# EDGAR Filing Document

**Accession Number:** 0001630805
**File Stem:** 0001630805-25-000062
**Filing Date:** 2025-8
**Character Count:** 330617
**Document Hash:** 735fed10bcc77149622eeafef9a48bed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001630805-25-000062.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001630805-25-000062

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 164

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36876
- **FILM NUMBER:** 251202218

**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-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

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

**For the quarterly period ended June 30, 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 |
| 8.125% Senior Notes due 2026 | BWSN | 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 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). 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

------

The number of shares of the registrant's common stock outstanding at August 5, 2025 was 101,097,542.

------

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

---

| | | |
|:---|:---|:---|
| | | **PAGE** |
| <u>[Cautionary Statement Concerning Forward-Looking Information](#icb90d36c8bda45fa986d1520d632b1e5_13)</u> | <u>[Cautionary Statement Concerning Forward-Looking Information](#icb90d36c8bda45fa986d1520d632b1e5_13)</u> | <u>[4](#icb90d36c8bda45fa986d1520d632b1e5_13)</u> |
| <u>[PART I - FINANCIAL INFORMATION](#icb90d36c8bda45fa986d1520d632b1e5_16)</u> | <u>[PART I - FINANCIAL INFORMATION](#icb90d36c8bda45fa986d1520d632b1e5_16)</u> |  |
| &nbsp;&nbsp;<u>Item 1.</u> | <u>[Condensed Consolidated Financial Statements](#icb90d36c8bda45fa986d1520d632b1e5_19)</u> | <u>[5](#icb90d36c8bda45fa986d1520d632b1e5_19)</u> |
|  | <u>[Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)](#icb90d36c8bda45fa986d1520d632b1e5_22)</u> | <u>[6](#icb90d36c8bda45fa986d1520d632b1e5_22)</u> |
|  | <u>[Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)](#icb90d36c8bda45fa986d1520d632b1e5_25)</u> | <u>[7](#icb90d36c8bda45fa986d1520d632b1e5_25)</u> |
|  | <u>[Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited)](#icb90d36c8bda45fa986d1520d632b1e5_28)</u> | <u>[8](#icb90d36c8bda45fa986d1520d632b1e5_28)</u> |
|  | <u>[Condensed Consolidated Statement of Stockholders' (Deficit) Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited)](#icb90d36c8bda45fa986d1520d632b1e5_31)</u> | <u>[9](#icb90d36c8bda45fa986d1520d632b1e5_31)</u> |
|  | <u>[Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited)](#icb90d36c8bda45fa986d1520d632b1e5_34)</u> | <u>[10](#icb90d36c8bda45fa986d1520d632b1e5_34)</u> |
|  | <u>[Notes to Condensed Consolidated Financial Statements](#icb90d36c8bda45fa986d1520d632b1e5_37)</u> | <u>[12](#icb90d36c8bda45fa986d1520d632b1e5_37)</u> |
| &nbsp;&nbsp;<u>[Item 2.](#icb90d36c8bda45fa986d1520d632b1e5_145)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#icb90d36c8bda45fa986d1520d632b1e5_145)</u> | <u>[38](#icb90d36c8bda45fa986d1520d632b1e5_145)</u> |
|  | <u>[Overview](#icb90d36c8bda45fa986d1520d632b1e5_148)</u> | <u>[38](#icb90d36c8bda45fa986d1520d632b1e5_148)</u> |
|  | <u>[Results of Operations - Three and Six Months Ended June 30, 2025 and 2024](#icb90d36c8bda45fa986d1520d632b1e5_160)</u> | <u>[40](#icb90d36c8bda45fa986d1520d632b1e5_160)</u> |
|  | <u>[Liquidity and Capital Resources](#icb90d36c8bda45fa986d1520d632b1e5_247)</u> | <u>[49](#icb90d36c8bda45fa986d1520d632b1e5_247)</u> |
|  | <u>[Critical Accounting Policies and Estimates](#icb90d36c8bda45fa986d1520d632b1e5_250)</u> | <u>[51](#icb90d36c8bda45fa986d1520d632b1e5_250)</u> |
| &nbsp;&nbsp;<u>[Item 3.](#icb90d36c8bda45fa986d1520d632b1e5_253)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#icb90d36c8bda45fa986d1520d632b1e5_253)</u> | <u>[51](#icb90d36c8bda45fa986d1520d632b1e5_253)</u> |
| &nbsp;&nbsp;<u>[Item 4.](#icb90d36c8bda45fa986d1520d632b1e5_256)</u> | <u>[Controls and Procedures](#icb90d36c8bda45fa986d1520d632b1e5_256)</u> | <u>[51](#icb90d36c8bda45fa986d1520d632b1e5_256)</u> |
| <u>[PART II - OTHER INFORMATION](#icb90d36c8bda45fa986d1520d632b1e5_265)</u> | <u>[PART II - OTHER INFORMATION](#icb90d36c8bda45fa986d1520d632b1e5_265)</u> |  |
| &nbsp;&nbsp;<u>[Item 1.](#icb90d36c8bda45fa986d1520d632b1e5_268)</u> | <u>[Legal Proceedings](#icb90d36c8bda45fa986d1520d632b1e5_268)</u> | <u>[53](#icb90d36c8bda45fa986d1520d632b1e5_268)</u> |
| &nbsp;&nbsp;<u>[Item 1A.](#icb90d36c8bda45fa986d1520d632b1e5_271)</u> | <u>[Risk Factors](#icb90d36c8bda45fa986d1520d632b1e5_271)</u> | <u>[53](#icb90d36c8bda45fa986d1520d632b1e5_271)</u> |
| &nbsp;&nbsp;<u>[Item 2.](#icb90d36c8bda45fa986d1520d632b1e5_274)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#icb90d36c8bda45fa986d1520d632b1e5_274)</u> | <u>[53](#icb90d36c8bda45fa986d1520d632b1e5_274)</u> |
| &nbsp;&nbsp;<u>[Item 5.](#icb90d36c8bda45fa986d1520d632b1e5_277)</u> | <u>[Other Information](#icb90d36c8bda45fa986d1520d632b1e5_277)</u> | <u>[53](#icb90d36c8bda45fa986d1520d632b1e5_277)</u> |
| &nbsp;&nbsp;<u>[Item 6.](#icb90d36c8bda45fa986d1520d632b1e5_280)</u> | <u>[Exhibits](#icb90d36c8bda45fa986d1520d632b1e5_280)</u> | <u>[54](#icb90d36c8bda45fa986d1520d632b1e5_280)</u> |
| &nbsp;&nbsp;<u>[SIGNATURES](#icb90d36c8bda45fa986d1520d632b1e5_283)</u> |  | <u>[56](#icb90d36c8bda45fa986d1520d632b1e5_283)</u> |

---

------

**Definitions**

In this Quarterly Report on Form 10-Q, or this "Quarterly 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 Quarterly Report on Form 10-Q 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 |
| AOCI | Accumulated Other Comprehensive Income (loss) |
| ASC | Accounting Standards Codification |
| ASH | Allen-Sherman-Hoff Division |
| ASU | Accounting Standards Update |
| At-The-Market offering | The offer and sale from time to time of shares of our common stock, having an aggregate offering price of up to $50.0 million |
| 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 |
| CODM | Chief Operating Decision Maker |
| 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 |
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
| Exchange Act | The Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| Fourth Amendment | Fourth Amendment to the Credit Agreement |
| GAAP | Generally Accepted Accounting Principles in the United States of America |
| GMAB | Babcock & Wilcox Vølund AB f/k/a Gӧtaverken Miljӧ AB |
| 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 |
| Notes Due 2026 | Collectively, the 8.125% Senior Notes due February 28, 2026 and the 6.50% Senior Notes due December 31, 2026 |
| Over time | Refers to fixed long-term pricing in contract term revenue |
| PBGC | Pension Benefit Guaranty Corporation |
| PNC | PNC Bank, National Association |
| Preferred Stock | 7.75% Series A Cumulative Perpetual Preferred Stock |
| Sales Agreement | Sales agreement with B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC |
| SEC | United States Securities and Exchange Commission |

---

------

---

| | |
|:---|:---|
| **Abbreviation or acronym** | **Term** |
| Securities Act | The Securities Act of 1933, as amended |
| SG&A | Selling, general and administrative expenses |
| Seventh Amendment | Seventh Amendment to the Credit Agreement |
| SOFR | The Secured Overnight Financing Rate |
| SPIG | SPIG S.p.A |

---

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

This Quarterly Report on Form 10-Q, 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 Quarterly Report are forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements 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: that our financial condition raises substantial doubt as to our ability to continue as a going concern and we have entered into a number of amendments and waivers to our Debt Facilities; our need of additional financing to continue as a going concern; any negative reactions to the substantial doubt about our ability to continue as a going concern by our customers, suppliers, vendors, employees and other third parties; risks associated with contractual pricing in our industry; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-core assets may not result in a successful transaction; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of macroeconomic downturns, industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to to improve our financial position or to obtain additional capital or refinance any of our debt in the future on commercially reasonable terms or at all; our ability to maintain adequate bonding and letter of credit capacity; impairment of goodwill or other indefinite-lived intangible assets; credit risk; disruptions in, or failures of, our information systems; our ability to comply with privacy and information security laws; our ability to protect our intellectual property and use the intellectual property that we license from third parties; risks related to our international operations, including fluctuations in the value of foreign currencies, current and future changes to global tariffs, sanctions and export controls that could harm our profitability; volatility in the price of our common stock; B. Riley's significant influence over us; changes in tax rates or tax law; our ability to use net operating loss and certain tax credits; our ability to maintain effective internal control over financial reporting; our ability to attract and retain skilled personnel and senior management; labor problems, including negotiations with labor unions and possible work stoppages; risks associated with our retirement benefit plans; natural disasters or other events beyond our control, such as war, armed conflicts or terrorist attacks; and the risks and uncertainties described under the heading "Risk Factors" in Part I, Item 1A of our Annual Report and Quarterly Reports on Form 10-Q, 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.

**PART I** 

**ITEM 1. Condensed Consolidated Financial Statements**

------

 **BABCOCK & WILCOX ENTERPRISES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| (in thousands, except per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Revenues | $144054 | $151414 | $299860 | $292288 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 100812 | 118337 | 226052 | 229055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 34008 | 36635 | 63025 | 65150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs | 941 | 890 | 1298 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets |  |  | 950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals, net  | 165 |  | 173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 135926 | 155862 | 291498 | 295747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | **8128** | **(4448)** | **8362** | **(3459)** |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (10992) | (11967) | (22034) | (23980) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 537 | 160 | 777 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | (1053) |  | (6124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit plans, net | (776) | 66 | (1555) | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | 1237 | 1395 | 862 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (294) | (22) | (625) | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (10288) | (11421) | (22575) | (29047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss before income tax expense** | **(2160)** | **(15869)** | **(14213)** | **(32506)** |
| Income tax expense | 3892 | 4678 | 5844 | 5663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from continuing operations** | **(6052)** | **(20547)** | **(20057)** | **(38169)** |
| (Loss) income from discontinued operations, net of tax | (52440) | 45953 | (60442) | 46742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) income attributable to stockholders** | **(58492)** | **25406** | **(80499)** | **8573** |
| Less: Dividend on Series A preferred stock | 3715 | 3715 | 7430 | 7429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) income attributable to stockholders of common stock** | $**(62207)** | $**21691** | $**(87929)** | $**1144** |
| Basic (loss) earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $(0.10) | $(0.26) | $(0.28) | $(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | (0.53) | 0.50 | (0.61) | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Basic (loss) earnings per share** | $**(0.63)** | $**0.24** | $**(0.89)** | $**0.01** |
| Diluted (loss) earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $(0.10) | $(0.26) | $(0.28) | $(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | (0.53) | 0.50 | (0.61) | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diluted (loss) earnings per share** | $**(0.63)** | $**0.24** | $**(0.89)** | $**0.01** |
| Shares used in the computation of basic (loss) earnings loss per share | 98719 | 91049 | 98327 | 90264 |
| Shares used in the computation of diluted (loss) earnings per share | 98719 | 91152 | 98327 | 90324 |

---

See accompanying notes to the Condensed Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(58492) | $25406 | $(80499) | $8573 |
| Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustments | 2196 | (2266) | 2599 | (5391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognition of currency translation adjustments to net income (loss) | 52646 | 1201 | 52646 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and post retirement adjustments, net of tax | 123 | 232 | 247 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 54965 | (833) | 55492 | (3727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive (loss) income | (3527) | 24573 | (25007) | 4846 |
| Comprehensive (income) loss attributable to non-controlling interest from discontinued operations | (44) | (40) | (66) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Comprehensive (loss) income attributable to stockholders** | $**(3571)** | $**24533** | $**(25073)** | $**4872** |

---

See accompanying notes to the Condensed Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| (in thousands, except per share amounts) | **June 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $21710 | $23400 |
| Current restricted cash | 77140 | 94167 |
| Accounts receivable – trade, net of allowance for credit losses of $1.4 million and $1.4 million as of June 30, 2025 and December 31, 2024, respectively | 97699 | 94509 |
| Contracts in progress | 70849 | 79392 |
| Inventories, net | 65704 | 64802 |
| Other current assets | 24461 | 23576 |
| Current assets held for sale | 169338 | 172668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 526901 | 552514 |
| Net property, plant and equipment and finance leases | 63555 | 60921 |
| Goodwill | 53440 | 51411 |
| Intangible assets, net | 17867 | 18699 |
| Right-of-use assets | 16064 | 16902 |
| Long-term restricted cash | 10238 | 10042 |
| Deferred tax assets | 89 |  |
| Other assets | 15336 | 16498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**703490** | $**726987** |
| Accounts payable | $96887 | $92068 |
| Accrued employee benefits | 4973 | 3830 |
| Advance billings on contracts | 59147 | 57814 |
| Accrued warranty expense | 2599 | 2748 |
| Financing lease liabilities | 1778 | 1644 |
| Operating lease liabilities | 3034 | 3204 |
| Other accrued liabilities | 34565 | 28729 |
| Current senior notes | 108581 |  |
| Current borrowings | 127165 | 125137 |
| Current liabilities held for sale | 90564 | 91477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **529293** | **406651** |
| Senior notes, net of current portion | 102214 | 340227 |
| Senior notes due 2030 | 124860 |  |
| Borrowings, net of current portion | 8504 | 8556 |
| Pension and other postretirement benefit liabilities | 185887 | 192665 |
| Finance lease liabilities, net of current portion | 27671 | 28501 |
| Operating lease liabilities, net of current portion | 13022 | 13801 |
| Deferred tax liability | 11250 | 9800 |
| Other noncurrent liabilities | 9475 | 9958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1012176** | **1010159** |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares 7,669 at June 30, 2025 and December 31, 2024 | 77 | 77 |
| &nbsp;&nbsp;Common stock, par value $0.01 per share, authorized shares of 500,000; outstanding shares of 99,189 and 95,138 at June 30, 2025 and December 31, 2024, respectively  | 5248 | 5208 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 1565762 | 1558828 |
| &nbsp;&nbsp;Treasury stock at cost, 2,379 and 2,379 shares at June 30, 2025 and December 31, 2024, respectively | (115500) | (115500) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (1733645) | (1645716) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (31168) | (86660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' deficit attributable to shareholders | (309226) | (283763) |
| &nbsp;&nbsp;&nbsp;Non-controlling interest from discontinued operations | 540 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' deficit** | **(308686)** | **(283172)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' deficit** | $**703490** | $**726987** |

---

See accompanying notes to the Condensed Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY**

**(Unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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) Equity** |
|<br>(in thousands, except share amounts) | **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) Equity** |
| Balance at December 31, 2024 | 95138 | $5208 | 7669 | $77 | $1558828 | $(115500) | $(1645716) | $(86660) | $591 | $(283172) |
| Net loss |  |  |  |  |  |  | (22007) |  | 18 | (21989) |
| Currency translation adjustments |  |  |  |  |  |  |  | 403 | 4 | 407 |
| Pension and post retirement adjustments, net of tax |  |  |  |  |  |  |  | 124 |  | 124 |
| Stock-based compensation charges |  |  |  |  | 760 |  |  |  |  | 760 |
| Preferred stock, net |  |  |  |  |  |  | (3715) |  |  | (3715) |
| Common stock offering, net | 3266 | 32 |  |  | 5155 |  |  |  |  | 5187 |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  | (118) | (118) |
| Balance at March 31, 2025 | 98404 | $5240 | 7669 | $77 | $1564743 | $(115500) | $(1671438) | $(86133) | $495 | $(302516) |
| Net loss |  | $— |  | $— | $— | $— | $(58492) | $— | $26 | $(58466) |
| Currency translation adjustments |  |  |  |  |  |  |  | 54842 | 137 | 54979 |
| Pension and post retirement adjustments, net of tax |  |  |  |  |  |  |  | 123 |  | 123 |
| Stock-based compensation charges | 531 | 5 |  |  | 728 |  |  |  |  | 733 |
| Preferred stock, net |  |  |  |  |  |  | (3715) |  |  | (3715) |
| Common stock offering, net | 254 | 3 |  |  | 291 |  |  |  |  | 294 |
| Dividends to non-controlling interest |  |  |  |  |  |  |  |  | (118) | (118) |
| Balance at June 30, 2025 | 99189 | $5248 | 7669 | $77 | $1565762 | $(115500) | $(1733645) | $(31168) | $540 | $(308686) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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) Equity** |
|<br>(in thousands, except share amounts) | **Shares** | **Par<br> Value** | **Shares** | **Par 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) Equity** |
| Balance at December 31, 2023 | 89449 | $5148 | 7669 | $77 | $1546281 | $(115164) | $(1570942) | $(66361) | $611 | $(200350) |
| Net loss |  |  |  |  |  |  | (16833) |  | 42 | (16791) |
| Currency translation adjustments |  |  |  |  |  |  |  | (3125) | (109) | (3234) |
| Pension and post retirement adjustments, net of tax |  |  |  |  |  |  |  | 231 |  | 231 |
| Stock-based compensation charges | 31 | 1 |  |  | 1390 |  |  |  |  | 1391 |
| Dividends to preferred stockholders |  |  |  |  |  |  | (3714) |  |  | (3714) |
| Balance at March 31, 2024 | 89480 | $5149 | 7669 | $77 | $1547671 | $(115164) | $(1591489) | $(69255) | $544 | $(222467) |
| Net income |  | $— |  | $— | $— | $— | $25315 | $— | $49 | $25364 |
| Currency translation adjustments |  |  |  |  |  |  |  | (1065) | (8) | (1073) |
| Pension and post retirement adjustments, net of tax |  |  |  |  |  |  |  | 232 |  | 232 |
| Stock-based compensation charges | 126 | 1 |  |  | 1273 | (16) |  |  |  | 1258 |
| Dividends to preferred stockholders |  |  |  |  |  |  | (3715) |  |  | (3715) |
| Common stock offering, net | 2404 | 24 |  |  | 2033 |  |  |  |  | 2057 |
| Balance at June 30, 2024 | 92010 | $5174 | 7669 | $77 | $1550977 | $(115180) | $(1569889) | $(70088) | $585 | $(198344) |

---

See accompanying notes to the Condensed Consolidated Financial Statements.

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**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** |
| Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from continuing operations | $(20057) | $(38169) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income from discontinued operations | (60442) | 46742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(80499) | $8573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of long-lived assets | 4807 | 9517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 9904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discount | 2308 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of guaranty fee | 108 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 3411 | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | 6124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of business | 35848 | (40174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals | 326 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Benefit from) provision for deferred income taxes | (471) | 2514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost amortization for pension and postretirement plans | 247 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1488 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | (5675) | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on securities | 2164 | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 632 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - trade, net | (2574) | (3891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contracts in progress | 9824 | (17362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent assets | (3022) | (11216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance billings on contracts | (1127) | (14950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (7878) | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (40) | 4649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (909) | 35287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 8085 | (11968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued contract loss | (3601) | (4659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension liabilities, accrued postretirement benefits and employee benefits | (6948) | (2374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (195) | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(33787)** | **(26745)** |
| Investing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (7076) | (7970) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of securities | (4650) | (3194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and maturities of securities | 2314 | 3723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business and assets, net | 20061 | 83477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by investing activities** | **10649** | **76036** |

---

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** |
| Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on loan payable | 53432 | 138961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments on loan payable | (46572) | (43164) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease payments | (819) | (673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of holdback funds from acquisition |  | (2950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of preferred stock dividends | (3715) | (7429) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of common stock returned to treasury stock |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock, net | 5487 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of non-controlling interest dividends | (121) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (5138) | (5064) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 26 | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **2580** | **81620** |
| Effects of exchange rate changes on cash | 301 | (191) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (20257) | 130720 |
| Cash, cash equivalents and restricted cash at beginning of period | 131064 | 71369 |
| **Cash, cash equivalents and restricted cash at end of period** | $**110807** | $**202089** |
| **Schedule of cash, cash equivalents and restricted cash:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $23429 | $95466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current restricted cash | 77140 | 75332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term restricted cash | 10238 | 31291 |
| **Total cash, cash equivalents and restricted cash at end of period** <sup>(1)</sup> | $**110807** | $**202089** |
| **Supplemental cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net | $4035 | $4253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $18513 | $16226 |

---

<sup>(1)</sup> Includes cash held at discontinued operations of $1.7 million and $2.1 million at June 30, 2025 and 2024, respectively.

See accompanying notes to the Condensed Consolidated Financial Statements.

------

**BABCOCK & WILCOX ENTERPRISES, INC.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE 30, 2025** 

**NOTE 1 – BASIS OF PRESENTATION**

These interim Condensed Consolidated Financial Statements of Babcock & Wilcox Enterprises, Inc. ("B&W," "management," "we," "us," "our" or the "Company") have been prepared in accordance with GAAP and SEC instructions for interim financial information, and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Notes to the Condensed Consolidated Financial Statements are presented on the basis of continuing operations, unless otherwise stated.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these Condensed Consolidated Financial Statements contain all estimates and adjustments, consisting of normal recurring adjustments, required to fairly present the financial position, results of operations, and cash flows for the periods presented. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2025.

