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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 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.
Babcock & Wilcox Enterprises shared an investor presentation outlining its business profile, recent results and growth opportunities. For the twelve months ended December 31, 2025, revenue was $587.7 million, with fourth-quarter revenue of $161.0 million and operating income of $12.2 million, indicating positive operating profitability. The company reported pro forma total debt of $281.1 million, cash and restricted cash of $201.4 million and net debt of $79.7 million, highlighting a relatively modest net leverage position.
The presentation emphasizes B&W’s role as a global energy and environmental technology provider, including coal, natural gas, renewable and emissions-control solutions, and its focus on fast-track power for AI factories and data centers. Management cites a global pipeline of over $12 billion in potential opportunities and details a $2.4 billion, 1.2 GW natural-gas power project for Base Electron backed by Applied Digital, with potential future expansion. It also notes forward-looking risks, including the need to refinance or repay 6.50% notes due 2026 and the possibility that future conditions could again raise substantial doubt about the company’s ability to continue as a going concern, alongside other operational and market uncertainties.
Babcock & Wilcox Enterprises, Inc. reported that its board of directors approved a cash dividend of $0.4843750 per share on its outstanding 7.75% Series A Cumulative Perpetual Preferred Stock.
The dividend will be paid on March 31, 2026 to holders of record as of March 21, 2026. This preferred stock is listed on the New York Stock Exchange under the symbol “BW PRA.”
Babcock & Wilcox Enterprises, Inc. Chief Executive Officer Kenneth M. Young exercised 150,000 performance stock units into common shares on March 5, 2026 at a transaction price of $13.29 per share.
To cover tax withholding obligations tied to the PSUs’ vesting, 75,150 common shares were withheld by the company. After these transactions, Young directly owned 1,519,137 common shares, and 272,767 additional shares were held indirectly through the Kenneth M. Young Revocable Trust. The PSUs were granted under the company’s Amended and Restated 2021 Long-Term Incentive Plan and vest in full if the stock reaches $12.00 per share on any trading day between July 28, 2022 and July 27, 2027.
Babcock & Wilcox Enterprises, Inc. Chief Financial Officer Cameron M. Frymyer reported equity award activity involving performance stock units and common shares. On March 5, 2026, 75,000 performance stock units were exercised into 75,000 shares of common stock at a stated price of $13.29 per share. To cover tax withholding obligations upon vesting of these units, 33,450 common shares were withheld by the company. Following these transactions, Frymyer directly owned 198,208 shares of Babcock & Wilcox common stock.