Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 162

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 162
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 generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new-build conversion projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. 

Bookings represent changes to the backlog. Bookings include additions related to booking new business or increases in project scope, subtractions due to customer cancellations or reductions in scope, changes in estimates that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend.

Three Months Ended September 30,Nine Months Ended September 30,(in approximate millions)2025202420252024B&W Thermal$95.9 $88.5 $265.9 $268.9 B&W Renewable10.5 19.2 50.7 66.7 B&W Environmental23.4 12.3 50.6 49.4 Other/eliminations— — (1.9)(3.3)Bookings$129.8 $120.0 $365.3 $381.7 

Backlog as of September 30, 2025 and 2024 was as follows:

 September 30,(in approximate millions)20252024B&W Thermal$333.7 $168.7 B&W Renewable26.9 25.2 B&W Environmental30.2 45.3 Other/eliminations2.7 12.4 Backlog$393.5 $251.6 

Of the backlog at September 30, 2025, we expect to recognize revenues as follows:

(in approximate millions)20252026ThereafterTotalB&W Thermal$109.7 $212.0 $12.0 $333.7 B&W Renewable8.1 17.8 1.0 26.9 B&W Environmental9.0 19.9 1.3 30.2 Other