Oct 31, 2025 6:30 AM Eastern Daylight Time Babcock & Wilcox Sets Third Quarter 2025 Conference Call and Webcast for Monday, November 10, 2025 at 5 p.m. ET Share AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W or the "Company†) will host a conference call and webcast on Monday, November 10, 2025 at 5 p.m. ET. B&W Chairman and Chief Executive Officer Kenneth Young and B&W Chief Financial Officer Cameron Frymyer will discuss the Company's third quarter 2025 results. A news rel ...

Core Insights - B&W will conduct an engineering study for Cache Power's Marguerite Lake Compressed Air Energy Storage and Hydrogen Hub Project located near Alberta, Canada [1] Company Summary - B&W is involved in the engineering study for a significant energy storage and hydrogen project, indicating its commitment to renewable energy solutions [1] Industry Summary - The project focuses on compressed air energy storage and hydrogen production, which are critical components in the transition to sustainable energy systems [1]

Sep 29, 2025 6:30 AM Eastern Daylight Time Babcock & Wilcox Receives Advanced Wet Gas Scrubbing Technology Award for Refinery in Canada Share AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox (B&W) (NYSE: BW) announced today that it has received an initial $10 million order as part of an award valued at approximately $40 million to supply low- pressure Wet Gas Scrubbing (WGS) technology for installation at a major petroleum refinery in Canada. B&W is a licensee of ExxonMobil's WGS technology, which has been su ...

Core Viewpoint - B&W and Denham are collaborating to explore opportunities for power generation to meet the rising demand from data centers [1] Company Summary - B&W is partnering with Denham to address the increasing energy needs driven by the expansion of data centers [1]

Core Insights - Babcock & Wilcox (NYSE: BW) faced a potential bankruptcy in 2019 due to a series of unsuccessful contracts in its renewables business, resulting in losses amounting to hundreds of millions of dollars [1]. Group 1 - The company was on a precarious financial path back in 2019, indicating significant operational challenges [1].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $21.6 million for Q2 2025, which was over 70% greater than street expectations, primarily driven by a 31% increase in higher margin parts and services revenue [5][8] - Company-wide revenues, including Diamond Power, were $170.8 million, slightly ahead of street expectations, while revenues from continuing operations without Diamond Power were $144.1 million, roughly the same as Q2 2024 [7][13] - Adjusted EBITDA from continuing operations was $15.1 million in Q2 2025, a 90% increase compared to $8 million in Q2 2024 [8][16] Business Line Data and Key Metrics Changes - The parts and services business saw a 31% increase in revenues compared to 2024, driven by rising demand for power and electricity from AI-driven data centers and increased base load generation usage [4][14] - Global parts and service revenue increased by $15.4 million compared to 2024, reflecting the growing need for electricity from fossil fuels [14][16] Market Data and Key Metrics Changes - The company anticipates an increase in base load generation by up to 120 gigawatts over the next ten years, primarily driven by data centers [4][25] - The backlog at the end of Q2 was $418.1 million, a 49% increase compared to the same period in 2024, indicating strong demand for services [11] Company Strategy and Development Direction - The company is focusing on exiting certain large new build projects internationally while expanding its parts and services presence globally [6] - The strategic vision includes exploring the sale of non-strategic assets and refinancing options to reduce debt obligations [10][17] - The company is actively pursuing large upgrades and new builds in the U.S. to support power generation needs, with key announcements expected by the end of the year [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to positive cash flows in 2025, driven by asset sales, debt reduction, and improved cash flows [9][17] - The company is well-positioned to capitalize on the growing demand for baseload generation while supporting energy security and transition [19] Other Important Information - The sale of Diamond Power International for gross proceeds of $177 million significantly improved the company's balance sheet and net leverage ratios [9][10] - The company has entered into a private bond exchange to reduce annual interest expenses and extend debt maturity [10] Q&A Session Summary Question: Current demand for energy on the thermal side of the business - Management noted an expected increase in baseload generation demand in North America, with potential new coal-fired generation projects being explored [24][25] Question: Thoughts on the second half of the year - Management anticipates a strong year due to the