SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Reporting Information, by Segment

An analysis of our operations by segment is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Revenues:
B&W Thermal segment
Parts	$	49,620	$	35,868	$	99,565	$	74,950
Projects	21,175		31,863		53,291		54,680
Construction	33,490		39,571		74,704		73,296
	104,285		107,302		227,560		202,926
B&W Renewable segment
Parts	4,851		4,534		11,155		10,613
Projects	5,699		5,482		11,757		11,464
Construction	8,422		5,354		10,314		8,463
	18,972		15,370		33,226		30,540
B&W Environmental segment
Parts	10,309		8,939		21,189		19,531
Projects	10,490		19,803		17,887		39,356

	20,799		28,742		39,076		58,887
Elimination of intersegment revenues	(2)		—		(2)		(65)
Total Revenue	$	144,054	$	151,414	$	299,860	$	292,288

Schedule of Reconciliation from Net Loss to Adjusted EBITDA

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:


	Three Months Ended June 30, 2025
(in thousands)	B&W Thermal segment		B&W Renewable segment		B&W Environmental segment		Total
Revenue	$	104,285	$	18,972	$	20,799	$	144,056
Cost of operations	68,177		13,459		14,352		95,988
General & administrative expense (1)	12,608		3,477		2,494		18,579
Selling & marketing expense (1)	6,017		1,521		1,629		9,167
Segment Adjusted EBITDA	17,483		515		2,324		20,322
Corporate/eliminations (2)							(5,240)
Interest expense, net							(10,455)
Depreciation & amortization							(2,128)

Benefit plans, net							(776)
Loss on sales, net							(165)

Settlement and related legal recoveries (costs)							(472)


Financial advisory services							(3,319)
Stock compensation							(758)



Foreign exchange							1,237

Other-net							(406)
Loss from continuing operations before income tax expense							$	(2,160)


	Three Months Ended June 30, 2024
(in thousands)	B&W Thermal segment		B&W Renewable segment		B&W Environmental segment		Total
Revenue	$	107,302	$	15,370	$	28,742	$	151,414
Cost of operations	78,326		11,194		21,455		110,975
General & administrative expense (1)	12,385		2,656		3,400		18,441
Selling & marketing expense (1)	6,722		1,092		2,226		10,040
Segment Adjusted EBITDA	9,869		428		1,661		11,958
Corporate/eliminations (2)							(3,973)
Interest expense, net							(11,808)
Depreciation & amortization							(2,931)

Benefit plans, net							66


Settlement and related legal recoveries (costs)							(7,383)

Loss on debt extinguishment							(1,053)
Financial advisory services							(50)
Stock compensation							(1,318)
Restructuring activities							(103)


Foreign exchange							1,395

Other-net							(669)
Loss from continuing operations before income tax expense							$	(15,869)


	Six Months Ended June 30, 2025
(in thousands)	B&W Thermal segment		B&W Renewable segment		B&W Environmental segment		Total
Revenue	$	227,560	$	33,226	$	39,076	$	299,862
Cost of operations	168,127		24,611		28,441		221,179
General & administrative expense (1)	21,790		5,311		3,689		30,790
Selling & marketing expense (1)	12,577		2,592		2,882		18,051
Segment Adjusted EBITDA	25,066		712		4,064		29,842
Corporate/eliminations (2)							(8,629)
Interest expense, net							(21,257)
Depreciation & amortization							(4,451)
Impairment of long-lived assets							(950)
Benefit plans, net							(1,555)
Loss on sales, net							(173)
Settlement and related legal recoveries (costs)							(536)
Financial advisory services							(5,167)

Stock compensation							(1,521)
Restructuring activities							(111)


Foreign exchange							862

Other-net							(567)
Loss from continuing operations before income tax expense							$	(14,213)


	Six Months Ended June 30, 2024
(in thousands)	B&W Thermal segment		B&W Renewable segment		B&W Environmental segment		Total
Revenue	$	202,926	$	30,540	$	58,887	$	292,353
Cost of operations	153,246		23,727		45,420		222,393
General & administrative expense (1)	18,481		4,269		6,585		29,335
Selling & marketing expense (1)	12,705		2,592		4,592		19,889
Segment Adjusted EBITDA	18,494		(48)		2,290		20,736
Corporate/eliminations (2)							(9,976)
Interest expense, net							(23,673)
Depreciation & amortization							(5,979)

Benefit plans, net							136

Settlement and related legal recoveries (costs)							(3,296)
Financial advisory services							(349)
Loss on debt extinguishment							(6,124)
Stock compensation							(2,699)
Restructuring activities							(1,010)


Foreign exchange							1,005

Other-net							(1,277)
Loss from continuing operations before income tax expense							$	(32,506)

(1) 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.

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

Babcock & Wilcox Enterprises, Inc. 10-Q