Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 3

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 months ended September 30, 2025 decreased to $(27.1) million from $5.4 million in the nine months ended September 30, 2024, primarily as a result of lower revenue as well as additional costs needed to complete the remaining projects. 

BWRS, SPIG and GMAB

In addition to the B&W Solar and Vølund businesses, discontinued operations include the following subsidiaries divested in 2024: BWRS, SPIG, and GMAB. These sale transactions were part of a previously announced strategy to divest certain non-core businesses to reduce our debt, improve our balance sheet and increase liquidity. Results of operations and cash flows for these businesses and the financial position of the divested subsidiaries are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis.

RESULTS OF OPERATIONS

43

Condensed Consolidated Results of Operations

The following discussion is of our consolidated results of operations below.

Three Months Ended September 30,Nine Months Ended September 30,(in thousands)20252024$ Change20252024$ ChangeRevenues$149,011 $152,631 $(3,620)$448,871 $444,919 $3,952 Costs and expenses:      Cost of operations$111,869 $116,517 $(4,648)$337,921 $345,572 $(7,651)Selling, general and administrative expenses$29,782 $33,335 $(3,553)$92,807 $98,485 $(5,678)Research and development costs$303 $1,212 $(909)$1,601 $2,754 $(1,153)Impairment of long-lived assets$— $— $— $950 $— $950 Loss on asset disposals, net $557 $— $557 $730 $— $730 Operating income (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