higher margin parts and services aspect, with guidance to be provided before the end of the year [29] Question: Confidence in returning to positive free cash flow in 2025 - Management expressed confidence that the second half of the year will generate positive cash flow, supported by asset sales and growing parts and services revenue [30][31] Question: Dynamic of extending the life of plants on parts and service business - Extending the life of plants creates opportunities for increased parts and services revenue as plants require ongoing maintenance and efficiency improvements [37][38] Question: Bright Loop pipeline and potential projects - Management indicated that there are well over 10 projects in the BrightLoop pipeline, focusing on producing steam and hydrogen while offering CO2 capture options [40][42]

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides the company's unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the period [Item 1. Condensed Consolidated Financial Statements](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025, and 2024, reflecting a decrease in Q2 2025 revenue but a significant improvement in operating income [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, revenues decreased to $144.1 million, while operating income significantly improved to $8.1 million from a prior-year loss, driven by reduced costs | Indicator (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $144,054 | $151,414 | $299,860 | $292,288 | | **Operating income (loss)** | $8,128 | $(4,448) | $8,362 | $(3,459) | | **Loss from continuing operations** | $(6,052) | $(20,547) | $(20,057) | $(38,169) | | **Net (loss) income attributable to stockholders** | $(58,492) | $25,406 | $(80,499) | $8,573 | | **Basic (loss) earnings per share** | $(0.63) | $0.24 | $(0.89) | $0.01 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $703.5 million, with a significant reclassification of $108.6 million in senior notes to current liabilities, widening the stockholders' deficit | Indicator (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $526,901 | $552,514 | | **Total assets** | $703,490 | $726,987 | | **Total current liabilities** | $529,293 | $406,651 | | **Total liabilities** | $1,012,176 | $1,010,159 | | **Total stockholders' deficit** | $(308,686) | $(283,172) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities increased to $33.8 million, while investing activities provided $10.6 million, primarily from asset sales | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(33,787) | $(26,745) | | **Net cash provided by investing activities** | $10,649 | $76,036 | | **Net cash provided by financing activities** | $2,580 | $81,620 | | **Net (decrease) increase in cash** | $(20,257) | $130,720 | | **Cash at end of period** | $110,807 | $202,089 | [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, divestitures, debt restructuring, and subsequent events, including going concern considerations and strategic actions to improve liquidity - Management acknowledges that operating losses and debt service costs raise substantial doubt about the company's ability to continue as a going concern, but believes strategic actions will provide sufficient liquidity for the next twelve months[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - The company is actively divesting non-core assets to reduce debt and improve liquidity, having sold its Vølund business and the Diamond Power business, which are now classified as discontinued operations[43](index=43&type=chunk)[47](index=47&type=chunk)[50](index=50&type=chunk) - In May 2025, the company exchanged **$131.8 million** of its 2026 Senior Notes for **$100.7 million** of new 8.75% Senior Secured Notes due 2030, extending a significant portion of its debt maturity[83](index=83&type=chunk)[85](index=85&type=chunk) - Subsequent to the quarter's end, the company closed the sale of its Diamond Power business for **$177 million** on July 31, 2025, and amended its Credit Agreement on August 8, 2025, to extend the maturity date to November 30, 2026[139](index=139&type=chunk)[144](index=144&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 5% decrease in Q2 2025 revenue but a significant turnaround in operating income, driven by improved margins and a favorable product mix, alongside its liquidity strategy and backlog [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Consolidated revenues for Q2 2025 decreased by $7.4 million year-over-year due to lower large project volume, offset by increased parts sales, leading to a $12.6 million improvement in operating income - Q2 2025 revenue decreased by **$7.4 million** YoY, driven by a **$20.0 million** decline in large project volume, partially offset by a **$15.5 million** increase in parts sales[160](index=160&type=chunk) - Operating income for Q2 2025 improved by **$12.6 million** to an **$8.1 million** profit, primarily due to lower cost of operations