# EDGAR Filing Document

**Accession Number:** 0001630805
**File Stem:** 0001630805-26-000018
**Filing Date:** 2026-3
**Character Count:** 535484
**Document Hash:** 372b0e0bd48e018e850a4361fa709122
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001630805-26-000018.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001630805-26-000018

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 175

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Babcock & Wilcox Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001630805
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 472783641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36876
- **FILM NUMBER:** 26756705

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305
- **BUSINESS PHONE:** 3308606205

**MAIL ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305

?xml version='1.0' encoding='ASCII'? bw-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File No. 001-36876** 

**BABCOCK & WILCOX ENTERPRISES, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **47-2783641** |
| (State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| **1200 East Market Street, Suite 650** |  |
| **Akron, Ohio** | **44305** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: **<u>(330) 753-4511</u>**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | BW | New York Stock Exchange |
| 6.50% Senior Notes due 2026 | BWNB | New York Stock Exchange |
| 7.75% Series A Cumulative Perpetual Preferred Stock | BW PRA | New York Stock Exchange |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☒ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).&nbsp;&nbsp;&nbsp;&nbsp;

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

The aggregate market value of the registrant's common stock held by non-affiliates of the registrant on the last business day of the registrant's most recently completed second fiscal quarter (based on the closing sales price on the New York Stock Exchange on June 30, 2025) was approximately $63.5 million.

The number of shares of the registrant's common stock outstanding at March 9, 2026 was 135,256,006.

**DOCUMENTS INCORPORATED BY REFERENCE**

In accordance with General Instruction G(3) of Form 10-K, certain information required by Part III hereof will either be incorporated into this Form 10-K by reference to our Definitive Proxy Statement for our Annual Meeting of Shareholders filed within 120 days of December 31, 2025 or will be included in an amendment to this Form 10-K filed within 120 days of December 31, 2025.

------

<u>**TABLE OF CONTENTS**</u>

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| | <u>[PART I](#i4c6af07966fd4f089345690bcdbace46_13)</u> | |
| &nbsp;&nbsp;<u>[Item 1.](#i4c6af07966fd4f089345690bcdbace46_19)</u> | <u>[Business](#i4c6af07966fd4f089345690bcdbace46_19)</u> | <u>[7](#i4c6af07966fd4f089345690bcdbace46_19)</u> |
| &nbsp;&nbsp;<u>[Item 1A.](#i4c6af07966fd4f089345690bcdbace46_67)</u> | <u>[Risk Factors](#i4c6af07966fd4f089345690bcdbace46_67)</u> | <u>[12](#i4c6af07966fd4f089345690bcdbace46_67)</u> |
| &nbsp;&nbsp;<u>[Item 1B.](#i4c6af07966fd4f089345690bcdbace46_82)</u> | <u>[Unresolved Staff Comments](#i4c6af07966fd4f089345690bcdbace46_82)</u> | <u>[29](#i4c6af07966fd4f089345690bcdbace46_82)</u> |
| &nbsp;&nbsp;<u>[Item 1C.](#i4c6af07966fd4f089345690bcdbace46_85)</u> | <u>[Cybersecurity](#i4c6af07966fd4f089345690bcdbace46_85)</u> | <u>[29](#i4c6af07966fd4f089345690bcdbace46_85)</u> |
| &nbsp;&nbsp;<u>[Item 2.](#i4c6af07966fd4f089345690bcdbace46_88)</u> | <u>[Properties](#i4c6af07966fd4f089345690bcdbace46_88)</u> | <u>[31](#i4c6af07966fd4f089345690bcdbace46_88)</u> |
| &nbsp;&nbsp;<u>[Item 3.](#i4c6af07966fd4f089345690bcdbace46_91)</u> | <u>[Legal Proceedings](#i4c6af07966fd4f089345690bcdbace46_91)</u> | <u>[31](#i4c6af07966fd4f089345690bcdbace46_91)</u> |
| &nbsp;&nbsp;<u>[Item 4.](#i4c6af07966fd4f089345690bcdbace46_94)</u> | <u>[Mine Safety Disclosures](#i4c6af07966fd4f089345690bcdbace46_94)</u> | <u>[31](#i4c6af07966fd4f089345690bcdbace46_94)</u> |
|  | <u>[PART II](#i4c6af07966fd4f089345690bcdbace46_97)</u> |  |
| &nbsp;&nbsp;<u>[Item 5.](#i4c6af07966fd4f089345690bcdbace46_100)</u> | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities](#i4c6af07966fd4f089345690bcdbace46_100)</u> | <u>[31](#i4c6af07966fd4f089345690bcdbace46_100)</u> |
| &nbsp;&nbsp;<u>[Item 6.](#i4c6af07966fd4f089345690bcdbace46_103)</u> | <u>[Reserved](#i4c6af07966fd4f089345690bcdbace46_103)</u> | <u>[32](#i4c6af07966fd4f089345690bcdbace46_103)</u> |
| &nbsp;&nbsp;<u>[Item 7.](#i4c6af07966fd4f089345690bcdbace46_106)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operation](#i4c6af07966fd4f089345690bcdbace46_106)</u> | <u>[32](#i4c6af07966fd4f089345690bcdbace46_106)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Business Overview](#i4c6af07966fd4f089345690bcdbace46_109)</u> | <u>[33](#i4c6af07966fd4f089345690bcdbace46_115)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Results of Operations - Years Ended December 31, 2025, 2024 and 2023](#i4c6af07966fd4f089345690bcdbace46_118)</u> | <u>[35](#i4c6af07966fd4f089345690bcdbace46_121)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Liquidity and Capital Resources](#i4c6af07966fd4f089345690bcdbace46_193)</u> | <u>[40](#i4c6af07966fd4f089345690bcdbace46_193)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Critical Accounting Policies and Estimates](#i4c6af07966fd4f089345690bcdbace46_196)</u> | <u>[42](#i4c6af07966fd4f089345690bcdbace46_196)</u> |
| &nbsp;&nbsp;<u>[Item 7A.](#i4c6af07966fd4f089345690bcdbace46_229)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i4c6af07966fd4f089345690bcdbace46_229)</u> | <u>[45](#i4c6af07966fd4f089345690bcdbace46_229)</u> |
| &nbsp;&nbsp;<u>[Item 8.](#i4c6af07966fd4f089345690bcdbace46_232)</u> | <u>[Consolidated Financial Statements and Supplemental Data](#i4c6af07966fd4f089345690bcdbace46_232)</u> | <u>[45](#i4c6af07966fd4f089345690bcdbace46_232)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Report of Independent Registered Public Accounting Firms](#i4c6af07966fd4f089345690bcdbace46_235)</u> | <u>[45](#i4c6af07966fd4f089345690bcdbace46_235)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023](#i4c6af07966fd4f089345690bcdbace46_238)</u> | <u>[49](#i4c6af07966fd4f089345690bcdbace46_238)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024, and 2023](#i4c6af07966fd4f089345690bcdbace46_241)</u> | <u>[50](#i4c6af07966fd4f089345690bcdbace46_241)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of December 31, 2025 and 2024](#i4c6af07966fd4f089345690bcdbace46_244)</u> | <u>[51](#i4c6af07966fd4f089345690bcdbace46_244)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statement of Stockholders'](#i4c6af07966fd4f089345690bcdbace46_247)[Deficit](#i4c6af07966fd4f089345690bcdbace46_247)[for the Years Ended December 31, 2025, 2024, and 2023](#i4c6af07966fd4f089345690bcdbace46_247)</u> | <u>[52](#i4c6af07966fd4f089345690bcdbace46_247)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023](#i4c6af07966fd4f089345690bcdbace46_250)</u> | <u>[53](#i4c6af07966fd4f089345690bcdbace46_250)</u> |
|  | <u>[Notes to Consolidated Financial Statements](#i4c6af07966fd4f089345690bcdbace46_253)</u> | <u>[55](#i4c6af07966fd4f089345690bcdbace46_253)</u> |
| &nbsp;&nbsp;<u>[Item 9.](#i4c6af07966fd4f089345690bcdbace46_454)</u> | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i4c6af07966fd4f089345690bcdbace46_454)</u> | <u>[100](#i4c6af07966fd4f089345690bcdbace46_454)</u> |
| &nbsp;&nbsp;<u>[Item 9A.](#i4c6af07966fd4f089345690bcdbace46_457)</u> | <u>[Controls and Procedures](#i4c6af07966fd4f089345690bcdbace46_457)</u> | <u>[100](#i4c6af07966fd4f089345690bcdbace46_457)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Evaluation of Disclosure Controls and Procedures](#i4c6af07966fd4f089345690bcdbace46_460)</u> | <u>[100](#i4c6af07966fd4f089345690bcdbace46_460)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Management's Report on Internal Control Over Financial Reporting](#i4c6af07966fd4f089345690bcdbace46_463)</u> | <u>[101](#i4c6af07966fd4f089345690bcdbace46_463)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Changes in Internal Control Over Financial Reporting](#i4c6af07966fd4f089345690bcdbace46_466)</u> | <u>[102](#i4c6af07966fd4f089345690bcdbace46_466)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Report of Independent Registered Public Accounting Firm](#i4c6af07966fd4f089345690bcdbace46_469)</u> | <u>[102](#i4c6af07966fd4f089345690bcdbace46_469)</u> |
| &nbsp;&nbsp;<u>[Item 9B.](#i4c6af07966fd4f089345690bcdbace46_472)</u> | <u>[Other Information](#i4c6af07966fd4f089345690bcdbace46_472)</u> | <u>[103](#i4c6af07966fd4f089345690bcdbace46_472)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Insider Trading Arrangements](#i4c6af07966fd4f089345690bcdbace46_475)</u> | <u>[103](#i4c6af07966fd4f089345690bcdbace46_475)</u> |
| &nbsp;&nbsp;<u>[Item 9C.](#i4c6af07966fd4f089345690bcdbace46_478)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i4c6af07966fd4f089345690bcdbace46_478)</u> | <u>[103](#i4c6af07966fd4f089345690bcdbace46_478)</u> |
|  | <u>[PART III](#i4c6af07966fd4f089345690bcdbace46_481)</u> |  |
| &nbsp;&nbsp;<u>[Item 10.](#i4c6af07966fd4f089345690bcdbace46_484)</u> | <u>[Directors, Executive Officers and Corporate Governance](#i4c6af07966fd4f089345690bcdbace46_484)</u> | <u>[104](#i4c6af07966fd4f089345690bcdbace46_484)</u> |
| &nbsp;&nbsp;<u>[Item 11.](#i4c6af07966fd4f089345690bcdbace46_487)</u> | <u>[Executive Compensation](#i4c6af07966fd4f089345690bcdbace46_487)</u> | <u>[104](#i4c6af07966fd4f089345690bcdbace46_487)</u> |
| &nbsp;&nbsp;<u>[Item 12.](#i4c6af07966fd4f089345690bcdbace46_490)</u> | <u>[Security Ownership of Beneficial Owners and Management and Related Stockholder Matters](#i4c6af07966fd4f089345690bcdbace46_490)</u> | <u>[105](#i4c6af07966fd4f089345690bcdbace46_490)</u> |
| &nbsp;&nbsp;<u>[Item 13.](#i4c6af07966fd4f089345690bcdbace46_493)</u> | <u>[Certain Relationships and Related Transactions, and Director Independence](#i4c6af07966fd4f089345690bcdbace46_493)</u> | <u>[105](#i4c6af07966fd4f089345690bcdbace46_493)</u> |
| &nbsp;&nbsp;<u>[Item 14.](#i4c6af07966fd4f089345690bcdbace46_496)</u> | <u>[Principal Accountant Fees and Services](#i4c6af07966fd4f089345690bcdbace46_496)</u> | <u>[105](#i4c6af07966fd4f089345690bcdbace46_496)</u> |
|  | <u>[PART IV](#i4c6af07966fd4f089345690bcdbace46_499)</u> |  |
| &nbsp;&nbsp;<u>[Item 15.](#i4c6af07966fd4f089345690bcdbace46_502)</u> | <u>[Exhibits and Financial Statement Schedules](#i4c6af07966fd4f089345690bcdbace46_502)</u> | <u>[105](#i4c6af07966fd4f089345690bcdbace46_502)</u> |
| &nbsp;&nbsp;<u>[Item 16.](#i4c6af07966fd4f089345690bcdbace46_508)</u> | <u>[Form 10-K Summary](#i4c6af07966fd4f089345690bcdbace46_508)</u> | <u>[114](#i4c6af07966fd4f089345690bcdbace46_508)</u> |
| &nbsp;&nbsp;<u>[Signatures](#i4c6af07966fd4f089345690bcdbace46_511)</u> |  | <u>[114](#i4c6af07966fd4f089345690bcdbace46_511)</u> |

---

------

**Definitions**

In this Annual Report on Form 10-K, or this "Annual Report," unless the context otherwise indicates, "B&W," "we," "us," "our" or the "Company" mean Babcock & Wilcox Enterprises, Inc. and its consolidated subsidiaries. Unless otherwise noted, discussion of our business and results of operations in this Annual Report on Form 10-K refers to our continuing operations.

---

| | |
|:---|:---|
| **Abbreviation or acronym** | **Term** |
| 6.50% Senior Notes | 6.50% Senior Notes due December 31, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021 |
| 8.125% Senior Notes | 8.125% Senior Notes due February 28, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021 |
| 8.75% Senior Notes | 8.75% Senior Secured Notes due June 30, 2030 issued by Babcock & Wilcox Enterprises, Inc. in 2025 |
| Agents | Collectively, B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC |
| 2025 Agents | Collectively, B. Riley and Lake Street Capital Markets, LLC Group LLC |
| AI | Artificial intelligence |
| AOCI | Accumulated Other Comprehensive Income (loss) |
| Applied Digital | Applied Digital Corporation |
| ASC | Accounting Standards Codification |
| ASH | Allen-Sherman-Hoff Division |
| ASU | Accounting Standards Update |
| Axos | Axos Bank, an affiliate of Axos Financial, Inc. |
| B&W Solar | Babcock & Wilcox Solar Energy, Inc., formerly known as Fosler Construction Company, Inc. |
| B. Riley | B. Riley Financial, Inc. and its affiliates, a related party |
| BWRS | Babcock & Wilcox Renewable Service A/S |
| BWXT | BWX Technologies, Inc., NYSE Ticker "BWXT" |
| CODM | Chief Operating Decision Maker, who is our chief executive officer |
| CO2 | Carbon dioxide |
| Credit Agreement | Credit Agreement between us, with certain of our subsidiaries as guarantors, the lenders party thereto from time to time and Axos Bank, as administrative agent, swingline lender and letter of credit issuer on January 18, 2024 (as amended from time to time) |
| Credit Facility | Revolving credit facility |
| CTA | Currency translation adjustment |
| Debt Facilities | Collectively, the Revolving Credit Agreement and Letter of Credit Agreement |
| Diamond Power | Diamond Power International, LLC |
| DTAs | Deferred Tax Assets |
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
| ESP | Electrostatic precipitators |
| Exchange Act | The Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| GAAP | Generally Accepted Accounting Principles in the United States of America |
| GMAB | Babcock & Wilcox Vølund AB f/k/a Gӧtaverken Miljӧ AB |
| IPP | Independent power producer |
| IRC | U.S. Internal Revenue Code of 1986, as amended |
| IT | Information technology |
| Letter of Credit Agreement | Letter of Credit agreement with PNC |
| MSD | MSD Partners and affiliates, including MSD PCOF Partners XLV, LLC |
| MTM | Mark-to-Market |
| NOL | Net operating losses |

---

------

---

| | |
|:---|:---|
| **Abbreviation or acronym** | **Term** |
| Notes Due 2026 or Senior Notes Due 2026 | Collectively, the 8.125% Senior Notes due February 28, 2026 and the 6.50% Senior Notes due December 31, 2026 |
| NYSE | New York Stock Exchange |
| Over time | Refers to fixed long-term pricing in contract term revenue |
| O&M | Operational & Maintenance contract |
| PBGC | Pension Benefit Guaranty Corporation |
| PNC | PNC Bank, National Association |
| Preferred Stock | 7.75% Series A Cumulative Perpetual Preferred Stock |
| Revolving Credit Agreement | Revolving credit agreement with PNC |
| Registration Rights Agreement | Registration rights agreement with B. Riley |
| Reimbursement Agreement | Reimbursement, guaranty and security agreement with MSD |
| Sales Agreement | Sales agreement with B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC |
| 2025 Sales Agreement | Sales agreement with B. Riley Securities, Inc. and Lake Street Capital Markets, LLC |
| SEC | United States Securities and Exchange Commission |
| Securities Act | The Securities Act of 1933, as amended |
| SG&A | Selling, general and administrative expenses |
| SOFR | The Secured Overnight Financing Rate |
| Specified Transactions | The Company's engagement in certain specified sales of the assets of specified subsidiaries of the Company |
| SPIG | SPIG S.p.A |
| U.S. Plan | Retirement Plan for Employees of Babcock & Wilcox Commercial Operations |

---

**Note:** Rounding of figures in this Annual Report may result in computational discrepancies.

**PART I** 

**\*\*\*\*\* Cautionary Statement Concerning Forward-Looking Information \*\*\*\*\***

This Annual Report on Form 10-K, including Management's Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical or current fact included in this Annual Report are forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements may include words such as "expect," "intend," "plan," "likely," "seek," "believe," "project," "forecast," "target," "goal," "potential," "estimate," "may," "might," "will," "would," "should," "could," "can," "have," "due," "anticipate," "assume," "contemplate," "continue" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.

The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management's current expectations and involve a number of risks and uncertainties, including, but not limited to the risks and uncertainties listed under "Summary Risk Factors" below and further described under the heading "Risk Factors" in Part I, Item 1A of this Annual Report, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC.

These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, forward-looking statements are subject to uncertainties and factors relating to our operations and business environment that are difficult to predict and may be beyond our control. Such uncertainties and factors may cause actual results to differ materially from those expressed or implied by the forward-looking statements.

------

The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

**SUMMARY RISK FACTORS**

Our business is subject to varying degrees of risk and uncertainty. Investors should consider the risks and uncertainties summarized below, as well as the full discussion of risks and uncertainties in Part I, Item 1A, "Risk Factors" of this Annual Report. The summary below is provided for ease of reference, is not intended to reflect a complete explanation of relevant risks and uncertainties and should be read together with the more detailed description of these risks and uncertainties in Part I, Item 1A, "Risk Factors" of this Annual Report. Additional risks not presently known to us or that we currently deem immaterial may also affect us. If any of these risks occur, our business, financial condition, results of operations or cash flows could be materially and adversely affected, and, as a result, the trading price for our common stock could decline.

Our business is subject to the following principal risks and uncertainties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We must refinance or repay our 6.50% Senior Notes due 2026 prior to their maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We are subject to risks associated with contractual pricing in our industry, including the risk that, if our actual costs exceed the costs we estimate on our fixed-price contracts, our profitability will decline, and we may suffer losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disputes with customers with long-term contracts could adversely affect our financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our contractual performance may be affected by third parties' and subcontractors' failure to meet schedule, quality and other requirements in our contracts, which could increase costs, scope, or technical difficulty or in extreme cases, limit our ability to meet contractual requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We are subject to government regulations that may adversely affect our future operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainty over global tariffs, or the financial impact of tariffs, may negatively affect our results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** A material disruption at one of our manufacturing facilities or a third-party manufacturing facility that we have engaged could adversely affect our ability to generate sales and result in increased costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** If our co-venturers fail to perform their obligations on a contract or if we fail to coordinate effectively with our co-venturers, we could be exposed to legal liability, damage to reputation, reduced profit, or liquidity challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Our growth strategy includes strategic acquisitions, which we may not consummate or successfully integrate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our evaluation of strategic alternatives for certain businesses and non-core assets may not result in successful transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our backlog is subject to unexpected adjustments and cancellations and may not be a reliable indicator of future revenues or earnings; our inability to deliver our backlog on time could affect our future sales and profitability, and our relationships with our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our operations are subject to various risks, which could expose us to potentially significant professional liability, product liability, warranty and other claims. Our insurance coverage may be inadequate to cover all of our significant risks, our insurers may deny coverage of material losses we incur, or we may be unable to obtain additional insurance coverage in the future, any of which could adversely affect our profitability and overall financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We may not be able to compete successfully against current and future competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** If we fail to develop new products, or customers do not accept them, our business could be adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We derive substantial revenues from electric power generating companies and other steam-using industries. Demand for our products and services depends on spending in these historically cyclical industries. Additionally, legislative and regulatory developments relating to industry plans for spending within the United States and elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Demand for our products and services is vulnerable to macroeconomic downturns and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Supply chain issues, including shortages of adequate component supply that increase our costs or cause delays in our ability to fulfill orders, and/or our failure to estimate customer demand properly could have an adverse impact on our business and operating results and our relationships with customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** The financial and other covenants in our debt agreements may adversely affect us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Maintaining adequate bonding and letter of credit capacity is necessary for us to successfully bid on, win and complete various contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our total assets include goodwill and other indefinite-lived intangible assets. If we determine these have become impaired, our business, financial condition and results of operations could be materially adversely affected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We are exposed to credit risk and may incur losses as a result of such exposure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** A disruption in, or failure of our information technology systems, including those related to cybersecurity, could adversely affect our business operations and financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Privacy and information security laws are complex, and if we fail to comply with applicable laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We rely on intellectual property law and confidentiality agreements to protect our intellectual property. We also rely on intellectual property we license from third parties. Our failure to protect our intellectual property rights, or our inability to obtain or renew licenses to use intellectual property of third parties, could adversely affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our business and our customers' businesses are required to obtain, and to comply with, national, state and local government permits and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our operations are subject to various environmental laws and legislation that may become more stringent in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our operations involve the handling, transportation and disposal of hazardous materials, and environmental laws and regulations and civil liability for contamination of the environment or related personal injuries may result in increases in our operating costs and capital expenditures and decreases in our earnings and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Our business may be affected by sanctions and export controls targeting Russia and other responses to Russia's invasion of Ukraine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We could be adversely affected by violations of the United States Foreign Corrupt Practices Act, the UK Anti-Bribery Act or other anti-bribery laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our international operations are subject to political, economic and other uncertainties not generally encountered in our domestic operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Fluctuations in the value of foreign currencies could harm our profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** The market price and trading volume of our common stock may be volatile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales or issuances of shares of our common stock may adversely affect the market price of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** B. Riley has significant influence over us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We may issue additional preferred stock that could dilute the voting power or reduce the value of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Provisions in our corporate documents and Delaware law could delay or prevent a change in control of us, even if that change may be considered beneficial by some shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** We could be subject to changes in tax rates or tax law, adoption of new regulations, changing interpretations of existing law or exposure to additional tax liabilities in excess of accrued amounts that could adversely affect our financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Our ability to use NOL and certain tax credits to reduce future tax payments could be further limited if we experience an additional "ownership change";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business could be harmed if we fail to maintain effective internal control over financial reporting, and we have identified certain material weaknesses as of December 31, 2024 and December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Our reported financial results may be adversely affected by new accounting pronouncements or changes in existing accounting standards and practices, which could result in volatility in our results of operations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** The loss of the services of one or more of our key personnel, or our failure to attract, recruit, motivate, and retain qualified personnel in the future, could disrupt our business and harm our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We outsource certain business processes to third-party vendors and have certain business relationships that subject us to risks, including disruptions in business which could increase our costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Negotiations with labor unions and possible work stoppages and other labor problems could divert management's attention and disrupt operations. In addition, new collective bargaining agreements or amendments to existing agreements could increase our labor costs and operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Pension and medical expenses associated with our retirement benefit plans may fluctuate significantly depending on a number of factors, and we may be required to contribute cash to meet underfunded pension obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks could adversely affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Potential indemnification liabilities to BWXT pursuant to the master separation agreement could materially adversely affect us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** In connection with our separation from BWXT, BWXT has agreed to indemnify us for certain liabilities. However, there can be no assurance that the indemnity will be sufficient to insure us against the full amount of such liabilities, or that BWXT's ability to satisfy its indemnification obligation will not be impaired in the future.

**WEBSITE REFERENCES**

In this Annual Report on Form 10-K, we make references to our website at www.babcock.com. References to our website through this Form 10-K are provided for convenience only and the content on our website does not constitute a part of, and shall not be deemed incorporated by reference into, this Annual Report on Form 10-K.

**ITEM 1. Business**

We are a globally-focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers. We support global energy needs and baseload power demand by providing advanced technologies that utilize coal, natural gas, hydrogen, waste and biomass to produce energy, environmental solutions and carbon capture systems. Our proven platforms help utilities, data centers, oil and gas, and other industries meet rising demand, while our comprehensive aftermarket services keep existing power plants operating efficiently. Our advanced environmental and decarbonization technologies help to reduce greenhouse gases and other emissions and capture carbon. We also are investing in new coal and natural gas technologies to produce steam or hydrogen from solid fuels and simultaneously isolate and capture CO2.

In the fourth quarter of 2025, we reassessed our segment structure as a result of the completion of our strategic shift to streamline and simplify our business. This transformation included the divestiture of certain non-core assets, as described in Note 4 to the Consolidated Financial Statements that accompany this report. As a result of this assessment, we have determined we have one reportable segment, labeled as B&W. The revised segment presentation has been applied retrospectively to all periods presented. For further information regarding our segment reporting, see Note 6 to the Consolidated Financial Statements that accompany this report.

Our vast installed base of steam generation equipment includes aftermarket parts, construction, maintenance and field services. We have an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others. We provide aftermarket parts, construction, maintenance, engineered upgrades and field services for our installed base as well as the installed base of other original equipment manufacturers. In addition to our aftermarket offerings, we also provide complete steam generation systems including package boilers, watertube and firetube waste heat boilers, and other boilers to medium and heavy industrial customers. Our unique range of offerings, coupled with the strength of our brand, provides a competitive advantage in existing and emerging markets, including utilities and power generation, AI data centers, and other industrial markets, including oil and gas. We also offer specialized technologies in industrial energy production, including hydrogen and syngas.

Our business depends significantly on the capital, operations and maintenance expenditures of global electric power generating companies, including renewable and thermal powered heat generation industries and industrial facilities with environmental compliance policy requirements. Several factors may influence these expenditures, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• climate change initiatives promoting environmental policies to meet legislative requirements and clean energy portfolio standards in North America, Europe, Middle East and Asia;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulations requiring environmental improvements in various industries and global markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding future governmental requirements to further limit or reduce greenhouse gas and other emissions in the United States, Europe and other international climate change sensitive countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prices for electricity, along with the cost of production and distribution, including the cost of fuels, within the United States, Europe, Middle East and Asia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• demand for electricity and other end products of steam-generating facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of capacity utilization at operating power plants and other industrial users of steam production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance and upkeep requirements at operating power plants, including to address the accumulated effects of usage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overall strength of the industrial industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of electric power generating companies and other steam users to raise capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of geopolitical conflicts, including the ongoing conflicts in Ukraine and the Middle East.

Customer demand is heavily affected by the variations in our customers' business cycles, power demand in their operating territories and by the overall economies and energy, environmental and noise abatement needs of the countries in which they operate.

**Market Update**

Management continues to adapt to macroeconomic conditions, including the impacts from inflation, higher interest rates and foreign exchange rate volatility, current and potential tariff actions and geopolitical conflicts. In certain instances, these situations have resulted in cost increases and delays or disruptions that have had, and could continue to have, an adverse impact on our ability to meet customers' demands. We continue to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supporting our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact on our operating results cannot be reasonably estimated.

**Equity Capital Activities**

For information regarding our equity activities, see Note 16 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

**Debt Capital Activities**

For information regarding our debt activities, see Note 15 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

**Contracts**

We execute our contracts through a variety of methods, including fixed-price, cost-plus, target price cost incentive, cost-reimbursable or some combination of these methods. Contracts are usually awarded through a competitive bid process. Factors that customers may consider include price, technical capabilities of equipment and personnel, plant or equipment availability, efficiency, safety record and reputation.

Fixed-price contracts are for a fixed selling price to cover all costs and any profit element for a defined scope of work. Fixed-price contracts entail more risk to us because they require us to predetermine both the quantities of work to be performed and the costs associated with executing the work.

We have contracts that extend beyond one year. Most of our long-term contracts have provisions for progress payments. We attempt to cover anticipated increases in labor, material and service costs of our long-term contracts either through an estimate of such changes, which is reflected in the original price, or through risk-sharing mechanisms, such as escalation or price adjustments for items such as labor and commodity prices. In the event of a contract deferral or cancellation without cause, we generally would be entitled to recover costs incurred, settlement expenses and profit on work completed prior to deferral or termination. Significant or numerous cancellations could adversely affect our business, financial position, results of operations and cash flows.

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From time to time, we partner with other companies to meet the needs of our customers, which can result in project-related joint venture entities or other contractual arrangements. While we carefully select our partners in these arrangements, they can subject us to risks that we may not be able to fully control and may include joint and several liability.

We generally recognize our contract revenues and related costs over time using the cost-to-cost input method that uses costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Accordingly, we review contractual sales price and cost estimates regularly as the work progresses and reflect adjustments in profit proportionate to the percentage-of-completion in the period when we revise those estimates. To the extent that these adjustments result in a reduction or an elimination of previously reported profits with respect to a contract, we would recognize a charge against current earnings, which could be material.

See further description of risks related to our customer contracts in Part I, Item 1A, "Risk Factors" of this Annual Report.

Our arrangements with customers frequently require us to provide letters of credit, bid and performance bonds or guarantees to secure bids or performance under contracts. Inability to secure such cash collateral or other contract security may preclude us from entering into certain customer arrangements.

Other sales, such as parts and certain aftermarket service activities, are not in the form of long-term contracts, and we recognize revenues as goods are delivered and work is performed. See further discussion in Note 7 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

**Foreign Operations**

Our Canadian operations serve the Canadian industrial power, oil production and electric utility markets. We have manufacturing facilities in Mexico to serve global markets. The functional currency of our foreign operating entities is not the United States dollar, and as a result, we are subject to exchange rate fluctuations that impact our financial position, results of operations and cash flows. Although we do not currently engage in currency hedging activities to limit the risks of currency fluctuations, we evaluate opportunities to engage in hedging in order to limit the risks of currency fluctuations.

For additional information on the geographic distribution of our revenues, see Note 6 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

**Competition**

With nearly 160 years of experience, we have a competitive advantage in our expertise and technical capabilities to reliably convert a wide range of fuels to steam. We have supplied highly engineered energy and environmental equipment in more than 90 countries. Our strong, installed base around the globe also yields competitive advantages, although our markets are highly competitive and price sensitive. We compete with a number of domestic and foreign companies specializing in power generation and environmental control equipment.

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| | |
|:---|:---|
| **Competitors include:** | |
| &nbsp;&nbsp;&nbsp;Aker Carbon Capture ASA | &nbsp;&nbsp;GE Vernova, Inc. |
| &nbsp;&nbsp;&nbsp;Andritz AG | &nbsp;&nbsp;Kanadevia Inova |
| &nbsp;&nbsp;Babcock Power Inc. | &nbsp;&nbsp;Mitsubishi Power, Ltd. |
| &nbsp;&nbsp;CECO Environmental | &nbsp;&nbsp;Shell Global Cansolv |
| &nbsp;&nbsp;Doosan Corporation | &nbsp;&nbsp;&nbsp;Southern Environmental, Inc |
| &nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. | &nbsp;&nbsp;&nbsp;Steinmüller Engineering GmbH |
| &nbsp;&nbsp;&nbsp;Enerfab, Inc | &nbsp;&nbsp;&nbsp;Valmet Oyj |
| &nbsp;&nbsp;Fluor Corporation |  |

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We also compete with a variety of engineering and construction companies related to installation of steam generating systems and environmental control equipment; specialized industrial equipment; and other suppliers of replacement parts, repair and alteration services and other services required to retrofit and maintain existing steam generating systems. The primary bases of competition are price, technical capabilities, quality, timeliness of performance, breadth of products and services and willingness to accept contract risks.

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**Raw Materials and Suppliers**

Our operations use raw materials such as carbon and alloy steels in various forms, components and accessories for assembly, which are available from numerous sources. We generally purchase these raw materials and components as needed for individual contracts. We do not depend on a single source of supply for any significant raw materials. Although shortages of some raw materials have existed from time to time, we do not believe any serious shortage presently exists.

**Human Capital Resources**

***Human Capital Management***

At December 31, 2025, we had approximately 1,650 employees worldwide, of which approximately 1,600 were full-time. Approximately 300 of our hourly employees are union-affiliated, covered by two union agreements related to active facilities in Mexico, the United States and Canada. We successfully renegotiated our union contracts in 2025 and have one that will expire in 2026. We consider our relationships with our employees and unions to be in good standing.

***Workforce Engagement***

We believe an engaged global workforce is critical to our success as we work to profitably grow our business as a leading supplier of reliable and efficient steam generating systems, aftermarket parts, construction, maintenance and field services, and emissions control technologies for utilities, data centers and a broad range of industries.

B&W is known for having a dedicated, long-tenured workforce, with some of the best and most experienced employees in the industries we serve. Our ability to attract and retain this exceptional talent requires a commitment to open communication about our business, strategy and results with our employees and a globally diverse, inclusive and supportive workplace that provides opportunities for growth and career development. It also requires programs that enhance employees' overall work experience. Our Responsible and Flexible Workplace Program ("ReFlex") in the U.S. provides employees with flexibility in where they work, and we have various work-from-home policies across many of our global operations. Through ReFlex, our employees have the needed flexibility and autonomy in how they work, allowing us to deliver on our projects and ensure our customers' needs are met.

***Compensation and Benefits***

We believe it is important to provide competitive compensation and benefits programs for our employees. In addition to competitive salaries, we offer the following benefits, among others, which vary by employee level and by the country where an employee is located:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contributory healthcare, dental and vision benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bonuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retirement programs (including pension and savings plans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• health savings and flexible spending accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paid time off;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paid parental leave;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disability programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee assistance programs.

***Core Values***

At B&W, our values of safety, ethics, quality, integrity, respect and agility are at the foundation of our business, and we are focused on efficiently integrating new employees into that culture, whether they join through the normal recruiting and hiring process, or through strategic acquisitions. We also believe in the importance of being a good corporate citizen, providing and supporting opportunities for our employees to make a positive impact in the communities where they live and work.

Our Board of Directors is actively engaged with our workforce practices and policies and regularly receives updates and provides input on key culture topics, including employee engagement, employee development and succession planning.

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**Patents and Patent Licenses**

We currently hold a large number of U.S. and foreign patents and have various patent applications pending. We have acquired patents and technology licenses and granted technology licenses to others when we have considered it advantageous for us to do so. Although in the aggregate our patents and licenses are important to us, we do not regard any single patent or license or group of related patents or licenses as critical or essential to our business as a whole. In general, we depend on our technological capabilities and the application thereof, rather than patents and licenses, in the conduct of our various businesses.

**Research and Development Activities**

Our research and development activities improve our products through innovations to reduce the cost of our products to make them more competitive and through innovations to reduce performance risk of our products to better meet our customer expectations. Research and development costs are expensed as incurred.

**Permits and Licenses**

We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our operations. The permits, licenses and certificates required in our operations depend on a number of factors. We are not aware of any material noncompliance and believe our operations and certifications are currently in compliance with all relevant permits, licenses and certifications.

**Environmental**

We have been identified as a potentially responsible party at various cleanup sites under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended ("CERCLA"). CERCLA and other environmental laws can impose liability for the entire cost of cleanup on any of the potentially responsible parties, regardless of fault or the lawfulness of the original conduct. Generally, however, where there are multiple responsible parties, a final allocation of costs is made based on the amount and type of waste disposed of by each party and the number of financially viable parties, although this may not be the case with respect to any particular site. We have not been determined to be a major contributor of waste to any of these sites. On the basis of our relative contribution of waste to each site, we expect our share of the ultimate liability for the various sites will not have a material adverse effect on our consolidated financial position, results of operations or cash flows in any given year.

**Government Regulations** 

We are subject to a variety of laws and regulations in the United States and other countries that involve matters central to our business, including those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the construction and manufacture of advanced technologies for energy production from coal, natural gas, hydrogen, waste and biomass, as well as environmental solutions and carbon capture systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clean air and other environmental protection legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxation of domestic and foreign earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs, duties, or trade sanctions and other trade barriers imposed by foreign countries that restrict or prohibit business transactions in certain markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• user privacy, security, data protection, content and online-payment services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in or with foreign countries or officials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use of local employees and suppliers.

Compliance with such regulations has not had a material effect on our capital expenditures, results of operations or competitive position to date. For further discussion, see Part I, Item 1A, "Risk Factors" of this Annual Report.

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**Available Information**

Our website address is *<u>www.babcock.com</u>*. We make available through the Investor section of this website under "About B&W>Investors>Financial Reports," free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, our proxy statement, statements of beneficial ownership of securities on Forms 3, 4 and 5 and amendments to those reports as soon as reasonably practicable after we electronically file those materials with, or furnish those materials, to the SEC. In addition, the SEC maintains a website at *<u>www.sec.gov</u>* that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Our website also includes our: Corporate Governance Principles; Code of Business Conduct; Code of Ethics for our Chief Executive Officer and Senior Financial Officers; Related Party Transactions Policy; Amended and Restated By-laws; charters for the Audit and Finance, Governance, Compensation and Related Party Transactions Committees of our Board; Modern Slavery Transparency Statement; Conflict Minerals Policy; and Tax Strategy Statement, as well as information about our management and board members. We are not including any information contained in our website as part of or incorporating it by reference into this Annual Report.

**Item 1A. Risk Factors**

You should carefully consider each of the following risks and all of the other information contained in this Annual Report. If any of these risks develop into actual or expected events, our business, financial condition, results of operations or cash flows could be materially and adversely affected, and, as a result, the trading price of our common stock could decline.

The risks discussed below are not the only ones facing our business but do represent those risks that we believe are material to us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also harm our business. Please read the cautionary notice regarding forward-looking statements under the heading "Cautionary Statement Concerning Forward-Looking Information" in Part I of this Annual Report.

**Risks Related to Our Business, Operations and Strategy**

***We must refinance or repay our 6.50% Senior Notes due 2026 prior to their maturity.***

As described in Note 15 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report, during 2021, we completed an offering of $151.4 million aggregate principal amount of our 6.50% Senior Notes due December 2026, of which $84.8 million was outstanding at December 31, 2025. Depending on our future financial condition and results of operations, we may be unable to refinance our 6.50% Senior Notes Due 2026 on or prior to their maturity or at all.

In January 2024, we entered into a Credit Agreement, as described in Note 15 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report. The Credit Agreement, as amended, requires us to repay, defease, or otherwise satisfy in full or refinance the 6.50% Senior Notes Due 2026 by November 30, 2026, or extend the maturity date of the Notes Due 2026 to a date on or after July 18, 2028.

If we are unable to repay, defease, satisfy or refinance our 6.50% Senior Notes Due 2026 on commercially reasonable terms or at all, it may materially and adversely affect our reputation, liquidity, business, financial condition or results of operations, we may breach our obligations under the Credit Agreement or Senior Notes Due 2026 and it may be necessary for us to reorganize, including through bankruptcy proceedings.

***We are subject to risks associated with contractual pricing in our industry, including the risk that, if our actual costs exceed the costs we estimate on our fixed-price contracts, our profitability will decline, and we may suffer losses.***

We are engaged in a highly competitive industry, and we have priced a number of our contracts on a fixed-price basis. Our actual costs could exceed our projections. We attempt to cover the increased costs associated with anticipated changes in labor, material and service costs of long-term contracts, either through estimates of cost increases, which are reflected in the original contract price, or through price escalation clauses. Despite these attempts, the cost and gross profit we realize on a fixed-price contract could vary materially from the estimated amounts because of supplier, contractor and subcontractor performance, changes in job conditions, variations in labor and equipment productivity and increases in the cost of labor and raw materials, particularly steel, and due to increases in tariffs over the term of the contract. These variations and the risks

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generally inherent in our industry may result in actual revenues or costs being different from those we originally estimated and may result in reduced profitability or losses on contracts. Some of these risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties encountered on our large-scale contracts related to the procurement of materials, including due to increases in tariffs or trade wars, or due to schedule disruptions, equipment performance failures, engineering and design complexity, unforeseen site conditions, rejection clauses in customer contracts or other factors that may result in additional costs to us, reductions in revenue, claims or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to obtain compensation for additional work we perform or expenses we incur as a result of our customers or subcontractors providing deficient design or engineering information or equipment or materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements to pay liquidated damages upon our failure to meet schedule or performance requirements of our contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in engaging third-party subcontractors, equipment manufacturers or materials suppliers or failures by third-party subcontractors, equipment manufacturers or materials suppliers to perform resulting in contract delays or additional costs.

***Disputes with customers with long-term contracts could adversely affect our financial condition.***

We routinely enter into long-term contracts with customers. With long-term contracts, we may incur capital expenditures or other costs at the beginning of the contract that we expect to recoup through the life of the contract. Some of these contracts provide for advance payments to assist us in covering these costs and expenses. A dispute with a customer during the life of a long-term contract could, and in the past has, impacted our ability to receive payments or otherwise recoup incurred costs and expenses.

***Our contractual performance may be affected by third parties' and subcontractors' failure to meet schedule, quality and other requirements in our contracts, which could increase costs, scope, or technical difficulty or in extreme cases, limit our ability to meet contractual requirements.***

We conduct significant portions of our business by engaging in long-term contracts related to highly complex, customized equipment or facilities for electrical generation, industrial processes, and/or environmental compliance. The complexity of these contracts generally necessitates the participation of others, including third-party suppliers, subcontractors, equipment or part manufacturers, partner companies, other companies with whom we do not have contractual relationships, customers, financing organizations, regulators and others. Our reliance on these parties subjects us to the risk of customer dissatisfaction with the quality or performance of the products or services we sell due to supplier or subcontractor failure. Third-party supplier and subcontractor business interruptions could include but are not limited to, interruptions to business operations due to a pandemic or other health crises, work stoppages, union negotiations, other labor disputes and payment disputes. Current or future economic conditions could also impact the ability of suppliers and subcontractors to access credit and, thus, impair their ability to provide us quality products, materials, or services in a timely manner, or at all.

While we endeavor to limit our liability to matters within our control, not all scenarios can be foreseen, and we may become subject to the risk of others' performance and other circumstances or requirements that may or may not be within our control or influence. Delays, changes or failures of others, including third-party suppliers and subcontractors, could subject us to additional costs, delays, technical specification changes, contractual penalties or other matters for which we may be unable to obtain compensation, or compensation may not be sufficient. In extreme cases, the direct or indirect effects of such matters may cause us to be unable to fulfill our contractual requirements.

***A material disruption at one of our manufacturing facilities or a third-party manufacturing facility that we have engaged could adversely affect our ability to generate sales and result in increased costs.***

Our financial performance could be adversely affected due to our inability to meet customer demand for our products or services in the event of a material disruption at one of our manufacturing or services facilities. Equipment failures, natural disasters, power outages, fires, including wildfires, explosions, terrorism, adverse weather conditions, labor disputes or other influences could create a material disruption. Interruptions to production could increase our cost of sales, harm our reputation and adversely affect our ability to attract or retain our customers. Our business continuity plans may not be sufficient to address disruptions attributable to such risks. Any interruption in production capability could require us to make substantial capital expenditures to remedy the situation, which could adversely affect our financial position and results of operations.

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***If our co-venturers fail to perform their obligations on a contract or if we fail to coordinate effectively with our co-venturers, we could be exposed to legal liability, damage to reputation, reduced profit, or liquidity challenges.***

We often perform contracts jointly with third parties or execute contracts with partners through joint ventures or other contractual arrangements. For example, we enter into contracting consortia and other contractual arrangements to bid for and perform jointly on large contracts. We may not be able to control the actions of our partners in these arrangements, and influence over the actions of our partners and the contractual outcomes may be limited. Success on these joint contracts depends in part on whether our co-venturers fulfill their contractual obligations satisfactorily. If any one or more of these third parties fail to perform their contractual obligations satisfactorily, we may be required to make additional investments and provide added services in order to compensate for that failure. If we are unable to adequately address any performance issues when and if required, customers may exercise their rights to terminate a joint contract, exposing us to legal liability, damage to our reputation, reduced profit or liquidity challenges.

