Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 61

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 by customers. Backlog can vary significantly from period to period, particularly when large new-build conversion projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. 

Bookings represent changes to the backlog. Bookings include additions related to booking new business or increases in project scope, subtractions due to customer cancellations or reductions in scope, changes in estimates that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods, and that shorter-term changes in bookings may not necessarily indicate a material trend.

Three Months Ended March 31,(in approximate millions)20252024B&W Renewable$31.7 $34.7 B&W Environmental11.1 11.5 B&W Thermal124.7 106.5 Other/eliminations(0.5)(2.9)Bookings$167.0 $149.8 

Backlog as of March 31, 2025 and 2024 was as follows:

As of March 31,(in approximate millions)20252024B&W Renewable$56.7 $67.8 B&W Environmental38.7 72.6 B&W Thermal424.6 209.1 Other/eliminations6.8 9.6 Backlog$526.8 $359.1 

Of the backlog at March 31, 2025, we expect to recognize revenues as follows:

(in approximate millions)20252026ThereafterTotalB&W Renewable$34.0 $21.1 $1.6 $56.7 B&W Environmental23.2 14.4 1.1 38.7 B&W Thermal271.1 142.9 10.7 424.7 Other/eliminations6.7 — — 6.7 Expected revenue from backlog$335.0 $178.4 $13.4 $526.8 

Non-GAAP Financial Measures

We use non-GAAP financial measures internally to evaluate our performance and make financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliations, we believe that the presentation of 

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these measures provides investors with greater transparency and a greater understanding of factors affecting our financial position