Babcock & Wilcox Q1 Revenue +44% to $214.4M; Adj. EBITDA +296%
Babcock & Wilcox Enterprises reported a strong start to 2026, with first-quarter revenue increasing 44% to $214.4 million and Adjusted EBITDA soaring 296% to $16.1 million, both exceeding consensus expectations. While the company posted a net loss from continuing operations of $79.6 million, this was primarily due to $81.8 million in non-cash warrant and stock appreciation rights valuations; adjusted net income from continuing operations was $2.2 million. The company also saw substantial growth in future indicators, with bookings up 1,971% to $2.5 billion, backlog increasing 483% to $2.7 billion, and its global pipeline growing 17% to over $14.0 billion. Additionally, net debt was significantly reduced by 87% to $42.4 million.
Key Highlights
- Revenue in Q1 2026 increased 44% to $214.4 million compared to Q1 2025.
- Adjusted EBITDA in Q1 2026 rose 296% to $16.1 million compared to Q1 2025.
- Net loss from continuing operations was $79.6 million, primarily due to $81.8 million in non-cash warrant and stock costs.
- Adjusted Net Income from continuing operations was $2.2 million in Q1 2026.
- Bookings surged 1,971% to $2.5 billion in Q1 2026 compared to the prior year.
- Backlog increased 483% to $2.7 billion in Q1 2026 compared to the prior year.
- Total global pipeline grew 17% to more than $14.0 billion.
- Secured debt and unsecured bonds were significantly reduced by 87% to a net debt of $42.4 million.