Company: BWNB
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001630805-25-000062
Chunk: 8

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 8
---
 one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend.

Three Months Ended June 30,Six Months Ended June 30,(in approximate millions)2025202420252024B&W Thermal$75.5 $92.2 $170.0 $180.4 B&W Renewable20.7 17.9 40.2 47.5 B&W Environmental18.0 26.2 27.2 37.1 Other/eliminations(1.3)(0.4)(1.9)(3.3)Bookings$112.9 $135.9 $235.5 $261.7 

Backlog as of June 30, 2025 and 2024 was as follows:

 June 30,(in approximate millions)20252024B&W Thermal$345.9 $177.4 B&W Renewable33.9 20.2 B&W Environmental35.6 70.8 Other/eliminations2.7 12.4 Backlog$418.1 $280.8 

Of the backlog at June 30, 2025, we expect to recognize revenues as follows:

(in approximate millions)20252026ThereafterTotalB&W Thermal$190.0 $146.5 $9.4 $345.9 B&W Renewable17.5 15.4 1.0 33.9 B&W Environmental18.3 16.2 1.1 35.6 Other/eliminations2.7 — — 2.7 Expected revenue from backlog$228.5 $178.1 $11.5 $418.1 

Non-GAAP Financial Measures

We use non-GAAP financial measures internally to evaluate our performance and make financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliations, we believe that the presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial position and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the related financial results prepared in accordance with GAAP.

The following discussion of our business segment results of operations includes a discussion of EBITDA and Adjusted EBITDA. EBITDA focuses on the earnings generated