Company: BWNB
Filing Date: 2025-05-30
Form Type: CORRESP
Source: 0001104659-25-054801
Chunk: 1

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-30
Form: CORRESP
Chunk 1
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 the Staff’s
comment.

Non-GAAP Financial Measures, page 39

| 2. | We note the non-GAAP adjustments for "Product development" and "Letter of credit fees" in your calculation                               
 of Adjusted EBITDA. We further note that product development costs include "expenses that relate to sales, marketing, and other business 
 development expenses for...products and services still under development and not yet widely available" and letter of credit fees         
 represent expenses "routinely incurred in the course of executing customer contracts." Considering these costs appear to represent       
 normal, recurring, cash operating expenses necessary to operate your business, please remove these adjustments from future filings or    
 tell us why you believe inclusion complies with non-GAAP rules. Refer to Question 100.01 of the Non-GAAP Financial Measures Compliance   
 and Disclosure Interpretations.                                                                                                          |

Response

The Company acknowledges the Staff’s comment and commencing with
the quarter ending June 30, 2025, will remove “Product development” and “Letter of credit fees” adjustments from
the calculation of Adjusted EBITDA for all periods presented.

Liquidity and Capital Resources

Cash and Cash Flows, page 46

| 3. | Please provide a more informative analysis and discussion of changes in operating, investing and                                             
 financing cash flows for each period presented. In doing so, explain the underlying reasons and implications of material changes between     
 periods to provide investors with an understanding of trends and variability in cash flows. Also provide an analysis of any known trends     
 and uncertainties that will result in or that are reasonably likely to result in a material increase or decrease in your liquidity. Ensure   
 your discussion and analysis is not merely a recitation of changes evident from the financial statements. Refer to Item 303(a) of Regulation 
 S-K and Section IV.B of SEC Release No. 33-8350.                                                                                             |

2 |Page

Response

The Company respectfully acknowledges the Staff’s comment and
advises the Staff that it will provide a more informative analysis and discussion of changes in operating, investing, and financing cash
flows for each period presented. The Company will explain the underlying reasons and implication of material changes between periods to
provide investors with an understanding of trends and variability in cash flows. Additionally, the Company will provide an analysis of
any known trends and uncertainties that will result in or that are reasonably likely to result in a material increase or decrease to the
Company’s liquidity. The Company will incorporate analysis and discussion