,735)$(15,978)$(131,541)
Net loss— — — — — — (76,945)— (76,945)
Currency translation adjustments— — — — — — — (916)(916)

Equity pension contribution740 63 — — 6,244 — — — 6,307 
Stock-based compensation and employee tax withholdings611 11 — — 6,799 (6,172)— — 638 

Dividends to preferred stockholders— — — — — — (3,715)— (3,715)
Common stock offering, net3,949 39 — — 34,038 — — — 34,077 

Balance at March 31, 2026
135,747 $5,682 7,669 $77 $1,738,493 $(122,058)$(1,777,395)$(16,894)$(172,095)
Net income— — — — — — 14,255 — 14,255 
Currency translation adjustments— — — — — — — (852)(852)

Stock-based compensation and employee tax withholdings551 6 — — 1,645 (1,849)— — (198)

Repurchase of common stock(234)— — — — (4,960)— — (4,960)
Dividends to preferred stockholders— — — — — — (3,715)— (3,715)
Common stock offering, net12,898 130 — — 224,804 — — — 224,934 

Balance at June 30, 2026
148,962 $5,818 7,669 $77 $1,964,942 $(128,867)$(1,766,855)$(17,746)$57,369 

Common StockPreferred StockCapital In
Excess of
Par ValueTreasury StockAccumulated DeficitAccumulated
Other
Comprehensive
LossNon-controlling
InterestTotal
Stockholders'
Equity (Deficit)

(in thousands)SharesPar
 ValueSharesPar Value
Balance at December 31, 202495,138 $5,208 7,669 $77 $1,558,828 $(115,500)$(1,645,716)$(86,660)$591 $(283,172)
Net loss— — — — — — (22,007)— 18 (21,989)
Currency translation adjustments— — — — — — — 403 4 407 
Pension and post retirement adjustments, net of tax— — — — — — — 124 — 124 
Stock-based compensation and employee tax withholdings— — — — 760 — — — — 760 

Dividends to preferred stockholders— — — — — — (3,715)— — (3,715)
Common stock offering, net3,266 32 — — 5,155 — — — — 5,187 
Dividends to non-controlling interest— — — — — — — — (118)(118)
Balance at March 31, 2025
98,404 $5,240 7,669 $77 $1,564,743 $(115,500)$(1,671,438)$(86,133)$495 $(302,516)
Net loss— — — — — — (58,492)— 26 (58,466)
Currency translation adjustments— — — — — — — 54,842 19 54,861 
Pension and post retirement adjustments, net of tax— — — — — — — 123 — 123 
Stock-based compensation and employee tax withholdings531 5 — — 728 — — — — 733 

Dividends to preferred stockholders— — — — — — (3,715)— — (3,715)
Common stock offering, net254 3 — — 291 — — — — 294 

Balance at June 30, 2025
99,189 $5,248 7,669 $77 $1,565,762 $(115,500)$(1,733,645)$(31,168)$540 $(308,686)

See accompanying notes to the Condensed Consolidated Financial Statements.
9

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Six Months Ended June 30,
(in thousands)20262025
Operating Activities:
Net loss from continuing operations
$(65,367)$(23,068)
Net income (loss) from discontinued operations
2,677 (57,431)
Net loss
(62,690)(80,499)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization of long-lived assets5,008 4,807 
Impairment of long-lived assets— 9,904 
Amortization of deferred financing costs and debt premium(1,671)2,308 
Amortization of guaranty fee— 108 
Amortization of customer warrants4,143 — 
Change in fair value of customer warrants64,384 — 
Non-cash operating lease expense1,791 3,411 

(Gain) loss on sale of business
(2,677)35,848 
Loss on debt extinguishment
59 — 
Loss on asset disposals, net
484 326 
Benefit from deferred income taxes, including valuation allowances
(180)(471)
Prior service cost amortization for pension and postretirement plans(858)247 
Stock-based compensation14,823 1,488 

Foreign exchange97 (5,675)
Unrealized loss on securities
24 2,164 
Bad debt expense123 632 
Changes in operating assets and liabilities:
Accounts receivable – trade, net(60,859)(2,574)
Contracts in progress(17,812)9,824 
Other current and noncurrent assets(6,183)(3,022)
Advance billings on contracts(30,485)(1,127)
Inventories, net(98)(7,878)
Income taxes(4,707)(40)
Accounts payable100,257 (909)
Accrued and other current liabilities(866)8,085 
Accrued contract loss(328)(3,601)
Pension liabilities, accrued postretirement benefits and employee benefits(777)(6,948)
Other, net(628)(195)
Net cash provided by (used in) operating activities
374 (33,787)
Investing Activities:
Purchase of property, plant and equipment(13,747)(7,076)
Proceeds from sale of business and assets3,912 20,061 
Purchases of securities(2,909)(4,650)
Sales and maturities of securities2,884 2,314 

