SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Our operations are assessed as one reportable segment, B&W, as revised in the fourth quarter of 2025 due to a strategic shift in our business, including the divestiture of certain non-core assets as described in Note 3. This segment presentation has been applied retrospectively to all periods presented.

The Company's CODM is the chief executive officer and chairman of the Board of Directors. The CODM assesses performance on a consolidated basis, using the segment's Loss from continuing operations as its profitability metric. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about our operating and capital resources. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as Total assets.

An analysis of our operations by revenue type is as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
B&W
Parts	$	66,198	$	61,230
Projects	83,415		44,276
Construction	64,801		43,092
Total Revenue	$	214,414	$	148,598

The following table presents Revenues, significant expenses and Loss from continuing operations for our consolidated segment:


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenues	$	214,414	$	148,598
Less:
Cost of operations (1)	169,724		119,576
Selling, general and administrative expenses (1)	43,111		27,244
Depreciation and amortization (2)	2,501		2,315
Interest expense, net	3,808		10,802
Benefit plans, net	(429)		779
Change in fair value of customer warrants	70,242		—
Other expense, net (3)	925		1,592
Income tax expense	4,154		1,922
Loss from continuing operations	$	(79,622)	$	(15,632)

(1) Excludes depreciation and amortization.

(2) Depreciation and amortization is included in Cost of operations and Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

(3) Other expense, net includes Research and development costs, Impairment of long-lived assets, (Gain) loss on asset disposals, net, Loss on debt extinguishment and Foreign exchange as presented in the Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Babcock & Wilcox Enterprises, Inc. 10-Q