Financial Data and Key Metrics Changes - The company reported consolidated revenues of $209.9 million for Q3 2024, a decrease compared to Q3 2023, primarily due to the divestiture of the BWRS asset, which accounted for $7.4 million in 2023 revenues [23] - Adjusted EBITDA for Q3 2024 was $22.3 million, an increase of 78% year-over-year when excluding the impact of the divested BWRS business [17] - The company recorded an operating loss of $1.4 million in Q3 2024, compared to operating income of $5.5 million in Q3 2023, largely due to one-time charges related to divestitures [24] Business Line Data and Key Metrics Changes - In the Renewable segment, revenues were $38.2 million, a decrease attributed to the divestiture of BWRS, with adjusted EBITDA down 51% to $5 million [26] - The Environmental segment saw revenues increase by 22% to $56.6 million, driven by growth in domestic industrial and European businesses, with adjusted EBITDA at $4.7 million [27] - The Thermal segment reported revenues of $119.9 million, a 12% increase, with adjusted EBITDA rising to $18.4 million, reflecting favorable project margins [28] Market Data and Key Metrics Changes - The company noted a significant increase in implied bookings to $810.5 million and an ending implied backlog of $628.2 million at the end of Q3 2024 [25] - The demand for energy from various sectors, including artificial intelligence and electric vehicles, is expected to drive growth across the company's technologies [9][10] Company Strategy and Development Direction - The company is focused on divesting non-strategic assets to improve its balance sheet, having raised over $116 million from asset sales in 2024 [14] - Investments in the BrightLoop and ClimateBright technologies are expected to lead to higher margins and improved cash flows in the future [16] - The company anticipates a strong pipeline of over $9 billion in project opportunities over the next three years, including $2.4 billion in BrightLoop and ClimateBright opportunities [13][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in leveraging the increasing demand for baseload generation and the growth of clean energy technologies [8][11] - The company expects strong operating momentum in Q4 2024, driven by its Thermal and Environmental segments [31] - Management highlighted the importance of ongoing investments in decarbonization technologies and the anticipated growth in hydrogen production [19][20] Other Important Information - The company achieved $26.5 million in cost savings to date, with a target of over $30 million in annualized savings [15] - A tentative agreement for a $10 million forgivable loan from West Virginia for a BrightLoop project is expected to be signed soon [21] Q&A Session Summary Question: Can you talk about the new EBITDA guidance range relative to past guidance? - Management indicated that the new guidance of $91 million to $95 million reflects adjustments due to the divestitures of SPIG and GMAB, which impacted previous expectations [35] Question: What is the traditional conversion rate for the active FEED studies? - Management stated that the conversion rate for active FEED studies is typically around 40% to 50%, with a high likelihood of follow-on projects [36] Question: Can you provide details on the timing and revenue cadence for the natural gas conversion project? - Revenue from the natural gas conversion project is expected to ramp up in 2025 and continue into 2026 and 2027 [42] Question: What is the current status of letters of credit and free cash flow outlook? - Letters of credit stand at approximately $80 million, with a timeline for rolling off over the next 1.5 years, and free cash flow conversion is projected at around 40% [45][47] Question: When will the Massillon project start generating hydrogen? - The company targets to produce hydrogen by early 2026, with full commercial operations expected around Q2 2026 [51]

