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SEGMENT REPORTING | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING Our operations are assessed based on three reportable market-facing segments as part of our market-focused organizational approach. Our reportable segments are as follows: •Babcock & Wilcox Renewable: The B&W Renewable segment offers technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, oxygen-fired biomass-to-energy and black liquor systems for the pulp and paper industry. Our leading waste-to-energy technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering recyclable metals and reducing emissions. •Babcock & Wilcox Environmental: The B&W Environmental segment offers a full suite of emissions control and environmental technology solutions for utility, waste-to-energy, biomass-to-energy, carbon black, and industrial steam generation applications around the world. Our broad experience includes systems for ash handling, particulate control, nitrogen oxides and sulfur dioxides removal, chemical looping for carbon control, and mercury control. •Babcock & Wilcox Thermal: The B&W Thermal segment offers steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil and gas, and industrial sectors. We have an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and others. The CODM assesses each segment's performance by using each segment's Adjusted EBITDA. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment. Adjusted EBITDA by segment includes all items relating to the businesses; items that apply to B&W as a whole are assigned to Corporate. We do not separately identify or report assets by segment as the CODM does not consider assets by segment to be a critical measure by which performance is measured. An analysis of our operations by segment is as follows:
| Three Months Ended March 31,
(in thousands) | 2025 |  | 2024
Revenues: |  |  |
B&W Renewable segment |  |  |
Parts | $ | 20,592 |  |  | $ | 18,367 |
Projects | 6,058 |  |  | 5,982 |
Construction | 1,891 |  |  | 3,109 |
| 28,541 |  |  | 27,458 |
B&W Environmental segment |  |  |
Parts | 7,010 |  |  | 7,157 |
Projects | 7,397 |  |  | 19,551 |
| 14,407 |  |  | 26,708 |
B&W Thermal segment |  |  |
Parts | 64,915 |  |  | 53,643 |
Projects | 32,116 |  |  | 22,794 |
Construction | 41,215 |  |  | 33,750 |
| 138,246 |  |  | 110,187 |
Elimination of intersegment revenues | — |  |  | (65) |
Total Revenue | $ | 181,194 |  |  | $ | 164,288 |
The following tables provide information about our segments, as well as the "Corporate/Other Segment" category and include the reconciliation of Revenue to Adjusted EBITDA to Loss from continuing operations before income tax expense:
| Three Months Ended March 31, 2025
(in thousands) | B&W Renewable segment |  | B&W Environmental segment |  | B&W Thermal segment |  | Total
Revenue | $ | 28,541 |  |  | $ | 14,407 |  |  | $ | 138,246 |  |  | $ | 181,194 |
Cost of operations | 20,351 |  |  | 10,255 |  |  | 108,444 |  |  | 139,050 |
General & administrative expense (1) | 3,059 |  |  | 894 |  |  | 9,935 |  |  | 13,888 |
Selling & marketing expense (1) | 2,003 |  |  | 989 |  |  | 7,494 |  |  | 10,486 |
Segment Adjusted EBITDA | 3,128 |  |  | 2,269 |  |  | 12,373 |  |  | 17,770 |
Corporate/eliminations (2) |  |  |  |  |  |  | (3,461) |
Interest expense, net |  |  |  |  |  |  | (10,935) |
Depreciation & amortization |  |  |  |  |  |  | (2,476) |
Impairment of long-lived assets |  |  |  |  |  |  | (950) |
Benefit plans, net |  |  |  |  |  |  | (753) |
Loss on sales, net |  |  |  |  |  |  | (8) |
Settlement and related legal recoveries (costs) |  |  |  |  |  |  | (64) |
Advisory fees for settlement costs and liquidity planning |  |  |  |  |  |  | (492) |
Stock compensation |  |  |  |  |  |  | (763) |
Restructuring activities |  |  |  |  |  |  | (112) |
Acquisition pursuit and related costs |  |  |  |  |  |  | (1,356) |
Product development |  |  |  |  |  |  | (1,205) |
Foreign exchange |  |  |  |  |  |  | 261 |
Letter of credit fees |  |  |  |  |  |  | (1,200) |
Other-net |  |  |  |  |  |  | 303 |
Loss from continuing operations before income tax expense |  |  |  |  |  |  | $ | (5,441) |
| Three Months Ended March 31, 2024
(in thousands) | B&W Renewable segment |  | B&W Environmental segment |  | B&W Thermal segment |  | Total
Revenue | $ | 27,458 |  |  | $ | 26,708 |  |  | $ | 110,187 |  |  | $ | 164,353 |
Cost of operations | 19,898 |  |  | 20,879 |  |  | 82,696 |  |  | 123,473 |
General & administrative expense (1) | 2,466 |  |  | 2,682 |  |  | 6,895 |  |  | 12,043 |
Selling & marketing expense (1) | 2,452 |  |  | 2,120 |  |  | 7,147 |  |  | 11,719 |
Segment Adjusted EBITDA | 2,642 |  |  | 1,027 |  |  | 13,449 |  |  | 17,118 |
Corporate/eliminations (2) |  |  |  |  |  |  | (5,856) |
Interest expense, net |  |  |  |  |  |  | (11,896) |
Depreciation & amortization |  |  |  |  |  |  | (3,159) |
Benefit plans, net |  |  |  |  |  |  | 96 |
Settlement and related legal recoveries (costs) |  |  |  |  |  |  | 4,087 |
Advisory fees for settlement costs and liquidity planning |  |  |  |  |  |  | (214) |
Loss on debt extinguishment |  |  |  |  |  |  | (5,071) |
Stock compensation |  |  |  |  |  |  | (1,350) |
Restructuring activities |  |  |  |  |  |  | (907) |
Acquisition pursuit and related costs |  |  |  |  |  |  | (84) |
Product development |  |  |  |  |  |  | (1,619) |
Foreign exchange |  |  |  |  |  |  | (716) |
Letter of credit fees |  |  |  |  |  |  | (2,282) |
Other-net |  |  |  |  |  |  | (35) |
Loss from continuing operations before income tax expense |  |  |  |  |  |  | $ | (11,888) |
(1) General & administrative expense excludes corporate/eliminations of $4.0 million and $6.7 million for the three months ended March 31, 2025 and 2024, respectively. We had no selling & marketing expenses excluded from corporate/eliminations for the three months ended March 31, 2025 and 2024. (2) Other corporate expenses include certain R&D expenses and other costs not allocated to our segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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