Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 95

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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,893 $(4,257)(7)%Costs of revenue recognized less cost incurred — 585 (585)(100)%Advance billings on contracts$53,636 $58,478 $(4,842)(8)%Accrued contract losses$(17)$217 $(234)(108)%(in thousands)March 31, 2024December 31, 2023$ Change% ChangeContract assets - included in contracts in progress:Costs incurred less costs of revenue recognized$27,993 $12,100 $15,893 131 %Revenues recognized less billings to customers60,000 38,206 21,794 57 %Contracts in progress$87,993 $50,306 $37,687 75 %Contract liabilities - included in advance billings on contracts:Billings to customers less revenues recognized$56,509 $54,051 $2,458 5 %Costs of revenue recognized less cost incurred 6,468 5,066 1,402 28 %Advance billings on contracts$62,977 $59,117 $3,860 7 %Accrued contract losses$(28)$46 $(74)(161)%At December 31, 2023, Accounts receivable - trade, net was $101.4 million.Backlog At March 31, 2025 we had $526.8 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 64%, 34% and 2% of the remaining performance obligations as revenue in 2025, 2026 and thereafter, respectively.

NOTE 6 – INVENTORIES, NET

Inventories are stated at the lower of cost or net realizable value. Certain raw material inventory is sold to our customers directly and without further processing. The components of Inventories, net included in the Condensed Consolidated Balance Sheets are as follows:(in thousands)March 31, 2025December 31, 2024Raw materials and supplies$84,853 $87,262 Work in progress7,847 6,707 Finished goods18,785 14,920 Total inventories, net$111,485 $108,889 

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NOTE 7 – PROPERTY, PLANT & EQUIPMENT & FINANCE LEASES

The following table indicates the carrying value of land and each