Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 24

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 24
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. Operating (loss) income for the three months ended September 30, 2025 decreased to
$(4.9) million from $5.7 million in the three months ended September 30, 2024, due to lower revenue described above as well as additional
costs needed to complete the remaining projects.

For the nine months ended September 30, 2025,
revenue decreased to $12.1 million from $61.0 million in the nine months ended September 30, 2024 as a result of significantly less work
year over year as we completed remaining projects. Operating (loss) income for the nine months ended September 30, 2025 decreased to $(27.1)
million from $5.4 million in the nine months ended September 30, 2024, primarily as a result of lower revenue as well as additional costs
needed to complete the remaining projects.

<div align='center'>S-15</div>

BWRS, SPIG and GMAB

In addition to the B&W Solar and Vølund
businesses, discontinued operations include the following subsidiaries divested in 2024: BWRS, SPIG, and GMAB. These sale transactions
were part of a previously announced strategy to divest certain non-core businesses to reduce our debt, improve our balance sheet and increase
liquidity. Results of operations and cash flows for these businesses and the financial position of the divested subsidiaries are reported
as discontinued operations for all periods presented have been adjusted on a retrospective basis.

RESULTS OF OPERATIONS

Condensed Consolidated Results of Operations

The following discussion is of our consolidated
results of operations below.

| (in thousands)                               |     | 2025 | Three Months Ended September 30, |   |     | 2024 |         |   |     | $ Change |        |   |     | 2025 | Nine Months Ended September 30, |   |     | 2024 |         |   |     | $ Change |        |   |
|:---------------------------------------------|:----|:-----|---------------------------------:|:--|:----|:-----|--------:|:--|:----|:---------|-------:|:--|:----|:-----|--------------------------------:|:--|:----|:-----|--------:|:--|:----|:---------|-------:|:--|
| Revenues                                     |     | $    |                          149,011 |