Company: BWNB
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001630805-25-000090
Chunk: 50

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 time, which primarily relates to customized, engineered solutions and construction services, accounted for 93% and 93% of revenue for the three months ended September 30, 2025 and 2024, respectively, and 94% and 92% of revenue for the nine months ended September 30, 2025 and 2024, respectively.Refer to Note 5 to the Condensed Consolidated Financial Statements for further disaggregation of revenue.Contract BalancesThe following represents the components of Accounts receivable - trade, net, Contracts in progress and Advance billings on contracts included in the Condensed Consolidated Balance Sheets. We are also including accrued contract losses included in Other accrued liabilities in the Condensed Consolidated Balance Sheets.(in thousands)September 30, 2025December 31, 2024$ Change% ChangeAccounts receivable - trade, net$101,662 $94,509 $7,153 8 %Contracts in progress$70,757 $79,392 $(8,635)(11)%Advance billings on contracts$79,439 $57,814 $21,625 37 %Accrued contract losses$1 $217 $(216)(100)%(in thousands)September 30, 2024December 31, 2023$ Change% ChangeAccounts receivable - trade, net$90,026 $80,474 $9,552 12 %Contracts in progress$68,339 $47,454 $20,885 44 %Advance billings on contracts$37,553 $60,280 $(22,727)(38)%Accrued contract losses$42 $46 $(4)(9)%For the nine months ended September 30, 2025 and 2024, we recognized 93% and 96% of the revenue related to amounts that were included in advance billings on contracts as of December 31, 2024 and 2023, respectively.Backlog At September 30, 2025, we had $393.5 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 33%, 63% and 4% of the remaining performance obligations as revenue in 2025, 2026 and thereafter, respectively.

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NOTE 7 – INVENTORIES, NET

Inventories are stated at the lower of cost or net realizable value. Certain