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Babcock & Wilcox Enterprises, Inc. filed a Form 8-K to share a new investor presentation outlining its business, markets and capital structure. The presentation highlights trailing twelve-month revenue of $653.5 million and a net loss from continuing operations of $96.8 million, with adjusted EBITDA of $55.8 million over the same period. For the quarter ended March 31, 2026, revenue was $214.4 million and net loss from continuing operations was $79.6 million, compared with adjusted net income from continuing operations of $2.2 million after excluding significant non-cash warrant and stock appreciation rights costs. The company reports total debt of $237.2 million, cash, cash equivalents and restricted cash of $194.8 million, and net debt of $42.4 million as of March 31, 2026. The materials also describe a $2.4 billion, 1.2 GW natural gas power project for Base Electron to serve AI data centers and a global business pipeline of more than $14 billion in potential opportunities, positioning B&W around growing demand from AI factories, data centers and carbon capture-ready power solutions.
Babcock & Wilcox Enterprises’ quarter ended March 31, 2026 showed much stronger revenue but a sharply higher loss. Revenue rose to $214.4 million from $148.6 million, driven mainly by large project activity, including $31.0 million from the new Base Electron power plant contract linked to AI‑driven electricity demand.
Despite the top-line growth, the company reported a loss from continuing operations of $79.6 million, compared with $15.6 million a year earlier. The wider loss was largely due to a non‑cash $70.2 million increase in the fair value of customer warrants tied to Applied Digital/Base Electron as the share price rose, plus higher stock‑based compensation and tax expense. Excluding these and other adjustments, Adjusted EBITDA improved to $16.1 million from $4.0 million, reflecting stronger underlying project performance.
Cash, cash equivalents and restricted cash totaled $194.8 million, and management states that substantial doubt about the company’s ability to continue as a going concern has been alleviated. Backlog reached $2.7 billion, with revenue expected over multiple years, while stockholders’ deficit stood at $172.1 million and total liabilities at $929.9 million.
Babcock & Wilcox Enterprises reported a sharply stronger start to 2026, with first-quarter revenue of $214.4 million, up 44% from 2025, driven largely by more than $60 million of large project volume including its Base Electron project. Adjusted EBITDA rose to $16.1 million, a 296% increase, and adjusted net income from continuing operations reached $2.2 million versus an adjusted loss a year ago. The company still posted a GAAP net loss from continuing operations of $79.6 million, mainly due to $81.8 million of non-cash warrant and stock appreciation rights valuation impacts tied to improved share performance. Bookings surged to $2.5 billion and backlog to $2.7 billion, while the global pipeline exceeded $14.0 billion. Net debt fell to $42.4 million at March 31, 2026, and B&W reiterated its full-year 2026 adjusted EBITDA target range of $80.0 million to $100.0 million from its core business.
Babcock & Wilcox Enterprises, Inc. calls a virtual-only 2026 annual meeting to vote on major governance and compensation items while highlighting a year of operational progress. Management reports record backlog and stronger adjusted EBITDA in 2025, supported by growth in core parts and services and conversion of project opportunities into bookings.
The proxy emphasizes a new $2.4 billion agreement with Base Electron to supply boilers and equipment for AI data centers delivering 1.2 gigawatts of power, positioning B&W in the AI data center power market. The company also continues to advance its BrightLoop chemical looping projects that convert fuels to hydrogen or steam while capturing CO2.
Stockholders are asked to approve amendments to declassify the board so all directors stand for annual election beginning with the 2028 meeting, and to remove 80% supermajority requirements for changing the charter and bylaws, replacing them with simple majority votes. The ballot also includes electing two directors under alternative term structures depending on declassification approval, ratifying BDO USA, P.C. as auditor for 2026, a non-binding advisory vote on executive pay, and an amendment and restatement of the 2021 Long-Term Incentive Plan.
Babcock & Wilcox Enterprises, Inc. is soliciting votes for its 2026 virtual Annual Meeting of Stockholders to be held May 20, 2026. The proxy seeks approval to declassify the Board (if approved, annual director elections begin in 2028), remove certain 80% supermajority amendment provisions, ratify BDO USA, P.C. as auditor, approve executive compensation on a non-binding basis, and amend the 2021 Long-Term Incentive Plan.
The company highlights 2025 operational progress including improved leverage and adjusted EBITDA, a record backlog including a $2.4 billion agreement to supply 1.2 gigawatts of AI data center power to Base Electron, continued growth in parts and services, and advances in BrightLoop™ projects. Record date for voting is March 23, 2026.
Babcock & Wilcox Enterprises Chief Financial Officer Cameron M. Frymyer acquired additional equity through compensation and a small market purchase. On March 16, 2026, Frymyer received and immediately vested in 225,000 restricted stock units, which converted into the same number of common shares. The company withheld 100,350 shares at $10.51 per share to cover tax obligations, leaving the remaining shares as new holdings. On March 18, 2026, Frymyer made an open‑market purchase of 1,285 common shares at $14.76 per share. Following these transactions, Frymyer directly owned 324,143 common shares, with no remaining RSU derivative position reported.
Babcock & Wilcox Enterprises CEO Kenneth M. Young reported several equity transactions. On March 18, 2026, he bought 7,000 shares of common stock in an open‑market purchase at a weighted average price of $15.145 per share, bringing his direct holdings to 1,656,512 shares.
On March 16, 2026, he received 250,000 restricted stock units under the company’s long‑term 2021 incentive plan, which vested immediately and were converted into 250,000 common shares. To pay related tax withholding obligations, 119,625 shares of common stock were withheld. The filing also shows 272,767 shares of common stock held indirectly through the Kenneth M. Young Revocable Trust U/A 5/8/15.
Babcock & Wilcox Enterprises General Counsel & Secretary John J. Dziewisz received a grant of 25,000 restricted stock units (RSUs) that vested immediately and were converted into 25,000 shares of common stock at a stated value of $10.51 per share.
To cover tax withholding obligations upon vesting, 11,150 common shares were withheld by the company, leaving Dziewisz with a net increase of 13,850 common shares. Following these transactions, he holds 294,718 common shares directly and 2.25 common shares indirectly through a 401(k) plan.
Babcock & Wilcox Enterprises files its Annual Report describing a global engineering business focused on steam generation, environmental and carbon‑capture technologies for utilities, data centers and industrial customers. The company emphasizes competition on price, technical capabilities, quality and willingness to take contract risk.
As of December 31, 2025, backlog was $423.6 million, down from $495.2 million a year earlier, and it employed about 1,650 people worldwide. BW highlights significant refinancing risk around its 6.50% Senior Notes due 2026, with $84.8 million outstanding and a Credit Agreement requirement to refinance, repay or extend them by late 2026.
The report details extensive risk factors, including fixed‑price contract exposure, supply‑chain and subcontractor performance, environmental liabilities, stringent regulations, and heavy use of letters of credit and surety bonds, with bonds outstanding of about $253.4 million. It also discloses material weaknesses in internal control over financial reporting and prior going‑concern concerns, alongside equity raises via at‑the‑market programs and strategic issuances.