Here are the 10-Q quarterly reports from Babcock & Wilcox Enterprises, Inc. 8.125% Senior Notes due 2026 (BWSN) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BWSN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BWSN filings page.
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 (BW) reported Q3 2025 results. Revenue was $149.0 million versus $152.6 million a year ago. Operating income rose to $6.5 million from $1.6 million, but continuing operations posted a loss before tax of $1.3 million. Net income to common was $31.4 million, or $0.30 per share, driven by a $53.2 million gain from the July sale of Diamond Power recorded in discontinued operations.
For the first nine months, revenue was $448.9 million and the net loss to common was $56.6 million. Operating cash flow used was $65.9 million, offset by $172.4 million provided by investing activities mainly from asset sales. Cash and cash equivalents were $24.4 million, with $165.5 million current restricted cash. Stockholders’ deficit was $232.2 million.
The company disclosed that prior conditions raised “substantial doubt” about continuing as a going concern, but cited actions including $187.5 million of 2025 divestiture proceeds, $32.5 million raised via an at‑the‑market program, exchanges and redemptions of notes, full repayment of the revolving balance leaving $81.1 million of borrowing capacity, and extending the credit facility maturity to November 30, 2026. Backlog was $393.5 million.