There have been no material changes to our significant accounting policies included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Non-controlling interests are presented in the Condensed Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (non-controlling interests) in partially-owned subsidiaries have similar economic interests in a single entity. As a result, investments in non-controlling interests are reported as equity in the Condensed Consolidated Financial Statements. Additionally, the Condensed Consolidated Financial Statements include 100% of a controlled subsidiary's earnings, rather than only our share. Transactions between the parent company and non-controlling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control.

***Liquidity***

The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

Our assessment of our ability to fund future operations is inherently subjective, judgment-based and susceptible to change based on future events. In prior periods, we incurred operating losses, primarily due to losses recognized on our Vølund and B&W Solar business as well as higher debt service costs and recurring cash deficits from operating activities. While these conditions and events raise substantial doubt about our ability to continue as a going concern, we believe it is probable that our alternative measures contemplated alleviate the substantial doubt about our ability to continue as a going concern.

In response to the conditions, we have implemented several strategies to obtain the required funding for future operations and are considering other alternative measures to improve cash flow, including suspension of the dividend on our Preferred Stock and delaying development of new products, which together would reduce our annual cash spending. The following actions were completed through the issuance date of this Quarterly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sold non-core businesses for $197.1 million in net proceeds (described in Note 3 and Note 21 to the Condensed Consolidated Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sold 10.2 million common shares for net proceeds of $15.0 million pursuant to our At-The-Market offering (described in Note 14 to the Condensed Consolidated Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completed privately negotiated exchanges with two institutional investors of noteholders that resulted in $47.8 million aggregate principal amount of the Company's 6.50% Senior Notes due 2026 and $84.0 million aggregate principal amount of the Company's 8.125% Senior Notes due 2026 being exchanged for $100.7 million aggregate principal amount of newly-issued 8.75% Senior Notes (described in Note 13 to the Condensed Consolidated Financial Statements);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commenced a cash tender offer for the Company's remaining 6.5% Senior Notes due 2026 and 8.125% Senior Notes due 2026 (described in Note 13 to the Condensed Consolidated Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• signed the Ninth Amendment to the Credit Agreement to extend the maturity date of the Credit Facility to November 30, 2026 (described in Note 21 to the Condensed Consolidated Financial Statements); and

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

Based on our ability to raise funds through the actions noted above and our Cash and cash equivalents as of June 30, 2025, we have concluded it is probable that such actions would provide sufficient liquidity to fund operations for the next twelve months following the date of this Quarterly Report.

***Operations***

Our operations are assessed based on three reportable segments as described in Note 5 to the Condensed Consolidated Financial Statements.

For financial information about our segments, see Note 5 to the Condensed Consolidated Financial Statements.

**NOTE 2 – (LOSS) EARNINGS 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands, except per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Net loss from continuing operations | $(6052) | $(20547) | $(20057) | $(38169) |
| Less: Dividend on Series A preferred stock | 3715 | 3715 | 7430 | 7429 |
| Loss from continuing operations attributable to stockholders of common stock | (9767) | (24262) | (27487) | (45598) |
| (Loss) income from discontinued operations, net of tax | (52440) | 45953 | (60442) | 46742 |
| Net (loss) income attributable to stockholders of common stock | $(62207) | $21691 | $(87929) | $1144 |
| Weighted average shares used to calculate basic (loss) earnings per share | 98719 | 91049 | 98327 | 90264 |
| Dilutive effect of stock options, restricted stock and performance units |  | 103 |  | 60 |
| Weighted average shares used to calculate diluted (loss) earnings per share | 98719 | 91152 | 98327 | 90324 |
| Basic (loss) earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;Continuing operations | $(0.10) | $(0.26) | $(0.28) | $(0.51) |
| &nbsp;&nbsp;Discontinued operations | (0.53) | 0.50 | (0.61) | 0.52 |
| Basic (loss) earnings per common share | $(0.63) | $0.24 | $(0.89) | $0.01 |
| Diluted (loss) earnings per share: |  |  |  |  |
| &nbsp;&nbsp;Continuing operations | $(0.10) | $(0.26) | $(0.28) | $(0.51) |
| &nbsp;&nbsp;Discontinued operations | (0.53) | 0.50 | (0.61) | 0.52 |
| Diluted (loss) earnings per share | $(0.63) | $0.24 | $(0.89) | $0.01 |

---

We incurred a net loss in the three and six months ended June 30, 2025, therefore the basic and diluted shares are the same for those periods.

------

If we had net income attributable to stockholders of common stock in the three months ended June 30, 2025, diluted shares would have included an additional 0.2 million shares. If we had net income in the six months ended June 30, 2025, diluted shares would have included an additional 0.4 million shares.

We excluded 2.4 million and 2.0 million shares related to stock options from the diluted share calculation for the three months ended June 30, 2025 and 2024, respectively, because their effect would have been anti-dilutive. We excluded 1.1 million and 2.2 million shares related to stock options from the diluted share calculation from the six months ended June 30, 2025 and 2024, respectively, because their effect would have been anti-dilutive.

**NOTE 3 – DIVESTITURES**

***2025 Divestiture***

**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 (the "SPA" and 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 $36.9 million which included a write off of CTA of $52.6 million. As we wind down certain contracts, we will incur additional expenses to settle the sale of the business.

***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 six months ended June 30, 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 4 – ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS**

**Assets Held for Sale**

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 June 30, 2025, we have divested our BWRS, SPIG, GMAB and

------

Vølund businesses as part of this plan. BWRS and Vølund were part of our B&W Renewable segment and SPIG and GMAB were part of our B&W Environmental segment.

On June 4, 2025, and as noted above, we agreed to sell our Diamond Power business for $177 million as part of this plan. At June 30, 2025, the assets and liabilities of our Diamond Power business met the criteria to be classified as held for sale and discontinued operations within our Condensed Consolidated Financial Statements. Diamond Power is captured in all three of our segments. Since parts of our Diamond Power businesses were within each of our B&W Thermal, B&W Renewable and B&W Environmental 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 B&W Thermal, B&W Renewable and B&W Environmental reporting units. These valuations determined that the fair values for each of the reporting units exceeded their carrying value and no impairment was identified.

We closed the sale of our Diamond Power business on July 31, 2025. For more information on the Diamond Power divestiture, see Note 21 to the Condensed Consolidated Financial Statements. Results of operations 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. Our sales are described further in Note 3 and Note 21 to the Condensed Consolidated Financial Statements.

We committed to a plan to sell our B&W Solar business (formerly part of our B&W Renewable segment) and classified the assets and liabilities of this business 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. We continue to meet the criteria to account for the B&W Solar business as held for sale and discontinued operations as of June 30, 2025.

The following tables summarize the operating results of the disposal groups included in discontinued operations in the Condensed Consolidated Statements of Operations:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| (in thousands) | **Solar** | **Vølund** | **Diamond Power** | **Total** |
| Revenues | $(9) | $880 | $29578 | $30449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 9417 | 8792 | 19108 | 37317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling general and administrative expenses | 1671 | 2976 | 3834 | 8481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs |  | 137 | 238 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | (1) | 1121 |  | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals, net | 16 | 136 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 11103 | 13162 | 23180 | 47445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating (loss) income** | (11112) | (12282) | 6398 | (16996) |
| Other (expense) income | (200) | 1748 | 16 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations before tax | (11312) | (10534) | 6414 | (15432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense from income taxes |  | 21 | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on divestiture |  | (36861) |  | (36861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations, net of tax | (11312) | (47416) | 6314 | (52414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interest from discontinued operations |  |  | (26) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income attributable to stockholders from discontinued operations | $(11312) | $(47416) | $6288 | $(52440) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| (in thousands) | **Solar** | **BWRS** | **Vølund** | **Diamond Power** | **Total** |
| Revenues | $10033 | $— | $2051 | $54968 | $67052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 21267 |  | 12605 | 34999 | 68871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling general and administrative expenses | 3158 |  | 4776 | 7545 | 15479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs |  |  | 468 | 406 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 7832 |  | 1121 |  | 8953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals, net | 16 |  | 136 |  | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 32273 |  | 19106 | 42950 | 94329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating (loss) income** | (22240) |  | (17055) | 12018 | (27277) |
| Other (expense) income | (427) |  | 2723 | 1009 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations before tax | (22667) |  | (14332) | 13027 | (23972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense from income taxes |  |  | 108 | 471 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on divestiture |  | 1014 | (36861) |  | (35847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations, net of tax | (22667) | 1014 | (51301) | 12556 | (60398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interest from discontinued operations |  |  |  | (44) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income attributable to stockholders from discontinued operations | $(22667) | $1014 | $(51301) | $12512 | $(60442) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| (in thousands) | **Solar** | **BWRS** | **SPIG** | **GMAB** | **Vølund** | **Diamond Power** | **Total** |
| Revenues | $22478 | $25738 | $20105 | $4097 | $9276 | $23012 | $104706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 21324 | 18471 | 15672 | 2978 | 8547 | 14620 | 81612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling general and administrative expenses | 784 | 3483 | 3215 | 390 | 4559 | 3535 | 15966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs |  |  | 64 | 15 | 62 | 150 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets |  |  |  |  |  | 126 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on asset disposals, net |  | (6) |  |  |  |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 22108 | 21948 | 18951 | 3383 | 13168 | 18431 | 97989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | 370 | 3790 | 1154 | 714 | (3892) | 4581 | 6717 |
| Other (expense) income | (228) | 50 | 7 | (583) | (807) | 561 | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations before tax | 142 | 3840 | 1161 | 131 | (4699) | 5142 | 5717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense from income taxes |  | 196 | 377 | 27 | 686 | (1397) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on divestiture |  | 40174 |  |  |  |  | 40174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from discontinued operations, net of tax | 142 | 43818 | 784 | 104 | (5385) | 6539 | 46002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interest from discontinued operations |  |  |  |  |  | (49) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) attributable to stockholders from discontinued operations | $142 | $43818 | $784 | $104 | $(5385) | $6490 | $45953 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| (in thousands) | **Solar** | **BWRS** | **SPIG** | **GMAB** | **Vølund** | **Diamond Power** | **Total** |
| Revenues | $33851 | $43255 | $36856 | $6103 | $16270 | $46426 | $182761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of operations | 31690 | 31434 | 29029 | 4081 | 15815 | 29437 | 141486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling general and administrative expenses | 2518 | 6783 | 5951 | 728 | 7838 | 7237 | 31055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development costs |  |  | 149 | 35 | 220 | 313 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset disposals, net |  |  | 47 |  |  | 126 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 34208 | 38217 | 35176 | 4844 | 23873 | 37113 | 173431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating (loss) income** | (357) | 5038 | 1680 | 1259 | (7603) | 9313 | 9330 |
| Other (expense) income | (493) | 172 | (125) | (271) | (2335) | 580 | (2472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations before tax | (850) | 5210 | 1555 | 988 | (9938) | 9893 | 6858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense from income taxes |  | 196 | 588 | 204 | 686 | (1475) | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on divestiture |  | 40174 |  |  |  |  | 40174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from discontinued operations, net of tax | (850) | 45188 | 967 | 784 | (10624) | 11368 | 46833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to non-controlling interest from discontinued operations |  |  |  |  |  | (91) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income attributable to stockholders from discontinued operations | $(850) | $45188 | $967 | $784 | $(10624) | $11277 | $46742 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| (in thousands) | **Solar** | **Vølund** | **Diamond Power** | **Total** |
| Cash | $576 | $1143 | $— | $1719 |
| Accounts receivable – trade, net | 1531 | 793 | 23972 | 26296 |
| Contracts in progress | 5430 | 6093 | 2370 | 13893 |
| Inventories, net |  | 2503 | 50924 | 53427 |
| Other current assets | 101 | 4328 | 3241 | 7670 |
| &nbsp;&nbsp;Total current assets | 7638 | 14860 | 80507 | 103005 |
| Net property, plant and equipment and finance leases | 2768 |  | 9037 | 11805 |
| Intangible assets, net |  |  | 340 | 340 |
| Goodwill |  |  | 30789 | 30789 |
| Deferred income taxes |  | 366 |  | 366 |
| Right-of-use assets | 41 | 222 | 15614 | 15877 |
| Other assets | 18 |  | 7138 | 7156 |
| &nbsp;&nbsp;Total noncurrent assets | 2827 | 588 | 62918 | 66333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets held for sale | $10465 | $15448 | $143425 | $169338 |
| Accounts payable | $26150 | $4958 | $10479 | $41587 |
| Accrued employee benefits | 10 | 160 | 1162 | 1332 |
| Advance billings on contracts | 1611 | 2221 | 1189 | 5021 |
| Accrued warranty expense | 1172 | 365 | 432 | 1969 |
| Operating lease liabilities | 27 | 293 | 378 | 698 |
| Other accrued liabilities | 2056 | 2860 | 10037 | 14953 |
| Current borrowings | 510 |  |  | 510 |
| &nbsp;&nbsp;Total current liabilities | 31536 | 10857 | 23677 | 66070 |
| Borrowings, net of current portion | 357 | 5000 |  | 5357 |
| Operating lease liabilities, net of current portion | 15 | 1063 | 16324 | 17402 |
| Deferred tax liability |  |  | 1341 | 1341 |
| Other noncurrent liabilities |  |  | 394 | 394 |
| Total noncurrent liabilities | 372 | 6063 | 18059 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities held for sale | $31908 | $16920 | $41736 | $90564 |
| Reported as: |  |  |  |  |
| Current assets held for sale | $10465 | $15448 | $143425 | $169338 |
| Current liabilities held for sale | $31908 | $16920 | $41736 | $90564 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| (in thousands) | **Solar** | **Vølund** | **Diamond Power** | **Total** |
| Cash | $1255 | $2200 | $— | $3455 |
| Accounts receivable – trade, net | 2814 | 7202 | 18168 | 28184 |
| Contracts in progress | 4157 | 10023 | 3011 | 17191 |
| Inventories, net |  | 2365 | 44087 | 46452 |
| Other current assets | 90 | 371 | 1519 | 1980 |
| &nbsp;&nbsp;Total current assets | 8316 | 22161 | 66785 | 97262 |
| Net property, plant and equipment and finance leases | 3246 | 124 | 8672 | 12042 |
| Intangible assets, net | 7833 | 211 | 352 | 8396 |
| Goodwill |  |  | 30727 | 30727 |
| Deferred income taxes |  |  | 40 | 40 |
| Right-of-use assets | 53 | 1358 | 15887 | 17298 |
| Other assets | 9 | 243 | 6651 | 6903 |
| &nbsp;&nbsp;Total noncurrent assets | 11141 | 1936 | 62329 | 75406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets held for sale <sup>(1)</sup> | $19457 | $24097 | $129114 | $172668 |
| Accounts payable | $30365 | $5980 | $8958 | $45303 |
| Accrued employee benefits |  | 518 | 1029 | 1547 |
| Advance billings on contracts | 961 | 5855 | 664 | 7480 |
| Accrued warranty expense | 1176 | 845 | 699 | 2720 |
| Operating lease liabilities | 26 | 288 | 346 | 660 |
| Other accrued liabilities | 5756 | 190 | 7264 | 13210 |
| Current borrowings | 511 |  |  | 511 |
| &nbsp;&nbsp;Total current liabilities | 38795 | 13676 | 18960 | 71431 |
| Borrowings, net of current portion | 874 |  |  | 874 |
| Operating lease liabilities, net of current portion | 29 | 1075 | 16514 | 17618 |
| Other noncurrent liabilities | 23 |  | 1607 | 1630 |
| Total noncurrent liabilities | 926 | 1075 | 18121 | 20122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities held for sale <sup>(1)</sup> | $39721 | $14751 | $37081 | $91553 |
| Reported as: |  |  |  |  |
| Current assets held for sale <sup>(1)</sup> | $19457 | $24097 | $129114 | $172668 |
| Current liabilities held for sale <sup>(1)</sup> | $39721 | $14751 | $37081 | $91553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> BWRS, SPIG and GMAB were sold in 2024; therefore, no balances are left to disclose. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> BWRS, SPIG and GMAB were sold in 2024; therefore, no balances are left to disclose. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> BWRS, SPIG and GMAB were sold in 2024; therefore, no balances are left to disclose. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> BWRS, SPIG and GMAB were sold in 2024; therefore, no balances are left to disclose. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> BWRS, SPIG and GMAB were sold in 2024; therefore, no balances are left to disclose. |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| (in thousands) | **Solar** | **BWRS** | **Vølund** | **Diamond Power** | **Total** |
| Depreciation and amortization of long-lived assets | $— | $— | $— | $343 | $343 |
| Impairment of long-lived assets | 7832 |  | 1121 |  | 8953 |
| Gain (loss) on divestiture |  | 1014 | (36861) |  | (35847) |
| Changes in operating assets and liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Accounts receivable - trade, net | 1283 |  | 6409 | (5804) | 1888 |
| &nbsp;&nbsp;Contracts in progress | (1273) |  | 3930 | 641 | 3298 |
| &nbsp;&nbsp;Accounts payable | 4215 |  | 1022 | (1521) | 3716 |
| &nbsp;&nbsp;Advance billings on contracts | (650) |  | 3634 | (525) | 2459 |
| Purchase of property, plant and equipment | (130) |  | (2) | (271) | (403) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| (in thousands) | **Solar** | **BWRS** | **SPIG** | **GMAB** | **Vølund** | **Diamond Power** | **Total** |
| Depreciation and amortization of long-lived assets | $— | $948 | $1770 | $2 | $411 | $193 | $3324 |
| Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accounts receivable - trade, net | (5094) | 13396 | 1282 | (1927) | 2436 | 4836 | 14929 |
| &nbsp;&nbsp;Contracts in progress | (5140) | 2152 | 1089 | 129 | 5048 | 1596 | 4874 |
| &nbsp;&nbsp;Accounts payable | (8468) | 4700 | 5535 | 340 | 5771 | (1199) | 6679 |
| &nbsp;&nbsp;Advance billings on contracts | 4262 | 86 | 306 | 44 | 7716 | 499 | 12913 |
| Purchase of property, plant and equipment | (72) | (352) | (499) | (23) |  | (867) | (1813) |

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**NOTE 5 – SEGMENT REPORTING** 

Our operations are assessed based on three reportable market-facing segments as part of our market-focused organizational approach. Our reportable segments are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Babcock & Wilcox Thermal:** The B&W Thermal segment offers steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas, and industrial sectors. We have an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Babcock & Wilcox Renewable:** The B&W Renewable segment offers technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, oxygen-fired biomass-to-energy and black liquor systems for the pulp and paper industry. Our leading waste-to-energy technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering recyclable metals and reducing emissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Babcock & Wilcox Environmental:** The B&W Environmental segment offers a full suite of emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications around the world. Our broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control.

The CODM assesses each segment's performance by using each segment's Adjusted EBITDA. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about the allocation of

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operating and capital resources to each segment. Adjusted EBITDA by segment includes all items relating to the businesses; items that apply to B&W as a whole are assigned to Corporate. We do not separately identify or report assets by segment as the CODM does not consider assets by segment to be a critical measure by which performance is measured.