Net cash (used in) provided by investing activities
(9,860)10,649 

10

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Six Months Ended June 30,
(in thousands)20262025
Financing Activities:
Borrowings on loan payable10,971 53,432 
Repayments on loan payable(29,655)(46,572)

Buyback of Senior Notes due 2026(23,019)— 
Finance lease payments(945)(819)

Payment of Preferred Stock dividends(7,430)(3,715)
Employee tax withholding on stock-based compensation(8,021)— 

Issuance of common stock, net259,796 5,487 
Payment of non-controlling interest dividends— (121)
Repurchase of common stock(4,960)— 
Debt issuance costs(5,300)(5,138)
Other, net— 26 
Net cash provided by financing activities
191,437 2,580 
Effects of exchange rate changes on cash(481)301 
Net increase (decrease) in cash, cash equivalents and restricted cash
181,470 (20,257)
Cash, cash equivalents and restricted cash at beginning of period201,360 131,064 
Cash, cash equivalents and restricted cash at end of period$382,830 $110,807 

Schedule of cash, cash equivalents and restricted cash:
Cash and cash equivalents (1)
$308,634 $23,429 
Current restricted cash39,444 77,140 
Long-term restricted cash34,752 10,238 
Total cash, cash equivalents and restricted cash at end of period$382,830 $110,807 

Supplemental cash flow information:
Income taxes paid, net$7,196 $4,035 
Interest paid11,538 18,513 

(1) Includes cash held at discontinued operations of $1.7 million at June 30, 2025.
See accompanying notes to the Condensed Consolidated Financial Statements.
11

BABCOCK & WILCOX ENTERPRISES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
JUNE 30, 2026 

NOTE 1 – BASIS OF PRESENTATION

These interim Condensed Consolidated Financial Statements of Babcock & Wilcox Enterprises, Inc. ("B&W," "management," "we," "us," "our" or the "Company") have been prepared in accordance with GAAP and SEC instructions for interim financial information and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The Notes to the Condensed Consolidated Financial Statements are presented on the basis of continuing operations, unless otherwise stated.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these Condensed Consolidated Financial Statements contain all estimates and adjustments, consisting of normal recurring adjustments, required to fairly present the financial position, results of operations, and cash flows for the periods presented. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2026. Certain prior period amounts were reclassified to conform to the presentation in the current period.

There have been no material changes to our significant accounting policies included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Operations

Our operations are assessed based on one reportable segment as described in Note 5. For financial information about our segment see Note 5 to the Condensed Consolidated Financial Statements.

12

NOTE 2 – EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share of our common stock, net of non-controlling interest and dividends on Preferred Stock:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share amounts)2026202520262025
Income (loss) from continuing operations
$14,255 $(7,436)$(65,367)$(23,068)

Less: Dividend on Series A Preferred Stock3,715 3,715 7,430 7,430 
Income (loss) from continuing operations attributable to stockholders of common stock
10,540 (11,151)(72,797)(30,498)
Income (loss) from discontinued operations, net of tax
— (51,056)2,677 (57,431)
Net income (loss) attributable to stockholders of common stock
$10,540 $(62,207)$(70,120)$(87,929)

Weighted average shares used to calculate basic earnings (loss) per share
142,331 98,719 138,066 98,327 
Dilutive effect of stock options, restricted stock, performance units and warrants12,182 — — — 
Weighted average shares used to calculate diluted earnings (loss) per share
154,513 98,719 138,066 98,327 

Basic earnings (loss) per share:
        
Continuing operations$0.07 $(0.11)$(0.53)$(0.31)
Discontinued operations— (0.52)0.02 (0.58)
Basic earnings (loss) per share
$0.07 $(0.63)$(0.51)$(0.89)

Diluted earnings (loss) per share:

Continuing operations$0.07 $(0.11)$(0.53)$(0.31)
Discontinued operations— (0.52)0.02 (0.58)
Diluted earnings (loss) per share
$0.07 $(0.63)$(0.51)$(0.89)

In accordance with GAAP, dilution is assessed on the basis of continuing operations. We incurred a net loss from continuing operations in the thre