It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced. Moreover, the momentum for BW is fast paced, as the stock currently has a beta of 1.58. ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher." Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ...

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET Company Participants Sharyn Brooks - Director of Communications Kenny Young - Chairman and CEO Lou Salamone - CFO Conference Call Participants Brent Thielman - D.A. Davidson Rob Brown - Lake Street Capital Markets Alex Rygiel - B. Riley Aaron Spychalla - Craig Hallum Operator Good evening. My name is Sierra, and I will be your conference operator today. At this time, I would like to welcome everyone to the c ...

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-------|-------------------------------------|-------|----------| | (in thousands) | | Three Months Ended March 31, \n2024 | | 2023 | | Cash flows from financing activities: | | | | | | Issuance of senior notes | | — | | 8 | | Borrowings on loan payable | | 90,352 | | — | | Repayments on loan payable | | (28,802) | | (1,658) | | Payment of holdback funds from acquisition | | (2,950) ...

Shares of Babcock & Wilcow Enterprises (BW) have been struggling lately and have lost 7.5% over the past week. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bulli ...

Investors might want to bet on Babcock & Wilcow Enterprises (BW) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT Date of Report (Date of earliest event reported): April 10, 2024 | --- | --- | |-----------------------------------------|-------| | | | | | | | DELAWARE | | | (State or other jurisdiction of | | | incorporation) | | 47-2783641 (IRSEmployerIdentificationNo.) Registrant's Telephone Number, including Area Code: (330) 753-4511 Securities registered pursuant to Section 12(b) of the Act: Emerging growth company ¨ On April 10, ...

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q4 2023 Earnings Conference Call March 14, 2024 5:00 PM ET Company Participants Sharyn Brooks - Director of Communications Kenny Young - Chairman & CEO Lou Salamone - CFO Conference Call Participants Aaron Spychalla - Craig-Hallum Rob Brown - Lake Street Capital Markets Brent Thielman - D.A. Davidson Alex Rygiel - B. Riley Securities Operator Good evening. My name is Joel and I will be your conference operator today. At this time, I would like to welcome everyone ...

PART I [Item 1. Business](index=6&type=section&id=Item%201.%20Business) Babcock & Wilcox Enterprises, Inc. is a global provider of renewable, environmental, and thermal technologies - The company operates through three primary segments: **B&W Renewable**, **B&W Environmental**, and **B&W Thermal**, providing a range of energy and environmental solutions globally[133](index=133&type=chunk)[22](index=22&type=chunk) - Customer demand is significantly impacted by business cycles, energy needs, and environmental policies in the countries where they operate, driven by climate change initiatives, environmental regulations, electricity prices, and industrial sector strength[18](index=18&type=chunk)[128](index=128&type=chunk) - The company utilizes various contract structures, including fixed-price, cost-plus, and cost-reimbursable models, with fixed-price contracts carrying higher risk due to the need for accurate upfront cost estimation[30](index=30&type=chunk)[33](index=33&type=chunk) Primary Competitors by Segment | B&W Renewable segment | B&W Environmental segment | B&W Thermal segment | | :--- | :--- | :--- | | Andritz AG | Aker Carbon Capture ASA | AZCO Inc. | | Hitachi Zosen Corporation | Durr Group | Babcock Power Inc. | | Keppel Ltd. | Elessent Clean Technologies Inc. | Clyde Bergemann Power Group | | MARTIN GmbH | ENEXIO Management GmbH | Doosan Corporation | | Steinmuller Engineering GmbH | EVAPCO, Inc. | Enerfab, Inc. | | Valmet Oyj | Paharpur Cooling Towers Ltd. | General Electric Company | | | Radscan AB | Mitsubishi Power, Ltd. | | | Seagull Environmental Technologies, Inc. | | - As of December 31, 2023, the company had approximately **2,250 employees worldwide**, with about **450 hourly employees** union-affiliated under four agreements in Mexico, the U.S., the U.K., and Canada[54](index=54&type=chunk) [Item 1A. Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks, including substantial doubt about its ability to continue as a going concern, which management believes has been alleviated by recent actions - The company's financial condition raises substantial doubt about its ability to continue as a going concern, though management believes actions taken to address liquidity needs have alleviated this doubt, with additional financing expected for working capital[76](index=76&type=chunk)[73](index=73&type=chunk) - Significant revenue is derived from the historically cyclical electric power generation industry, with **45% of 2023 consolidated revenues** related to coal-fired power plants, making demand vulnerable to macroeconomic downturns and shifts toward renewable