An analysis of our operations by segment is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;B&W Thermal segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts | $49620 | $35868 | $99565 | $74950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects | 21175 | 31863 | 53291 | 54680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 33490 | 39571 | 74704 | 73296 |
|  | 104285 | 107302 | 227560 | 202926 |
| &nbsp;&nbsp;&nbsp;B&W Renewable segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts | 4851 | 4534 | 11155 | 10613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects | 5699 | 5482 | 11757 | 11464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 8422 | 5354 | 10314 | 8463 |
|  | 18972 | 15370 | 33226 | 30540 |
| &nbsp;&nbsp;&nbsp;B&W Environmental segment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts | 10309 | 8939 | 21189 | 19531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects | 10490 | 19803 | 17887 | 39356 |
|  | 20799 | 28742 | 39076 | 58887 |
| &nbsp;&nbsp;&nbsp;Elimination of intersegment revenues | (2) |  | (2) | (65) |
| Total Revenue | $144054 | $151414 | $299860 | $292288 |

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The following tables provide information about our segments, as well as the "Corporate/Other Segment" category and include the reconciliation of Revenue to Adjusted EBITDA to Loss from continuing operations before income tax expense:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| (in thousands) | **B&W Thermal segment** | **B&W Renewable segment** | **B&W Environmental segment** | **Total** |
| **Revenue** | $104285 | $18972 | $20799 | $144056 |
| &nbsp;&nbsp;&nbsp;Cost of operations | 68177 | 13459 | 14352 | 95988 |
| &nbsp;&nbsp;General & administrative expense <sup>(1)</sup> | 12608 | 3477 | 2494 | 18579 |
| &nbsp;&nbsp;Selling & marketing expense <sup>(1)</sup> | 6017 | 1521 | 1629 | 9167 |
| &nbsp;&nbsp;&nbsp;Segment Adjusted EBITDA | **17483** | **515** | **2324** | **20322** |
| &nbsp;&nbsp;Corporate/eliminations <sup>(2)</sup> |  |  |  | (5240) |
| &nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  | (10455) |
| &nbsp;&nbsp;&nbsp;Depreciation & amortization |  |  |  | (2128) |
| &nbsp;&nbsp;&nbsp;Benefit plans, net |  |  |  | (776) |
| &nbsp;&nbsp;Loss on sales, net |  |  |  | (165) |
| &nbsp;&nbsp;&nbsp;Settlement and related legal recoveries (costs) |  |  |  | (472) |
| &nbsp;&nbsp;&nbsp;Financial advisory services |  |  |  | (3319) |
| &nbsp;&nbsp;&nbsp;Stock compensation |  |  |  | (758) |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |  | 1237 |
| &nbsp;&nbsp;&nbsp;Other-net |  |  |  | (406) |
| &nbsp;&nbsp;Loss from continuing operations before income tax expense |  |  |  | $**(2160)** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| (in thousands) | **B&W Thermal segment** | **B&W Renewable segment** | **B&W Environmental segment** | **Total** |
| **Revenue** | $107302 | $15370 | $28742 | $151414 |
| &nbsp;&nbsp;&nbsp;Cost of operations | 78326 | 11194 | 21455 | 110975 |
| &nbsp;&nbsp;General & administrative expense <sup>(1)</sup> | 12385 | 2656 | 3400 | 18441 |
| &nbsp;&nbsp;Selling & marketing expense <sup>(1)</sup> | 6722 | 1092 | 2226 | 10040 |
| &nbsp;&nbsp;&nbsp;Segment Adjusted EBITDA | **9869** | **428** | **1661** | **11958** |
| &nbsp;&nbsp;Corporate/eliminations <sup>(2)</sup> |  |  |  | (3973) |
| &nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  | (11808) |
| &nbsp;&nbsp;&nbsp;Depreciation & amortization |  |  |  | (2931) |
| &nbsp;&nbsp;&nbsp;Benefit plans, net |  |  |  | 66 |
| &nbsp;&nbsp;&nbsp;Settlement and related legal recoveries (costs) |  |  |  | (7383) |
| &nbsp;&nbsp;Loss on debt extinguishment |  |  |  | (1053) |
| &nbsp;&nbsp;&nbsp;Financial advisory services |  |  |  | (50) |
| &nbsp;&nbsp;&nbsp;Stock compensation |  |  |  | (1318) |
| &nbsp;&nbsp;&nbsp;Restructuring activities |  |  |  | (103) |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |  | 1395 |
| &nbsp;&nbsp;&nbsp;Other-net |  |  |  | (669) |
| &nbsp;&nbsp;Loss from continuing operations before income tax expense |  |  |  | $**(15869)** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| (in thousands) | **B&W Thermal segment** | **B&W Renewable segment** | **B&W Environmental segment** | **Total** |
| **Revenue** | $227560 | $33226 | $39076 | $299862 |
| &nbsp;&nbsp;&nbsp;Cost of operations | 168127 | 24611 | 28441 | 221179 |
| &nbsp;&nbsp;General & administrative expense <sup>(1)</sup> | 21790 | 5311 | 3689 | 30790 |
| &nbsp;&nbsp;Selling & marketing expense <sup>(1)</sup> | 12577 | 2592 | 2882 | 18051 |
| &nbsp;&nbsp;&nbsp;Segment Adjusted EBITDA | **25066** | **712** | **4064** | **29842** |
| &nbsp;&nbsp;Corporate/eliminations <sup>(2)</sup> |  |  |  | (8629) |
| &nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  | (21257) |
| &nbsp;&nbsp;&nbsp;Depreciation & amortization |  |  |  | (4451) |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets |  |  |  | (950) |
| &nbsp;&nbsp;&nbsp;Benefit plans, net |  |  |  | (1555) |
| &nbsp;&nbsp;Loss on sales, net |  |  |  | (173) |
| &nbsp;&nbsp;&nbsp;Settlement and related legal recoveries (costs) |  |  |  | (536) |
| &nbsp;&nbsp;&nbsp;Financial advisory services |  |  |  | (5167) |
| &nbsp;&nbsp;&nbsp;Stock compensation |  |  |  | (1521) |
| &nbsp;&nbsp;&nbsp;Restructuring activities |  |  |  | (111) |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |  | 862 |
| &nbsp;&nbsp;&nbsp;Other-net |  |  |  | (567) |
| &nbsp;&nbsp;Loss from continuing operations before income tax expense |  |  |  | $**(14213)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| (in thousands) | **B&W Thermal segment** | **B&W Renewable segment** | **B&W Environmental segment** | **Total** |
| **Revenue** | $202926 | $30540 | $58887 | $292353 |
| &nbsp;&nbsp;&nbsp;Cost of operations | 153246 | 23727 | 45420 | 222393 |
| &nbsp;&nbsp;General & administrative expense <sup>(1)</sup> | 18481 | 4269 | 6585 | 29335 |
| &nbsp;&nbsp;Selling & marketing expense <sup>(1)</sup> | 12705 | 2592 | 4592 | 19889 |
| &nbsp;&nbsp;&nbsp;Segment Adjusted EBITDA | **18494** | **(48)** | **2290** | **20736** |
| &nbsp;&nbsp;Corporate/eliminations <sup>(2)</sup> |  |  |  | (9976) |
| &nbsp;&nbsp;&nbsp;Interest expense, net |  |  |  | (23673) |
| &nbsp;&nbsp;&nbsp;Depreciation & amortization |  |  |  | (5979) |
| &nbsp;&nbsp;&nbsp;Benefit plans, net |  |  |  | 136 |
| &nbsp;&nbsp;&nbsp;Settlement and related legal recoveries (costs) |  |  |  | (3296) |
| &nbsp;&nbsp;&nbsp;Financial advisory services |  |  |  | (349) |
| &nbsp;&nbsp;Loss on debt extinguishment |  |  |  | (6124) |
| &nbsp;&nbsp;&nbsp;Stock compensation |  |  |  | (2699) |
| &nbsp;&nbsp;&nbsp;Restructuring activities |  |  |  | (1010) |
| &nbsp;&nbsp;&nbsp;Foreign exchange |  |  |  | 1005 |
| &nbsp;&nbsp;&nbsp;Other-net |  |  |  | (1277) |
| &nbsp;&nbsp;Loss from continuing operations before income tax expense |  |  |  | $**(32506)** |

---

<sup>(1)</sup> General & administrative expense excludes corporate/eliminations of $5.9 million and $4.7 million for the three months ended June 30, 2025 and 2024, respectively, and $9.9 million and $11.4 million for the six months ended June 30, 2025 and 2024, respectively. We had no selling & marketing expenses excluded from corporate/eliminations for the three and six months ended June 30, 2025 and 2024.

<sup>(2)</sup> Other corporate expenses include certain R&D expenses and other costs not allocated to our segments.

------

**NOTE 6 – 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.

A performance obligation is a contractual promise to transfer a distinct product 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 products and services transferred to customers at a point in time, which includes certain aftermarket parts and services, accounted for 5% and 8% of revenue for the three months ended June 30, 2025 and 2024, and 6% and 8% of revenue for the six months ended June 30, 2025 and 2024, respectively. Revenue from products and services transferred to customers over time, which primarily relates to customized, engineered solutions and construction services, accounted for 95% and 92% of revenue for the three months ended June 30, 2025 and 2024, respectively, and 94% and 92% of revenue for the six months ended June 30, 2025 and 2024, respectively.

Refer to Note 5 to the Condensed Consolidated Financial Statements for further disaggregation of revenue.

***Contract Balances***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **December 31, 2024** | **$ Change** | **% Change** |
| Accounts receivable - trade, net | $97699 | $94509 | $3190 | 3% |
| Contracts in progress | $70849 | $79392 | $(8543) | (11)% |
| Advance billings on contracts | $59147 | $57814 | $1333 | 2% |
| Accrued contract losses | $1 | $217 | $(216) | (100)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **June 30, 2024** | **December 31, 2023** | **$ Change** | **% Change** |
| Accounts receivable - trade, net | $97559 | $80474 | $17085 | 21% |
| Contracts in progress | $77180 | $47454 | $29726 | 63% |
| Advance billings on contracts | $60560 | $60280 | $280 | —% |
| Accrued contract losses | $33 | $46 | $(13) | (28)% |

---

For the six months ended June 30, 2025 and 2024, we recognized 91% and 77% of the revenue related to amounts that were included in advance billings on contracts as of December 31, 2024 and 2023, respectively.

***Backlog***

At June 30, 2025, we had $418.1 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize approximately 55%, 43% and 2% of the remaining performance obligations as revenue in 2025, 2026 and thereafter, respectively.

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**NOTE 7 – INVENTORIES, NET**

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

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| | | |
|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **December 31, 2024** |
| Raw materials and supplies | $60786 | $60779 |
| Work in progress | 4259 | 3379 |
| Finished goods | 659 | 644 |
| Total inventories, net | $65704 | $64802 |

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**NOTE 8 – PROPERTY, PLANT, EQUIPMENT & FINANCE LEASES**

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

---

| | | |
|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **December 31, 2024** |
| Land | $1493 | $1493 |
| Buildings | 16813 | 16813 |
| Machinery and equipment | 97702 | 95759 |
| Property under construction | 18091 | 13164 |
|  | 134099 | 127229 |
| Less accumulated depreciation | 93195 | 90889 |
| Net property, plant and equipment | 40904 | 36340 |
| Finance leases | 33923 | 34920 |
| Less finance lease accumulated amortization | 11272 | 10339 |
| Net property, plant and equipment, and finance leases | $63555 | $60921 |

---

**NOTE 9 – 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.

During the three months ended June 30, 2025, goodwill of $30.8 million was reclassified to assets held for sale in connection with the sale of our Diamond Power businesses, discussed further in Note 4 to the Condensed 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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **B&W <br>Thermal** | **B&W <br>Renewable** | **B&W Environmental** | **Total** |
| Balance at December 31, 2024 | $44929 | $6482 | $— | $51411 |
| Currency translation adjustments | 1773 | 256 |  | 2029 |
| Balance at June 30, 2025 | $46702 | $6738 | $— | $53440 |

---

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**NOTE 10 – INTANGIBLE ASSETS**

Intangible assets are as follows:

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| | | |
|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **December 31, 2024** |
| **Definite-lived intangible assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | $26477 | $25462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpatented technology | 3714 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patented technology | 1912 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade name | 1831 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;All other | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross value of definite-lived intangible assets | 34209 | 33144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships amortization | (13223) | (11717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpatented technology amortization | (1325) | (1129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Patented technology amortization | (1300) | (1158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade name amortization | (1277) | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;All other amortization | (275) | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated amortization | (17400) | (15503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net definite-lived intangible assets | $16809 | $17641 |
| **Indefinite-lived intangible assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trademarks and trade names | $1058 | $1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $17867 | $18699 |

---

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

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| | |
|:---|:---|
| (in thousands) | **June 30, 2025** |
| Balance at beginning of period | $18699 |
| Amortization expense | (1475) |
| Currency translation adjustments | 643 |
| Balance at end of the period | $17867 |

---

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

Estimated future intangible asset amortization expense as of June 30, 2025 is as follows:

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| | |
|:---|:---|
| (in thousands) | **Amortization Expense** |
| Year ending December 31, 2025 | 1,454 |
| Year ending December 31, 2026 | 2,892 |
| Year ending December 31, 2027 | 2,892 |
| Year ending December 31, 2028 | 2,633 |
| Year ending December 31, 2029 | 2,633 |
| Thereafter | 4,305 |

---

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**NOTE 11 – ACCRUED WARRANTY EXPENSE**

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

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** |
| Balance at beginning of period | $2748 | $3857 |
| Additions | 894 | 929 |
| Expirations and other changes | (1039) | (395) |
| Payments | (32) | (185) |
| Translation and other | 28 | (20) |
| Balance at end of period | $2599 | $4186 |

---

We record estimated expense included in Cost of operations in the Condensed 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 12 – PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS**

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Other Benefits** | **Other Benefits** | **Other Benefits** | **Other Benefits** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Interest cost | $10012 | $10592 | $20024 | $21187 | $63 | $70 | $126 | $140 |
| Expected return on plan assets | (9445) | (10951) | (18887) | (21908) |  |  |  |  |
| Amortization of prior service cost | 75 | 50 | 150 | 99 | 71 | 173 | 142 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit plans, net <sup>(1)</sup> | 642 | (309) | 1287 | (622) | 134 | 243 | 268 | 486 |
| Service cost included in COS <sup>(2)</sup> | 100 | 100 | 200 | 200 | 5 | 5 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net periodic benefit cost (benefit) | $742 | $(209) | $1487 | $(422) | $139 | $248 | $278 | $496 |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Benefit plans, net, which is presented separately in the Condensed Consolidated Statements of Operations, is not allocated to the segments.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Service cost related to a small group of active participants is presented within Cost of operations in the Condensed Consolidated Statements of Operations and is recorded at the B&W Thermal segment level.

There were no MTM adjustments for the pension and other postretirement benefit plans during the three and six months ended June 30, 2025 and 2024.

We made contributions to the pension and other postretirement benefit plans totaling $4.0 million and $7.7 million during the three and six months ended June 30, 2025 as compared to $3.7 million and $3.8 million during the three and six months ended June 30, 2024 respectively.

**NOTE 13 – DEBT AND CREDIT FACILITIES**

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***Senior Notes Due 2026***

On May 20, 2025, $47.8 million aggregate principal amount of our 6.50% Senior Notes due 2026 and $84.0 million aggregate principal amount of our 8.125% Senior Notes due 2026 (collectively, the "Exchanged Notes") were repurchased and cancelled in connection with the privately negotiated exchanged described below.

The components of our senior notes at June 30, 2025 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Senior Notes** | **Senior Notes** | **Senior Notes** |
| (in thousands) | **8.125%** <sup>(1)</sup> | **6.50%** <sup>(2)</sup> | **Total** |
| Senior notes due in 2026 | $109022 | $103633 | $212655 |
| Unamortized deferred financing costs | (537) | (1419) | (1956) |
| Unamortized premium | 96 |  | 96 |
| Net debt balance | $108581 | $102214 | $210795 |

---

The components of our senior notes at December 31, 2024 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Senior Notes** | **Senior Notes** | **Senior Notes** |
| (in thousands) | **8.125%** <sup>(1)</sup> | **6.50%** <sup>(2)</sup> | **Total** |
| Senior notes due in 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 8.125% Senior Notes mature in February 2026, and $108.6 million is included in current liabilities in the Condensed Consolidated Balance Sheets at June 30, 2025. $191.5 million is included in noncurrent liabilities in the Condensed Consolidated Balance Sheets at December 31, 2024. As of June 30, 2025 the 8.125% Senior Notes bear an effective interest rate of 8.5%.

<sup>(2)</sup> The 6.50% Senior Notes mature in December 2026 and are included in noncurrent liabilities in the Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024. As of June 30, 2025 the 6.50% Senior Notes bear an effective interest rate of 6.8%.

***Senior Notes Due 2030***

The components of our Senior notes due 2030 at June 30, 2025 are as follows:

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| | |
|:---|:---|
| (in thousands) | **8.75%** <sup>(1)</sup> |
| Senior notes due 2030 | $100673 |
| Unamortized deferred financing costs | (6243) |
| Unamortized discount | 30430 |
| Net debt balance | $124860 |

---

<sup>(1)</sup> The 8.75% Senior notes due 2030 mature in June 2030 and is included in noncurrent liabilities in the Condensed Consolidated Balance Sheets at June 30, 2025. As of June 30, 2025 the 8.75% Senior notes due 2030 bear an effective interest rate of 5.0%.

On May 20, 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 gain from the difference between the face value of the original 8.125% and 6.50% Senior Notes and the face value of the 8.75% Senior Notes is recognized ratably over the new 5-year term through May 2030.

***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 has provided a guaranty of payment with regard to our obligations under the Credit Agreement, as further described below. 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, 2027, provided that if as of November 28, 2025, as amended by the Seventh Amendment, the 8.125% Senior Notes and 6.50% Senior Notes have not been refinanced pursuant to a permitted refinancing, as defined in the Credit Agreement, or the maturity date has not otherwise been extended to a date on or after July 18, 2027, then the maturity date of the Credit Agreement is November 28, 2025. As discussed further in Note 1 under Liquidity and Going Concern, we have classified amounts due under the Credit Agreement in current liabilities in the Condensed Consolidated Balance Sheets at June 30, 2025.

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 equal to or 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 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 as due and payable immediately. At June 30, 2025, after giving consideration to the Amendments to the Credit Agreement (discussed below), we are in compliance with all financial and other covenants contained in the Credit Agreement.

On February 28, 2025, the Company with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement and Axos, as administrative agent, entered into the Waiver and Fifth Amendment to the Credit Agreement (the "Fifth Amendment"). In addition, in connection with the Fifth Amendment, the PBGC, Axos, and the second lien holder entered into a lien subordination agreement governing, among other things, the subordination of liens, the provision of enforcement rights, and the application of proceeds.

On March 25, 2025, the Company with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement and Axos, as administrative agent, entered into the Sixth Amendment to the Credit Agreement. The Sixth Amendment, among other things: (i) authorizes 2025 Specified Dispositions subject to satisfaction of the conditions under the Credit Agreement; (ii) increased the inventory valuation percentage as part of the Borrowing Base calculation; (iii) lowered the minimum liquidity covenant level to $20.0 million; and (iv) acknowledged that the Annual Report's financial statements may be qualified with a going concern opinion for the year ended December 31, 2024.

On May 20, 2025, in connection with the issuance of the Senior Secured Notes Due 2030, the Company, certain subsidiaries of the Company, as guarantors, the lenders party to the Credit Agreement and Axos Bank, as administrative agent entered into the Seventh Amendment. The Seventh Amendment, among other things, permitted the issuance of the Senior Secured Second Notes due 2030 in connection with the exchange transactions described above, and amended the maturity date to of the Credit Agreement to January 18, 2027; provided that (i) if the Company's 8.125% Senior Notes due 2026 are not repaid, defeased, or otherwise satisfied in full or refinanced by November 28, 2025 or the maturity date has not otherwise been extended to a date on or after July 18, 2027, then November 28, 2025, and (ii) if the Company's 6.50% Senior Notes due 2026 are not repaid, defeased, or otherwise satisfied in full or refinanced by September 30, 2026, or the maturity date has not otherwise been extended to a date on or after July 18, 2027, then September 30, 2026.

On June 18, 2025, the Company with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement and Axos, the administrative agent, amended the Credit Agreement to suspend the B. Riley Guaranty until January 1, 2027.

At June 30, 2025, we had a total of $126.5 million outstanding on the Credit Agreement, which includes $54.2 million drawn on the revolving credit portion of the facility and $72.3 million drawn on the letter of credit portion. At June 30, 2025, cash collateralizing the letters of credit totaling $72.3 million is classified as current Restricted cash given the classification of the Credit Agreement as current.

As a result of the Ninth Amendment signed on August 8, 2025, the maturity date of the Credit Facility was changed to November 30, 2026 (described in Note 21 to the Condensed Consolidated Financial Statements).

***Other Loans Payable***

As of June 30, 2025, we had loans payable of approximately $9.1 million, net of debt issuance costs of $0.5 million, related to sale-leaseback financing transactions.

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.

***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 as a reimbursement, guaranty and security agreement with MSD, as administrative agent, and the cash collateral providers from time to time party thereto, along with certain of our subsidiaries as guarantors, pursuant to which we are obligated to reimburse MSD and any other cash collateral provider to the extent the cash collateral provided by MSD and any other cash collateral provider securing the Letter of Credit Agreement was drawn to satisfy draws on letters of credit (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

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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 $1.1 million and $6.1 million in the three and six months ended June 30, 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 the domestic facilities is as follows:

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| | | |
|:---|:---|:---|
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| Letters of credit under domestic facilities: |  |  |
| Performance letters of credit | $21238 | $20682 |
| Financial letters of credit | 14485 | 13222 |
| &nbsp;&nbsp;&nbsp;Total outstanding | $**35723** | $**33904** |
| Backstopped letters of credit | $750 | $750 |
| Surety backstopped letters of credit | $12017 | $8742 |
| Letters of credit subject to currency revaluation | $4424 | $4305 |

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***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:

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| | | |
|:---|:---|:---|
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| Letters of credit under non-domestic facilities | $214 | $282 |
| Surety Bonds | $112229 | $112171 |

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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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| Components associated with borrowings from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes | $5201 | $6420 | $11521 | $12691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes due 2030 | 1038 |  | 1038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Agreement | 1138 | 1429 | 2265 | 2961 |
|  | 7377 | 7849 | 14824 | 15652 |
| Components associated with amortization or accretion of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Agreement | 1477 | 1476 | 3086 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes | 488 | 650 | 1144 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes due 2030 | (577) |  | (577) |  |
|  | 1388 | 2126 | 3653 | 3919 |
| Components associated with interest from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 645 | 555 | 1236 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Letter of Credit interest and fees | 1399 | 1320 | 1892 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest expense | 183 | 117 | 429 | 497 |
|  | 2227 | 1992 | 3557 | 4409 |
| Total interest expense | $10992 | $11967 | $22034 | $23980 |

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**NOTE 14 – CAPITAL STOCK**

***Preferred Stock***

During the six months ended June 30, 2025, our Board of Directors approved dividends totaling $7.4 million to holders of the Preferred Stock. There were no cumulative undeclared dividends of the Preferred Stock at June 30, 2025, and all declared dividends have been paid as of July 1, 2025.

***Common Stock***

On April 10, 2024, we entered into the Sales Agreement with the Agents, in connection with the offer and sale from time to time of shares of our common stock, having an aggregate offering price of up to $50.0 million through the Agents. As of June 30, 2025 and 2024, 3.6 million and 2.4 million shares, respectively, have been sold pursuant to the Sales Agreement, for net proceeds of $5.5 million and $2.0 million, respectively.

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**NOTE 15 – SUPPLEMENTAL CASH FLOW INFORMATION**

The following table provides a reconciliation of Cash and cash equivalents and Current and Long-term restricted cash reporting within the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows:

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| | | |
|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **December 31, 2024** |
| Held by foreign entities | $13092 | $20790 |
| Held by U.S. entities | 10337 | 6065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 23429 | 26855 |
| Reinsurance reserve requirements | 1020 | 2024 |
| Project indemnity collateral  | 3775 | 12878 |
| Letters of credit collateral <sup>(1)</sup> | 72345 | 89265 |
| Escrow for long-term project | 10238 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and Long-term restricted cash and cash equivalents | 87378 | 104209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows <sup>(2)</sup> | $110807 | $131064 |

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<sup>(1)</sup> Balance drawn on Axos Credit Agreement to serve as collateral on our letters of credit. This is reflected in Current restricted cash in the Condensed Consolidated Balance Sheets.

<sup>(2)</sup> Includes cash held at discontinued operations of $1.7 million and $3.5 million at June 30, 2025 and December 31, 2024, respectively.

**NOTE 16 – INCOME TAXES**

In the three months ended June 30, 2025, income tax expense from continuing operations was $3.9 million, resulting in an effective tax rate of (180.2)%. In the three months ended June 30, 2024, income tax expense from continuing operations was $4.7 million, resulting in an effective tax rate of (29.5)%.

In the six months ended June 30, 2025, income tax expense from continuing operations was $5.8 million, resulting in an effective tax rate of (41.1)%. In the six months ended June 30, 2024, income tax expense from continuing operations was $5.7 million, resulting in an effective tax rate of (17.4)%.