Our collaborative arrangements also involve risks that participating parties may disagree on business decisions and strategies. These disagreements could result in delays, additional costs and risks of litigation. In these arrangements, we sometimes have joint and several liabilities with our partners, and we cannot be certain that our partners will be able to satisfy any potential liability that could arise. Our inability to successfully maintain existing collaborative relationships or enter into new collaborative arrangements could have a material adverse effect on our results of operations.

***Our growth strategy includes strategic acquisitions, which we may not consummate or successfully integrate.***

We have made acquisitions to grow our business, enhance our global market position and broaden our product offerings and intend to continue to make these acquisitions. Our ability to successfully execute acquisitions will be impacted by factors including the availability of financing on terms acceptable to us, the potential reduction of our ability or willingness to incur debt to fund acquisitions due to macroeconomic conditions, our financial results, the willingness of target companies to sell, our ability to identify acquisition candidates that meet our valuation parameters and competition for acquisitions.

The success of any acquisition, as well as our ability to realize their anticipated benefits, depends in large part on our ability to successfully integrate each business. The process of integrating acquired businesses into our existing operations may result in unforeseen operating difficulties and may require additional financial resources and attention from management that would otherwise be available for the ongoing development or expansion of our existing operations. Although we expect to successfully integrate any acquired businesses, the integration process can be complex and time consuming. If we fail to successfully integrate an acquisition, we may not achieve the desired net benefit in the timeframe planned or we may not realize the planned benefits from our acquisitions. Potential difficulties we may encounter as part of the integration process include (i) the inability to successfully integrate transportation networks; (ii) complexities and unanticipated issues associated with integrating such businesses' complex systems, technologies and operating procedures; (iii) integrating workforces while maintaining focus on achieving strategic initiatives; (iv) potential unknown liabilities and unforeseen increased or new expenses; (v) the possibility of faulty assumptions underlying expectations regarding the integration process; and (vi) the inability to improve on historical operating results.

Failure to effectively execute our acquisition strategy or successfully integrate the acquired businesses could have an adverse effect on our competitive position, reputation, financial condition, results of operations, cash flows and liquidity.

***Our evaluation of strategic alternatives for certain businesses and non-core assets may not result in successful transactions.***

We continue to evaluate strategic alternatives for our business lines and assets to improve our capital structure. There can be no assurance that these ongoing strategic evaluations will result in the identification or consummation of any transaction. We may incur substantial expenses associated with identifying and evaluating potential strategic alternatives. The process of exploring strategic alternatives may be time consuming and disruptive to our business operations, and if we are unable to effectively manage the process, our business, financial condition and results of operations could be adversely affected. We cannot assure you that any potential transaction or other strategic alternative, if identified, evaluated and consummated, will prove to be beneficial to shareholders and that the process of identifying, evaluating and consummating any potential transaction or other strategic alternative will not adversely impact our business, financial condition or results of operations. Any potential transaction would be dependent upon a number of factors that may be beyond our control, including, among other factors, market conditions, industry trends, the interest of third parties in our business, the availability of financing to potential buyers on reasonable terms, and the consent of our lenders.

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In addition, while this strategic evaluation continues, we are exposed to risks and uncertainties, including potential difficulties in retaining and attracting key employees, distraction of our management from other important business activities, and potential difficulties in establishing and maintaining relationships with customers, suppliers, lenders, sureties and other third parties, all of which could harm our business.

***Our backlog is subject to unexpected adjustments and cancellations and may not be a reliable indicator of future revenues or earnings; our inability to deliver our backlog on time could affect our future sales and profitability, and our relationships with our customers.***

Our backlog was $423.6 million as of December 31, 2025 and $495.2 million at December 31, 2024. Our ability to meet customer delivery schedules for our backlog is dependent on a number of factors including, but not limited to, access to the raw materials required for production, an adequately trained and capable workforce, project engineering expertise for certain large projects, sufficient manufacturing plant capacity, available subcontractors and appropriate planning and scheduling of manufacturing resources. There can be no assurance that the revenues projected in our backlog will be realized or, if realized, will result in profits. Because of contract cancellations or changes in scope and/or schedule, we cannot predict with certainty when or if backlog will be performed. In addition, even where a contract proceeds as scheduled, it is possible that contracted parties may default and fail to pay amounts owed to us or poor contract performance could increase the cost associated with a contract. Our failure to deliver in accordance with customer expectations may result in damage to existing customer relationships and result in the loss of future business. Delays, suspensions, cancellations, payment defaults, scope changes and poor contract execution could materially reduce or eliminate the revenues and profits that we actually realize from contracts in backlog.

Reductions in our backlog due to cancellation or modification by a customer or for other reasons may adversely affect, potentially to a material extent, the revenues and earnings we actually receive from contracts included in our backlog. Many of the contracts in our backlog provide for cancellation fees in the event customers cancel contracts. These cancellation fees usually provide for reimbursement of our out-of-pocket costs, revenues for work performed prior to cancellation and a varying percentage of the profits we would have realized had the contract been completed. However, we typically have no contractual right upon cancellation to the total revenues reflected in our backlog. Contracts may remain in our backlog for extended periods of time. If we experience significant contract terminations, suspensions or scope adjustments to contracts reflected in our backlog, our financial condition, results of operations and cash flows may be adversely impacted.

***Our operations are subject to various risks, which could expose us to potentially significant professional liability, product liability, warranty and other claims. Our insurance coverage may be inadequate to cover all of our significant risks, our insurers may deny coverage of material losses we incur, or we may be unable to obtain additional insurance coverage in the future, any of which could adversely affect our profitability and overall financial condition.***

We engineer, construct and perform services in, and provide products for, large industrial facilities where accidents or system failures can have significant consequences. Risks inherent in our operations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accidents resulting in injury or the loss of life or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental or toxic tort claims, including delayed manifestation claims for personal injury or loss of life;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pollution or other environmental mishaps;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mechanical failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• property losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business interruption due to political action or other reasons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor stoppages.

Any accident or failure at a site where we have provided products or services could result in significant professional liability, product liability, warranty and other claims against us, regardless of whether our products or services caused the incident. We have been, and in the future we may be, named as defendants in lawsuits asserting large claims as a result of litigation arising from events such as those listed above. Such claims may damage our reputation, regardless of whether we are ultimately deemed responsible.

We endeavor to identify and obtain in established markets insurance agreements to cover significant risks and liabilities. Insurance against some of the risks inherent in our operations is either unavailable or available only at rates or on terms that

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we consider uneconomical. Also, catastrophic events customarily result in decreased coverage limits, more limited coverage, additional exclusions in coverage, increased premium costs and increased deductibles and self-insured retentions. Risks that we have frequently found difficult to cost-effectively insure against include, but are not limited to, business interruption, including interruptions related to health crises and other global events, property losses from wind, flood and earthquake events, war and confiscation or seizure of property in some areas of the world, pollution liability, liabilities related to occupational health exposures (including asbestos), the failure, misuse or unavailability of our information systems, the failure of security measures designed to protect our information systems from cybersecurity threats, and liability related to risk of loss of our work in progress and customer-owned materials in our care, custody and control. Depending on competitive conditions and other factors, we endeavor to obtain contractual protection against uninsured risks from our customers. When obtained, such contractual indemnification protection may not be as broad as we desire or may not be supported by adequate insurance maintained by the customer. Such insurance or contractual indemnity protection may not be sufficient or effective under all circumstances or against all hazards to which we may be subject. A successful claim for which we are not insured or for which we are underinsured could have a material adverse effect on us. Additionally, disputes with insurance carriers over coverage may affect the timing of cash flows and, if litigation with the carrier becomes necessary, an outcome unfavorable to us may have a material adverse effect on our results of operations. Moreover, certain accidents or failures, including accidents resulting in bodily injury or harm, could disqualify us from continuing business with customers, and any losses arising thereby may not be covered by insurance or other indemnification.

Our wholly owned captive insurance subsidiary provides workers' compensation, employer's liability, commercial general liability, and automotive liability insurance and, from time to time, builder's risk insurance (within certain limits) to support our operations. We may also, in the future to have this insurance subsidiary accepts other risks that we cannot or do not wish to transfer to outside insurance companies. These risks may be considerable in any given year or cumulatively. Our insurance subsidiary has not provided significant amounts of insurance to unrelated parties. Claims as a result of our operations could adversely impact the ability of our insurance subsidiary to respond to all claims presented.

Additionally, upon the February 22, 2006 effectiveness of the settlement relating to the Chapter 11 proceedings involving several of our subsidiaries, most of our subsidiaries contributed substantial insurance rights to the asbestos personal injury trust, including rights to (1) certain pre-1979 primary and excess insurance coverages and (2) certain of our 1979-1986 excess insurance coverage. These insurance rights provided coverage for, among other things, asbestos and other personal injury claims, subject to the terms and conditions of the policies. The contribution of these insurance rights was made in exchange for the agreement on the part of the representatives of the asbestos claimants, including the representative of future claimants, to the entry of a permanent injunction, pursuant to Section 524(g) of the United States Bankruptcy Code, to channel to the asbestos trust all asbestos-related claims against our subsidiaries and former subsidiaries arising out of, resulting from or attributable to their operations, and the implementation of related releases and indemnification provisions protecting those subsidiaries and their affiliates from future liability for such claims. Although we are not aware of any significant, unresolved claims against our subsidiaries and former subsidiaries that are not subject to the channeling injunction and that relate to the periods during which such excess insurance coverage related, with the contribution of these insurance rights to the asbestos personal injury trust, it is possible that we could have underinsured or uninsured exposure for non-derivative asbestos claims or other personal injury or other claims that would have been insured under these coverages had the insurance rights not been contributed to the asbestos personal injury trust.

***We may not be able to compete successfully against current and future competitors.***

Some of our competitors or potential competitors have greater financial or other resources than we have and in some cases are government supported. Our operations may be adversely affected if our current competitors or new market entrants introduce new products or services with better features, performance, prices or other characteristics than those of our products and services. Furthermore, we operate in industries where capital investment is critical. We may not be able to obtain as much purchasing and borrowing leverage and access to capital for investment as other companies, which may impair our ability to compete against competitors or potential competitors.

***If we fail to develop new products, or customers do not accept them, our business could be adversely affected.***

Our ability to develop innovative new products can affect our competitive position and often requires the investment of significant resources. Difficulties or delays in research, development, production or commercialization of new products, or failure to gain market acceptance of new products and technologies, may reduce future sales and adversely affect our competitive position. There can be no assurance that we will have sufficient resources to make such investments, that we will be able to make the technological advances necessary to maintain competitive advantages or that we can recover major

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research and development expenses. If we fail to make innovations, launch products with quality problems, experience development cost overruns, or the market does not accept our new products, then our financial condition, results of operations, cash flows and liquidity could be adversely affected.

**Risks Related to Our Industry**

***We derive substantial revenues from electric power generating companies and other steam-using industries. Demand for our products and services depends on spending in these historically cyclical industries. Additionally, legislative and regulatory developments relating to industry plans for spending within the United States and elsewhere.***

The demand for power generation products and services depends primarily on the spending of electric power generating companies and other steam-using industries and expenditures by original equipment manufacturers. These expenditures are influenced by such factors including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prices for electricity, along with the cost of production and distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prices for natural resources such as coal and natural gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• demand for electricity and other end products of steam-generating facilities, including for emerging markets such as AI data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of other sources of electricity or other end products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements of environmental legislation and regulations, including potential requirements applicable to carbon dioxide emissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in renewable energy sources and technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of potential regional, state, national and/or global requirements to significantly limit or reduce greenhouse gas emissions in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of capacity utilization and associated operations and maintenance expenditures of power generating companies and other steam-using facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements for maintenance and upkeep at operating power plants and other steam-using facilities to combat the accumulated effects of wear and tear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability of electric generating companies and other steam users to raise capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relative prices of fuels used in boilers, compared to prices for fuels used in gas turbines and other alternative forms of generation.

The availability of natural gas in great supply has caused from time to time, in part, low prices for natural gas in the United States, which has led to more demand for natural gas relative to energy derived from coal. A material decline in spending by electric power generating companies and other steam-using industries on coal-fired power plants over a sustained period of time could materially and adversely affect the demand for our power generation products and services and, therefore, our financial condition, results of operations and cash flows. This scrutiny and other economic incentives including tax advantages, have promoted the growth of wind, solar and nuclear power, among others, and a decline in cost of renewable power plant components and power storage. The recent economic environment and uncertainty concerning new environmental legislation or replacement rules or regulations in the United States and elsewhere has caused many of our major customers, principally electric utilities, to delay making substantial expenditures for new plants, and delay upgrades to existing power plants.

***Demand for our products and services is vulnerable to macroeconomic downturns and industry conditions.***

Demand for our products and services has been, and we expect that demand will continue to be, subject to significant fluctuations due to macroeconomic and industry conditions, including but not limited to, the cyclical nature of the industries we serve, inflation, geopolitical issues, the availability and cost of credit, volatile oil and natural gas prices, tariffs and trade wars, business and consumer confidence, unemployment levels and energy conservation measures.

Unfavorable macroeconomic conditions may lead customers to delay, curtail or cancel proposed or existing contracts, which may decrease the overall demand for our products and services and adversely affect our results of operations.

In addition, our customers may find it more difficult to raise capital in the future due to limitations on the availability of credit, increases in interest rates and other factors affecting the federal, municipal and corporate credit markets. Also, our customers may demand more favorable pricing terms and find it increasingly difficult to timely pay invoices for our products and services, which would impact our future cash flows and liquidity. Inflation or significant changes in interest rates could

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reduce the demand for our products and services. Any inability to timely collect our invoices may lead to an increase in our borrowing requirements, our accounts receivable and potentially to increased write-offs of uncollectible invoices. If the economy weakens, or customer spending declines, then our backlog, revenues, net income and overall financial condition could deteriorate.

***Supply chain issues, including shortages of adequate component supply that increase our costs or cause delays in our ability to fulfill orders, and/or our failure to estimate customer demand properly could have an adverse impact on our business and operating results and our relationships with customers.***

We rely on our supply chain for components and raw materials to manufacture our products and provide services to our customers, and supplier underperformance could have an adverse impact on our business and operating results. A reduction or interruption in supply, including disruptions due to a pandemic, geopolitical conflicts (including the ongoing conflicts in Ukraine and the Middle East), a significant natural disaster, shortages in global freight capacity, significant increases in the price of critical components and raw materials, including due to increased tariffs or trade wars, a failure to appropriately forecast or adjust our requirements for components or raw materials based on our business needs could materially adversely affect our business, operating results, and financial condition and could materially damage customer relationships. Our vendors also may be unable to meet our demand, significantly increase lead times for deliveries or impose significant price increases that we are or may be unable to offset through alternate sources of supply, price increases to our customers or increased productivity in our operations.

Our operations use raw materials in various forms and components and accessories for assembly, which are available from numerous sources. We generally purchase these raw materials and components as needed for individual contracts. We do not depend on a single source of supply for any significant raw materials. Although no serious shortage exists at this time, growth or volatility in the global economy may exacerbate pressures on us and our suppliers, which could affect our operating and financial results.

**Risks Related to Our Financial Condition**

***In the past, we have identified conditions and events that raised substantial doubt about our ability to continue as a going concern and it is possible that we may identify conditions and events in the future that raise substantial doubt about our ability to continue as a going concern.***

We have previously identified conditions and events that raised substantial doubt about our ability to continue as a going concern. Through strategic action, we have alleviated these issues, but we cannot guarantee that no such conditions or events will occur in the future. In that event, we may be required to seek additional financing to fund our business activities, which may not be available to us on reasonable terms or at all, and the reports from our independent registered public accounting firm may also contain statements expressing substantial doubt about our ability to continue as a going concern. Failure to effectively execute our plans, as well as delays or disruptions in these plans due to circumstances outside of our control, could have an adverse effect on our financial position, results of operations and/or ability to continue as a going concern. If we become unable to continue as a going concern, we may have to liquidate our assets and the values we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected in our Consolidated Financial Statements.

***The financial and other covenants in our debt agreements may adversely affect us.***

Our Debt Facilities contain financial and other restrictive covenants. These covenants could limit our financial and operating flexibility as well as our ability to plan for and react to market conditions, meet our capital needs and support our strategic priorities and initiatives should we take on additional indebtedness for acquisition or other strategic objectives. Our failure to comply with these covenants also could result in events of default which, if not cured or waived, could require us to repay indebtedness before its due date, and we may not have the financial resources or otherwise be able to arrange alternative financing to do so. We have entered into a number of amendments and waivers to our Debt Facilities to, among other things, provide relief or waiver under certain financial and other covenants and to waive certain events of default thereunder. Absent additional waivers from the lenders under our Debt Facilities, our lenders could declare all debt outstanding under the Debt Facilities as immediately due and payable, and our creditors may resist renegotiation or lengthening of payment and other terms through legal action or otherwise. Our compliance with the covenants of our Debt Facilities may be adversely affected by severe market contractions or disruptions to the extent they reduce our earnings for a prolonged period, and we are not able to reduce our debt levels or cost structure accordingly. Any event that requires us to repay any of our debt before it is due could require us to borrow additional amounts at unfavorable borrowing terms, cause a significant reduction in our

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liquidity and impair our ability to pay amounts due on our indebtedness. Moreover, if we are required to repay any of our debt before it becomes due, we may be unable to borrow additional amounts or otherwise obtain the cash necessary to repay that debt, when due, which could have a material adverse effect on our business, financial condition and liquidity.

***Maintaining adequate bonding and letter of credit capacity is necessary for us to successfully bid on, win and complete various contracts.***

In line with industry practice, we are often required to post standby letters of credit and surety bonds to support contractual obligations to customers as well as other obligations. There were $59.6 million total outstanding letters of credit under domestic facilities as of December 31, 2025. The aggregate value of all such letters of credit and bank guarantees outside of our Letter of Credit Agreement as of December 31, 2025, was $6.5 million. The aggregate value of the outstanding letters of credit provided under the Letter of Credit Agreement backstopping letters of credit or bank guarantees was $7.2 million as of December 31, 2025. Of the outstanding letters of credit issued under the Letter of Credit Agreement, $27.1 million are subject to foreign currency revaluation and $16.5 million backstop certain surety bonds. We have also posted surety bonds to support contractual obligations to customers relating to certain contracts. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds those underwriters issue in support of some of our contracting activity. As of December 31, 2025, bonds issued and outstanding under these arrangements in support of contracts totaled approximately $253.4 million. The aggregate value of the letters of credit backstopping surety bonds was $16.5 million. These letters of credit and bonds generally indemnify customers should we fail to perform our obligations under the applicable contracts. If a letter of credit or bond is required for a particular contract and we are unable to obtain it due to insufficient liquidity or other reasons, we will not be able to pursue that contract, or we could default on contracts that have been awarded or are underway. We utilize bonding facilities, but, as is typically the case, the issuance of bonds under each of those facilities is at the surety's sole discretion. Moreover, due to events that affect the insurance and bonding and credit markets generally, bonding and letters of credit may be more difficult to obtain in the future or may only be available at significant additional cost. Our inability to obtain or maintain adequate letters of credit and bonding and, as a result, to bid on new work could have a material adverse effect on our business, financial condition and results of operations.

Our ability to obtain and maintain sufficient capacity under our Debt Facilities is essential to allow us to support the issuance of letters of credit, bank guarantees and surety bonds. Without sufficient capacity, our ability to support contract security requirements in the future will be diminished.

***Our total assets include goodwill and other indefinite-lived intangible assets. If we determine these have become impaired, our business, financial condition and results of operations could be materially adversely affected.***

Goodwill represents the excess of cost over the fair market value of net assets acquired in business combinations. Indefinite-lived intangibles are comprised of certain trademarks and tradenames. As of December 31, 2025, goodwill and other indefinite-lived intangible assets totaled $53.1 million. We review goodwill and other intangible assets at least annually for impairment and any excess in carrying value over the estimated fair value is charged to the Consolidated Statement of Operations. No indicators of goodwill impairment were identified for our reporting units at the measurement date. Future impairment may result from, among other things, deterioration in the performance of an acquired business or product line, adverse market conditions and changes in the competitive landscape, adverse changes in applicable laws or regulations, including changes that restrict the activities of an acquired business or product line, and a variety of other circumstances. If the value of our business were to decline, or if we were to determine that we were unable to recognize an amount in connection with any proposed disposition in excess of the carrying value of any disposed asset, we may be required to recognize impairments for one or more of our assets that may adversely impact our business, financial condition and results of operations.

***We are exposed to credit risk and may incur losses as a result of such exposure.***

We conduct our business by obtaining orders that generate cash flows in the form of advances, contract progress payments and final payments in accordance with the underlying contractual terms. We are thus exposed to potential losses resulting from contractual counterparties' failure to meet their payment obligations or to delay in making payments, which could reduce our liquidity and increase the need to resort to other sources of financing, with possible adverse effects on our business, financial condition, results of operations and cash flows. In some cases, we have joint and several liability with consortium partners in our projects and we may be subject to additional losses if our partners are unable to meet their contractual obligations.

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In addition, the deterioration of macroeconomic conditions or negative trends in the global credit markets could have a negative impact on relationships with customers and our ability to collect on trade receivables, with possible adverse effects on our business, financial condition, results of operations and cash flows.

**Risks Related to Intellectual Property and Information Security**

***A disruption in, or failure of our information technology systems, including those related to cybersecurity, could adversely affect our business operations and financial performance.***

We rely on information systems, including the Internet, to process, transmit and store electronic sensitive and confidential information, to manage and support a variety of business processes and activities and to comply with regulatory, legal and tax requirements. While we maintain some of our critical information systems, we are also dependent on third parties to provide important information technology services relating to, among other things, human resources, electronic communications and certain finance functions.

We face various threats to our information systems, including cyber threats, ransomware attacks, phishing attacks, threats to the physical security of our facilities and infrastructure from natural or man-made incidents or disasters, threats from insider and terrorist acts, as well as the potential for business disruptions associated with these threats. We have been, and will likely continue to be, subject to cybersecurity threats and other attempts to threaten our information systems. A cybersecurity incident could include attempts to gain unauthorized access to our proprietary information and personal data that we process and maintain, attacks from malicious third parties using sophisticated, targeted methods to circumvent firewalls, encryption and other security defenses, including hacking, fraud, phishing scams or other forms of deception. Although we utilize a combination of tailored and industry standard security measures and technology to monitor and mitigate these threats, we cannot guarantee that these measures and technology will be sufficient to prevent current and future threats to our information systems from materializing. Furthermore, we may have little or no input into security measures employed by third-party service providers, which could ultimately prove to be a vector of a cybersecurity threat or cybersecurity incident.

If these information systems are damaged, intruded upon, attacked, shutdown or cease to function properly, whether by misconfiguration, planned upgrades, force majeure events, telecommunication failures, malware or viruses, or other cybersecurity incidents and our business continuity plans do not mitigate the issues in a timely manner, the services we provide to customers, the value of our investment in research and development efforts and other intellectual property, our product sales, our ability to comply with regulations related to information contained on our information technology systems, our financial condition, results of operations and stock price may be materially and adversely affected, and we could experience delays in reporting our financial results. In addition, there is a risk of business interruption, litigation with third parties, reputational damage from security breaches involves personal data or loss of confidential information or the software we use being compromised, and increased cybersecurity protection and remediation costs due to the increasing sophistication and proliferation of threats. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means.

To address risks to our information systems, we continue to invest in our systems and training of our personnel. As necessary, we replace and/or upgrade financial, human resources and other information systems. These activities subject us to inherent costs and risks associated with replacing and updating these systems, including potential disruption of our internal control structure, substantial capital expenditures, demands on management time and other risks of delays or difficulties in transitioning to new systems or of integrating new systems into our current systems. Our systems implementations and upgrades may not result in productivity improvements at the levels anticipated, or at all. In addition, the implementation of new technology systems may cause disruptions in our business operations. Such disruption and any other information system disruptions, and our ability to mitigate those disruptions, if not anticipated and appropriately mitigated, could have a material adverse effect on our financial condition, results of operations and stock price.

***Privacy and information security laws are complex, and if we fail to comply with applicable laws, regulations and standards, or if we fail to properly maintain the integrity of our data, protect our proprietary rights to our systems or defend against cybersecurity attacks, we may be subject to government or private actions due to breaches.***

We are subject to a variety of laws and regulations in the United States and other countries that involve matters central to our business, including user privacy, security, rights of publicity, data protection, content, intellectual property, distribution, electronic contracts and other communications, competition, protection of minors, consumer protection, taxation, and online-

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payment services. These laws can be particularly restrictive in countries outside the United States. Both in the United States and abroad, these laws and regulations constantly evolve. In addition, the application and interpretation of these laws and regulations are often uncertain, particularly in the evolving industry in which we operate. Because we store, process, and use data, some of which contains personal information, we are subject to complex and evolving federal, state, and foreign laws and regulations regarding privacy, data protection, content, and other matters. Many of these laws and regulations are subject to change and uncertain interpretation, which could result in investigations, claims, changes to our business practices, increased cost of operations, or reputational damage, any of which could seriously harm our business.

Several proposals have been adopted or are currently pending before federal, state, and foreign legislative and regulatory bodies that could significantly affect our business. The General Data Protection Regulation, or GDPR, in the European Union, which went into effect on May 25, 2018, placed new data protection obligations and restrictions on organizations, including restrictions on the cross-border transfer of information. Similar obligations and restrictions exist under United Kingdom data protection law, including the UK GDPR and the UK Data Protection Act. If we are not compliant with GDPR or UK GDPR requirements, we may be subject to significant fines and our business may be seriously harmed. We are certified under and currently rely upon the EU-U.S. Data Privacy Framework ("EU-U.S. DPF") and/or the UK Extension of the EU-U.S. DPF. These transfer mechanisms may be subject to challenge or invalidation, which may restrict the transfer of personal data which could impact our operations and increase our costs.

In addition, the California Consumer Privacy Act and the California Privacy Rights Act placed additional requirements on the handling of personal data, including employee data. Similar laws have been enacted or proposed in other states and at the federal level, reflecting a trend toward more stringent privacy legislation in the United States.

***We rely on intellectual property law and confidentiality agreements to protect our intellectual property. We also rely on intellectual property we license from third parties. Our failure to protect our intellectual property rights, or our inability to obtain or renew licenses to use intellectual property of third parties, could adversely affect our business.***

Our success depends, in part, on our ability to protect our proprietary information and other intellectual property. Our intellectual property could be stolen, challenged, invalidated, circumvented or rendered unenforceable. In addition, effective intellectual property protection may be limited or unavailable in some foreign countries where we operate.

Our failure to protect our intellectual property rights may result in the loss of valuable technologies or adversely affect our competitive business position. We rely significantly on proprietary technology, information, processes and know-how that are not subject to patent or copyright protection. We seek to protect this information through trade secret or confidentiality agreements with our employees, consultants, subcontractors or other parties, as well as through other security measures. These agreements and security measures may be inadequate to deter or prevent misappropriation of our confidential information. In the event of an infringement of our intellectual property rights, a breach of a confidentiality agreement or divulgence of proprietary information, we may not have adequate legal remedies to protect our intellectual property. Litigation to determine the scope of intellectual property rights, even if ultimately successful, could be costly and could divert management's attention away from other aspects of our business. In addition, our trade secrets may otherwise become known or be independently developed by competitors.

In some instances, we have augmented our technology base by licensing the proprietary intellectual property of third parties. In the future, we may not be able to obtain necessary licenses on commercially reasonable terms, which could have a material adverse effect on our operations.

**Risks Related to Government Regulation**

***We are subject to government regulations that may adversely affect our future operations.***

Many aspects of our operations and properties are affected by political developments and are subject to both domestic and foreign governmental regulations, including those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the construction and manufacture of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clean air and other environmental protection legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taxation of domestic and foreign earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs, duties, trade sanctions or trade wars and other trade barriers imposed by countries that restrict or prohibit business transactions in certain markets or in certain goods;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• user privacy, security, data protection, content, and online-payment services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in or with foreign countries or officials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use of local employees and suppliers.

In addition, a substantial portion of the demand for our products and services is from electric power generating companies and other steam-using customers. The demand for power generation products and services can be influenced by governmental legislation setting requirements for utilities related to operations, emissions and environmental impacts. The legislative process is unpredictable and includes a platform that continuously seeks to increase the restrictions on power producers. Potential legislation limiting emissions from power plants, including carbon dioxide, could affect our markets and the demand for our products and services related to power generation.

We cannot determine the extent to which our future operations and earnings may be affected by new legislation, new regulations or changes in existing regulations, but it could be material.

***Our business and our customers' businesses are required to obtain, and to comply with, national, state and local government permits and approvals.***

Our business and our customers' businesses are required to obtain, and to comply with, national, state and local government permits and approvals. Any of these permits or approvals may be subject to denial, revocation or modification under various circumstances. Failure to obtain or comply with the conditions of permits or approvals may adversely affect our operations by temporarily suspending our activities or curtailing our work and may subject us to penalties and other sanctions. Although existing licenses are routinely renewed by various regulators, renewal could be denied or jeopardized by various factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with environmental and safety laws and regulations or permit conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• local community, political or other opposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executive action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislative action.

In addition, if existing laws or regulations are amended or are interpreted or enforced differently or if new environmental legislation or regulations are enacted or implemented, we or our customers may be also required to obtain additional operating permits or approvals. See "Risks Related to Environmental Regulation" below for further information.

**Risks Related to Environmental Regulation**

***Our operations are subject to various environmental laws and legislation that may become more stringent in the future.***

Our operations and properties are subject to a wide variety of increasingly complex and stringent foreign, federal, state and local environmental laws and regulations, including those governing discharges into the air and water, the handling and disposal of solid and hazardous wastes, the remediation of soil and groundwater contaminated by hazardous substances and the health and safety of employees. Sanctions for noncompliance may include revocation of permits, corrective action orders, administrative or civil penalties and criminal prosecution. Some environmental laws provide for strict, joint and several liability for remediation of spills and other releases of hazardous substances, as well as damage to natural resources. In addition, companies may be subject to claims alleging personal injury or property damage as a result of alleged exposure to hazardous substances. Such laws and regulations may also expose us to liability for the conduct of or conditions caused by others or for our acts that were in compliance with all applicable laws at the time such acts were performed.

We cannot predict all of the environmental requirements or circumstances that will exist in the future but anticipate that environmental control and protection standards will become increasingly stringent and costly. Based on our experience to date, we do not currently anticipate any material adverse effect on our business or financial condition as a result of future compliance with existing environmental laws and regulations. However, future events, such as changes in existing laws and regulations or their interpretation, more vigorous enforcement policies of regulatory agencies or stricter or different interpretations of existing laws and regulations, may require additional expenditures by us, which may be material. Accordingly, we can provide no assurance that we will not incur significant environmental compliance costs in the future.

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***Our operations involve the handling, transportation and disposal of hazardous materials, and environmental laws and regulations and civil liability for contamination of the environment or related personal injuries may result in increases in our operating costs and capital expenditures and decreases in our earnings and cash flows.***

Our operations involve the handling, transportation and disposal of hazardous materials. Failure to properly handle these materials could pose a health risk to humans or wildlife and could cause personal injury and property damage (including environmental contamination). If an accident were to occur, its severity could be significantly affected by the volume of the materials and the speed of corrective action taken by emergency response personnel, as well as other factors beyond our control, such as weather and wind conditions. Actions taken in response to an accident could result in significant costs.

Governmental requirements relating to the protection of the environment, including solid waste management, air quality, water quality and cleanup of contaminated sites, have in the past had a substantial impact on our operations. These requirements are complex and subject to frequent change. In some cases, they can impose liability for the entire cost of cleanup on any responsible party without regard to negligence or fault and impose liability on us for the conduct of others or conditions others have caused, or for our acts that complied with all applicable requirements when we performed them. Our compliance with amended, new or more stringent requirements, stricter interpretations of existing requirements or the future discovery of contamination may require us to make material expenditures or subject us to liabilities that we currently do not anticipate. Such expenditures and liabilities may adversely affect our business, financial condition, results of operations and cash flows. In addition, some of our operations and the operations of predecessor owners of some of our properties have exposed us to civil claims by third parties for liability resulting from alleged contamination of the environment or personal injuries caused by releases of hazardous substances into the environment.

In our contracts, we seek to protect ourselves from liability associated with accidents, but there can be no assurance that such contractual limitations on liability will be effective in all cases or that our or our customers' insurance will cover all the liabilities we have assumed under those contracts. The costs of defending against a claim arising out of a contamination incident or precautionary evacuation, and any damages awarded as a result of such a claim, could adversely affect our results of operations and financial condition.

We maintain insurance coverage as part of our overall risk management strategy and due to requirements to maintain specific coverage in our financing agreements and in many of our contracts. These policies do not protect us against all liabilities associated with accidents or for unrelated claims. In addition, comparable insurance may not continue to be available to us in the future at acceptable prices, or at all.

**Risks Related to Our International Operations**

***Uncertainty over global tariffs, or the financial impact of tariffs, may negatively affect our results.***

Changes in U.S. domestic and global tariff frameworks have increased our costs of producing goods, particularly in connection with imports used in our renewable business and resulted in additional risks to our supply chain. We have developed and implemented strategies to mitigate previously implemented and, in some cases, proposed tariff increases, but there is no assurance we will be able to continue to mitigate prolonged tariffs. Further, uncertainties about future tariff changes, including in connection with tariffs proposed and adopted in connection with the Trump Administration, could result in mitigation actions that prove to be ineffective or detrimental to our business.

***Our business may be affected by sanctions and export controls targeting Russia and other responses to Russia's invasion of Ukraine.***

As the Russia-Ukraine conflict continues, there can be no certainty regarding whether such governments or other governments will impose additional sanctions, export controls or other economic or military measures against Russia.

We utilize a restricted party screening process completed by a third party to monitor compliance with applicable trade restrictions, including those trade restrictions implemented in response to the Russian invasion of Ukraine.

The impact of the Russia-Ukraine conflict, including economic sanctions and export controls or additional war or military conflict, as well as potential responses to them by Russia, is currently unknown and could adversely affect our business, supply chain, partners or customers. In addition, the continuation of the Russia-Ukraine conflict could lead to other disruptions, instability and volatility in global markets and industries that could negatively impact our operations.

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***We could be adversely affected by violations of the United States Foreign Corrupt Practices Act, the UK Anti-Bribery Act or other anti-bribery laws.***

The U.S. Foreign Corrupt Practices Act (the "FCPA") generally prohibits companies and their intermediaries from making improper payments to non-United States government officials. Our training program, audit process and policies mandate compliance with the FCPA, the UK Anti-Bribery Act (the "UK Act") and other anti-bribery laws. We operate in some parts of the world that have experienced governmental corruption to some degree, and, in some circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. If we are found to be liable for violations of the FCPA, the UK Act or other anti-bribery laws (either due to our own acts or our inadvertence, or due to the acts or inadvertence of others, including agents, promoters or employees of our joint ventures), we could suffer from civil and criminal penalties or other sanctions.

***Our international operations are subject to political, economic and other uncertainties not generally encountered in our domestic operations.***

We derive a substantial portion of our revenues from international operations, and we intend to continue to expand our international presence and customer base as part of our growth strategy. Our revenues from sales to customers located outside of the U.S. represented approximately 29%, 33% and 28% of total revenues for continuing operations for the years ended December 31, 2025, 2024 and 2023, respectively. Operating in international markets requires significant resources and management attention and subjects us to political, economic and regulatory risks that are not generally encountered in our U.S. operations. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks of war, terrorism and civil unrest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expropriation, confiscation or nationalization of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renegotiation or nullification of our existing contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing political conditions and changing laws and policies affecting trade and investment, such as tariffs and trade wars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overlap of different tax structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in foreign currency exchange rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tariffs, price controls and trade agreements and disputes.

Various foreign jurisdictions have laws limiting the right and ability of foreign subsidiaries and joint ventures to pay dividends and remit earnings to affiliated companies. Our international operations sometimes face the additional risks of fluctuating currency values, hard currency shortages and controls of foreign currency exchange. If we continue to expand our business globally, our success will depend, in part, on our ability to anticipate and effectively manage these and other risks. These and other factors may have a material impact on our international operations or our business as a whole.

***Fluctuations in the value of foreign currencies could harm our profitability.***

We have international operations primarily in Europe, Canada, and Mexico. For the year ended December 31, 2025, international operations accounted for approximately 29% of our total revenues. Our significant international subsidiaries may have sales and cost of sales in different currencies as well as other transactions that are denominated in currencies other than their functional currency. Although we do not currently engage in currency hedging activities, we evaluate opportunities to engage in hedging in order to limit the risks of currency fluctuations. Consequently, fluctuations in foreign currencies could have a negative impact on the profitability of our global operations, which would harm our financial results and cash flows.

**Risks Related to Ownership of Our Common Stock**

***The market price and trading volume of our common stock may be volatile.***

The market price of our common stock could fluctuate significantly in future periods due to a number of factors, many of which are beyond our control, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our quarterly or annual earnings or those of other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of our operating results to meet the estimates of securities analysts or the expectations of our shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities analysts' changes in their estimates of our future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our customers, suppliers or competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depth and liquidity of the market for our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our liquidity position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our compliance with our obligations under our debt facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations that adversely affect our industry or us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards, policies, guidance, interpretations or principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, industry and stock market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future sales of our common stock by our shareholders, including B. Riley;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the concentration of ownership of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future purchases of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future issuances of our common stock by us, including through our at-the-market sales programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of dividends on our Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to pay dividends in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other risk factors set forth under Part I, Item 1A and other parts of this Annual Report.

***Sales or issuances of shares of our common stock may adversely affect the market price of our common stock.***

Future sales or issuances of common stock or other equity related securities may adversely affect the market price of our common stock, including any shares of our common stock issued to finance capital expenditures, finance acquisitions or repay debt. In April 2024, we entered into a Sales Agreement, establishing an at-the-market program, which permits us to issue and sell shares of our common stock having an aggregate offering price of up to $50.0 million. As of December 31, 2025, an aggregate of 20.0 million shares of common stock have been sold pursuant to the Sales Agreement, for net proceeds of $40.4 million. In November 2025, we entered into the 2025 Sales Agreement, another at-the-market program, which permits us to issue and sell shares of our common stock having an aggregate offering price of up to $200.0 million. As of December 31, 2025, 18.7 million shares have been sold pursuant to the 2025 Sales Agreement for net proceeds of $95.7 million.

On November 4, 2025, in connection with the entry into a limited notice to proceed ("LNTP") with Applied Digital, we issued to Applied Digital, in a private placement, (i) 0.5 million shares of common stock, par value $0.01 per share for a purchase price of $2 million, (ii) a warrant exercisable to purchase 2.6 million shares of our common stock at an exercise price of $4.11, subject to registration rights and (iii) an additional warrant to purchase up to 7.86 million shares of our common stock.

Additionally, we are party to a Registration Rights Agreement with B. Riley, pursuant to which we filed a resale shelf registration statement permitting the resale of approximately 25.6 million shares of our common stock. We may also be required to register for resale any additional shares of our common stock that B. Riley may acquire in the future. We have refreshed our at-the-market offerings in the past and expect to refresh our at-the-market programs periodically, which could lead to additional dilution for our stockholders in the future.

Any sales of substantial amounts of our common stock, or the perception that these sales might occur, could lower the market price of our common stock and limit our ability to raise capital through the issuance of equity securities. Any sales, or perception of sales, by our existing shareholders could also impact the perception of shareholder support for us, which could in turn negatively affect our customer and supplier relationships. Further, if we were to issue additional equity securities (or securities convertible into or exchangeable or exercisable for equity securities) to raise additional capital, including in connection with any financing, or if our oustanding warrants are converted to common stock, our shareholders' ownership interests in us will be diluted and the value of our common stock may be reduced.

***B. Riley has significant influence over us.***

As of December 31, 2025, B. Riley controls approximately 22.1% of the voting power represented by our common stock. B. Riley currently has the right to nominate one member of our board of directors pursuant to the investor rights agreement we entered into with them on April 30, 2019. The investor rights agreement also provides pre-emptive rights to B. Riley with respect to certain future issuances of our equity securities. As a result of these arrangements, B. Riley has significant influence over our management and policies and over all matters requiring shareholder approval, including the election of directors, amendment of our certificate of incorporation and approval of significant corporate transactions. If B. Riley were to act together with other shareholders on any matter presented for shareholder approval, they could have the ability to control

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the outcome of that matter. B. Riley can take actions that have the effect of delaying or preventing a change of control of us or discouraging others from making tender offers for our shares, which could prevent shareholders from receiving a premium for their shares. These actions may be taken even if other shareholders oppose them. In addition, the concentration of voting power with B. Riley may have an adverse effect on the price of our common stock, and the interests of B. Riley may not be consistent with the interests of our other shareholders.

***We may issue additional preferred stock that could dilute the voting power or reduce the value of our common stock.***

Our certificate of incorporation authorizes us to issue, without the approval of our shareholders, one or more classes or series of preferred stock having such designation, powers, preferences and relative, participating, optional and other special rights, including preferences over our common stock respecting dividends and distributions, as our board of directors generally may determine. In 2021, we issued 7.7 million shares of our 7.75% Series A Cumulative Perpetual Preferred Stock. The terms of one or more additional classes or series of preferred stock could dilute the voting power or reduce the value of our common stock. For example, we could grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we could assign to holders of preferred stock could affect the residual value of the common stock.

***Provisions in our corporate documents and Delaware law could delay or prevent a change in control of us, even if that change may be considered beneficial by some shareholders.***

The existence of some provisions of our certificate of incorporation and bylaws and Delaware law could discourage, delay or prevent a change in control of us that a shareholder may consider favorable.

In addition, we are subject to Section 203 of the Delaware General Corporation Law, which may have an anti-takeover effect with respect to transactions not approved in advance by our board of directors, including discouraging takeover attempts that might result in a premium over the market price for shares of our common stock.

We believe these provisions protect our shareholders from coercive or otherwise unfair takeover tactics by requiring potential acquirers to negotiate with our board of directors and by providing our board of directors with more time to assess any acquisition proposal and are not intended to make us immune from takeovers. However, these provisions apply even if the offer may be considered beneficial by some shareholders and could delay or prevent an acquisition that our board of directors determines is in the best interests of us and our shareholders.

**Risks Relating to Tax Matters**

***We could be subject to changes in tax rates or tax law, adoption of new regulations, changing interpretations of existing law or exposure to additional tax liabilities in excess of accrued amounts that could adversely affect our financial position.***

We are subject to income taxes in the United States and numerous foreign jurisdictions. A change in tax laws, treaties or regulations, or in their interpretation, in any country in which we operate could result in a higher tax rate on our earnings, which could have a material impact on our earnings and cash flows from operations. Generally, future changes in applicable U.S. or foreign tax laws and regulations, including the Organisation for Economic Co-operation and Development's Global Minimum Tax ("Pillar 2") initiative, or their interpretation and application could have an adverse effect on our business, financial conditions and results of operations.

Significant judgment is required in determining our worldwide provision for income taxes. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain, and we are regularly subject to audit by tax authorities. Although we believe that our tax estimates and tax positions are reasonable, they could be materially affected by many factors including the final outcome of tax audits and related litigation, the introduction of new tax accounting standards, legislation, regulations and related interpretations, our global mix of earnings, the ability to realize deferred tax assets and changes in uncertain tax positions. A significant increase in our effective tax rate could have a material adverse effect on our profitability and liquidity.

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***Our ability to use NOL and certain tax credits to reduce future tax payments could be further limited if we experience an additional "ownership change".***

Some or all of our deferred tax assets, consisting primarily of NOLs and interest carryforwards that are not currently deductible for tax purposes, could expire unused if we are unable to generate sufficient taxable income in the future to take advantage of them or if we enter into transactions that limit our right to use them, which includes transactions that result in an "ownership change" under Section 382 of the IRC.

