Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 12

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 12
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 that were not fully replaced in 2024.

Adjusted EBITDA in the B&W Renewable segment increased $8.7 million, to $15.1 million in 2024 compared to $6.4 million in 2023. This is primarily attributable to lower SG&A expenses due to lower allocation of costs associated with a lower percentage of revenue than in 2023, partially offset by the lower volume mentioned above.

Year ended December 31,(in thousands)20232022$ ChangeRevenues$140,835 $122,765 $18,070 Adjusted EBITDA$6,381 $11,768 $(5,387)

2023 vs 2022 results

Revenues in the B&W Renewable segment increased $18.1 million, to $140.8 million in 2023 compared to $122.8 million in 2022. This is primarily attributable to increased revenue of $22.9 million related to a European Renewable project that began in 2023.

42

Adjusted EBITDA in the B&W Renewable segment decreased $5.4 million, to $6.4 million in 2023 compared to $11.8 million in 2022. This is primarily attributable to a $6.2 million gain on sale related to the development rights of a future renewable energy project that was sold in 2022, partially offset by the increased revenue in 2023.

B&W Environmental Segment Results

Year ended December 31,(in thousands)20242023$ ChangeRevenues$109,390 $108,655 $735 Adjusted EBITDA$10,794 $4,133 $6,661 

2024 vs 2023 results

Revenues in the B&W Environmental segment was flat in 2024 compared to 2023.

Adjusted EBITDA in the B&W Environmental segment was $10.8 million at December 31, 2024 compared to $4.1 million in 2023. The increase is attributable to the growth in our industrial electrostatic precipitator business which have higher margins.

Year ended December 31,(in thousands)20232022$ ChangeRevenues$108,655 $81,822 $26,833 Adjusted EBITDA$4,133 $1,641 $2,492 

2023 vs 2022 results

Revenues in the B&W Environmental segment increased $26.8 million to $108.7 million in