from a favorable product mix and reduced costs on certain projects[161](index=161&type=chunk)[163](index=163&type=chunk) | Segment | Q2 2025 Revenue (in millions) | Q2 2024 Revenue (in millions) | Q2 2025 Adj. EBITDA (in millions) | Q2 2024 Adj. EBITDA (in millions) | | :--- | :--- | :--- | :--- | :--- | | B&W Thermal | $104.3 | $107.3 | $17.5 | $9.9 | | B&W Renewable | $19.0 | $15.4 | $0.5 | $0.4 | | B&W Environmental | $20.8 | $28.7 | $2.3 | $1.7 | [Bookings and Backlog](index=47&type=section&id=Bookings%20and%20Backlog) The company's total backlog significantly increased to $418.1 million as of June 30, 2025, despite a decrease in Q2 2025 bookings compared to the prior year | Metric (in millions) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Total Backlog** | $418.1 | $280.8 | | B&W Thermal | $345.9 | $177.4 | | B&W Renewable | $33.9 | $20.2 | | B&W Environmental | $35.6 | $70.8 | - Bookings in Q2 2025 were **$112.9 million**, a decrease from **$135.9 million** in Q2 2024, with year-to-date bookings also lower than the prior year period[178](index=178&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) The company addresses its liquidity requirements for debt service and working capital, outlining strategic actions including asset sales, equity offerings, and debt exchanges to ensure sufficient funding despite going concern doubts - The company has implemented several strategies to improve liquidity, including: - Selling non-core businesses for **$197.1 million** in net proceeds - Selling **10.2 million** common shares for **$15.0 million** net proceeds - Exchanging **$131.8 million** of 2026 notes for new 2030 notes - Extending its credit facility maturity to November 2026[219](index=219&type=chunk)[223](index=223&type=chunk) | Metric (in millions) | June 30, 2025 | | :--- | :--- | | **Cash, cash equivalents, and restricted cash** | $110.8 | | **Total Debt** | $471.3 | | **Gross preferred stock outstanding** | $191.7 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its market risk exposures since its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the company's market risk exposures since its 2024 Annual Report[229](index=229&type=chunk) [Item 4. Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of June 30, 2025, due to material weaknesses, but a remediation plan is underway to address these issues - The CEO and CFO concluded that disclosure controls and procedures were not effective as of June 30, 2025, because of existing material weaknesses[232](index=232&type=chunk) - A remediation plan is in progress to address the material weaknesses, focusing on hiring, training, enhancing controls over accounting and IT, and implementing a monitoring program[234](index=234&type=chunk)[238](index=238&type=chunk) [PART II - OTHER INFORMATION](index=56&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and other significant corporate events and disclosures [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material changes or new litigation to disclose since its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes in legal proceedings since the 2024 year-end report[239](index=239&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) A primary risk is the potential inability to obtain additional capital or refinance debt on commercially reasonable terms, which could materially harm the business and potentially lead to bankruptcy - A primary risk is the potential inability to obtain additional capital or refinance debt on commercially reasonable terms, which could materially harm the business and potentially lead to bankruptcy[241](index=241&type=chunk)[243](index=243&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares related to employee restricted stock plans during the quarter ended June 30, 2025, and does not have a general share repurchase program in place - No share repurchases were made during the quarter, and no general repurchase program is active[244](index=244&type=chunk) [Item 5. Other Information](index=57&type=section&id=Item%205.%20Other%20Information) This section discloses the departure of the EVP and COO, significant executive bonus opportunities tied to asset sales, and an amendment to the Credit Agreement extending its maturity date - Chris Riker, Executive Vice President and Chief Operating Officer, announced he is stepping down, effective August 31, 2025[245](index=245&type=chunk) - The Compensation Committee approved bonus opportunities for executive officers related to the sale of Diamond Power, with the CEO eligible for up to **$2,750,000** and the CFO for up to **$1,500,000**[246](index=246&type=chunk)[247](index=247&type=chunk) - On August 8, 2025, the company amended its Credit Agreement, extending the maturity date to November 30, 2026, and deferring an increase in a key debt covenant ratio[248](index=248&type=chunk)