energy[167](index=167&type=chunk)[170](index=170&type=chunk)[175](index=175&type=chunk) - The company must refinance its **8.125% and 6.50% Senior Notes**, both due in 2026, with a new Credit Agreement with Axos Bank potentially accelerating to August 30, 2025, if the notes are not refinanced by then[178](index=178&type=chunk)[179](index=179&type=chunk) - As of December 31, 2023, B. Riley controls approximately **30.7% of the company's voting power**, giving it significant influence over management, policies, and shareholder matters[246](index=246&type=chunk) - Material weaknesses in internal control over financial reporting were identified as of December 31, 2023, creating a reasonable possibility that a material misstatement of financial statements will not be prevented or detected on a timely basis[260](index=260&type=chunk)[143](index=143&type=chunk) - The company's backlog was **$530.5 million** as of December 31, 2023, down from **$549.1 million** at year-end 2022, and is subject to adjustments and cancellations, potentially not being a reliable indicator of future revenue[96](index=96&type=chunk)[101](index=101&type=chunk) [Item 1B. Unresolved Staff Comments](index=29&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the Securities and Exchange Commission - None[165](index=165&type=chunk)[151](index=151&type=chunk) [Item 1C. Cybersecurity](index=29&type=section&id=Item%201C.%20Cybersecurity) The company has integrated a cybersecurity risk management program into its enterprise risk management, informed by frameworks like NIST - The cybersecurity program is integrated with enterprise risk management and is based on industry frameworks such as NIST[151](index=151&type=chunk) - Governance includes oversight by the Board of Directors, an IT Steering Committee comprised of executive management, and a Director of IT with 20 years of experience[321](index=321&type=chunk)[323](index=323&type=chunk) - The company has not identified any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect its business, strategy, or financial results[326](index=326&type=chunk) [Item 2. Properties](index=30&type=section&id=Item%202.%20Properties) The company owns and leases various properties globally for manufacturing, administrative, and warehouse purposes Principal Properties as of December 31, 2023 | Segment | Location | Use | Status | | :--- | :--- | :--- | :--- | | B&W Renewable | Esbjerg, Denmark | Manufacturing / Admin | Owned | | B&W Environmental | Paruzzaro, Italy | Administrative Office | Leased (2027) | | B&W Thermal | Akron, Ohio | Administrative Office | Leased (2034) | | B&W Thermal | Lancaster, Ohio | Manufacturing Facility | Leased (2041) | | B&W Thermal | Dumbarton, Scotland | Manufacturing Facility | Owned | | B&W Thermal | Guadalupe, NL, Mexico | Manufacturing Facility | Leased (2024) | [Item 3. Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ongoing litigation, as detailed in Note 21 of the financial statements - The company is a defendant in the Glatfelter Litigation, where the plaintiff alleges breach of contract and seeks damages exceeding **$58.9 million**, with the company filing a counterclaim for over **$2.9 million**, and the case set for trial in March 2024[654](index=654&type=chunk) - The Stockholder Litigation, which alleged breaches of fiduciary duty related to a 2019 rights offering, was settled in principle in June 2022 and received final court approval in July 2023, including a total payment of **$9.5 million**[655](index=655&type=chunk)[710](index=710&type=chunk) [Item 4. Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[330](index=330&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock is traded on the New York Stock Exchange under the symbol "BW" - The company's common stock trades on the NYSE under the ticker symbol **BW**[336](index=336&type=chunk) - As of February 29, 2024, there were **845 stockholders of record**[337](index=337&type=chunk) - No equity securities were repurchased during the quarter ended December 31, 2023, and there is no active share repurchase program[340](index=340&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, revenues increased to $999.4 million from $847.9 million in 2022, driven by growth in the Renewable and Thermal segments [Results of Operations](index=34&type=section&id=Results%20of%20Operations) For the year ended December 31, 2023, consolidated revenues increased by 17.9% to $999.4 million, while operating income grew to $19.9 million from $2.3 million in 2022 Consolidated Results of Operations (2023 vs. 2022) | (in millions) | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $999.4 | $847.9 | +$151.5 | | **Operating Income** | $19.9 | $2.3 | +$17.6 | | **Net Loss from Continuing Operations** | ($78.6) | ($20.0) | ($58.6) | Bookings and Backlog by Segment (as of Dec 31) | (in millions) | Bookings 2023 | Backlog 2023 | Backlog 2022 | | :--- | :--- | :--- | :--- | | B&W Renewable | $256.0 | $133.5 | $128.9 | | B&W Environmental | $222.1 | $179.4 | $148.4 | | B&W Thermal | $409.9 | $210.5 | $265.3 | | **Total** | **$878.3** | **$530.5** | **$549.1** | Reconciliation