Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 43

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 43
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 million, deferred taxes of $6.5 million and operating lease expenses of $5.2 million were
primarily offset by movements in certain operating assets and liabilities such as accounts receivable - trade, net of $14.2 million, contracts
in progress of $30.4 million, advanced billings on contracts of $20.7 million, and accrued and other current liabilities of $5.8 million
due to the same factors described above for 2025.

Cash flows provided by investing activities was
$172.4 million in the nine months ended September 30, 2025, primarily due to proceeds from the sale of our Vølund and Diamond Power
businesses of $187.5 million, partially offset by purchases of fixed assets relating to BrightLoopprojects. Cash flows
provided by investing activities were $78.0 million in the nine months ended September 30, 2024, primarily related to the $87.6 million
proceeds from the sale of BWRS, offset by purchases of fixed assets relating to BrightLoopprojects.

Cash flows used in financing activities was $37.4
million in the nine months ended September 30, 2025, primarily related to the net repayments on the Axos Credit Agreement of $51.4 million
and payments of preferred stock dividends of $11.1 million, partially offset by proceeds of $32.5 million pursuant to our At-The-Market
offering. Cash flows provided by financing activities was $70.8 million in the nine months ended September 30, 2024 and was primarily
related to the net borrowings on the Axos Credit Agreement of $93.7 million, partially offset by preferred stock dividend payments of
$14.9 million.

Debt and Credit Facilities

We entered into a Credit Agreement in January
2024. B. Riley, a related party, has provided a guaranty of payment with regard to our obligations under the Credit Agreement, which is
not currently effective as Axos has suspended the current need for the guarantee. This agreement substantially replaced the Reimbursement
Agreement, Revolving Credit Agreement and Letter of Credit Agreement. We completed the transition of letters of credit outstanding under
the Letter of Credit Agreement and Reimbursement Agreement to the Credit Agreement in August 2024. Information related to our Debt and
Credit Facilities is described in our SEC filings incorporated herein by reference.

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Taxes

On July