Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 25

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 25
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loss)                      |     | $    |                            6,500 |   |     | $    |   1,567 |   |     | $        |  4,933 |   |     | $    |                          14,862 |   |     | $    |  (1,892 | ) |     | $        | 16,754 |   |
| Loss from continuing operations              |     | $    |                           (2,342 | ) |     | $    |  (7,911 | ) |     | $        |  5,569 |   |     | $    |                         (22,399 | ) |     | $    | (43,562 | ) |     | $        | 21,163 |   |

Three Months Ended September 30,2025 and 2024

Revenues decreased by $3.6 million to $149.0 million
in the three months ended September 30, 2025 compared to $152.6 million in the three months ended September 30, 2024. The decrease
is primarily driven by lower large project volume in B&W Environmental of $20.6 million, due to larger projects being completed last
year and the timing of booking replacement projects starting later 2025, partially offset by higher parts volume of $7.1 million and higher
volume related to natural gas conversion projects of $7.5 million. This improvement is primarily due to the increasing need for electricity
from fossil fuels driven by the demand from artificial intelligence, data centers and expanding economies.

Costs of operations decreased by $4.6 million
to $111.9 million in the three months ended September 30, 2025 compared to $116.5 million in the three months ended September 30,
2024. The decrease is primarily driven by the lower revenue as described above as well as the product mix of lower project volume, higher
parts volume which has higher gross margin that contributed to the improvement, and lower costs needed to complete certain projects.

SG&A expenses decreased by $3.6 million to
$29.8 million in the three months ended September 30, 2025 compared to $33.3 million in the three months ended September 30,
2024. The decrease is primarily driven by the reduction in Corporate overhead costs.

Research and development costs decreased by $0.9
million to $0.3 million in the three months ended September 30,