of Net Loss to Adjusted EBITDA | (in thousands) | 2023 | 2022 | | :--- | :--- | :--- | | Net loss | ($196,971) | ($26,584) | | Loss from discontinued operations, net of tax | (118,338) | (6,596) | | Interest expense, net | 48,703 | 44,220 | | Income tax expense | 8,481 | 11,059 | | Depreciation & amortization | 19,990 | 21,628 | | **EBITDA** | **($1,459)** | **$56,919** | | Adjustments (Benefit plans, stock comp, etc.) | 80,590 | 10,590 | | **Adjusted EBITDA** | **$79,131** | **$67,509** | [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company experienced recurring operating losses and negative operating cash flow of $42.3 million in 2023, leading to conditions that raise substantial doubt about its ability to continue as a going concern - Recurring operating losses and negative cash flow have raised substantial doubt about the company's ability to continue as a going concern[313](index=313&type=chunk)[513](index=513&type=chunk) - Management is implementing plans to secure funding, including selling a non-strategic business, selling real estate assets, and potentially selling common stock via an At-The-Market offering, which are deemed probable to alleviate the going concern doubt[314](index=314&type=chunk)[319](index=319&type=chunk)[514](index=514&type=chunk) Key Liquidity and Capitalization Figures (as of Dec 31, 2023) | Metric | Amount (in millions) | | :--- | :--- | | Cash, Cash Equivalents, and Restricted Cash | $71.4 | | Total Debt | $379.5 | | Gross Preferred Stock Outstanding | $191.7 | - In January 2024, the company entered into a new Credit Agreement with Axos Bank, which substantially replaces its prior debt facilities with PNC and MSD[506](index=506&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks primarily from changes in interest rates and foreign currency exchange rates - The company's primary market risks are related to interest rate fluctuations on its cash and investments, and foreign currency exchange rate changes[412](index=412&type=chunk)[413](index=413&type=chunk) - Key foreign currency exposures include the Danish krone, British pound, Euro, Canadian dollar, Mexican peso, and Chinese yuan, with a hypothetical 100 basis point change in exchange rates impacting annual earnings by approximately **$0.2 million**[413](index=413&type=chunk) [Item 8. Consolidated Financial Statements and Supplemental Data](index=47&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplemental%20Data) This section presents the company's audited consolidated financial statements for the years ended December 31, 2023, 2022, and 2021, along with the report from the independent registered public accounting firm, Deloitte & Touche LLP [Report of Independent Registered Public Accounting Firm](index=47&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion, stating that the consolidated financial statements are presented fairly in all material respects - The auditor issued an unqualified opinion on the financial statements but an adverse opinion on the effectiveness of internal control over financial reporting as of December 31, 2023, due to material weaknesses[424](index=424&type=chunk) - The critical audit matter identified was Revenue Recognition on fixed-price long-term contracts, which involves significant management judgment in estimating total costs and profit[430](index=430&type=chunk)[440](index=440&type=chunk) [Consolidated Financial Statements](index=50&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for the year ended December 31, 2023, show revenues of $999.4 million and a net loss of $197.0 million, compared to revenues of $847.9 million and a net loss of $26.6 million in 2022 Key Financial Statement Data (in thousands) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | **Revenues** | $999,354 | $847,918 | $710,873 | | **Operating Income** | $19,899 | $2,269 | $19,422 | | **Net (Loss) Income** | ($196,971) | ($26,584) | $31,538 | | **Total Assets** | $775,698 | $941,689 | N/A | | **Total Liabilities** | $976,048 | $943,778 | N/A | | **Total Stockholders' (Deficit)** | ($200,350) | ($2,089) | N/A | | **Net Cash from Operations** | ($42,270) | ($30,637) | ($111,196) | [Notes to Consolidated Financial Statements](index=56&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information supporting the financial statements - **Going Concern (Note 1):** The company's recurring losses and negative operating cash flow raise substantial doubt about its ability to continue as a going concern, but management's plans to sell assets and raise capital are believed to be sufficient to alleviate this doubt for the next 12 months[513](index=513&type=chunk)[515](index=515&type=chunk) - **Discontinued Operations (Note 4):** The B&W Solar business was classified as held for sale, resulting in a goodwill impairment charge of **$56.6 million** and total losses from discontinued operations of **$118.3 million** for 2023[780](index=780&type=chunk)[781](index=781&type=chunk)[779](index=779&type=chunk) - **Pension Plans (Note 14):** As of December 31, 2023, the company's