Sections 382 and 383 of the IRC limits for U.S. federal income tax purposes, the annual use of NOL carryforwards and disallowed interest carryforwards and tax credit carryforwards, respectively, following an ownership change. Under Section 382 of the IRC, a company has undergone an ownership change if shareholders owning at least 5% of the company have increased their collective holdings by more than 50% during the prior three-year period. Based on information that is publicly available, we determined that a Section 382 ownership change occurred in July 2019 as a result of the Equitization Transactions. If we experience subsequent ownership changes, certain NOL carryforwards (including previously disallowed interest carryforwards) may be subject to more than one section 382 limitation.

**General Risk Factors**

***Our business could be harmed if we fail to maintain effective internal control over financial reporting, and we have identified certain material weaknesses as of December 31, 2024 and December 31, 2025.***

As discussed in Part II, Item 9A. of this Annual Report, we identified certain material weaknesses as of December 31, 2025 in three components of internal control based on criteria established in the 2013 Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Due to the existence of these material weaknesses, we concluded that our internal control over financial reporting was not effective as of December 31, 2025. While we do not believe that these material weaknesses have impacted the accuracy or reporting of our consolidated financial results, until these material weaknesses are remediated, or should new material weaknesses arise or be discovered in the future, there is a reasonable possibility that a material misstatement of our interim or annual financial statements will not be prevented or detected on a timely basis. In addition, we may experience delays in satisfying our reporting obligations to comply with SEC rules and regulations, which could result in investigations and sanctions by regulatory authorities. Any of these could adversely affect our business and the value of our listed securities, and we may be unable to maintain compliance with NYSE listing standards.

***Our reported financial results may be adversely affected by new accounting pronouncements or changes in existing accounting standards and practices, which could result in volatility in our results of operations.***

We prepare our financial statements in conformity with GAAP. These accounting principles are subject to interpretation or changes by FASB and the SEC. New accounting pronouncements and varying interpretations of accounting standards and practices have occurred in the past and are expected to occur in the future. New accounting pronouncements or a change in the interpretation of existing accounting standards or practices may have a significant effect on our reported financial results and may even affect our reporting of transactions completed before the change is announced or effective.

Any difficulties in adopting or implementing any new accounting standard could result in our failure to meet our financial reporting obligations, which could result in regulatory discipline and harm investors' confidence in us. Finally, if we were to change our critical accounting estimates, our operating results could be significantly affected.

***The loss of the services of one or more of our key personnel, or our failure to attract, recruit, motivate, and retain qualified personnel in the future, could disrupt our business and harm our results of operations.***

We depend on the skills, working relationships, and continued services of key personnel, including our management team and others throughout our organization. We are also dependent on our ability to attract and retain qualified personnel, for whom we compete with other companies both inside and outside our industry. Our business, financial condition or results of operations may be adversely impacted by the unexpected loss of any of our management team or other key personnel, or more generally if we fail to attract, recruit, motivate and retain qualified personnel.

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***We outsource certain business processes to third-party vendors and have certain business relationships that subject us to risks, including disruptions in business which could increase our costs.***

We outsource some of our business processes to third-party vendors. We make a diligent effort to ensure that all providers of these outsourced services are observing proper internal control practices; however, there are no guarantees that failures will not occur. Failure of third parties to provide adequate services or our inability to arrange for alternative providers on favorable terms in a timely manner could disrupt our business, increase our costs or otherwise adversely affect our business and our financial results.

***Negotiations with labor unions and possible work stoppages and other labor problems could divert management's attention and disrupt operations. In addition, new collective bargaining agreements or amendments to existing agreements could increase our labor costs and operating expenses.***

A significant number of our employees are members of labor unions. If we are unable to negotiate acceptable new contracts with our unions from time to time, we could experience strikes or other work stoppages by the affected employees. If any such strikes, protests or other work stoppages were to occur, we could experience a significant disruption of operations. In addition, negotiations with unions could divert management's attention. New union contracts could result in increased operating costs, as a result of higher wages or benefit expenses, for both union and nonunion employees. If nonunion employees were to unionize, we could experience higher ongoing labor costs.

***Pension and medical expenses associated with our retirement benefit plans may fluctuate significantly depending on a number of factors, and we may be required to contribute cash to meet underfunded pension obligations.***

A substantial portion of our current and retired employee population is covered by pension and postretirement benefit plans, the costs and funding requirements of which depend on our various assumptions, including estimates of rates of return on benefit-related assets, discount rates for future payment obligations, rates of future cost growth, mortality assumptions and trends for future costs. Actual results that vary unfavorably from these estimates could have a material adverse effect on us. Our policy to recognize these variances annually through mark-to-market accounting could result in volatility in our results of operations, which could be material. The funding obligations for our pension plans are impacted by the performance of the financial markets, particularly the equity markets, and interest rates. If the financial markets do not provide the long-term returns that are expected, or discount rates increase the present value of liabilities, we could be required to make larger contributions.

As of December 31, 2025, our defined benefit pension and postretirement benefit plans were underfunded by approximately $174.3 million. We also participate in various multi-employer pension plans in the United States and Canada under union and industry agreements that generally provide defined benefits to employees covered by collective bargaining agreements. Absent an applicable exemption, a contributor to a United States multi-employer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of the plan's underfunded vested liability. Funding requirements for benefit obligations of these multi-employer pension plans are subject to certain regulatory requirements, and we may be required to make cash contributions which may be material to one or more of these plans to satisfy certain underfunded benefit obligations. See Note 14 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report for additional information regarding our pension and postretirement benefit plan obligations.

***Natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks could adversely affect our business.***

Matters outside of our control could adversely affect demand for or supply of our products or disrupt our facilities, systems or projects, which could interrupt operational processes and performance on our contracts and adversely impact our ability to manufacture our products and provide services and support to our customers. Insurance for such matters may be unavailable or insufficient. Such matters could include natural disasters, such as earthquakes, tsunamis, hurricanes, floods, tornadoes, war, armed conflicts, or terrorist attacks, among others. We operate facilities in areas of the world that are exposed to such risks, which could be general in nature or targeted at us or our markets.

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**Risks Relating to the 2015 Spin-Off from our Former Parent**

***Potential indemnification liabilities to BWXT pursuant to the master separation agreement could materially adversely affect us.***

The master separation agreement with BWXT provides for, among other things, the principal corporate transactions required to affect the spin-off, certain conditions to the spin-off and provisions governing the relationship between us and BWXT with respect to and resulting from the spin-off. Among other things, the master separation agreement provides for indemnification obligations designed to make us financially responsible for substantially all liabilities that may exist relating to our business activities, whether incurred prior to or after the spin-off, as well as those obligations of BWXT assumed by us pursuant to the master separation agreement. If we are required to indemnify BWXT under the circumstances set forth in the master separation agreement, we may be subject to substantial liabilities.

***In connection with our separation from BWXT, BWXT has agreed to indemnify us for certain liabilities. However, there can be no assurance that the indemnity will be sufficient to insure us against the full amount of such liabilities, or that BWXT's ability to satisfy its indemnification obligation will not be impaired in the future.***

Pursuant to the master separation agreement, BWXT has agreed to indemnify us for certain liabilities. However, third parties could seek to hold us responsible for any of the liabilities that BWXT agreed to retain, and there can be no assurance that the indemnity from BWXT will be sufficient to protect us against the full amount of such liabilities, or that BWXT will be able to fully satisfy its indemnification obligations. Moreover, even if we ultimately succeed in recovering from BWXT any amounts for which we are held liable, we may be temporarily required to bear these losses.

**Item 1B. Unresolved Staff Comments**

None

**Item 1C. Cybersecurity**

***Cybersecurity risk management and strategy***

Our cybersecurity risk management program is integrated into our enterprise risk management processes and is informed by recognized cybersecurity industry frameworks and standards, including the National Institute of Standards and Technology. We use these frameworks, together with information collected from internal assessments, to develop policies for use of our information systems and assets (for example, B&W business information and information resources such as computers and workstations), access to specific intellectual property or technologies, and protection of personal information. We protect these information assets through industry-standard techniques, such as multi-factor authentication and malware defenses. We also work with internal stakeholders to integrate foundational cybersecurity principles throughout our operations, including employment of multiple layers of cybersecurity defenses, restricted access based on business need, and integrity of our business information.

We have implemented a risk-based approach to our cybersecurity processes, inclusive of risks associated with our use of third-party IT service providers, which considers the sensitivity and volume of the relevant data, the potential effects on third parties and individuals and the needs of our business in determining what risk mitigation, remediation or prevention actions are appropriate.

In addition, cybersecurity considerations affect the selection and oversight of our third-party service providers. We perform due diligence on third parties that have access to our most critical systems, data or facilities that house such systems or data, and establish contractual terms and oversight to manage and reduce the risks associated with such third-party vendors. Such contractual terms include requirements to provide notification of cyber incidents involving our systems or data and requirements to provide industry-accepted disclosures, such as SOC 2 Type II reports, on a regular basis.

We utilize several cybersecurity tactics, techniques, processes and controls to aid in our efforts to assess, identify, and manage material risks from cybersecurity threats, and to protect against, detect and respond to cybersecurity incidents (as defined in Item 106(a) of Regulation S-K), including, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain a Security Operations Center to support visibility to cybersecurity incidents in real time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require all salaried employees to complete an annual cybersecurity training program where specific threats and scenarios are highlighted based on our analysis of current risks to the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide regular cybersecurity awareness and confidential information protection training and conduct phishing email simulations for employees and contractors with access to corporate email systems to enhance awareness and responsiveness to such possible threats;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain a Cybersecurity Incident Response Plan, which provides a framework for handling cybersecurity incidents based on, among other factors, the potential severity of the incident and facilitates cross-functional coordination of our response to such incidents, should they occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain cybersecurity insurance and regularly review our policy and levels of coverage based on current risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitor emerging data protection and cybersecurity laws, and implement changes to our processes and systems designed to comply, and through policy, practice and contract (as applicable) require employees, as well as third parties who provide services on our behalf, to treat customer information and data with care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct several cyber-specific penetration tests per year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage consultants and other third parties, as appropriate, in connection with our cybersecurity practices.

***Governance of cybersecurity risk management***

Our Board of Directors, as a whole, has oversight responsibility for our strategic and operational risks. Management is responsible for day-to-day assessment and management of cybersecurity risks. The IT Executive Steering Committee, comprised of a cross-functional group of our executive management, leads management's oversight of the IT function, including IT risk management. The IT Steering Committee, comprised of operational management, provides tactical oversight of the IT function, including IT risk management

Our Director of IT has primary oversight of material risks from cybersecurity threats. Our Director of IT has over 20 years of experience across various software engineering, IT security and compliance, business and management roles, including serving as the Director of Engineering Applications and Data Management, leading the development and implementation of information technology strategies and roadmaps for Digital and Engineering applications group. The Director of IT is supported by our Manager of IT Security and Compliance, who has more than 10 years of experience in information technology and IT security.

Our Director of IT and Manager of IT Cybersecurity, Compliance and Data Privacy assess our cybersecurity readiness through internal assessment tools as well as third-party control tests, vulnerability assessments, audits and evaluation against industry standards. We have governance and compliance structures that are designed to elevate potential threats or vulnerabilities relating to cybersecurity to our Director of IT, IT Steering Committee and IT Executive Steering Committee. We also employ various defensive and continuous monitoring techniques using recognized industry frameworks and cybersecurity standards.

Our Director of IT meets with the IT Steering Committee monthly to review our information technology systems and discuss key cybersecurity risks. In addition, quarterly the Director of IT reviews our entire risk management program, which includes cybersecurity risks, with the IT Executive Steering Committee and the Board of Directors.

***Material cybersecurity risks, threats & incidents***

To date, we do not believe that risks from cybersecurity threats, including as a result of any previous cybersecurity incidents have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial position. However, there can be no guarantee that we will not be the subject of future threats or incidents, and we can give no assurance that we have detected all cybersecurity incidents or cybersecurity threats. Additional information on cybersecurity risks we face can be found in Item 1A, Risk Factors, which should be read in conjunction with the foregoing information.

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**Item 2. Properties**

The following table provides the location and general use of each of our principal properties that we own or lease as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Location** | **Principal Use** | **Owned/Leased<br>(Lease Expiration)** |
| Akron, Ohio | Administrative office | Leased (2034) |
| Cambridge, Ontario, Canada | Administrative office / warehouse | Leased (2029) |
| Chanute, Kansas | Manufacturing facility | Leased (2043) |
| Copley, Ohio | Warehouse / service center | Leased (2033) |
| Dartmouth, Nova Scotia, Canada | Manufacturing facility | Leased (2029) |
| Grandview, Missouri | Field office | Leased (2030) |
| Guadalupe, NL, Mexico | Administrative office / manufacturing facility | Leased (2039) |
| Jakarta, Jakarta Raya, Indonesia | Administrative office / warehouse | Leased (2027) |
| Massillon, Ohio | Production facility under construction | Leased (2028) |
| Salt Lake City, Utah | Warehouse | Leased (2030) |
| San Jose, Batangas, Philippines | Warehouse | Leased (2028) |

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We believe that our major properties are adequate for our present needs and, as supplemented by planned improvements and construction, expect them to remain adequate for the foreseeable future.

**Item 3. Legal Proceedings**

For information regarding ongoing investigations and litigation, see Note 20 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report, which we incorporate by reference into this Item.

**Item 4. Mine Safety Disclosures**

Not Applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

Our common stock is traded on the NYSE under the symbol BW.

As of February 28, 2026, we had 749 stockholders of record of our common stock.

See Part III, Item 12 of this Annual Report for information about our equity compensation plans. In accordance with the provisions of the employee benefit plans, we can acquire shares in connection with the vesting of employee restricted stock that require us to withhold shares to satisfy employee statutory income tax withholding obligations. We did not repurchase any of our equity securities during the quarter ended December 31, 2025. We do not have a general share repurchase program at this time.

We have a history of paying preferred cash dividends and currently expect that comparable cash dividends will continue to be paid in the future. Decisions on whether, when and in what amounts to continue making any future dividend distributions will remain at all times entirely at the discretion of our Board of Directors, which reserves the right, in its sole discretion, to change or terminate our dividend practices at any time and for any reason without prior notice. The payment of cash dividends in the future will be based upon a number of business, legal and other considerations, including changes in our financial position, capital allocation plans (including a desire to retain or accumulate cash), capital spending plans, stock purchase plans, acquisition strategies, strategic initiatives, debt payment plans (including a desire to maintain or improve credit ratings on our debt securities), debt covenant requirements, pension funding or other benefits payments.

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The following graph provides a comparison of our cumulative total shareholder return over five years through December 31, 2025 to the return of the S&P 500, the Russell 2000 and our custom peer group.

![1910](bw-20251231_g1.jpg)

*Assumes initial investment of $100 on December 31, 2020.*

The Company's peer group, including the "custom peer group" used for the comparison above is comprised of the following companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| AMETEK, Inc. | Dycom Industries, Inc. | MasTec, Inc. |
| CECO Environmental Corp. | Enerpac Tool Group Corp. | Primoris Services Corporation |
| Chart Industries, Inc. | Enviri Corporation | SPX Technologies, Inc. |
| Crane Company | Flowserve Corporation | Tetra Tech, Inc. |
| Curtiss-Wright Corporation | IDEX Corporation | |

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**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion of our financial position and results of operations should be read in conjunction with the financial statements and the notes thereto included in the Consolidated Financial Statements and Supplemental Data in Item 8 within this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. See Cautionary Statement Concerning Forward-Looking Information.*

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*The following discussion includes a comparison of Results of Operations and Liquidity and Capital Resources for the years ended December 31, 2025 and 2024. We have also included a comparison of the Results of Operations for the years ended December 31, 2024 and 2023. Our consolidated financial statements are prepared in conformity with GAAP. Our discussion of financial results include non-GAAP measures (e.g., foreign currency impact, EBITDA, Adjusted EBITDA) to provide additional information concerning our financial results that we believe is useful to the readers of our financial statements in the assessment of our performance and operating trends. Unless otherwise noted, discussion of our business and results of operations in this Annual Report on Form 10-K refers to our continuing operations.*

*In the fourth quarter of 2025, we reassessed our segment structure as a result of the completion of our strategic shift to streamline and simplify our business. This transformation included the divestiture of certain non-core assets, as described in* Note 4 *to the Consolidated Financial Statements. As a result of this assessment, we have determined we have one reportable segment, labeled as B&W. The revised segment presentation has been applied retrospectively to all periods presented. For further information regarding our segment reporting, see* Note 6 *to the Consolidated Financial Statements.* 

**BUSINESS OVERVIEW**

We are a globally focused energy technologies provider with nearly 160 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and other customers. Our innovative products and services are organized in one reporting segment. For a description of our reportable segment see Item 1, Business of this Form 10-K.

Customer demand is heavily affected by the variations in our customers' business cycles, power demand in their operating territories, and by the overall economies, energy, environmental and regulatory requirements of the countries in which they

operate.

We have manufacturing facilities in Canada, Mexico and the United States. Many aspects of our operations and properties could be affected by political developments, environmental regulations and operating risks. These and other factors may have a material impact on our international and domestic operations or our business as a whole.

Through our restructuring efforts, we have made and will continue working to make significant progress reducing costs and improving profitability. We continue to explore other cost saving initiatives and in conjunction with top-line growth driven by opportunities for our core technologies, we will continue to improve cash generation and strengthen our liquidity. These initiatives have been and may continue to be important factors that could cause our actual results to differ materially from those indicated in these financial statements. If one or more events related to these or other risks or uncertainty materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.

**Discontinued Operations**

***ASH***

On October 31, 2025, we completed a sale of the net assets comprising our ASH business for $29 million, subject to customary fees and adjustments and recorded a gain of $21.5 million on the sale. For more information on this sale, see Note 4 to the Consolidated Financial Statements.

The revenue and operating results presented for ASH for the year ended December 31, 2025 represent the financial results for January through October 2025 operations. While there is a slight decline in revenue for 2025 compared to prior years, operating margins are consistent at approximately 28%.

***Diamond Power***

On July 31, 2025, we closed the sale of our Diamond Power business for a base purchase price of $177 million, subject to certain offsets and adjustments. We recorded a gain of $53.2 million on the sale. For more information on this sale, see Note 4 to the Consolidated Financial Statements.

The revenue and operating results presented for Diamond Power for the year ended December 31, 2025 represent the financial results for January through July 2025 operations. Revenue and operating margins are lower in 2025 compared to 2024 and 2023 due to the sale closing in July 2025 and related transaction costs incurred.

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***Vølund***

On April 29, 2025, we sold our Vølund business for a base purchase price equal to $15.0 million plus $0.1 million (400,000 Danish krone). We recorded a net loss of $36.8 million, which included a write off of CTA of $52.6 million. For more information, see Note 4 to the Consolidated Financial Statements.

The revenue and operating results for the year ended December 31, 2025 primarily represent the financial results for January through April 2025 operations as well as the net loss on the sale primarily from the write off of CTA. The decrease in revenue and operating margin is a result of the slowdown in sales and engagement of projects toward the end of 2024 and into 2025 as the Company engaged in the sale of the business.

***B&W Solar***

During the third quarter of 2023, we committed to a plan to sell our B&W Solar business, resulting in a significant change that would impact our operations. As of September 30, 2023, we met all of the criteria for the assets and liabilities of this business to be accounted for as held for sale. In addition, we also determined that the operations of the B&W Solar business qualified as a discontinued operation, primarily based upon its significance to our current and historic operating losses. The decision to sell the B&W Solar business, along with the significant increase in estimated costs to complete the B&W Solar loss contracts, resulted in a triggering event that required us to immediately perform certain valuations. Certain trade accounts receivable and contract assets were determined to be uncollectible, resulting in charges of $17.6 million. During 2023, we recognized an impairment of $56.6 million, or the entire balance of goodwill associated with B&W Solar. These charges have been included in Loss from discontinued operations, net of tax in the Consolidated Statements of Operations. The decrease in revenue and operating margin is a result of the focus on the sale of the business in 2024 and 2025.

During the fourth quarter of 2025, we discontinued marketing B&W Solar for sale due to lack of potential buyers and terminated our broker arrangement with a third party provider. As of December 31, 2025, B&W Solar was disposed of through abandonment, as we ceased all business operations and either transferred or wrote off its remaining assets. As a result, the B&W Solar business no longer meets the criteria of held for sale as of December 31, 2025, but continues to meet the criteria for discontinued operations for all periods presented.

***BWRS, SPIG and GMAB***

In addition to the ASH, Diamond Power, Vølund and B&W Solar 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. For more information, see Note 4 to the Consolidated Financial Statements.

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**RESULTS OF OPERATIONS–YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023**

**Consolidated Results of Operations**

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

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **$ Change** |
| **Revenues** | $**587676** | $**581039** | $**6637** |
| **Costs and expenses:** |  |  |  |
| &nbsp;&nbsp;Cost of operations | 443825 | 454326 | (10501) |
| &nbsp;&nbsp;Selling, general and administrative expenses | 119481 | 124541 | (5060) |
| &nbsp;&nbsp;Research and development costs | 1457 | 5133 | (3676) |
| &nbsp;&nbsp;Impairment of long-lived assets | 950 | 3729 | (2779) |
| &nbsp;&nbsp;Loss (gain) on asset disposals, net  | 1226 | (354) | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 20737 | (6336) | 27073 |
| &nbsp;&nbsp;**Loss from continuing operations** | $**(32848)** | $**(104272)** | $**71424** |

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***2025 vs 2024 Consolidated Results***

Revenues increased by $6.6 million to $587.7 million in 2025 compared to $581.0 million 2024. The increase is driven by larger parts volume of $35.2 million and two natural gas conversion projects of $25.7 million offset partially by lower volume related to ESP projects of $20.0 million, construction projects of $18.7 million and package boilers of $10.7 million.

Costs of operations decreased by $10.5 million to $443.8 million in 2025 compared to $454.3 million in 2024. The decrease is primarily driven by a shift in business mix, as higher-margin parts sales increased, revenue from larger projects declined and the remaining large projects required lower costs to complete.

SG&A expenses decreased by $5.1 million to $119.5 million in 2025 compared to $124.5 million in 2024. The decrease is primarily related to cost savings, partially offset by increased expenses in employee benefits in the current year.

Research and development costs decreased by $3.7 million to $1.5 million in 2025 compared to $5.1 million in 2024. The decrease is primarily driven by less development activity due to the increased commercialization of our BrightLoop<sup>™</sup> technology.

Impairment of long-lived assets decreased by $2.8 million to $1.0 million in 2025 compared to $3.7 million 2024. The decrease is driven by the construction in process facility that was impaired in 2024, partially offset by impairment recognized in the current year relating to a reduction in our real estate footprint.

Loss (gain) on asset disposals increased in 2025 compared to 2024 relating to the write-off of equipment in one of our manufacturing locations which was disposed of in 2025 compared to 2024 which had minor disposals.

Operating income increased by $27.1 million to $20.7 million in 2025 compared to an operating loss of $6.3 million in 2024, primarily due to the revenue as described above and an increase in gross profit due to the improvement in cost of operations in product mix.

Loss from continuing operations decreased by $71.4 million to $32.8 million in 2025 compared to $104.3 million in 2024, primarily due to the revenue as described above and an increase in gross profit due to the improvement in cost of operations in product mix, reduction in benefit plan expense for the year due to better asset performance in 2025 than anticipated and reduced interest expense due to the debt repayments and refinancing during the year.

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2024** | **2023** | **$ Change** |
| **Revenues** | $**581039** | $**587448** | $**(6409)** |
| **Costs and expenses:** |  |  |  |
| &nbsp;&nbsp;Cost of operations | 454326 | 465977 | (11651) |
| &nbsp;&nbsp;Selling, general and administrative expenses | 124541 | 134940 | (10399) |
| &nbsp;&nbsp;Research and development costs | 5133 | 6462 | (1329) |
| &nbsp;&nbsp;Impairment of long-lived assets | 3729 |  | 3729 |
| (Gain) loss on asset disposals, net  | (354) | 134 | (488) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (6336) | (20065) | 13729 |
| &nbsp;&nbsp;**Loss from continuing operations** | $**(104272)** | $**(109212)** | $**4940** |

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***2024 vs 2023 Consolidated Results***

Revenues decreased by $6.4 million to $581.0 million in 2024 compared to $587.4 million in 2023. The decrease is primarily driven by a $27.1 million decrease in the U.S. construction business as a result of a large construction project finishing in 2023 that was not fully replicated in 2024, offset partially by a large natural gas project of $16.7 million starting execution in 2024.

Costs of operations decreased by $11.7 million to $454.3 million in 2024 compared to $466.0 million in 2023. The decrease is driven primarily by lower revenue as described above, as well as a shift in business mix and cost reductions.

SG&A expenses decreased by $10.4 million to $124.5 million in 2024 compared to $134.9 million in 2023. The decrease is primarily driven by continued efforts to reduce overhead.

Research and development costs decreased by $1.3 million to $5.1 million in 2024 compared to $6.5 million in 2023. The decrease is primarily driven by by less development activity due to the increased commercialization of our BrightLoop<sup>™</sup> technology.

Impairment of long-lived assets increased by $3.7 million to $3.7 million in 2024. The increase relates to a construction in process facility that was impaired.

(Gain) loss on asset disposals, net decreased in 2024 compared to 2023 relating to minor disposals in 2024.

Operating loss decreased by $13.7 million to $6.3 million in 2024 compared to $20.1 million in 2023, primarily due to higher volume related to a natural gas conversion project, environmental projects as well as lower expenses, partially offset by a decrease of $11.7 million due to a large project in our U.S. construction business that was completed in 2023 and not fully replaced in 2024.

Loss from continuing operations decreased by $4.9 million to $104.3 million in 2024 compared to $109.2 million in 2023, driven by decreased operating loss (as discussed in the paragraph above) and partially offset by a loss on debt extinguishment of $7.3 million attributable to terminating the Revolving and Letter of Credit Agreements with PNC and MSD.

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**Other Expenses Impacting Operating Results**

***Interest Expense***

Interest expense in the Consolidated Financial Statements consisted of the following components:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Components associated with borrowings from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2026 | $16961 | $25512 | $25601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2030 | 6729 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Agreement | 2961 | 4892 | 1494 |
|  | 26651 | 30404 | 27095 |
| Components associated with amortization or accretion of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Agreement | 4585 | 6149 | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2026 | 2035 | 2606 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2030 | (3075) |  |  |
|  | 3545 | 8755 | 7168 |
| Components associated with interest from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2427 | 2037 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Letter of Credit interest and fees | 4498 | 3942 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest expense | 1018 | 1007 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest | (607) |  |  |
|  | 7336 | 6986 | 8298 |
| Total interest expense | $37532 | $46145 | $42561 |

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The decrease in interest expense in 2025 compared to 2024 is driven by decreased borrowings on our revolving credit facility, the full redemption of our 8.125% Senior Notes, and efforts to reduce the outstanding balance on our 6.50% Senior Notes. Also contributing to the decrease is the realization of a portion of the deferred gain from our senior note exchange transaction. For further information refer to Note 15 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

The increase in interest expense in 2024 compared to 2023 is driven by increased borrowings on our revolving credit facility.

***Income Taxes***

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands, except for percentages) | **2025** | **2024** | **2023** |
| Loss from continuing operations before income tax expense | $(24568) | $(91471) | $(103608) |
| Income tax expense | 8280 | 12801 | 5604 |
| Effective tax rate | (34)% | (14)% | (5)% |

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Our effective tax rate reflects a valuation allowance against deferred tax assets in jurisdictions other than Mexico, Canada, Brazil, Thailand, the Philippines, Indonesia, and the United Kingdom.

The change in our income tax rate in 2025 compared to 2024 is primarily attributable to non-deductible items related to the dissolution and divestiture of certain entities, an increase in our valuation allowance and the difference between statutory and foreign jurisdictions. The change in our income tax rate in 2024 compared to 2023 is primarily attributable to an increase in valuation allowances, a change in the Company's permanent investment assertion and an unfavorable resolution of a foreign income tax matter.

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**Bookings and Backlog**

Bookings and backlog are our measures of remaining performance obligations under our sales contracts. We believe these metrics provide investors, lenders and other users of our financial statements with a leading indicator of future revenues. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies.

We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing our customers to pay for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered 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 new business or increases in project scope, subtractions due to customer cancellations or reductions in project 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.

Total bookings as of December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| (in millions) | **2025** | **2024** |
| B&W | $549.6 | $751.4 |

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Our backlog as of December 31, 2025 and 2024 was as follows:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| (in millions) | **2025** | **2024** |
| B&W | $423.6 | $495.2 |

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Of the backlog as of December 31, 2025, we expect to recognize revenues as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **2026** | **2027** | **Thereafter** | **Total** |
| B&W | $380.7 | $38.2 | $4.7 | $423.6 |

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Effective February 26, 2026, we entered into an agreement with Base Electron, an IPP backed by Applied Digital, to complete the design and installation of four 300-megawatt natural gas-fired power plants. With this project, our backlog would be $2.8 billion in total as the related work scope is authorized and written commitments are received from the customer. For further information refer to Note 24 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

**Non-GAAP Financial Measures**

In addition to Loss from continuing operations, 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 these measures provides investors with greater transparency and a greater understanding of factors affecting our financial position and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the related financial results prepared in accordance with GAAP.

The following discussion of our business segment results of operations includes a discussion of EBITDA and Adjusted EBITDA. EBITDA focuses on the earnings generated from core business operations, without considering the effects of

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financing, accounting decisions or tax. EBITDA and Adjusted EBITDA differ from the most directly comparable measure calculated in accordance with GAAP. A reconciliation of Loss from continuing operations, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA is included below. Management believes that this financial measure is useful to investors because it excludes certain expenses, allowing investors to more easily compare our financial performance period to period. When viewed in conjunction with GAAP results, we believe the presentation of EBITDA and Adjusted EBITDA provides investors with greater transparency and a greater understanding of factors affecting our financial position and results of operations than GAAP measures alone.

Adjusted EBITDA is calculated as earnings before interest, tax, depreciation and amortization, and adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, stock compensation, restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs and costs related to financial consulting. Additionally, the Company redefined its definition of Adjusted EBITDA to eliminate the effects of certain items including interest on letters of credit included in Cost of operations and product development costs. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation.

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| **Loss from continuing operations** | $**(32848)** | $**(104272)** | $**(109212)** |
| Interest expense, net | 36046 | 45495 | 41654 |
| Income tax expense | 8280 | 12801 | 5604 |
| Depreciation & amortization | 9677 | 10075 | 13881 |
| **EBITDA** | **21155** | **(35901)** | **(48073)** |
| Impairment of long-lived assets | 950 | 3729 |  |
| Benefit plans, net | 9782 | 31230 | 38406 |
| Loss (gain) on asset disposals, net | 1226 | (354) | 134 |
| Stock compensation | 2551 | 4509 | 7121 |
| Restructuring activities | 685 | 1296 | 2619 |
| Gain (loss) on debt extinguishment | (1836) | 7267 |  |
| Settlements and related legal costs | 129 | 4044 | (1474) |
| Foreign exchange | (135) | (237) | 2327 |
| Financial advisory services | 8004 | 1877 | 1934 |
| Other - net | 1229 | 3707 | 2436 |
| **Adjusted EBITDA** | $**43740** | $**21167** | $**5430** |

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**Impairment of long-lived assets**

Impairment of long-lived assets refers to when the carrying amount of an asset exceeds the fair value or recoverable amount.

**Benefit plans, net**

We recognize benefits from our defined benefit and other postretirement benefit plans based on actuarial calculations primarily because our expected return on assets is greater than our service cost. Service cost is low because our plan benefits are frozen.

Our pension costs include MTM adjustments and are primarily a result of changes in the discount rate, curtailments and settlements. Any MTM charge or gain should not be considered to be representative of future MTM adjustments as such events are not currently predicted and are in each case subject to market conditions and actuarial assumptions as of the date of the event giving rise to the MTM adjustment.

Refer to Note 14 to the Consolidated Financial Statements for further information regarding our pension and other postretirement plans.

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**Loss (gain) on asset disposals, net**

We, at times, will sell or dispose of certain assets that are unrelated to our current or future operations. Therefore, we believe it is useful to exclude these gains and losses from our non-GAAP financial measures in order to highlight the performance of the continuing business.

**Stock compensation**

The grant date fair value of stock compensation varies based on the derived stock price at the time of grant, valuation methodologies, subjective assumptions, and reward types. This may make the impact of this form of compensation on our current financial results difficult to compare to previous and future periods. Therefore, we believe it is useful to exclude stock-based compensation from our non-GAAP financial measures in order to highlight the performance of the business and to be consistent with the way many investors evaluate our performance and compare our operating results to peer companies.

**Restructuring activities**

Restructuring activities and business services transition actions across our business units and corporate functions primarily consist of severance and related costs associated with non-recurring actions taken to transform our operations with impacts on employees and facilities used in our businesses. Business services transition costs relate to new technology implementation, expected to provide future benefit and are included in Cost of operations and SG&A expenses in the Consolidated Statement of Operations.

**Gain (loss) on debt extinguishment**

Losses on debt extinguishment were due to the write-off of deferred financing fees and certain other exit costs associated with our extinguishment of the Debt Facilities.

**Settlements and related legal costs (recoveries)**

Settlements and related legal costs (recoveries) relate to expenses associated with resolving legal disputes, whether through negotiated settlements or court judgments. For further discussion see Note 20 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

**Foreign exchange**

We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate items in our Consolidated Statement of Operations at average exchange rates for the periods presented. We report foreign currency transaction gains (losses) in income in the Consolidated Statements of Operations. Management excludes these expenses from Adjusted EBITDA as they do not reflect the ordinary course of business and are inherently unpredictable in timing and amount.

Foreign exchange gains and losses are primarily related to unhedged intercompany loans denominated in European currencies to fund foreign operations.

**Financial advisory services**

Financial advisory services relate to business planning and other professional services.

**LIQUIDITY AND CAPITAL RESOURCES**

***Liquidity***

Our primary liquidity requirements include debt service, funding dividends on Preferred Stock and working capital needs. We fund our liquidity requirements primarily through cash generated from operations, external sources of financing, including our Credit Agreement, senior notes, and equity offerings, and our Preferred Stock, each of which are described below and in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report in further detail. We

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believe that our current operating plan and borrowings available under our Credit Agreement will be sufficient to satisfy our foreseeable liquidity needs and capital expenditure requirements, including for at least the next twelve months. We may elect to raise additional capital through the sale of additional equity or debt financing to fund business activities such as strategic acquisitions, capital expenditures, working capital needs or other purposes beyond the next twelve months. Additional financing may not be available on terms favorable to the Company or at all, and may also be impacted by any disruptions in the financial markets. In addition, the Company's existing indebtedness could limit its ability to obtain additional financing.

***Cash and Cash Flows***

The following discussion on our cash flows is inclusive of continued and discontinued operations, consistent with our presentation on the Consolidated Statement of Cash Flows in accordance with GAAP.

As of December 31, 2025, our cash and cash equivalents, and restricted cash totaled $201.4 million, and we had total debt of $321.1 million as well as $191.7 million of gross Preferred Stock outstanding. Our foreign business locations held $9.0 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 plans to repatriate these funds to the U.S. We had $66.8 million of restricted cash as of December 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 $68.9 million in the year ended December 31, 2025, which is primarily attributable to the current year net loss, including discontinued operations, of $36.2 million and non-cash adjustments arising from gain on sale of business of $38.9 million, partially offset by the impairment of long-lived assets of $9.9 million and depreciation and amortization of long-lived assets of $10.1 million. Cash flows used in operating activities also included movements in certain operating assets and liabilities such as advanced billings on contracts of $50.7 million and contracts in progress of $19.7 million, which are primarily impacted by timing differences related to progress made on ongoing projects, billings, and collections, and may fluctuate significantly period to period. These were partially offset by operating cash flow decreases from accounts payable of $57.9 million, pension liabilities, accrued postretirement benefits and employee benefits of $10.6 million and accounts receivable - trade, net of $16.5 million, which are result of timing of vendor payments, contributions made to the plan and timing of ongoing collections, respectively.

Cash flows used in operating activities was $118.7 million in the year ended December 31, 2024, which is primarily attributable to the current year net loss, including discontinued operations, of $59.9 million, and non-cash adjustments arising from the BWRS sale of $58.9 million, partially offset by the mark to market, prior service cost amortization for pension and postretirement plans of $34.9 million and depreciation and amortization of long-lived assets of $16.7 million. Cash flows used in operating activities also included movements in certain operating assets and liabilities such as utilization of contracts in progress of $41.6 million and accounts receivable -trade, net of $12.2 million, which are primarily impacted by timing differences related to progress made on ongoing projects, billings, and collections, accrued and other current liabilities of $28.5 million resulting from the timing of payments to vendors, and pension liabilities, accrued postretirement benefits and employee benefits of $16.8 million.

Cash flows provided by investing activities totaled $197.0 million in the year ended December 31, 2025, primarily due to proceeds from the sale of businesses of $216.3 million, partially offset by purchases of fixed assets primarily relating to BrightLoop<sup>™</sup> projects. Cash flows provided by investing activities totaled $110.0 million in the year ended December 31, 2024, primarily related to $120.9 million of proceeds from our divestitures, partially offset by $11.2 million of capital expenditures primarily relating to BrightLoop<sup>™</sup> projects.

Cash flows used in financing activities was $58.7 million during the year ended December 31, 2025, primarily related to the redemption of our Senior Notes due 2026 of $110.7 million, net repayments on the Axos Credit Agreement of $54.3 million and payments of Preferred Stock dividends of $14.9 million, partially offset by proceeds of $130.1 million pursuant to our at-the-market offerings as described in Note 16 to the Consolidated Financial Statements. Cash flows provided by financing activities of $69.7 million during the year ended December 31, 2024, primarily related to the net borrowings on the Axos Credit Agreement of $93.7 million, partially offset by Preferred Stock dividend payments of $18.6 million and debt issuance costs of $8.5 million.

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***Debt and Credit Facilities***

As described in Note 15 to our Consolidated Financial Statements included herein, we entered into a Credit Agreement in January 2024. This agreement substantially replaces the existing Reimbursement Agreement, Revolving Credit Agreement and Letter of Credit Agreement. We completed the transition of letters of credit outstanding under the Letter of Credit Agreement and Reimbursement Agreement to the Credit Agreement in August 2024. Information related to our Debt and Credit Facilities is described in Note 15 to the Consolidated Financial Statements and is incorporated herein by reference.

***Off-Balance Sheet Arrangements***

We do not have any off-balance sheet arrangements that have, or are reasonably expected to have, a material current or future effect on its financial condition, results of operations, liquidity, capital expenditures or capital resources as of December 31, 2025.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES** 

The Consolidated Financial Statements included in Part II, Item 8 of this Annual Report are prepared in accordance with GAAP. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. These estimates and assumptions are affected by management's application of accounting policies. We believe the following are our most critical accounting policies that we apply in the preparation of our consolidated financial statements. These policies require our most difficult, subjective and complex judgments, often as a result of the need to make estimates of matters that are inherently uncertain.

**Assets and Liabilities Held for Sale and Discontinued Operations**

Assets and liabilities classified as held for sale are reported at the lower of their carrying value or fair value less costs to sell. Depreciation and amortization of assets cease upon designation as held for sale. Discontinued operations comprise activities that were disposed of, discontinued or held for sale at the end of the period, represent a separate major line of business that can be clearly distinguished for operational and financial reporting purposes and represent a strategic business shift having a major effect on our operations and financial results according to ASC 205, Presentation of Financial Statements. We have included all of the revenues and expenses for B&W Solar, BWRS, SPIG, GMAB, Vølund, Diamond Power and ASH businesses as discontinued operations in the Consolidated Statements of Operations and all assets and liabilities as held for sale in the Consolidated Balance Sheets as of December 31, 2024. No assets or liabilities were held for sale in the Consolidated Balance Sheets as of December 31, 2025. See Note 5 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report for further discussion.

**Contracts and revenue recognition**

A significant portion of our revenue is recognized over time using the cost-to-cost input method, which involves significant estimates. This method of revenue recognition uses costs incurred-to-date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and warranty expenses. Variable consideration in these contracts includes estimates of contract modifications, contractual bonuses and penalties, and liquidated damages.

We review contract price and cost estimates each reporting period as the work progresses and reflect adjustments proportionate to the costs incurred to date relative to total estimated costs at completion in income in the period when those estimates are revised. These changes in estimates can be material. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected contract loss is recognized in full in Costs of operations in the Consolidated Statements of Operations and an accrual for the estimated loss on the uncompleted contract is recorded in Other accrued liabilities in the Consolidated Balance Sheets. In addition, when we determine that an incomplete contract will not be completed on time and the contract has liquidated damages provisions, we recognize the estimated liquidated damages at the most likely amount we will incur as a reduction of the estimated selling price in the period the change in estimate occurs. These amounts are included in Other accrued liabilities in the Consolidated Balance Sheets.

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Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract, with cumulative adjustment to revenue.

We recognize accrued claims in contract revenues for additional work or changes in the scope of work to the extent of costs incurred when we believe we have an enforceable right to the modification or claim, the amount can be reasonably estimated and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for enforcing the claim, the cause of any additional costs incurred and whether those costs are identifiable or otherwise determinable, the nature and reasonableness of those costs, the objective evidence available to support the amount of the claim, and the relevant history with the counterparty that supports expectations about their willingness and ability to pay for the additional cost along with a reasonable margin. Claims receivable were not significant at December 31, 2025 and 2024.

Our revenue recognition policies, assumptions, changes in estimates and significant loss contracts are described in greater detail in Note 2 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report.

**Goodwill**

Goodwill is generally recorded as a result of a business combination and represents the excess of purchase price over the fair value of the tangible and identifiable net assets acquired. We perform impairment testing of goodwill annually on October 1 or if we determine that impairment indicators are present. In assessing goodwill for impairment, we follow ASC 350, Intangibles – Goodwill and Other, which permits a qualitative assessment of whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, or we choose not to perform the qualitative assessment, then we compare the fair value of that reporting unit with its carrying amount, including goodwill, in a quantitative assessment. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss measured as the excess of the reporting unit's carrying amount, including goodwill, over its fair value. The estimated fair value of the reporting unit is derived based on valuation techniques we believe market participants would use for each of the reporting units.

The annual quantitative assessment was performed using a combination of the income approach (discounted cash flows), the market approach and the guideline transaction method. The income approach uses the reporting unit's estimated future cash flows, discounted at the weighted-average cost of capital of a hypothetical third-party buyer to account for uncertainties within the projections. The income approach uses assumptions based on the reporting unit's estimated revenue growth, operating margin and working capital turnover. The market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar characteristics to the reporting unit. The guideline transaction method estimates fair value by applying recent observed transaction multiples from transactions involving companies with similar characteristics to the reporting unit's business. The Company completed its annual goodwill impairment testing for 2024 and 2025 and determined that the fair value of each reporting unit was substantially in excess of its carrying value. The Company also performed an interim goodwill impairment test in July 2025, in connection with its sale of Diamond Power business. No impairment was identified. If actual results are not consistent with the Company's estimates and/or other assumptions change, the Company may be exposed to future impairment charges that could materially and adversely impact its financial position and results of operations.

See Note 2 and Note 10 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report for further discussion.

**Warranty expenses**

We record an estimated expense in Cost of operations in the Consolidated Statements of Operations to satisfy contractual warranty requirements when we recognize the associated revenues on the related contracts, or in the case of a loss contract, the full amount of the estimated warranty costs is recognized when the contract becomes a loss contract. In addition, we record specific adjustments when we expect the actual warranty costs to significantly differ from the initial estimates. Factors that impact our estimate of warranty costs include prior history of warranty claims and our estimate of future costs of materials and labor. Such changes could have a material effect on our consolidated financial position, results of operations

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and cash flows. See Note 13 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report for further discussion.

