UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File No. 001-36876 44305 (ZipCode) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities 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 Securitie ...

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q4 2022 Earnings Conference Call March 15, 2023 8:00 PM ET Company Participants Sharyn Brooks – Director of Communications Kenny Young - Chairman & CEO Lou Salamone - CFO Conference Call Participants Aaron Spychalla - Craig-Hallum Capital Group Rob Brown - Lake Street Capital Markets Brent Thielman - D.A. Davidson Alex Rygiel - B. Riley Operator Hello, everyone and welcome to the Babcock and Wilcox Q4 and Full-Year 2022 Earnings Conference Call. My name is Emily ...

PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Acquisitions drove revenue growth, but higher costs, impairment, and interest expenses led to a net loss and equity deficit [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2022 revenues rose to $214.9 million, but goodwill impairment and higher costs led to a $20.6 million net loss Condensed Consolidated Statements of Operations (Unaudited) | (in thousands) | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **$214,870** | **$159,960** | **$639,938** | **$531,068** | | Operating (loss) income | $(10,318) | $14,761 | $(13,433) | $11,083 | | Goodwill impairment | $7,224 | — | $7,224 | — | | Net (loss) income | $(20,566) | $13,648 | $(32,244) | $1,346 | | Net (loss) income attributable to common stock | $(21,481) | $9,962 | $(39,742) | $(4,107) | | **Diluted (loss) earnings per share** | **$(0.24)** | **$0.11** | **$(0.45)** | **$(0.05)** | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $881.6 million due to reduced cash, resulting in a $17.1 million stockholders' deficit Condensed Consolidated Balance Sheet Highlights (Unaudited) | (in thousands) | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $48,471 | $224,874 | | Total current assets | $498,593 | $582,434 | | **Total assets** | **$881,567** | **$913,265** | | Total current liabilities | $319,533 | $253,383 | | **Total liabilities** | **$898,695** | **$854,643** | | **Total stockholders' (deficit) equity** | **$(17,128)** | **$58,622** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $67.4 million, while investing activities used $67.6 million, primarily for acquisitions Cash Flow Summary (Unaudited) | (in thousands) | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(67,380) | $(107,834) | | Net cash used in investing activities | $(67,570) | $(5,878) | | Net cash (used in) provided by financing activities | $(19,081) | $159,218 | | **Net (decrease) increase in cash, cash equivalents and restricted cash** | **$(157,217)** | **$48,324** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail segment performance, goodwill impairment, debt covenant waivers, litigation settlement, and acquisition impacts - The company operates in three segments: B&W Renewable, B&W Environmental, and B&W Thermal. For the nine months ended Sep 30, 2022, the Renewable segment's revenue more than doubled to **$224.9 million**, while the Thermal segment's revenue decreased to **$309.9 million**[38](index=38&type=chunk)[40](index=40&type=chunk) - Total backlog was **$730.0 million** as of September 30, 2022. The company expects to recognize approximately **32.5%** of this in the remainder of 2022, **46.4%** in 2023, and **21.1%** thereafter[47](index=47&type=chunk) - The company recorded a **$7.2 million** goodwill impairment loss related to the Fosler Construction reporting unit during Q3 2022 due to significant deterioration in operating results and other factors[56](index=56&type=chunk)[57](index=57&type=chunk)[59](index=59&type=chunk) - As of September 30, 2022, the company was not in compliance with its quarterly fixed charge coverage test covenant and received a waiver. Subsequent to the quarter end, on November 7, 2022, the company amended its debt documents to modify certain financial covenants for future periods[88](index=88&type=chunk)[181](index=181&type=chunk) - The company reached a settlement agreement in principle for stockholder litigation with a total payment of **$9.5 million**. The company will pay **$4.75 million** on behalf of other defendants, and the remaining **$4.75 million** will be paid to the company from insurance proceeds and other contributions[116](index=116&type=chunk) - On September 24, 2022, the company acquired the remaining **40%** ownership stake in Fosler Construction for **$12.7 million**[153](index=153&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Acquisitions drove Q3 2022 revenue growth, but