Our effective tax rate for the three and six months ended June 30, 2025 is not reflective of the U.S. statutory rate due to certain foreign countries having a tax rate higher than the U.S. statutory rate, valuation allowances against certain net deferred tax assets and unfavorable discrete items.

We are subject to federal income tax in the United States and numerous countries that have statutory tax rates different than the U.S. federal statutory rate of 21%. We provide for income taxes based on the tax laws and rates in the jurisdictions where we conduct operations. These jurisdictions may have regimes of taxation that vary in both nominal rates and the basis on which these rates are applied. Our consolidated effective income tax rate can vary from period to period due to these foreign income tax rate variations, changes in the jurisdictional mix of our income, and valuation allowances.

On July 4, 2025, the One Big Beautiful Bill ("OBBB") Act, which includes a broad range of tax reform provisions, was signed into law in the U.S. and we continue to assess its impact. Based on our initial review of the recently passed legislation, we currently do not expect the OBBB Act to have a material impact on our estimated annual effective tax rate in 2025.

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**NOTE 17 – ACCUMULATED OTHER COMPREHENSIVE LOSS**

Gains and losses deferred in AOCI are generally reclassified and recognized in the Condensed Consolidated Statements of Operations once they are realized. The changes in the components of AOCI, net of tax, for the six months ended June 30, 2025 and 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
| (in thousands) | **Currency translation loss** | **Net unrecognized loss related to benefit plans (net of tax)** | **Total** |
| Balance at December 31, 2024 | $(85487) | $(1173) | $(86660) |
| &nbsp;&nbsp;Other comprehensive income before reclassifications | 403 |  | 403 |
| &nbsp;&nbsp;Reclassification of AOCI to net income |  | 124 | 124 |
| &nbsp;&nbsp;Net other comprehensive income | 403 | 124 | 527 |
| Balance at March 31, 2025 | $(85084) | $(1049) | $(86133) |
| &nbsp;&nbsp;Other comprehensive income before reclassifications | 2196 |  | 2196 |
| &nbsp;&nbsp;Reclassification of AOCI to net income | 52646 | 123 | 52769 |
| &nbsp;&nbsp;Net other comprehensive income | 54842 | 123 | 54965 |
| Balance at June 30, 2025 | $(30242) | $(926) | $(31168) |

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| | | | |
|:---|:---|:---|:---|
| (in thousands) | **Currency translation loss** | **Net unrecognized loss related to benefit plans (net of tax)** | **Total** |
| Balance at December 31, 2023 | $(64778) | $(1583) | $(66361) |
| &nbsp;&nbsp;Other comprehensive loss before reclassifications | (3125) |  | (3125) |
| &nbsp;&nbsp;Reclassification of AOCI to net income |  | 231 | 231 |
| &nbsp;&nbsp;Net other comprehensive (loss) income | (3125) | 231 | (2894) |
| Balance at March 31, 2024 | $(67903) | $(1352) | $(69255) |
| &nbsp;&nbsp;Other comprehensive loss before reclassifications | (2266) |  | (2266) |
| &nbsp;&nbsp;Reclassification of AOCI to net income | 1201 | 232 | 1433 |
| &nbsp;&nbsp;Net other comprehensive (loss) income | (1065) | 232 | (833) |
| Balance at June 30, 2024 | $(68968) | $(1120) | $(70088) |

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The amounts reclassified out of AOCI by component and the affected Condensed Consolidated Statements of Operations line items are as follows (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AOCI component** | **Line items in the Condensed Consolidated Statements of Operations affected by reclassifications from AOCI** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **AOCI component** | **Line items in the Condensed Consolidated Statements of Operations affected by reclassifications from AOCI** | **2025** | **2024** | **2025** | **2024** |
| Release of currency translation adjustment with the sale of business | Loss from discontinued operations, net of tax | $(52646) | $(1201) | $(52646) | $(1201) |
| Pension and post retirement adjustments, net of tax | Benefit plans, net | (123) | (232) | (247) | (463) |
|  | Net loss | $(52769) | $(1433) | $(52893) | $(1664) |

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**NOTE 18 – FAIR VALUE MEASUREMENTS**

The following tables summarize financial assets carried at fair value, all of which were valued from readily available prices (known as "Level 1" in the fair value hierarchy established by ASC 820, *Fair Value Measurements and Disclosures*).

***Securities***

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| | | |
|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **Level 1** |
| Corporate notes and bonds | $4914 | $4914 |
| United States Government and agency securities | 2053 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fair value of securities | $6967 | $6967 |

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2024** | **Level 1** |
| Corporate notes and bonds | $5196 | $5196 |
| United States Government and agency securities | 1598 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fair value of securities | $6794 | $6794 |

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Investments in securities are presented as $4.0 million in Other current assets and $3.0 million in Other assets as of June 30, 2025 in the Condensed Consolidated Balance Sheets with contractual maturities ranging from 0 to 5 years.

***Senior Notes due 2026***

See Note 13 to the Condensed Consolidated Financial Statements for a discussion of our senior notes. The fair value of the senior notes is based on readily available quoted market prices (known as "Level 1") as of June 30, 2025.

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| | | |
|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **June 30, 2025** |
|  | **Carrying Value** | **Estimated Fair Value** |
| 8.125% Senior Notes due 2026 ("BWSN") | $109022 | $85037 |
| 6.50% Senior Notes due 2026 ("BWNB") | $103633 | $65455 |

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***Senior Notes due 2030***

The fair value of the senior notes 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 June 30, 2025.

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| | | |
|:---|:---|:---|
| (in thousands) | **June 30, 2025** | **June 30, 2025** |
|  | **Carrying Value** | **Estimated Fair Value** |
| 8.75% Senior Notes due 2030 | $100673 | $99851 |

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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 Condensed 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

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similar quality and terms. The fair value of Revolving Debt was calculated at $125.5 million, which is $1.5 million less than its carrying amount at June 30, 2025.

**NOTE 19 – RELATED PARTY TRANSACTIONS** 

***Transactions with B. Riley***

Based on Schedule 13D filings with the SEC, B. Riley beneficially owns approximately 29.1% of our outstanding common stock as of June 30, 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 13 to the Condensed Consolidated Financial Statements, in connection with our entry into the Axos Credit Agreement in January 2024, we entered into a guaranty agreement (the "B. Riley Guaranty") and a fee and reimbursement agreement (the "B. Riley Fee Agreement") with B. Riley. The B. Riley Guaranty provides for the guarantee of all of our obligations under the Credit Agreement. The B. Riley Guaranty is enforceable in certain circumstances, including, among others, certain events of default and the acceleration of our obligations under the Credit Agreement. The B. Riley Fee Agreement provides, among other things, for 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 B. Riley Guaranty. The B. Riley Fee Agreement also requires us to reimburse B. Riley to the extent that B. Riley Guaranty is called upon by the agent or lenders under the Credit Agreement and requires us to execute a junior secured promissory note with respect to the same within 60 days after the execution of the B. Riley Fee Agreement (or such other date as B. Riley may agree to). On June 18, 2025, the B. Riley Guaranty, as well as the associated B. Riley Guaranty fees, were suspended until January 1, 2027.

As described in Note 14 to the Condensed Consolidated Financial Statements, in April 2024, we entered into a sales agreement with B. Riley Securities, Inc., 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 agreement with BRPI Executive Consulting, LLC, an affiliate of B. Riley, in November 2018 and amended the agreement in November 2020 and December 2023 to retain the services of Mr. Kenneth Young to serve as our Chief Executive Officer until December 31, 2028, unless terminated by either party with thirty days written notice. Under this agreement, payments are $0.75 million per annum, paid monthly. Subject to the achievement of certain performance objectives as determined by the Compensation Committee of our Board of Directors, a bonus or bonuses may also be earned and payable to BRPI Executive Consulting, LLC. In September 2024, we came to an agreement with BRPI Executive Consulting, LLC to terminate the agreement to retain the services of Mr. Kenneth Young effective immediately and concurrently entered into a direct arrangement with Mr. Kenneth Young. We paid nothing and $0.3 million in the six months ended June 30, 2025 and 2024, respectively, to BRPI Executive Consulting, LLC.

We entered into an Advisory Services Agreement with B. Riley on December 12, 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. We incurred $2.3 million in the six months ended June 30, 2025.

***Transactions with Board of Directors***

We entered into a Consultant Agreement with Henry E. Bartoli, a member of our Board of Directors, dated November 5, 2020. On November 26, 2024, we entered into a third amendment to the Bartoli Consulting Agreement that extends the term through December 1, 2025, subject to earlier termination by either party as provided in the Bartoli Consulting Agreement.

**NOTE 20 – NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS**

The Company did not adopt any new accounting pronouncements during the six months ended June 30, 2025.

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***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 Condensed 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 Condensed Consolidated Financial Statements is contingent upon future transactions.

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. Early adoption is permitted. Adoption of the standard, applied retrospectively, will only impact the income tax disclosures and is not expected to be material to the Condensed Consolidated Financial Statements.

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, applied retrospectively. We are currently evaluating the impact of this standard on the Condensed Consolidated Financial Statements.

 **NOTE 21 – SUBSEQUENT EVENTS**

***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 "Buyers") 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 provides for a base purchase price equal to $177 million, subject to certain offsets and adjustments. The Purchase Agreement also includes representations and warranties regarding the Sale, as well as certain indemnities with respect thereto. The Purchase Agreement also includes 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.

The Sellers and the Buyers expect to enter into a transition services agreement under which the Sellers and/or their affiliates would provide services to support the Diamond Power business and under which Diamond Power would provide services to support Sellers and their affiliates for a temporary period.

The Company does not have any material relationship with the Buyers other than in respect of the transaction. The proceeds will be used to support working capital needs and reduce outstanding debt.

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***Eighth Amendment to Credit Agreement***

On July 3, 2025, the Company with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement and Axos, as administrative agent, entered into the Eighth Amendment to the Credit Agreement. Capitalized terms have the meaning as defined in the Eighth Amendment. Pursuant to the Eighth Amendment, Axos and the Lenders party to the Credit Agreement consented to amend certain provisions of the Credit Agreement to, among other things, (i) temporarily increase the amounts available to be borrowed based on inventory in the borrowing base under the Credit Agreement, and (ii) temporarily reduce the amount of the PBGC Reserve by $3,000,000, provided that (A) such temporary reduction shall terminate upon the earlier to occur of (x) the date of the consummation of any Disposition of material assets of the Loan Parties or (y) September 15, 2025 and (B) such reduction shall be permanent following the Company's repayment of the September 2025 PBGC Installment, in an aggregate amount equal to $3,000,000 on or prior to September 15, 2025. As a condition to the forgoing consent and agreements, the Company agreed to apply the net cash proceeds from the Diamond Power Disposition in the following order and amounts: (i) to the repayment of the September 2025 PBGC Installment, in an aggregate amount equal to $3,000,000; (ii) to the repayment of Revolving Loans under the Credit Agreement, in an aggregate amount equal to $48,300,000 (which amounts may be reborrowed in whole or in part to the extent permitted under the Credit Agreement at such time and may be used for purposes permitted under the Credit Agreement, including for working capital needs); (iii) to the partial repayment of the Unsecured Notes; and (iv) the remainder to be retained by the Company in accounts subject to finance working capital, capital expenditures and acquisitions and for general corporate purposes (including the payment of fees and expenses).

***Sales of Common Stock***

We sold 1.6 million shares of our common stock pursuant to the Sales Agreement, described in Note 14 to the Condensed Consolidated Financial Statements, between July 8, 2025 and July 21, 2025 for net proceeds of $1.6 million.

***Ninth Amendment to Credit Agreement***

On August 8, 2025, the Company with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement and Axos, as administrative agent, entered into the Ninth Amendment to the Credit Agreement. Capitalized terms have the meaning as defined in the Ninth Amendment. Pursuant to the Ninth Amendment, Axos and the Lenders party to the Credit Agreement consented to amend certain provisions of the Credit Agreement to, among other things, (i) allow an add-back of up to $17 million for Waste to Energy Project losses currently reported in Discontinued Operations to the Adjusted EBITDA calculation used in the debt covenant ratios, (ii) allow an add-back of up to $40 million for the Capital Expenditures calculation used in the debt covenant ratios, (iii) defer the increase of the minimum Fixed Charge Coverage ratio debt covenant to 1.05 until after December 31, 2026, and (iv) change the maturity date to November 30, 2026 from September 30, 2026.

**Item 2. 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 Condensed Consolidated Financial Statements in Item 1 of this Quarterly 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 as a result of many factors, including those described in more detail under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports we file with the SEC. See also "Cautionary Statement Concerning Forward-Looking Information" herein. Unless otherwise noted, discussion of our business and results of operations refers to our continuing operations.*

**BUSINESS OVERVIEW**

We are a globally-focused renewable, environmental and thermal technologies provider with over 155 years of experience providing diversified energy and emissions control solutions to a broad range of industrial, electrical utility, municipal and

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other customers. Our innovative products and services are organized into three market-facing segments. Our reportable segments are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Babcock & Wilcox Thermal:** Our vast installed base of steam generation equipment includes aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas and industrial sectors. 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; the substantial and stable cash flows generated from these businesses help to fund our investments in new clean energy initiatives. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Babcock & Wilcox Renewable:** Our innovative BrightLoop<sup>™</sup> hydrogen generation technology supports global climate goals including the decarbonization of industrial and utility steam and power producers. BrightLoop<sup>™</sup> offers significant advantages over other hydrogen generation technologies as it generates competitively priced hydrogen from a wide range of fuels, including solid fuels such as biomass and coal, with a high rate of carbon captured resulting in low, or even negative, carbon-intensity hydrogen. We also offer best-in-class technologies for efficient and environmentally sustainable power and heat generation, oxygen-fired biomass-to-energy (OxyBright<sup>™</sup>), and black liquor systems for the pulp and paper industry. Our leading waste-to-energy technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering recyclable metals and reducing emissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Babcock & Wilcox Environmental:** We provide a full suite of emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications around the world. Our broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control and mercury control. Our ClimateBright<sup>™</sup> products including SolveBright<sup>™</sup>, OxyBright<sup>™</sup>, BrightLoop<sup>™</sup> and BrightGen<sup>™</sup> place us at the forefront of hydrogen production and decarbonization technologies and development with many of these products already commercially available and others ready for commercial deployment. We believe these technologies position us to compete in the bioenergy sector within the carbon capture and sequestration (BECCS) market. Our portfolio of clean power production solutions continues to evolve to reach customers at all stages of their energy transition.

***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.

***Discontinued Operations***

***Diamond Power***

On June 4, 2025 we entered into a Purchase Agreement to sell our Diamond Power business for proceeds of $177 million, subject to certain offsets and adjustments. We closed the sale of our Diamond Power business on July 31, 2025. For more information on this sale, see Note 21 to the Condensed Consolidated Financial Statements.

For the three months ended June 30, 2025, revenue increased to $29.6 million from $23.0 million in the three months ended June 30, 2024, primarily due to higher energy demand creating the need for additional boiler cleaning products and growth in the EMEA aftermarket. Operating income for the three months ended June 30, 2025 was $6.4 million, which is slightly

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higher than the Operating income of $4.6 million for the three months ended June 30, 2024 as a result of growth in revenue as described above.

For the six months ended June 30, 2025, revenue increased to $55.0 million from $46.4 million in the six months ended June 30, 2024, primarily due to higher energy demand creating the need for additional boiler cleaning products and growth in the EMEA aftermarket. Operating income for the six months ended June 30, 2025 was $12.0 million, which is slightly higher than the Operating income of $9.3 million for the six months ended June 30, 2024 as a result of growth in revenue as described above.

***Vølund***

During the fourth quarter of 2024, we committed to a plan to sell our Vølund business, resulting in a significant change that would impact our business. We sold our Vølund business on April 29, 2025, described further in Note 3 to the Condensed Consolidated Financial Statements.

The revenue and operating results for the three and six months ended June 30, 2025 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.

***B&W Solar***

We continue to meet all of the criteria for the assets and liabilities of this business, formerly part of our B&W Renewable segment, 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.

For the three months ended June 30, 2025, revenue decreased to $— million from $22.5 million in the three months ended June 30, 2025 as a result of significantly less work year over year as we completed remaining projects. Operating (loss) income for the three months ended June 30, 2025 decreased to $(11.1) million from $0.4 million in the three months ended June 30, 2025, due to lower revenue described above as well as additional costs needed to complete the remaining projects.

For the six months ended June 30, 2025, revenue decreased to $10.0 million from $33.9 million in the six months ended June 30, 2024 as a result of significantly less work year over year as we completed remaining projects. Operating loss for the six months ended June 30, 2025 decreased to $22.2 million from $0.4 million in the six months ended June 30, 2024, primarily as a result of lower revenue as well as additional costs needed to complete the remaining projects.

***BWRS, SPIG and GMAB***

In addition to the B&W Solar and Vølund 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.

**RESULTS OF OPERATIONS**

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**Condensed Consolidated Results of Operations**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| **Revenues** | $**144054** | $**151414** | $**(7360)** | $**299860** | $**292288** | $**7572** |
| **Costs and expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Cost of operations | $100812 | $118337 | $(17525) | $226052 | $229055 | $(3003) |
| &nbsp;&nbsp;Selling, general and administrative expenses | $34008 | $36635 | $(2627) | $63025 | $65150 | $(2125) |
| &nbsp;&nbsp;Research and development costs | $941 | $890 | $51 | $1298 | $1542 | $(244) |
| &nbsp;&nbsp;Impairment of long-lived assets | $— | $— | $— | $950 | $— | $950 |
| &nbsp;&nbsp;Loss on asset disposals, net  | $165 | $— | $165 | $173 | $— | $173 |
| &nbsp;&nbsp;Operating income (loss) | $8128 | $(4448) | $12576 | $8362 | $(3459) | $11821 |
| &nbsp;&nbsp;**Loss from continuing operations** | $**(6052)** | $**(20547)** | $**14495** | $**(20057)** | $**(38169)** | $**18112** |

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***Three Months Ended June 30, 2025 and 2024***

Revenues decreased by $7.4 million to $144.1 million in the three months ended June 30, 2025 compared to $151.4 million in the three months ended June 30, 2024. The decrease is primarily driven by lower large project volume in B&W Thermal and B&W Environmental of $20.0 million, lower construction volume of $3.0 million offset partially by an increase in parts of $15.5 million.

Costs of operations decreased by $17.5 million to $100.8 million in the three months ended June 30, 2025 compared to $118.3 million in the three months ended June 30, 2024. The decrease is primarily driven by the lower revenue as described above as well as the product mix of lower project volume, higher parts volume which has higher gross margin that contributed to the improvement as well as lower costs needed to complete certain projects.

SG&A expenses decreased by $2.6 million to $34.0 million in the three months ended June 30, 2025 compared to $36.6 million in the three months ended June 30, 2024. The decrease is primarily driven by the legal settlement of $6.5 million in 2024 offset by increased expenses in employee benefits in the current year.

Research and development costs remained substantially flat in the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Loss on asset disposals increased in the three months ended June 30, 2025 compared to the three months ended June 30, 2024 relating to small disposals in 2025.

Operating income (loss) increased by $12.6 million to net income of $8.1 million in the three months ended June 30, 2025, compared to a net loss of $(4.4) million in the three months ended June 30, 2024. The increase is a result of the reduced costs previously noted.

Loss from continuing operations decreased by $14.5 million to $6.1 million in the three months ended June 30, 2025 as compared to loss of $20.5 million in the three months ended June 30, 2024, driven by the improvement in the operating income results noted above. In 2024 we incurred $1.1 million related to debt extinguishment that we did not incur in 2025.

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***Six Months Ended June 30, 2025 and 2024***

Revenues increased by $7.6 million to $299.9 million in the six months ended June 30, 2025 compared to $292.3 million in the six months ended June 30, 2024. The increase is driven by larger parts volume of $26.8 million offset partially by lower large project volume in B&W Environmental in 2025 of $21.5 million.

Costs of operations decreased by $3.0 million to $226.1 million in the six months ended June 30, 2025 compared to $229.1 million in the six months ended June 30, 2024. The decrease is primarily driven by the mix of the business as parts sales grew more which has a higher gross margin, larger project revenue decreased and lower costs were needed to finish larger projects.

SG&A expenses decreased by $2.1 million to $63.0 million in the six months ended June 30, 2025 compared to $65.2 million in the six months ended June 30, 2024. The decrease is primarily driven by the legal settlement of $6.5 million in 2024 offset by increased expenses in employee benefits in the current year.

Research and development costs remained substantially flat in the six months ended June 30, 2025 compared to in the six months ended June 30, 2024.

Impairment of long-lived assets increased by $1.0 million to $1.0 million in the six months ended June 30, 2025 compared to a nominal amount in the six months ended June 30, 2024. The increase is driven by the reduction in our real estate footprint.

Loss on asset disposals increased in the six months ended June 30, 2025 compared to the six months ended June 30, 2024 relating to small disposals in 2025.

Operating income increased by $11.8 million to $8.4 million in the six months ended June 30, 2025 compared to operating loss of $3.5 million in the June 30, 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 $18.1 million to $20.1 million compared to a loss of $38.2 million in the six months ended June 30, 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.

**Other Expenses Impacting Operating Results**

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***Interest Expense***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| Components associated with borrowings from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes | $5201 | $6420 | $11521 | $12691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2030 | 1038 |  | 1038 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility | 1138 | 1429 | 2265 | 2961 |
|  | 7377 | 7849 | 14824 | 15652 |
| Components associated with amortization or accretion of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Agreement | 1477 | 1476 | 3086 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior notes | 488 | 650 | 1144 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Notes due 2030 | (577) |  | (577) |  |
|  | 1388 | 2126 | 3653 | 3919 |
| Components associated with interest from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 645 | 555 | 1236 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Letter of credit interest and fees | 1399 | 1320 | 1892 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest expense | 183 | 117 | 429 | 497 |
|  | 2227 | 1992 | 3557 | 4409 |
| **Total interest expense** | $**10992** | $**11967** | $**22034** | $**23980** |

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Interest expense for the three and six months ended June 30, 2025 is lower compared to the three and six months ended June 30, 2024 due to the debt refinancing that occurred in 2025 that results in lower base principal and will result in accretion of the discount over the life of the debt. See Note 13 in the Condensed Consolidated Financial Statements for further details.

