Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 15

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 15
---
$92,617 $(37,994)Adjusted EBITDA$2,836 $583 $2,253 $6,900 $2,873 $4,027 

Three Months Ended September 30, 2025 and 2024

Revenues in the B&W Environmental segment decreased 54%, or $18.2 million, to $15.5 million in the three months ended September 30, 2025 from $33.7 million in the three months ended September 30, 2024. This is primarily attributable to lower volume of projects in our flue gas treatment business of $13.7 million as projects that were completed in 2024 were not fully replaced in 2025 primarily due to timing of the replacement projects that have started later in 2025.

Adjusted EBITDA in the B&W Environmental segment increased $2.3 million, to $2.8 million in the three months ended September 30, 2025 from $0.6 million in the three months ended September 30, 2024. This is primarily due to lower SG&A as well as margin improvements on ASH projects of $2.6 million partially offset by the revenue decrease as described above.

 Nine Months Ended September 30, 2025 and 2024

Revenues in the B&W Environmental segment decreased 41%, or $38.0 million, to $54.6 million in the nine months ended September 30, 2025 from $92.6 million in the nine months ended September 30, 2024. The decrease is primarily due to projects closing out in 2024 that were not fully replaced in 2025 as the replacement projects have started later in 2025.

Adjusted EBITDA in the B&W Environmental segment increased $4.0 million, to $6.9 million in the nine months ended September 30, 2025 from $2.9 million in the nine months ended September 30, 2024. The increase is primarily due to cost reductions offset partially by the lower revenue as described above.

Corporate Results

Three Months Ended September 30,Nine Months Ended September 30,(in thousands)20252024$ Change20252024$ ChangeAdjusted EBITDA$(6,005)$(5,660)$(345)$(14,634)$(15,636)$1,002 

Three Months Ended September 30,