supply chain issues and higher costs led to a net loss and reduced liquidity [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Acquisition-driven revenue growth in Q3 and YTD was offset by increased costs, resulting in net losses for both periods Revenues by Segment (in thousands) | Segment | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | B&W Renewable | $81,687 | $38,000 | $224,875 | $105,155 | | B&W Environmental | $44,626 | $38,249 | $111,186 | $97,767 | | B&W Thermal | $91,331 | $83,819 | $309,875 | $328,416 | | **Total Revenues** | **$214,870** | **$159,960** | **$639,938** | **$531,068** | Adjusted EBITDA by Segment (in thousands) | Segment | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | B&W Renewable | $4,522 | $11,399 | $14,846 | $15,030 | | B&W Environmental | $3,082 | $3,476 | $5,112 | $7,286 | | B&W Thermal | $10,761 | $9,329 | $41,276 | $32,436 | | **Total Adjusted EBITDA** | **$13,055** | **$18,851** | **$45,684** | **$42,644** | - Total company backlog increased to **$730 million** at September 30, 2022, up from **$540 million** at the same time in 2021[211](index=211&type=chunk) - Net changes in gross profit from contract estimates were negative **$8.7 million** in Q3 2022, a significant reversal from a positive **$5.5 million** in Q3 2021, largely due to losses on Fosler Solar projects[214](index=214&type=chunk)[51](index=51&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity tightened significantly due to cash used in operations and acquisitions, with total cash falling to $69.5 million - Total cash, cash equivalents, and restricted cash was **$69.5 million** at September 30, 2022, down from **$226.7 million** at December 31, 2021[257](index=257&type=chunk) - Cash used in operations was **$67.4 million**, and cash used in investing activities was **$67.6 million** for the nine months ended September 30, 2022, mainly due to acquisitions[258](index=258&type=chunk)[259](index=259&type=chunk) - As of September 30, 2022, the company had **$333.9 million** in outstanding surety bonds and **$109.4 million** in letters of credit usage under its Debt Facilities[262](index=262&type=chunk)[264](index=264&type=chunk) - The company was not in compliance with its Quarterly Fixed Charge Coverage financial covenant as of September 30, 2022, and received a waiver from its lenders[262](index=262&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures were reported since the 2021 Annual Report - There have been no material changes to the company's market risk exposures since the 2021 year-end report[271](index=271&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of September 30, 2022, with no material changes in internal controls - The CEO and CFO concluded that disclosure controls and procedures are effective as of September 30, 2022[273](index=273&type=chunk) - No changes in internal control over financial reporting occurred during Q3 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[274](index=274&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) Details on ongoing legal proceedings and litigation settlements are provided in Note 17 of the financial statements - For details on legal proceedings, the report refers to Note 17 of the Condensed Consolidated Financial Statements[280](index=280&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, except for a new risk concerning the Ukraine-Russia conflict's impact on operations - A new risk factor has been added regarding the adverse effects of the ongoing invasion of Ukraine by Russia on the company's business, including supply chain disruptions for materials like steel in Europe[282](index=282&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares during Q3 2022 and has no general share repurchase program - The company did not repurchase any shares during the third quarter of 2022 and does not have a share repurchase program[283](index=283&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q2 Earnings Conference Call August 8, 2022 12:00 AM ET Company Participants Sharyn Brooks - Director, Communications Kenny Young - Chairman and CEO Lou Salamone - CFO Conference Call Participants Rob Brown - Lake Street Capital Alex Rygiel - B. Riley Aaron Spychalla - Craig-Hallum Operator Good afternoon. Thank you for attending Babcock & Wilcox Second Quarter 2022 Earnings Call. My name is Matt and I will be your moderator for today’s call. All lines will be mut ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 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 BABCOCK & WILCOX ENTERPRISES, INC. (Exact name of registrant as specified in its charter) Delaware 47-2783641 (State or other ...