defined benefit pension and postretirement plans were underfunded by approximately **$164.6 million** (**$158.2 million** pension + **$6.3 million** other benefits)[154](index=154&type=chunk)[823](index=823&type=chunk) - **Debt (Note 15):** The company has **$193.0 million** of **8.125% Senior Notes** and **$151.4 million** of **6.50% Senior Notes**, both maturing in 2026, and in January 2024, it entered a new credit agreement with Axos Bank to replace its prior revolving facilities[826](index=826&type=chunk)[583](index=583&type=chunk)[705](index=705&type=chunk) - **Related Party Transactions (Note 23):** The company has numerous transactions with B. Riley and its affiliates, including an executive services agreement for the CEO, underwriting services for debt and equity offerings, and a guaranty for its credit facilities[689](index=689&type=chunk)[690](index=690&type=chunk)[719](index=719&type=chunk) [Item 9A. Controls and Procedures](index=105&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were not effective as of December 31, 2023 - Management concluded that internal control over financial reporting was not effective as of December 31, 2023, due to identified material weaknesses[708](index=708&type=chunk)[753](index=753&type=chunk) - Material weaknesses were identified in three components of the COSO framework: Control Environment (insufficient qualified personnel), Control Activities (inadequate reconciliations, access rights, and journal entry reviews), and Monitoring (failure to perform ongoing evaluations)[734](index=734&type=chunk)[735](index=735&type=chunk)[736](index=736&type=chunk) - A remediation plan is underway, which includes hiring more qualified professionals, augmenting resources with consultants, enhancing controls over reconciliations and complex transactions, and developing a robust monitoring program[738](index=738&type=chunk)[739](index=739&type=chunk) - The independent auditor, Deloitte & Touche LLP, issued an adverse opinion on the effectiveness of the company's internal control over financial reporting[737](index=737&type=chunk)[764](index=764&type=chunk) [Item 9B. Other Information](index=109&type=section&id=Item%209B.%20Other%20Information) On March 15, 2024, the company entered into the Fourth Amendment to its Reimbursement Agreement - On March 15, 2024, the company amended its Reimbursement Agreement to modify financial covenants, such as the Fixed Charge Coverage Ratio and Senior Net Leverage Ratio, for future periods[865](index=865&type=chunk)[853](index=853&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=109&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section provides information about the company's directors and executive officers - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Proxy Statement[854](index=854&type=chunk) [Item 11. Executive Compensation](index=110&type=section&id=Item%2011.%20Executive%20Compensation) Information required for this item concerning executive compensation is incorporated by reference from the company's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders - Information regarding executive compensation is incorporated by reference from the company's 2024 Proxy Statement[892](index=892&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=111&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership by certain beneficial owners and management, as well as details on equity compensation plans, is incorporated by reference from the company's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders - Information regarding security ownership is incorporated by reference from the company's 2024 Proxy Statement[860](index=860&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=111&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required for this item concerning certain relationships, related party transactions, and director independence is incorporated by reference from the company's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders - Information regarding related transactions and director independence is incorporated by reference from the company's 2024 Proxy Statement[893](index=893&type=chunk)[872](index=872&type=chunk) [Item 14. Principal Accountant Fees and Services](index=111&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding the fees billed by the principal accountant, Deloitte & Touche LLP, is incorporated by reference from the company's definitive Proxy Statement for its 2024 Annual Meeting of Stockholders - Information regarding principal accountant fees and services is incorporated by reference from the company's 2024 Proxy Statement[894](index=894&type=chunk) PART IV [Item 15. Exhibits and Financial Statement Schedules](index=111&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Annual Report on Form 10-K - This section contains the consolidated financial statements (included in Item 8) and a comprehensive index of all exhibits filed with the report[873](index=873&type=chunk)[863](index=863&type=chunk) [Item 16. Form 10-K Summary](index=119&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has elected not to provide a summary of the Form 10-K - None[887](index=887&type=chunk)

