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Babcock & Wilcox Enterprises (BW) investor relations material
Babcock & Wilcox Enterprises Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 saw a 31% increase in parts and services revenue, driven by demand from AI-driven data centers and increased baseload generation, with a focus on extending plant life and diversifying fuel sources.
Operating income improved to $8.1M from a $4.4M loss in Q2 2024, supported by cost reductions and a higher-margin product mix.
Net loss from continuing operations narrowed to $6.1M in Q2 2025 from $20.5M in 2024, but net loss attributable to common stockholders widened due to discontinued operations and divestitures.
Major divestitures included the $177M sale of Diamond Power International, completed July 31, 2025, with proceeds used to reduce debt and improve liquidity.
Backlog rose 49% year-over-year to $418.1M, reflecting strong project pipeline and demand.
Financial highlights
Q2 2025 revenue was $144.1M (down from $151.4M in Q2 2024); first half 2025 revenue was $299.9M, up from $292.3M in 2024.
Operating income for Q2 2025 was $8.1M, up from a $4.4M loss in Q2 2024; Adjusted EBITDA from continuing operations was $15.1M, up from $8.0M in Q2 2024.
Net loss from continuing operations improved to $6.1M in Q2 2025 from $20.5M in Q2 2024; net loss attributable to common stockholders was $62.2M, compared to $21.7M income in Q2 2024.
Q2 2025 basic and diluted EPS: $(0.63) (vs. $0.24 in Q2 2024); Q2 2025 loss per share from continuing operations: $0.10, improved from $0.26 loss per share in Q2 2024.
Cash and cash equivalents plus restricted cash at June 30, 2025: $110.8M; total debt: $471.3M; preferred stock outstanding: $191.7M.
Outlook and guidance
Management expects continued strong financial performance and demand for base-load generation, especially from AI and data centers, with a robust project pipeline and $7.6B in identified opportunities.
Expects to return to positive cash flow in the second half of 2025, supported by asset sales, debt reduction, and growing parts and services.
Guidance for the second half and 2026 to be provided before year-end.
Management expects sufficient liquidity for the next twelve months due to recent asset sales, equity offerings, and debt restructuring.
Ongoing focus on cost controls, working capital management, and further non-core asset divestitures.
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