Company: BWNB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001630805-25-000007
Chunk: 13

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 13
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 2023 compared to $81.8 million in 2022. The increase primarily relates to the increase in revenue in our ash handling business. 

Adjusted EBITDA in the B&W Environmental segment was $4.1 million at December 31, 2023 compared to $1.6 million at 2022. The increase is primarily driven by the increased revenue described above.

B&W Thermal Segment Results

Year ended December 31,(in thousands)20242023$ ChangeRevenues$497,879 $499,216 $(1,337)Adjusted EBITDA$61,370 $64,775 $(3,405)

2024 vs 2023 results 

Revenues in the B&W Thermal segment decreased $1.3 million, to $497.9 million in the year ended December 31, 2024 compared to $499.2 million generated in 2023. The decrease is primarily driven by a $27.1 million decrease in the U.S. construction business as a result of a large construction project finishing in 2023 that was not fully replicated in 2024, offset partially by a large natural gas project of $16.7 million starting execution in 2024 as well as larger volume of Canadian repair and maintenance work in 2024 of $9.1 million.

Adjusted EBITDA in the B&W Thermal segment decreased $3.4 million to $61.4 million in 2024 compared to $64.8 million in 2023. The decrease is primarily due to lower revenue in the U.S. construction business, partially offset by a large natural gas project.

43

Year ended December 31,(in thousands)20232022$ ChangeRevenues$499,216 $415,104 $84,112 Adjusted EBITDA$64,775 $56,708 $8,067 

2023 vs 2022 results 

Revenues in the B&W Thermal segment increased $84.1 million, to $499.2 million in the year ended December 31, 2023 compared to $415.1 million generated in 2022. The increase is driven by $55.0 million in revenue from a large new construction project and increased revenue of $49.9 million in our parts business, partially offset by a decline in service projects of $13.4 million due to a project being completed in 2022.

Adjusted EBITDA in the B&W Thermal segment increased $8