Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 32

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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, through our B&W PGG Luxembourg Finance Sárl subsidiary, sold all issued and outstanding share capital of our Denmark-based renewable parts and services subsidiary, BWRS, to Hitachi Zosen Inova AG. We received net cash proceeds of $83.5 million and recorded a gain on the sale of the business of $44.9 million. The proceeds were used to reduce outstanding debt and support working capital needs. During the three months ended March 31, 2025 we recorded a gain of $1.0 million as part of the final settlement.SPIG and GMABOn October 30, 2024, we, through our B&W PGG Luxembourg Finance Sárl subsidiary and Babcock & Wilcox A/S subsidiary, sold the entire issued and outstanding share capital of our Italy-based SPIG and Sweden-based GMAB subsidiaries to Auctus Neptune Holding S.p.A. We received net cash proceeds of $33.7 million and recorded a gain of $14.1 million, solely related to the CTA reclassification. We recorded an impairment of $5.8 million as of September 30, 2024, as the disposal group carrying value exceeded the expected net proceeds from the sale. The proceeds were used to support working capital needs and reduce outstanding debt.

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The following tables summarize the operating results of the disposal groups included in discontinued operations in the Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2025(in thousands)SolarBWRSVølundTotalRevenues$10,042 $— $1,171 $11,213 Cost of operations11,850 — 3,813 15,663 Selling general and administrative expenses1,487 — 1,800 3,287 Research and development costs— — 331 331 Impairment of long-lived assets7,833 — — 7,833 Total costs and expenses21,170 — 5,944 27,114 Operating loss(11,128)— (4,773)(15,901)Other (expense) income(227)— 975 748 Loss from discontinued operations before tax(11,355)— (3,798)(15,153)Expense (benefit) from income taxes— — 87 87 Gain on divestiture$— $1,014 $— $1,014 (Loss)