Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 9

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 9
---
 Plan; |

| · | 3,011,051 shares of Common Stock available for award under the Company’s Amended and Restated 2021 Long-Term Incentive Plan; |

| · | 52,871 shares issuable upon the exercise of outstanding options as of March 31, 2025 with a weighted average exercise price of $57.71; |

| · | 1,778,467 shares issuable upon the vesting of outstanding restricted stock units as of March 31, 2025; and |

| · | 595,000 shares issuable upon the vesting of outstanding performance restricted stock units as of March 31, 2025. |

| S-3 |

<div align='center'>RISK FACTORS</div>

An investment in our Common Stock involves a high degree of risk, including the risks described below and discussed under the section captioned “Risk Factors” contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and our Quarterly Report for the fiscal quarter ended March 31, 2025, as updated by our subsequent filings under the Exchange Act, which are incorporated by reference in this prospectus supplement and the accompanying prospectus in their entirety. Before purchasing the shares, you should carefully consider each of the following risk factors as well as the other information contained in this prospectus supplement and the accompanying prospectus and the documents incorporated by reference, including our consolidated financial statements and the related notes. Each of these risk factors, either alone or taken together, could materially and adversely affect our business, operating results and financial condition, as well as adversely affect the value of an investment in the shares. The risks described below are not the only ones we face. Additional risks of which we are not presently aware or that we currently believe are immaterial which may also impair our business operations and financial position. If any of the events described below were to occur, our financial condition, our results of operations or our future growth prospects could be materially and adversely affected. As a result, you could lose some or all of any investment you may have made or may make in our Company.

Risks Related to Our Business

You should read and consider
the significant risk factors specific to our business before making an investment decision. Those risks are described in the section entitled
“Risk Factors—Risks Relating to Our Industry and Our Business” in our Annual Report on Form 10-K for the year ended
December 31, 2024