[Company Overview & Key Highlights](index=1&type=section&id=Company%20Overview%20%26%20Key%20Highlights) Babcock & Wilcox achieved strong Q2 and H1 2025 financial performance, strategic growth, and improved financial stability [Q2 2025 Continuing Operations Financial Highlights](index=1&type=section&id=Q2%202025%20Continuing%20Operations%20Financial%20Highlights) Q2 2025 saw 31% global parts and services revenue growth, adjusted EBITDA exceeding expectations, and a significant reduction in net loss - Global parts and services revenue increased by **31% year-over-year**[5](index=5&type=chunk) - Adjusted EBITDA (including Diamond Power International) reached **$21.6 million**, exceeding market expectations of $12.3 million by **76%**[5](index=5&type=chunk) - Net loss from continuing operations was **$6.1 million**, a significant improvement from **$20.1 million** in Q2 2024[5](index=5&type=chunk) - Backlog from continuing operations reached **$418.1 million**, a **49% increase year-over-year**[5](index=5&type=chunk) - Completed the sale of Diamond Power International, generating **$177 million in total proceeds**[5](index=5&type=chunk) [First Half 2025 Continuing Operations Financial Highlights](index=1&type=section&id=First%20Half%202025%20Continuing%20Operations%20Financial%20Highlights) H1 2025 revenue grew to $299.9 million, global parts and services revenue increased, operating profit turned positive, and adjusted EBITDA doubled First Half 2025 Continuing Operations Financial Highlights | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change | | :-------------------------------- | :---------------------- | :---------------------- | :----- | | Revenue | $299.9 | $292.3 | 2.6% | | Global Parts & Services Revenue | $131.9 | $105.1 | 25.5% | | Operating Profit (Loss) | $8.4 | $(3.5) | Turned Positive | | Net Loss from Continuing Operations | $(20.1) | $(38.2) | 47.4% Improvement | | Loss Per Share from Continuing Operations | $(0.28) | $(0.51) | 45.0% Improvement | | Adjusted EBITDA from Continuing Operations | $21.2 | $10.8 | 96.3% | [CEO Commentary & Strategic Outlook](index=2&type=section&id=CEO%20Commentary%20%26%20Strategic%20Outlook) CEO Kenneth Young highlighted B&W's strong position in baseload power demand, robust Q2 performance, 49% backlog growth, and improved financial stability - B&W is uniquely positioned to capitalize on growing North American and global baseload power demand, driven by AI, data centers, and economic expansion[7](index=7&type=chunk) - Q2 operating performance was strong, with adjusted EBITDA significantly exceeding company and market expectations, and backlog growing **49% year-over-year**[7](index=7&type=chunk) - Through asset sales, debt reduction, and improved cash flow, the company has eliminated prior substantial doubt about its ability to continue as a going concern, positioning it to win new plant upgrades and data center projects[7](index=7&type=chunk) - Completed the sale of Diamond Power International, generating **$177 million in total proceeds**, further strengthening the balance sheet and used to repay existing debt[7](index=7&type=chunk)[9](index=9&type=chunk) - Private note exchange reduced annual interest expense by **$1.1 million** and extended debt maturity to 2030[9](index=9&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) This section details the company's Q2 and H1 2025 financial results, including statements of operations, balance sheets, and cash flows [Q2 2025 Continuing Operations Financial Summary](index=3&type=section&id=Q2%202025%20Continuing%20Operations%20Financial%20Summary) Q2 2025 revenue slightly decreased to $144.1 million due to project timing, but global parts and services revenue grew significantly, leading to positive operating profit and improved adjusted EBITDA Q2 2025 Continuing Operations Financial Summary | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change | | :-------------------------------- | :---------------------- | :---------------------- | :----- | | Revenue | $144.1 | $151.4 | (4.8%) | | Global Parts & Services Revenue | $64.8 | $49.3 | 31.4% | | Operating Profit (Loss) | $8.1 | $(4.4) | Turned Positive | | Net Loss | $(6.1) | $(20.5) | 70.2% Improvement | | Loss Per Share | $(0.10) | $(0.26) | 61.5% Improvement | | Adjusted EBITDA | $15.1 | $8.0 | 88.8% | [First Half 2025 Continuing Operations Financial Summary](index=3&type=section&id=First%20Half%202025%20Continuing%20Operations%20Financial%20Summary) H1 2025 revenue increased to $299.9 million, driven by global parts and services, with operating profit turning positive, net loss significantly narrowing, and adjusted EBITDA doubling First Half 2025 Continuing Operations Financial Summary | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change | | :-------------------------------- | :---------------------- | :---------------------- | :----- | | Revenue | $299.9 | $292.3 | 2.6% | | Global Parts & Services Revenue | $131.9 | $105.1 | 25.5% | | Operating Profit (Loss) | $8.4 | $(3.5) | Turned Positive | | Net Loss | $(20.1) | $(38.2) | 47.4% Improvement | | Loss Per Share | $(0.28) | $(0.51) | 45.0% Improvement | | Adjusted EBITDA | $21.2 | $10.8 | 96.3% | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed consolidated statements show a net loss attributable to shareholders of $58.5 million for Q2 2025 and $80.5 million for H1 2025, primarily due to losses from discontinued operations, despite improved operating profit from continuing operations Condensed Consolidated Statements of Operations (Selected Items) | Metric (million USD) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Revenue | $144.1 | $151.4 | $299.9 | $292.3 | | Operating Profit (Loss) | $8.1 | $(4.4) | $8.4 | $(3.5) | | Loss from Continuing Operations | $(6.1) | $(20.5) | $(20.1) | $(38.2) | | (Loss) Income from Discontinued Operations, Net of Tax | $(52.4) | $46.0 | $(60.4) | $46.7 | | Net (Loss) Income Attributable to Shareholders | $(58.5) | $25.4 | $(80.5) | $8.6 | | Basic (Loss) Earnings Per Share (Continuing Operations) | $(0.10) | $(0.26) | $(0.28) | $(0.51) | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets decreased to $703.5 million, while total shareholders' deficit worsened to $308.7 million, driven by accumulated deficit, with current liabilities increasing and long-term senior notes decreasing due to debt exchange Condensed Consolidated Balance Sheets (Selected Items) | Metric (million USD) | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total Current Assets | $526.9 | $552.5 | | Total Assets | $703.5 | $727.0 | | Total Current Liabilities | $529.3 | $406.7 | | Senior Notes, Net of Current Portion | $102.2 | $340.2 | | Senior Notes Due 2030 | $124.9 | — | | Total Liabilities | $1,012.2 | $1,010.2 | | Total Shareholders' Deficit | $(308.7) | $(283.2) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In H1 2025, net cash used in operating activities increased to $33.8 million, net cash provided by investing activities significantly decreased to $10.6 million, and net cash provided by financing activities fell to $2.6 million, resulting in a net decrease in cash of $20.3 million Condensed Consolidated Statements of Cash Flows (Selected Items) | Metric (million USD) | H1 2025 | H1 2024 | | :-------------------------------- | :------ | :------ | | Net Cash Used in Operating Activities | $(33.8) | $(26.7) | | Net Cash Provided by Investing Activities | $10.6 | $76.0 | | Net Cash Provided by Financing Activities | $2.6 | $81.6 | | Net (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash | $(20.3) | $130.7 | | Cash, Cash Equivalents, and Restricted Cash at End of Period | $110.8 | $202.1 | [Segmental Performance](index=12&type=section&id=Segmental%20Performance)

Company Overview and Strategy - Babcock & Wilcox Enterprises (B&W) is a global energy leader providing innovative technologies since 1867, focusing on clean energy solutions and energy security[5] - B&W aims to convert a global pipeline of over $76 billion of identified project opportunities into bookings, including over $26 billion in BrightLoop and ClimateBright opportunities[20] - The company is implementing up to $30 million in cost reductions associated with strategic realignment[20] - B&W is evaluating alternatives for non-strategic assets and potential refinancing to reduce current and long-term debt[20] Market Position and Opportunities - B&W has a vast global installation base, including more than 300 operating utility and industrial boiler units in the U S and nearly 200 units across 40 countries[25] - The company has a total anticipated pipeline of more than $76 billion over the next three years, with over $12 billion in opportunities[28] - Data center power demand is expected to soar to 176 GW by 2035, up from 33 GW in 2024, presenting opportunities for B&W[40] Financial Performance - B&W's LTM revenue as of June 30, 2025, was approximately $6267 million[26] - For the three months ended June 30, 2025, revenue was $1441 million, with a gross margin of $433 million and operating income of $81 million[48] - As of July 31, 2025, total debt was $4122 million, with cash, cash equivalents, and restricted cash of $2174 million, resulting in net debt of $1948 million[49]

Core Insights - Babcock & Wilcox Enterprises, Inc. (NYSE: BW) is experiencing a significant recovery in its stock prices, with common shares increasing approximately 455% from their lows in April [1] Group 1: Company Performance - The common shares of Babcock & Wilcox have seen a remarkable rise of about 455% since April [1] - The preferred shares have also shown a strong recovery, although specific percentage changes are not detailed [1] Group 2: Market Context - The equity market is characterized by daily price fluctuations that can lead to substantial wealth creation or destruction over the long term [1] - Pacifica Yield is focused on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]