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Babcock & Wilcox Enterprises, Inc.

For the period ended Dec 31, 2024. Filed Mar 31, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 31, 2025

BW$3.25+4.8%Stored close · as of Nov 6, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year ended December 31, 2024

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No.001-36876

(Exact name of registrant as specified in its charter)

Delaware47-2783641
(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
Akron, Ohio44305
(Address of Principal Executive Offices)(Zip Code)

Registrant's Telephone Number, Including Area Code:(330) 753-4511

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueBWNew York Stock Exchange
8.125% Senior Notes due 2026BWSNNew York Stock Exchange
6.50% Senior Notes due 2026BWNBNew York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred StockBW PRANew York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ☐No ☒

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. Yes ☒ 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 ☒ 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No☒

The aggregate market value of the registrant's common stock held by non-affiliates of the registrant on the last business day of the registrant's most recently completed second fiscal quarter (based on the closing sales price on the New York Stock Exchange on June 28, 2024) was approxima tely $71.9 million.

The number of shares of the registrant's common stock outstanding at March 10, 2025 was 98,404,024.

DOCUMENTS INCORPORATED BY REFERENCE

In accordance with General Instruction G(3) of Form 10-K, certain information required by Part III hereof will either be incorporated into this Form 10-K by reference to our Definitive Proxy Statement for our Annual Meeting of Shareholders filed within 120 days of December 31, 2024 or will be included in an amendment to this Form 10-K filed within 120 days of December 31, 2024.

TABLE OF CONTENTS

PAGE
PART I
Item 1.Business7
Item 1A.Risk Factors12
Item 1B.Unresolved Staff Comments31
Item 1C.Cybersecurity31
Item 2.Properties32
Item 3.Legal Proceedings33
Item 4.Mine Safety Disclosures33
PART II.
Item 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities33
Item 6.Reserved34
Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operation34
Overview34
Results of Operations - Years Ended December 31, 2024, 2023 and 202237
Liquidity and Capital Resources45
Critical Accounting Policies and Estimates47
Item 7A.Quantitative and Qualitative Disclosures about Market Risk49
Item 8.Consolidated Financial Statements and Supplemental Data50
Report of Independent Registered Public Accounting Firm50
Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023, and 202253
Consolidated Statements of Comprehensive (Loss) Income for the Years Ended December 31, 2024, 2023, and 202254
Consolidated Balance Sheets as of December 31, 2024 and 202355
Consolidated Statement of Stockholders' (Deficit) Equity for the Years Ended December 31, 2024, 2023, and 202256
Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023, and 202257
Notes to Consolidated Financial Statements59
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure107
Item 9A.Controls and Procedures107
Evaluation of Disclosure Controls and Procedures107
Management's Report on Internal Control Over Financial Reporting108
Changes in Internal Control Over Financial Reporting110
Report of Independent Registered Public Accounting Firm110
Item 9B.Other Information112
Insider Trading Arrangements112
Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections112
PART III
Item 10.Directors, Executive Officers and Corporate Governance112
Item 11.Executive Compensation114
Item 12.Security Ownership of Beneficial Owners and Management and Related Stockholder Matters114
Item 13.Certain Relationships and Related Transactions, and Director Independence114
Item 14.Principal Accountant Fees and Services114
PART IV
Item 15.Exhibits,114
Signatures123

Definitions

In this Annual Report on Form 10-K, or this "Annual 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 Annual Report on Form 10-K refers to our continuing operations.

Abbreviation or acronymTerm
2021 PlanBabcock & Wilcox Enterprises, Inc. 2021 Long-Term Incentive Plan
6.50% Senior Notes6.50% Senior Notes due December 31, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021
8.125% Senior Notes8.125% Senior Notes due February 28, 2026 issued by Babcock & Wilcox Enterprises, Inc. in 2021
AgentsCollectively, B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC
AOCIAccumulated Other Comprehensive Income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
AxosAxos Bank, an affiliate of Axos Financial, Inc.
B&W ChanuteBabcock & Wilcox Chanute, LLC, formerly known as Optimus Industries, LLC
B&W SolarBabcock & Wilcox Solar Energy, Inc., formerly known as Fosler Construction Company, Inc.
B. RileyB. Riley Financial, Inc and its affiliates, a related party
BWRSBabcock & Wilcox Renewable Service A/S
BWX or BWXTBWX Technologies, Inc., NYSE Ticker "BWXT"
CODMChief Operating Decision Maker
Credit AgreementCredit 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 FacilityRevolving credit facility
Debt FacilitiesCollectively, the Revolving Credit Agreement and Letter of Credit Agreement
DTAsDeferred Tax Assets
EBITDAEarnings before interest, taxes, depreciation and amortization
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FPSFossil Power Systems, Inc.
GAAPGenerally Accepted Accounting Principles in the United States of America
GlatfelterP.H. Glatfelter Company
GMABBabcock & Wilcox Vølund AB f/k/a Gӧtaverken Miljӧ AB
HamonHamon Research-Cottrell, Inc., a subsidiary of Hamon Holdings Corporation
Hamon HoldingsHamon Holdings Corporation, parent company of Hamon Research-Cottrell, Inc.
Increased Inventory PeriodIncreased amounts available to be borrowed based on inventory in the borrowing base under the Credit Agreement
IRCU.S. Internal Revenue Code of 1986, as amended
Letter of Credit AgreementLetter of Credit agreement with PNC
MSDMSD Partners and affiliates, including MSD PCOF Partners XLV, LLC
MTMMark-to-Market
NOLNet operating losses
Notes Due 2026Collectively, the 8.125% Senior Notes due February 28, 2026 and the 6.50% Senior Notes due December 31, 2026
NYSENew York Stock Exchange
OptimusOptimus Industries, LLC, now known as B&W Chanute
Abbreviation or acronymTerm
Over timeRefers to fixed long term pricing in contract term revenue
O&MOperational & Maintenance contract
PBGCPension Benefit Guaranty Corporation
PlaintiffA B&W stockholder
PNCPNC Bank, National Association
Preferred Stock7.75% Series A Cumulative Perpetual Preferred Stock
Revolving Credit AgreementRevolving credit agreement with PNC
Registration Rights AgreementRegistration rights agreement with B. Riley
Sales AgreementSales agreement with B. Riley Securities, Inc., Seaport Global Securities LLC, Craig-Hallum Capital Group LLC and Lake Street Capital Markets, LLC
SECUnited States Securities and Exchange Commission
Securities Exchange ActThe Securities Act of 1933, as amended
SG&ASelling, general and administrative expenses
SOFRThe Secured Overnight Financing Rate
Specified TransactionsThe Company’s engagement in certain specified sales of the assets of specified subsidiaries of the Company
SPIGSPIG S.p.A
U.S. PlanRetirement Plan for Employees of Babcock & Wilcox Commercial Operations
Underwriting AgreementAgreement between us and B. Riley, as representative of the several underwriters, for the issuance of shares of our common stock on February 12, 2021.

Note: Rounding of figures in this Annual Report may result in computational discrepancies.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.