Company: BWNB
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001630805-25-000062
Chunk: 60

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 $50.0 million through the Agents. As of June 30, 2025 and 2024, 3.6 million and 2.4 million shares, respectively, have been sold pursuant to the Sales Agreement, for net proceeds of $5.5 million and $2.0 million, respectively.

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NOTE 15 – SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides a reconciliation of Cash and cash equivalents and Current and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows:(in thousands)June 30, 2025December 31, 2024Held by foreign entities$13,092 $20,790 Held by U.S. entities 10,337 6,065 Cash and cash equivalents23,429 26,855 Reinsurance reserve requirements1,020 2,024 Project indemnity collateral 3,775 12,878 Letters of credit collateral (1)72,345 89,265 Escrow for long-term project10,238 42 Current and Long-term restricted cash and cash equivalents87,378 104,209 Total Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (2)$110,807 $131,064 (1) Balance drawn on Axos Credit Agreement to serve as collateral on our letters of credit. This is reflected in Current restricted cash in the Condensed Consolidated Balance Sheets. 

(2) Includes cash held at discontinued operations of $1.7 million and $3.5 million at June 30, 2025 and December 31, 2024, respectively. 

NOTE 16 – INCOME TAXES

In the three months ended June 30, 2025, income tax expense from continuing operations was $3.9 million, resulting in an effective tax rate of (180.2)%. In the three months ended June 30, 2024, income tax expense from continuing operations was $4.7 million, resulting in an effective tax rate of (29.5)%.In the six months ended June 30, 2025, income tax expense from continuing operations was $5.8 million, resulting in an effective tax rate of (41.1)%. In the six months ended June 30, 2024, income tax expense from continuing operations was $5.