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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

Schedule of Reconciliation from Net (Loss) Income to Adjusted EBITDA

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.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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