***Income Taxes***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (In thousands, except for percentages) | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| Loss from continuing operations before income tax expense | $(2160) | $(15869) | $13709 | $(14213) | $(32506) | $18293 |
| Income tax expense | $3892 | $4678 | $(786) | $5844 | $5663 | $181 |
| &nbsp;&nbsp;&nbsp;Effective tax rate | (180.2)% | (29.5)% |  | (41.1)% | (17.4)% |  |

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Deferred tax assets are evaluated each period to determine whether realization is more likely than not. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Valuation allowances may be removed in the future if sufficient positive evidence exists to outweigh the negative evidence under the framework of ASC 740, *Income Taxes* ("ASC 740").

Our effective tax rate for the first six months of 2025 is not reflective of the U.S. statutory rate primarily due to certain foreign entities having a tax rate higher than the U.S statutory rate, valuation allowances against certain net deferred tax assets and unfavorable discrete items. In certain jurisdictions where we anticipate a loss for the year or incur a loss for the year-to-date period for which a tax benefit cannot be realized in accordance with ASC 740, we exclude the loss in that jurisdiction from the overall computation of the estimated annual effective tax rate.

**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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in approximate millions) | **2025** | **2024** | **2025** | **2024** |
| B&W Thermal | $75.5 | $92.2 | $170.0 | $180.4 |
| B&W Renewable | 20.7 | 17.9 | 40.2 | 47.5 |
| B&W Environmental | 18.0 | 26.2 | 27.2 | 37.1 |
| Other/eliminations | (1.3) | (0.4) | (1.9) | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bookings | $112.9 | $135.9 | $235.5 | $261.7 |

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Backlog as of June 30, 2025 and 2024 was as follows:

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| | | |
|:---|:---|:---|
| | **June 30,** | **June 30,** |
| (in approximate millions) | **2025** | **2024** |
| B&W Thermal | $345.9 | $177.4 |
| B&W Renewable | 33.9 | 20.2 |
| B&W Environmental | 35.6 | 70.8 |
| Other/eliminations | 2.7 | 12.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Backlog | $418.1 | $280.8 |

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Of the backlog at June 30, 2025, we expect to recognize revenues as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in approximate millions) | **2025** | **2026** | **Thereafter** | **Total** |
| B&W Thermal | $190 | $146.5 | $9.4 | $345.9 |
| B&W Renewable | 17.5 | 15.4 | 1.0 | 33.9 |
| B&W Environmental | 18.3 | 16.2 | 1.1 | 35.6 |
| Other/eliminations | 2.7 |  |  | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected revenue from backlog | $228.5 | $178.1 | $11.5 | $418.1 |

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**Non-GAAP Financial Measures**

We use non-GAAP financial measures internally to evaluate our performance and make financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliations, we believe that the presentation of 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. Adjusted EBITDA differs from the most directly comparable measure calculated in accordance with GAAP. A reconciliation of net loss, the most directly comparable GAAP measure, to 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 and the accompanying reconciliation in Note 5 to the Condensed Consolidated Financial Statements, we believe the presentation of 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 on a consolidated basis is defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the Adjusted EBITDA metrics presented in this report are consistent with the manner in which our CODM primarily reviews the results of operations and makes strategic decisions about the business. Our CODM is the chief executive officer and on a quarterly basis reviews actuals to budgets and forecasts when making decisions. Adjusted EBITDA is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring activities, impairments, gains and losses on debt extinguishment, legal and settlement costs, costs related to financial consulting, and other costs that may not be directly controllable by segment management and are not allocated to the segment. We present consolidated Adjusted EBITDA because we believe it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of our revenue generating segments. 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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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(58492) | $25406 | $(80499) | $8573 |
| (Loss) income from discontinued operations, net of tax | (52440) | 45953 | (60442) | 46742 |
| Loss from continuing operations | (6052) | (20547) | (20057) | (38169) |
| Interest expense, net | 10455 | 11808 | 21257 | 23673 |
| Income tax expense | 3892 | 4678 | 5844 | 5663 |
| Depreciation & amortization | 2128 | 2931 | 4451 | 5979 |
| **EBITDA** | **10423** | **(1130)** | **11495** | **(2854)** |
| Impairment of long-lived assets |  |  | 950 |  |
| Benefit plans, net | 776 | (66) | 1555 | (136) |
| Loss on asset disposals, net | 165 |  | 173 |  |
| Stock compensation | 758 | 1318 | 1521 | 2699 |
| Restructuring activities |  | 103 | 111 | 1010 |
| Settlements and related legal costs | 472 | 7383 | 536 | 3296 |
| Loss on debt extinguishment |  | 1053 |  | 6124 |
| Foreign exchange | (1237) | (1395) | (862) | (1005) |
| Financial advisory services | 3319 | 50 | 5167 | 349 |
| Other - net | 406 | 669 | 567 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $**15082** | $**7985** | $**21213** | $**10760** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **2025** | **2024** |
| **Adjusted EBITDA** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;B&W Thermal | $17483 | $9869 | $25066 | $18494 |
| &nbsp;&nbsp;&nbsp;B&W Renewable | 515 | 428 | 712 | (48) |
| &nbsp;&nbsp;&nbsp;B&W Environmental | 2324 | 1661 | 4064 | 2290 |
| &nbsp;&nbsp;&nbsp;Corporate | (5240) | (3973) | (8629) | (9976) |
|  | $**15082** | $**7985** | $**21213** | $**10760** |

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**Corporate**

Corporate costs in Adjusted EBITDA include SG&A expenses that are not allocated to the reportable segments. These costs include, among others, certain executive, compliance, strategic, reporting and legal expenses associated with governance of the total organization and being an SEC registrant, and research and development activity costs.

**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 except for a small number of hourly participants.

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 12 to the Condensed Consolidated Financial Statements for further information regarding our pension and other postretirement plans.

**Loss 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 Condensed Consolidated Statement of Operations.

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**Settlements and related legal costs**

Settlements and related legal costs relate to expenses associated with resolving legal disputes, whether through negotiated settlements or court judgments.

**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.

**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 Condensed Consolidated Statement 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 Accumulated Other Comprehensive Loss. We report foreign currency transaction gains (losses) in income in the Condensed 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.

**RESULTS BY SEGMENT**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;B&W Thermal segment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts | $49620 | $35868 | $13752 | $99565 | $74950 | $24615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects | 21175 | 31863 | (10688) | 53291 | 54680 | (1389) |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 33490 | 39571 | (6081) | 74704 | 73296 | 1408 |
|  | 104285 | 107302 | (3017) | 227560 | 202926 | 24634 |
| &nbsp;&nbsp;&nbsp;B&W Renewable segment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts | $4851 | $4534 | $317 | $11155 | $10613 | $542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects | 5699 | 5482 | 217 | 11757 | 11464 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 8422 | 5354 | 3068 | 10314 | 8463 | 1851 |
|  | 18972 | 15370 | 3602 | 33226 | 30540 | 2686 |
| &nbsp;&nbsp;&nbsp;B&W Environmental segment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Parts | 10309 | 8939 | 1370 | 21189 | 19531 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Projects | 10490 | 19803 | (9313) | 17887 | 39356 | (21469) |
|  | 20799 | 28742 | (7943) | 39076 | 58887 | (19811) |
| &nbsp;&nbsp;&nbsp;Eliminations of intersegment revenues | (2) |  | (2) | (2) | (65) | 63 |
| **Total Revenue** | $**144054** | $**151414** | $**(7360)** | $**299860** | $**292288** | $**7572** |

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**B&W Thermal Segment Results**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| Revenues | $104285 | $107302 | $(3017) | $227560 | $202926 | $24634 |
| Adjusted EBITDA | $17483 | $9869 | $7614 | $25066 | $18494 | $6572 |

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***Three Months Ended June 30, 2025 and 2024***

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

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

***Six Months Ended June 30, 2025 and 2024***

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

Adjusted EBITDA in the B&W Thermal segment increased $6.6 million from $18.5 million to $25.1 million in the six months ended June 30, 2025 compared to the prior year. The increase in EBITDA is primarily driven by the increased boiler parts and natural gas conversion project volume of $9.6 million, offset by lower margins for our construction project business due to large project closeouts occurring in 2024 that were not repeated in 2025 of $2.8 million.

**B&W Renewable Segment Results**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| Revenues | $18972 | $15370 | $3602 | $33226 | $30540 | $2686 |
| Adjusted EBITDA | $515 | $428 | $87 | $712 | $(48) | $760 |

---

***Three Months Ended June 30, 2025 and 2024***

Revenues in the B&W Renewable segment increased 23%, or $3.6 million, to $19.0 million in the three months ended June 30, 2025 from $15.4 million in the three months ended June 30, 2024. This is primarily attributable to increased construction volume of $3.1 million.

Adjusted EBITDA in the B&W Renewable segment increased $0.1 million, to $0.5 million in the three months ended June 30, 2025 from $0.4 million in the three months ended June 30, 2024 driven by the increase in revenue as described above.

***Six Months Ended June 30, 2025 and 2024***

Revenues in the B&W Renewable segment increased 9%, or $2.7 million, from $30.5 million to $33.2 million in the six months ended June 30, 2025 compared to the same period in 2024. This is primarily attributable to the increase in parts volume of $0.5 million and an increase in construction volume of $1.9 million.

------

Adjusted EBITDA in the B&W Renewable segment increased $0.8 million, to $0.7 million in the six months ended June 30, 2025 compared to $0.0 million in the six months ended June 30, 2024. This is primarily attributable the increase in parts volume.

**B&W Environmental Segment Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| Revenues | $20799 | $28742 | $(7943) | $39076 | $58887 | $(19811) |
| Adjusted EBITDA | $2324 | $1661 | $663 | $4064 | $2290 | $1774 |

---

***Three Months Ended June 30, 2025 and 2024***

Revenues in the B&W Environmental segment decreased 28%, or $7.9 million, to $20.8 million in the three months ended June 30, 2025 from $28.7 million in the three months ended June 30, 2024. This is primarily attributable to lower volume of projects in our electrostatic precipitator and ASH business of $9.3 million partially offset by larger volume of parts sales of $1.4 million.

Adjusted EBITDA in the B&W Environmental segment was $2.3 million in the three months ended June 30, 2025 compared to $1.7 million in the three months ended June 30, 2024. This is primarily due to a higher margin on environmental projects in 2025 as well as higher parts volume of $0.8 million offset partially by the decline of other project revenues.

***Six Months Ended June 30, 2025 and 2024***

Revenues in the B&W Environmental segment decreased 34%, or $19.8 million, to $39.1 million in the six months ended June 30, 2025 from $58.9 million in the six months ended June 30, 2024. Approximately $21.5 million of the decrease is attributable to lower volume in our domestic environmental ASH projects and electrostatic precipitator business offset partially by increased volume in our parts business of $1.7 million.

Adjusted EBITDA in the B&W Environmental segment was $4.1 million in the six months ended June 30, 2025 compared to $2.3 million in the six months ended June 30, 2024. The increase is primarily due to a large European project of $1.6 million.

**Corporate Results**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| (in thousands) | **2025** | **2024** | **$ Change** | **2025** | **2024** | **$ Change** |
| Adjusted EBITDA | $(5240) | $(3973) | $(1267) | $(8629) | $(9976) | $1347 |

---

***Three Months Ended June 30, 2025 and 2024***

Adjusted EBITDA in Corporate decreased to $(5.2) million in the three months ended June 30, 2025 compared to $(4.0) million in the three months ended June 30, 2024. This is related to an increase in employee benefits.

***Six Months Ended June 30, 2025 and 2024***

Adjusted EBITDA in Corporate increased to $(8.6) million in the six months ended June 30, 2025 compared to $(10.0) million in the six months ended June 30, 2024. This is primarily related to a decrease in audit and consulting fees.

**Liquidity and Capital Resources**

***Liquidity***

Our primary liquidity requirements include debt service, funding of 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 in the Notes to Condensed Consolidated Financial Statements included in Part I, Item I of this Quarterly Report in further detail.

------

Our assessment of our ability to fund future operations is inherently subjective, judgment-based and susceptible to change based on future events. In prior periods, we incurred operating losses, primarily due to losses recognized on our Vølund and B&W Solar business as well as higher debt service costs and recurring cash deficits from operating activities. While these conditions and events raise substantial doubt about our ability to continue as a going concern, we believe it is probable that our alternative measures contemplated alleviate the substantial doubt about our ability to continue as a going concern.

In response to the conditions, we have implemented several strategies to obtain the required funding for future operations and are considering other alternative measures to improve cash flow, including suspension of the dividend on our Preferred Stock and delaying development of new products, which together would reduce our annual cash spending. The following actions were completed through the issuance date of this Quarterly Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sold non-core businesses for $197.1 million in net proceeds (described in Note 3 and Note 21 to the Condensed Consolidated Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sold 10.2 million common shares for net proceeds of $15.0 million pursuant to our At-The-Market offering (described in Note 14 to the Condensed Consolidated Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completed privately negotiated exchanges with two institutional investors of noteholders that resulted in $47.8 million aggregate principal amount of the Company's 6.50% Senior Notes due 2026 and $84.0 million aggregate principal amount of the Company's 8.125% Senior Notes due 2026 being exchanged for $100.7 million aggregate principal amount of newly-issued 8.75% Senior Notes (described in Note 13 to the Condensed Consolidated Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commenced a cash tender offer for the Company's remaining 6.5% Senior Notes due 2026 and 8.125% Senior Notes due 2026 (described in Note 13 to the Condensed Consolidated Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• signed the Ninth Amendment to the Credit Agreement to extend the maturity date of the Credit Facility to November 30, 2026 (described in Note 21 to the Condensed Consolidated Financial Statements); and

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

Based on our ability to raise funds through the actions noted above and our Cash and cash equivalents as of June 30, 2025, we have concluded it is probable that such actions would provide sufficient liquidity to fund operations for the next twelve months following the date of this Quarterly Reports.

***Cash and Cash Flows***

At June 30, 2025, our cash and cash equivalents, and restricted cash totaled $110.8 million, and we had total debt of $471.3 million as well as $191.7 million of gross preferred stock outstanding. Our foreign business locations held $13.1 million of our total cash and cash equivalents and restricted cash as of June 30, 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. In addition, we had $72.3 million of restricted cash as of June 30, 2025 related to collateral for certain letters of credit as part of funding for several ongoing projects.

Cash flows used in operating activities was $33.8 million in the six months ended June 30, 2025, which is primarily attributable to the year-to-date net loss of $80.5 million, partially offset by non-cash expenses arising from loss on sale of business of $35.8 million and impairment of long-lived assets of $9.9 million. Cash flows used in operating activities also included movements in certain operating assets and liabilities such as accounts receivable trade, net of $(2.6) million, contracts in progress of $9.8 million, and advanced billings on contracts of $(1.1) 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. Operating cash flow decreases from pension liabilities, accrued postretirement benefits and employee benefits of $(6.9) million is a result of contributions made to the plan. Operating cash flow increases from accounts payable of $(0.9) million and accrued and other current liabilities of $8.1 million is the result of timing of payments to vendors.

Cash flows used in operating activities was $26.7 million in the six months ended June 30, 2024, which was attributable to the year-to-date net income of $8.6 million offset primarily by the BWRS non-cash gain of $40.2 million. Non-cash expenses including the loss on the debt extinguishment of $6.1 million, depreciation and amortization of long-lived assets of $9.5 million, deferred taxes of $2.5 million and operating lease expenses of $3.7 million were primarily offset by movements in certain operating assets and liabilities such as accounts receivable - trade, net of $(3.9) million, contracts in progress of

------

$(17.4) million, advanced billings on contracts of $(15.0) million, and accrued and other current liabilities of $(12.0) million due to the same factors described above for 2025.

Cash flows provided by investing activities was $10.6 million in the six months ended June 30, 2025, primarily due to proceeds from the sale of our Vølund business $20.1 million, offset by purchases of fixed assets relating to BrightLoop<sup>™</sup> projects. Cash flows provided by investing activities were $76.0 million in the six months ended June 30, 2024, primarily related to the $83.5 million proceeds from the sale of BWRS, offset by purchases of fixed assets relating to BrightLoop<sup>™</sup> projects.

Cash flows provided by financing activities was $2.6 million in the six months ended June 30, 2025, primarily related to the net borrowings on the Axos Credit Agreement $6.9 million, partially offset by debt issuance related to the debt refinancing as described in Note 13 to the Condensed Consolidated Financial Statements of $5.1 million, preferred stock dividend payment of $3.7 million and proceeds pursuant to our At-The-Market offering in the quarter as described in Note 14 to the Condensed Consolidated Financial Statements. Cash flows provided by financing activities was $81.6 million in the six months ended June 30, 2024 and was primarily related to the net borrowings on the Axos Credit Agreement of $95.8 million, partially offset by preferred stock dividend payments of $7.4 million and debt issuance costs related to the Axos Credit Agreement of $5.1 million.

***Debt and Credit Facilities***

As described in Note 13 to the Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report, we entered into a Credit Agreement in January 2024. B. Riley, a related party, has provided a guaranty of payment with regard to our obligations under the Credit Agreement, which is no longer in place as Axos has suspended the current need for the guarantee. This agreement substantially replaced the 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 13 to the Condensed Consolidated Financial Statements and is incorporated herein by reference.

***Taxes***

On July 4, 2025, the One Big Beautiful Bill (the "OBBB") Act was enacted in the United States. This legislation increases federal support for oil and gas production while reducing support for renewable energy and infrastructure development. Notably, the OBBBA accelerates the phaseout of certain clean energy tax credits established under the Inflation Reduction Act (the "IRA"), including the clean electricity production and investment credits for solar and wind projects. These credits will no longer apply to projects that begin construction more than 12 months after the enactment date, or that are placed in service after December 31, 2027. Certain provisions of the OBBBA remain subject to further regulatory interpretation and implementation that are expected to be finalized during the remainder of 2025. The OBBBA, along with other evolving trade and immigration policies, may have both positive and negative effects on our business. Potential impacts include, but are not limited to, shifts in the timing and scope of customer projects, fluctuations in demand for our services, and changes in capital and labor costs, including availability.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES** 

For a summary of the critical accounting policies and estimates that we use in the preparation of our unaudited Condensed Consolidated Financial Statements, see "Critical Accounting Policies and Estimates" in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes to our policies during the six months ended June 30, 2025 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Our exposure to market risks has not changed materially from those disclosed under "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 4. Controls and Procedures**

*Disclosure Controls and Procedures*

------

As of the end of the period covered by this report, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) adopted by the Securities and Exchange Commission under the Exchange Act.

Based on this evaluation and because of the previously-reported material weaknesses in internal control over financial reporting, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2025.

Notwithstanding the conclusion by our Chief Executive Officer and Chief Financial Officer that our disclosure controls and procedures as of June 30, 2025 were not effective, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded that the Condensed Consolidated Financial Statements as of and for the three and six months ended June 30, 2025 and 2024 present fairly, in all material respects, our financial position, results of operations and cash flows in conformity with GAAP.

*Remediation Plan and Status*

As of June 30, 2025, the material weaknesses previously disclosed have not yet been remediated. In response to the material weaknesses in our internal control over financial reporting, management has initiated remediation efforts, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing to hire qualified accounting professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and providing additional 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 and complex and/or non-routine transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhancing controls over IT user access and segregation of duties; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and implementing a monitoring program to evaluate and assess whether controls are present and functioning appropriately.

We will continue to work toward full remediation of the material weaknesses to improve our internal control over financial reporting. 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 designed and operating effectively. Accordingly, we will continue to monitor and evaluate the effectiveness of our internal control over financial reporting in the areas affected by the material weaknesses.

*Changes in Internal Control Over Financial Reporting*

There were no changes in internal control over financial reporting (as defined by Rule 13a-15(f) and 15d-15(f) under the Exchange Act during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

*Inherent Limitations in Effectiveness of Controls*

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures, or our internal controls, will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake or fraud. Additionally, controls can be circumvented by individuals or groups of persons or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements in our public reports due to error or fraud may occur and not be detected.

**PART II**

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**Item 1. Legal Proceedings**

Please refer to our Annual Report on Form 10-K for the year ended December 31, 2024 as there have been no material changes and no new litigation to disclose as of June 30, 2025.

**Item 1A. Risk Factors**

We are subject to various risks and uncertainties in the course of our business. The discussion of such risks and uncertainties may be found under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024. Other than the additional risk factor set forth before, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024.

***There can be no assurance that our efforts to improve our financial position will be successful or that we will be able to obtain additional capital or refinance any of our debt in the future on commercially reasonable terms 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 our Annual Report for fiscal year 2024 filed with the SEC on March 31, 2024. The Seventh Amendment provides that the maturity date of the Credit Agreement remains January 18, 2027, provided that (i) by November 28, 2025, the 8.125% Senior Notes have not been repaid, defeased, or otherwise satisfied in full or refinanced and (ii) by September 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, 2027, then September 30, 2026.

In May 2025, we completed privately negotiated exchange transactions related to our 6.50% Senior Notes and 8.125% Senior Notes (together, the "2026 Notes") in which we issued 8.75% Senior Notes as consideration of the cancellation of some of our 2026 Notes. In June 2025, we commenced a cash tender offer for the remaining 2026 Notes that we have outstanding.

Although we have amended the terms of and refinanced our debt in the past, there can be no assurance that our efforts to improve our financial position will be successful or that we will be able to obtain additional capital or refinance any of our debt in the future on commercially reasonable terms or at all. If we are unable to do so 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 such debt and it may be necessary for us to reorganize, including through bankruptcy proceedings.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

In accordance with the provisions of the employee benefit plans, we 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. During the quarter ended June 30, 2025, we did not have any repurchases of shares related to employee restricted stock plans. Also, we do not have a general share repurchase program at this time.

**Item 5. Other Information**

During the three months ended June 30, 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.

On August 5, 2025, Chris Riker announced that he is stepping down as Executive Vice President and Chief Operating Officer of the Company, effective August 31, 2025.

