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Babcock & Wilcox Enterprises Inc. (BW+40.57%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in revenues to $717.3 million from $727.3 million in the previous year. The decrease is attributed to lower volume in the B&W Renewable segment.
Operating income for the year was $25.1 million, an increase from $16.6 million in the previous year, primarily due to higher volume related to a natural gas conversion project and environmental projects.
Net loss from continuing operations decreased to $73.0 million from $75.8 million in the previous year, driven by increased operating income and offset by a loss on debt extinguishment.
The company reported a backlog of $540.1 million as of December 31, 2024, with expectations to recognize approximately 65% of this backlog as revenue in 2025.
Babcock & Wilcox has engaged in a strategy to divest certain non-core businesses, including the sale of BWRS, SPIG, and GMAB, to reduce debt and increase liquidity.
The company entered into a Credit Agreement with Axos Bank, providing an up to $150.0 million asset-based credit facility, with a maturity date of January 18, 2027, subject to certain conditions.
Babcock & Wilcox faces substantial doubt about its ability to continue as a going concern due to uncertainty regarding the refinancing of its Credit Agreement and Senior Notes.
The company is actively negotiating with lenders and exploring additional financing strategies, including potential asset sales, to address its liquidity needs.
Babcock & Wilcox continues to focus on its core segments: Renewable, Environmental, and Thermal, offering technologies for power generation and emissions control solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Babcock & Wilcox Enterprises Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.