**Pension plans and postretirement benefits**

We sponsor various defined benefit pension and postretirement plans covering certain employees of our U.S. and Canadian subsidiaries and use actuarial valuations to calculate the cost and benefit obligations of pension and postretirement benefits. The actuarial valuations use significant assumptions in the determination of benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends.

Included in our significant assumptions, we determine the discount rate based on a review of published financial data and discussions with our actuary regarding rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement plan obligations. We use an alternative spot rate method for discounting the benefit obligation rather than a single equivalent discount rate because it more accurately applies each year's spot rates to the projected cash flows. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we recognize net actuarial gains or losses into earnings as a component of net periodic benefit cost (MTM pension adjustment). Recognized net actuarial gains and losses consist primarily of reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets. The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio.

As of 2015, we have ceased all of our various plans but continue to accrue benefits for those employees still eligible prior to the cessation of these plans. See Note 14 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report for further discussion.

**Income taxes** 

Income tax expense for federal, foreign, state and local income taxes are calculated on taxable income based on the income tax law in effect at the latest balance sheet date and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. We assess the need for valuation allowances on a quarterly basis. In determining the need for a valuation allowance, we consider relevant positive and negative evidence, including carryback potential, reversals of taxable temporary differences, future taxable income, and tax-planning strategies. As of December 31, 2025, we have a valuation allowance on our deferred tax assets in substantially all jurisdictions, as we do not believe it is more likely than not that the deferred tax assets will be realized.

For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Consolidated Financial Statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Income tax expense in the Consolidated Statements of Operations.

**Loss contingencies** 

We estimate liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. Disclosures are provided when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not reasonably estimable. Currently we do not expect that any of our litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial position, as discussed in Note 20 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report. Where applicable, we have accrued estimates of the probable losses associated with these matters; however, these matters are typically resolved

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over long periods of time and are often difficult to estimate due to the factors included in Note 2 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report. Consequently, it is possible future earnings could be affected by changes in our assessment of the probability that a loss has been incurred in material pending litigation against us and/or changes in estimates related to such matters.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

Our exposure to market risk from changes in interest rates relates primarily to our cash equivalents and our investment portfolio, which primarily consists of investments in U.S. government obligations and highly liquid money market instruments denominated in U.S. dollars. We are averse to principal loss and seek to ensure the safety and preservation of our invested funds by limiting default risk, market risk and reinvestment risk. Our investments are classified as available-for-sale.

We have operations in many foreign locations, and our financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in those foreign markets since the functional currency of our foreign entities is not the U.S. dollar. Foreign currency transaction gains and losses on intercompany loans that are not designated as permanent loans are recorded in earnings. Our primary foreign currency exposures are Canadian dollar, Mexican peso, Euro, Danish krone and British pound. If the balances of these intercompany loans as of December 31, 2025 were to remain constant, a 100-basis point change in foreign currency exchange rates would not materially impact our earnings.

**ITEM 8. Consolidated Financial Statements and Supplemental Data**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and the Board of Directors of Babcock & Wilcox Enterprises, Inc.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheet of Babcock & Wilcox Enterprises, Inc. (the "Company") as of December 31, 2025, the related consolidated statements of operations, comprehensive income (loss), stockholders' deficit, and cash flows for the year then ended, and the related notes and schedule listed in Item 15 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025, and the results of its operations and its cash flows for the year then ended**,** in conformity with accounting principles generally accepted in the United States of America.

We also have audited the adjustments to the 2024 and 2023 consolidated financial statements to retrospectively reflect the operations of the Company's Allen-Sherman-Hoff ("ASH") Division as discontinued operations as discussed in Note 5, and to recast the segment disclosures in Note 6. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2024 or 2023 consolidated financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2024 and 2023 consolidated financial statements taken as a whole.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 16, 2026, expressed an adverse opinion thereon.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

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Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

***Over Time Revenue Recognition***

As described in Note 2 to the Company's consolidated financial statements, revenue that the Company recognizes on fixed-price contracts over the contract term ("over time") primarily relates to customized, engineered solutions and construction services. Typically, revenue is recognized over time using the cost-to-cost input method that uses costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company's performance obligations. Substantially all of the Company's revenue recognized over time under the cost-to-cost input method contains a single performance obligation as the interdependent nature of the goods and services provided prevents them from being separately identifiable within the contract.

We identified revenue recognition on certain fixed-price contracts as a critical audit matter due to the significant management judgment involved in estimating total costs and profit for measuring progress to completion to recognize revenue for fixed-price contracts. Auditing these elements of revenue recognition involved especially subjective and challenging auditor judgment due to the nature of audit evidence and extent of audit effort required to address these matters.

The primary procedures we performed to address this critical audit matter included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Testing the completeness, existence, and accuracy of estimated costs and progress to completion calculations for certain fixed-price contracts by validating the underlying project data and assumptions used as inputs through the inspection of relevant source documents including contracts, project budgets and activity reports, invoices of costs incurred to date, and inquiry of project managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Evaluating management's ability to estimate costs and progress to completion by performing a retrospective review of estimated project costs to actual project costs and investigating variances outside of predetermined thresholds through the inspection of relevant source

documents.

***Effect of Material Weakness in Internal Control over Financial Reporting***

As disclosed in management's report on internal control over financial reporting, the Company identified material weaknesses as of December 31, 2025. These material weaknesses included ineffective controls across the following components of the Internal Control - Integrated Framework (2013) issued by COSO: (i) Control Environment, (ii) Control Activities, and (iii) Information and Communication.

We identified the evaluation of the sufficiency of audit evidence as a critical audit matter. Evaluating the sufficiency of audit evidence obtained was especially challenging as it required an increased audit effort because the pervasiveness of the material weaknesses noted above affected substantially all financial statement account balances and disclosures.

The primary procedures we performed to address this critical audit matter included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Lowering the threshold for investigating differences between recorded amounts and independent expectations developed by us that we would have otherwise used to test certain financial statement accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increasing the number of selections that we would have otherwise made to test certain financial statement accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Directly testing the completeness and accuracy of information produced by the Company, and increasing the number of selections that we would have otherwise made to test the completeness and accuracy of certain information produced by the Company.

/s/ BDO USA, P.C.

We have served as the Company's auditor since 2025.

Cleveland, Ohio

March 16, 2026

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and the Board of Directors of Babcock & Wilcox Enterprises, Inc.

**Opinion on the Financial Statements**

We have audited, before the effects of the retrospective adjustments to reflect the operations of the Allen-Sherman-Hoff Division ("ASH") as discontinued operations discussed in Note 5 and for a change in the composition of reportable segments discussed in Note 6 to the consolidated financial statements, the consolidated balance sheet of Babcock & Wilcox Enterprises, Inc. and subsidiaries (the "Company") as of December 31, 2024, the related consolidated statements of operations, comprehensive (loss) income, stockholders' equity, and cash flows, for the years ended December 31, 2024 and 2023, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements") (the 2024 and 2023 financial statements before the effects of the retrospective adjustments discussed in Notes 5 and 6 to the financial statements are not presented herein). In our opinion, the 2024 and 2023 financial statements, before the effects of the retrospective adjustments to reflect the operations of ASH as discontinued operations discussed in Note 5 and for a change in the composition of reportable segments discussed in Note 6 to the financial statements, present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America. We were not engaged to audit, review, or apply any procedures to the retrospective adjustments to reflect the operations of ASH as discontinued operations discussed in Note 5 or for the change in the composition of reportable segments discussed in Note 6 to the consolidated financial statements, and accordingly, we do not express an opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied. Those retrospective adjustments were audited by the successor auditor.

**Going Concern**

The 2024 financial statements of the Company were prepared assuming that the Company would continue as a going concern. As of the date of issuance of the Company's 2024 financial statements, the Company had uncertainty regarding its ability to refinance its Credit Agreement by November 30, 2025 and its Senior Notes by February 28, 2026, which raised substantial doubt about its ability to continue as a going concern. Management's plans regarding these matters were also described in the 2024 financial statements. The 2024 financial statements did not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Cleveland, Ohio

March 31, 2025 (January 16, 2026, as to the effects of discontinued operations for Diamond Power discussed in Note 5).

We began serving as the Company's auditor in 2014. In 2025 we became the predecessor auditor. 

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**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands, except per share amounts) | **2025** | **2024** | **2023** |
| Revenues | $587676 | $581039 | $587448 |
| Costs and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 443825 | 454326 | 465977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 119481 | 124541 | 134940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs | 1457 | 5133 | 6462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 950 | 3729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on asset disposals, net  | 1226 | (354) | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 566939 | 587375 | 607513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)**  | **20737** | **(6336)** | **(20065)** |
| Other (expense) income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (37532) | (46145) | (42561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1486 | 650 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on debt extinguishment | 1836 | (7267) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit plans, net | (9782) | (31230) | (38406) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | 135 | 237 | (2327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (1448) | (1380) | (1156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (45305) | (85135) | (83543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from continuing operations before income tax expense** | **(24568)** | **(91471)** | **(103608)** |
| Income tax expense | 8280 | 12801 | 5604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from continuing operations** | **(32848)** | **(104272)** | **(109212)** |
| (Loss) income from discontinued operations, net of tax | (3311) | 44357 | (87996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to stockholders** | **(36159)** | **(59915)** | **(197208)** |
| Less: Dividends on Series A Preferred Stock | 14859 | 14859 | 14858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to stockholders of common stock** | $**(51018)** | $**(74774)** | $**(212066)** |
| Basic and diluted loss per share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $(0.45) | $(1.30) | $(1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | (0.03) | 0.48 | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic and diluted loss per share** | $**(0.48)** | $**(0.82)** | $**(2.38)** |
| Shares used in the computation of loss per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 105421 | 91717 | 89011 |

---

See accompanying notes to the Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Net loss | $(36159) | $(59915) | $(197208) |
| Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustments | 973 | (9459) | 5555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of currency translation adjustments to net income (loss) | 68358 | (11250) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit obligations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and post retirement adjustments, net of tax | 1351 | 410 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 70682 | (20299) | 6425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income (loss) | 34523 | (80214) | (190783) |
| Comprehensive (income) loss attributable to non-controlling interest | (23) | 156 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive income (loss) attributable to stockholders** | $**34500** | $**(80058)** | $**(190673)** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| (in thousands, except per share amounts) | **2025** | **2024** |
| Cash and cash equivalents | $89456 | $23399 |
| Current restricted cash | 84991 | 94167 |
| Accounts receivable – trade, net of allowance for credit losses of $2.1 million and $1.3 million as of December 31, 2025 and December 31, 2024, respectively | 118383 | 91767 |
| Contracts in progress | 72808 | 79149 |
| Inventories, net | 60880 | 58295 |
| Other current assets | 44158 | 23534 |
| Current assets held for sale |  | 183155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 470676 | 553466 |
| Net property, plant and equipment, and finance leases | 65533 | 60860 |
| Goodwill | 53097 | 51411 |
| Intangible assets, net | 15267 | 17640 |
| Right-of-use assets | 17651 | 16902 |
| Long-term restricted cash | 26913 | 10042 |
| Deferred tax assets | 945 | 167 |
| Other assets | 12856 | 16499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **662938** | **726987** |
| Accounts payable | 69192 | 88291 |
| Accrued employee benefits | 4575 | 3830 |
| Advance billings on contracts | 111987 | 56381 |
| Accrued warranty expense | 3584 | 2654 |
| Financing lease liabilities | 1894 | 1644 |
| Operating lease liabilities | 3819 | 3204 |
| Other accrued liabilities | 40397 | 28006 |
| Current senior notes | 83873 |  |
| Current borrowings | 67373 | 125137 |
| Current liabilities held for sale |  | 97506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 386694 | 406653 |
| Senior notes, net of current portion |  | 340227 |
| Senior Notes due 2030 | 150970 |  |
| Borrowings, net of current portion | 18865 | 8556 |
| Pension and other postretirement benefit liabilities | 176191 | 192665 |
| Finance lease liabilities, net of current portion | 26742 | 28501 |
| Operating lease liabilities, net of current portion | 15125 | 13801 |
| Deferred tax liability | 10666 | 9800 |
| Other noncurrent liabilities | 9226 | 9956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **794479** | **1010159** |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;Preferred Stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at both December 31, 2025 and 2024 | 77 | 77 |
| &nbsp;&nbsp;Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 130,447 and 95,138 at December 31, 2025 and 2024, respectively  | 5569 | 5208 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 1691412 | 1558828 |
| &nbsp;&nbsp;Treasury stock at cost, 2,690 and 2,379 shares at December 31, 2025 and 2024, respectively | (115886) | (115500) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1696735) | (1645716) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (15978) | (86660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' deficit attributable to shareholders | (131541) | (283763) |
| &nbsp;&nbsp;&nbsp;Non-controlling interest |  | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' deficit** | **(131541)** | **(283172)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' deficit** | $**662938** | $**726987** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Preferred Stock** | **Preferred Stock** | **Capital In<br>Excess of<br>Par Value** | **Treasury Stock** | **Accumulated Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Non-controlling<br>Interest** | **Total**<br>**Stockholders'**<br>**Deficit**  |
|<br>(in thousands) | **Shares** | **Par <br>Value** | **Shares** | **Par <br>Value** | **Capital In<br>Excess of<br>Par Value** | **Treasury Stock** | **Accumulated Deficit** | **Accumulated<br>Other<br>Comprehensive<br>Loss** | **Non-controlling<br>Interest** | **Total**<br>**Stockholders'**<br>**Deficit**  |
| **Balance at December 31, 2022** | **88700** | $**5138** | **7669** | $**77** | $**1537625** | $**(113753)** | $**(1358875)** | $**(72786)** | $**485** | $**(2089)** |
| Net loss |  |  |  |  |  |  | (197208) |  | 237 | (196971) |
| Currency translation adjustments |  |  |  |  |  |  |  | 5555 | (110) | 5445 |
| Pension and postretirement adjustments, net of tax |  |  |  |  |  |  |  | 870 |  | 870 |
| Stock-based compensation charges | 749 | 10 |  |  | 8656 | (1411) |  |  |  | 7255 |
| Dividends to preferred stockholders |  |  |  |  |  |  | (14859) |  |  | (14859) |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  | (1) | (1) |
| **Balance at December 31, 2023** | **89449** | $**5148** | **7669** | $**77** | $**1546281** | $**(115164)** | $**(1570942)** | $**(66361)** | $**611** | $**(200350)** |
| Net loss |  |  |  |  |  |  | (59915) |  | 136 | (59779) |
| Currency translation adjustments |  |  |  |  |  |  |  | (20709) | (156) | (20865) |
| Pension and postretirement adjustments, net of tax |  |  |  |  |  |  |  | 410 |  | 410 |
| Stock-based compensation charges | 701 | 10 |  |  | 4608 | (336) |  |  |  | 4282 |
| Dividends to preferred stockholders |  |  |  |  |  |  | (14859) |  |  | (14859) |
| Common stock offering, net | 4988 | 50 |  |  | 7939 |  |  |  |  | 7989 |
| **Balance at December 31, 2024** | **95138** | $**5208** | **7669** | $**77** | $**1558828** | $**(115500)** | $**(1645716)** | $**(86660)** | $**591** | $**(283172)** |
| Net loss |  |  |  |  |  |  | (36159) |  | 60 | (36099) |
| Currency translation adjustments |  |  |  |  |  |  |  | 69331 | 23 | 69354 |
| Pension and postretirement adjustments, net of tax |  |  |  |  |  |  |  | 1351 |  | 1351 |
| Stock-based compensation charges | 1140 | 19 |  |  | 2796 | (386) |  |  |  | 2429 |
| Dividends to preferred stockholders |  |  |  |  |  |  | (14860) |  |  | (14860) |
| Common stock offering, net | 34169 | 342 |  |  | 129788 |  |  |  |  | 130130 |
| Divestiture of non-controlling interest |  |  |  |  |  |  |  |  | (556) | (556) |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  | (118) | (118) |
| **Balance at December 31, 2025** | **130447** | $**5569** | **7669** | $**77** | $**1691412** | $**(115886)** | $**(1696735)** | $**(15978)** | $**—** | $**(131541)** |

---

See accompanying notes to the Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Operating Activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations | $(32848) | $(104272) | $(109212) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income from discontinued operations | (3311) | 44357 | (87996) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | (36159) | (59915) | (197208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of long-lived assets | 10137 | 16709 | 20996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 9917 | 9567 | 56556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt premium | 3503 | 5820 | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of guaranty fee | 108 | 2935 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 3913 | 7357 | 6754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on debt extinguishment | (1836) | 7267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business | (38864) | (58947) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals | 5651 | 431 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) deferred income taxes, including valuation allowances | 783 | 7102 | (1464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark to market, prior service cost amortization for pension and postretirement plans | 9684 | 34911 | 38904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation, net of associated income taxes | 2795 | 4692 | 8695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | (6081) | 3079 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt (recovery) expense | (6443) | (1148) | 9042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable – trade, net | (16466) | (12245) | 13326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts in progress | 19722 | (41580) | 40173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent assets | (14365) | (5729) | 10447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance billings on contracts | 50698 | (3315) | (47261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (7832) | (6410) | (8130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 168 | 9663 | (6307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (57941) | 8143 | 12930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 15793 | (28537) | (2586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued contract loss | (4785) | (2364) | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension liabilities, accrued postretirement benefits and employee benefits | (10635) | (16755) | (5024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (355) | 534 | (2340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(68890)** | **(118735)** | **(42270)** |
| Investing Activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (16769) | (11205) | (9800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business and assets | 216266 | 120906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of securities | (5991) | (7133) | (6087) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities of securities | 3507 | 7357 | 8051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net |  | 34 | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | **197013** | **109959** | **(7938)** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Financing Activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on loan payable | 84605 | 215615 | 252544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on loan payable | (138884) | (121944) | (226629) |
| &nbsp;&nbsp;&nbsp;&nbsp;Buyback of Senior Notes due 2026 | (110744) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease payments | (1674) | (1359) | (1195) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of holdback funds from acquisition |  | (2950) | (2798) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of Preferred Stock dividends | (14859) | (18573) | (11144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock returned to treasury stock | (386) | (336) | (1411) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock, net | 130130 | 7939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of non-controlling interest dividends | (118) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (6538) | (8479) | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (260) | (179) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by financing activities** | **(58728)** | **69734** | **8556** |
| Effects of exchange rate changes on cash | 901 | (1263) | (439) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 70296 | 59695 | (42091) |
| Cash, cash equivalents and restricted cash, beginning of period | 131064 | 71369 | 113460 |
| **Cash, cash equivalents and restricted cash at end of period** | $**201360** | $**131064** | $**71369** |
| **Schedule of cash, cash equivalents and restricted cash:** |  |  |  |
| Cash and cash equivalents <sup>(1)</sup> | $89456 | $26855 | $65335 |
| Current restricted cash | 84991 | 94167 | 5737 |
| Long-term restricted cash | 26913 | 10042 | 297 |
| **Cash, cash equivalents and restricted cash at end of period** | $**201360** | $**131064** | $**71369** |
| Income taxes paid, net <sup>(2)</sup> | $8714 | $7761 | $6731 |
| Interest paid | 36377 | 37320 | 23067 |
| <sup>(1)</sup> Includes cash held at discontinued operations of $3.5 million and $27.3 million at December 31, 2024 and 2023, respectively. | <sup>(1)</sup> Includes cash held at discontinued operations of $3.5 million and $27.3 million at December 31, 2024 and 2023, respectively. | <sup>(1)</sup> Includes cash held at discontinued operations of $3.5 million and $27.3 million at December 31, 2024 and 2023, respectively. | <sup>(1)</sup> Includes cash held at discontinued operations of $3.5 million and $27.3 million at December 31, 2024 and 2023, respectively. |
| <sup>(2)</sup> Includes income taxes paid of $6.4 million, $1.0 million and $1.3 million in Canada, Indonesia and other countries, respectively, at December 31, 2025. | <sup>(2)</sup> Includes income taxes paid of $6.4 million, $1.0 million and $1.3 million in Canada, Indonesia and other countries, respectively, at December 31, 2025. | <sup>(2)</sup> Includes income taxes paid of $6.4 million, $1.0 million and $1.3 million in Canada, Indonesia and other countries, respectively, at December 31, 2025. | <sup>(2)</sup> Includes income taxes paid of $6.4 million, $1.0 million and $1.3 million in Canada, Indonesia and other countries, respectively, at December 31, 2025. |

---

See accompanying notes to the Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**DECEMBER 31, 2025** 

**NOTE 1 – BASIS OF PRESENTATION**

The Consolidated Financial Statements of Babcock & Wilcox Enterprises, Inc. have been prepared in accordance with GAAP. We have eliminated all intercompany transactions and accounts. Unless otherwise noted, discussion of our business and results of operations in this Annual Report on Form 10-K refers to our continuing operations.

**Liquidity and Going Concern** 

As disclosed in our 2024 Form 10-K, for the financial period ending and as of December 31, 2024, conditions and events were present and management's plan for mitigation were assessed as insufficient, such that we concluded there was substantial doubt about the Company's ability to continue as a going concern.

Due to the various actions completed by management during 2025, including debt restructuring activities, repayment of outstanding debt balances, equity raises, and divestitures of non-core businesses, the Company's liquidity, financial condition and capital structure improved as of December 31, 2025 and through the date of this Form 10-K filing. As a result, we have concluded that conditions and events no longer raise substantial doubt about the Company's ability to continue as a going concern.

**Operations**

Our operations are assessed based on one reportable segment as described in Note 6. For financial information about our segment see Note 6 to the Consolidated Financial Statements.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

***Use of estimates***

We use estimates and assumptions to prepare the Consolidated Financial Statements in conformity with GAAP. Our long-term contracts, warranty obligations, valuation of goodwill, intangible assets, other long-lived assets, business combinations, tax assets, pension and postretirement plans, contingencies and litigation require the use of various management estimates and assumptions. These estimates and assumptions affect the amounts we report in the Consolidated Financial Statements and accompanying notes. Our actual results could differ from these estimates. Management reviews our estimates on an on-going basis. Changes in facts and circumstances may alter such estimates and affect our results of operations and financial position in future periods.

***Cash and cash equivalents and restricted cash***

Cash equivalents are highly liquid investments, with maturities of three months or less at the time of purchase. We record cash and cash equivalents as current or long-term restricted cash when we are unable to freely use such cash and cash equivalents for general operating purposes. Refer to Note 17 in the Consolidated Financial Statements for further details.

***Trade accounts receivable and allowance for credit loss***

Trade accounts receivable are recorded at the point when customers are billed and represent the amount of consideration we expect to receive in exchange for goods and services transferred and do not bear interest. We establish provisions for expected lifetime losses on accounts receivable based on customer credit quality and forecasted economic conditions. We regularly review our accounts receivable balances and the allowance for credit loss and establish or adjust the allowance as necessary using the specific identification method. Bad debt amounts charged to selling, general and administrative expenses were $0.2 million, $0.0 million and $0.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. The following table summarizes the Allowance for credit loss:

------

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** |
| Balance at beginning of period | $1302 | $1537 |
| Charges to costs and expenses | 208 | (53) |
| Deductions | (40) | 38 |
| Currency translation adjustments and other <sup>(1)</sup> | 675 | (220) |
| Balance at end of period | $2145 | $1302 |

---

<sup>(1)</sup> 2025 balance includes $0.8 million of assets no longer held for sale as of December 31, 2025, offset by other reclassifications and adjustments. See Note 5 to the Consolidated Financial Statements for further information.

***Contract balances***

Contracts in progress, a current asset in the Consolidated Balance Sheets, includes revenues and related costs, plus accumulated contract costs that exceed amounts invoiced to customers under the terms of the contracts. Advance billings, a current liability in the Consolidated Balance Sheets, includes amounts on contracts invoiced that exceed accumulated contract costs and revenues and costs recognized under the cost-to-cost input method. Those balances are classified as current based on the life cycle of the associated contracts. Most long-term contracts contain provisions for progress payments. Unbilled revenues do not contain an allowance for credit losses as the expectation is to invoice customers and collectively all amounts due are deemed probable. We review contract price and cost estimates each reporting period as the work progresses and reflect adjustments proportionate to the costs incurred to date relative to total estimated costs at completion in income in the period when those estimates are revised. For all contracts, if a current estimate of total contract cost indicates a loss on a contract, the projected contract loss is recognized in full in Costs of operations in the Consolidated Statements of Operations and an accrual for the estimated loss on the uncompleted contract is recorded in Other accrued liabilities in the Consolidated Balance Sheets. In addition, when we determine that an incomplete contract will not be completed on time and the contract has liquidated damages provisions, we recognize the estimated liquidated damages at the most likely amount we will incur as a reduction of the estimated selling price in the period the change in estimate occurs. These amounts are included in Other accrued liabilities in the Consolidated Balance Sheets.

***Inventories***

Inventories are carried at the lower of cost or net realizable value on the first-in, first-out basis ("FIFO") basis. The obsolete inventory reserve was $4.6 million and $3.1 million as of December 31, 2025 and 2024, respectively. The components of inventories can be found in Note 8 to the Consolidated Financial Statements.

***Property, plant and equipment***

Property, plant and equipment are reported at depreciated cost, less any impairment provisions. Property, plant and equipment are depreciated using the straight-line method over estimated economic useful lives of eight to 33 years for buildings and three to 28 years for machinery and equipment. Depreciation expense was $4.8 million, $4.9 million and $8.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. The costs of maintenance, repairs and renewals that do not materially prolong the useful life or increase the capacity of an asset are expensed as incurred.

Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized when the carrying amount of an asset exceeds the estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss recorded is calculated by the excess of the asset carrying amount over its fair value. Fair value is generally determined using a discounted cash flow analysis. Our estimates of cash flow may differ from actual cash flow due to, among other things, technological changes, economic conditions or changes in operating performance. Any changes in such factors may result in future asset impairments and negatively affect our financial position and results of operations. We did not have any impairments relating to property, plant and equipment in for the years ended December 31, 2025, 2024 or 2023.

We capitalize project costs, including pre-construction costs and other costs directly related and essential to the development, pre-construction, or construction of a project. Capitalization of development, pre-construction, and construction costs is required while activities are ongoing to prepare an asset for its intended use. Fluctuations in our development, pre-

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construction, and construction activities could result in significant changes to total expenses and net income. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred. Impairment of $3.7 million related primarily to construction in progress asset for the year ended December 31, 2024.

Loss (gain) on assets disposals for the years ended December 31, 2025, 2024 and 2023, respectively, were $1.2 million, $(0.4) million and $0.1 million.

***Goodwill***

Goodwill is generally recorded as a result of a business combination and represents the excess of purchase price over the fair value of the tangible and identifiable net assets acquired. We perform impairment testing of goodwill annually on October 1 or if we determine that impairment indicators are present. In assessing goodwill for impairment, we follow ASC 350, Intangibles – Goodwill and Other, which permits a qualitative assessment of whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill, or we choose not to perform the qualitative assessment, then we compare the fair value of that reporting unit with its carrying amount, including goodwill, in a quantitative assessment. If the carrying amount of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss measured as the excess of the reporting unit's carrying amount, including goodwill, over its fair value. The estimated fair value of the reporting unit is derived based on valuation techniques we believe market participants would use for each of the reporting units.

The annual quantitative assessment was performed using a combination of the income approach (discounted cash flows), the market approach and the guideline transaction method. The income approach uses the reporting unit's estimated future cash flows, discounted at the weighted-average cost of capital of a hypothetical third-party buyer to account for uncertainties within the projections. The income approach uses assumptions based on the reporting unit's estimated revenue growth, operating margin and working capital turnover. The market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar characteristics to the reporting unit. The guideline transaction method estimates fair value by applying recent observed transaction multiples from transactions involving companies with similar characteristics to the reporting unit's business. The Company completed its annual goodwill impairment testing for 2024 and 2025 and determined that the fair value of each reporting unit was substantially in excess of its carrying value. See Note 10 to the Consolidated Financial Statements for further discussion of our assessment.

If actual results are not consistent with the Company's estimates and/or other assumptions change, the Company may be exposed to future impairment charges that could materially and adversely impact its financial position and results of operations.

***Intangible assets***

Intangible assets are recognized at fair value when acquired, generally as a result of a business combination. Intangible assets with definite lives are amortized to operating expense using the straight-line method over their estimated useful lives and tested for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets with indefinite lives are not amortized and are subject to impairment testing at least annually or in interim periods when impairment indicators are present. We may elect to perform a qualitative assessment when testing indefinite-lived intangible assets for impairment to determine whether events or circumstances affecting significant inputs related to the most recent quantitative evaluation have occurred, indicating that it is more likely than not that the indefinite-lived intangible asset is impaired. Otherwise, we test indefinite-lived intangible assets for impairment by determining the fair value of the indefinite-lived intangible asset and comparing the fair value to its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment is recognized for the amount of the difference.

***Leases***

We determine if an arrangement is a lease at inception. Operating leases are included in Right-of-use ("ROU") assets, Operating lease liabilities and Non-current operating lease liabilities in the Consolidated Balance Sheets. Finance leases are

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included in Net property, plant and equipment and finance leases, Other accrued liabilities and Other non-current finance liabilities in the Consolidated Balance Sheets. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Since substantially all of our leases do not provide an implicit rate, the incremental borrowing rate based on the information available at lease commencement date is used to determine the present value of future payments. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The ROU assets also include any prepaid lease payments made and initial direct costs incurred and exclude lease incentives. Our lease terms may include options to extend or terminate the lease, which are recognized when it is reasonably certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded in the Consolidated Balance Sheets. We recorded impairment of $1.0 million related to the reduction of our real estate footprint for the year ended December 31, 2025.

For leases beginning in 2019 and later, we account for lease components (e.g., fixed payments including rent) together with the non-lease components (e.g., common-area maintenance costs) as a single lease component for all classes of underlying assets.

***Income taxes***

Income tax expense for federal, foreign, state and local income taxes are calculated on taxable income based on the income tax law in effect at the latest balance sheet date and includes the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. We record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. For those tax positions where it is more likely than not that a tax benefit will be sustained, we have recorded the amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Consolidated Financial Statements. We record interest and penalties (net of any applicable tax benefit) related to income taxes as a component of Income tax expense in the Consolidated Statements of Operations.

***Assets and liabilities held for sale and discontinued operations***

We classify assets and liabilities as held for sale when Management, with approval from the Board of Directors, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We test for impairment when we classify a disposal group as held for sale in the following order. First, we evaluate for impairment all assets outside the scope of subtopic ASC 360-10 other than goodwill. Next, we evaluate goodwill and then the disposal group in its entirety. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. When a decision to sell represents a strategic shift impacting our operations and financial results, the disposal group and related operations are reported as discontinued operations. For further discussion see Note 5 to the Consolidated Financial Statements.

***Pension plans and postretirement benefits***

We sponsor various defined benefit pension and postretirement plans covering certain employees of our U.S. and Canadian subsidiaries and use actuarial valuations to calculate the cost and benefit obligations of pension and postretirement benefits. The actuarial valuations use significant assumptions in the determination of benefit cost and obligations, including assumptions regarding discount rates, expected returns on plan assets, mortality and health care cost trends.

Included in our significant assumptions, we determine the discount rate based on a review of published financial data and discussions with our actuary regarding rates of return on high-quality, fixed-income investments currently available and expected to be available during the period to maturity of our pension and postretirement plan obligations. We use an alternative spot rate method for discounting the benefit obligation rather than a single equivalent discount rate because it more accurately applies each year's spot rates to the projected cash flows. The components of benefit cost related to service cost, interest cost, expected return on plan assets and prior service cost amortization are recorded on a quarterly basis based on actuarial assumptions. In the fourth quarter of each year, or as interim remeasurements are required, we recognize net

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actuarial gains or losses into earnings as a component of net periodic benefit cost (MTM pension adjustment). Recognized net actuarial gains and losses consist primarily of reported actuarial gains and losses and the difference between the actual return on plan assets and the expected return on plan assets.

We recognize the funded status of each plan as either an asset or a liability in the Consolidated Balance Sheets. The funded status is the difference between the fair value of plan assets and the present value of the benefit obligation, determined on a plan-by-plan basis. See Note 14 to the Consolidated Financial Statements for a detailed description of our pension plans and postretirement benefits.

***Loss per share***

We have computed loss per common share on the basis of the weighted average number of common shares, and, where dilutive, common share equivalents, outstanding during the indicated periods. We have a number of forms of stock-based compensation, including incentive and non-qualified stock options, restricted stock and restricted stock units. We include the shares applicable to these plans in dilutive loss per share when related performance criteria have been met. The computation of basic and diluted loss per share is included in Note 3 to the Consolidated Financial Statements.

***Revenue recognition***

A performance obligation is a contractual promise to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied.

Revenue from goods and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 3% of our revenue for the years ended December 31, 2025, 2024, and 2023, respectively. Revenue on these contracts is recognized when the customer obtains control of the asset, which is generally upon shipment or delivery and acceptance by the customer. Standard commercial payment terms generally apply to these sales.

Revenue from products and services transferred to customers over time accounted for 97% of our revenue for the years ended December 31, 2025, 2024, and 2023, respectively. Revenue recognized over time primarily relates to customized, engineered solutions and construction services. Typically, revenue is recognized over time using the cost-to-cost input method that uses costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material, overhead and, when appropriate, SG&A expenses. Variable consideration in these contracts includes estimates of contractual bonuses and penalties, contract modifications and liquidated damages. Substantially all of our revenue recognized over time under the cost-to-cost input method contains a single performance obligation as the interdependent nature of the goods and services provided prevents them from being separately identifiable within the contract. Generally, we try to structure contract milestones to mirror its expected cash outflows over the course of the contract; however, the timing of milestone receipts can greatly affect the overall cash position. Refer to Note 6 to the Consolidated Financial Statements for details of disaggregation of revenue.

As of December 31, 2025, we have estimated the costs to complete all in-process contracts in order to estimate revenues using a cost-to-cost input method. However, it is possible that current estimates could change in the future due to unforeseen events, which could result in adjustments to overall contract costs and revenue recognition. Variations from estimated contract performance could result in material adjustments to operating results for any fiscal period.

Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct and, therefore, are accounted for as part of the existing contract, with cumulative adjustment to revenue.

We recognize accrued claims in contract revenues for additional work or changes in the scope of work to the extent of costs incurred when we believe we have an enforceable right to the modification or claim, the amount can be reasonably estimated and its realization is probable. In evaluating these criteria, we consider the contractual/legal basis for enforcing the claim, the cause of any additional costs incurred and whether those costs are identifiable or otherwise determinable, the nature and reasonableness of those costs, the objective evidence available to support the amount of the claim, and the relevant history with the counterparty that supports expectations about their willingness and ability to pay for the additional cost along with a reasonable margin.

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We generally recognize sales commissions in equal proportion as revenue is recognized. Our sales agreements are structured such that commissions are only payable upon receipt of payment, thus no amount is recorded at contract inception as a liability has not been incurred at that point.

***Warranty expense***

We record an estimated expense in Cost of operations in the Consolidated Statements of Operations to satisfy contractual warranty requirements when we recognize the associated revenues on the related contracts, or in the case of a loss contract, the full amount of the estimated warranty costs is recognized when the contract becomes a loss contract. In addition, we record specific adjustments when we expect the actual warranty costs to significantly differ from the initial estimates. Factors that impact our estimate of warranty costs include prior history of warranty claims and our estimate of future costs of materials and labor. Such changes could have a material effect on our consolidated financial position, results of operations and cash flows.

***Loss contingencies***

We estimate liabilities for loss contingencies when it is probable that a liability has been incurred and the amount of loss is reasonably estimable. Disclosures are provided when there is a reasonable possibility that the ultimate loss will exceed the recorded provision or if such probable loss is not reasonably estimable. Currently we do not expect that any of our litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial position, as discussed in Note 20 to the Consolidated Financial Statements.

Consequently, it is possible future earnings could be affected by changes in our assessment of the probability that a loss has been incurred in material pending litigation against us and/or changes in estimates related to such matters.

***Loss recoveries***

Loss recoveries are recognized and disclosed only when receipt of the recovery is probable and can be reasonably estimated. These matters are typically resolved over long periods of time and are often difficult to assess and estimate due to, among other reasons, the possibility of multiple actions by third parties, multiple complex unresolved procedural and substantive issues; and the wide-ranging outcomes reached in similar cases, including the variety of losses incurred. Consequently, it is possible future earnings could be affected by changes in our assessment of the probability that a loss recovery has been recognized and/or changes in estimates related to such matters.

***Research and development***

Research and development activities are related to improving our products through innovations to reduce cost and increase competitiveness and/or improve performance to better meet customers' expectations. Research and development expenses totaled $1.5 million, $5.1 million, and $6.5 million in the years ended December 31, 2025, 2024 and 2023, respectively.

***Contingent consideration***

The fair value of earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, we estimate the fair value of contingent earn-out payments as part of the initial purchase price and record the estimated fair value of contingent consideration as a liability in the Consolidated Balance Sheets.

We review and reassess the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could differ materially from the initial estimates. Changes in the estimated fair value of our contingent earn-out liabilities related to the time component of the present value calculation are reported in Interest expense in the Consolidated Statements of Operations. Adjustments to the estimated fair value related to changes in all other unobservable inputs are reported in Other - net in the Consolidated Statements of Operations.

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***Self-insurance***

We have a wholly owned insurance subsidiary that provides workers' compensation, employer's liability, commercial general, and automotive liability and, from time to time, builder's risk insurance (within certain limits) to our operating companies. We may also, in the future, have this insurance subsidiary accept other risks that we cannot or do not wish to transfer to outside insurance companies. Included in Other non-current liabilities in the Consolidated Balance Sheets are reserves for self-insurance totaling $6.8 million and $7.5 million as of December 31, 2025 and 2024, respectively.

***Stock-based compensation***

The fair value of equity-classified awards, such as restricted stock, performance shares and stock options, is determined on the date of grant and is not remeasured. The fair value of liability-classified awards, such as cash-settled stock appreciation rights, restricted stock units and performance units, is determined on the date of grant and is remeasured at the end of each reporting period through the date of settlement. Fair values for restricted stock, restricted stock units, performance shares and performance units are determined using the closing price of our common stock on the date of grant. Fair values for stock options are determined using a Black-Scholes option-pricing model. For performance shares or units that contain a Relative Total Shareholder Return vesting criteria and for stock appreciation rights, we utilize a Monte Carlo simulation to determine the fair value, which determines the probability of satisfying the market condition included in the award. The determination of the fair value of a share-based payment award using an option-pricing model or a Monte Carlo simulation requires the input of significant assumptions, such as the expected life of the award and stock price volatility.

We recognize expense for all stock-based awards granted on a straight-line basis over the requisite service periods of the awards, which is generally equivalent to the vesting term. For liability-classified awards, changes in fair value are recognized through cumulative catch-ups each period. Excess tax benefits on stock-based compensation are classified along with other income tax cash flows as an operating activity. These excess tax benefits result from tax deductions in excess of the cumulative compensation expense recognized for options exercised and other equity-classified awards. Forfeitures are expensed as incurred. See Note 18 to the Consolidated Financial Statements for further discussion of stock-based compensation.

***Foreign currency translation***

We translate assets and liabilities of our foreign operations into U.S. dollars at current exchange rates, and we translate items in the Consolidated Statements of Operations at average exchange rates for the periods presented. We record adjustments resulting from the translation of foreign currency amounts as a component of AOCI. We report foreign currency transaction gains (losses) in the Consolidated Statements of Operations. We have included transaction gains (losses) of $0.1 million, $0.2 million and $(2.3) million in the years ended December 31, 2025, 2024 and 2023, respectively, in Foreign exchange in the Consolidated Statements of Operations. These foreign exchange net gains and losses are primarily related to transaction gains or losses from unhedged intercompany loans when the loan is denominated in a currency different than the participating entity's functional currency.

***Recently adopted accounting standards***

We adopted the following accounting standards during the year ended December 31, 2025:

In December 2023, FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09")*,* which requires disclosure of specific categories in the effective tax rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The standard is intended to benefit investors by providing more detailed income tax disclosures to assess how an entity's operations and related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 and has been applied prospectively. Refer to Note 19 in the Consolidated Financial Statements for further details.

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In May 2025, FASB issued ASU 2025-04, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer ("ASU 2025-04").The key components of ASU 2025-04 are 1) the revision of the definition of performance condition to identify that performance targets based on a customer's purchases is an example of a performance condition for an award granted to a customer; 2) elimination of the accounting policy election to account for forfeitures as they occur for customer awards with service conditions; and 3) clarification that guidance on constraining estimates of variable consideration in ASC 606 does not apply to share-based payment issued to a customer measured in accordance with ASC 718. While adoption of ASU 2025-04 is not required until financial reporting periods starting after December 15, 2026, we have early adopted ASU 2025-04 effective for the full fiscal period beginning January 1, 2025 using the modified retrospective approach. While ASU 2025-04 did not result in any adjustments to the financial results presented, it will continue to be applied to any future agreements we have with customers in which we provide stock-based compensation.

***New accounting standards to be adopted***

We consider the applicability and impact of all issued ASUs. Certain recently issued ASUs were assessed and determined to not be applicable. New accounting standards not yet adopted that could affect the Consolidated Financial Statements in the future are summarized as follows:

In October 2023, FASB issued ASU 2023-06, *Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative* ("ASU 2023-06"). The new guidance is intended to align GAAP and SEC requirements while facilitating the application of GAAP for all entities. The effective date of ASU 2023-06 depends on (1) whether an entity is already subject to the SEC's current disclosure requirements and (2) whether and, if so, when the SEC removed related requirements from its regulations. For entities that are already subject to the SEC's current disclosure requirements, the effective date for each amendment will be the date on which the SEC's removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If the SEC has not removed the related requirements from its regulations by June 30, 2027, the amendments made by ASU 2023-06 will be removed from the Codification and will not become effective for any entity. The impact of this standard on the Company's Consolidated Financial Statements is contingent upon future transactions.

In November 2024, FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03")*.* The new guidance is intended to improve financial reporting by requiring all public business entities to disclose additional information about specific expense categories. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Early adoption is permitted. Further, in January 2025, FASB issued ASU 2025-01, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date* ("ASU 2025-01"). ASU 2025-01 is clarifying the effective dates outlined in ASU 2024-03 which is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, and may be applied either prospectively or retrospectively. We are currently evaluating the impact of this standard on the Consolidated Financial Statements.

In December 2025, FASB issued ASU 2025-10, *Government Grants: Accounting for Government Grants Received by Business Entities* ("ASU 2025-10"). The new guidance is intended to help business entities in determining how to recognize, measure and present these grants. ASU 2025-10 is effective for annual periods beginning after December 15, 2028. Early adoption is permitted. We are currently evaluating the impact of this standard on the Consolidated Financial Statements.

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**NOTE 3 – LOSS PER SHARE**

The following table sets forth the computation of basic and diluted loss per share of our common stock, net of non-controlling interest and dividends on Preferred Stock:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands, except per share amounts) | **2025** | **2024** | **2023** |
| Net loss from continuing operations  | $(32848) | $(104272) | $(109212) |
| Less: Dividend on Series A Preferred Stock | 14859 | 14859 | 14858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations attributable to stockholders of common stock | (47707) | (119131) | (124070) |
| (Loss) income from discontinued operations, net of tax | (3311) | 44357 | (87996) |
| Net loss attributable to stockholders of common stock | $(51018) | $(74774) | $(212066) |
| Weighted average shares used to calculate basic and diluted loss per share | 105421 | 91717 | 89011 |
| Basic and diluted loss per share |  |  |  |
| &nbsp;&nbsp;&nbsp;Continuing operations | $(0.45) | $(1.30) | $(1.39) |
| &nbsp;&nbsp;&nbsp;Discontinued operations | (0.03) | 0.48 | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted loss per share | $(0.48) | $(0.82) | $(2.38) |

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In accordance with GAAP, dilution is assessed on the basis of continuing operations. We incurred a net loss from continuing operations for the years ended December 31, 2025, 2024 and 2023, therefore the basic and diluted shares are the same for those periods.