On August 6, 2025, the Compensation Committee (the "Committee") of the Company's Board of Directors, after review of total compensation benchmark data provided by third party compensation consultant Willis Towers Watson, approved certain bonus opportunities based on the Company's sale of Diamond Power International, LLC (which closed on July 31, 2025) and certain other performance factors. To the extent an executive is eligible for such a bonus and except as the Committee may otherwise provide, the executive will earn the bonus only if the executive remains employed with the Company or one of its subsidiaries through March 31, 2028; provided that the Company may pay half of such bonus opportunities in August 2025 and half of such bonus opportunities in 2026 (subject to clawback, unless otherwise provided by the Committee, if the executive ceases to be employed with the Company or one of its subsidiaries prior to March 31, 2028). The total bonus opportunity for each of the Company's executive officers who received such a bonus opportunity is as follows: Kenneth M.

------

Young, Chief Executive Officer- $2,750,000; Cameron Frymyer, Executive Vice President and Chief Financial Officer - $1,500,000; Jimmy B. Morgan, Executive Vice President and Chief Commercial Officer - $500,000; and John J. Dziewisz, Executive Vice President, General Counsel & Corporate Secretary - $500,000.

On August 8, 2025, the Company with certain subsidiaries of the Company as guarantors, the lenders party to the Credit Agreement and Axos, as administrative agent, entered into the Ninth Amendment to the Credit Agreement. Capitalized terms have the meaning as defined in the Ninth Amendment. Pursuant to the Ninth Amendment, Axos and the Lenders party to the Credit Agreement consented to amend certain provisions of the Credit Agreement to, among other things, (i) allow an add-back of up to $17 million for Waste to Energy Project losses currently reported in Discontinued Operations to the Adjusted EBITDA calculation used in the debt covenant ratios, (ii) allow an add-back of up to $40 million for the Capital Expenditures calculation used in the debt covenant ratios, (iii) defer the increase of the minimum Fixed Charge Coverage ratio debt covenant to 1.05 until after December 31, 2026, and (iv) change the maturity date to November 30, 2026 from September 30, 2026.

**Item 6. Exhibits**

---

| | |
|:---|:---|
| <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)). |
| <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/1630805/000163080522000008/amendedandrestatedbylaws.htm)</u> | Amended and Restated Bylaws of 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>[4.1](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>[4.2](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/1630805/000163080525000019/projecttimber-closingbin.htm)[\*](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>[10.2](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>[10.3](final-seventhamendmentxx.htm)</u> | Seventh Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated May 19, 2025, filed herewith (File No. 001-36876). |

---

------

---

| | |
|:---|:---|
| <u>[10.4](babcockaxosjune2025amend.htm)</u> | Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated June 18, 2025, filed herewith (File No. 001-36876). |
| <u>[10.](final-xeighthamendmentxx.htm)[5](final-xeighthamendmentxx.htm)</u> | Eighth Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated July 3, 2025, filed herewith (File No. 001-36876). |
| <u>[10.6](https://www.sec.gov/Archives/edgar/data/1630805/000110465925073616/tm2522302d1_ex10-1.htm)</u> | Membership Interest, Share and Asset Purchase Agreement, dated June 4, 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>[10.7](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 31, 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>[10.8](inescrow-xfinalxxnintham.htm)</u> | Ninth Amendment to Credit Agreement among Babcock & Wilcox Enterprises, Inc., the lenders and Axos Bank, dated August 8, 2025, filed herewith (File No. 001-36876). |
| <u>[31.1](c-exhibit311q2.htm)</u> | Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer. |
| <u>[31.2](c-exhibit312q2.htm)</u> | Rule 13a-14(a)/15d-14(a) certification of Chief Financial Officer. |
| <u>[32.1](c-exhibit321q2.htm)</u> | Section 1350 certification of Chief Executive Officer. |
| <u>[32.2](c-exhibit322q2.htm)</u> | Section 1350 certification of Chief Financial Officer. |
| 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) |

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\*As permitted by Regulation S-K, Item 601(b)(10)(iv) of the Securities Exchange Act of 1934, as amended, certain confidential portions of this exhibit have been redacted from the publicly filed document.

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**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.

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| | | |
|:---|:---|:---|
| | | BABCOCK & WILCOX ENTERPRISES, INC. |
| August 11, 2025 | By: | /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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## Exhibit 10.3

![](final-seventhamendmentxx001.jpg)

Execution Version JOINDER AND SEVENTH AMENDMENT TO CREDIT AGREEMENT This Joinder and Seventh Amendment to Credit Agreement (this "Amendment") is made as of May 19, 2025, by and among: BABCOCK & WILCOX ENTERPRISES, INC., a Delaware corporation (the "Borrower"); the Persons named on Schedule I hereto (individually, an "Existing Guarantor", and collectively, the "Existing Guarantors"); the Persons named on Schedule II hereto (individually, a "New Guarantor", and collectively, the "New Guarantors", and together with the Existing Guarantors, 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 Existing Guarantors, the Lenders party thereto from time to time, and Axos Bank, as Administrative Agent; WHEREAS, the Lenders, the Administrative Agent, the Borrower and the Existing Guarantors desire to cause the joinder of the New Guarantors to the Credit Agreement and the other Loan Documents as Guarantors thereunder; WHEREAS, the Borrowers and the Existing Guarantors have requested that the Administrative Agent and the Lenders agree to amend certain provisions of the Credit Agreement to, among other things, (i) permit the incurrence of the Secured Notes (as defined in the Credit Agreement after giving effect to this Amendment) and Liens on the Collateral to secure the Loan Parties' obligations thereunder, subject in each case to the Secured Notes Intercreditor Agreement, and (ii) modify certain other terms of the Credit Agreement; WHEREAS, each of the New Guarantors desires to become a party to, and be bound by the terms of, the Credit Agreement and the other Loan Documents in the same capacity and to the same extent as the Existing Guarantors; WHEREAS, the New Guarantors are part of a corporate enterprise that includes the Borrower and the Existing Guarantors, and the New Guarantors recognize that they shall derive direct and indirect benefits from the credit facilities contemplated by the Credit Agreement and the other Loan Documents; 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:

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![](final-seventhamendmentxx002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 1. Defined Terms. Capitalized terms used in this Amendment shall have the respective meanings assigned to such terms in the Credit Agreement unless otherwise defined herein. 2. Guarantor Joinder and Assumption of Obligations. Effective as of the date hereof, each New Guarantor hereby acknowledges that such Person has received and reviewed copies of the Credit Agreement and the other Loan Documents (each as amended hereby and by the other Seventh Amendment Closing Documents (as defined below)), and hereby: (a) acknowledges, agrees and confirms that, by its execution of this Amendment, such New Guarantor will be deemed to be a party to and a "Guarantor" under the Credit Agreement and the other Loan Documents and shall have all of the obligations of a Guarantor thereunder as if it had executed the Credit Agreement and the other Loan Documents as a Guarantor on the Closing Date; (b) ratifies, as of the date hereof, and agrees to be bound by, all representations and warranties (after giving effect to the supplemental schedules attached hereto as Annex A, as further described in Section 4 below), covenants and other terms, conditions and provisions of the Credit Agreement and the other applicable Loan Documents; (c) without limiting the generality of the foregoing terms of this Section 2, hereby guarantees, jointly and severally together with the other Guarantors, the prompt payment of the Secured Obligations in accordance with Article X of the Credit Agreement; (d) acknowledges, agrees and confirms that, by its execution of this Amendment, such New Guarantor will be deemed to be a party to the Security Agreement, and shall have all the rights and obligations of a "Grantor" (as such term is defined in the Security Agreement) thereunder as if it had executed the Security Agreement on the Closing Date; (e) without limiting the generality of the foregoing terms of this Section 2, (i) ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Security Agreement, and (ii) to secure the prompt payment and performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, grants to the Administrative Agent, for the benefit of the Secured Parties, a continuing security interest in, and a right to set off against, any and all right, title and interest of such New Guarantor in and to the Collateral (as such term is defined in Section 2 of the Security Agreement) of such New Guarantor; and (f) assumes and agrees to perform all applicable duties and obligations of the Existing Guarantors (on a joint and several basis with the other Guarantors) under the Credit Agreement and the other Loan Documents. 3. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows: (a) By amending Section 1.01 (Defined Terms) thereof as follows: (i) By amending and restating clause (d) of the definition of "Change of Control" therein to read in its entirety as follows:

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![](final-seventhamendmentxx003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 "(d) a "change of control" or any comparable term under, and as defined in, any Unsecured Notes Document, Secured Notes Document, Additional Indebtedness Document, Specified Guarantor Subordinated Debt Document or PBGC Document shall have occurred." (ii) By amending and restating the last proviso of the definition of "Excluded Property" therein to read in its entirety as follows: "provided that (x) no property that is collateral for any Existing Facilities Obligations, the Specified Guarantor Subordinated Debt, or any obligations under the PBGC Documents, the Secured Notes Documents or the Additional Indebtedness Documents shall constitute Excluded Property, and (y) for the avoidance of doubt, no receipts, dividends, distributions, payments or other amounts received by any Loan Party from or on behalf of any Person (including, without limitation, any Person whose Equity Interests do not constitute Pledged Equity) shall constitute Excluded Property unless excluded pursuant to clauses (d) or (h) above." (iii) 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, and (vi) the letter agreement, dated as of the Seventh Amendment Effective Date, between the Borrower and the Administrative Agent." (iv) By amending and restating the definition of "Guarantors" therein to read in its entirety as follows: " "Guarantors" means, collectively, (a) the Subsidiaries of the Borrower that are organized in a Collateral Jurisdiction and are not Immaterial Subsidiaries or Captive Insurance Subsidiaries as are or may from time to time become parties to this Agreement pursuant to Section 6.13, and (b) with respect to Additional Secured Obligations owing by any Loan Party or any of its Subsidiaries and any Swap Obligation of a Specified Loan Party (determined before giving effect to Sections 10.01 and 10.11) under the Guaranty, the Borrower. For the avoidance of doubt, each Person that is an obligor with respect to any Existing Facilities Obligations or Specified Guarantor Subordinated Debt or under any PBGC Documents, Secured Notes Documents or Additional Indebtedness Documents (in any case, whether as a borrower or a guarantor thereunder), as applicable, unless otherwise the Borrower, shall be a Guarantor unless otherwise expressly agreed in writing by the Administrative Agent."

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![](final-seventhamendmentxx004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 (v) By amending and restating clause (j) of the definition of "Loan Documents" to read in its entirety as follows: "(j) the Intercreditor Agreement, the Specified Guarantor Subordination Agreement, the PBGC Subordination Agreement and the Secured Notes Intercreditor Agreement," (vi) By amending and restating the last sentence of the definition of "Material Contract" to read in its entirety as follows: "Notwithstanding anything to the contrary, the Existing L/C Facility Documents, the Existing Reimbursement Facility Documents, the Secured Notes Documents, the Additional Indebtedness Documents and the PBGC Documents shall constitute Material Contracts for all purposes hereunder." (vii) By amending and restating the definition of "Maturity Date" to read in its entirety as follows: " "Maturity Date" means January 18, 2027; provided that (a) if as of November 28, 2025, the Indebtedness under any of the Unsecured Notes described in clause (x) of such definition has not been either (i) repaid, defeased, or otherwise satisfied in full or (ii) refinanced pursuant to a Permitted Refinancing or otherwise pursuant to a refinancing as to which the Administrative Agent has provided its prior written consent, or the maturity date of all of such Unsecured Notes has not been otherwise extended to a date on or after July 18, 2027, in each case under this clause (a) on terms reasonably satisfactory to the Administrative Agent, then "Maturity Date" means November 28, 2025, and (b) in the event that the Maturity Date was not moved to November 28, 2025 by operation of the foregoing clause (a), then in such circumstances, if as of September 30, 2026, the Indebtedness under any of the Unsecured Notes described in clause (y) of such definition has not been either (i) repaid, defeased, or otherwise satisfied in full or (ii) refinanced pursuant to a Permitted Refinancing or otherwise pursuant to a refinancing as to which the Administrative Agent has provided its prior written consent, or the maturity date of all of such Unsecured Notes has not been otherwise extended to a date on or after July 18, 2027, in each case under this clause (b) on terms reasonably satisfactory to the Administrative Agent, then "Maturity Date" means September 30, 2026." (viii) By amending and restating the definition of "Specified Guarantor Subordination Agreement" to read in its entirety as follows: " "Specified Guarantor Subordination Agreement" means that certain Subordination Agreement dated as of December 13, 2024, by and among the Specified Guarantor and the Administrative Agent and acknowledged by the Loan Parties." (ix) By adding the following new definitions thereto in appropriate alphabetical order:

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![](final-seventhamendmentxx005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 " "Additional Indebtedness" means additional Indebtedness of any one or more Loan Parties (including but not limited to any additional Secured Notes issued pursuant to the Secured Notes Indenture following the Seventh Amendment Effective Date) incurred pursuant to the Additional Indebtedness Documents subject to satisfaction of the Additional Indebtedness Conditions." " "Additional Indebtedness Conditions" means, with respect to Indebtedness described in Section 7.02(q)(y), that (i) the aggregate outstanding principal amount of such Indebtedness shall not exceed $100,000,000 at any time, (ii) the sum of the aggregate outstanding principal amount of such Indebtedness, plus the aggregate outstanding principal amount of the Senior Notes, shall not exceed $250,000,000 at any time, (iii) the holder of such Indebtedness (or, if more than one holder, a duly appointed representative thereof) has executed and delivered to the Administrative Agent a Joinder to, and as defined in, the Secured Notes Intercreditor Agreement, pursuant to which, among other things, such Person shall have agreed that such Person and such Indebtedness are bound by the Secured Notes Intercreditor Agreement, and (iv) the Administrative Agent shall have provided its prior written consent to the incurrence of such Indebtedness." " "Additional Indebtedness Documents" means the agreements, contracts, instruments, and documents evidencing the Additional Indebtedness, which agreements, contracts, instruments, and documents shall be in form and substance satisfactory to the Administrative Agent as evidenced by a writing from the Administrative Agent to the Borrower prior to any Loan Party's execution thereof (as such agreements, contracts, instruments, and documents may be amended, modified, supplemented, renewed, restated or replaced from time to time in accordance with the terms hereof and the terms of the Secured Notes Intercreditor Agreement)." " "Massillon KID Financing" means certain construction financing incurred by Babcock & Wilcox A/S from Kanadevia Inova Denmark A/S ("KID") in connection with the Massillon BrightLoop Project, in the aggregate principal amount not to exceed $5,000,000, which financing is evidenced solely by the Massillon KID Note." " "Massillon KID Note" means that certain Massillon Loan Note dated on or about April 29, 2025, by and among Babcock & Wilcox A/S, as debtor, and KID, as creditor, as in effect on the Seventh Amendment Effective Date." " "Secured Notes" means, collectively, (x) those certain 8.75% Senior Secured Notes due 2030 issued by the Borrower under the Secured Notes Indenture on the Seventh Amendment Effective Date, and (y) any additional Secured Notes issued under the Secured Notes Indenture by the Borrower made in accordance with the terms hereof, in an aggregate principal amount (as to all Secured Notes described in the foregoing clauses (x) and (y)) not to exceed $150,000,000." " "Secured Notes Documents" means, collectively, the Secured Notes, the Secured Notes Indenture, the Secured Notes Exchange Agreements, and all agreements, contracts, instruments, and documents executed in connection therewith, in each case as such agreement, contract, instrument, or document may

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![](final-seventhamendmentxx006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 be amended, modified, supplemented, renewed, restated or replaced from time to time in accordance with the terms hereof and the terms of the Secured Notes Intercreditor Agreement." " "Secured Notes Exchange Agreements" means, collectively, (x) that certain Exchange Agreement dated as of May 8, 2025, by and between the Borrower and Holbrook Income Fund, with respect to the exchange of certain Unsecured Notes for Secured Notes on or about the Seventh Amendment Effective Date as provided therein, and (y) that certain Exchange Agreement dated as of May 8, 2025, by and between the Borrower and Infrastructure Capital Advisors, LLC (on behalf of its client Virtus InfraCap US Preferred Stock ETF), with respect to the exchange of certain Unsecured Notes for Secured Notes on or about the Seventh Amendment Effective Date as provided therein." " "Secured Notes Indenture" means, collectively, (x) that certain Indenture dated as of the Seventh Amendment Effective Date between the Borrower and the Secured Notes Trustee, and (y) any supplemental indenture entered into by the Borrower and the Secured Notes Trustee pursuant to such Indenture from time to time after the Seventh Amendment Effective Date in connection with any issuance of Indebtedness by the Borrower made in accordance with the terms hereof and the terms of the Secured Notes Intercreditor Agreement (as any such agreement or indenture may be may be amended, modified, supplemented, renewed, restated or replaced from time to time in accordance with the terms hereof and the terms of the Secured Notes Intercreditor Agreement)." " "Secured Notes Intercreditor Agreement" means that certain Intercreditor Agreement dated as of the Seventh Amendment Effective Date, by and among the Secured Notes Trustee, the Administrative Agent, and the Specified Guarantor and acknowledged by the applicable Loan Parties." " "Secured Notes Trustee" means GLAS Trust Company LLC, in its capacity as trustee under the Secured Notes Indenture." " "Seventh Amendment Effective Date" means May 19, 2025." (b) By amending Section 5.02 (Authorization; No Contravention) thereof by amending and restating the parenthetical in clause (b)(i) thereof to read in its entirety as follows: "(including, without limitation, the Unsecured Notes Documents, the Secured Notes Documents, the Specified Guarantor Subordinated Debt Documents, the Additional Indebtedness Documents or the PBGC Documents)" (c) By amending and restating Section 5.28 (Delivery of Certain Documents) thereof to read in its entirety as follows: "5.28 Delivery of Certain Documents. The Loan Parties have delivered to the Administrative Agent true, correct, and complete copies (as executed) of (i) the Unsecured Notes Indenture and any other material agreements, contracts, and documents related to the Unsecured Notes (complete with all schedules, annexes, exhibits, and disclosure letters referred to therein or attached or delivered pursuant thereto, if any) and

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![](final-seventhamendmentxx007.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 all amendments thereto, waivers or consents relating thereto, and other side letters or agreements affecting the terms thereof, (ii) the Secured Notes Indenture and each other material Secured Notes Document (complete with all schedules, annexes, exhibits, and disclosure letters referred to therein or attached or delivered pursuant thereto, if any) and all amendments thereto, waivers or consents relating thereto, and other side letters or agreements affecting the terms thereof, (iii) the Specified Guarantor Subordinated Debt Documents (complete with all schedules, annexes, exhibits, and disclosure letters referred to therein or attached or delivered pursuant thereto, if any) and all amendments thereto, waivers or consents relating thereto, and other side letters or agreements affecting the terms thereof, and (iv) the PBGC Documents (complete with all schedules, annexes, exhibits, and disclosure letters referred to therein or attached or delivered pursuant thereto, if any) and all amendments thereto, waivers or consents relating thereto, and other side letters or agreements affecting the terms thereof. None of the documents, instruments and agreements described in the immediately preceding sentence has been amended or supplemented, nor have any of the provisions thereof been waived, except pursuant to a written agreement or instrument which has heretofore been delivered to the Administrative Agent." (d) By amending and restating clause (b)(iii) of Section 5.29 (Business and Property of the Loan Parties) thereof to read in its entirety as follows: "(iii) is not liable with respect to any Indebtedness (except for the Obligations and Permitted Indebtedness pursuant to (x) the Indebtedness described in item 2 of Schedule 7.02 (as and to the extent the Borrower is obligated thereon as of the Closing Date), (y) Section 7.02(k) (including the Unsecured Notes), and (z) Section 7.02(q) (including the Secured Notes and, to the extent in accordance with the terms hereof, the Additional Indebtedness)) or material Contractual Obligations, and" (e) By amending and restating clause (l) of Section 6.02 (Certificates; Other Information) thereof to read in its entirety as follows: "(l) Notices; Etc. Promptly (but in no event later than five (5) Business Days) after (i) receipt or execution thereof by any Loan Party or any Subsidiary thereof, copies of all material notices, requests and other documents (including amendments, waivers and other modifications) so received under or pursuant to any instrument, indenture, security agreement, loan or credit or similar agreement (including, without limitation, any PBGC Document or any similar document, instrument or agreement) and, from time to time upon request by the Administrative Agent, such information and reports regarding such instruments, indentures, security agreements, and loan and credit and similar agreements as the Administrative Agent may reasonably request, and (ii) the furnishing thereof (to the extent not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of this Section 6.02), copies of any material statement or report furnished by or on behalf of any Loan Party or Subsidiary to any holder of Indebtedness pursuant to any instrument, indenture, security agreement, loan or credit or similar agreement (including, without limitation, any Specified Guarantor Subordinated Indebtedness Document, PBGC Document, Senior Notes Document or any similar document, instrument or agreement) to which any Loan Party or Subsidiary is a party. The Loan Parties shall provide, substantially concurrently to the Administrative Agent, copies of any and all responses provided by any Loan Party or Subsidiary thereof to any

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![](final-seventhamendmentxx008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 such material notices, requests and other documents (including amendments, waivers, and other modifications) in respect of the PBGC." (f) By amending and restating clause (a) of Section 6.03 (Notices) thereof to read in its entirety as follows: "(a) of the occurrence of (i) any Default, and (ii) without limiting or duplicating the requirements of the foregoing clause (i), any "Default" or "Event of Default" under and as defined in any Senior Notes Document, Specified Guarantor Subordinated Indebtedness Document, PBGC Document, Unsecured Notes Document, Additional Indebtedness Document or Secured Notes Document;" (g) By amending Section 6.13 (Covenant to Guarantee Obligations) thereof by deleting the phrase "BrightLoop Entities," therefrom. (h) By amending Article VI (Affirmative Covenants) thereof by adding the following new Section 6.21 thereto: "6.21 Massillon KID Financing. (a) Use the proceeds of the Massillon KID Financing in accordance with Applicable Law and otherwise use commercially reasonable efforts to (i) conduct business in a manner that maximizes the amount of the Massillon KID Financing that is forgiven, and (ii) obtain forgiveness of the largest possible amount of the Massillon KID Financing. (b) (i) Maintain all records required to be submitted in connection with the forgiveness of the Massillon KID Financing, (ii) apply for forgiveness of the Massillon KID Financing in accordance with Applicable Law and the Massillon KID Note, and (iii) upon the Administrative Agent's request, provide the Administrative Agent with a copy of all applications for forgiveness and all supporting documentation required by the lender in respect of the Massillon KID Financing and/or any other applicable Person in connection with the forgiveness of the Massillon KID Financing." (i) By amending Section 7.01 (Liens) thereof as follows: (i) By re-lettering clause (y) thereof as clause (z) and replacing the phrase "this clause (x)" therein with the phrase "this clause (z)" and inserting the following new clause (y) in its stead: "(y) subject at all times to the Secured Notes Intercreditor Agreement, (i) Liens granted by certain of the Loan Parties in favor of the Secured Notes Trustee pursuant to the Secured Notes Documents, which Liens secure the "Obligations" as defined in the Secured Notes Documents (as in effect on the Seventh Amendment Effective Date), and (ii) Liens granted by certain of the Loan Parties in favor of the holders of the Additional Indebtedness (or a duly authorized representative thereof) pursuant to the Additional Indebtedness Documents, which Liens secure the obligations referred to therein; provided that (A) the aggregate outstanding principal amount of all obligations and liabilities secured by Liens described in the foregoing clause (i) shall not at any time

