Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 69

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 69
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We generate the vast majority of our revenues from the supply of, and aftermarket services for, steam-generating, environmental and auxiliary equipment. No single customer comprised of 10% or more of our consolidated revenues from transactions in 2024, 2023, and 2022, respectively. Our revenue recognition accounting policy is described in more detail in Note 2. Contract BalancesThe following represents the components of Contracts in progress and Advance billings on contracts included in the Consolidated Balance Sheets:(in thousands)December 31, 2024December 31, 2023$ Change% ChangeContract assets - included in contracts in progress:Costs incurred less costs of revenue recognized$31,691 $12,100 $19,591 162 %Revenues recognized less billings to customers50,712 38,206 12,506 33 %Contracts in progress$82,403 $50,306 $32,097 64 %Contract liabilities - included in advance billings on contracts:Billings to customers less revenues recognized$57,893 $54,051 $3,842 7 %Costs of revenue recognized less cost incurred 585 5,066 (4,481)(88)%Advance billings on contracts$58,478 $59,117 $(639)(1)%Net contract balance$23,925 $(8,811)$32,736 372 %Accrued contract losses$217 $46 $171 372 %The following amounts represent retainage on contracts:(in thousands)December 31, 2024December 31, 2023$ Change% ChangeRetainage expected to be collected within one year$3,787 $2,558 $1,229 48 %Retainage expected to be collected after one year193 1,466 (1,273)(87)%Total retainage$3,980 $4,024 $(44)(1)%

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Retainage is a holdback of final payment from a customer upon completion of a contract for a set period of time. Retainage is included in advanced billings on contracts or contracts in progress in the Consolidated Balance Sheets as of December 31, 2024. All long-term retainage at December 31, 2024 is expected to be collected by the end of 2026.Backlog At December 31, 2024 we had $540