Company: BWNB
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001630805-25-000062
Chunk: 13

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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47

B&W Thermal Segment Results

Three Months Ended June 30,Six Months Ended June 30,(in thousands)20252024$ Change20252024$ ChangeRevenues$104,285 $107,302 $(3,017)$227,560 $202,926 $24,634 Adjusted EBITDA$17,483 $9,869 $7,614 $25,066 $18,494 $6,572 

Three Months Ended June 30, 2025 and 2024

Revenues in the B&W Thermal segment decreased 3%, or $3.0 million to $104.3 million in the three months ended June 30, 2025 from $107.3 million in the three months ended June 30, 2024. The decrease is primarily due to lower project related volume of $10.7 million from our service projects and package boiler business, lower construction volume of $6.1 million as a result of a large construction project being performed in 2024 that was not fully replaced in 2025. Partially offset by higher volume related to boiler parts as well as parts relating to a large natural gas conversion project which accounted for $13.8 million.

Adjusted EBITDA in the B&W Thermal segment increased $7.6 million to $17.5 million in the three months ended June 30, 2025 from $9.9 million in the three months ended June 30, 2024. This is primarily driven by improved margins in our project business of $2.0 million as well as our increased volume in our parts business which accounted for $5.0 million which has a higher gross margin.

 Six Months Ended June 30, 2025 and 2024

Revenues in the B&W Thermal segment increased 12%, or $24.6 million, from $202.9 million to $227.6 million in the six months ended June 30, 2025 compared to the prior year, driven by the increase in boiler related parts as well as parts related to a larger natural gas conversion project of $24.6 million.

Adjusted EBITDA in the B&W Thermal segment increased $6.6 million from $18.5 million to $25.1 million in the six months ended June 30, 2025 compared to the prior year. The increase in EBITDA is