Company Performance - Babcock & Wilcox Enterprises reported a quarterly loss of $0.11 per share, missing the Zacks Consensus Estimate of $0.02, and showing an improvement from a loss of $0.18 per share a year ago, resulting in an earnings surprise of -650% [1] - The company posted revenues of $209.9 million for the quarter ended September 2024, which was 5.54% below the Zacks Consensus Estimate and a decrease from year-ago revenues of $239.4 million [2] - Over the last four quarters, Babcock & Wilcox has not surpassed consensus EPS or revenue estimates [2] Stock Performance - Babcock & Wilcox shares have increased approximately 80.1% since the beginning of the year, significantly outperforming the S&P 500's gain of 25.8% [3] - The current consensus EPS estimate for the upcoming quarter is $0.15 on revenues of $248.4 million, and for the current fiscal year, it is $0.27 on revenues of $911.8 million [7] Industry Outlook - The Electronics - Power Generation industry, to which Babcock & Wilcox belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Financial Performance - Revenue for Q3 2024 was $209.9 million, down from $239.4 million in Q3 2023, which included $34.2 million from a divested asset[2] - Adjusted EBITDA for Q3 2024 was $22.3 million, an increase of 11.5% from $20.0 million in Q3 2023[2] - Operating loss for Q3 2024 was $1.5 million, compared to an operating income of $5.5 million in Q3 2023[2] - Net loss for Q3 2024 was $11.1 million, an improvement from a net loss of $12.3 million in Q3 2023[2] - Revenues for the three months ended September 30, 2024, were $209.9 million, a decrease of 12.3% compared to $239.4 million in the same period of 2023[29] - The operating loss for the three months ended September 30, 2024, was $(1.5) million, compared to an operating income of $5.5 million in the same period of 2023[29] - The net loss attributable to stockholders for the three months ended September 30, 2024, was $(5.3) million, compared to a net loss of $(116.9) million in the same period of 2023[29] - The company reported a gain of $5.7 million from discontinued operations for the three months ended September 30, 2024, compared to a loss of $(104.5) million in the same period of 2023[29] - Adjusted EBITDA for the nine months ended September 30, 2024, was $58.1 million, down from $59.6 million in the same period of 2023[35] - The company reported a net loss from continuing operations of $11.1 million for Q3 2024, compared to a loss of $12.3 million in Q3 2023[35] Bookings and Backlog - Total year-to-date implied bookings reached $810.5 million, with a 27% increase compared to the same period in 2023[1] - Implied backlog, excluding divestitures, was $628.2 million, reflecting a 48% increase year-over-year[1] - The company achieved bookings of $161 million in Q3 2024, a decrease from $198 million in Q3 2023, with implied backlog totaling $362 million compared to $507 million in the previous year[34] - Babcock & Wilcox's total bookings for the nine months ended September 30, 2024, were $544 million, compared to $628 million for the same period in 2023[34] Segment Performance - The Thermal segment revenues increased by 12% to $119.9 million in Q3 2024, driven by a large natural gas project[11] - The Environmental segment revenues rose by 22% to $56.6 million in Q3 2024, attributed to growth in domestic and European markets[10] - Babcock & Wilcox Renewable segment reported revenues of $38.2 million for Q3 2024, up from $34.2 million in Q3 2023, representing a 11.7% increase[34] - Babcock & Wilcox Thermal segment generated revenues of $119.9 million in Q3 2024, compared to $107.0 million in Q3 2023, marking an increase of 26.9%[34] - The Environmental segment's revenues were $56.6 million for Q3 2024, a significant increase from $46.4 million in Q3 2023, reflecting a 22% growth[34] Costs and Expenses - Total costs and expenses for the three months ended September 30, 2024, were $211.3 million, down from $233.9 million in the same period of 2023[29] - Research and development costs for the three months ended September 30, 2024, increased to $1.4 million from $0.9 million in the same period of 2023[29] - Corporate expenses were reported at $(5.7) million for Q3 2024, slightly improved from $(5.6) million in Q3 2023[34] - The company incurred research and development costs of $(0.2) million in Q3 2024, down from $(0.9) million in Q3 2023[34] Cash Flow and Liquidity - Cash and cash equivalents decreased from $65.3 million to $30.6 million, a decline of 53.2%[31] - Total current assets increased from $497.6 million to $530.2 million, an increase of 6.5%[31] - Net cash used in operating activities increased to $(96.3) million from $(50.5) million, a decline of 90.4%[32] - Net cash provided by investing activities was $78.0 million, compared to $(8.6) million in the previous period[32] - Net cash provided by financing activities was $70.8 million, up from $11.9 million[33] - Cash, cash equivalents, and restricted cash at the end of the period totaled $127.9 million, up from $65.1 million[33] Market Conditions and Guidance - The company continues to face challenges from macroeconomic conditions, including inflation and supply chain disruptions, impacting its ability to meet customer demands[22] - Management is actively monitoring market conditions and managing costs to maintain liquidity and support customer needs[22] - The company has not provided specific financial guidance due to the unpredictability of ongoing market conditions[22] Asset Management - The company completed the sale of its SPIG/GMAB business for net proceeds of $33.7 million, contributing to over $116 million raised from asset divestitures in 2024[6] - Goodwill decreased from $102.0 million to $84.6 million, a decline of 17.5%[31] - Total stockholders' deficit increased from $(200.4) million to $(203.1) million, a decline of 0.9%[31] - Total liabilities increased from $976.0 million to $1,007.8 million, an increase of 3.3%[31]

Financial Performance - Revenues for the three months ended September 30, 2024, were $209.859 million, a decrease of 12.4% compared to $239.414 million for the same period in 2023[13] - Operating loss for the three months ended September 30, 2024, was $(1.474) million, compared to an operating income of $5.543 million for the same period in 2023[13] - Net loss attributable to stockholders of common stock for the three months ended September 30, 2024, was $(9.047) million, compared to a net loss of $(120.598) million for the same period in 2023[13] - Total costs and expenses for the three months ended September 30, 2024, were $211.333 million, down from $233.871 million in the same period in 2023, a decrease of 9.7%[13] - Total comprehensive loss income for the three months ended September 30, 2024, was $(1.859) million, compared to $(125.206) million for the same period in 2023[15] - The company reported a net loss of $(16,833) thousand for the period, contributing to the overall accumulated deficit[19] - The company reported a net loss attributable to stockholders of common stock of $9.0 million for the three months ended September 30, 2024, compared to a loss of $120.6 million in the same period of 2023[40] - The company incurred total costs and expenses of $21.4 million for the three months ended September 30, 2024, significantly lower than $99.5 million in the same period of 2023[48] Research and Development - Research and development costs increased to $1.420 million for the three months ended September 30, 2024, from $0.898 million in the same period in 2023, reflecting a 58% increase[13] Assets and Liabilities - Total current assets increased to $530,223 thousand as of September 30, 2024, up from $497,593 thousand at December 31, 2023, representing a growth of 6.5%[18] - Total assets rose to $804,633 thousand, compared to $775,698 thousand at the end of 2023, indicating an increase of 3.5%[18] - Total liabilities increased to $1,007,751 thousand from $976,048 thousand, reflecting a rise of 3.2%[18] - The accumulated deficit grew to $(1,578,936) thousand as of September 30, 2024, compared to $(1,570,942) thousand at December 31, 2023, marking an increase of 0.5%[19] - Cash and cash equivalents decreased to $30,629 thousand from $65,304 thousand, a decline of 53%[18] - Current liabilities decreased to $297,928 thousand from $350,197 thousand, a reduction of 14.8%[18] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $96,258,000 for the nine months ended September 30, 2023, compared to $50,473,000 in the same period of 2022[23] - The company experienced a significant increase in cash provided by investing activities, totaling $78,005,000 for the nine months ended September 30, 2023, compared to a net cash used of $8,589,000 in the prior year[26] - Borrowings on loan payable amounted to $184,806,000 for the nine months ended September 30, 2023, compared to $97,140,000 in the same period of 2022[26] - The total cash, cash equivalents, and restricted cash at the end of the period was $127,919,000, up from $65,106,000 at the end of September 30, 2022[26] Business Operations and Strategy - The company expects to reduce annual cash spending by approximately $25 million through strategies such as suspending dividends on Preferred Stock and delaying new product development[34] - The company initiated a cost savings plan with targeted annual savings of $31.5 million, of which $26.5 million has been achieved to date[35] - The company has classified its B&W Solar business as held for sale and discontinued operations as of September 30, 2024, due to significant operating