Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 27

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 27
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 expenses in employee benefits in the current year.

Research and development costs decreased by $1.2 million to $1.6 million in the nine months ended September 30, 2025 compared to $2.8 million in the nine months ended September 30, 2024. The decrease is primarily driven by the increased commercialization of our BrightLoop ™technology.

Impairment of long-lived assets increased in the nine months ended September 30, 2025 compared to a nominal amount in the nine months ended September 30, 2024. The increase is driven by the reduction in our real estate footprint.

Loss on asset disposals increased in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to small disposals in 2025.

Operating income increased by $16.8 million to $14.9 million in the nine months ended September 30, 2025 compared to an operating loss of $1.9 million in the nine months ended September 30, 2024, primarily due to the revenue increase as described above and an increase in gross profit due to the improvement in cost of operations in product mix.

Loss from continuing operations decreased by $21.2 million to $22.4 million compared to a loss of $43.6 million in the nine months ended September 30, 2024, primarily due to the revenue increase as described above and an increase in gross profit due to the improvement in cost of operations in product mix. We benefited from an interest expense reduction and a gain on debt extinguishment compared to a loss in 2024.

<div align='center'>S-17</div>

Other Expenses Impacting Operating Results

Interest Expense

| (in thousands)                                           
 Components associated with borrowings from:              |     | Three Months Ended 
 September 30,      
 2025               |        |   |     | 2024 |        |     | Nine Months Ended 
 September 30,     
 2025              |        |   |     | 2024 |        |
|:---------------------------------------------------------|:----|:-------------------|-------:|:--|:----|:-----|-------:|:----|:------------------|-------:|:--|:----|:-----|-------:|
| Senior Notes due 2026                                    |     | $                  |  3,893 |   |     | $    |  6,407 |