If we had net income in the years ended December 31, 2025, 2024 and 2023, diluted shares would include an additional 1.0 million, 0.3 million and 0.3 million shares, respectively.

We excluded 11.2 million, 2.2 million and 2.3 million shares related to stock options and warrants from the diluted share calculation for the years ended December 31, 2025, 2024 and 2023 respectively, because their effect would have been anti-dilutive.

**NOTE 4 – DIVESTITURES**

***2025 Divestitures***

**Vølund**

On April 29, 2025, Babcock & Wilcox A/S ("BWAS"), a subsidiary of the Company, sold substantially all of its assets, including intellectual property, specific project contracts as well as related agreements with suppliers and certain tangible assets, to Kanadevia Inova Denmark A/S (the "Buyer"). The sale was comprised of a simultaneous transfer of assets from BWAS to a newly incorporated BWAS subsidiary (the "NewCo") pursuant to a business transfer agreement ("BTA"), and sale of NewCo by BWAS to the Buyer pursuant to a share purchase agreement (together with the BTA, the "Purchase Agreements").

The Purchase Agreements provide for a base purchase price equal to $15.0 million plus $0.1 million (400,000 Danish krone), subject to certain offsets and adjustments, including additional payments to BWAS if the Buyer enters into a certain prospective project agreement within five years. In addition, BWAS and the Buyer entered into an agreement under which the Buyer loaned BWAS $5.0 million which will be considered repaid when BWAS transfers to NewCo certain retained intellectual property usage rights. The Purchase Agreements also include representations and warranties regarding BWAS and the transferred business and assets, as well as certain indemnities with respect thereto. The proceeds were used to reduce outstanding debt and support working capital needs. We recorded a net loss of $36.8 million which included a write off of CTA of $52.6 million.

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**Diamond Power**

On June 4, 2025, we through our wholly owned subsidiaries, The Babcock & Wilcox Company, Babcock & Wilcox International Sales and Service Corporation, and Babcock & Wilcox Canada Corp. (collectively, the "Sellers") entered into an agreement (the "Purchase Agreement") to sell to certain legal entities affiliated with Andritz AG the equity interests of Diamond Power and related legal entities together with assets related to the Diamond Power business (the "Sale"). We closed on the sale on July 31, 2025.

The Purchase Agreement provided for a base purchase price equal to $177 million, subject to certain offsets and adjustments. The Purchase Agreement also included representations and warranties regarding the Sale, as well as certain indemnities with respect thereto. The Purchase Agreement also included an undertaking for the Sellers and their affiliates not to compete with the Diamond Power business or to solicit customers or employees with respect to the Diamond Power business for a period of four years. Additionally, we entered into an agreement to provide transition services to the Diamond Power business for a period of 12 months, or until earlier agreed upon with respect to certain services. The proceeds are being used to support working capital needs and reduce outstanding debt. We recorded a gain of $53.2 million on the sale.

**ASH**

On October 31, 2025, we completed a sale of the net assets comprising our ASH business to Andritz AG for $29 million, subject to customary fees and adjustments. In conjunction with the transaction, we and Andritz AG, through certain wholly-owned subsidiaries, have signed sales representative agreements under which we will continue to market ASH and Diamond Power products and services to customers in the utility power sectors. We recorded a gain of $21.5 million on the sale.

***2024 Divestitures***

**BWRS**

On June 28, 2024, we, through our B&W PGG Luxembourg Finance Sárl subsidiary, sold all issued and outstanding share capital of our Denmark-based renewable parts and services subsidiary, BWRS, to Hitachi Zosen Inova AG. We received net cash proceeds of $83.5 million and recorded a gain on the sale of the business of $44.9 million. The proceeds were used to reduce outstanding debt and support working capital needs. During the year ended December 31, 2025, we recorded a gain of $1.0 million as part of the final settlement.

**SPIG and GMAB**

On October 30, 2024, we, through our B&W PGG Luxembourg Finance Sárl subsidiary and Babcock & Wilcox A/S subsidiary, sold the entire issued and outstanding share capital of our Italy-based SPIG and Sweden-based GMAB subsidiaries to Auctus Neptune Holding S.p.A. We received net cash proceeds of $33.7 million and recorded a gain of $14.1 million, solely related to currency translation adjustments that were realized upon sale of the businesses. We recorded an impairment of $5.8 million as of September 30, 2024, as the disposal group carrying value exceeded the expected net proceeds from the sale. The proceeds were used to support working capital needs and reduce outstanding debt.

**NOTE 5 – ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS**

During 2024, we engaged in a strategy and developed a formalized plan to divest certain non-core businesses to reduce our debt, improve our balance sheet and increase liquidity. As of December 31, 2025, we have divested our BWRS, SPIG, GMAB, Vølund, Diamond Power and ASH businesses as part of this plan.

With the Diamond business becoming classified as held for sale during the second quarter of 2025 and since parts of our Diamond Power businesses were within each of our historical reporting units, we allocated a portion of the goodwill associated with those reporting units to discontinued operations. The allocation was based upon the fair value of our Diamond Power business compared to the fair value of each of the reporting units. This resulted in a triggering event that required us to immediately perform valuations of the remaining fair value of our historical reporting units. These valuations determined that the fair values for each of the reporting units exceeded their carrying value and no impairment was identified.

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Results of operations and the financial position of the divested subsidiaries are reported as discontinued operations for all periods presented and the notes to the financial statement have been adjusted on a retrospective basis. Our sales are described further in Note 4 to the Consolidated Financial Statements.

We previously committed to a plan to sell our B&W Solar business and classified the assets and liabilities of this business as held for sale as of December 31, 2024. During the fourth quarter of 2025, we discontinued marketing B&W Solar for sale due to lack of potential buyers and terminated our broker arrangement with a third party provider. As of December 31, 2025, the B&W Solar business was disposed of through abandonment, as we ceased all business operations and either transferred or wrote off its remaining assets. As a result, the B&W Solar business no longer meets the criteria of held for sale as of December 31, 2025, but met the criteria for discontinued operations for all prior periods presented.

The following table summarizes the operating results of the disposal groups included in discontinued operations on the Consolidated Statements of Operations:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| (in thousands) | **Solar** | **BWRS** | **Vølund** | **Diamond Power** | **ASH** | **Total** |
| Revenues | $12227 | $— | $3605 | $63053 | $25002 | $103887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 28539 |  | 17179 | 40595 | 15626 | 101939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling general and administrative expenses | 2722 |  | 7875 | 16503 | 3570 | 30670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs |  |  | 488 | 367 | 19 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 7846 |  | 1121 |  |  | 8967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals, net | 2245 |  | 2180 |  |  | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 41352 |  | 28843 | 57465 | 19215 | 146875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income | (29125) |  | (25238) | 5588 | 5787 | (42988) |
| Other (expense) income | (718) |  | 2799 | 1067 | 1580 | 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations before tax | (29843) |  | (22439) | 6655 | 7367 | (38260) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Benefit) expense from income taxes | (315) |  | 552 | 3448 | 170 | 3855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on divestiture |  | 1014 | (36787) | 53166 | 21471 | 38864 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations, net of tax | (29528) | 1014 | (59778) | 56373 | 28668 | (3251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interest from discontinued operations |  |  |  | 60 |  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income attributable to stockholders from discontinued operations | $(29528) | $1014 | $(59778) | $56313 | $28668 | $(3311) |

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Included in the Solar SG&A expenses for the year ended December 31, 2025 is a $6.5 million gain related to a bad debt expense recovery due to a settlement of a claim with a customer and vendor.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| (in thousands) | **Solar** | **BWRS** | **SPIG** | **GMAB** | **Vølund** | **Diamond Power** | **ASH** | **Total** |
| Revenues | $68371 | $43255 | $60413 | $10512 | $34500 | $98238 | $38057 | $353346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 87137 | 31434 | 47791 | 7606 | 35272 | 62248 | 24416 | 295904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling general and administrative expenses | 1956 | 6783 | 9459 | 1187 | 16030 | 14661 | 2888 | 52964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expenses | 64 |  | 49 |  | 766 |  |  | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs |  |  | 276 | 54 | 605 | 603 | 57 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets |  |  | 5838 |  |  |  |  | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals, net |  |  | 47 |  | 374 |  |  | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 89157 | 38217 | 63460 | 8847 | 53047 | 77512 | 27361 | 357601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income | (20786) | 5038 | (3047) | 1665 | (18547) | 20726 | 10696 | (4255) |
| Other (expense) income | (481) | 177 | (724) | (138) | (4735) | (510) | (231) | (6642) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations before tax | (21267) | 5215 | (3771) | 1527 | (23282) | 20216 | 10465 | (10897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense (benefit) from income taxes |  | 4972 | 1554 | 407 | (2747) | (632) | 3 | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on divestiture |  | 44876 | 15891 | (1820) |  |  |  | 58947 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations, net of tax | (21267) | 45119 | 10566 | (700) | (20535) | 20848 | 10462 | 44493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interest from discontinued operations |  |  |  |  |  | 136 |  | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income attributable to stockholders from discontinued operations | $(21267) | $45119 | $10566 | $(700) | $(20535) | $20712 | $10462 | $44357 |

---

Included in the Solar SG&A expenses for the year ended December 31, 2024 is a $6.8 million gain related to a settlement of an insurance claim on the representations and warranty policy obtained when B&W Solar was acquired.

Included in Vølund SG&A expense we recorded $4.9 million relating to the payment of a break fee by B&W and various other payments between the parties in settlement of certain claims under the O&M. In the third quarter of 2024, we entered into an agreement to terminate our final existing O&M service contract which terminated on October 31, 2024.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
| (in thousands) | **Solar** | **BWRS** | **SPIG** | **GMAB** | **Vølund** | **Diamond Power** | **ASH** | **Total** |
| Revenues | $34725 | $96411 | $84884 | $9388 | $81359 | $102612 | $37255 | $446634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 80794 | 69517 | 68278 | 5835 | 81021 | 64262 | 22064 | 391771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling general and administrative expenses | 15168 | 13219 | 12287 | 1341 | 14478 | 14075 | 2061 | 72629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expenses |  |  | 76 |  | 1527 |  |  | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs |  |  | 300 | 132 | 812 | 689 | 46 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on asset disposals, net | 143 | (30) | 1 |  | (46) |  |  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 56556 |  |  |  |  |  |  | 56556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 152661 | 82706 | 80942 | 7308 | 97792 | 79026 | 24171 | 524606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income | (117936) | 13705 | 3942 | 2080 | (16433) | 23586 | 13084 | (77972) |
| Other (expense) income | (402) | 76 | (1481) | 393 | (6452) | 925 | 37 | (6904) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations before tax | (118338) | 13781 | 2461 | 2473 | (22885) | 24511 | 13121 | (84876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense (benefit) from income taxes |  | 1647 | 742 | 511 | (4231) | 3951 | 263 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations, net of tax | (118338) | 12134 | 1719 | 1962 | (18654) | 20560 | 12858 | (87759) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interest from discontinued operations |  |  |  |  |  | 237 |  | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income attributable to stockholders from discontinued operations | $(118338) | $12134 | $1719 | $1962 | $(18654) | $20323 | $12858 | $(87996) |

---

------

The following table provides the major classes of assets and liabilities of the disposal groups included in assets held for sale and liabilities held for sale in the Consolidated Balance Sheets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| (in thousands) | **Solar** | **Vølund** | **Diamond Power** | **ASH** | **Total** |
| Cash | $1255 | $2200 | $— | $— | $3455 |
| Accounts receivable – trade, net | 2814 | 7202 | 18168 | 2742 | 30926 |
| Contracts in progress | 4157 | 10023 | 3011 | 243 | 17434 |
| Inventories, net |  | 2365 | 44087 | 6507 | 52959 |
| Other current assets | 90 | 371 | 1519 | 43 | 2023 |
| &nbsp;&nbsp;Total current assets | 8316 | 22161 | 66785 | 9535 | 106797 |
| Net property, plant and equipment and finance leases | 3246 | 124 | 8672 | 61 | 12103 |
| Intangible assets, net | 7833 | 211 | 352 | 1058 | 9454 |
| Goodwill |  |  | 30727 |  | 30727 |
| Deferred income taxes |  |  | 40 | (167) | (127) |
| Right-of-use assets | 53 | 1358 | 15887 |  | 17298 |
| Other assets | 9 | 243 | 6651 |  | 6903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets held for sale <sup>(1)</sup> | $19457 | $24097 | $129114 | $10487 | $183155 |
| Accounts payable | $30365 | $5980 | $8958 | $3777 | $49080 |
| Accrued employee benefits |  | 518 | 1029 |  | 1547 |
| Advance billings on contracts | 961 | 5855 | 664 | 1433 | 8913 |
| Accrued warranty expense | 1176 | 845 | 699 | 94 | 2814 |
| Operating lease liabilities | 26 | 288 | 346 |  | 660 |
| Other accrued liabilities | 4504 | 190 | 7227 | 725 | 12646 |
| Current borrowings | 511 |  |  |  | 511 |
| &nbsp;&nbsp;Total current liabilities | 37543 | 13676 | 18923 | 6029 | 76171 |
| Borrowings, net of current portion | 874 |  |  |  | 874 |
| Operating lease liabilities, net of current portion | 29 | 1075 | 16514 |  | 17618 |
| Deferred tax liability |  |  | 1228 |  | 1228 |
| Other noncurrent liabilities | 1199 |  | 416 |  | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities held for sale <sup>(1)</sup> | $39645 | $14751 | $37081 | $6029 | $97506 |
| Reported as: |  |  |  |  |  |
| Current assets held for sale <sup>(1)</sup> | $19457 | $24097 | $129114 | $10487 | $183155 |
| Current liabilities held for sale <sup>(1)</sup> | 39645 | 14751 | 37081 | 6029 | 97506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> BWRS, SPIG and GMAB were sold in 2024, therefore, no balances are left to disclose.

------

The depreciation, amortization, capital expenditures and significant operating and investing noncash items of the discontinued operations are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| (in thousands) | **Solar** | **BWRS** | **Vølund** | **Diamond Power** | **ASH** | **Total** |
| Depreciation and amortization of long-lived assets | $37 | $— | $— | $397 | $13 | $447 |
| Impairment of long-lived assets | 7846 |  | 1121 |  |  | 8967 |
| Gain (loss) on divestiture |  | 1014 | (36787) | 53166 | 21471 | 38864 |
| Changes in operating assets and liabilities: |  |  |  |  |  |  |
| Accounts receivable - trade, net | 2816 |  | 5092 | 18168 | 2742 | 28818 |
| Contracts in progress | 1446 |  | 9101 | 3011 | 243 | 13801 |
| Accounts payable | (26471) |  | (3389) | (8957) | (3777) | (42594) |
| Advance billings on contracts | (212) |  | (4461) | (664) | (1433) | (6770) |
| Purchase of property, plant and equipment | (499) |  | (2) | (271) |  | (772) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| (in thousands) | **Solar** | **BWRS** | **SPIG** | **GMAB** | **Vølund** | **Diamond Power** | **ASH** | **Total** |
| Depreciation and amortization of long-lived assets | $— | $948 | $3014 | $4 | $495 | $1049 | $2 | $5512 |
| Impairment of long-lived assets |  |  | 5838 |  |  |  |  | 5838 |
| Gain (loss) on divestiture |  | 44876 | 15891 | (1820) |  |  |  | 58947 |
| Purchase of property, plant and equipment | (690) | (352) | (964) | (26) | (128) | (1170) |  | (3330) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** | **Year ended December 31, 2023** |
| (in thousands) | **Solar** | **BWRS** | **SPIG** | **GMAB** | **Vølund** | **Diamond Power** | **ASH** | **Total** |
| Depreciation and amortization of long-lived assets | $952 | $1856 | $3570 | $4 | $916 | $419 | $1 | $7718 |
| Impairment of long-lived assets | 56556 |  |  |  |  |  |  | 56556 |
| Purchase of property, plant and equipment | (1857) | (1355) | (774) | (7) | (43) | (1178) |  | (5214) |

---

**NOTE 6 – SEGMENT REPORTING** 

Our operations are assessed as one reportable segment, B&W.

In the fourth quarter of 2025, we reassessed our segment structure as a result of the completion of our strategic shift to streamline and simplify the business. This transformation included the divestiture of certain non-core assets, as described in Note 4 to the Consolidated Financial Statements. As a result of this transformation, we have determined we have one operating and reportable segment, labeled as B&W. The revised segment presentation has been applied retrospectively to all periods presented.

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The Company's CODM is the chief executive officer and chairman of the Board of Directors. The CODM assesses performance on a consolidated basis, using the segment's Loss from continuing operations as its profitability metric. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about our operating and capital resources. The measure of segment assets is reported on the Consolidated Balance Sheets as Total assets.

An analysis of our operations by revenue type is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| **Revenues:** |  |  |  |
| &nbsp;&nbsp;B&W |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts | $241580 | $206406 | $202700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects | 186914 | 196725 | 173660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 159182 | 177908 | 211088 |
| Total Revenue | $587676 | $581039 | $587448 |

---

The following table presents Revenues, significant expenses and Loss from continuing operations for our consolidated segment:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Revenues | $587676 | $581039 | $587448 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations <sup>(1)</sup> | 438686 | 449389 | 459953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses <sup>(1)</sup> | 114943 | 119403 | 127083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(2)</sup> | 9677 | 10075 | 13881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 36046 | 45495 | 41654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit plans, net | 9782 | 31230 | 38406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net <sup>(3)</sup> | 3110 | 16918 | 10079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 8280 | 12801 | 5604 |
| **Loss from continuing operations** | $**(32848)** | $**(104272)** | $**(109212)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Excludes depreciation and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Depreciation and amortization is included in Cost of operations and Selling, general and administrative expenses on the Consolidated Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Other expense, net includes Research and development costs, Impairment of long-lived assets, Loss (gain) on asset disposals, net, Gain (loss) on debt extinguishment and Foreign exchange as presented on the Consolidated Statement of Operations.

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***Information about our consolidated operations in different geographic areas:***

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| **REVENUES** <sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | $418002 | $388193 | $420836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 90610 | 69905 | 80861 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 15467 | 49674 | 35723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 16272 | 13197 | 11507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippines | 10947 | 10483 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate of all other countries, each with less than $10 million in revenues | 36378 | 49587 | 36043 |
|  | $587676 | $581039 | $587448 |

---

<sup>(1)</sup> We allocate geographic revenues based on the location of the customer's operations.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** |
| **NET PROPERTY, PLANT AND EQUIPMENT AND FINANCE LEASES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | $52173 | $46127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 11478 | 13974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aggregate of all other countries | 1882 | 759 |
|  | $65533 | $60860 |

---

**NOTE 7 – REVENUE RECOGNITION AND CONTRACTS** 

***Revenue Recognition***

We generate the vast majority of our revenues from the supply of, and aftermarket services for, steam-generating, environmental and auxiliary equipment. We had one customer that comprised more than 10% of our consolidated revenues as of December 31, 2025 and no single customer comprised 10% or more of our consolidated revenues in 2024 or 2023. Our revenue recognition accounting policy is described in more detail in Note 2.

***Contract Balances***

The following represents the components of Accounts receivable - trade, net, Contracts in progress and Advance billings on contracts included in the Consolidated Balance Sheets. We are also including accrued contract losses included in Other accrued liabilities in the Consolidated Balance Sheets:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** | **$ Change** | **% Change** |
| Accounts receivable - trade, net | $118383 | $91767 | $26616 | 29% |
| Contracts in progress | 72808 | 79149 | (6341) | (8)% |
| Advance billings on contracts | 111987 | 56381 | 55606 | 99% |
| Accrued contract losses | 469 | 217 | 252 | 116% |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **December 31, 2024** | **December 31, 2023** | **$ Change** | **% Change** |
| Accounts receivable - trade, net | $91767 | $77467 | $14300 | 18% |
| Contracts in progress | 79149 | 46014 | 33135 | 72% |
| Advance billings on contracts | 56381 | 52085 | 4296 | 8% |
| Accrued contract losses | 217 | 46 | 171 | 372% |

---

For the years ended December 31, 2025, 2024 and 2023, we recognized 92%, 92% and 85% of the revenue related to amounts that were included in advance billings on contracts as of December 31, 2024, 2023 and 2022, respectively.

The following amounts represent retainage on contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** | **$ Change** | **% Change** |
| Retainage expected to be collected within one year | $957 | $3781 | $(2824) | (75)% |
| Retainage expected to be collected after one year | 579 | 193 | 386 | 200% |
| Total retainage | $1536 | $3974 | $(2438) | (61)% |

---

Retainage is a holdback of final payment from a customer upon completion of a contract for a set period of time. Retainage is included in advance billings on contracts or contracts in progress in the Consolidated Balance Sheets as of December 31, 2025 and 2024. All long-term retainage at December 31, 2025 is expected to be collected by the end of 2027.

***Backlog***

At December 31, 2025 we had $423.6 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 90%, 9% and 1% of its remaining performance obligations as revenue in 2026, 2027 and thereafter, respectively.

**NOTE 8 – INVENTORIES, NET**

Inventories are stated at the lower of cost or net realizable value. Certain raw material inventory is sold to our customers directly and without further processing. The components of Inventories, net included in the Consolidated Balance Sheets are as follows:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Raw materials and supplies | $58337 | $54673 |
| Work in progress | 2361 | 2978 |
| Finished goods | 182 | 644 |
| Total inventories, net | $60880 | $58295 |

---

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**NOTE 9 – PROPERTY, PLANT & EQUIPMENT AND FINANCE LEASES**

The following table indicates the carrying value of land and each of the major classes of depreciable assets in the Consolidated Balance Sheets:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Land | $1493 | $1493 |
| Buildings | 16557 | 16813 |
| Machinery and equipment | 100937 | 94798 |
| Property under construction | 19520 | 13129 |
|  | 138507 | 126233 |
| Less accumulated depreciation | 94612 | 89954 |
| Net property, plant and equipment | 43895 | 36279 |
| Finance leases | 33960 | 34920 |
| Less finance lease accumulated amortization | 12322 | 10339 |
| Net property, plant and equipment and finance leases | $65533 | $60860 |

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**NOTE 10 – GOODWILL**

Goodwill represents the excess of the consideration transferred over the fair value of net assets, including identifiable intangible assets, at the acquisition date. Goodwill is assessed for impairment annually on October 1 or more frequently if events or changes in circumstances indicate a potential impairment exists.

In July 2025, we allocated $30.8 million of goodwill to our Diamond Power business in connection with its sale, as discussed further in Note 5 to the Consolidated Financial Statements. We did not identify any impairment in the retained goodwill balances subsequent to the allocation of goodwill to the Diamond Power business.

In the fourth quarter of 2025, our reporting units changed as part of our reassessment of our reportable segment structure. See Note 6 to the Consolidated Financial Statements for further discussion of our assessment.

The annual quantitative assessment was performed using a combination of the income approach (discounted cash flows), the market approach and the guideline transaction method. The income approach uses the reporting unit's estimated future cash flows, discounted at the weighted-average cost of capital of a hypothetical third-party buyer to account for uncertainties within the projections. The income approach uses assumptions based on the reporting unit's estimated revenue growth, operating margin, and working capital turnover. The market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar characteristics to the reporting unit. The guideline transaction method estimates fair value by applying recent observed transaction multiples from transactions involving companies with similar characteristics to the reporting unit's business. The fair market value calculated in the quantitative assessment exceeded the carrying amount of each of the reporting units by more than 100% at October 1, 2025.

The following summarizes the changes in the net carrying amount of goodwill in the Consolidated Balance Sheets:

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| | |
|:---|:---|
| (in thousands) |  |
| Balance at December 31, 2023 | $54297 |
| Currency translation adjustments | (2886) |
| Balance at December 31, 2024 | $51411 |
| Currency translation adjustments | 1686 |
| Balance at December 31, 2025 | $53097 |

---

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**NOTE 11 – INTANGIBLE ASSETS, NET**

Intangible assets are as follows:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| **Definite-lived intangible assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | $26406 | $25461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpatented technology | 3701 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patented technology | 1912 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names | 1828 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross value of definite-lived intangible assets | 34122 | 33143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships amortization | (14367) | (11717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpatented technology amortization | (1470) | (1128) |
| &nbsp;&nbsp;&nbsp;&nbsp;Patented technology amortization | (1441) | (1159) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names amortization | (1302) | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;All other amortization | (275) | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated amortization | (18855) | (15503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $15267 | $17640 |

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The following summarizes the changes in the carrying amount of intangible assets, net:

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| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** |
| Balance at beginning of period | $17640 | $22146 |
| Amortization expense | (2947) | (3054) |
| Currency translation adjustments | 574 | (1452) |
| Balance at end of the period | $15267 | $17640 |

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Amortization of intangible assets is included in Cost of operations and SG&A in the Consolidated Statement of Operations.

Estimated future intangible asset amortization expense, during the year ended December 31, 2025 is as follows:

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| | |
|:---|:---|
| (in thousands) | **Amortization Expense** |
| Year ending December 31, 2026 | $2876 |
| Year ending December 31, 2027 | 2876 |
| Year ending December 31, 2028 | 2618 |
| Year ending December 31, 2029 | 2618 |
| Year ending December 31, 2030 | 2618 |
| Thereafter | 1661 |

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**NOTE 12 – LEASES**

The Company leases property, plant and equipment, which primarily includes real estate and vehicles. We determine if an arrangement is a lease at inception. Operating leases are included in Right-of-use assets, Operating lease liabilities and Operating lease liabilities, net of current portion in the Consolidated Balance Sheets. Finance leases are included in Net property, plant and equipment and finance leases, financing lease liabilities and financing lease liabilities, net of current portion in the Consolidated Balance Sheets.

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Amounts relating to leases are presented in the Consolidated Balance Sheets in the following line items:

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| | | | |
|:---|:---|:---|:---|
| (in thousands) |  |  |  |
| **Assets:** | **Classification** | **December 31, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets | Right-of-use assets | $17651 | $16902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease assets | Net property, plant and equipment and finance leases | 21638 | 24581 |
| Total non-current lease assets |  | $39289 | $41483 |
| **Liabilities:** |  |  |  |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | Operating lease liabilities | $3819 | $3204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | Financing lease liabilities | 1894 | 1644 |
| Non-current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | Operating lease liabilities, net of current portion | 15125 | 13801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities | Financing lease liabilities, net of current portion | 26742 | 28501 |
| Total lease liabilities |  | $47580 | $47150 |

---

------

The components of lease expense included in the Consolidated Statements of Operations are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **Classification** | **2025** | **2024** | **2023** |
| **Operating lease expense:** |  |  |  |  |
| Operating lease expense | Selling, general and administrative expenses | $4930 | $4561 | $3751 |
| Short-term lease expense | Selling, general and administrative expenses | 1358 | 1940 | 2122 |
| Variable lease expense <sup>(1)</sup> | Selling, general and administrative expenses | 69 | 396 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease expense |  | 6357 | 6897 | 6173 |
| **Finance lease expense:** |  |  |  |  |
| Amortization of right-of-use assets | Cost of operations | 2132 | 2116 | 2080 |
| Interest on lease liabilities | Interest expense | 2427 | 2037 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total finance lease expense |  | 4559 | 4153 | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net lease cost |  | $10916 | $11050 | $11066 |

---

<sup>(1)</sup> Variable lease expense primarily consists of common area maintenance expenses paid directly to lessors of real estate leases.

We incurred an impairment of $1.0 million related to the reduction of our real estate footprint for the year ended December 31, 2025.

Other information related to leases is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows - operating leases | $6039 | $4543 | $3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows - finance leases | 2343 | 2155 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows - finance leases | 1674 | 1369 | 1195 |

---

---

| | | |
|:---|:---|:---|
| (dollars in thousands) | **December 31, 2025** | **December 31, 2024** |
| Right-of-use assets obtained in exchange for lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | $3778 | $10403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | 41 | 4333 |
| Weighted-average remaining lease term: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases (in years) | 7.4 | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases (in years) | 8.5 | 9.5 |
| Weighted-average discount rate: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 7.1% | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | 8.0% | 8.0% |

---

------

Future minimum lease payments required under non-cancellable leases as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| (in thousands) | **Operating Leases** | **Finance Leases** | **Total** |
| 2026 | $4940 | $4096 | $9036 |
| 2027 | 4349 | 4154 | 8503 |
| 2028 | 3729 | 4212 | 7941 |
| 2029 | 2601 | 6732 | 9333 |
| 2030 | 1900 | 3942 | 5842 |
| Thereafter | 7688 | 17035 | 24723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 25207 | 40171 | 65378 |
| Less imputed interest | (6263) | (11535) | (17798) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | $18944 | $28636 | $47580 |

---

 **NOTE 13 – ACCRUED WARRANTY EXPENSE**

We may offer assurance type warranties on products and services sold to customers. Changes in the carrying amount of our accrued warranty expense are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Balance at beginning of period | $2654 | $3521 | $5813 |
| Additions | 1221 | 2651 | 3089 |
| Expirations and other changes | (1498) | (3069) | (3621) |
| Payments | (98) | (467) | (1767) |
| Translation and other <sup>(1)</sup> | 1305 | 18 | 7 |
| Balance at end of period | $3584 | $2654 | $3521 |

---

<sup>(1)</sup> 2025 balance includes $1.3 million of liabilities no longer held for sale as of December 31, 2025. See Note 5 to the Consolidated Financial Statements for further information.

We record estimated expense in Cost of operations in the Consolidated Statements of Operations to satisfy contractual warranty requirements when we recognize the associated revenues on the related contracts, or in the case of a loss contract, the full amount of the estimated warranty costs is recognized when the contract becomes a loss contract. In addition, we record specific adjustments when we expect the actual warranty costs to significantly differ from the initial estimates. Factors that impact our estimate of warranty costs include prior history of warranty claims and our estimate of future costs of materials and labor. Such changes could have a material effect on our consolidated financial position, results of operations and cash flows.

**NOTE 14 – PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS**

We have historically provided defined benefit retirement benefits to domestic U.S. employees under the U.S. Plan, a noncontributory plan. As of 2006, the U.S. Plan was closed to new salaried plan entrants. Effective December 31, 2015, benefit accruals for those salaried employees covered by, and continuing to accrue service and salary adjusted benefits under the U.S. Plan, ceased.

Effective January 1, 2012, a defined contribution component was adopted applicable to Babcock & Wilcox Canada, Ltd. (the "Canadian Plans"). Any employee with less than two years of continuous service as of December 31, 2011 was required to enroll in the defined contribution component of the Canadian Plans as of January 1, 2012 or upon the completion of 6 months of continuous service, whichever was later. These and future employees are not eligible to enroll in the defined benefit component of the Canadian Plans. Effective January 1, 2015, benefit accruals under certain hourly Canadian pension plans ceased. As part of the spin-off transaction, we split the Canadian defined benefit plans from BWXT, which was completed in 2017. We did not present these plans as multi-employer plans because our portion was separately identifiable, and we were able to assess the assets, liabilities and periodic expense in the same manner as if it were a separate plan in each period.

------

We do not provide retirement benefits to certain non-resident alien employees of foreign subsidiaries. Retirement benefits for salaried employees who accrue benefits in a defined benefit plan are based on final average compensation and years of service, while benefits for hourly employees are based on a flat benefit rate and years of service. Our funding policy is to fund the plans as recommended by the respective plan actuaries and in accordance with the Employee Retirement Income Security Act of 1974, as amended, or other applicable law. Funding provisions under the Pension Protection Act accelerate funding requirements to ensure full funding of benefits accrued.

We make available other benefits including postretirement health care and life insurance benefits to certain salaried and union retirees based on their contracts, and on a limited basis, to future retirees.

------

***Obligations and funded status***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Pension Benefits<br>Year Ended December 31,** | **Pension Benefits<br>Year Ended December 31,** | **Other Benefits <br>Year Ended December 31,** | **Other Benefits <br>Year Ended December 31,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Change in benefit obligation:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit obligation at beginning of period | $798366 | $870018 | $5414 | $6343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service cost | 317 | 353 | 19 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest cost | 40337 | 40819 | 248 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan participants' contributions |  |  | 85 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (541) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment |  | 461 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial loss (gain) | 19138 | (37856) | 156 | (318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spin-off transfer | (7523) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate changes | 871 | (1537) | 50 | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits paid | (73012) | (73892) | (956) | (911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit obligation at end of period | $777953 | $798366 | $5016 | $5414 |
| **Change in plan assets:** <sup>(1) (2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of plan assets at beginning of period | $613343 | $705203 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual return on plan assets | 50434 | (27522) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer contribution | 24366 | 11392 | 871 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spin-off transfer | (7523) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan participants' contributions |  |  | 85 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange rate changes | 1076 | (1838) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits paid | (73012) | (73892) | (956) | (911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of plan assets at the end of period | 608684 | 613343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funded status | $(169269) | $(185023) | $(5016) | $(5414) |
| **Amounts recognized in the balance sheet consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued employee benefits | $(1063) | $(1105) | $(769) | $(806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated postretirement benefit obligation |  |  | (4247) | (4608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension liability | (171944) | (188057) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid pension | 3738 | 4139 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued benefit liability, net | $(169269) | $(185023) | $(5016) | $(5414) |
| **Amount recognized in accumulated comprehensive income (before taxes):** | **Amount recognized in accumulated comprehensive income (before taxes):** | **Amount recognized in accumulated comprehensive income (before taxes):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost | $— | $1067 | $— | $283 |
| **Supplemental information:** |  |  |  |  |
| **Plans with accumulated benefit obligation in excess of plan assets** | **Plans with accumulated benefit obligation in excess of plan assets** | **Plans with accumulated benefit obligation in excess of plan assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Projected benefit obligation | $761161 | $781793 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated benefit obligation | 761161 | 781793 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of plan assets | 588154 | 592630 |  |  |
| **Plans with plan assets in excess of accumulated benefit obligation** | **Plans with plan assets in excess of accumulated benefit obligation** | **Plans with plan assets in excess of accumulated benefit obligation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Projected benefit obligation | $16792 | $16574 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated benefit obligation | 16792 | 16574 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of plan assets | 20531 | 20713 |  |  |

---

<sup>(1)</sup> We had $28.6 million and $15.3 million in Fixed Income and Equity, respectively, as of December 31, 2025 relating to securities of the employer.

<sup>(2)</sup> We had $12.3 million and $4.0 million in Fixed Income and Equity, respectively, as of December 31, 2024 relating to securities of the employer.

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Components of net periodic benefit cost included in net loss are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Other Benefits** | **Other Benefits** | **Other Benefits** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Interest cost | $40337 | $40819 | $44165 | $248 | $274 | $360 |
| Expected return on plan assets | (37701) | (43543) | (45867) |  |  |  |
| Amortization of prior service cost | 273 | 180 | 180 | 283 | 691 | 691 |
| Recognized net actuarial loss (gain) | 6186 | 33127 | 39680 | 156 | (318) | (803) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit plans, net | 9095 | 30583 | 38158 | 687 | 647 | 248 |
| Service cost included in COS <sup>(1)</sup> | 317 | 353 | 339 | 19 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit cost | $9412 | $30936 | $38497 | $706 | $664 | $265 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Service cost related to a small group of active participants is presented within Cost of operations in the Consolidated Statement of Operations.

Recognized net actuarial loss (gain) consists primarily of reported actuarial loss/gain and the difference between the actual return on plan assets and the expected return on plan assets. Total net MTM adjustments for our pension and other postretirement benefit plans were losses of $6.3 million, $32.8 million and $38.9 million in the years ended, December 31, 2025, 2024 and 2023, respectively. The recognized net actuarial loss (gain) was recorded in Benefit plans, net in the Consolidated Statements of Operations.

***Assumptions***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Other Benefits** | **Other Benefits** | **Other Benefits** |
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| **Weighted average assumptions used to determine net periodic benefit obligations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparative single equivalent discount rate | 5.31% | 5.57% | 5.03% | 4.82% | 5.21% | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate of compensation increase | 0.07% | 0.07% | 0.07% |  |  |  |
| **Weighted average assumptions used to determine net periodic benefit cost:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparative single equivalent discount rate | 5.50% | 5.03% | 5.40% | 4.82% | 5.21% | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected return on plan assets | 6.41% | 6.47% | 6.45% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate of compensation increase | 0.07% | 0.07% | 0.07% |  |  |  |

---

The expected rate of return on plan assets is based on the long-term expected returns for the investment mix of assets currently in the portfolio. In setting this rate, we use a building-block approach. Historic real return trends for the various asset classes in the plan's portfolio are combined with anticipated future market conditions to estimate the real rate of return for each asset class. These rates are then adjusted for anticipated future inflation to determine estimated nominal rates of return for each asset class. The expected rate of return on plan assets is determined to be the weighted average of the nominal returns based on the weightings of the asset classes within the total asset portfolio. We use an expected return on plan assets assumption of 6.5% for the majority of our pension plan assets (approximately 97% of our total pension assets at December 31, 2025).

***Investment goals***

The overall investment strategy of the pension trusts is to achieve long-term growth of principal, while avoiding excessive risk and to minimize the probability of loss of principal over the long term. The specific investment goals that we set for the pension trusts in the aggregate are (1) to ensure that plan liabilities are met when due and (2) to achieve an investment return on trust assets consistent with a reasonable level of risk.

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Allocations to each asset class for both domestic and foreign plans are reviewed periodically and rebalanced, if appropriate, to assure the continued relevance of the goals, objectives and strategies. The pension trusts for both domestic and foreign plans employ a professional investment advisor and a number of professional investment managers whose individual benchmarks are, in the aggregate, consistent with the plans' overall investment objectives. The goals of each investment manager are (1) to meet (in the case of passive accounts) or exceed (for actively managed accounts) the benchmark selected and agreed upon by the manager and the trust and (2) to display an overall level of risk in its portfolio that is consistent with the risk associated with the agreed upon benchmark.

The investment performance of total portfolios, as well as asset class components, is periodically measured against commonly accepted benchmarks, including the individual investment manager benchmarks. In evaluating investment manager performance, consideration is also given to personnel, strategy, research capabilities, organizational and business matters, adherence to discipline and other qualitative factors that may impact the ability to achieve desired investment results.

***Domestic plans:*** We sponsor the U.S. Plan, which is a domestic defined benefit plan. The assets of this plan are held by the Trustee in The Babcock & Wilcox Company Master Trust (the "Master Trust"). For the years ended December 31, 2025 and 2024, the investment return on domestic plan assets of the Master Trust (net of deductions for management fees) was approximately 8.6% and (4.5)%, respectively.

The following is a summary of the asset allocations for the Master Trust by asset category:

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| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| **Asset category:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States government securities | 14% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | 4% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private credit | 48% | 45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge funds | 22% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 12% | 15% |

---

The target asset allocation for the Master Trust as of both December 31, 2025 and 2024 was 70% of alternative, liquid credit and direct lending funds, 20% of fixed income securities, and 10% of equity and other investments. We routinely reassess the target asset allocation with a goal of better aligning the expected cash flows from those assets to the anticipated benefit payments.

***Foreign plans:*** We sponsor the Canadian Plans through certain of our foreign subsidiaries. The combined weighted average asset allocations of these plans by asset category were as follows:

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| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** |
| **Asset category:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | 99% | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1% | 1% |

---

The target allocation for 2025 for the foreign plans, by asset class, is as follows:

---

| | |
|:---|:---|
| | **Canadian<br>Plans** |
| **Asset class:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income and other | 100% |

---

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***Fair value of plan assets***

See Note 22 below in the Consolidated Financial Statements for a detailed description of fair value measurements and the hierarchy established for valuation inputs. In accordance with ASC 820, *Fair Value Measurements and Disclosures*, certain investments that are measured at fair value using the net asset value ("NAV") per share practical expedient have not been classified in the fair value hierarchy. The investments that are measured at fair value using NAV per share included in the tables below are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at the end of each period, which is presented in the first table above titled "Obligations and funded status". The following is a summary of total investments of our plans measured at fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Year ended December 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| &nbsp;&nbsp;&nbsp;&nbsp;United States government securities | $79424 | $— | $79424 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | 72066 |  | 48906 | 23160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 15319 | 15319 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Private credit | 174913 |  |  | 174913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private equity | 8152 |  |  | 8152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge fund | 37806 |  |  | 37806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and accrued items | 69903 | 69903 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments measured at fair value | $457583 | $85222 | $128330 | $244031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments measured at net asset value | 151101 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending trades |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pension and other postretirement benefit assets | $608684 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Year ended December 31, 2024** | **Level 1** | **Level 2** | **Level 3** |
| &nbsp;&nbsp;&nbsp;&nbsp;United States government securities | $77641 | $77641 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income | 56691 | 12292 | 20456 | 23943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | 5807 | 5516 |  | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private credit | 213304 |  |  | 213304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Private equity | 6718 |  |  | 6718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hedge fund | 57410 |  |  | 57410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and accrued items | 52767 | 51928 |  | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments measured at fair value | $470338 | $147377 | $20456 | $302505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments measured at net asset value | 143084 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending trades | (79) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pension and other postretirement benefit assets | $613343 |  |  |  |

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A reconciliation of Level 3 plan assets are as follows:

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| | |
|:---|:---|
| (in thousands) | **Level 3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at December 31, 2024 | $302505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized losses on assets held | (619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains on assets sold | 14256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases, sales, issuances and settlements, net | (72111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at December 31, 2025 | $244031 |

---

------

***Expected cash flows***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Domestic Plans** | **Domestic Plans** | **Foreign Plans** | **Foreign Plans** |
| (in thousands) | **Pension<br>Benefits** | **Other<br>Benefits** | **Pension<br>Benefits** | **Other<br>Benefits** |
| **Expected employer contributions to trusts of defined benefit plans:** | **Expected employer contributions to trusts of defined benefit plans:** | **Expected employer contributions to trusts of defined benefit plans:** | **Expected employer contributions to trusts of defined benefit plans:** | **Expected employer contributions to trusts of defined benefit plans:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | $27015 | $649 | $10 | $131 |
| **Expected benefit payments** <sup>(1)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | 70994 | 649 | 1308 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | 69614 | 589 | 1281 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | 68241 | 533 | 1284 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | 66591 | 481 | 1255 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | 64837 | 431 | 1207 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031-2035 | 293686 | 1517 | 5694 | 319 |

---

<sup>(1)</sup> Pension benefit payments are made from their respective plan's trust.

We made contributions to our pension and other postretirement benefit plans totaling $25.2 million and $12.2 million during the years ended December 31, 2025 and 2024, respectively.

Additionally, during the third quarter of 2024, we were granted a waiver of required minimum contributions to the U.S. Plan by the PBGC, which was subject to us providing acceptable collateral to the PBGC. The waiver reduced cash funding requirements in 2024 by $15.0 million and increased contributions annually over the subsequent 5-year period.

***Defined contribution plans***

We provide benefits under The B&W Thrift Plan (the "Thrift Plan"), after minimum service requirements are met. The Thrift Plan generally provides for matching employer contributions. Employer matching contributions are typically made in cash. Amounts charged to expense for employer contributions under the Thrift Plan total approximately $4.4 million, $4.5 million and $4.0 million in the years ended December 31, 2025, 2024 and 2023, respectively.

Also, our salaried Canadian employees are eligible to participate in a defined contribution plan, after minimum service requirements are met. The amount charged to expense for employer contributions was approximately $0.3 million in each of the years ended December 31, 2025, 2024 and 2023.