Revenue Growth and Performance - Revenues from Continued Operations increased 18% Year over Year, reaching $999.4 million in 2023[23] - Full-year 2023 revenues reached $999.4 million, up from $847.9 million in 2022[41] - Total revenues for the year ended December 31, 2023, were $999.4 million, compared to $847.9 million in 2022, representing an increase of 17.9%[48] - Environmental segment revenues increased 31% to $202.9 million in 2023, driven by higher volume in SPIG[9] - Babcock & Wilcox Environmental segment revenues rose to $202.9 million in 2023 from $154.4 million in 2022, a 31.4% increase[48] - Thermal segment revenues increased 20% to $499.2 million in 2023, driven by a large construction project and increased package boiler business[31] - Babcock & Wilcox Thermal segment revenues grew to $499.2 million in 2023 from $415.1 million in 2022, a 20.3% increase[48] - Babcock & Wilcox Renewable segment revenues increased to $318.6 million in 2023 from $288.7 million in 2022, a 10.3% growth[48] Adjusted EBITDA and Financial Metrics - Adjusted EBITDA of $79.1 million in 2023, a 17% increase compared to $67.5 million in 2022[23] - Adjusted EBITDA for the year ended December 31, 2023, was $79.1 million, up from $67.5 million in 2022, reflecting a 17.2% increase[48] - Adjusted EBITDA for the year ended December 2023 was $79.1 million, up from $67.5 million in 2022[66] - Adjusted EBITDA excluding BrightLoop and ClimateBright introduced in Q4 2023 to assess performance independent of these technologies[35] - Adjusted EBITDA excluding BrightLoop and ClimateBright expenses was $84.1 million in 2023, up from $71.8 million in 2022[66] Net Loss and Operating Performance - Net loss of $78.6 million in 2023, including non-cash items of $38.0 million primarily related to pension mark-to-market adjustments[23] - Net loss for Q4 2023 was $62.7 million, compared to a net income of $5.7 million in Q4 2022[41] - Net loss from continuing operations increased to $78.6 million in 2023 from $20.0 million in 2022[62] - Operating income for Q4 2023 was $0.7 million, compared to $6.3 million in Q4 2022[41] Bookings and Backlog - Bookings in 2023 were $878.3 million, a 2% increase compared to full year 2022 bookings[29] - Ending backlog at December 31, 2023 was $530.5 million, a 3% decrease compared to December 31, 2022[29] - Backlog includes expected revenue from contracts with written customer confirmation, subject to cancellation or modification[36] - Bookings represent changes to backlog, including new business, cancellations, and foreign currency revaluation[37] - Backlog for Babcock & Wilcox Renewable increased to $134 million in 2023 from $129 million in 2022[64] Segment Performance - Renewable segment revenues decreased 33% to $62.2 million in Q4 2023, due to strategic shift away from lower margin new build projects[27] - The company is exiting its remaining fixed fee Operational and Maintenance Contract in the Renewable segment, which was completed as of December 31, 2023[55] Research and Development Costs - Research and development costs increased to $5.3 million in Q4 2023 from $1.0 million in Q4 2022[41] - Research and development costs for the year ended December 31, 2023, were $4.0 million, compared to $3.3 million in 2022, a 21.2% increase[48] - Product development expenses increased to $9.0 million in 2023 from $4.1 million in 2022[66] - BrightLoop and ClimateBright expenses totaled $12.0 million in 2023, up from $6.4 million in 2022[66] Financial Position and Liabilities - Total current assets decreased to $497.6 million as of December 31, 2023, from $557.6 million in 2022, a decline of 10.8%[43] - Total liabilities increased to $976.0 million as of December 31, 2023, from $943.8 million in 2022, a 3.4% rise[43] - The company's total stockholders' deficit increased to $200.4 million as of December 31, 2023, from $2.1 million in 2022[43] - Borrowings on loan payable increased to $252.5 million in 2023 from $7.2 million in 2022[63] - Repayments on loan payable were $226.6 million in 2023 compared to $16.9 million in 2022[63] Cash Flow and Investments - Net cash used in operating activities was $42.3 million in 2023 compared to $30.6 million in 2022[62] - Net cash used in investing activities decreased to $7.9 million in 2023 from $68.8 million in 2022[62] Strategic Initiatives and Opportunities - Company completed a new $150 million Senior Secured Credit Facility, expected to reduce interest cost by up to $5 million per year[2][11] - Pipeline expanded to over $9.0 billion in identified global project opportunities, including over $1.5 billion in BrightLoop and ClimateBright opportunities[2] Forward-Looking Statements and Risks - Forward-looking statements highlight risks including global macroeconomic conditions, integration of acquisitions, and refinancing of senior debt[38] - The company is unable to reconcile future Adjusted EBITDA targets to GAAP counterparts without unreasonable effort[35]