losses[46][47] Sales and Revenue Recognition - Revenue from products and services transferred to customers at a point in time accounted for 21% of total revenue for the three months ended September 30, 2024, compared to 26% for the same period in 2023[62] - Revenue from products and services transferred to customers over time accounted for 79% of total revenue for the three months ended September 30, 2024, compared to 74% for the same period in 2023[62] Debt and Credit Agreements - The Credit Agreement provides for an up to $150 million asset-based revolving credit facility, including a $100 million letter of credit sublimit[88] - The interest rates applicable under the Credit Agreement include SOFR plus 5.25% for loans up to $100 million[91] - The company entered into the Second Amendment to the Credit Agreement, agreeing to apply net cash proceeds from specified transactions to repay $10.0 million in revolving loans, $15.0 million in pension liabilities, and $193.0 million in Senior Notes due 2026[97] - As of September 30, 2024, the company had $124.2 million outstanding on the Axos Credit Agreement, including $30.5 million drawn on the revolving credit portion and $93.7 million on the letter of credit portion[101] Taxation - For the three months ended September 30, 2024, the income tax expense from continuing operations was $0.2 million, resulting in an effective tax rate of (1.5)%[118] - In the nine months ended September 30, 2024, the income tax expense from continuing operations was $6.1 million, resulting in an effective tax rate of 136.5%[119] Shareholder Information - The company has sold 2.4 million shares of common stock for net proceeds of $2.0 million as part of an At-the-Market offering with an aggregate offering price of up to $50.0 million[112] - B. Riley beneficially owns approximately 31.3% of the company's outstanding common stock as of September 30, 2024, and has the right to nominate one member of the Board of Directors[137]

Group 1 - Babcock & Wilcox Enterprises, Inc. (BW) has been added to the Zacks Rank 5 (Strong Sell) List due to a 10% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Central Garden & Pet Company (CENT) is also on the Zacks Rank 5 (Strong Sell) List, with a 5.7% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Coca-Cola FEMSA, S.A.B. de C.V. (KOF) has seen a 5.6% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days, leading to its inclusion in the Zacks Rank 5 (Strong Sell) List [2]

Financial Data and Key Metrics Changes - The company's consolidated revenues for Q2 2024 were $233.6 million, a decrease compared to the same period in 2023, primarily due to a strategic shift to reduce reliance on lower-margin projects and the completion of a large construction project in 2023 [18] - Operating income for Q2 2024 was $42.2 million, significantly higher than $12.4 million in Q2 2023, driven by a gain on the sale of a subsidiary and reduced selling, general, and administrative expenses [18] - Adjusted EBITDA for Q2 2024 was $24.6 million, exceeding expectations, while earnings per share improved to $0.24 from a loss of $0.10 in Q2 2023 [19] Business Line Data and Key Metrics Changes - The Environmental segment saw revenues increase by 15% to $56.2 million in Q2 2024, with adjusted EBITDA nearly doubling to $6.7 million, driven by a higher margin product mix [20] - The Renewables segment experienced a revenue decline year-over-year, but adjusted EBITDA increased by 40% due to cost reduction efforts [10] - Thermal segment revenues were $120 million, in line with expectations despite a decrease from Q2 2023, with adjusted EBITDA at $13 million [21] Market Data and Key Metrics Changes - The company reported a global pipeline of over $9 billion in identified project opportunities, including $1.5 billion in BrightLoop and ClimateBright opportunities [11][12] - The backlog and applied backlog at the end of Q2 2024 were $472 million and $757 million, respectively, representing a 39% increase compared to the same period in 2023 [12] Company Strategy and Development Direction - The company is focused on advancing its ClimateBright Decarbonization Technologies and has seen increased demand for hydrogen generation and carbon capture projects [5][6] - A strategic shift to be more selective in pursuing higher-value projects has led to improved margins and reduced reliance on low-margin new build projects [9][10] - The company plans to invest $10 million to $15 million in BrightLoop projects in 2024, aiming for