Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 145

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 145
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 up to $50.0 million through the Agents. As of September 30, 2025 and 2024, 15.0 million and 2.4 million shares, respectively, have been sold pursuant to the Sales Agreement, for net proceeds of $32.5 million and $2.0 million, respectively.

35

NOTE 15 – SUPPLEMENTAL CASH FLOW INFORMATION

The following table provides a reconciliation of Cash and cash equivalents and Current and Long-term restricted cash reported within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows:(in thousands)September 30, 2025December 31, 2024Held by foreign entities$12,669 $20,790 Held by U.S. entities 12,549 6,065 Cash and cash equivalents25,218 26,855   Reinsurance reserve requirements1,252 2,024 Project indemnity collateral 12,407 12,878 Letters of credit collateral (1)68,868 89,265 Funds held for Senior notes redemption83,000 — Escrow for long-term project10,340 42 Current and Long-term restricted cash and cash equivalents175,867 104,209 Total Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (2)$201,085 $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 $0.8 million and $3.5 million at September 30, 2025 and December 31, 2024, respectively. 

NOTE 16 – INCOME TAXES

In the three months ended September 30, 2025, income tax expense from continuing operations was $1.0 million, resulting in an effective tax rate of (78.2)%. In the three months ended September 30, 2024, income tax benefit from continuing operations was $(0.5) million, resulting in an effective tax rate of 6.0%.In the nine months ended September 30, 2025, income tax expense from continuing operations was $6.9 million, resulting in an effective tax rate of (44.3)%. In the nine months ended September