Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 124

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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 8.125% Senior Notes due 2026 being exchanged for $100.8 million aggregate principal amount of newly-issued 8.75% Senior Secured Second Lien Notes due 2030 (described in Note 20 of the Condensed Consolidated Financial Statements);

•actively negotiating with our current lender under the Credit Facility to extend the maturity date of the Credit Facility; and

•actively in discussions with certain parties to further divest non-core assets. We cannot provide any assurances that such transaction will close or that proceeds will not be more or less than we anticipate.

There is no assurance that we will successfully obtain the financing necessary to satisfy our current obligations when they come due. In addition, we may take one or more of the following actions to obtain the required funding for future operations:

•Suspension of dividends on our Preferred Stock; and

•Selling additional common shares.

Management believes it is taking all prudent actions to address its liquidity concerns, however, these plans have not been finalized and are subject to market conditions that are not within the Company's control, therefore we have determined that there is substantial doubt about our ability to continue as a going concern for the 12 months following the issuance of these financial statements.

Cash and Cash Flows 

At March 31, 2025, our cash and cash equivalents, and restricted cash totaled $118.6 million, and we had total debt of $473.6 million as well as $191.7 million of gross preferred stock outstanding. Our foreign business locations held $16.3 million of our total cash and cash equivalents and restricted cash as of December 31, 2025. In general, our foreign cash balances are not available to fund our U.S. operations unless the funds are repatriated or used to repay intercompany loans made from the U.S. to foreign entities, which could expose us to taxes we have not made a provision for in our results of operations. We have no 

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plans to repatriate these funds to the U.S. In addition, we had $78.5 million of restricted cash as of March 31, 2025 related to collateral for certain letters of credit as part of funding for several ongoing projects.

Cash flows used in operating activities was $8.5 million in the three months ended March 31, 2025, which is primarily attributable to the year-to-date net loss of $22.0 million, partially offset by non-cash expenses arising from impairment of long-lived assets of