Babcock & Wilcox Enterprises, Inc. (BW) Form 10-Q — Aug 10, 2026

$BWForm 10-QFiled Aug 10, 2026, 4:32 PM ET0001630805-26-000068Original filing

Babcock & Wilcox posted a breakout second quarter: revenue more than doubled to $319.7 million from $138.9 million a year ago, and continuing operations swung to income of $14.3 million ($0.07 diluted EPS) versus a $7.4 million loss in Q2 2025, with Adjusted EBITDA up to $21.8 million from $13.9 million. The surge is anchored by the $2.4 billion Base Electron agreement signed in February 2026 to design and install four 300-megawatt natural gas-fired power plants serving an AI factory tied to Applied Digital; it contributed $100.7 million of Q2 revenue and drove total backlog to $2.57 billion, up from $405.6 million a year earlier.

Key figures

Eps: $0.07 Q2 2026 diluted (vs -$0.63 Q2 2025); -$0.51 1H 2026
Revenue: $319.7 million Q2 2026 (vs $138.9M Q2 2025); $534.1 million 1H 2026
Net Income: $14.3 million Q2 income from continuing operations; -$62.7 million 1H net loss
Total Debt: $276.8 million
Revenue Yoy: +130% Q2; +86% 1H
Total Assets: $999.6 million
Cash Position: $308.6 million cash and equivalents ($382.8 million including restricted)
Shares Outstanding: 148965066
Backlog: $2.57 billion at June 30, 2026 (vs $405.6 million a year earlier)
Bookings 1h2026: $2.663 billion
Adjusted ebitda q2: $21.8 million (vs $13.9 million Q2 2025)
Buyback authorization: $50 million (announced July 13, 2026)
Base electron revenue q2: $100.7 million
May 2026 equity offering: 12.4 million shares for $218.2 million net proceeds
Customer warrant liability: $136.9 million
Preferred stock outstanding: $191.7 million gross
Base electron contract value: $2.4 billion
Senior notes 2026 redemption: $61.4 million (redeemed August 13, 2026)
Warrant fair value charge 1h: $64.4 million non-cash expense

Price after filing

1 day: 0.0%7 days: +5.9%30 days: -17.4%

Close on the filing date to close N calendar days later (from $9.37). Historical, not a forecast.

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