Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 104

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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 an aggregate offering price of up to $50.0 million through the Agents. As of March 31, 2025, 3.3 million shares have been sold pursuant to the Sales Agreement, for net proceeds of $5.2 million. On July 11, 2024, we entered into the Registration Rights Agreement with B. Riley. Pursuant to the Registration Rights Agreement, we have agreed to provide B. Riley with customary demand registration rights for all shares of our common stock they beneficially own, including any common stock issuable upon the exercise of any warrants that may be issued to them under the B. Riley Fee Agreement, as described in Note 18 to the Condensed Consolidated Financial Statements.

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NOTE 14 – 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)March 31, 2025December 31, 2024Held by foreign entities$16,298 $20,790 Held by U.S. entities 7,193 6,065 Cash and cash equivalents23,491 26,855 Reinsurance reserve requirements1,747 2,024 Project indemnity collateral4,769 12,878 Letters of credit collateral (1)78,474 89,265 Escrow for long-term project10,138 42 Current and Long-term restricted cash and cash equivalents95,128 104,209 Total Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (2)$118,619 $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 $1.9 million and $3.5 million at March 31, 2025 and December 31, 2024, respectively. 

NOTE 15 – INCOME TAXES

In the three months ended March 31, 2025, income tax expense from continuing operations was $2.3 million, resulting in an effective tax rate of (42.7)%. In the three months ended March 31, 2024, income tax expense from continuing operations was $0