| --- | --- | --- | |------------------|-------|------------------| | | | | | | | | | BABCOCK | | | | BABCOCK ONMENTAI | | BABCOCK & WILCOX | | BABCOCK | | Company Overview | | | | May 9, 2022 | Safe Harbor Statement B&W Enterprises cautions that this presentation contains forward-looking statements, including, without limitation, statements relating to adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitability, as well as statements about B&W's future pipeline of n ...

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q1 2022 Results Conference Call May 9, 2022 5:00 PM ET Company Participants Sharyn Brooks - Director, Communications Kenny Young - Chairman and CEO Lou Salamone - CFO Conference Call Participants Rob Brown - Lake Street Capital Brent Thielman - D.A. Davidson Alex Rygiel - B. Riley Operator Good afternoon. Thank you for attending today’s Babcock & Wilcox Enterprises Q1 2022 Earnings Conference Call. My name is Bethany and I will be your moderator for today’s call. ...

Financial Performance - Revenues for the three months ended March 31, 2022, were $204,049 thousand, an increase of 21.3% compared to $168,248 thousand in 2021[14] - Total costs and expenses increased to $210,832 thousand in Q1 2022 from $174,710 thousand in Q1 2021, representing a 20.7% rise[14] - The net loss attributable to stockholders was $11,979 thousand for Q1 2022, compared to a net loss of $15,464 thousand in Q1 2021, showing a 22.3% improvement[14] - Basic and diluted loss per share improved to $(0.14) in Q1 2022 from $(0.22) in Q1 2021[14] - The company reported a total comprehensive loss of $12,376 thousand for Q1 2022, down from $19,827 thousand in Q1 2021, indicating a 37.5% reduction[16] - Net loss for the three months ended March 31, 2022, was $8,684,000, an improvement from a net loss of $15,443,000 in 2021, representing a 43.5% reduction[24] - Adjusted EBITDA for the three months ended March 31, 2022, was $12,020,000, compared to $8,571,000 for the same period in 2021, representing an increase of 40.3%[41] - The net loss improved to $8.684 million in Q1 2022 from a net loss of $15.443 million in Q1 2021, showing progress in financial performance[184] Cash and Liquidity - Cash and cash equivalents as of March 31, 2022, were $108,137 thousand, a decrease from $224,874 thousand at December 31, 2021[18] - The company had a total stockholders' equity of $43,942 thousand as of March 31, 2022, compared to $58,622 thousand at December 31, 2021[21] - Net cash used in operating activities for Q1 2022 was $41,999,000, an improvement from $53,954,000 in Q1 2021[24] - The company has $110 million available under the Revolving Credit Agreement, with no borrowings as of March 31, 2022[73] - Liquidity requirements are primarily funded through cash generated from operations and external financing sources, including senior notes and revolving credit agreements[211] Segment Performance - The B&W Renewable segment generated revenues of $67,961,000 in Q1 2022, compared to $28,811,000 in Q1 2021, marking a significant increase[39] - The B&W Environmental segment reported revenues of $34,948,000, up from $31,160,000 in the same period last year, reflecting a 8.9% growth[39] - The B&W Thermal segment's revenues decreased to $102,239,000 from $108,281,000, indicating a decline of 5.5% year-over-year[39] - B&W Renewable segment revenue rose by $39.2 million to $67.961 million in Q1 2022, up from $28.811 million in Q1 2021, driven by acquisitions and increased project volume[188] - B&W Environmental segment revenues increased by 12%, or $3.8 million, to $34.9 million for the three months ended March 31, 2022, compared to $31.2 million in the same period of 2021[190] - B&W Thermal segment revenues decreased by 6%, or $6.0 million, to $102.2 million for the three months ended March 31, 2022, compared to $108.3 million in the same period of 2021[194] Assets and Liabilities - Total assets decreased to $954,699 thousand as of March 31, 2022, from $913,265 thousand at December 31, 2021[18] - Interest expense decreased to $11,267 thousand in Q1 2022 from $14,223 thousand in Q1 2021, reflecting a 20.5% reduction[14] - Contract liabilities increased to $100,130,000 as of March 31, 2022, from $68,615,000 at the end of 2021, reflecting a 46% increase[46] - The company recorded an increase in goodwill of $14.9 million due to the acquisition of Fosler, which included $14.5 million of accrued liabilities[49] - Total inventories as of March 31, 2022, were $90,401,000, compared to $79,527,000 at the end of 2021, indicating a 13.5% increase[51] Acquisitions and Investments - The company acquired 100% ownership of VODA A/S for approximately $32.9 million, focusing on aftermarket parts and services for energy-producing incineration plants[137] - The acquisition of Fossil Power Systems, Inc. was completed for approximately $59.1 million, excluding working capital adjustments, with a hold-back of $5.9 million contingent on certain conditions[139] - The company recognized a gain of $1.9 million from the sale of real property assets in Copley, Ohio, sold for $4.0 million[150] - A gain of $13.9 million was recognized from the sale of real property assets in Lancaster, Ohio, sold for $18.9 million[151] Legal and Regulatory Matters - The company has ongoing stockholder litigation regarding fiduciary duties related to the 2019 rights offering, with potential material impacts still undetermined[102] - The company expects no material adverse effects from routine litigation or disputes related to business activities[104] - The Glatfelter Litigation alleges damages in excess of $58.9 million, with the company seeking damages over $2.9 million in a counterclaim[101] Research and Development - Research and development costs increased to $719 thousand in Q1 2022 from $588 thousand in Q1 2021, marking a 22.3% increase[14] - Research and development expenses remained relatively stable at $0.7 million in Q1 2022, compared to $0.6 million in Q1 2021[198] Taxation - The effective tax rate for the three months ended March 31, 2022, was (16.5)%, compared to (22.5)% for the same period in 2021[97] - The company's consolidated effective income tax rate varies between approximately 19% and 30% due to foreign operations and jurisdictional mix[99]

| --- | --- | --- | |---------|---------|-----------------------| | | | | | | | | | | | | | BABCOCK | | | | BABCOCK | ONMENTA | BABCOCK & WILCOX | | | | Investor Presentation | | BABCOCK | RMAL | March 8, 2022 | Safe Harbor Statement B&W Enterprises cautions that this presentation contains forward-looking statements, including, without limitation, statements relating to adjusted EBITDA and sales targets, expectations regarding future growth, expansion and profitability, as well as statements about B&W's fut ...

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q4 2021 Earnings Conference Call March 8, 2022 8:00 AM ET Company Participants Megan Wilson - Chief Strategy Officer and Senior Vice President, Corporate Development Kenny Young - Chairman and Chief Executive Officer Lou Salamone - Executive Vice President and Chief Financial Officer Conference Call Participants Zane Karimi - D.A. Davidson Alex Rygiel - B. Riley Rob Brown - Lake Street Capital Markets Disclaimer*: This transcript is designed to be used alongside ...