Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 113

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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 supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact on our operating results cannot be reasonably estimated.

35

Discontinued Operations

Vølund

During the fourth quarter of 2024, we committed to a plan to sell our Vølund business, resulting in a significant change that would impact our business. As of March 31, 2025, we met all of the criteria for the assets and liabilities of this business, formerly part of our B&W Renewable segment, to be accounted for as held for sale.

For the three months ended March 31, 2025, revenue decreased to $1.2 million from $7.0 million in the three months ended March 31, 2024, primarily as a result of several larger projects that had higher volumes of work in 2024 than in 2025. Operating loss for the three months ended March 31, 2025 was $4.8 million, which is slightly higher than the Operating loss of $3.7 million for the three months ended March 31, 2024 as a result of the aforementioned reduction of revenue due to the lack of larger projects to replace the larger volume of work in 2024.

B&W Solar

During the third quarter of 2023, we committed to a plan to sell our B&W Solar business, resulting in a significant change that would impact our operations. As of September 30, 2023, we met all of the criteria for the assets and liabilities of this business, formerly part of our B&W Renewable segment, to be accounted for as held for sale. In addition, we also determined that the operations of the B&W Solar business qualified as a discontinued operation, primarily based upon its significance to our current and historic operating losses.

Certain circumstances beyond our control have extended the period required to complete the sale within one year, including market conditions driven by uncertainties surrounding the change in U.S. presidential administrations and related impacts to the solar industry. We initiated actions necessary to respond to these changes by engaging an advisory service provider with specialized industry qualifications. We continue to meet the criteria to account for the B&W Solar business as held for sale and discontinued operations as of March 31, 2025.

For the three months ended March 31, 2025, revenue decreased to $10.0 million from $11.4 million in the three months ended March 31, 2024 as a result of significantly less