EX-99.1 2 tm2513991d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

BABCOCK & WILCOX ENTERPRISES, INC.

Unaudited CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND INFORMATION

 

On April 29, 2025, Babcock & Wilcox A/S (“BWAS”), a subsidiary of Babcock & Wilcox Enterprises, Inc. (the “Company”), sold a majority of its assets, including intellectual property, specific project contracts as well as related agreements with suppliers and certain tangible assets (the “Sale”), to Kanadevia Inova Denmark A/S.

 

As of December 31, 2024, we met all of the criteria for the assets and liabilities of BWAS to be accounted for as held for sale. Therefore, the financial and operating results of BWAS were not consolidated into the Company’s financial and operating results as of December 31, 2024, and the historical results and financial position of BWAS for all periods prior to the Sale have been reflected as discontinued operations in the Company’s financial information included in the Annual Report on Form 10-K for the year ended December 31, 2024, as well as the Company’s unaudited financial information included in this presentation.

 

 

 

  

BABCOCK & WILCOX ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2024

 

   For year ended December 31, 2024 
   Company Historical   Divestiture Group 
(in thousands, except per share amounts)  as Reported 1   Pro Forma 
Revenues  $717,333   $19,688 
Costs and expenses:          
     Cost of operations   540,308    17,759 
     Selling, general and administrative expenses   141,476    5,399 
     Restructuring activities   1,296    766 
     Research and development costs   5,794    605 
     Impairment of goodwill and long-lived assets   3,729    - 
     (Gain) loss on asset disposals, net   (354)   374 
Total costs and expenses   692,249    24,903 
          Operating income (loss)   25,084    (5,215)
Other (expense) income:          
     Interest expense   (46,146)   (2,139)
     Interest income   814    91 
     Loss on debt extinguishment   (7,267)   - 
     Benefit plans, net   (31,937)   - 
     Foreign exchange   (109)   (2,310)
    Other expense, net   (1,229)   (377)
       Total other expense   (85,874)   (4,735)
          Loss from continuing operations before income tax expense   (60,790)   (9,950)
Income tax expense   12,172    (2,747)
          Loss from continuing operations   (72,962)   (7,203)
Income (loss) from discontinued operations, net of tax   13,183    - 
          Net loss   (59,779)   (7,203)
Net (loss) income attributable to non-controlling interest   (136)   - 
          Net loss attributable to stockholders   (59,915)   (7,203)
Less: Dividends on Series A preferred stock   14,859    - 
          Net loss attributable to stockholders of common stock  $(74,774)  $(7,203)
           
Basic and diluted loss per share          
     Continuing operations  $(0.96)     
     Discontinued operations   0.14      
          Basic and diluted loss per share  $(0.82)     

 

1 Represents Continuing Operations which excludes the Volund business results and other Discontinued Operations.

 

 

 

 

BABCOCK & WILCOX ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

FOR THE YEAR ENDED DECEMBER 31, 2024 

 

   As of December 31, 2024 
   Company Historical   Divestiture Group 
(in thousands, except per share amount)  as Reported 1   Pro Forma 
Cash and cash equivalents  $23,399   $2,200 
Current restricted cash   94,167    - 
Accounts receivable – trade, net   112,677    7,202 
Contracts in progress   82,403    10,023 
Inventories, net   108,899    2,365 
Other current assets   25,096    371 
Current assets held for sale   43,554    - 
     Total current assets   490,195    22,161 
Net property, plant and equipment, and finance leases   69,593    124 
Goodwill   82,138    - 
Intangible assets, net   19,051    211 
Right-of-use assets   32,789    1,358 
Long-term restricted cash   10,042    - 
Deferred tax assets   41    - 
Other assets   23,148    243 
          Total assets   726,997    24,097 
           
Accounts payable   101,025    5,980 
Accrued employee benefits   4,859    518 
Advance billings on contracts   58,478    5,855 
Accrued warranty expense   3,446    845 
Financing lease liabilities   1,644    - 
Operating lease liabilities   3,550    288 
Other accrued liabilities   35,958    190 
Current borrowings   125,137    - 
Current liabilities held for sale   54,396    - 
     Total current liabilities   388,493    13,676 
Senior notes   340,227    - 
Borrowings, net of current portion   8,556    - 
Pension and other postretirement benefit liabilities   192,665    - 
Finance lease liabilities, net of current portion   28,501    - 
Operating lease liabilities, net of current portion   30,315    1,075 
Deferred tax liability   11,028    - 
Other noncurrent liabilities   10,374    - 
          Total liabilities   1,010,159    14,751 
Stockholders' deficit:          
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares of 7,669 at both December 31, 2024 and 2023   77    - 
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 95,138 and 89,449 at December 31, 2024 and 2023, respectively   5,208    - 
Capital in excess of par value   1,558,828    - 
Treasury stock at cost, 2,379 and 2,139 shares at December 31, 2024 and 2023, respectively   (115,500)   - 
Accumulated deficit   (1,645,716)   (21,428)
Accumulated other comprehensive (loss) income   (86,660)   30,774 
     Stockholders' deficit attributable to shareholders   (283,763)   9,346 
Non-controlling interest   591    - 
          Total stockholders' deficit   (283,172)   9,346 
          Total liabilities and stockholders' deficit  $726,987   $24,097 

  

1 Represents Continuing Operations which excludes the Volund business results and other Discontinued Operations.