commercial demonstration and operational effectiveness [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for new bookings and strong financial performance in the second half of 2024, driven by Thermal and Environmental segments [24][25] - The company anticipates continued growth in coal to natural gas and coal to biomass projects in the U.S. due to new EPA requirements [13] - Management reiterated the full-year adjusted EBITDA target range of $105 million to $115 million, excluding BrightLoop and ClimateBright [13] Other Important Information - The sale of the Danish renewable services subsidiary improved the company's balance sheet and liquidity, with ongoing negotiations for additional non-strategic asset sales [7][22] - The company achieved $25 million in cost reductions to date, with a target of over $30 million in annualized savings [8] Q&A Session Summary Question: Update on BrightLoop projects in Ohio - Management explained that the construction period for the Ohio project will take 12 to 18 months, with financing offsetting cash outflows during this time [27] Question: Progress on larger projects in Wyoming and Baton Rouge - Management confirmed full engineering mode for the Wyoming project and ongoing discussions for the Baton Rouge project, with potential for significant hydrogen production [28][29] Question: Guidance and risks associated with EBITDA targets - Management indicated that timing on larger gas conversion projects could impact the EBITDA range, emphasizing the importance of order timing [31] Question: Timing of additional non-core asset sales - Management is in discussions for one or two additional non-core asset sales expected this year [33] Question: Clarification on the leaseback arrangement for the Ohio project - Management detailed that the total project cost is estimated at $60 million to $65 million, with B&W's upfront investment being around $5 million to $10 million [36]

COMPANY OVERVIEW AUGUST 8, 2024 © 2024 Babcock & Wilcox Enterprises, Inc. All rights reserved. SAFE HARBOR STATEMENT B&W Enterprises cautions that this presentation contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical or current fact included in this presentation are forward-looking statements, including, without limitation, statements relating to the company's business outlook and expected financial performance, including adju ...

Company Performance - Babcock & Wilcox Enterprises (BW) reported a quarterly loss of $0.11 per share, which was worse than the Zacks Consensus Estimate of $0.08, and compared to a loss of $0.10 per share a year ago, indicating an earnings surprise of -237.50% [1] - The company posted revenues of $233.6 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 10.91%, and down from $305.2 million in the same quarter last year [2] - Babcock & Wilcox has not surpassed consensus EPS estimates over the last four quarters, and the stock has lost about 24% since the beginning of the year, while the S&P 500 gained 9% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.16 on revenues of $280.5 million, and for the current fiscal year, it is $0.30 on revenues of $1.05 billion [7] - The estimate revisions trend for Babcock & Wilcox is mixed, resulting in a Zacks Rank 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Industry Context - The Electronics - Power Generation industry, to which Babcock & Wilcox belongs, is currently in the top 22% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact the stock's performance [8]

Financial Performance - Revenues for Q2 2024 were $233,642, a decrease of 19.8% from $291,515 in Q2 2023[10] - Operating income increased to $42,199 in Q2 2024, compared to $12,401 in Q2 2023, representing a growth of 240.5%[10] - Net income for Q2 2024 was $25,364, a significant recovery from a net loss of $5,012 in Q2 2023[11] - Basic earnings per share for continuing operations were $0.24 in Q2 2024, compared to a loss of $0.04 in Q2 2023[10] - Total revenues for the six months ended June 30, 2024, decreased by $91.6 million to $441.2 million compared to $532.8 million in the same period in 2023, with significant declines in both the B&W Thermal and B&W Renewable segments[133] - Operating income for the six months ended June 30, 2024, increased by $32.8 million to $46.5 million, primarily due to the gain on the sale of Babcock & Wilcox Renewable Service A/S[133] - Income from continuing operations increased by $21.5 million to $9.4 million for the six months ended June 30, 2024, compared