Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 119

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 119
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 Ended March 31,(in thousands)20252024Net loss$(21,989)$(16,791)Loss from discontinued operations, net of tax(14,226)(3,996)Loss from continuing operations(7,763)(12,795)Interest expense, net10,935 11,896 Income tax expense2,322 907 Depreciation & amortization2,476 3,159 EBITDA7,970 3,167 Impairment of long-lived assets950 — Benefit plans, net753 (96)Loss on asset disposals, net8 — Stock compensation763 1,350 Restructuring activities112 907 Settlements and related legal costs (recoveries)64 (4,087)Advisory fees for settlement costs and liquidity planning492 214 Loss on debt extinguishment— 5,071 Acquisition pursuit and related costs1,356 84 Product development1,205 1,619 Foreign exchange(261)716 Letter of credit fees1,200 2,282 Other - net(303)35 Adjusted EBITDA $14,309 $11,262 

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Three Months Ended March 31,(in thousands)20252024Adjusted EBITDAB&W Renewable $3,128 $2,642 B&W Environmental 2,269 1,027 B&W Thermal 12,373 13,449 Corporate(3,461)(5,856)$14,309 $11,262 

Corporate

Corporate costs in Adjusted EBITDA include SG&A expenses that are not allocated to the reportable segments. These costs include, among others, certain executive, compliance, strategic, reporting and legal expenses associated with governance of the total organization and being an SEC registrant, and research and development activity costs. 

Impairment of long-lived assets

Impairment of long-lived assets refers to when the carrying amount of an asset exceeds the fair value or recoverable amount.

Benefit plans, net

We recognize benefits from our defined benefit and other postretirement benefit plans based on actuarial calculations primarily because our expected return on assets is greater than our service cost. Service cost is low because our plan benefits are frozen except for a small number of hourly participants.

Our pension costs include MTM adjustments and are primarily a result of changes in the discount rate, curtailments and settlements. Any