***Multi-employer plans***

One of our subsidiaries contributes to various multi-employer plans. Multi-employer plan assets are commingled among employers; therefore, unlike a single-employer plan, we are exposed to funding shortfalls arising from other employers' participation and may face higher future contributions or withdrawal assessments. The plans generally provide defined

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benefits to substantially all unionized workers in this subsidiary. The following table summarizes our contributions to multi-employer plans for the years ended December 31, 2025, 2024 and 2023:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions) |  | **Pension Protection<br>Act Zone Status** | **Pension Protection<br>Act Zone Status** | **Pension Protection<br>Act Zone Status** | **FIP/RP Status<br>Pending/<br>Implemented** | **Contributions** | **Contributions** | **Contributions** | **Surcharge Imposed** | **Expiration Date<br>Of Collective<br>Bargaining<br>Agreement** |
|  |  | **Pension Protection<br>Act Zone Status** | **Pension Protection<br>Act Zone Status** | **Pension Protection<br>Act Zone Status** | **FIP/RP Status<br>Pending/<br>Implemented** | **Contributions** | **Contributions** | **Contributions** | **Surcharge Imposed** | **Expiration Date<br>Of Collective<br>Bargaining<br>Agreement** |
| **Pension Fund** | **EIN/PIN** | **2025** | **2024** | **2023** | **FIP/RP Status<br>Pending/<br>Implemented** | **2025** | **2024** | **2023** | **Surcharge Imposed** | **Expiration Date<br>Of Collective<br>Bargaining<br>Agreement** |
| Boilermaker-Blacksmith National Pension Trust | 48-6168020/ 001 | Red | Red | Red | Yes | $7.3 | $10.1 | $13.4 | No | Described<br>Below |
| All other |  |  |  |  |  | 1.8 | 1.5 | 1.2 |  |  |
|  |  |  |  |  |  | $9.1 | $11.6 | $14.6 |  |  |

---

Our collective bargaining agreements with the Boilermaker-Blacksmith National Pension Trust ("Boilermaker Plan") is under a National Maintenance Agreement platform which is evergreen in terms of expiration. However, the agreement allows for termination by either party with a 90-day written notice. Our contributions to the Boilermaker Plan constitute less than 5% of total contributions to the Boilermaker Plan. All other contributions included above represents multiple amounts to various plans that, individually, are deemed to be insignificant.

**NOTE 15 – DEBT AND CREDIT FACILITIES**

***Senior Notes Due 2026***

The components of our Senior Notes due 2026 at December 31, 2025 are as follows:

---

| | |
|:---|:---|
| (in thousands) | **6.50%** <sup>(1)</sup> |
| Senior Notes due 2026 | $84792 |
| Unamortized deferred financing costs | (919) |
| Net debt balance | $83873 |

---

The components of our Senior Notes due 2026 at December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Senior Notes** | **Senior Notes** | **Senior Notes** |
| (in thousands) | **8.125%** <sup>(2)</sup> | **6.50%** <sup>(1)</sup> | **Total** |
| Senior Notes due 2026 | $193035 | $151440 | $344475 |
| Unamortized deferred financing costs | (1659) | (2757) | (4416) |
| Unamortized premium | 168 |  | 168 |
| Net debt balance | $191544 | $148683 | $340227 |

---

<sup>(1)</sup> The 6.50% Senior Notes mature in December 2026 and is included in current liabilities in the Consolidated Balance Sheets at December 31, 2025 and noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2024. As of December 31, 2025 the 6.50% Senior Notes bear an effective interest rate of 7.6%.

<sup>(2)</sup> The 8.125% Senior Notes had a maturity date of February 2026, and were fully redeemed at December 31, 2025. $191.5 million is included in noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2024.

During the second quarter of 2025, $84.0 million aggregate principal amount of our 8.125% Senior Notes and $47.8 million aggregate principal amount of our 6.50% Senior Notes (collectively, the "Exchanged Notes") were repurchased and cancelled in connection with the privately negotiated exchange described below.

During the third quarter of 2025, we completed a cash tender offer for $8.3 million of our 8.125% Senior Notes and 6.50% Senior Notes. A gain of $1.7 million was recognized as part of this transaction and is included in Gain (loss) on debt extinguishment on the Consolidated Statement of Operations.

------

During the third quarter of 2025, $5.0 million of our 8.125% Senior Notes and $10.0 million of our 6.50% Senior Notes were exchanged for $15.0 million of our 8.75% Senior Notes.

During the fourth quarter of 2025 we completed the redemption of our 8.125% Senior Notes in the amount of $98.4 million, settling the debt obligation in full. We also repurchased $6.1 million of our 6.50% Senior Notes in the fourth quarter of 2025.

***Senior Notes Due 2030***

The components of our Senior Notes due 2030 at December 31, 2025 are as follows:

---

| | |
|:---|:---|
| (in thousands) | **8.75%** <sup>(1)</sup> |
| Senior Notes due 2030 | $129473 |
| Unamortized deferred financing costs | (5867) |
| Unamortized premium | 27364 |
| Net debt balance | $150970 |

---

<sup>(1)</sup> The 8.75% Senior Notes mature in June 2030 and is included in noncurrent liabilities in the Consolidated Balance Sheets at December 31, 2025. As of December 31, 2025 the 8.75% Senior Notes bear an effective interest rate of 4.6%.

In May 2025, we completed privately negotiated exchange transactions (the "Exchanges") in which we issued $100.7 million aggregate principal amount of newly-issued 8.75% Senior Secured Second Lien Notes due 2030 (the "Senior Secured Notes Due 2030") as consideration for the Exchanged Notes. The Senior Secured Notes Due 2030 are unconditionally guaranteed jointly and severally by all of our direct and indirect wholly-owned restricted subsidiaries, subject to certain excluded subsidiaries (collectively, the "Guarantors"). The Senior Secured Notes Due 2030 are secured by substantially all of our assets and the assets of the Guarantors. The security interests in our assets are subject to an intercreditor agreement pursuant to which the Senior Secured Notes Due 2030 are subordinated in right of payment and lien priority to the satisfaction in full of (i) the obligations and satisfaction of the liens under our Credit Agreement (described below), (ii) the obligations and lien under the junior secured promissory note with B. Riley and (iii) certain obligations secured by a lien in favor of the Pension Benefit Guaranty Corporation (a wholly owned United States government corporation and agency acting on behalf of the B&W Pension Plan (as defined below)) in connection with its waiver of required minimum contributions to the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "B&W Pension Plan").

The Senior Secured Notes Due 2030 accrue interest a rate of 8.75% per annum, payable semi-annually in arrears on June 30 and December 30, starting December 30, 2025, and mature on June 30, 2030.

Subject to the intercreditor arrangements discussed above, we may redeem the Senior Secured Notes Due 2030 at any time, on or after May 16, 2026, for cash, at a redemption price equal to 100% of the applicable principal amount being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The indenture governing the Senior Secured Notes Due 2030 contains certain affirmative and negative covenants that, among other things, limit our and our subsidiaries' ability to incur additional indebtedness or liens, and certain events of default, including with respect to a failure to make payments under the Senior Secured Notes Due 2030 and certain bankruptcy and insolvency events.

As a result of the Company's financial situation as a going concern entity at the time of refinancing, and the fact the creditors have granted concessions, the Exchanges were accounted for as a troubled debt restructuring. Therefore, the Company recognized the difference between the face value of the original 8.125% Senior Notes and 6.50% Senior Notes and the face value of the 8.75% Senior Notes as debt premium, which it amortizes using the effective interest method over the new 5-year term through May 2030.

During the year ended December 31, 2025, we made $13.8 million of in-kind contributions of our Senior Secured Notes Due 2030 to settle Company obligations.

------

***Credit Agreement with Axos***

We entered into the Credit Agreement in January 2024, with certain of our subsidiaries as guarantors, the lenders party thereto from time to time and Axos, as administrative agent, swingline lender and letter of credit issuer.

The Credit Agreement provides for an up to $150.0 million asset-based Credit Facility, including a $100.0 million letter of credit sublimit. Our obligations under the Credit Agreement are guaranteed by certain of our domestic and foreign subsidiaries. B. Riley originally provided a guaranty of payment with regard to our obligations under the Credit Agreement, however this guaranty is no longer in place (refer to Note 24 to the Consolidated Financial Statements which outlines that the guaranty was cancelled in February 2026 under the Tenth Amendment to the Credit Agreement - "the Tenth Amendment"). We used and expect to use the proceeds and letter of credit availability under the Credit Agreement to (i) provide for working capital needs, (ii) provide cash collateral to secure letters of credit to be issued under the Credit Agreement, and (iii) provide for general corporate purposes.

The Credit Agreement has a maturity date of January 18, 2028, provided that by November 30, 2026, the 6.50% Senior Notes have not been repaid, defeased, or otherwise satisfied in full or refinanced, or the maturity date has not otherwise been extended to a date on or after July 18, 2028, then November 30, 2026, as amended by the Tenth Amendment.

The interest rates applicable under the Credit Agreement are: (i) with respect to SOFR Loans, (a) SOFR plus 5.25% if the outstanding principal amount of loans is equal to or less than $100.0 million or (b) SOFR plus 4.00% if the outstanding principal amount of loans is greater than $100.0 million; (ii) with respect to Base Rate Loans, the greater of (a) the Federal Funds Rate plus 2.00% plus the Applicable Margin, (b) the prime rate as designated by Axos plus the Applicable Margin, and (c) Daily Simple SOFR plus 1.00% plus the Applicable Margin; and (iii) with respect to the default rate under the Credit Agreement, the then-existing interest rate plus 2.00%.

In connection with the Credit Agreement, we are required to pay (i) a commitment fee equal to 0.50% per annum multiplied by the positive difference by which the Aggregate Revolving Commitments exceed the Total Revolvings Outstanding (as defined in the Credit Agreement), subject to adjustment, (ii) a facility fee equal to the Applicable Margin for SOFR Loans multiplied by the positive difference by which the actual daily amount of L/C Obligations the Administrative Agent is then holding Specified Cash Collateral exceeds the actual daily Outstanding Amount of Revolving Loans, and (iii) a collateral monitoring fee of $1,000 per month. We are permitted to prepay all or any portion of the loans under the Credit Agreement prior to maturity subject to the payment of an early termination fee. The Credit Agreement requires mandatory prepayments under certain circumstances, including in the event of an overadvance.

The obligations under the Credit Agreement are secured by substantially all assets of B&W and each of the guarantors, in each case subject to intercreditor arrangements. The Credit Agreement contains certain representations and warranties, affirmative covenants, negative covenants and conditions that are customarily required for similar financings. The Credit Agreement requires us to comply with certain financial maintenance covenants, including a quarterly fixed charge coverage test, a quarterly total net leverage ratio test, a cash repatriation covenant, a minimum liquidity covenant, an annual cap on maintenance capital expenditures and a limit on unrestricted cash.

The Credit Agreement also contains customary events of default (subject, in certain instances, to specified grace periods) including, but not limited to, the failure to make payments of interest or premium, if any, on, or principal under the Credit Agreement, the failure to comply with certain covenants and agreements specified in the Credit Agreement, defaults in respect of certain other indebtedness, and certain events of insolvency. If any event of default occurs, Axos may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding amounts under the Credit Agreement may become due and payable immediately. At December 31, 2025, after giving consideration to the Amendments to the Credit Agreement, we are in compliance with all financial and other covenants contained in the Credit Agreement.

The key terms of the Credit Agreement described above reflect the various amendments completed since the original Credit Agreement was entered into and reflect changes in the Company's capital structure, borrowing base, collateral requirements and financial covenant levels. These amendments addressed, among other items, (i) authorization of specified asset dispositions, (ii) adjustments to borrowing base components, including increases in inventory valuation percentages and changes to PBGC reserve requirements, (iii) temporary and permanent modifications to minimum liquidity thresholds, (iv) deferral or modification of certain covenant ratios, (v) add-backs related to discontinued operations and capital expenditures for covenant calculations and (vi) updates to maturity provisions tied to the refinancing or repayment of other outstanding debt instruments.

------

On February 25, 2026, the Company with certain subsidiaries of the Company as guarantors, B. Riley, and the lenders party to the Credit Agreement with Axos, as administrative agent, entered into the Tenth Amendment to the Credit Agreement. Pursuant to the Tenth Amendment, Axos and the Lenders party to the Credit Agreement consented to amend certain provisions of the Credit Agreement to, among other things, (i) increase the amounts available to be borrowed based on inventory and receivables in the borrowing base under the Credit Agreement; (ii) extend the maturity date of the Credit Agreement to January 18, 2028; (iii) suspend the PBGC Reserve (provided that the PBGC Reserve shall be re-imposed in the amount of $3.0 million on January 1, 2027 unless the Company has provided evidence to Axos that the $3.0 million installment due to the PBGC on or prior to September 15, 2026 has been paid); (iv) modify the covenants relating to deposit account control agreements and institutions to allow for certain holdings in foreign currencies; and (v) release B. Riley as a specified guarantor thereunder (see Note 24 to the Consolidated Financial Statements).

At December 31, 2025, we had a total of $66.8 million outstanding on the Credit Agreement, which includes $0.0 million drawn on the revolving credit portion of the facility and $66.8 million drawn on the letter of credit portion. At December 31, 2025, cash collateralizing the letters of credit totaling $66.8 million is classified as Current restricted cash and Long-term restricted cash included in the Consolidated Balance Sheets. The weighted average interest rate on short-term obligations outstanding as of December 31, 2025 and 2024 was 9.1% and 9.5%, respectively.

***Revolving and Letter of Credit Agreements***

In June 2021, we entered into the Revolving Credit Agreement with PNC as administrative agent, and the Letter of Credit Agreement, pursuant to which PNC agreed to issue up to $110.0 million in letters of credit that were secured in part by cash collateral provided by MSD, as well the Reimbursement Agreement and the Debt Facilities. Our obligations under the Debt Facilities were guaranteed by certain of our existing and future domestic and foreign subsidiaries. B. Riley, a related party, provided a guaranty of payment with regard to our obligations under the Reimbursement Agreement. The Debt Facilities were effectively replaced by our Credit Agreement with Axos that began in January 2024. The Revolving Credit Agreement with PNC was terminated in connection with our entry into the Credit Agreement and we transitioned letters of credit outstanding under the Letter of Credit Agreement and Reimbursement Agreement to the Credit Agreement. All outstanding letters of credit were transitioned to the Credit Agreement by September 30, 2024, and the Letter of Credit Agreement and Reimbursement Agreement were terminated at that time. We recognized a loss on debt extinguishment of $7.3 million in the year ended December 31, 2024 related to the write-off of unamortized deferred financing fees and other costs incurred to exit the Debt Facilities.

A summary of usage of letters of credit under domestic facilities is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| (in thousands) | **2025** | **2024** |
| Letters of credit under domestic facilities: |  |  |
| Performance letters of credit | $45236 | $22421 |
| Financial letters of credit | 14365 | 18550 |
| &nbsp;&nbsp;&nbsp;Total outstanding | $59601 | $40971 |
| Backstopped letters of credit | $7194 | $750 |
| Surety backstopped letters of credit | 16452 | 15742 |
| Letters of credit subject to currency revaluation | 27105 | 4126 |

---

***Other Letters of credit, bank guarantees and surety bonds***

Certain of our subsidiaries, that are primarily outside of the United States, have credit arrangements with various commercial banks and other financial institutions for the issuance of letters of credit and bank guarantees in association with contracting activity.

We have posted surety bonds to support contractual obligations to customers relating to certain contracts. We utilize bonding facilities to support such obligations, but the issuance of bonds under those facilities is typically at the surety's discretion.

------

These bonds generally indemnify customers should we fail to perform our obligations under our applicable contracts. We, and certain of our subsidiaries, have jointly executed general agreements of indemnity in favor of surety underwriters relating to surety bonds the underwriters issue in support of some of our contracting activity.

The following table provides a summary of outstanding letters of credit issued outside of the domestic facilities, and outstanding surety bonds:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| (in thousands) | **2025** | **2024** |
| Letters of credit under non-domestic facilities | $6545 | $477 |
| Surety Bonds | 253407 | 177766 |

---

Our ability to obtain and maintain sufficient capacity under our current Debt Facilities is essential to allow us to support the issuance of letters of credit, bank guarantees and surety bonds. Without sufficient capacity, our ability to support contract security requirements in the future will be diminished.

***Other Loans Payable***

As of December 31, 2025, we had loans payable of approximately $8.4 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions. The remaining future cash payments related to the sale-leaseback financing transactions for each year ending December 31 are as follows:

---

| | |
|:---|:---|
| (in thousands) |  |
| 2026 | $765 |
| 2027 | 782 |
| 2028 | 800 |
| 2029 | 818 |
| 2030 | 836 |
| Thereafter | 11677 |
| Total minimum liability requirements | 15678 |
| Imputed interest | (6744) |
| Total | $8934 |

---

As of December 31, 2024, we had loans payable of approximately $9.3 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions.

During the year ended December 31, 2025, we received a payment of $5.0 million from the State of West Virginia relating to our BrightLoop<sup>™</sup> project which is considered a forgivable loan. The loan will be forgiven in full when certain employment and capital expenditure milestones are met during the course of project.

------

Interest expense in the Consolidated Financial Statements consisted of the following components:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Components associated with borrowings from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2026 | $16961 | $25512 | $25601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2030 | 6729 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Agreement | 2961 | 4892 | 1494 |
|  | 26651 | 30404 | 27095 |
| Components associated with amortization or accretion of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Agreement | 4585 | 6149 | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2026 | 2035 | 2606 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2030 | (3075) |  |  |
|  | 3545 | 8755 | 7168 |
| Components associated with interest from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2427 | 2037 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Letter of Credit interest and fees | 4498 | 3942 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest expense | 1018 | 1007 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized interest | (607) |  |  |
|  | 7336 | 6986 | 8298 |
| Total interest expense | $37532 | $46145 | $42561 |

---

**NOTE 16 – CAPITAL STOCK**

***Preferred Stock***

During the twelve months ending December 31, 2025, our Board of Directors approved dividends totaling $14.9 million to holders of the Preferred Stock. There were no cumulative undeclared dividends of the Preferred Stock at December 31, 2025, and all declared dividends have been paid as of December 31, 2025.

***Common Stock***

In April 2024, we entered into the Sales Agreement with the Agents, in connection with an at-the-market offering. As of December 31, 2025 and 2024, 15.0 million and 5.0 million shares, respectively, have been sold pursuant to the Sales Agreement, for net proceeds of $32.5 million and $7.9 million, respectively.

In November 2025, we entered into the 2025 Sales Agreement with the 2025 Agents, in connection with the offer and sale from time to time by us of shares of our common stock, having an aggregate offering price of up to $200.0 million through the 2025 Agents. As of December 31, 2025, 18.7 million shares have been sold pursuant to the 2025 Sales Agreement for net proceeds of $95.7 million.

***Applied Digital***

On November 4, 2025, we entered into a limited notice to proceed ("LNTP") with Applied Digital for a project to design and install four 300-megawatt natural gas-fired power plants consisting of boilers and associated steam turbines to deliver power for an AI factory. As further discussed in Note 24 to the Consolidated Financial Statements, we and Base Electron, an IPP backed by Applied Digital, entered into a definitive written agreement in relation to the project (the "Definitive Agreement") which outlined additional terms and conditions for the project. The plant is targeted to begin operation in 2028.

In connection with the entry into the LNTP, we issued to Applied Digital, in a private placement, (i) 0.5 million shares of common stock, par value $0.01 per share for a purchase price of $2 million and (ii) a warrant (the "Initial Warrant") exercisable to purchase 2.6 million shares of our common stock at an exercise price of $4.11, subject to registration rights.

------

Under the terms of the Initial Warrant, it is classified as a liability-based award which requires calculation of fair value for each reporting period until settled or expired. As of December 31, 2025, we calculated a fair value of the Initial Warrant of $8.3 million which is recorded in Other accrued liabilities in the Condensed Balance Sheets.

We used the following assumptions to determine the fair value of the Initial Warrant granted as of December 31, 2025:

---

| | |
|:---|:---|
| Risk-free interest rate | 3.84% |
| Expected volatility | 105% |
| Exercise price | $4.11 |
| Remaining term of warrant | 7 years |

---

In making these assumptions, we based risk-free rates on the corresponding U.S. Treasury spot rates for the remaining duration of the grant, which we convert to a continuously compounded rate. We based estimated volatility on the historical returns of our stock price and selected guideline companies over the remaining term of the grant.

The LNTP also granted to Applied Digital additional warrants to purchase up to 7.86 million shares of our common stock, on the same terms as the Initial Warrant, which was unvested as of December 31, 2025, but vested as a result of the execution of the Definitive Agreement as outlined in Note 24 to the Consolidated Financial Statements.

**NOTE 17 – SUPPLEMENTAL CASH FLOW INFORMATION**

The following table provides a reconciliation of cash and cash equivalents and current and long-term restricted cash reported within the Consolidated Balance Sheets and in the Consolidated Statements of Cash Flows:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Held by foreign entities | $9048 | $20790 | $44388 |
| Held by U.S. entities | 80408 | 6065 | 20947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 89456 | 26855 | 65335 |
| Reinsurance reserve requirements | 2407 | 2024 | 380 |
| Project indemnity collateral <sup>(1)</sup>  | 32264 | 12878 |  |
| Bank guarantee collateral |  |  | 1823 |
| Letters of credit collateral <sup>(2)</sup>  | 66801 | 89265 | 584 |
| Hold-back for acquisition purchase price |  |  | 2950 |
| Escrow for long-term project | 10432 | 42 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and Long-term restricted cash and cash equivalents | 111904 | 104209 | 6034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows <sup>(3)</sup> | $201360 | $131064 | $71369 |

---

<sup>(1)</sup> We released $5.7 million in project indemnity restricted cash collateral for the Letter of Credit Agreement in 2023.

<sup>(2)</sup> Balance drawn on Axos Credit Agreement to serve as collateral on our letters of credit. This is reflected in Current restricted cash and Long-term restricted cash in the Consolidated Balance Sheets.

<sup>(3)</sup> Includes cash held at discontinued operations of $3.5 million and $27.3 million at December 31, 2024 and 2023, respectively.

**NOTE 18 – STOCK-BASED COMPENSATION**

***Stock options***

There were no stock options awarded in 2025. As of December 31, 2025, there were nominal shares outstanding and exercisable, at a weighted average exercise price of $63.57 and $63.55, respectively, and a weighted average remaining contractual term of 1.7 years.

------

***Restricted stock units***

Non-vested restricted stock units activity for the year ended December 31, 2025 is as follows:

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| | | |
|:---|:---|:---|
| (in thousands, except share amounts) | **Number of shares** | **Weighted-average grant date fair value** |
| Non-vested at beginning of period | 1740 | $2.33 |
| Granted | 1808 | 1.29 |
| Vested | (1422) | 2.06 |
| Cancelled/forfeited | (125) | 1.63 |
| Non-vested at end of period | 2001 | 1.31 |

---

As of December 31, 2025, total compensation expense not yet recognized related to non-vested restricted stock units was $2.2 million and the weighted-average period in which the expense is expected to be recognized is 2.0 years. As of December 31, 2025, total compensation expense was $2.6 million.

***Restricted stock units with market conditions***

In July 2022, we granted market-based RSUs to certain members of management. The number of market-based RSUs granted was 0.96 million. The RSUs will vest if our closing stock price on the NYSE is equal to or higher than the Stock Price Goal of $12.00 per share during the performance period, which expires on the 5th anniversary of the Grant Date. The $6.70 grant date fair value per market-based RSU was determined using a Monte Carlo simulation approach. There was no compensation expense for the year ended December 31, 2025.

Restricted stock units with market conditions activity for the year ended December 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
| (in thousands, except share amounts) | **Number of shares** | **Weighted-average grant date fair value** |
| Non-vested at beginning of period | 595 | $6.70 |
| Cancelled/forfeited | (75) | 6.70 |
| Non-vested at end of period | 520 | 6.70 |

---

***Stock Appreciation Rights (SARs)***

In December 2018, we granted stock appreciation rights to certain employees ("Employee SARs") and to a non-employee related party, BRPI Executive Consulting, LLC ("Non-employee SARs"). The SARs expire ten years after the grant date and primarily vest 100% upon completion after the required years of service. Upon vesting, SARs may be exercised within 10 business days following the end of any calendar quarter during which the volume weighted average share price is greater than the share price goal. Upon exercise of the SARs, holders receive a cash-settled payment equal to the number of SARs that are being exercised multiplied by the difference between the stock price on the date of exercise minus the SARs base price. Employee SARs were issued under the Fourth Amended and Restated 2015 LTIP, and Non-employee SARs were issued under a Non-employee SARs agreement. The liability method was used to recognize the accrued compensation expense with cumulatively adjusted revaluations to the then current fair value at each reporting date through final settlement.

In September 2024, the former Non-employee SAR holder became an employee of the Company. As of December 31, 2025, there were two holders of Employee SARs, as all other SARs terminated upon the holders departure from the Company.

------

We used the following assumptions to determine the fair value of the SARs granted as of December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Risk-free interest rate | 3.70% | 4.30% |
| Expected volatility | 80% | 46% |
| Expected life in years | 3.25 | 3.75 |
| Suboptimal exercise factor | 2.0x | 2.0x |

---

In making these assumptions, we based estimated volatility on the historical returns of our stock price and selected guideline companies. We based risk-free rates on the corresponding U.S. Treasury spot rates for the expected duration at the date of grant, which we convert to a continuously compounded rate. We relied upon a suboptimal exercise factor, representing the ratio of the base price to the stock price at the time of exercise, to account for potential early exercise prior to the expiration of the contractual term. With consideration to the executive level of the SARs holders, a suboptimal exercise multiple of 2.0x was selected. Subject to vesting conditions, should the stock price achieve a value of 2.0x above the base price, we assume the holders will exercise prior to the expiration of the contractual term of the SARs. The expected term for the SARs is an output of the valuation model in estimating the time period that the SARs are expected to remain unexercised. The valuation model assumes the holders will exercise their SARs prior to the expiration of the contractual term of the SARs.

As of December 31, 2025 and 2024, the SARs are fully vested and their total intrinsic value is zero.

**NOTE 19 – INCOME TAXES**

Loss from continuing operations before income tax expense is comprised of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| United States | $(484927) | $(101182) | $(108484) |
| Other than the United States | 460359 | 9711 | 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from continuing operations before income tax expense | $(24568) | $(91471) | $(103608) |

---

Significant components of the provision for income taxes from continuing operations are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Current: |  |  |  |
| &nbsp;&nbsp;Federal | $111 | $(739) | $383 |
| &nbsp;&nbsp;State | 116 | (298) | 540 |
| &nbsp;&nbsp;Foreign | 8316 | 7505 | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current provision | 8543 | 6468 | 5948 |
| Deferred: |  |  |  |
| &nbsp;&nbsp;Federal | 126 | 3346 | 132 |
| &nbsp;&nbsp;State |  | 2900 | (70) |
| &nbsp;&nbsp;Foreign | (389) | 87 | (406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred provision | (263) | 6333 | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | $8280 | $12801 | $5604 |

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The provision for income taxes attributable to continuing operations differs from the amount computed by applying the statutory federal income tax rate to income (loss) before the provision (benefit) for income taxes.

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The sources and tax effects of the differences are as follows:

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| | | |
|:---|:---|:---|
| (in thousands, except for percentages) | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
| **U.S. Federal Statutory Tax Rate** | $(5159) | 21% |
| **State and Local Income Taxes, Net of Federal Income Tax Effect** <sup>(1)</sup> | 92 | —% |
| **Foreign Tax Effects** |  |  |
| &nbsp;&nbsp;**Canada** |  |  |
| &nbsp;&nbsp;Statutory tax rate difference | (1067) | 4% |
| &nbsp;&nbsp;Provincial tax | 2763 | (11)% |
| &nbsp;&nbsp;Prior period adjustment | (773) | 3% |
| &nbsp;&nbsp;Other | 632 | (3)% |
| &nbsp;&nbsp;**Luxembourg** |  |  |
| &nbsp;&nbsp;Statutory tax rate difference | 14179 | (58)% |
| &nbsp;&nbsp;Nontaxable income | (104965) | 427% |
| &nbsp;&nbsp;Taxable gain from sale of subsidiary | 36211 | (147)% |
| &nbsp;&nbsp;Change in valuation allowance | (204133) | 831% |
| &nbsp;&nbsp;Write-off of net operating losses | 155012 | (631)% |
| &nbsp;&nbsp;Other | (4) | —% |
| &nbsp;&nbsp;**Panama** |  |  |
| &nbsp;&nbsp;Statutory tax rate difference | (2204) | 9% |
| &nbsp;&nbsp;Nondeductible bad debt expense | 14229 | (58)% |
| &nbsp;&nbsp;Other nontaxable items | (456) | 2% |
| &nbsp;&nbsp;**Indonesia** |  |  |
| &nbsp;&nbsp;Withholding Tax | 592 | (2)% |
| &nbsp;&nbsp;Other | 289 | (1)% |
| &nbsp;&nbsp; **Other Foreign Jurisdiction** |  |  |
| &nbsp;&nbsp;Other | 1831 | (8)% |
| **Effect of Cross-Border Tax Laws** |  |  |
| Subpart F | 1344 | (5)% |
| Other | (160) | —% |
| **Effect of Changes in Tax Laws or Rates Enacted in the Current Period** |  | —% |
| **Nontaxable or Nondeductible Items** |  |  |
| IRC Section 162(m) limitation | 821 | (3)% |
| Stock-based compensation | 270 | (1)% |
| Meals and entertainment | 226 | (1)% |
| Parking lot expenses | 514 | (2)% |
| Loss on dissolution | (7175) | 29% |
| Other | 8 | —% |
| **Tax Credits** |  |  |
| &nbsp;&nbsp;Research and development credit | (601) | 2% |
| &nbsp;&nbsp;Foreign tax credit | 1826 | (7)% |
| **Changes in Valuation Allowances** | 104540 | (426)% |
| **Changes in Unrecognized Tax Benefits** |  | —% |
| **Other Adjustments** |  |  |
| &nbsp;&nbsp;Prior period adjustments | (519) | 2% |
| &nbsp;&nbsp;Other | 117 | —% |
| **Income tax expense** | $8280 | (34)% |

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<sup>(1)</sup> State and local taxes in Tennessee, Louisiana, Kentucky and California comprise the majority of this category.

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---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2024** | **2023** |
| Income tax benefit at federal statutory rate | $(19209) | $(21758) |
| State and local income taxes | 2557 | 105 |
| Foreign rate differential | 533 | 284 |
| Non-deductible (non-taxable) items | (344) | 860 |
| Tax credits | (37) | 514 |
| Valuation allowances | 17529 | 19558 |
| Unrecognized tax benefits |  | 278 |
| Withholding taxes | 999 | 826 |
| Change in indefinite reinvestment assertion | 2432 |  |
| Return to provision and prior year true-up | 6304 | 4360 |
| Other | 2037 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | $12801 | $5604 |

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Deferred income taxes reflect the tax effects of differences between the financial and tax bases of assets and liabilities.

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Significant components of deferred tax assets and liabilities are as follows:

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| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;Pension liability | $41469 | $45581 |
| &nbsp;&nbsp;Accruals | 6445 | 8058 |
| &nbsp;&nbsp;Long-term contracts | 896 | 2636 |
| &nbsp;&nbsp;Net operating loss carryforward | 237164 | 354656 |
| &nbsp;&nbsp;State net operating loss carryforward | 34425 | 21945 |
| &nbsp;&nbsp;Capital loss carryforward | 9740 |  |
| &nbsp;&nbsp;Interest limitation carryforward | 64864 | 63670 |
| &nbsp;&nbsp;Foreign tax credit carryforward |  | 1826 |
| &nbsp;&nbsp;Other tax credits | 2894 | 2292 |
| &nbsp;&nbsp;Lease liability | 11167 | 15437 |
| &nbsp;&nbsp;Capitalized R&D | 1835 | 2299 |
| &nbsp;&nbsp;Property, plant and equipment | 1044 | 1036 |
| &nbsp;&nbsp;Other | 12667 | 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 424610 | 524143 |
| &nbsp;&nbsp;Valuation allowance for deferred tax assets | (406931) | (499749) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets, net | 17679 | 24394 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;Pension liability |  | (815) |
| &nbsp;&nbsp;Property, plant and equipment | (1081) | (1238) |
| &nbsp;&nbsp;Right-of-use assets | (12436) | (16262) |
| &nbsp;&nbsp;Unremitted earnings | (4118) | (3943) |
| &nbsp;&nbsp;Intangibles | (7725) | (11534) |
| &nbsp;&nbsp;Other | (2040) | (235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (27400) | (34027) |
| Net deferred tax liabilities | $(9721) | $(9633) |

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At December 31, 2025 we have foreign NOL carryforward DTAs of approximately $101.4 million available to offset future taxable income in certain foreign jurisdictions. These foreign NOL carryforwards do not expire.

At December 31, 2025, we have U.S. federal NOL carryforward DTAs of approximately $135.8 million. Of this amount, $18.1 million will expire in 2036 and 2037. The remaining amount of U.S. NOL carryforward does not expire. A portion of the net operating loss carryforward is limited under IRC Section 382. Approximately $109.7 million of our U.S. federal NOL carryforward is not subject to the IRC Section 382 limitation.

At December 31, 2025, we have state NOL carryforward DTAs of $34.4 million available to offset future taxable income in various jurisdictions. Of this amount, $21.1 million will expire between 2026 and 2045.

At December 31, 2025, we have U.S. general business and R&D tax credit DTAs of approximately $2.9 million available to offset future taxable income which will begin to expire in 2034.

At December 31, 2025, we have valuation allowances of $406.9 million for deferred tax assets, which we expect will not be realized through carry-backs, reversals of existing taxable temporary differences, estimates of future taxable income or tax-planning strategies. Deferred tax assets are evaluated for realizability under ASC 740, considering all positive and negative evidence. At December 31, 2025, our weighting of positive and negative evidence included an assessment of historical income by jurisdiction adjusted for nonrecurring items, as well as an evaluation of other qualitative factors such as the length

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and magnitude of pretax losses. The valuation allowances may be reversed in the future if sufficient positive evidence exists. Any reversal of our valuation allowance could be material to the income or loss for the period in which our assessment changes.

The net change during the year in the total valuation allowance is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Balance at beginning of period | $(499749) | $(535256) | $(507493) |
| Charges to costs and expenses | 104125 | 30513 | (25166) |
| Charges to other accounts | (11307) | 4994 | (2597) |
| Balance at end of period | $(406931) | $(499749) | $(535256) |

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Sections 382 and 383 of the IRC limits, for U.S. federal income tax purposes, the annual use of NOL carryforwards (including previously disallowed interest carryforwards) and tax credit carryforwards, respectively, following an ownership change. Under IRC Section 382, an ownership change occurs if shareholders owning at least 5% of our common stock have increased their collective holdings by more than 50% during the prior three-year period. Based on information that is publicly available, we determined that a Section 382 ownership change occurred in July 2019. As a result of this change in ownership, we estimated that the future utilization of our federal NOLs (and certain credits and previously disallowed interest deductions) will become limited to approximately $1.2 million annually ($0.3 million tax effected) We maintain a full valuation allowance on the majority of its U.S. deferred tax assets, including the deferred tax assets associated with the federal NOLs, credits and disallowed interest carryforwards.

Undistributed earnings of certain foreign subsidiaries amounted to approximately $127.4 million. We do not intend to assert indefinite reinvestment with respect to all of the undistributed earnings in foreign subsidiaries. We have recognized a deferred tax liability in the amount of $4.1 million.

We recognize the benefit of a tax position when we conclude that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. A recognized tax benefit is measured as the largest amount of benefit, on a cumulative probability basis, which is more likely-than-not to be realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Below is a tabular roll-forward of the beginning and ending aggregate unrecognized tax benefits on a continuing operations basis:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Balance at beginning of period | $34866 | $37329 | $36196 |
| Increases based on tax positions taken in prior years | 9740 |  |  |
| Decreases based on tax positions taken in prior years |  |  | (9) |
| Decreases due to lapse of applicable statute of limitation |  | (512) |  |
| Currency translation adjustments | 4054 | (1951) | 1142 |
| Balance at end of period | $48660 | $34866 | $37329 |

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Unrecognized tax benefits of $2.5 million would, if recognized, impact the effective tax rate. The remaining balance of unrecognized tax benefits relates to deferred tax assets that, if recognized, would require a full valuation allowance. We recognize interest and penalties related to unrecognized tax benefits in our provision for income taxes; however, such amounts are not significant to any period presented.

Tax years 2016 through 2024 remain open to assessment by the United States Internal Revenue Service and various state and international tax authorities. We are currently under audit in the Philippines for tax year 2023 and do not expect the outcome of the audit to have a material impact on the financial statements. We do not have any returns under examination in any other jurisdictions.

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**NOTE 20 – CONTINGENCIES**

***Russian Invasion of Ukraine***

We utilize a restricted party screening process completed by a third party to monitor compliance with applicable trade restrictions, including those trade restrictions implemented in response to the Russian invasion of Ukraine.

***Other***

Due to the nature of our business, from time to time, we are involved in routine litigation or subject to disputes or claims related to our business activities, including, among other things: performance or warranty-related matters under our customer and supplier contracts and other business arrangements; and workers' compensation, premises liability and other claims. Based on prior experience, we do not expect that any of these other litigation proceedings, disputes and claims will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

**NOTE 21 – ACCUMULATED OTHER COMPREHENSIVE LOSS**

Gains and losses deferred in AOCI are generally reclassified and recognized in the Consolidated Statements of Operations once they are realized. The changes in the components of AOCI, net of tax, for the years ended December 31, 2025, 2024, and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
| (in thousands) | **Currency translation <br>loss** | **Net unrecognized loss <br>related to benefit plans <br>(net of tax)** | **Total** |
| Balance at December 31, 2022 | $(70333) | $(2453) | $(72786) |
| &nbsp;&nbsp;Other comprehensive income before reclassifications | 5555 |  | 5555 |
| &nbsp;&nbsp;Amounts reclassified from AOCI to net income |  | 870 | 870 |
| &nbsp;&nbsp;Net other comprehensive income | 5555 | 870 | 6425 |
| Balance at December 31, 2023 | $(64778) | $(1583) | $(66361) |
| &nbsp;&nbsp;Other comprehensive loss before reclassifications | (9459) |  | (9459) |
| &nbsp;&nbsp;Amounts reclassified from AOCI to net (loss) income | (11250) | 410 | (10840) |
| &nbsp;&nbsp;Net other comprehensive (loss) income | (20709) | 410 | (20299) |
| Balance at December 31, 2024 | $(85487) | $(1173) | $(86660) |
| &nbsp;&nbsp;Other comprehensive income before reclassifications | 973 |  | 973 |
| &nbsp;&nbsp;Amounts reclassified from AOCI to net income | 68358 | 1351 | 69709 |
| &nbsp;&nbsp;Net other comprehensive income | 69331 | 1351 | 70682 |
| Balance at December 31, 2025 | $(16156) | $178 | $(15978) |

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The amounts reclassified out of AOCI by component and the affected Consolidated Statements of Operations line items are as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **AOCI component** | **Line items in the Consolidated Statements of Operations affected by reclassifications from AOCI** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **AOCI component** | **Line items in the Consolidated Statements of Operations affected by reclassifications from AOCI** | **2025** | **2024** | **2023** |
| Release of currency translation adjustment with the sale of business | (Loss) income from discontinued operations | $(68358) | $11250 | $— |
| Pension and post retirement adjustments, net of tax | Benefit plans, net | (1351) | (410) | (870) |
|  | Net (loss) income | $(69709) | $10840 | $(870) |

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**NOTE 22 – FAIR VALUE MEASUREMENTS**

The accounting guidance established by ASC 820, *Fair Value Measurements and Disclosures*, establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (known as "Level 1") and the lowest priority to unobservable inputs (known as "Level 3"). Where observable inputs are available for substantially the full term of the asset or liability, the instrument is categorized in Level 2.

The following tables summarize financial assets carried at fair value, all of which were valued from readily available prices (Level 1).

***Securities***

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| | | |
|:---|:---|:---|
| | **Level 1** | **Level 1** |
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Corporate notes and bonds | $5334 | $5196 |
| United States Government and agency securities | 1806 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fair value of securities | $7140 | $6794 |

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Investments in securities are presented as $6.5 million in Other current assets and $0.6 million Other assets as of December 31, 2025 in the Consolidated Balance Sheets with contractual maturities ranging from 0 to 2 years.

***Senior Notes due 2026***

See Note 15 to the Consolidated Financial Statements for a discussion of our Senior Notes due 2026. The fair value of the Senior Notes due 2026 is based on readily available quoted market prices (known as "Level 1") as of December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| (in thousands) | **8.125% Senior Notes ("BWSN")** <sup>(1)</sup> | **6.50% Senior Notes ("BWNB")** | **8.125% Senior Notes ("BWSN")** | **6.50% Senior Notes ("BWNB")** |
| Carrying Value | $— | $84792 | $193035 | $151440 |
| Estimated Fair Value |  | 83435 | 170643 | 120546 |

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<sup>(1)</sup> We redeemed the 8.125% Senior Notes at December 31, 2025. See Note 15 to the Consolidated Financial Statements for further information.

***Senior Notes due 2030***

The fair value of the Senior Notes due 2030 is based on present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms (known as Level 2) as of December 31, 2025.

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| (in thousands) | **Carrying Value** | **Estimated Fair Value** |
| 8.75% Senior Notes | $129473 | $127359 |

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***Other Financial Instruments***

We used the following methods and assumptions in estimating fair value amounts for other financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;*• Cash and cash equivalents and restricted cash and cash equivalents*. The carrying amounts reported in the accompanying Consolidated Balance Sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair value due to their highly liquid nature and are classified as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;*• Revolving Debt*. We base the fair value of debt instruments on quoted market prices. Where quoted prices are not available, we base the fair value on Level 2 inputs such as the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. The fair value of Revolving Debt was calculated at $65.5 million, which is $1.3 million less than its carrying amount at December 31, 2025.

**NOTE 23 – RELATED PARTY TRANSACTIONS** 

***Transactions with B. Riley***

Based on Schedule 13D filings with the SEC, B. Riley beneficially owns approximately 22.1% of our outstanding common stock as of December 31, 2025. B. Riley currently has the right to nominate one member of our Board of Directors pursuant to the investor rights agreement we entered into with B. Riley in April 2019. The investor rights agreement also provides pre-emptive rights to B. Riley with respect to certain future issuances of our equity securities.

As described in Note 15 to the Consolidated Financial Statements, in connection with our entry into the Credit Agreement in January 2024, we entered into a guaranty agreement and related fee and reimbursement agreement with B. Riley. The guaranty covered all of our obligations under the Credit Agreement, and the fee agreement required us to pay an annual fee to B. Riley equal to 2.00% of Aggregate Revolving Commitments under the Credit Agreement (or approximately $3 million) as consideration for B. Riley's agreements and commitments under the guaranty. In June 2025, the B. Riley Guaranty, as well as the associated B. Riley Guaranty fees, were suspended until January 1, 2027. In February 2026, the guaranty and fee agreement were cancelled. See Note 24 to the Consolidated Financial Statements for further information.

As described in Note 16 to the Consolidated Financial Statements, in April 2024 and November 2025, we entered into sales agreements with B. Riley, among others, in connection with the offer and sale from time to time of shares of our common stock. B. Riley will be entitled to compensation equal to 3.0% of the gross proceeds from each sale of the shares sold through it as the designated Agent.

We entered into an Advisory Services Agreement with B. Riley in December 2024 to provide financial advisory services to the Company relating to the Company's evaluation of debt financing alternatives. Under this agreement, payments are a cash fee equal to 1.75% of the total financing value, due and payable immediately upon the closing of each debt financing. During the year ended December 31, 2025, we paid a total of $2.3 million in connection with this agreement.

**NOTE 24 – SUBSEQUENT EVENTS**

***Buybacks of Senior Notes***

We repurchased $12.3 million our 6.50% Senior Notes from January 1, 2026 through March 6, 2026.

***Sales of Common Stock***

We sold 3.8 million shares of our common stock pursuant to the 2025 Sales Agreement, described in Note 16 to the Consolidated Financial Statements, from January 1, 2026 through March 6, 2026 for net proceeds of $31.7 million.