to a loss of $12.1 million in the same period in 2023[134] Cost Management - Total costs and expenses decreased to $191,443 in Q2 2024 from $279,114 in Q2 2023, a reduction of 31.4%[10] - A company-wide cost savings plan has been initiated with targeted annual savings of $30 million, of which $25 million has been achieved to date[29] - The company incurred restructuring expenses of $35,000 during the six months ended June 30, 2024[37] - Restructuring charges for the six months ended June 30, 2024, totaled $2,347,000, compared to $1,405,000 for the same period in 2023, indicating an increase in restructuring activities[62] Cash Flow and Liquidity - The company reported a net cash used in operating activities of $26,585 thousand for the six months ended June 30, 2024, compared to $22,251 thousand for the same period in 2023[18] - Cash provided by investing activities was $75,876 thousand for the six months ended June 30, 2024, significantly improving from a cash used of $4,164 thousand in the same period of 2023[21] - Cash and cash equivalents rose to $95,466 from $65,304, a significant increase of 46.1%[14] - The company is projecting insufficient liquidity to fund operations through one year following the date of the report, raising substantial doubt about its ability to continue as a going concern[27] Business Transactions - The company sold its B&W Renewable Service A/S business for net proceeds of $83.5 million on June 28, 2024[28] - The company received net cash proceeds of $83.5 million from the sale of Babcock & Wilcox Renewable Service A/S, recording a gain of $40.2 million[123] - The company is negotiating the sale of three additional non-strategic businesses, expected to generate significant proceeds to reduce outstanding debt[29] Assets and Liabilities - Total current assets increased to $574,562, up from $497,593, representing a 15.5% growth[14] - Total liabilities increased to $1,047,466, compared to $976,048, reflecting a 7.3% rise[14] - The accumulated deficit decreased slightly to $(1,569,889) from $(1,570,942), showing a reduction of 0.1%[16] - Total stockholders' deficit improved to $(198,344) from $(200,350), indicating a 1.0% improvement[14] Segment Performance - B&W Renewable segment revenues decreased to $60,953 thousand for the three months ended June 30, 2024, down 28.4% from $85,219 thousand in 2023[46] - B&W Environmental revenue increased by 63.5% to $58.0 million in Q2 2024 from $35.4 million in Q2 2023[138] - B&W Thermal revenue rose by 24.4% to $111.7 million in Q2 2024 compared to $89.8 million in Q2 2023[138] Debt and Financing - Borrowings on loan payable increased to $138,961 thousand for the six months ended June 30, 2024, compared to $16,165 thousand for the same period in 2023[21] - The company entered into a Credit Agreement in January 2024, providing for an up to $150.0 million asset-based revolving credit facility, including a $100.0 million letter of credit sublimit[68] - As of June 30, 2024, the company had loans payable of $137.8 million, including $125.8 million drawn on the Credit Agreement, with $46.6 million from the revolving credit portion[197] Legal and Compliance - The company is involved in litigation with claims exceeding $58.9 million related to a boiler installation and supply contract, with ongoing legal proceedings[97] - The company agreed to a Proposed Settlement Amount of $6.5 million to resolve the Glatfelter Litigation, to be paid in six monthly installments starting September 1, 2024[98] - Material weaknesses in internal control over financial reporting have not yet been remediated, with ongoing efforts to hire qualified professionals and enhance controls[201] Other Comprehensive Income - As of June 30, 2024, the company reported an accumulated other comprehensive loss of $70,088 thousand, which includes a currency translation loss of $68,968 thousand[100] - The company reported a net other comprehensive income of $(833) thousand for the six months ended June 30, 2024[102]

Exhibit 99.1 News Release Babcock & Wilcox Enterprises Reports Second Quarter 2024 Results, Earnings Growth Driven By Strong Operating Performance • Revenue of $233.6 million, Net Income of $25.4 million, and Operating Income of $42.2 million, which exceeded expectations • Adjusted EBITDA of $23.3 million, $24.6 million excluding BrightLoop and ClimateBright expenses, ahead of expectations • Reiterate Full Year 2024 Adjusted EBITDA target range of $105.0 million to $115.0 million, excluding BrightLoop and C ...