Babcock & Wilcox(BW) - 2025 Q1 - Quarterly Results

Financial Performance - Consolidated revenue for Q1 2025 was $181.2 million, a 10% increase from $164.3 million in Q1 2024[6] - Adjusted EBITDA for Q1 2025 was $14.3 million, a 27% increase compared to $11.3 million in Q1 2024[6] - The company reported a net loss of $7.8 million in Q1 2025, an improvement from a net loss of $12.8 million in Q1 2024[6] - Revenues for Q1 2025 were $181.2 million, an increase of 10.5% compared to $164.3 million in Q1 2024[30] - Operating income for Q1 2025 was $5.9 million, slightly up from $5.7 million in Q1 2024[30] - Net loss for Q1 2025 was $22.0 million, compared to a net loss of $16.8 million in Q1 2024, reflecting a deterioration in performance[30] - Basic and diluted loss per share for continuing operations was $(0.11) in Q1 2025, an improvement from $(0.19) in Q1 2024[30] - The net loss for the company was $22.0 million in Q1 2025, compared to a net loss of $16.8 million in Q1 2024, representing a deterioration in financial performance[35] - The company incurred a loss from discontinued operations of $14.2 million in Q1 2025, compared to a loss of $4.0 million in Q1 2024[35] Revenue Segments - The Thermal segment revenues increased by 25% to $138.2 million, driven by a large natural gas project and higher parts sales[11] - The Renewable segment revenues were $28.5 million, a 4% increase from $27.5 million in Q1 2024[8] - The Environmental segment revenues decreased by 46% to $14.4 million due to larger projects completed in 2024[9] - The Babcock & Wilcox Thermal segment generated revenues of $138.2 million in Q1 2025, a significant increase of 25.5% compared to $110.2 million in Q1 2024[34] Backlog and Bookings - Continuing Operations backlog reached $526.8 million, representing a 47% increase compared to the same period in 2024[6] - Bookings from Continuing Operations were $167.0 million, an 11% increase compared to Q1 2024[6] - The backlog for Babcock & Wilcox Thermal reached $424.6 million as of March 31, 2025, compared to $209.1 million in the same period last year, indicating a growth of 103.5%[34] Debt and Financial Position - Total debt as of March 31, 2025, was $473.6 million, with cash and cash equivalents of $116.8 million[12] - Total current assets decreased to $482.9 million as of March 31, 2025, down from $490.2 million at the end of 2024[31] - Total liabilities increased to $1,022.2 million as of March 31, 2025, compared to $1,010.2 million at the end of 2024[31] - Cash and cash equivalents were $21.6 million as of March 31, 2025, down from $23.4 million at the end of 2024[31] - The company exchanged $131.8 million of bonds into $100.8 million of new five-year notes, reducing annual interest expense by $1.1 million[7] - Interest expense decreased slightly to $10.9 million in Q1 2025 from $11.9 million in Q1 2024[35] Impairment and Strategic Evaluation - The company reported an impairment of long-lived assets of $1.0 million in Q1 2025, compared to no impairment in Q1 2024[30] - The company is facing substantial doubt about its ability to continue as a going concern, necessitating additional financing[25] - The company is evaluating strategic alternatives for certain businesses and non-core assets, which may not result in successful transactions[25] Operational Performance - Adjusted EBITDA excluding BrightLoop and ClimateBright expenses was $15.0 million in Q1 2025, up from $12.0 million in Q1 2024, indicating a strong operational performance[35] - The company reported a significant increase in product development costs, with $1.2 million in Q1 2025 compared to $1.6 million in Q1 2024[35] - The amortization expense remained stable at $1.3 million for both Q1 2025 and Q1 2024[34]