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![](final-seventhamendmentxx009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 exceed $150,000,000, (B) the aggregate outstanding principal amount of all obligations and liabilities secured by Liens described in the foregoing clause (ii) shall not at any time exceed $100,000,000, and (C) all of the liens described in this clause (y) shall be junior and subordinate to the Liens securing the Obligations; and" (ii) By amending and restating the last paragraph thereof to read in its entirety as follows: "Notwithstanding the foregoing or anything to the contrary contained herein or in any other Loan Document, (w) no Loan Party or Subsidiary shall pledge, cause to be pledged, or permit the pledge of, or otherwise grant any Lien on, any asset owned by any Loan Party or any other Domestic Subsidiary as credit support in favor of, or for the benefit of, any Subsidiary that is not a Loan Party or to secure any Indebtedness of any Subsidiary that is not a Loan Party, (x) no Loan Party or Subsidiary shall pledge, cause to be pledged, or permit the pledge of, or otherwise grant any Lien on, any asset owned by the Borrower or any of its Subsidiaries to secure, as credit support in favor of, or for the benefit of, the Unsecured Notes, (y) no Loan Party or Subsidiary shall pledge, cause to be pledged, or permit the pledge of, or otherwise grant any Lien on, any asset owned by the Borrower or any of its Subsidiaries to secure Indebtedness described in Section 7.02(l), except to the extent permitted under Section 7.01(p), and (z) no Loan Party or Subsidiary shall pledge, cause to be pledged, or permit the pledge of, or otherwise grant any Lien on, any asset owned by the Borrower or any of its Subsidiaries to secure Indebtedness described in Section 7.02(q), except to the extent permitted under Section 7.01(y). (j) By amending Section 7.02 (Indebtedness) thereof by deleting the word "and" from the end of clause (p) thereof, re-lettering clause (q) thereof as clause (r), and inserting the following new clause (q) therein: "(q) subject at all times to the Secured Notes Intercreditor Agreement, (x) Indebtedness of the Borrower pursuant to the Secured Notes in an aggregate principal amount not to exceed $150,000,000, and (y) the Additional Indebtedness; and" (k) By amending and restating Section 7.15 (Amendment, Etc. of Organization Documents; Indebtedness; Material Contracts) to read in its entirety as follows: "7.15 Amendment, Etc. of Organization Documents; Indebtedness; Material Contracts. Amend, modify, waive or change in any manner (1) any Organization Document of any Loan Party in a manner materially adverse to any Secured Party, (2) any term or condition of any Indebtedness (including, without limitation, any Unsecured Notes Documents) (other than on account of any Permitted Refinancing thereof), to the extent that such amendment, modification or waiver would (x) result in a Default or Event of Default under any of the Loan Documents, would be materially adverse to the Secured Parties or otherwise could be reasonably likely to have a Material Adverse Effect, or (y) shorten the final maturity or average life to maturity or require any payment to be made sooner than originally scheduled or increase the interest rate applicable thereto, or (3) any term or condition of any Material Contract, to the extent that such amendment, modification or waiver would result in a Default or Event of Default under

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![](final-seventhamendmentxx010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 any of the Loan Documents, would be materially adverse to the Secured Parties or otherwise could be reasonably likely to have a Material Adverse Effect. Notwithstanding the foregoing, (x) none of the Existing L/C Facility Documents or the Existing Reimbursement Facility Documents shall be amended, modified, waived or changed except to the extent expressly permitted pursuant to the Intercreditor Agreement, (y) the Specified Guarantor Subordinated Debt Documents shall not be amended, modified, waived or changed except to the extent expressly permitted pursuant to the Specified Guarantor Subordination Agreement, and (z) none of the Senior Notes Documents or the Additional Indebtedness Documents shall be amended, modified, waived or changed except to the extent expressly permitted pursuant to the Secured Notes Intercreditor Agreement." (l) By amending and restating clauses (e) and (o) of Section 8.01 (Events of Default) thereof to read in their entirety, respectively, as follows: "(e) Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of (v) the Secured Notes Documents or the Additional Indebtedness Documents, (w) the Unsecured Notes Documents, (x) the PBGC Documents, (y) the Specified Guarantor Subordinated Debt Documents, or (z) any other Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to the Secured Notes Documents, the Additional Indebtedness Documents, the Unsecured Notes Documents, the PBGC Documents, the Specified Guarantor Subordinated Debt Documents, or any such other Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit any holder or holders of Indebtedness under the Secured Notes Documents, the Additional Indebtedness Documents, the Unsecured Notes Documents, the PBGC Documents, or the Specified Guarantor Subordinated Debt Documents, or any holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or Cash Collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or" "(o) Subordination Arrangements; Intercreditor Arrangements. Any of the subordination, standstill, payover and insolvency related provisions of any of the Subordinated Debt Documents (the "Subordination Provisions"), any provision of the

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![](final-seventhamendmentxx011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Intercreditor Agreement (the "Intercreditor Provisions"), any provision of the PBGC Subordination Agreement (the "PBGC Subordination Provisions"), or any provision of the Secured Notes Intercreditor Agreement (the "Secured Notes Subordination Provisions") shall, in whole or in part, terminate, cease to be effective or cease to be legally valid, binding and enforceable against any holder of the applicable Subordinated Debt, Existing Facilities Obligations, obligations under the PBGC Documents (the "PBGC Obligations"), obligations under the Secured Notes Documents (the "Secured Notes Obligations"), obligations under the Additional Indebtedness Documents (the "Additional Indebtedness Obligations"), or any Loan Party or any holder of the applicable Subordinated Debt, Existing Facilities Obligations, PBGC Obligations, Secured Notes Obligations or Additional Indebtedness Obligations shall so state in writing; (ii) the Borrower or any other Loan Party shall, directly or indirectly, disavow or contest in any manner (A) the effectiveness, validity or enforceability of any of the Subordination Provisions, Intercreditor Provisions, PBGC Subordination Provisions or Secured Notes Subordination Provisions, (B) that the Subordination Provisions, the Intercreditor Provisions, the PBGC Subordination Provisions and the Secured Notes Subordination Provisions exist for the benefit of the Administrative Agent and the Secured Parties or (C) that all payments of principal of or premium and interest on the applicable Subordinated Debt, Existing Facilities Obligations, PBGC Obligations, Secured Notes Obligations or Additional Indebtedness Obligations, or realized from the liquidation of any property of any Loan Party, shall be subject to any of the Subordination Provisions, the Intercreditor Provisions, the PBGC Obligations, the Secured Notes Obligations or the Additional Indebtedness Obligations; or (iii) the Existing L/C Issuer or PNC Bank, National Association shall fail to comply with any provision of the PNC Payoff Letter with respect to the release of any Third Party Cash Collateral or P-Card Cash Collateral (as such terms are defined therein), or the Borrower, any other Loan Party, or the Existing L/C Issuer or PNC Bank, National Association shall, directly or indirectly, disavow or contest in any manner the terms of the PNC Payoff Letter or that the Agent is an intended third-party beneficiary thereof and entitled to enforce rights and remedies thereunder; or" (m) By amending and restating clause (a)(iii) of Section 9.10 (Collateral and Guaranty Matters) thereof to read in its entirety as follows: "(iii) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents; provided that if such Person is, or continues to be, an obligor with respect to any Existing Facilities Obligations or Specified Guarantor Subordinated Debt or under any PBGC Documents, Secured Notes Documents or Additional Indebtedness Documents (in any case, whether as a borrower or a guarantor thereunder), as applicable, the Administrative Agent shall not release any such Person from its obligations under the Guaranty unless and until such Person is no longer an obligor with respect to any Existing Facilities Obligations or Specified Guarantor Subordinated Debt or under any PBGC Documents, Secured Notes Documents or Additional Indebtedness Documents, as applicable." 4. Supplemental Schedules. To the extent that any changes in any representations, warranties, and covenants as a result of the joinder of the New Guarantors to the Loan Documents require any amendments to the schedules to the Credit Agreement or any of the other Loan Documents, such schedules are hereby updated, as evidenced by any supplemental schedules (if any) attached

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![](final-seventhamendmentxx012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 hereto as Annex A (it being understood and agreed that any representations made in any Loan Document "as of the Closing Date" or "as of the date hereof" shall be deemed made, with respect to each New Guarantor only, as of the date hereof). 5. Ratification of Loan Documents. Except as otherwise expressly provided herein, all terms and conditions of the Credit Agreement, the Collateral Documents and the other Loan Documents remain in full force and effect. The Loan Parties (including, without limitation, the New Guarantors) hereby ratify, confirm, and reaffirm that all representations and warranties of the Loan Parties contained in the Credit Agreement, the 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 (including, without limitation, the New 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 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. 6. 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 (vi) 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 "Seventh Amendment Closing Documents"). (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, in immediately available funds, for the ratable benefit of the Lenders, the fees required to be paid on the Seventh Amendment Effective Date.

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![](final-seventhamendmentxx013.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 (e) The Administrative Agent shall be satisfied that after giving effect to (i) issuance of the Secured Notes under the Secured Notes Documents and (ii) consummation of the transactions and payment of all fees and expenses in connection therewith and with this Amendment, Availability shall be at least $5,000,000. (f) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and duly executed by the parties thereto, true, correct and complete copies of (x) that certain Consent and Joinder to Pledge and Security Agreement, dated as of the date hereof, by and among the Loan Parties and PBGC, and (y) the material documents, instruments and agreements executed in connection therewith (collectively, the "PBGC Consent and Joinder Documents"), pursuant to which the New Guarantors shall have joined the PBGC Documents as grantors thereunder and PBGC shall have consented, to the extent required by the PBGC Documents, to the transactions contemplated by this Amendment, the Secured Notes Documents (including the Exchange Agreements) and the other documents, and instruments and agreements executed in connection with the foregoing. The PBGC Consent and Joinder Documents shall be in full force and effect. (g) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and duly executed by the parties thereto, a true, correct and complete copy of that certain Intercreditor Agreement, dated as of the date hereof, by and between PBGC and the Secured Notes Trustee and acknowledged by the Loan Parties (the "PBGC-Notes Intercreditor Agreement"). The PBGC-Notes Intercreditor Agreement shall be in full force and effect. (h) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent and duly executed by the parties thereto, true, correct and complete copies of (x) that certain Additional Guarantor Supplement, dated as of the date hereof, by and among the New Guarantors and the Specified Guarantor, and (y) the material documents, instruments and agreements executed in connection therewith (collectively, the "Specified Guarantor Joinder Documents"), pursuant to which the New Guarantors shall have joined the Specified Guarantor Subordinated Debt Documents as guarantors thereunder. The Specified Guarantor Joinder Documents shall be in full force and effect. (i) (i) The Secured Notes Documents shall have been entered into and shall be in form and substance satisfactory to the Administrative Agent, and contemporaneously herewith, the Borrower shall have exchanged Unsecured Notes in the aggregate principal amount of no less than $131,819,950 for Secured Notes in the principal amount of $100,673,000 issued pursuant to the Secured Notes Indenture and the Exchange Agreements, (ii) after giving effect to the exchanges described in the foregoing clause (i), the remaining outstanding principal balance of the Unsecured Notes shall not be greater than $212,655,050, and (iii) the Secured Notes Documents shall be in full force and effect and no default or event of default shall exist under the Secured Notes Documents, or would result from the consummation of the transactions contemplated hereby (including the incurrence of the Secured Notes). (j) A Responsible Officer of the Borrower shall have delivered a certificate to the Administrative Agent, in form and substance satisfactory to the Administrative Agent, which certificate shall (i) attach (w) the Secured Notes Indenture and all other material Secured Notes Documents, (x) the PBGC Consent and Joinder Documents, (y) the

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![](final-seventhamendmentxx014.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 PBGC-Notes Intercreditor Agreement, and (z) the Specified Guarantor Joinder Documents, and (ii) certify that such documents are true, correct and complete copies of all such Secured Notes Documents, PBGC Consent and Joinder Documents, PBGC- Notes Intercreditor Agreement, and Specified Guarantor Joinder Documents. (k) The Secured Notes Intercreditor Agreement shall (i) have been duly executed by all parties thereto and delivered to the Administrative Agent, and (ii) shall be in form and substance reasonably satisfactory to the Administrative Agent. (l) The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, (i) an officer's certificate dated the Seventh Amendment Effective Date, certifying as to the Organization Documents of each New Guarantor (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each New Guarantor, the good standing, existence or its equivalent of each New Guarantor and of the incumbency (including specimen signatures) of the Responsible Officers of each New Guarantor, and (ii) resolutions of the governing body of each other Loan Party authorizing the transactions contemplated by the Secured Notes and this Amendment. (m) The Administrative Agent shall have received an opinion or opinions (including, if requested by the Administrative Agent, local counsel opinions) of counsel for the New Guarantors, dated the Seventh Amendment Effective Date and addressed to the Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent. (n) The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent: (i) (A) searches of UCC and PPSA filings in the jurisdiction of incorporation or formation, as applicable, of each New Guarantor and each jurisdiction where any Collateral of such New Guarantor is located or where a filing would need to be made in order to perfect the Administrative Agent's security interest in such Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien, judgment and bankruptcy searches; (ii) with respect to each New Guarantor, 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 owned by such New Guarantor; (iii) completed UCC and PPSA financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent's Permitted Discretion, to perfect the Administrative Agent's security interest in the Collateral; (iv) to the extent not previously delivered to the Administrative Agent, stock or membership certificates, if any, evidencing the Pledged Equity and undated stock

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 or transfer powers duly executed in blank; in each case to the extent such Pledged Equity is certificated; and (v) to the extent required to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral Documents, all instruments, documents and chattel paper in the possession of any of the Loan Parties, together with allonges or assignments as may be necessary or appropriate to create and perfect the Administrative Agent's and the Lenders' security interest in the Collateral. (o) The Administrative Agent shall have received copies of insurance policies, declaration pages, certificates, and endorsements of insurance or insurance binders evidencing liability, casualty, property, terrorism and business interruption insurance covering the New Guarantors and meeting the requirements set forth in the Credit Agreement or in the Collateral Documents or as required by the Administrative Agent. (p) 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. (q) 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. (r) 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. (s) After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. (t) 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. 7. Condition Subsequent. The Loan Parties covenant and agree that the Loan Parties shall use commercially reasonable efforts to deliver to the Administrative Agent, on or before the first date on which any Loan Party grants (or is deemed to have granted) any Lien in favor of the WV BrightLoop Lender as security for obligations in respect of the WV BrightLoop Financing (or such later date as the Administrative Agent may agree in its sole discretion), a subordination agreement with the West Virginia Department of Economic Development or an Affiliate thereof providing the WV BrightLoop Financing (the "WV BrightLoop Lender"), which subordination agreement shall be in form and substance satisfactory to the Administrative Agent and duly executed by the WV BrightLoop Lender, the WV BrightLoop Entity and the other parties thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 The Loan Parties acknowledge and agree that the failure to comply with the foregoing covenant shall constitute an Event of Default pursuant to Section 8.01(b) of the Credit Agreement. 8. Representations and Warranties. (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 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) None of the Borrower's or any Existing Guarantor's Organization Documents (including, without limitation, authorizing resolutions) attached to those certain Secretary's Certificates delivered to the Administrative Agent on the Closing Date have been amended, modified, supplemented, revoked or rescinded since the Closing Date, and all of such Organization Documents remain in full force and effect as of the date hereof. (f) After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 9. Miscellaneous. (a) Each of the Loan Parties 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 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 hereby RELEASES such Persons from any liability therefor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 (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 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 [SIGNATURE PAGES FOLLOW]

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&nbsp;&nbsp;&nbsp;&nbsp;Schedule I Existing Guarantors 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. Diamond Power International, LLC Sofco – EFS Holdings LLC 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.

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![](final-seventhamendmentxx023.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Schedule II New Guarantors Babcock & Wilcox Developments, LLC Massillon NG2H, LLC Wyoming C2H, LLC Mountaineer C2H, LLC Bayou B2H, LLC

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&nbsp;&nbsp;&nbsp;&nbsp;Annex A Certain Supplemental Schedules to Loan Documents [see attached]

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![](final-seventhamendmentxx025.jpg)

Schedule 1.01(a) Guarantors - Babcock & Wilcox Developments, LLC - Massillon NG2H, LLC - Wyoming C2H, LLC - Mountaineer C2H, LLC - Bayou B2H, LLC

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Schedule 1.01(e) Immaterial Subsidiaries 1. Dampkraft Insurance Company 2. Babcock & Wilcox IP Holdings, LLC 3. Babcock & Wilcox Acorn Holdings, LLC 4. 1867BW, LLC 5. Great Arrow Builders LLC 6. SPIG Virginia, LLC 7. Babcock & Wilcox Solar Holdings, LLC 8. Focalti, LLC

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![](final-seventhamendmentxx027.jpg)

Schedule 5.20(b) Loan Parties (i) Loan Parties Name Type of Organization (e.g. corporation, limited liability company, limited partnership) Chief Executive Office and Principal Place of Business Jurisdiction of Organization Organizational Identification Number Federal Taxpayer Identification Number Babcock & Wilcox Developments, LLC Limited Liability Company 1200 E. Market Street, Suite 650 Akron, OH 44305 Delaware 6578769 99-0383576 Massillon NG2H, LLC Limited Liability Company 1200 E. Market Street, Suite 650 Akron, OH 44305 Delaware 2426114 99-2595956 Wyoming C2H, LLC Limited Liability Company 1200 E. Market Street, Suite 650 Akron, OH 44305 Delaware 2397111 99-1505278 Mountaineer C2H, LLC Limited Liability Company 1200 E. Market Street, Suite 650 Akron, OH 44305 Delaware 2414139 33-3758814 Bayou B2H, LLC Limited Liability Company 1200 E. Market Street, Suite 650 Akron, OH 44305 Delaware 7161438 99-1517123 (ii) Foreign Qualifications of Each Loan Party

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Loan Party Jurisdiction of Organization Foreign Qualifications Babcock & Wilcox Developments, LLC Delaware None Massillon NG2H, LLC Delaware Ohio Wyoming C2H, LLC Delaware Wyoming Mountaineer C2H, LLC Delaware West Virginia Bayou B2H, LLC Delaware Louisiana

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Schedule 5.21(d)(i) Deposit Accounts and Securities Accounts Name of Company Account Number Type of Account Name & Address of Financial Institution Wyoming C2H, LLC 890000173983 Operating Axos Bank 4350 La Jolla Village Drive, Suite 140 San Diego, California 92122

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Schedule 5.21(f) Pledged Equity Interests LLC/LP Interests: Pledgor Issuer Type of Organization Nature of Equity Interest Certificate # # of Shares Owned % of Interest Pledged Babcock & Wilcox Holdings, LLC Babcock & Wilcox Enterprises, Inc. LLC Membership Interest N/A N/A 100% Babcock & Wilcox Solar Energy, Inc. Babcock & Wilcox New Energy Holdings, LLC Corporation Ordinary 7 & 8 13.2 & 19.8 100% Babcock & Wilcox New Energy Holdings, LLC Babcock & Wilcox Developments, LLC LLC Membership Interest uncertificated N/A 100% Babcock & Wilcox Developments, LLC Massillon NG2H, LLC LLC Membership Interest uncertificated N/A 100% Babcock & Wilcox Developments, LLC Wyoming C2H, LLC LLC Membership Interest uncertificated N/A 100% Babcock & Wilcox Developments, LLC Mountaineer C2H, LLC LLC Membership Interest uncertificated N/A 100% Babcock & Wilcox Developments, LLC Bayou B2H, LLC LLC Membership Interest uncertificated N/A 100%

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Schedule 5.21(g)(ii) Other Properties (i) Chief Executive Offices and Location of Books and Records Name of Company Address of Chief Executive Office Leased or Owned Location where Books and Records are Kept (if different) Babcock & Wilcox Developments, LLC 1200 E. Market Street, Suite 650, Akron, OH 44305 Leased Iron Mountain Records Management 1137 Branchton Road, P.O. Box 6 Boyers, PA 16020 Iron Mountain Records Management 1750 Shenango Road New Galilee, PA 16141 Massillon NG2H, LLC 1200 E. Market Street, Suite 650, Akron, OH 44305 Leased Iron Mountain Records Management 1137 Branchton Road, P.O. Box 6 Boyers, PA 16020 Iron Mountain Records Management 1750 Shenango Road New Galilee, PA 16141 Wyoming C2H, LLC 1200 E. Market Street, Suite 650, Akron, OH 44305 Leased Iron Mountain Records Management 1137 Branchton Road, P.O. Box 6 Boyers, PA 16020 Iron Mountain Records Management 1750 Shenango Road New Galilee, PA 16141 Mountaineer C2H. LLC 1200 E. Market Street, Suite 650, Akron, OH 44305 Leased Iron Mountain Records Management 1137 Branchton Road, P.O. Box 6 Boyers, PA 16020 Iron Mountain Records Management 1750 Shenango Road New Galilee, PA 16141 Bayou B2H, LLC 1200 E. Market Street, Suite 650, Akron, OH 44305 Leased Iron Mountain Records Management 1137 Branchton Road, P.O. Box 6 Boyers, PA 16020 Iron Mountain Records Management 1750 Shenango Road New Galilee, PA 16141

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## Exhibit 10.4

![](babcockaxosjune2025amend001.jpg)