***Tenth Amendment to Credit Agreement***

On February 25, 2026, the Company with certain subsidiaries of the Company as guarantors, B. Riley, and the lenders party to the Credit Agreement with Axos, as administrative agent, entered into the Tenth Amendment to the Credit Agreement. Pursuant to the Tenth Amendment, Axos and the Lenders party to the Credit Agreement consented to amend certain

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provisions of the Credit Agreement to, among other things, (i) increase the amounts available to be borrowed based on inventory and receivables in the borrowing base under the Credit Agreement; (ii) extend the maturity date of the Credit Agreement to January 18, 2028; (iii) suspend the PBGC Reserve (provided that the PBGC Reserve shall be re-imposed in the amount of $3.0 million on January 1, 2027 unless the Company has provided evidence to Axos that the $3.0 million installment due to the PBGC on or prior to September 15, 2026 has been paid); (iv) modify the covenants relating to deposit account control agreements and institutions to allow for certain holdings in foreign currencies; and (v) release B. Riley as a specified guarantor thereunder.

***Applied Digital Agreement***

Effective February 26, 2026, we entered into the Definitive Agreement with Base Electron, an IPP backed by Applied Digital, to complete the design and installation of four 300-megawatt natural gas-fired power plants. The total consideration in exchange for completion of this project is up to $2.4 billion, of which $2.0 billion is variable and the remaining is fixed. The variable fee is based on time and materials expended and subject to change orders agreed upon by Base Electron and the Company. As a result of the signing of the Definitive Agreement, the warrant to purchase up to 7.86 million shares of our common stock is fully vested on the same terms as the Initial Warrant.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None

**Item 9A. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

As of the end of the period covered by this report, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as promulgated by Rules 13a-15(e) and 15d-15(e) under the Exchange Act under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of December 31, 2025 because of the material weaknesses in internal controls over financial reporting described below.

Notwithstanding the conclusion by our Chief Executive Officer and Chief Financial Officer that our disclosure controls and procedures as of December 31, 2025 were not effective, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that our Consolidated Balance Sheets as of December 31, 2025 and 2024, and the related Consolidated Statements of Operations, Comprehensive Income (Loss), Stockholders' (Deficit) Equity and Cash Flows for each of the years in the three-year period ended December 31, 2025, present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented in this Annual Report on Form 10-K, in conformity with GAAP.

*Remediation of Previously Disclosed Material Weaknesses*

During fiscal year 2025, with the oversight of the Audit and Finance Committee of the Board of Directors, the Company executed its remediation plan to address two of the material weaknesses identified as of December 31, 2024. The Company expanded its finance and accounting team, including hiring a number of additional individuals with the requisite technical accounting and finance knowledge and public company experience to assist with the enhancement and implementation of internal control policies and procedures related to the accounting and financial reporting matters in its business. In addition, the Company hired an Internal Audit Director and engaged additional internal audit staff, with experience in testing internal control over financial reporting, who implemented an annual audit plan that included performing an effective risk assessment, monitoring the operation of internal controls and addressing control deficiencies.

Management has determined that these enhancements to our accounting and finance team, coupled with the deployment and testing of control activities across our business, has resulted in the remediation of the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") level material weaknesses surrounding Risk Assessment and Monitoring reported in the prior year.

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*Management's Report on Internal Control Over Financial Reporting*

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our financial reporting process and associated internal controls were designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our Consolidated Financial Statements for external reporting in accordance with GAAP.

Management, with the participation of our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. Management based its assessment on criteria established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("2013 Framework"). Based on this assessment, management has concluded, based on the existence of the material weaknesses described below, that we did not maintain effective internal control over financial reporting.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

We have determined certain control deficiencies exist as of December 31, 2025 in three components of internal control based on criteria established in the 2013 Framework that constitute material weaknesses, either individually or in the aggregate, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Control Environment - we did not adequately train employees in a timely manner on the execution of business processes and controls and failed to hold personnel accountable for internal control responsibilities. The control deficiencies contributed to control deficiencies in the control activities and information and communication components of the 2013 Framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Control Activities - certain controls within our financial reporting processes to enforce segregation of duties, validate completeness and accuracy of data and information used to reconcile and analyze certain key accounts, and the review of manual journal entries, were not performed or were not performed timely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information and Communication - we did not have sufficient control activities designed and implemented to generate relevant quality information and did not establish communication protocols to support the functioning of internal controls.

The material weaknesses described above could result in a misstatement of substantially all financial statement account balances or disclosures that would result in a material misstatement of the annual or interim consolidated financial statements that would not have been prevented or detected on a timely basis.

Our independent registered public accounting firm, BDO USA, P.C., who audited the Consolidated Financial Statements included in this Annual Report on Form 10-K issued an adverse opinion on the effectiveness of our internal control over financial reporting. BDO USA, P.C.'s report is included herein.

*Remediation Plan*

We are committed to maintaining strong internal control over financial reporting. In response to the material weaknesses described above, management, with the oversight of the Audit and Finance Committee of the Board of Directors, is taking comprehensive actions to remediate the above material weaknesses. Our remediation plan includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hired and are continuing to hire professionals with the appropriate skills to perform control activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing to augment our internal resources by employing several consultants with deep experience in key areas and we plan to continue to utilize these resources until we add personnel to our staff mentioned above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and providing incremental training to the accounting and financial reporting team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• designing and implementing additional and/or enhanced controls in the areas of account reconciliations, contract accounting, financial statement analysis prepared in conformity with GAAP and manual journal entries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhancing controls over segregation of duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with the guidance and participation of our internal audit function, we have a monitoring program to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ evaluate and assess whether controls are present and functioning in a timely manner; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ hold individuals accountable for their internal control responsibilities.

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The material weaknesses will not be considered remediated until the new and redesigned controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. We believe the above measures will remediate the control deficiencies identified and strengthen our internal control over financial reporting. As we continue to evaluate and work to remediate the control deficiencies that gave rise to the material weaknesses, we may determine that additional measures or time are required to address the control deficiencies or that we need to modify or otherwise adjust the remediation measures described above. We will continue to assess the effectiveness of our remediation efforts in connection with our evaluation of our internal control over financial reporting.

*Changes in Internal Control Over Financial Reporting*

Other than described above, there were no changes in our internal control over financial reporting during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders and the Board of Directors of Babcock & Wilcox Enterprises, Inc.

**Opinion on Internal Control over Financial Reporting**

We have audited Babcock & Wilcox Enterprises, Inc.'s (the "Company's") internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO criteria"). In our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We do not express an opinion or any other form of assurance on management's statements referring to any corrective actions taken by the Company after the date of management's assessment.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2025, the related consolidated statements of operations, comprehensive (loss) income, stockholders' (deficit) equity, and cash flows for the year then ended, and the related notes and schedule listed in Item 15 (collectively referred to as the "consolidated financial statements") and our report dated March 16, 2026, expressed an unqualified opinion thereon.

**Basis for Opinion** 

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying "Item 9A, Management's Report on Internal Control over Financial Reporting". Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management's assessment:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Control Environment - the Company failed to adequately train employees in a timely manner on the execution of business processes and controls and failed to hold personnel accountable for internal control responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Control Activities - certain controls within the Company's financial reporting processes to enforce segregation of duties, validate completeness and accuracy of data and information used to reconcile and analyze certain key accounts, and the review of manual journal entries, were not performed or were not performed timely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information and Communication - the Company did not have sufficient control activities designed and implemented to generate relevant quality information and did not establish communication protocols to support the functioning of internal controls.

These material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2025 consolidated financial statements, and this report does not affect our report dated March 16, 2026 on those consolidated financial statements.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ BDO USA, P.C.

Cleveland, Ohio

March 16, 2026

**Item 9B. Other Information**

On March 12, 2026, the Compensation Committee of the Company's Board of Directors approved a $10.5 million bonus opportunity for Kenneth M. Young, the Company's Chief Executive Officer, and a $7.5 million bonus opportunity for Cameron Frymyer, the Company's Chief Financial Officer. Each executive's bonus opportunity will be earned and paid only to the extent that it vests, and each bonus opportunity is scheduled to vest in three equal installments, with one-third vesting immediately and an additional one-third scheduled to vest (subject to the executive's continued employment with the Company) on each of March 12, 2027 and March 12, 2028.

*Insider Trading Arrangements*

During the three months ended December 31, 2025, none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not Applicable

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

The information required to be furnished by this item will be set forth in the Proxy Statement for our 2026 Annual Meeting of Stockholders under the headings "Corporate Governance" and "Delinquent Section 16(a) Reports" sections and is incorporated herein by reference and made a part hereof from the Proxy Statement.

We have adopted a Code of Business Conduct that applies to all our directors, officers, and employees. Additionally, as a supplement to the Code of Business Conduct, we maintain a Code of Ethics for the Chief Executive Officer and Senior Financial Officers that applies to our Chief Executive Officer, Chief Financial Officer, Treasurer and other persons performing similar functions. Our Code of Business Conduct satisfies the requirements for a "code of ethics" within the meaning of SEC rules. A copy of the Code of Business Conduct is posted on our web site, <u>www.babcock.com</u> under "Investors – Corporate Governance." We intend to disclose promptly on our website any amendments to, or waivers of, the code covering our chief executive officer, chief financial officer and chief accounting officer.

**EXECUTIVE OFFICERS**

Our executive officers and their ages as of March 1, 2026, are as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Kenneth Young | 62 | Chairman and Chief Executive Officer |
| Cameron Frymyer | 50 | Executive Vice President and Chief Financial Officer |
| John J. Dziewisz | 60 | Executive Vice President, General Counsel and Corporate Secretary |

---

Kenneth Young has served as our Chief Executive Officer since November 2018 and as the Chairman of our Board of Directors since September 2020. Mr. Young served as the President of B. Riley, a provider of collaborative financial services and solutions, from July 2018 to September 2024, and as Chief Executive Officer of B. Riley's subsidiary, B. Riley Principal Investments, from October 2016 to September 2024. From August 2008 to March 2016, Mr. Young served as the President and Chief Executive Officer of Lightbridge Communications Corporation (f/k/a LCC International, Inc.), a provider of integrated end-to-end solutions for wireless voice and data communications networks. Mr. Young formerly served as a member of the boards of directors of Globalstar, Inc., Orion Energy Systems, Inc., Liberty Tax, Inc. and bebe stores, inc., as well as B. Riley and Standard Diversified Opportunities Inc.

Cameron Frymyer has served as our Executive Vice President and Chief Financial Officer since January 2025. He has also served as Senior Vice President, Business Operations, of the Company since 2023. From 2020 to 2023, Mr. Frymyer served as Business Segment Chief Financial Officer for The Babcock & Wilcox Company and B&W SPIG subsidiaries. Prior to that, he was Vice President, Finance for The Babcock & Wilcox Company and B&W SPIG from 2016-2020. Mr. Frymyer also was Vice President, Finance for the Company's Power and Industrial Segments from 2015-2016 and Finance Director for the Company's Power segment and Controller for the Company's Global Power Division from 2012. Mr. Frymyer joined the Company in 1997.

John J. Dziewisz has served as Executive Vice President and General Counsel since January 2022 and as Corporate Secretary since February 2020. He also serves as Chief Compliance Officer. Previously, Mr. Dziewisz served as the Senior Vice President and General Counsel of The Babcock & Wilcox Company from February 2020 to January 2022, as well as Vice President, Assistant General Counsel and Chief Compliance Officer from January 2019 to February 2020. From June 2013 until January 2019, Mr. Dziewisz served as Assistant General Counsel, Operations & Intellectual Property. From June 2005 until June 2013, Mr. Dziewisz served as Managing Attorney. Mr. Dziewisz joined the company in 1997.

**Item 11. Executive Compensation**

The information required by this item is incorporated by reference to the material appearing under the headings "Compensation of Directors" and "Compensation Discussion and Analysis" in the Proxy Statement for our 2026 Annual Meeting of Stockholders.

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**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The following table provides information on our equity compensation plans as of December 31, 2025:

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| | |
|:---|:---|
| **Equity Compensation Plan Information** | **Equity Compensation Plan Information** |
| (in thousands, except per share amounts) |  |
| **Plan Category** | **Equity compensation plans approved by security holders** |
| Number of securities to be issued upon exercise of outstanding options and rights | 905 |
| Weighted-average exercise price of outstanding options and rights | $3.77 |
| Number of securities remaining available for future issuance | 1560 |

---

The other information required by this item is incorporated by reference to the material appearing under the heading "Security Ownership of Certain Beneficial Owners and Management" in the Proxy Statement for our 2026 Annual Meeting of Stockholders.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Information required by this item is incorporated by reference to the material appearing under the headings "Corporate Governance" and "Certain Relationships and Related Transactions" in the Proxy Statement for our 2026 Annual Meeting of Stockholders.

**Item 14. Principal Accountant Fees and Services**

The information about aggregate fees billed to us by our principal accountant, BDO USA, P.C. (PCAOB ID No. 243) will be presented under the caption "Ratification of Appointment of Independent Registered Public Accounting Firm for Year Ending December 31, 2026" in the Proxy Statement for our 2026 Annual Meeting of Stockholders.

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;a) The following documents are filed as part of this Annual Report on Form 10-K:

1) Financial Statements—the consolidated financial statements of Babcock & Wilcox Enterprises, Inc. and its consolidated subsidiaries are included in Part II, Item 8 of this Annual Report on Form 10-K.

2) Exhibits—the exhibit index listed in the exhibit index below are filed with, or incorporated by reference in, this Annual Report on Form 10-K.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>[2.1\*](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex21.htm)</u> | Master Separation Agreement, dated as of June 8, 2015, between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 2.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex31.htm)</u> | Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000071/exhibit31certificateofinco.htm)</u> | Certificate of Amendment of the Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on June 17, 2019 (File No. 001-36876)). |
| <u>[3.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000095/exhibit31.htm)</u> | Certificate of Amendment of the Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 24, 2019 (File No. 001-36876)). |

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---

| | |
|:---|:---|
| <u>[3.4](https://www.sec.gov/Archives/edgar/data/1630805/000110465923063632/tm2316519d1_ex3-1.htm)</u> | Certificate of Amendment of Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on May 23, 2023 (File No. 001-36876)). |
| <u>[3.5](https://www.sec.gov/Archives/edgar/data/1630805/000110465925020869/tm258238d1_ex3-1.htm)</u> | Amended and Restated Bylaws of the Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on March 5, 2025 (File No. 001-36876)). |
| <u>[3.6](https://www.sec.gov/Archives/edgar/data/1630805/000110465921063104/tm2115551d1_ex3-4.htm)</u> | Certificate of Designations with respect to the 7.75% Series A Cumulative Perpetual Preferred Stock, dated May 6, 2021, filed with the Secretary of State of Delaware and effective on May 6, 2021 (incorporated by reference to Exhibit 3.4 to the Babcock & Wilcox Enterprises, Inc. Form 8-A filed on May 7, 2021 (File No. 001-36876)). |
| <u>[3.7](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089652/tm2121033d2_ex3-1.htm)</u> | Certificate of Increase in Number of Shares of 7.75% Series A Cumulative Perpetual Preferred Stock, dated June 1, 2021 (incorporated by reference to Exhibit 3.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). |
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000026/a12312019-exhibit42.htm)</u> | Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.2 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). |
| <u>[4.3](https://www.sec.gov/Archives/edgar/data/1630805/000110465921021988/tm216358d2_ex4-1.htm)</u> | Indenture dated February 12, 2021 (incorporated by reference to Exhibit 4.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). |
| <u>[4.4](https://www.sec.gov/Archives/edgar/data/1630805/000110465921021988/tm216358d2_ex4-2.htm)</u> | First Supplemental Indenture dated February 12, 2021 (incorporated by reference to Exhibit 4.2 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). |
| <u>[4.5](https://www.sec.gov/Archives/edgar/data/0001630805/000110465921149185/tm2135135d1_ex4-3.htm)</u> | Second Supplemental Indenture dated December 13, 2021 (incorporated by reference to Exhibit 4.3 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on December 14, 2021 (File No. 001-36876)). |
| <u>[4.6](https://www.sec.gov/Archives/edgar/data/1630805/000110465921021988/tm216358d2_ex4-2.htm)</u> | Form of 8.125% Senior Note Due 2026 (included in Exhibit 4.4) |
| <u>[4.7](https://www.sec.gov/Archives/edgar/data/0001630805/000110465921149185/tm2135135d1_ex4-3.htm)</u> | Form of 6.50%% Senior Note Due 2026 (included in Exhibit 4.5) |
| <u>[4.8](https://www.sec.gov/Archives/edgar/data/1630805/000110465921063104/tm2115551d1_ex4-1.htm)</u> | Form of Certificate representing 7.75% Series A Cumulative Perpetual Preferred Stock (incorporated by reference to Exhibit 4.1 to the Babcock & Wilcox Enterprises, Inc. Form 8-A filed on May 7, 2021 (File No. 001-36876)). |
| <u>[4](https://www.sec.gov/Archives/edgar/data/1630805/000110465925051300/tm2515439d1_ex4-1.htm)[.9](https://www.sec.gov/Archives/edgar/data/1630805/000110465925051300/tm2515439d1_ex4-1.htm)</u> | Indenture, dated as of May 19, 2025, by and among Babcock & Wilcox Enterprises, Inc., certain of its subsidiaries, as guarantors, and GLAS Trust Company LLC, as trustee and collateral agent (including form of 8.75% Senior Secured Second Lien Notes due 2030) (incorporated by reference to Exhibit 4.1 to the Babcock & Wilcox Enterprises, Inc. Form 8-K filed on May 21, 2025 (File No. 001-36876)). |
| <u>[4](https://www.sec.gov/Archives/edgar/data/1630805/000110465925051300/tm2515439d1_ex4-1.htm)[.10](https://www.sec.gov/Archives/edgar/data/1630805/000110465925051300/tm2515439d1_ex4-1.htm)</u> | Form of 8.75% Senior Secured Second Lien Notes due 2030 (included as Exhibit A in Exhibit 4.1) (incorporated by reference to Exhibit 4.2 to the Babcock & Wilcox Enterprises, Inc. Form 8-K filed on May 21, 2025 (File No. 001-36876)). |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex101.htm)</u> | Tax Sharing Agreement, dated as of June 8, 2015, by and between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex102.htm)</u> | Employee Matters Agreement, dated as of June 8, 2015, by and between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex103.htm)</u> | Transition Services Agreement, dated as of June 8, 2015, between The Babcock & Wilcox Company, as service provider, and Babcock & Wilcox Enterprises, Inc., as service receiver (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex104.htm)</u> | Transition Services Agreement, dated as of June 8, 2015, between Babcock & Wilcox Enterprises, Inc., as service provider, and The Babcock & Wilcox Company, as service receiver (incorporated by reference to Exhibit 10.4 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex105.htm)</u> | Assumption and Loss Allocation Agreement, dated as of June 19, 2015, by and among ACE American Insurance Company and the Ace Affiliates (as defined therein), Babcock & Wilcox Enterprises, Inc. and The Babcock & Wilcox Company (incorporated by reference to Exhibit 10.5 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |

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| | |
|:---|:---|
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex106.htm)</u> | Reinsurance Novation and Assumption Agreement, dated as of June 19, 2015, by and among ACE American Insurance Company and the Ace Affiliates (as defined therein), Creole Insurance Company and Dampkraft Insurance Company (incorporated by reference to Exhibit 10.6 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex107.htm)</u> | Novation and Assumption Agreement, dated as of June 19, 2015, by and among The Babcock & Wilcox Company, Babcock & Wilcox Enterprises, Inc., Dampkraft Insurance Company and Creole Insurance Company (incorporated by reference to Exhibit 10.7 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.8†](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000055/definitiveproxystatementma.htm)</u> | Babcock & Wilcox Enterprises, Inc. Amended and Restated 2015 Long-Term Incentive Plan (Amended and Restated as of June 14, 2019) (incorporated by reference to Appendix G to the Babcock & Wilcox Enterprises, Inc. Definitive Proxy Statement filed with the Securities and Exchange Commission on May 13, 2019 (File No. 001-36876)). |
| <u>[10.9](https://www.sec.gov/Archives/edgar/data/1630805/000110465921072437/tm2117623d1_ex10-1.htm)</u> | Babcock & Wilcox Enterprises, Inc. 2021 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on May 26, 2021 (File No. 001-36876)). |
| <u>[10.10†](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex109.htm)</u> | Babcock & Wilcox Enterprises, Inc. Management Incentive Compensation Plan (incorporated by reference to Exhibit 10.9 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.11†](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1010.htm)</u> | Babcock & Wilcox Enterprises, Inc. Management Incentive Compensation Plan (incorporated by reference to Exhibit 10.10 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.12†](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1011.htm)</u> | Supplemental Executive Retirement Plan of Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.11 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.13†](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1012.htm)</u> | Babcock & Wilcox Enterprises, Inc. Defined Contribution Restoration Plan (incorporated by reference to Exhibit 10.12 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.14](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1013.htm)</u> | Intellectual Property Agreement, dated as of June 26, 2015, between Babcock & Wilcox Power Generation Group, Inc. and BWXT Foreign Holdings, LLC (incorporated by reference to Exhibit 10.13 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.15](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1014.htm)</u> | Intellectual Property Agreement, dated as of June 27, 2015, between Babcock & Wilcox Technology, LLC and Babcock & Wilcox Investment Company (incorporated by reference to Exhibit 10.14 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.16](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1015.htm)</u> | Intellectual Property Agreement, dated as of May 29, 2015, between Babcock & Wilcox Canada Ltd. and B&W PGG Canada Corp. (incorporated by reference to Exhibit 10.15 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.17](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1016.htm)</u> | Intellectual Property Agreement, dated as of May 29, 2015, between Babcock & Wilcox Power, Inc. and Babcock & Wilcox Power Generation Group, Inc. (incorporated by reference to Exhibit 10.16 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.18](https://www.sec.gov/Archives/edgar/data/1630805/000119312515276710/d43214dex1017.htm)</u> | Intellectual Property Agreement, dated as of June 26, 2015, between The Babcock & Wilcox Company and Babcock & Wilcox Enterprises, Inc. (incorporated by reference to Exhibit 10.17 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 (File No. 001-36876)). |
| <u>[10.19†](https://www.sec.gov/Archives/edgar/data/1630805/000163080516000055/bw-9302016xex101.htm)</u> | Form of Change-in-Control Severance Agreement, by and between Babcock & Wilcox Enterprises, Inc. and certain officers for officers elected prior to August 4, 2016 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-36876)). |
| <u>[10.20†](https://www.sec.gov/Archives/edgar/data/1630805/000163080515000006/bw-09302015xex101.htm)</u> | Form of Restricted Stock Grant Agreement (Spin-off Award) (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (File No. 001-36876)). |
| <u>[10.21†](https://www.sec.gov/Archives/edgar/data/1630805/000163080515000006/bw-09302015xex102.htm)</u> | Form of Restricted Stock Units Grant Agreement (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (File No. 001-36876)). |

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| | |
|:---|:---|
| <u>[10.22†](https://www.sec.gov/Archives/edgar/data/1630805/000163080515000006/bw-09302015xex103.htm)</u> | Form of Stock Option Grant Agreement (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (File No. 001-36876)). |
| <u>[10.23†](https://www.sec.gov/Archives/edgar/data/1630805/000163080516000016/bw-12312015xex1023.htm)</u> | Form of Performance Restricted Stock Units Grant Agreement (incorporated by reference to Exhibit 10.23 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001-36876)). |
| <u>[10.24](https://www.sec.gov/Archives/edgar/data/1630805/000163080516000016/bw-12312015xex1024.htm)</u> | Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.24 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2015 (File No. 001-36876)). |
| <u>[10.25](https://www.sec.gov/Archives/edgar/data/1630805/000163080516000055/bw-9302016xex102.htm)</u> | Form of Change-in-Control Agreement, by and between Babcock & Wilcox Enterprises, Inc. and certain officers for officers elected on or after August 4, 2016 (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-36876)). |
| <u>[10.26†](https://www.sec.gov/Archives/edgar/data/1630805/000163080517000070/bw-6302017xex101.htm)</u> | Form of Performance Unit Award Grant Agreement (Cash Settled) (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (File No. 001-36876)). |
| <u>[10.27†](https://www.sec.gov/Archives/edgar/data/1630805/000163080517000070/bw-6302017xex102.htm)</u> | Form of Special Restricted Stock Unit Award Grant Agreement (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 (File No. 001-36876)). |
| <u>[10.28](https://www.sec.gov/Archives/edgar/data/1630805/000163080518000104/a63018-exhibit105.htm)</u> | Babcock & Wilcox Enterprises, Inc. Executive Severance Plan, as revised effective June 1, 2018 (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (File No. 001-36876)). |
| <u>[10.29†](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000020/a12312018-exhibit1049.htm)</u> | Consulting Agreement dated November 19, 2018 between Babcock & Wilcox Enterprises, Inc., and BRPI Executive Consulting, LLC (incorporated by reference to Exhibit 10.49 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). |
| <u>[10.30†](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000020/a12312018-exhibit1050.htm)</u> | Executive Employment Agreement dated November 19, 2018 between Babcock & Wilcox Enterprises, Inc. and Louis Salamone (incorporated by reference to Exhibit 10.50 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000020/a12312018-exhibit1052.htm)[1](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000020/a12312018-exhibit1052.htm)[†](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000020/a12312018-exhibit1052.htm)</u> | Form of Stock Appreciation Right Award Grant Agreement (incorporated by reference to Exhibit 10.52 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000042/bw-investorrightsagreement.htm)[2](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000042/bw-investorrightsagreement.htm)</u> | Investor Rights Agreement, dated as of April 30, 2019, by and among Babcock & Wilcox Enterprises, Inc., B. Riley FBR, Inc. and Vintage Capital Management, LLC (incorporated by reference to Exhibit 10.4 of the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000042/bw-registrationrightsagree.htm)[3](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000042/bw-registrationrightsagree.htm)</u> | Registration Rights Agreement, dated as of April 30, 2019, by and among Babcock & Wilcox Enterprises, Inc. and certain investors party thereto (incorporated by reference to Exhibit 10.5 of the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000125/exhibit101-2019rsugrantagr.htm)[4](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000125/exhibit101-2019rsugrantagr.htm)[†](https://www.sec.gov/Archives/edgar/data/1630805/000163080519000125/exhibit101-2019rsugrantagr.htm)</u> | Form of 2019 Restricted Stock Units Director Grant Agreement (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000026/a12312019-exhibit1056.htm)[5](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000026/a12312019-exhibit1056.htm)</u> | First Amendment to the Babcock & Wilcox Enterprises, Inc. Defined Contribution Restoration Plan. (incorporated by reference to Exhibit 10.56 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000007/exhibit102feb2020.htm)[6](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000007/exhibit102feb2020.htm)</u> | Backstop Commitment Letter, dated January 31, 2020, between Babcock & Wilcox Enterprises, Inc. and B. Riley FBR, Inc. (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 3, 2020 (File No. 001-36876)). |
| <u>[10.37#](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000026/a12312019-exhibit1058.htm)</u> | Amendment No. 21, dated March 27, 2020, to Credit Agreement, dated as of May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.58 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 001-36876)). |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000050/bw-arcreditagreement.htm)[8](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000050/bw-arcreditagreement.htm)</u> | Amendment and Restatement Agreement (attaching the Amended and Restated Credit Agreement), dated as of May 14, 2020, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed May 15, 2020 (File No. 001-36876)). |

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| | |
|:---|:---|
| <u>[10](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000089/ex1010_q320xltcipgrantawar.htm)[.39](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000089/ex1010_q320xltcipgrantawar.htm)[†](http://www.sec.gov/Archives/edgar/data/1630805/000163080519000125/exhibit101-2019rsugrantagr.htm)</u> | Form of 2021 Long-Term Cash Incentive Award Grant Agreement (incorporated by reference to Exhibit 10.10 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 (File No. 001-36876)). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000082/ex101_bwe-amendmentno1toar.htm)[0](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000082/ex101_bwe-amendmentno1toar.htm)</u> | Amendment No. 1 to Amended and Restated Credit Agreement, dated as of October 30, 2020, among Babcock & Wilcox Enterprises, Inc., as the borrower, Bank of America, N.A., as Administrative Agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed November 5, 2020 (File No. 001-36876)). |
| <u>[10.41#](https://www.sec.gov/Archives/edgar/data/1630805/000163080520000084/ex101-bprixsecondamendment.htm)</u> | Second Amendment to Executive Services Agreement between Babcock & Wilcox Enterprises, Inc. and BRPI Executive Consulting, LLC dated November 9, 2020 (incorporated by reference to Exhibit 10.1 of the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed November 10, 2020 (File No. 001-36876)). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exh1043brpi.htm)[2](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exh1043brpi.htm)[†](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exh1043brpi.htm)</u> | Third Amendment to the Executive Services Agreement between Babcock & Wilcox Enterprises, Inc. and BRPI Executive Consulting, LLC dated November 19, 2018, made and entered into as of December 29, 2023 (incorporated by reference to Exhibit 10.43 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/bucklerjoseph.htm)[3](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/bucklerjoseph.htm)[†](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/bucklerjoseph.htm)</u> | Severance and Release of Claims Agreement between The Babcock & Wilcox Company and its parent, subsidiary, and related and affiliated entities, and Joseph Buckler, signed and dated November 20, 2023 (incorporated by reference to Exhibit 10.47 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.44#](https://www.sec.gov/Archives/edgar/data/1630805/000163080521000004/a12312020-ex1065bwvxlcxset.htm)</u> | Settlement Agreement between Babcock & Wilcox Vølund A/S and XL Insurance Company SE dated October 10, 2020 (incorporated by reference to Exhibit 10.65 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-36876)). |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1630805/000110465921021988/tm216358d2_ex1-3.htm)[5](https://www.sec.gov/Archives/edgar/data/1630805/000110465921021988/tm216358d2_ex1-3.htm)</u> | Exchange Agreement by and between Babcock & Wilcox Enterprises Inc. and B. Riley Financial, Inc. dated February 12, 2021 (incorporated by reference to Exhibit 1.3 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000110465921021988/tm216358d2_ex10-1.htm)[46](https://www.sec.gov/Archives/edgar/data/1630805/000110465921021988/tm216358d2_ex10-1.htm)</u> | Amendment No. 2 to Amended and Restated Credit Agreement by and between Babcock & Wilcox Enterprises Inc. and Bank of America, N.A., as Administrative Agent, dated February 8, 2021 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on February 12, 2021 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080521000004/a12312020-ex1068xamendment.htm)[47](https://www.sec.gov/Archives/edgar/data/1630805/000163080521000004/a12312020-ex1068xamendment.htm)</u> | Amendment No. 3 to Amended and Restated Credit Agreement by and between Babcock & Wilcox Enterprises Inc. and Bank of America, N.A., as Administrative Agent, dated March 4 2021 (incorporated by reference to Exhibit 10.68 of the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080521000016/bwe-amendmentno4toarcred.htm)[48](https://www.sec.gov/Archives/edgar/data/1630805/000163080521000016/bwe-amendmentno4toarcred.htm)</u> | Amendment No. 4 to Amended and Restated Credit Agreement by and between Babcock & Wilcox Enterprises Inc. and Bank of America, N.A., as Administrative Agent, dated March 26, 2021 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on April 1, 2021 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000110465921065413/tm2116102d1_ex10-1.htm)[49](https://www.sec.gov/Archives/edgar/data/1630805/000110465921065413/tm2116102d1_ex10-1.htm)</u> | Amendment No. 5 to Amended and Restated Credit Agreement by and between Babcock & Wilcox Enterprises Inc. and Bank of America, N.A., as Administrative Agent, dated May 10, 2021 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on May 13, 2021 (File No. 001-36876)). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-1.htm)[0](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-1.htm)</u> | Revolving Credit, Guaranty and Security Agreement, dated as of June 30, 2021, by and among Babcock & Wilcox Enterprises, Inc. and PNC Bank, National Association, as administrative agent, lender and swing loan lender (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-2.htm)[1](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-2.htm)</u> | Letter of Credit Issuance and Reimbursement and Guaranty Agreement, dated as of June 30, 2021, by and among Babcock & Wilcox Enterprises, Inc. and PNC Bank, National Association, as issuer (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-3.htm)[2](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-3.htm)</u> | Reimbursement, Guaranty and Security Agreement, dated as of June 30, 2021, by and among Babcock & Wilcox Enterprises, Inc. and MSD PCOF Partners XLV, LLC, as administrative agent (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). |

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| | |
|:---|:---|
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-4.htm)[3](https://www.sec.gov/Archives/edgar/data/1630805/000110465921089632/tm2121379d1_ex10-4.htm)</u> | Guaranty Agreement, dated as of June 30, 2021, by B. Riley Financial, Inc. in favor of MSD PCOF Partners XLV, LLC, as administrative agent (incorporated by reference to Exhibit 10.4 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on July 7, 2021 (File No. 001-36876)). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1630805/000110465922116571/tm2230159d1_ex10-1.htm)[4](https://www.sec.gov/Archives/edgar/data/1630805/000110465922116571/tm2230159d1_ex10-1.htm)</u> | Amendment No. 1 to Revolving Credit, Guaranty and Security Agreement, dated as of August 8, 2022, by and among Babcock & Wilcox Enterprises, Inc. and PNC Bank, National Association, as administrative agent, lender and swing loan lender (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2022 (File No. 001-36876)). |
| <u>[10.5](https://www.sec.gov/Archives/edgar/data/1630805/000110465922116571/tm2230159d1_ex10-2.htm)[5](https://www.sec.gov/Archives/edgar/data/1630805/000110465922116571/tm2230159d1_ex10-2.htm)</u> | Amendment No. 1 to Reimbursement, Guaranty and Security Agreement, dated as of August 8, 2022, by and among Babcock & Wilcox Enterprises, Inc. and MSD PCOF Partners XLV, LLC, as administrative agent (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2022 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080523000006/msd_bw-secondamendmentto.htm)[5](https://www.sec.gov/Archives/edgar/data/1630805/000163080523000006/msd_bw-secondamendmentto.htm)[6](https://www.sec.gov/Archives/edgar/data/1630805/000163080523000006/msd_bw-secondamendmentto.htm)</u> | Amendment No. 2 to Reimbursement, Guaranty and Security Agreement, dated as of November 8, 2022, by and among Babcock & Wilcox Enterprises, Inc. and MSD PCOF Partners XLV, LLC, as administrative agent (incorporated by reference to Exhibit 10.79 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080523000006/amend2-secondamendmentan.htm)[57](https://www.sec.gov/Archives/edgar/data/1630805/000163080523000006/amend2-secondamendmentan.htm)</u> | Amendment No. 2 to Revolving Credit, Guaranty and Security Agreement, dated as of March 14, 2023, by and among Babcock & Wilcox Enterprises, Inc. and PNC Bank, National Association, as administrative agent, lender and swing loan lender (incorporated by reference to Exhibit 10.61 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exh1062second.htm)[58](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exh1062second.htm)</u> | Second Amendment to Letter of Credit Issuance and Reimbursement and Guaranty Agreement; Partial Release of Cash Collateral; and Agreement Regarding Revolving Credit, Guaranty and Security Agreement, dated as of November 30, 2023 (incorporated by reference to Exhibit 10.62 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exhibit1063final-credita.htm)[59](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exhibit1063final-credita.htm)</u> | Credit Agreement among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated as of January 18, 2024 (incorporated by reference to Exhibit 10.63 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exhibit1064final-securit.htm)[0](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exhibit1064final-securit.htm)</u> | Security and Pledge Agreement among Babcock & Wilcox Enterprises, Inc., and Axos Bank, dated as of January 18, 2024 (incorporated by reference to Exhibit 10.64 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exhibit1065final-axosfee.htm)[1](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exhibit1065final-axosfee.htm)</u> | Fee Letter (Supplement to the Credit Agreement) among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated January 18, 2024 (incorporated by reference to Exhibit 10.65 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/final-guarantybrileyxbabco.htm)[2](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/final-guarantybrileyxbabco.htm)</u> | Guaranty by B. Riley Financial, Inc. in favor of Axos Bank, in its capacity as administrative agent for the Secured Parties (as defined in the Credit Agreement) dated January 18, 2024 (incorporated by reference to Exhibit 10.66 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exh106716baxos_bwe-brile.htm)[3](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/exh106716baxos_bwe-brile.htm)</u> | Fee and Reimbursement Agreement between Babcock & Wilcox Enterprises, Inc. and B. Riley Financial, Inc., dated as of January 18, 2024 (incorporated by reference to Exhibit 10.67 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/brileyconsentletter4thto.htm)[4](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000014/brileyconsentletter4thto.htm)</u> | Fourth Amendment to Reimbursement Security Agreement and Consent Letter by and among Babcock & Wilcox Enterprises, Inc., MSD PCOF Partners XLV, LLC and B. Riley Financial, Inc., dated March 15, 2024 (incorporated by reference to Exhibit 10.68 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000110465924045860/tm248831d2_ex1-1.htm)[5](https://www.sec.gov/Archives/edgar/data/1630805/000110465924045860/tm248831d2_ex1-1.htm)</u> | Sales Agreement, among Babcock & Wilcox Enterprises, Inc., B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC (incorporated by reference to Exhibit 1.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed April 10, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000028/exhibit108-firstamendmen.htm)[66](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000028/exhibit108-firstamendmen.htm)</u> | First Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated April 30, 2024 (incorporated by reference to Exhibit 10.8 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000028/exhibit109-firstamendmen.htm)[67](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000028/exhibit109-firstamendmen.htm)</u> | First Amendment to Fee Letter among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated April 30, 2024 (incorporated by reference to Exhibit 10.9 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (File No. 001-36876)). |

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|:---|:---|
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000064/i-2024ltcipprogramsummary.htm)[68](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000064/i-2024ltcipprogramsummary.htm)</u> | Babcock & Wilcox Enterprises, Inc. Long-Term Cash Incentive Plan (incorporated by reference to Exhibit 10.4 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000064/h-spaxredacted105.htm)[69](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000064/h-spaxredacted105.htm)</u> | Share Purchase Agreement by and between B&W PGG Luxembourg Finance Sárl and Hitachi Zosen Inova AG (incorporated by reference to Exhibit 10.5 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (File No. 001-36876)). |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/bw-registrationrightsagr.htm)[0](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/bw-registrationrightsagr.htm)</u> | Registration Rights Agreement, among Babcock & Wilcox Enterprises, Inc. and B. Riley Financial, Inc., dated July 10, 2024 (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (File No. 001-36876)). |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/secondamendment-xseconda.htm)[1](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/secondamendment-xseconda.htm)</u> | Second Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated July 3, 2024 (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (File No. 001-36876)). |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/thirdamendmenttocreditag.htm)[2](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/thirdamendmenttocreditag.htm)</u> | Third Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated August 7, 2024 (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (File No. 001-36876)). |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/fourthamendmenttocredita.htm)[3](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/fourthamendmenttocredita.htm)</u> | Fourth Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated November 8, 2024 (incorporated by reference to Exhibit 10.4 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/fourthamendmentfeeletter.htm)[74](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/fourthamendmentfeeletter.htm)</u> | Fourth Amendment to Fee Letter among Babcock & Wilcox Enterprises, Inc. and Axos Bank, dated November 8, 2024 (incorporated by reference to Exhibit 10.5 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on September 23, 2024 (File No. 001-36876)). |
| <u>[10.7](https://www.sec.gov/Archives/edgar/data/1630805/000110465924102062/tm2424518d1_ex10-1.htm)[5](https://www.sec.gov/Archives/edgar/data/1630805/000110465924102062/tm2424518d1_ex10-1.htm)</u> | Independent Contractor Agreement, dated September 20, 2024, between Babcock & Wilcox Enterprises, Inc. and OpenSky, LLC (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed September 23, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/kyoungemploymentagreemen.htm)[76](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/kyoungemploymentagreemen.htm)[†](https://www.sec.gov/Archives/edgar/data/1630805/000163080524000069/kyoungemploymentagreemen.htm)</u> | Executive Employment Agreement dated November 8, 2024 between Babcock & Wilcox Enterprises, Inc. and Kenneth Young (incorporated by reference to Exhibit 10.7 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/babcockel-novxdecember20.htm)[77](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/babcockel-novxdecember20.htm)</u> | Advisory Services Agreement, by and between The Babcock & Wilcox Enterprise, Inc. and B. Riley Securities, Inc, dated December 12, 2024 (incorporated by reference to Exhibit 10.82 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/final-xfifthamendmentxxw.htm)[7](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/final-xfifthamendmentxxw.htm)[8](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/final-xfifthamendmentxxw.htm)</u> | Fifth Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated February 28, 2025 (incorporated by reference to Exhibit 10.83 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/final-xsixthamendmentxxs.htm)[79](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/final-xsixthamendmentxxs.htm)</u> | Sixth Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated March 25, 2025 (incorporated by reference to Exhibit 10.84 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-36876)). |
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/salamoneconsultingagreem.htm)[0](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/salamoneconsultingagreem.htm)[†](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/salamoneconsultingagreem.htm)</u> | Consultant Agreement, dated November 27, 2024 between Babcock & Wilcox Enterprises, Inc. and Louis Salamone Jr. (incorporated by reference to Exhibit 10.85 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-36876)). |
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000019/projecttimber-closingbin.htm)[1](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000019/projecttimber-closingbin.htm)</u> | Purchase Agreement, dated April 29, 2025, by and between Babcock & Wilcox A/S and Kanadevia Inova Denmark A/S (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (File No. 001-36876)). |
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/1630805/000110465925051300/tm2515439d1_ex10-1.htm)[2](https://www.sec.gov/Archives/edgar/data/1630805/000110465925051300/tm2515439d1_ex10-1.htm)</u> | Security and Pledge Agreement, dated as of May 19, 2025, by and among Babcock & Wilcox Enterprises, Inc., GLAS Trust Company LLC and the other parties party thereto (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Form 8-K filed on May 21, 2025 (File No. 001-36876)). |
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/final-seventhamendmentxx.htm)[3](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/final-seventhamendmentxx.htm)</u> | Seventh Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated May 19, 2025 (incorporated by reference to Exhibit 10.3 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 001-36876)). |
| <u>[10.8](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/babcockaxosjune2025amend.htm)[4](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/babcockaxosjune2025amend.htm)</u> | Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated June 18, 2025 (incorporated by reference to Exhibit 10.4 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 001-36876)). |

---

------

---

| | |
|:---|:---|
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/final-xeighthamendmentxx.htm)[85](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/final-xeighthamendmentxx.htm)</u> | Eighth Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated July 3, 2025 (incorporated by reference to Exhibit 10.5 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 001-36876)). |
| <u>[10.86](https://www.sec.gov/Archives/edgar/data/1630805/000110465925073616/tm2522302d1_ex10-1.htm)</u> | Membership Interest, Share and Asset Purchase Agreement, dated June 3, 2025, by and among Andritz (USA) Inc., Andritz China Ltd., Andritz Canada Inc., The Babcock & Wilcox Company, Babcock & Wilcox International Sales and Service Corporation, and Babcock & Wilcox Canada Corp. (incorporated by reference to Exhibit 10.1 to the Babcock & Wilcox Enterprises, Inc. Form 8-K filed on August 4, 2025 (File No. 001-36876)).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000110465925073616/tm2522302d1_ex10-2.htm)[87](https://www.sec.gov/Archives/edgar/data/1630805/000110465925073616/tm2522302d1_ex10-2.htm)</u> | First Amendment to Membership Interest, Share and Asset Purchase Agreement, dated July 28, 2025, by and among Andritz (USA) Inc., Andritz China Ltd., Andritz Canada Inc., Andritz AG, The Babcock & Wilcox Company, Babcock & Wilcox International Sales and Service Corporation, and Babcock & Wilcox Canada Corp. (incorporated by reference to Exhibit 10.2 to the Babcock & Wilcox Enterprises, Inc. Form 8-K filed on August 4, 2025 (File No. 001-36876)). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/inescrow-xfinalxxnintham.htm)[88](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000062/inescrow-xfinalxxnintham.htm)</u> | Ninth Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated August 8, 2025 (incorporated by reference to Exhibit 10.8 to the Babcock & Wilcox Enterprises, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 001-36876)). |
| <u>[10.89](https://www.sec.gov/Archives/edgar/data/1630805/000110465925106691/tm2530246d2_ex1-1.htm)</u> | Sales Agreement, among Babcock & Wilcox Enterprises, Inc., B. Riley Securities, Inc. and Lake Street Capital Markets, LLC, dated November 4, 2025 (incorporated by reference to Exhibit 1.1 to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed on November 5, 2025 (File No. 001-36876)). |
| <u>[10.](bwletteragreementamendme.htm)[9](bwletteragreementamendme.htm)[0](bwletteragreementamendme.htm)</u> | Amendment to Letter Agreement among Babcock & Wilcox Enterprises, Inc. and Applied Digital Corporation, dated December 22, 2025, filed herewith (File No. 001-36876). |
| <u>[10.91](bw-axosxtenthamendmentto.htm)</u> | Tenth Amendment to the Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated February 25, 2026, filed herewith (File No. 001-36876). |
| <u>[19.1](https://www.sec.gov/Archives/edgar/data/1630805/000163080525000007/a0800-09insidertradingpo.htm)</u> | Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-36876)). |
| <u>[21.1](c-exhibit211q4x25only.htm)</u> | Significant Subsidiaries of the Registrant, filed herewith (File No. 001-36876) |
| <u>[23.1](c-exhibit231q4x25only.htm)</u> | Consent of BDO USA, P.C. |
| <u>[23.2](c-exhibit232q4x25only.htm)</u> | Consent of Deloitte & Touche LLP |
| <u>[31.1](c-exhibit311q4x25.htm)</u> | Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer. |
| <u>[31.2](c-exhibit312q4x25.htm)</u> | Rule 13a-14(a)/15d-14(a) certification of Chief Financial Officer. |
| <u>[32.1](c-exhibit321q4x25.htm)</u> | Section 1350 certification of Chief Executive Officer. |
| <u>[32.2](c-exhibit322q4x25.htm)</u> | Section 1350 certification of Chief Financial Officer. |
| <u>[97.1](https://www.sec.gov/Archives/edgar/data/1630805/000110465924039112/tm249832d1_ex97-1.htm)</u> | Clawback Policy (incorporated by reference to Exhibit 97.1 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-36876)). |
| 101.SCH | XBRL Taxonomy Extension Schema Document. |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |

---

\* Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request.

