Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 66

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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Three months ended March 31, 2025 and 2024

Revenues in the B&W Environmental segment decreased 46%, or $12.3 million, to $14.4 million in the three months ended March 31, 2025 compared to $26.7 million in the three months ended March 31, 2024. The decrease is primarily due to larger projects that were worked off in 2024 but not fully replaced in the first quarter of 2025.

Adjusted EBITDA in the B&W Environmental segment was $2.3 million in the three months ended March 31, 2025 compared to $1.0 million in the three months ended March 31, 2024. The increase is primarily attributable to the lower allocated SG&A expenses due to less revenue.

B&W Thermal Segment Results

Three Months Ended March 31,(in thousands)20252024$ ChangeRevenues$138,246 $110,187 $28,059 Adjusted EBITDA$12,373 $13,449 $(1,076)

Three months ended March 31, 2025 and 2024

Revenues in the B&W Thermal segment increased 25%, or $28.1 million, to $138.2 million in the three months ended March 31, 2025 compared to $110.2 million in the three months ended March 31, 2024. The increase is primarily related to revenues from a large natural gas project of $8.5 million, higher construction volume of $6.0 million and an increase in parts of $10.0 million.

Adjusted EBITDA in the B&W Thermal segment decreased $1.1 million to $12.4 million in the three months ended March 31, 2025 compared to $13.4 million in the three months ended March 31, 2024. The increase is due to the revenue increase described above offset partially by a larger share of allocated SG&A expenses due to the increase in revenue.

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Liquidity and Capital Resources

Liquidity

Our primary liquidity requirements include debt service, funding of dividends on preferred stock and working capital needs. We fund our liquidity requirements primarily through cash generated from operations, external sources of financing, including our Credit Agreement, senior notes, and equity offerings, and our Preferred Stock, each of which are described in the Notes to Condensed Consolidated Financial Statements included in Part I, Item I of this