Execution Copy 4928-5552-6734 v.3 AMENDMENT TO CREDIT AGREEMENT This Amendment to Credit Agreement (this "Amendment") is made as of June 18, 2025, by and among BABCOCK & WILCOX ENTERPRISES, INC., a Delaware corporation (the "Borrower"), the Persons named on Schedule I hereto (the "Guarantors"), B. Riley Financial, Inc. (the "Specified Guarantor"), the LENDERS party hereto, and AXOS BANK, as Administrative Agent (collectively, the "Parties"). Reference is made to (i) 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", and capitalized terms used in this Amendment shall have the respective meanings assigned to such terms in the Credit Agreement unless otherwise defined herein), among the Borrower, the Guarantors, the Lenders party thereto from time to time, and Axos Bank, as Administrative Agent and (ii) that certain Guaranty, dated as of January 18, 2024 (as amended, modified, extended, restated, renewed, replaced, or supplemented from time to time, the "Specified Guaranty"), by the Specified Guarantor in favor of the Secured Parties. In consideration of the mutual covenants and benefits to be derived herefrom, the Parties agree that, notwithstanding any requirements under the Credit Agreement requiring the execution, delivery or maintenance of the Specified Guaranty, effective as of the date hereof until January 1, 2027, the Specified Guaranty is hereby suspended in all respects and the Specified Guarantor has no obligations under the Specified Guaranty until January 1, 2027. On January 1, 2027, the Specified Guaranty shall automatically and without action by an party come back into full force and effect, including with respect to any obligations owed on such date. . [SIGNATURE PAGES FOLLOW]

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&nbsp;&nbsp;&nbsp;&nbsp;4928-5552-6734 v.3 Schedule I Guarantors 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. Diamond Power International, LLC Sofco – EFS Holdings LLC 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

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## Exhibit 10.5

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EXECUTION COPY EIGHTH AMENDMENT TO CREDIT AGREEMENT This Eighth Amendment to Credit Agreement (this "Amendment") is made as of July 3, 2025, 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, 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; 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 unless otherwise defined herein. 2. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows: (a) By amending Section 1.01 (Defined Terms) thereof as follows: (i) By amending and restating the definition of "2025 Specified Dispositions" therein to read in its entirety as follows: " "2025 Specified Dispositions" has the meaning specified in that certain Sixth Amendment dated as of March 25, 2025, by and among the Loan Parties, the Lenders party thereto and the Administrative Agent." (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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 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, and (vii) the letter agreement, dated as of the Eighth Amendment Effective Date, between the Borrower and the Administrative Agent." (iii) By amending and restating the definition of "NOLV Percentage" therein to read in its entirety as follows: " "NOLV Percentage" means, from and after the Eighth Amendment Effective Date, 40%; provided, that such percentage shall automatically reduce as follows: (i) on September 15, 2025, the NOLV Percentage shall reduce to 30%, and (ii) commencing on November 1, 2025, and on the first day of each calendar month thereafter, the NOLV Percentage shall further reduce by 2% per month (for illustrative purposes, on November 1, 2025, the NOLV Percentage shall reduce to 28%), until the NOLV Percentage has been reduced to 20%; provided, further, that upon the earlier to occur of the Diamond Power Disposition or the ASH Disposition, the NOLV Percentage shall immediately reduce to 20%." (iv) By adding the following new definitions thereto in appropriate alphabetical order: " ASH Disposition" means the Specified Transaction consisting of the Disposition of substantially all of the assets comprising the Loan Parties' ASH Subsidiaries in accordance with the Second Amendment." " "Diamond Power Disposition" means the Specified Transaction consisting of the Disposition (following the consummation of the Reorganization (as defined in the Purchase Agreement referred to below) and the joinder to the Loan Documents of each of Allen-Sherman-Hoff, LLC and Babcock & Wilcox IP Holdings, LLC) of (i) the Equity Interests in Diamond Power International, LLC, a Delaware limited liability company ("DPI"), held by B&WC (the "DPI Interests"), (ii) the Equity Interests in Babcock & Wilcox Diamond Power Equipment Supply Co., Ltd., a Chinese company limited by shares, held by Babcock & Wilcox International Sales and Service Corporation, a Delaware corporation ("BWISSC") (the "DP China Interests"), and (iii) certain assets held by B&W Canada (as further described on Exhibit B-1 of the Purchase Agreement referred to below, the "Purchased Assets"), in each case pursuant to and as further described in that certain Membership Interest, Share and Asset Purchase Agreement dated as of June 4, 2025 (the "Purchase Agreement"), by and among B&WC, BWISSC and B&W Canada, as the sellers, and Andritz (USA) Inc., a Georgia corporation, Andritz China Ltd., a Chinese Company limited by shares, and Andritz Canada Inc., a New Brunswick corporation, as the purchasers." " "Eighth Amendment Effective Date" means July 3, 2025."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 3. Temporary Partial Reduction 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) (the "PBGC Reserve"). The Administrative Agent, in its Permitted Discretion, has determined to reduce temporarily the amount of the PBGC Reserve by $3,000,000; provided that such temporary reduction shall terminate (and the amount of the PBGC Reserve shall be increased to $6,000,000) upon the earlier to occur of (x) the date of the consummation of any Disposition of material assets of the Loan Parties (including, without limitation, the Diamond Power Disposition, any other Specified Transaction or any 2025 Specified Disposition), or (y) September 15, 2025 (such earlier date being referred to herein as the "Reserve Reduction Termination Date"), unless on or prior to the Reserve Reduction Termination 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, 2025 pursuant to the PBGC Document described in clause (iii) of such definition (the "September 2025 PBGC Installment") shall have been paid. Nothing contained herein 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 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. 4. Application of Proceeds of Diamond Power Disposition. Notwithstanding anything to the contrary in the Second Amendment, the Loan Parties covenant and agree that the Net Cash Proceeds of the Diamond Power Disposition shall be applied in the order, and in the amounts, set forth below (in each case, unless otherwise agreed by the Administrative Agent in its sole discretion): (i) to the repayment of the September 2025 PBGC Installment, in an aggregate amount equal to $3,000,000; (ii) to the repayment of Revolving Loans under the Credit Agreement, in an aggregate amount equal to $48,300,000 (which amounts may be reborrowed in whole or in part to the extent permitted under the Credit Agreement at such time and may be used for purposes permitted under the Credit Agreement, including for working capital needs); (iii) to the repayment of the Unsecured Notes, in an aggregate amount equal to $109,000,000; and (iv) the remainder to be retained by the Loan Parties in accounts subject to Qualifying Control Agreements to finance working capital, Capital Expenditures and Acquisitions and for general corporate purposes (including the payment of fees and expenses), in each case to the extent permitted under applicable Law and the Loan Documents. 5. Ratification of Loan Documents. Except as otherwise expressly provided herein, all terms and conditions of the Credit Agreement, the Collateral Documents and the other Loan Documents remain in full force and effect. The Loan Parties hereby ratify, confirm, and reaffirm that all

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 representations and warranties of the Loan Parties contained in the Credit Agreement, the 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 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. 6. 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 "Eighth Amendment Closing Documents"). (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) 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. (e) 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 and the validity against such Loan Party of the Loan Documents to which it is a party have been obtained. (f) 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. (g) After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. (h) 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. 7. 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 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) None of the Borrower's or any Guarantor's Organization Documents (including, without limitation, authorizing resolutions) attached to those certain Secretary's Certificates delivered to the Administrative Agent on the Closing Date (or, in the case of the Guarantors that joined the Loan Documents on the Seventh Amendment Effective Date, the Seventh Amendment Effective Date) have been amended, modified, supplemented, revoked or rescinded since the Closing Date (or the Seventh Amendment Effective Date, as applicable), and all of such Organization Documents remain in full force and effect as of the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 (f) After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 8. Miscellaneous. (a) Each of the Loan Parties 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 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 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 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 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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&nbsp;&nbsp;&nbsp;&nbsp;Schedule I Guarantors 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. Diamond Power International, LLC Sofco – EFS Holdings LLC 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 4388862.4

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## Exhibit 10.8

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EXECUTION COPY NINTH AMENDMENT TO CREDIT AGREEMENT This Ninth Amendment to Credit Agreement (this "Amendment") is made as of August 8, 2025, 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, 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; 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 unless otherwise defined herein. 2. Amendments to Credit Agreement. The Credit Agreement is hereby amended as follows: (a) By amending Section 1.01 (Defined Terms) thereof as follows: (i) By amending the definition of "Consolidated Adjusted EBITDA" therein by deleting the word "and" from the end of sub-clause (xv) of clause (b) thereof, re- numbering sub-clause (xvi) thereof as sub-clause (xvii), and inserting the following new sub-clause (xvi) therein: "(xvi) the amount of losses directly attributable to the discontinuance of the operations of Babcock & Wilcox A/S to the extent such losses were incurred by the Borrower or any Subsidiary (A) during the Borrower's fiscal quarter ended March 31, 2025 and not in excess of $4,773,000 (which losses may be added back to Consolidated Net Income up to such amount with respect to each Measurement Period that includes such fiscal quarter) or (B) during the Borrower's fiscal quarter ending June 30, 2025 and not in excess of $12,282,000

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 (which losses may be added back to Consolidated Net Income up to such amount with respect to each Measurement Period that includes such fiscal quarter); and" (ii) By amending and restating the definition of "Consolidated Fixed Charge Coverage Ratio" therein to read in its entirety as follows: " "Consolidated Fixed Charge Coverage Ratio" means, with respect to the Loan Parties on a Consolidated basis for any applicable fiscal measurement period, the ratio of (a) the result of (i) Consolidated Adjusted EBITDA for such period, minus (ii) Unfunded Capital Expenditures made during such period (other than Permitted Unfunded BrightLoop Massillon Capital Expenditures made during such period), minus (iii) distributions and dividends (including any Restricted Payments permitted hereunder) made during such period, minus (iv) cash taxes paid during such period, to (b) the amount of all Debt Payments for such period." (iii) By amending the definition of "Consolidated Funded Indebtedness" therein by amending and restating clause (a) thereof to read in its entirety as follows: "(a) the outstanding principal amount of all obligations, whether current or long- term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; provided, that there shall be excluded from this clause (a) the outstanding principal amount of the February 2026 Unsecured Notes to the extent the Loan Parties then maintain in the Unsecured Notes Deposit Account the Minimum February 2026 Unsecured Notes Amount in respect of such February 2026 Unsecured Notes;" (iv) By amending the definition of "Eligible Cash on Hand" therein by amending and restating the last sentence thereof to read in its entirety as follows: "Notwithstanding anything to the contrary, Eligible Cash on Hand shall not include Specified Cash Collateral, Cash Collateral or any cash or Cash Equivalents maintained in the Unsecured Notes Deposit Account." (v) 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, and (viii) the letter

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 agreement, dated as of the Ninth Amendment Effective Date, between the Borrower and the Administrative Agent." (vi) By amending and restating the definition of "Liquidity" therein to read in its entirety as follows: " "Liquidity" means, as of any date, the aggregate amount equal to the sum of (x) Availability as of such date and (y) unrestricted cash and Cash Equivalents (excluding, for the avoidance of doubt, Eligible Cash on Hand, Cash Collateral, Specified Cash Collateral and any cash or Cash Equivalents maintained in the Unsecured Notes Deposit Account) on the Consolidated balance sheet of the Loan Parties on a Consolidated basis as of such date." (vii) By amending and restating the definition of "Maturity Date" therein to read in its entirety as follows: " "Maturity Date" means January 18, 2027; provided that if as of November 30, 2026, the Indebtedness under any of the Unsecured Notes described in clause (y) of such definition has not been either (i) repaid, defeased, or otherwise satisfied in full or (ii) refinanced pursuant to a Permitted Refinancing or otherwise pursuant to a refinancing as to which the Administrative Agent has provided its prior written consent, or the maturity date of all of such Unsecured Notes has not been otherwise extended to a date on or after July 18, 2027, in each case on terms reasonably satisfactory to the Administrative Agent, then "Maturity Date" means November 30, 2026." (viii) By amending the definition of "Total Net Leverage Ratio" therein by amending and restating the parenthetical in clause (a)(ii) thereof to read in its entirety as follows: "(excluding, for the avoidance of doubt, Eligible Cash on Hand, Cash Collateral, Specified Cash Collateral and any cash or Cash Equivalents maintained in the Unsecured Notes Deposit Account)" (ix) By amending and restating the definition of "Unfunded Capital Expenditures" therein to read in its entirety as follows: " "Unfunded Capital Expenditures" means, as to the Borrower or any Subsidiary, without duplication, a Capital Expenditure funded (a) from such Person's internally generated cash flow, (b) with the proceeds of a Loan, or (c) to the extent the Administrative Agent has provided its prior written consent, with the Net Cash Proceeds of a Disposition permitted by Section 7.05 or of a Debt Issuance (in each case, to the extent such proceeds are not required to be applied to the Obligations)." (x) By adding the following new definitions thereto in appropriate alphabetical order: " "February 2026 Unsecured Notes" means the Unsecured Notes described in clause (x) of such definition."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 " "Funded Capital Expenditures" means Capital Expenditures that are not Unfunded Capital Expenditures." " "Minimum February 2026 Unsecured Notes Amount" has the meaning specified in Section 6.22." " "Ninth Amendment Effective Date" means August 8, 2025." " "Permitted Unfunded BrightLoop Massillon Capital Expenditures" means Capital Expenditures related exclusively to the Massillon BrightLoop Project and not exceeding (i) in any fiscal quarter, in an aggregate amount for all Loan Parties and their Subsidiaries, $15,000,000, (ii) in any fiscal year, in an aggregate amount for all Loan Parties and their Subsidiaries, $40,000,000, and (iii) from and after the Ninth Amendment Effective Date, in an aggregate amount for all Loan Parties and their Subsidiaries, $40,000,000. " "Unsecured Notes Deposit Account" has the meaning specified in Section 6.22." (b) By amending Article VI (Affirmative Covenants) thereof by adding the following new Section 6.22 (Unsecured Notes) at the end thereof: "6.22 Unsecured Notes. (a) At all times from and after the Ninth Amendment Effective Date and until the date on which the Unsecured Notes Deposit Account has been opened in accordance with the first sentence of clause (b) below and such amounts have been transferred to the Unsecured Notes Deposit Account, maintain in B&WC's operating account number x6015 (the "B&WC Operating Account") at least amounts necessary to repay, defease and satisfy in full all of the February 2026 Unsecured Notes (including, for the avoidance of doubt, all principal, interest, fees and other amounts in respect thereof) (such amount, the "Minimum February 2026 Unsecured Notes Amount"), and not use such funds except to (i) repay, defease and satisfy the February 20206 Unsecured Notes, or (ii) prepay the Revolving Loans in whole or in part in accordance with Section 2.05(a)(i); provided, that (x) the amount withdrawn for purposes described in the foregoing clause (ii) shall not exceed $10,000,000 in the aggregate from and after the Ninth Amendment Effective Date, and (y) contemporaneously with the withdrawal of any amount for purposes described in the foregoing clause (ii), the Administrative Agent shall establish a Reserve in a like amount. The permitted uses of the Minimum February 2026 Unsecured Notes Amount described in the foregoing sentence are referred to herein as the "Permitted Withdrawal Uses". (b) Within fifteen (15) days following the Ninth Amendment Effective Date (or such later date as the Administrative Agent may agree in its discretion), open a new restricted deposit account with Axos Bank, which account (the "Unsecured Notes Deposit Account") shall hold only the Minimum February 2026 Unsecured Notes Amount. At all times from and after the date on which the Unsecured Notes Deposit Account has been opened in accordance with the immediately preceding sentence, the Loan Parties shall maintain in the Unsecured Notes Deposit Account the Minimum February 2026 Unsecured Notes Amount, as such amount may be reduced by up to $10,000,000 in

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 accordance with the foregoing clause (a) (including, without limitation, the establishment of the Reserve described in such clause (a)). The Loan Parties shall provide written notice to the Administrative Agent at least one (1) Business Day in advance of each date on which the Loan Parties request the withdrawal of funds from the Unsecured Notes Deposit Account. Following receipt of such written notice from the Loan Parties, if the Withdrawal Conditions are then satisfied, the Administrative Agent shall release the funds so requested from the Unsecured Notes Deposit Account on such withdrawal date by (i) crediting B&WC Operating Account with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with written instructions provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, that if an Event of Default has occurred and is then continuing, the Administrative Agent, if it so elects, may instead apply such released funds to the Revolving Loans up to an amount equal to the difference between the then Outstanding Amount of Revolving Loans and the amount of Specified Cash Collateral then maintained in the Specified Cash Collateral Account. As used herein, "Withdrawal Conditions" means, at the time of determination with respect to any request of the Borrower to withdraw funds from the Unsecured Notes Deposit Account, that (1) the Administrative Agent shall have received the written report required to be delivered pursuant to Section 6.22(c)(iii) in connection with such request, (2) the Borrower shall not have made more than one other such request during the immediately preceding seven (7) days, (3) a Reserve shall have been established in accordance with the last sentence of Section 6.22(a) to the extent applicable, (4) the requested date of withdrawal shall be a Business Day, and (5) the funds so withdrawn shall be used reasonably contemporaneously with such withdrawal and solely for the Permitted Withdrawal Uses. (c) Deliver to the Administrative Agent a written report describing in reasonable detail the amount of Unsecured Notes repurchased, the price at which such Unsecured Notes were repurchased, and the remaining balance of Unsecured Notes not yet repurchased, in each case since the date of the last such report (or, in the case of the first such report, since the Ninth Amendment Effective Date), which report shall be in form and substance reasonably satisfactory to the Administrative Agent and delivered (i) concurrently with the delivery of the financial statements referred to in Section 6.01(c), (ii) at least one (1) Business Day prior to each date on which the Loan Parties request the withdrawal of funds from the Unsecured Notes Deposit Account, and (iii) promptly upon the Administrative Agent's reasonable request. (d) On or before November 28, 2025 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 February 2026 Unsecured Notes, with the redemption date set forth therein to be no later than December 31, 2025. (e) On or before December 31, 2025, cause the February 2026 Unsecured Notes to be repaid and satisfied in full (i) with the funds maintained in the Unsecured Notes Deposit Account in accordance with the terms hereof, or (ii) otherwise in a manner reasonably satisfactory to the Administrative Agent." (c) By amending Section 7.02 (Indebtedness) thereof by amending and restating clause (c) thereof to read in its entirety as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 "(c) Indebtedness in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations (including any Permitted Refinancings thereof) for fixed or capital assets within the limitations set forth in Section 7.01(j); provided, however, that the aggregate principal amount of all such Indebtedness at any one time outstanding shall not exceed (i) to the extent constituting a BrightLoop Financing, the amount set forth on the BrightLoop Schedule with respect to such BrightLoop Financing, (ii) to the extent constituting Indebtedness in respect of Funded Capital Expenditures related exclusively to the Massillon BrightLoop Project, amounts permitted pursuant to Section 7.11(c)(3) hereof, and (iii) otherwise, $5,000,000;" (d) By amending Section 7.11 (Financial Covenants) thereof by amending and restating clauses (a) and (c) thereof to read in their entirety as follows: "(a) Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio, as of the end of each fiscal quarter (commencing with the fiscal quarter ending March 31, 2024) and calculated for the Measurement Period ending as of the end of such fiscal quarter, to be less than 1.00 to 1.00. (c) Capital Expenditures. Contract for, purchase or make any expenditure or commitments for Capital Expenditures incurred to renew, replace, rehabilitate, refurbish, restore or maintain the long-term useful life of property, plant and equipment of the Borrower and its Subsidiaries (excluding (A) any expenditures for replacements and substitutions for fixed assets, capital assets or equipment to the extent made with the proceeds of insurance to repair replace any such assets or equipment that were lost, damaged or destroyed from a casualty or condemnation event and (B) Capital Expenditures relating to enterprise resource planning implementation and Capital Expenditures related to Acquisitions and other "growth" Capital Expenditures) in excess of (1) in any fiscal year in an aggregate amount for all Loan Parties and their Subsidiaries, to the extent constituting Capital Expenditures not related exclusively to the Massillon BrightLoop Project, the greater of (i) $7,500,000, and (ii) 12% of Consolidated Adjusted EBITDA for the Loan Parties on a Consolidated basis for the immediately preceding fiscal year, (2) to the extent constituting Unfunded Capital Expenditures related exclusively to the Massillon BrightLoop Project, such amounts for such periods as are described in the definition of Permitted Unfunded BrightLoop Massillon Capital Expenditures, and (3) to the extent constituting Funded Capital Expenditures related exclusively to the Massillon BrightLoop Project, the aggregate amount for all Loan Parties and their Subsidiaries from and after the Ninth Amendment Effective Date, $25,000,000." (e) By amending Section 8.01 (Events of Default) thereof by adding "6.22," immediately following "6.14," therein. 3. Ratification of Loan Documents. Except as otherwise expressly provided herein, all terms and conditions of the Credit Agreement, the 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 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 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 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. 4. 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 "Ninth Amendment Closing Documents"). (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) 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. (e) 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. (f) 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 (g) After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing. (h) 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. 5. 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 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) None of the Borrower's or any Guarantor's Organization Documents (including, without limitation, authorizing resolutions) attached to those certain Secretary's Certificates delivered to the Administrative Agent on 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, the Seventh Amendment Effective Date or July 31, 2025, as applicable) have been amended, modified, supplemented, revoked or rescinded since the Closing Date (or the Seventh Amendment Effective Date or July 31, 2025, as applicable), and all of such Organization Documents remain in full force and effect as of the date hereof. (f) After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 6. Miscellaneous.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 (a) Each of the Loan Parties 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 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 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 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule I Guarantors 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. Diamond Power International, LLC Sofco – EFS Holdings LLC 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 Allen-Sherman-Hoff, LLC Babcock & Wilcox IP Holdings, LLC 4431147.4

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Kenneth M. Young, certify that:

1. I have reviewed this quarterly report on Form 10-Q 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: August 11, 2025 | /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 quarterly report on Form 10-Q 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: August 11, 2025 | /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 Quarterly Report on Form 10-Q for the period ended June 30, 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: August 11, 2025 | /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 Quarterly Report on Form 10-Q for the period ended June 30, 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: August 11, 2025 | /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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