† Management contract or compensatory plan or arrangement.

‡ The Company has omitted certain information contained in this exhibit pursuant to Rule 601(b)(10) of Regulation S-K. The omitted information is not material and, if publicly disclosed, would likely cause competitive harm to the Company.

------

**SCHEDULE II**

**BABCOCK & WILCOX ENTERPRISES, INC.**

**SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS**

***Inventory Reserves***

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| (in thousands) | **2025** | **2024** | **2023** |
| Balance at beginning of period | $3106 | $3097 | $2657 |
| Charges to costs and expenses | 940 | (22) | 363 |
| Deductions | (44) |  |  |
| Currency translation adjustments and other <sup>(1)</sup> | 630 | 31 | 77 |
| Balance at end of period | $4632 | $3106 | $3097 |

---

<sup>(1)</sup> 2025 balance includes $1.5 million of assets no longer held for sale as of December 31, 2025, offset by other reclassifications and adjustments. See Note 5 to the Consolidated Financial Statements for further information.

------

**Item 16. Form 10-K Summary**

None.

**SIGNATURES**

Pursuant to the requirements of the Section 13 or 15(d) of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | BABCOCK & WILCOX ENTERPRISES, INC. |
| March 16, 2026 | By: | /s/ Kenneth M. Young |
|  |  | Kenneth M. Young |
|  |  | Chairman and Chief Executive Officer |

---

------

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** |
| &nbsp;&nbsp;&nbsp;/s/ Kenneth M. Young | Chairman and Chief Executive Officer <br>(Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp;Kenneth M. Young | Chairman and Chief Executive Officer <br>(Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp;/s/ Cameron Frymyer | Executive Vice President and Chief Financial Officer <br>(Principal Financial and Accounting Officer and Duly Authorized Representative) |
| &nbsp;&nbsp;&nbsp;Cameron Frymyer | Executive Vice President and Chief Financial Officer <br>(Principal Financial and Accounting Officer and Duly Authorized Representative) |
| &nbsp;&nbsp;&nbsp;/s/ Alan B. Howe | Director |
| &nbsp;&nbsp;&nbsp;Alan B. Howe | Director |
| &nbsp;&nbsp;&nbsp;/s/ Philip D. Moeller | Director |
| &nbsp;&nbsp;&nbsp;Philip D. Moeller | Director |
| &nbsp;&nbsp;&nbsp;/s/ Rebecca L. Stahl | Director |
| &nbsp;&nbsp;&nbsp;Rebecca L. Stahl | Director |
| &nbsp;&nbsp;&nbsp;/s/ Joseph A. Tato | Director |
| &nbsp;&nbsp;&nbsp;Joseph A. Tato | Director |
| &nbsp;&nbsp;&nbsp;/s/ Dr. Naomi L. Boness | Director |
| &nbsp;&nbsp;&nbsp;Dr. Naomi L. Boness | Director |
| &nbsp;&nbsp;/s/ Dr. Homaira Akbari | Director |
| &nbsp;&nbsp;Dr. Homaira Akbari | Director |

---

March 16, 2026

## Exhibit 10.90

![](bwletteragreementamendme001.jpg)

PAGE 1 BABCOCK & WILCOX ENTERPRISES, INC. 1200 East Market Street Suite 650 Akron, OH 44305 December 22, 2025 Applied Digital Corporation 3811 Turtle Creek Blvd, Suite 2100 Dallas, TX 75219 Re: Amendment to Letter Agreement Reference is made to that certain Letter Agreement, dated as of November 4, 2025 (the "Letter Agreement"), by and between Babcock & Wilcox Enterprises, Inc., a Delaware corporation (the "Company"), and Applied Digital Corporation, a Nevada corporation ("Applied Digital") setting forth certain terms and conditions regarding the issuance by the Company to Applied Digital of (a) shares of common stock, par value $0.01 per share, of the Company (the "Common Stock") and (b) warrants to purchase shares of Common Stock. The Company and Applied Digital wish to amend the Letter Agreement hereby to correct an error in Section 1 of the Letter Agreement (this "Amendment"). Capitalized terms used in this Amendment, to the extent not defined herein or otherwise indicated, shall have the same meaning as in the Letter Agreement. 1. Section 1 of the Letter Agreement is hereby deleted in its entirety and replaced with the following: "1. Initial Issuance of Securities. On the date hereof, following the payment by Applied Digital to the Company of the Purchase Price (as defined below) by wire transfer of immediately available funds to the account designated in writing by the Company, the Company shall issue to Applied Digital 500,000 shares of Common Stock (the "Shares") for a purchase price of $2,000,000 (the "Purchase Price"). In addition, on the date hereof, the Company shall issue to Applied Digital a warrant to purchase 2,600,000 shares of Common Stock (the "Initial Warrant"), in form and substance of the Form of Warrant attached hereto as Exhibit A." 2. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Letter Agreement, and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Letter Agreement are ratified and confirmed and shall continue in full force and effect. The Letter Agreement, as amended, shall continue to be legal, valid, binding, and enforceable in accordance with its terms. 3. This Amendment and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Letter Agreement, as amended hereby, are hereby amended so that any reference in the Letter Agreement shall mean a reference to the Letter Agreement as amended hereby or of even date herewith, and as may be further amended from time to time. 4. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same document. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means (e.g. "pdf" or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. 5. The Letter Agreement, as amended by this Amendment, represents the entire agreement Docusign Envelope ID: 76E07E83-E20C-4E0B-86F1-384CCB238176

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![](bwletteragreementamendme002.jpg)

PAGE 2 between the parties related to the subject matter thereof and hereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. [Signature Pages Follow] Docusign Envelope ID: 76E07E83-E20C-4E0B-86F1-384CCB238176

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![](bwletteragreementamendme003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Please confirm that the foregoing is our mutual understanding by signing and returning to us an executed counterpart of this Amendment. Very truly yours, BABCOCK & WILCOX ENTERPRISES, INC. By: Print: Cameron Frymyer Title: Executive VP and CFO Accepted and agreed to as of the date first written above by: APPLIED DIGITAL CORPORATION By: Print: Title: Docusign Envelope ID: 76E07E83-E20C-4E0B-86F1-384CCB238176 SAIDAL MOHMAND CFO

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## Exhibit 10.91

![](bw-axosxtenthamendmentto001.jpg)

Execution Version TENTH AMENDMENT TO CREDIT AGREEMENT AND AMENDMENT TO SECURITY AGREEMENT This Tenth Amendment to Credit Agreement and Amendment to Security Agreement (this "Amendment") is made as of February 25, 2026, by and among: BABCOCK & WILCOX ENTERPRISES, INC., a Delaware corporation (the "Borrower"); the Persons named on Schedule I hereto (individually, a "Guarantor", and collectively, the "Guarantors"; the Guarantors, together with the Borrower, are hereinafter referred to individually as a "Loan Party" and collectively as the "Loan Parties"); the LENDERS party hereto; and AXOS BANK, as Administrative Agent; in consideration of the mutual covenants herein contained and benefits to be derived herefrom. W I T N E S S E T H: WHEREAS, reference is made to that certain Credit Agreement, dated as of January 18, 2024 (as amended, modified, extended, restated, renewed, replaced, or supplemented from time to time, the "Credit Agreement"), by, among others, the Borrower, the Guarantors, the Lenders party thereto from time to time, and Axos Bank, as Administrative Agent; WHEREAS, reference is further made to that certain Security and Pledge Agreement, dated as of January 18, 2024 (as amended, modified, extended, restated, renewed, replaced, or supplemented from time to time, the "Security Agreement"), by and among the Borrower, the Guarantors and the Administrative Agent; WHEREAS, prior to the date hereof, (i) the February 2026 Unsecured Notes were paid and satisfied in full, (ii) Allen-Sherman-Hoff, LLC changed its name to Ember Disposition, LLC, (iii) B. Riley Financial, Inc. changed its name to BRC Group Holdings, Inc., (iv) SOFCO – EFS Holdings LLC dissolved, and (v) B&W PGG Luxembourg Canada Holdings dissolved, with the result of such dissolution being that the Equity Interests in Babcock & Wilcox Canada Corp. are now held by The Babcock & Wilcox Company; WHEREAS, the Borrowers and the Guarantors have requested that the Administrative Agent and the Lenders agree to amend certain provisions of the Credit Agreement to, among other things, (i) temporarily increase the amounts available to be borrowed based on Inventory, and (ii) modify certain other terms of the Credit Agreement; WHEREAS, the parties desire to amend the Security Agreement to address certain issues with respect to unlimited liability companies; and NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in this Amendment, and for good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned hereby agree as hereinafter provided: 1. Defined Terms. Capitalized terms used in this Amendment shall have the respective meanings assigned to such terms in the Credit Agreement or the Security Agreement unless otherwise defined herein. 2. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows:

------

![](bw-axosxtenthamendmentto002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 (a) By amending Section 1.01 (Defined Terms) thereof as follows: (i) By amending the definition of "Borrowing Base" therein by amending and restating clause (b) thereof to read in its entirety as follows: "(b) up to 90% multiplied by the face amount of Eligible Trade Receivables; plus" (ii) By amending and restating the definition of "Fee Letter" therein to read in its entirety as follows: " "Fee Letter" means, collectively, (i) the letter agreement, dated as of the Closing Date, between the Borrower and the Administrative Agent, (ii) the letter agreement, dated as of the First Amendment Effective Date, between the Borrower and the Administrative Agent, (iii) the letter agreement, dated as of the Fourth Amendment Effective Date, between the Borrower and the Administrative Agent, (iv) the letter agreement, dated as of the Fifth Amendment Effective Date, between the Borrower and the Administrative Agent, (v) the letter agreement, dated as of the Sixth Amendment Effective Date, between the Borrower and the Administrative Agent, (vi) the letter agreement, dated as of the Seventh Amendment Effective Date, between the Borrower and the Administrative Agent, (vii) the letter agreement, dated as of the Eighth Amendment Effective Date, between the Borrower and the Administrative Agent, (viii) the letter agreement, dated as of the Ninth Amendment Effective Date, between the Borrower and the Administrative Agent, and (ix) the letter agreement, dated as of the Tenth Amendment Effective Date, between the Borrower and the Administrative Agent." (iii) By amending and restating the definition of "Loan Documents" therein to read in its entirety as follows: " "Loan Documents" means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the Collateral Documents, (e) the Fee Letter, (f) each Issuer Document, (g) each Joinder Agreement, (h) each Borrowing Base Certificate, (i) [reserved], (j) the Intercreditor Agreement, the Specified Guarantor Subordination Agreement, the PBGC Subordination Agreement and the Secured Notes Intercreditor Agreement, (k) the Post-Closing Letter, (l) the Global Intercompany Note, (m) any agreement creating or perfecting rights in Cash Collateral or Specified Cash Collateral pursuant to the provisions of Section 2.14, (n) the PNC Payoff Letter, and (o) all other certificates, agreements, documents and instruments executed and delivered, in each case, by or on behalf of any Loan Party pursuant to the foregoing (but specifically excluding any Secured Bank Product Agreement or any Secured Cash Management Agreement) and any amendments, modifications or supplements thereto or to any other Loan Document or waivers hereof or to any other Loan Document; provided, however, that for purposes of Section 11.01, "Loan Documents" shall mean this Agreement, the Guaranty and the Collateral Documents." (iv) By amending and restating the definition of "NOLV Percentage" therein to read in its entirety as follows:

------

![](bw-axosxtenthamendmentto003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 " "NOLV Percentage" means, from and after the Tenth Amendment Effective Date, 30.78%." (v) By amending and restating the definition of "Maturity Date" therein to read in its entirety as follows: " "Maturity Date" means January 18, 2028." (vi) By adding the following new definitions thereto in appropriate alphabetical order: " "Canadian Project Accounts" has the meaning specified in Section 6.14(d)." " "[\*\*\*] Account" has the meaning specified in Section 6.14(d)." " "December 2026 Unsecured Notes" means the Unsecured Notes described in clause (y) of such definition." " "Tenth Amendment Effective Date" means February 25, 2026." (b) By amending each of Sections 5.19 (Responsible Officers), 5.20 (Subsidiaries; Equity Interests; Loan Parties), 5.21 (Collateral Representations) and 5.26 (Labor Matters) thereof by deleting each reference to the phrase "the Closing Date" therefrom and substituting in its stead the phrase "the Tenth Amendment Effective Date". (c) By amending Section 6.14 (Covenant to Give Security) thereof by amending and restating clause (d) thereof to read in its entirety as follows: "(d) Account Control Agreements. Each of the Loan Parties shall not open, maintain or otherwise have any deposit or other accounts (including securities accounts) at any bank or other financial institution, or any other account where money or securities are or may be deposited or maintained with any Person, other than (i) subject to the requirements of Section 6.17, deposit accounts that are maintained at all times with depositary institutions approved by the Administrative Agent and as to which deposit accounts the Administrative Agent shall have received a Qualifying Control Agreement, (ii) securities accounts that are maintained at all times with financial institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement, (iii) deposit accounts established solely as payroll, zero balance accounts, and accounts held at Axos Bank, (iv) deposit accounts numbered [\*\*\*] and [\*\*\*] established by [\*\*\*] and maintained solely as zero balance accounts for purposes of payroll and accounts payable, respectively, which accounts are held at [\*\*\*], (v) the Existing L/C Loan Party Cash Collateral Account, (vi) the [\*\*\*] Cash Collateral Account, (vii) the [\*\*\*] Corporate Card Cash Collateral Account, (viii) deposit account numbered [\*\*\*] established by [\*\*\*]. and maintained solely as a zero balance account for purposes of payroll, which account is held at [\*\*\*], (ix) deposit account numbered [\*\*\*] established by [\*\*\*] and maintained solely for purposes of payroll, which account is held at [\*\*\*], (x) other deposit accounts, so long as at any time the balance in any such account does not exceed $250,000, (xi) deposit accounts numbered [\*\*\*] and [\*\*\*] established by [\*\*\*], which accounts are held at [\*\*\*] (collectively, the "Canadian Project Accounts"), so long as the aggregate balance in all such accounts does not, at any time, exceed $15,000,000, (xii) deposit account numbered [\*\*\*] established by [\*\*\*], held at [\*\*\*] (the "[\*\*\*] Account"), so long as (A) the balance in such account does not, at any

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![](bw-axosxtenthamendmentto004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 time, exceed $5,000,000, and (B) the aggregate balance between the [\*\*\*] Account and the Canadian Project Accounts do not, at any time, exceed $15,000,000, (xiii) deposit accounts numbered [\*\*\*] and [\*\*\*] established by [\*\*\*], which accounts are held at [\*\*\*], so long as the aggregate balance at such accounts does not, at any time, exceed $250,000, and (xiv) deposit account numbered [\*\*\*] established by [\*\*\*], which account is held at [\*\*\*], so long as the balance at such account does not, at any time, exceed $500,000." (d) By amending Section 6.17 (Cash Management) thereof by amending and restating it to read in its entirety as follows: "6.17 Cash Management. Maintain all primary cash management and treasury business with Axos Bank. Within ninety (90) days following the Tenth Amendment Effective Date (or such later date as the Administrative Agent may agree), (i) cause substantially all deposits denominated in Dollars and held in the Canadian Project Accounts and [\*\*\*] Account to be transferred to a deposit account maintained with Axos Bank, (ii) maintain a balance no greater than $1,000,000 in Canadian Project Accounts set up to hold deposits denominated in Dollars, and (iii) maintain only deposits denominated in Canadian Dollars in the Canadian Project Accounts; provided, that within ninety (90) days following the first date on which Axos Bank may accept deposits denominated in Canadian Dollars (or such later date as the Administrative Agent may agree), the Loan Parties shall (i) cause substantially all deposits denominated in Canadian Dollars in the Canadian Project Accounts to be transferred to a deposit account maintained with Axos Bank, and (ii) maintain a balance no greater than $1,000,000 in the aggregate, for the Canadian Project Accounts. No Loan Party shall open any new deposit or other accounts (including securities accounts) at any bank or financial institution (other than Axos Bank) to which such Loan Party is obligated on account of Indebtedness without prior approval from the Administrative Agent. All cash, proceeds of collateral, and other amounts at any time received by any Loan Party shall be deposited into deposit accounts (and any associated lockbox) maintained at Axos Bank (collectively, the "Collection Account") or as otherwise expressly permitted pursuant to Section 6.14(d). All funds deposited in the Collection Account or another deposit account maintained at Axos Bank shall immediately become subject to the Lien in favor of the Administrative Agent, for itself and the benefit of the Secured Parties. The Collection Account shall, at all times during the continuance of a Cash Dominion Event, be under the sole dominion and control of the Administrative Agent. The Loan Parties hereby acknowledge and agree that during the continuance of a Cash Dominion Event, (i) the Loan Parties have no right of withdrawal from the Collection Account, and (ii) the funds on deposit in the Collection Account shall be applied to the Obligations as provided in this Agreement. In the event that, notwithstanding the provisions of this Section 6.17, any Loan Party receives or otherwise has dominion and control of any such cash receipts or collections, such receipts and collections shall be held in trust by such Loan Party for the Administrative Agent, shall not be commingled with any of such Loan Party's other funds or deposited in any account of such Loan Party and shall, not later than the Business Day after receipt thereof, be deposited into the Collection Account or dealt with in such other fashion as such Loan Party may be instructed by the Administrative Agent. During the continuance of a Cash Dominion Event, the Administrative Agent shall apply all funds received by it from the Collection Account to the repayment of the Obligations, subject to the Borrower's ability to re-borrow, in each case in accordance with the terms hereof."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 (e) By amending Section 6.22 (Unsecured Notes) thereof by adding the following new clauses (f) and (g) at the end thereof: "(f) On or before October 30, 2026 and in accordance with Section 3.03 of the Unsecured Notes Indenture described in clause (w) of such definition, deliver a notice of redemption to each holder of the December 2026 Unsecured Notes, with the redemption date set forth therein to be no later than November 30, 2026. (g) On or before November 30, 2026, cause the December 2026 Unsecured Notes to be (i) repaid in full, or (ii) otherwise satisfied in full in a manner reasonably satisfactory to the Administrative Agent." (f) By amending Section 7.11 (Financial Covenants) thereof by amending and restating clause (f) thereof to read in its entirety as follows: "(f) Unrestricted Cash. Unless otherwise agreed in writing by Administrative Agent, permit, at any time, unrestricted cash and Cash Equivalents on the Consolidated balance sheet of the Loan Parties on a Consolidated basis as of such time in excess of $15,000,000 in the aggregate to be maintained in deposit accounts or investment accounts with any deposit bank or securities intermediary other than Axos Bank or an Affiliate of Axos Bank; provided that no more than $5,000,000 of such amount shall be in deposit accounts or investment accounts that are not subject to Qualifying Control Agreements, held in a Canadian Project Account, or the [\*\*\*] Account." (g) By amending Section 8.01 (Events of Default) thereof by amending and restating clauses (a) and (j) thereof to read in their entirety, respectively, as follows: "(a) Non-Payment. The Borrower or any other Loan Party fails to (i) when and as required to be paid herein, and in the currency required hereunder, (x) pay any amount of principal of any Loan or any L/C Obligation, or (y) deposit any funds as Cash Collateral in respect of L/C Obligations, or (z) deposit any funds as Specified Cash Collateral, or (ii) within three (3) days after the same becomes due, pay any interest on any Loan or on any L/C Obligation, or any fee due hereunder or under any other Loan Document, or (iii) within five (5) days after the same becomes due, pay any other amount payable hereunder or under any other Loan Document; or" "(j) Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or the occurrence of the Facility Termination Date, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or it is or becomes unlawful for a Loan Party to perform any of its obligations under the Loan Documents; or" (h) By amending and restating each of Schedules 1.01(a), 1.01(b), 1.01(c), 1.01(e), 5.09, 5.10, 5.12, 5.20(a), 5.20(b), 5.21(b)(i), 5.21(b)(ii), 5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 5.21(f), 5.21(g)(i), 5.21(g)(ii), and 5.21(h) thereto in the form of the corresponding Schedule attached hereto as Annex I. 3. Amendment to Security Agreement. The Security Agreement is hereby amended by adding the following new paragraph at the end of Section 2 thereof: "Notwithstanding the grant of security interest made by each Grantor in favor of the Administrative Agent, its successors and permitted assigns, for the benefit of the Secured Parties, of all of its Pledged Equity, or any provision to the contrary contained in this Agreement, any Grantor that controls any interest (for the purposes of this Section 2, "ULC Interests") in any unlimited liability company (for the purposes of this Section 2, a "ULC") pledged hereunder shall remain registered as the sole registered and beneficial owner of such ULC Interests and will remain as registered and beneficial owner until such time as such ULC Interests are effectively transferred into the name of the Administrative Agent or any other Person on the books and records of such ULC. Nothing in this Agreement is intended to or shall constitute the Administrative Agent or any Person as a shareholder or member of any ULC until such time as notice is given to such ULC and further steps are taken thereunder so as to register the Administrative Agent or any other Person as the holder of the ULC Interests of such ULC. To the extent any provision hereof would have the effect of constituting the Administrative Agent or any other Person as a shareholder or member of a ULC prior to such time, such provision shall be severed therefrom and ineffective with respect to the ULC Interests of such ULC without otherwise invalidating or rendering unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Pledged Equity which are not ULC Interests. Except upon the exercise of rights to sell or otherwise dispose of ULC Interests following the occurrence and during the continuance of an Event of Default, no Grantor shall cause or permit, or enable any ULC in which it holds ULC Interests to cause or permit, the Administrative Agent to: (a) be registered as shareholders or members of such ULC; (b) have any notation entered in its favor in the share register of such ULC; (c) be held out as a shareholder or member of such ULC; (d) receive, directly or indirectly, any dividends, property or other distributions from such ULC by reason of the Administrative Agent holding a security interest in such ULC; or (e) act as a shareholder or member of such ULC, or exercise any rights of a shareholder or member of such ULC including the right to attend a meeting of, or to vote the shares of, such ULC." 4. Temporary Suspension of PBGC Reserve. On or about the Fifth Amendment Effective Date, the Administrative Agent established a Reserve in accordance with the Credit Agreement in an amount equal to the aggregate contributions required to be made by the Borrower or its Subsidiaries to the B&W Pension Plan with respect to the Specified Plan Year as required by the PBGC for two (2) plan years (such amount being $6,000,000 in the aggregate), which amount was reduced to $3,000,000 on or about September 15, 2025 (the "PBGC Reserve"). The Administrative Agent, in its Permitted Discretion, has determined to suspend the PBGC Reserve; provided that such temporary suspension shall terminate (and the PBGC Reserve shall be re-imposed in the amount of $3,000,000) on January 1, 2027, unless on or prior to such date, the Administrative Agent shall have received evidence, in form and substance satisfactory to the Administrative Agent, that the $3,000,000 installment due to the PBGC on or prior to September 15, 2026 pursuant to the PBGC Document described in clause (iii) of such definition (the "September 2026 PBGC Installment") shall have been paid. Nothing contained herein (other than the suspension of the PBGC Reserve as and to the extent expressly set forth in the immediately preceding sentence) shall restrict, impair or otherwise affect the Administrative Agent's and the Lenders' rights to administer the lending relationship with the Loan Parties under and in accordance with the Credit Agreement and the other Loan Documents, including, without limitation, the imposition, change, release or re-imposition of

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 any Reserves in such amounts and with respect to such matters as the Administrative Agent may elect from time to time pursuant to the terms of the Credit Agreement. 5. Termination of Specified Guaranty; Amendment to Specified Guarantor Subordination Agreement; Waiver to Secured Notes Intercreditor Agreement. The parties hereto acknowledge and agree that effective as of the date hereof, (i) the Specified Guaranty is hereby terminated and of no further force and effect, (ii) the Specified Guarantor Subordination Agreement is hereby amended by deleting the last sentence from Section 3.1 thereof in its entirety, and (iii) the Specified Guarantor, in its capacity as 2nd Lien Creditor under the Secured Notes Intercreditor Agreement, irrevocably waives any consent rights it may have pursuant to the proviso to Section 5.1 of the Secured Notes Intercreditor Agreement and agrees that is shall not be included in the definition of "Requisite Junior Lien Creditors" for purposes of such proviso. The Specified Guarantor Subordination Agreement (as amended pursuant to the immediately preceding sentence) remains in full force and effect. The Specified Guarantor acknowledges and agrees that his consent is not required for the extension of the Maturity Date contemplated by this Amendment. The waiver by the Specified Guarantor to such rights under the Secured Notes Intercreditor Agreement in no way shall affect the rights and obligations of the other parties therein. 6. Ratification of Loan Documents. Except as otherwise expressly provided herein, all terms and conditions of the Credit Agreement, the Security Agreement, the other Collateral Documents and the other Loan Documents remain in full force and effect. The Loan Parties hereby ratify, confirm, and reaffirm that all representations and warranties of the Loan Parties contained in the Credit Agreement, the Security Agreement, the other Collateral Documents and each other Loan Document are true and correct in all material respects on and as of the date hereof, except to the extent that (x) such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects on and as of such earlier date, or (y) such representations and warranties contain a materiality qualification, in which case they are true and correct in all respects. The Guarantors hereby acknowledge, confirm and agree that the Guaranteed Obligations of the Guarantors under the Guaranty include, without limitation, all Obligations of the Loan Parties at any time and from time to time outstanding under the Credit Agreement, the Security Agreement and the other Loan Documents, as such Obligations have been amended pursuant to this Amendment. The Loan Parties hereby acknowledge, confirm and agree that the Collateral Documents and any and all Collateral previously pledged to the Administrative Agent, for the benefit of the Secured Parties, pursuant thereto, shall continue to secure all applicable Obligations of the Loan Parties at any time and from time to time outstanding under the Credit Agreement and the other Loan Documents. 7. Conditions to Effectiveness. This Amendment shall not be effective until each of the following conditions precedent has been fulfilled to the reasonable satisfaction of the Administrative Agent: (a) The Administrative Agent shall have received (i) counterparts of this Amendment duly executed and delivered by each of the parties hereto (including, without limitation, the Lenders), (ii) counterparts of the Fee Letter described in clause (vii) of the definition thereof (as amended hereby), duly executed and delivered by each of the parties hereto, and (iii) each of the other documents, instruments, agreements and deliverables identified on a schedule previously delivered to the Borrower, each in form and substance reasonably satisfactory to the Administrative Agent and, where necessary, duly executed and delivered by each of the parties thereto (together with this Amendment, collectively, the "Tenth Amendment Closing Documents").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 (b) All action on the part of the Loan Parties necessary for the valid execution, delivery and performance by the Loan Parties of this Amendment and the documents, instruments and agreements to be executed in connection herewith shall have been duly and effectively taken and evidence thereof reasonably satisfactory to the Administrative Agent shall have been provided to the Administrative Agent. (c) Since December 31, 2024, there shall not have occurred any event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. (d) The Administrative Agent shall have received for each Loan Party, in form and substance reasonably satisfactory to the Administrative Agent, an officer's certificate dated the date hereof certifying (i) that none of the Organization Documents (including, without limitation, resolutions of the governing body) of such Loan Party have been amended, modified, supplemented, revoked or rescinded since the Closing Date (or, in the case of the Guarantors that joined the Loan Documents on the Seventh Amendment Effective Date or on July 31, 2025, since the Seventh Amendment Effective Date or July 31, 2025, as applicable), except as attached to such officer's certificate (which attachment, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), and (ii) as to the good standing, existence or its equivalent of such Loan Party and the incumbency (including specimen signatures) of the Responsible Officers of such Loan Party. (e) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, (i) searches of UCC and PPSA filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative Agent's security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens, (ii) tax lien, judgment and bankruptcy searches, and (iii) searches of ownership of Intellectual Property at the United States Patent and Trademark Office, the United States Copyright Office and the Canadian Intellectual Property Office and such patent/trademark/copyright/industrial design filings as requested by the Administrative Agent in order to perfect the Administrative Agent's security interest in the Intellectual Property. (f) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, copies of insurance policies, declaration pages, certificates, and endorsements of insurance or insurance binders evidencing liability, casualty, property, terrorism and business interruption insurance meeting the requirements set forth in the Credit Agreement or in the Collateral Documents or as required by the Administrative Agent. (g) Upon the reasonable request of any Lender, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable "know your customer" and anti- money-laundering rules and regulations, including, without limitation, the Patriot Act and Canadian AML Legislation, and any Loan Party that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 (h) The Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions) of counsel for the Loan Parties, dated as of the date hereof and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent. (i) The Administrative Agent shall have received evidence that all members, boards of directors, governmental, shareholder and material third party consents and approvals necessary in connection with the execution, delivery and performance by any Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party have been obtained. (j) The Administrative Agent and the Lenders shall have received payment for all fees and expenses owing pursuant to Section 11.04 of the Credit Agreement. (k) After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. (l) The Administrative Agent shall have received such additional documents, instruments, and agreements as the Administrative Agent may reasonably request in connection with the transactions contemplated hereby. 8. Condition Subsequent. The Loan Parties covenant and agree as follows: (a) Within sixty (60) days following the Tenth Amendment Effective Date (or such later date as the Administrative Agent may agree in writing to in its sole discretion), the Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent a fully executed Qualifying Control Agreement with respect to The Babcock & Wilcox Company's deposit account ending [\*\*\*] and maintained with [\*\*\*] (b) Within ninety (90) days following the Tenth Amendment Effective Date (or such later date as the Administrative Agent may agree in writing to in its sole discretion), the Loan Parties shall deliver, or cause to be delivered, to the Administrative Agent evidence, in form and substance reasonably satisfactory to the Administrative Agent, of the discharge of the security registrations made at the Canadian Intellectual Property Office in favor of MSD PCOF Partners XLV, LLC against the Intellectual Property of Babcock and Wilcox FPS, Inc. The Loan Parties acknowledge and agree that the failure to comply with any of the foregoing covenants shall constitute an Event of Default pursuant to Section 8.01(b) of the Credit Agreement. 9. Representations and Warranties of the Loan Parties. Each of the Loan Parties hereby represents and warrants as follows: (a) The execution, delivery and performance by each Loan Party of this Amendment have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Person's Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of (or the requirement to create) any Lien under, or require any payment to be made under (1) any Contractual Obligation (including, without limitation, the Secured Notes Documents, the PBGC Documents and the Specified Guarantor Subordinated Debt Documents) to which

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries, except where such conflict, breach or contravention could not reasonably be expected to have a Material Adverse Effect, or (2) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (iii) violate any Applicable Law, except where, in the case of this clause (iii), such violation could not reasonably be expected to have a Material Adverse Effect. (b) This Amendment has been duly executed and delivered by each Loan Party. This Amendment constitutes a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party in accordance with its terms. (c) The Loan Parties, together with their Subsidiaries on a Consolidated basis, are Solvent. (d) Since December 31, 2024, there has not occurred any event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. (e) After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 10. Miscellaneous. (a) Each of the Loan Parties and the Specified Guarantor hereby acknowledges and agrees that it has no offsets, defenses, claims, or counterclaims against the Administrative Agent, the other Secured Parties, or their respective Related Parties, with respect to the Obligations, and that if any of the Loan Parties or the Specified Guarantor now has, or ever did have, any offsets, defenses, claims, or counterclaims against such Persons, whether known or unknown, at law or in equity, from the beginning of the world through this date and through the time of execution of this Amendment, all of them are hereby expressly WAIVED, and each of the Loan Parties and the Specified Guarantor hereby RELEASES such Persons from any liability therefor. (b) The provisions of Section 11.18 (Electronic Execution; Electronic Records; Counterparts) of the Credit Agreement are hereby incorporated herein, mutatis mutandis. (c) This Amendment, the Credit Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent or the L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. (d) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. (e) If any provision of this Amendment, the Credit Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Amendment, the Credit Agreement and the other Loan Documents shall not be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. (f) The Loan Parties represent and warrant that they have consulted with independent legal counsel of their selection in connection with this Amendment and are not relying on any representations or warranties of the Administrative Agent or the other Secured Parties or their respective counsel in entering into this Amendment. (g) THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. [SIGNATURE PAGES FOLLOW]

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Signature Page to Tenth Amendment to Credit Agreement and Amendment to Security Agreement IN WITNESS WHEREOF, the parties have hereunto caused this Amendment to be executed and their seals to be hereto affixed as of the date first above written. BABCOCK & WILCOX ENTERPRISES, INC., as Borrower By: ____________________________ Name: Denes J. Veres Title: Treasurer AMERICON EQUIPMENT SERVICES, INC. AMERICON, LLC BABCOCK & WILCOX CONSTRUCTION CO., LLC BABCOCK & WILCOX EQUITY INVESTMENTS, LLC BABCOCK & WILCOX HOLDINGS, LLC BABCOCK & WILCOX INTERNATIONAL SALES AND SERVICE CORPORATION BABCOCK & WILCOX INTERNATIONAL, INC. THE BABCOCK & WILCOX COMPANY BABCOCK & WILCOX TECHNOLOGY, LLC DIAMOND OPERATING CO., INC. DIAMOND POWER CHINA HOLDINGS, INC. DIAMOND POWER EQUITY INVESTMENTS, INC. BABCOCK & WILCOX SPIG, INC. BABCOCK & WILCOX CANADA CORP. BABCOCK & WILCOX NEW ENERGY HOLDINGS, LLC BABCOCK & WILCOX SOLAR ENERGY, INC. BABCOCK & WILCOX CHANUTE, LLC BABCOCK & WILCOX FPS INC., BABCOCK & WILCOX DEVELOPMENTS, LLC MASSILLON NG2H, LLC WYOMING C2H, LLC MOUNTAINEER C2H, LLC BAYOU B2H, LLC EMBER DISPOSITION, LLC BABCOCK & WILCOX IP HOLDINGS, LLC, as Guarantors By: ____________________________ Name: Denes J. Veres Title: Treasurer

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Signature Page to Tenth Amendment to Credit Agreement and Amendment to Security Agreement AXOS BANK, as Administrative Agent and a Lender By: ____________________________ Name: Title:

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Signature Page to Tenth Amendment to Credit Agreement and Amendment to Security Agreement The provisions of Sections 4 and 10 of the foregoing Amendment are hereby acknowledged and agreed in all respects: BRC GROUP HOLDINGS, INC. (f/k/a B. Riley Financial, Inc.), as Specified Guarantor By: _____________________________ Name: _____________________________ Title: _____________________________

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## Exhibit 21.1

**Exhibit 21.1**

**BABCOCK & WILCOX ENTERPRISES, INC.**

**SUBSIDIARIES**

**YEAR ENDED DECEMBER 31, 2025**

---

| | | |
|:---|:---|:---|
| **Name of Company** | **Jurisdiction of <br>Organization** | **Percentage <br>of Ownership <br>Interest** |
| 1867BW, LLC | Delaware | 100 |
| Americon Equipment Services, Inc. | Delaware | 100 |
| Americon, LLC | Delaware | 100 |
| B&W de Panama, Inc. | Panama | 100 |
| Babcock & Wilcox A/S | Denmark | 100 |
| Babcock and Wilcox ME Holdings Limited | United Arab Emirates | 100 |
| Babcock & Wilcox Acorn Holdings, LLC | Delaware | 100 |
| Babcock & Wilcox Australia Pty. Ltd. | Australia | 100 |
| Babcock & Wilcox Canada Corp. | Nova Scotia | 100 |
| Babcock & Wilcox Chanute, LLC | Oklahoma | 100 |
| Babcock & Wilcox Construction Co., LLC | Delaware | 100 |
| Babcock & Wilcox Developments, LLC | Delaware | 100 |
| Babcock & Wilcox de Monterrey, S.A. de C.V. | Mexico | 100 |
| Babcock & Wilcox Egypt, LLC | Egypt | 100 |
| Babcock & Wilcox Equity Investments, LLC | Delaware | 100 |
| Babcock & Wilcox FPS Inc. | Canada | 100 |
| Babcock & Wilcox Global Sales & Services - Chile SpA | Chile | 100 |
| Babcock & Wilcox Global Vendas and Servicos Brasil Ltda. | Brazil | 100 |
| Babcock & Wilcox Global Sales and Services Pte. Ltd. | Singapore | 100 |
| Babcock & Wilcox Global Sales and Services Pte. Ltd. - Philippines Branch | Philippines | 100 |
| Babcock & Wilcox Holdings, LLC | Delaware | 100 |
| Babcock & Wilcox India Private Limited | India | 100 |
| Babcock & Wilcox International Investments Co., Inc. | Panama | 100 |
| Babcock & Wilcox International Sales and Service Corporation | Delaware | 100 |
| Babcock & Wilcox International, Inc. | Delaware | 100 |
| Babcock & Wilcox IP Holdings, LLC | Delaware | 100 |
| Babcock & Wilcox New Energy Holdings, LLC | Delaware | 100 |
| Babcock & Wilcox Precipitators, LLC | Delaware | 100 |
| Babcock and Wilcox S. Africa (Pty) Ltd. | South Africa | 100 |
| Babcock & Wilcox Singapore Pte. Ltd. | Singapore | 100 |
| Babcock & Wilcox Solar Energy, Inc. | Illinois | 100 |
| Babcock & Wilcox Solar Holdings, LLC | Delaware | 100 |
| Babcock & Wilcox SPIG, Inc. | New Jersey | 100 |
| Babcock & Wilcox Technology, LLC | Delaware | 100 |
| Babcock & Wilcox Vietnam Company Limited | Vietnam | 100 |
| Babcock & Wilcox Volund Limited | United Kingdom | 100 |
| Babcock Wilcox Arabia Limited Company | Saudi Arabia | 100 |
| Bayou B2H, LLC | Delaware | 100 |
| Dampkraft Insurance Company | South Carolina | 100 |
| Diamond Operating Co., Inc. | Delaware | 100 |

---

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| | | |
|:---|:---|:---|
| **Name of Company** | **Jurisdiction of <br>Organization** | **Percentage <br>of Ownership <br>Interest** |
| Diamond Power China Holdings, Inc. | Delaware | 100 |
| Diamond Power Equity Investments, Inc. | Delaware | 100 |
| Ember Disposition, LLC | Delaware | 100 |
| Focaliti, LLC | Delaware | 100 |
| Great Arrow Builders, LLC | Delaware | 15 |
| Massillon NG2H, LLC | Delaware | 100 |
| Mountaineer C2H, LLC | Delaware | 100 |
| P. T. Babcock & Wilcox Asia | Indonesia | 100 |
| Servicios de Fabricacion de Valle Soleado, S.A. de C.V. | Mexico | 100 |
| Servicios Profesionales de Valle Soleado, S.A. de C.V. | Mexico | 100 |
| The Babcock & Wilcox Company | Delaware | 100 |
| The Babcock & Wilcox Company - Dominican Republic Branch | Dominican Republic | 100 |
| Wyoming C2H, LLC | Delaware | 100 |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (Nos. 333-257262 and 333-283368) and Form S-8 (Nos. 333-245144, 333-256805, and 333-266238) of Babcock & Wilcox Enterprises, Inc. (the Company) of our reports dated March 16, 2026, relating to the consolidated financial statements and schedule, and the effectiveness of the Company's internal control over financial reporting, which appear in this Annual Report on Form 10-K. Our report on the effectiveness of internal control over financial reporting expresses an adverse opinion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2025.

/s/ BDO USA, P.C.

Cleveland, Ohio

March 16, 2026

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registration Statement No. 333-245144 on Form S-8 dated August 13, 2020, as amended by Post-Effective Amendment No. 1 dated June 04, 2021 pertaining to the registration of 3,000,000 shares under the Company's 2021 Long-Term Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registration Statement No. 333-256805 on Form S-8 dated June 04, 2021 pertaining to the registration of 1,250,000 shares under the Company's 2021 Long-Term Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registration Statement No. 333-257262 on Form S-3 dated June 22, 2021 pertaining to the resale registration of 2,916,880 shares of Series A Cumulative Perpetual Preferred Stock and 10,720,785 shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registration Statement No. 333-266238 on Form S-8 dated July 20, 2022 pertaining to the registration of 4,000,000 shares under the Company's 2021 Long-Term Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registration Statement No. 333-283368 on Form S-3 dated November 21, 2024 pertaining to the universal shelf registration of $600,000,000 of securities

of our report dated March 31, 2025, dual dated as of January 16, 2026 as to the effects of discontinued operations for Diamond Power discussed in Note 5, relating to the consolidated financial statements of Babcock & Wilcox Enterprises, Inc. appearing in this Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ Deloitte & Touche LLP

Cleveland, Ohio

March 16, 2026

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Kenneth M. Young, certify that:

1. I have reviewed this annual report on Form 10-K of Babcock & Wilcox Enterprises, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Dated: March 16, 2026 | /s/ Kenneth M. Young |
| | Kenneth M. Young |
| | Chairman and Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Cameron Frymyer, certify that:

1. I have reviewed this annual report on Form 10-K of Babcock & Wilcox Enterprises, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Dated: March 16, 2026 | /s/ Cameron Frymyer |
| | Cameron Frymyer |
| | Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer and Duly Authorized Representative) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

BABCOCK & WILCOX ENTERPRISES, INC.

Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Kenneth M. Young, President and Chief Executive Officer of Babcock & Wilcox Enterprises, Inc., a Delaware corporation (the "Company"), hereby certify, to my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Annual Report on Form 10-K for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of B&W as of the dates and for the periods expressed in the Report.

---

| | |
|:---|:---|
| Dated: March 16, 2026 | /s/ Kenneth M. Young |
| | Kenneth M. Young |
| | Chairman and Chief Executive Officer |

---

## Exhibit 32.2

**EXHIBIT 32.2**

BABCOCK & WILCOX ENTERPRISES, INC.

Certification Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Cameron Frymyer, Chief Financial Officer of Babcock & Wilcox Enterprises, Inc., a Delaware corporation (the "Company"), hereby certify, to my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Annual Report on Form 10-K for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of B&W as of the dates and for the periods expressed in the Report.

---

| | |
|:---|:---|
| Dated: March 16, 2026 | /s/ Cameron Frymyer |
| | Cameron Frymyer |
| | Executive Vice President and Chief Financial Officer<br>(Principal Financial and Accounting Officer and Duly Authorized Representative) |

---

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