Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 48

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 48
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 on a pro forma basis, using an assumed share count based on the
last available closing price, is based on 111,099,765 shares of our Common Stock outstanding as of September 30, 2025 and excludes:

| · | 2,192,052 shares of Common Stock available for award under the Company’s Amended and Restated 2021 Long-Term Incentive Plan; |

| · | 34,692 shares issuable upon the exercise of outstanding options as of September 30, 2025 with a weighted average exercise price of $63.66; |

| · | 2,108,029 shares issuable upon the vesting of outstanding restricted stock units as of September 30, 2025; and |

| · | 520,000 shares issuable upon the vesting of outstanding performance restricted stock units as of September 30, 2025. |

The number of shares of Common Stock to be outstanding
immediately following this offering does not include (x) up to approximately $7.0 million of our Common Stock that remain available for
sale as of September 30, 2025 under our “at-the-market” offering with Lake Street and Craig-Hallum, as sales agents and (y)
the following shares issued to, or issuable upon exercise of warrants by, Applied Digital pursuant to the Letter Agreement dated November
4, 2025: (i) 500,000 shares of Common Stock, (ii) 2,600,000 shares of Common Stock issuable upon the exercise of the Initial Warrant and
(iii) 7,860,000 shares of Common Stock issuable upon exercise of the Additional Warrant, upon the issuance of such warrant.

The above illustration of
dilution per share to investors participating in this offering assumes no exercise of outstanding options or vesting and settlement of
outstanding restricted stock units. To the extent that any outstanding options are exercised or outstanding restricted stock units are
vested and settled, there will be further dilution to new investors.

<div align='center'>S-29

DIVIDEND POLICY</div>

We have no current intent
to pay a regular dividend, and dividend payments are restricted by our lending agreements. Our board of directors will determine the payment
of future dividends on our Common Stock, if any, and the amount of any dividends in light of applicable law, contractual restrictions
limiting our ability to pay dividends, our earnings and cash flows, our