| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 214.41 | 18.3% |
| Total Income | 214.41 | 18.3% |
| Expenditure | 216.07 | 23.2% |
| PBT | -75.47 | 1287.3% |
| Net Profit | -76.95 | 249.6% |
| OPM | -0.77% | 4.00pp |
| NPM | -35.89% | 23.74pp |
| EPS | -0.60 | 130.8% |
Babcock & Wilcox Reports Q1 2026 Results: Revenue Up 44%
11 May 2026 · 11 May, 3:37 pm
Summary
Babcock & Wilcox Enterprises reported a strong start to 2026, with first quarter revenue reaching $214.4 million, a 44% increase year-over-year. Adjusted EBITDA significantly increased by 296% to $16.1 million. The company's net loss from continuing operations was $79.6 million, impacted by non-cash warrant and stock-related costs. B&W reiterates its full year 2026 Adjusted EBITDA target range of $80.0 million to $100.0 million from core business.
Key Highlights
- 1
Babcock & Wilcox's first quarter revenue was $214.4 million, a 44% increase compared to the same period of 2025.
- 2
The company's net loss from continuing operations was $79.6 million in the first quarter, including $81.8 million in non-cash warrant and stock appreciation rights valuation increases.
- 3
Adjusted EBITDA in the first quarter was $16.1 million, a 296% increase compared to the same period of 2025.
- 4
Bookings of $2.5 billion in the first quarter represent a 1,971% increase compared to the same period of 2025.
- 5
The company's backlog in the first quarter was $2.7 billion, a 483% increase compared to the same period of 2025.
- 6
Total global pipeline grew by 17% to more than $14.0 billion.
- 7
Secured debt and unsecured bonds were significantly reduced by 87% to a net debt of $42.4 million at the end of the quarter.
Management Comments
Kenneth Young
"We are pleased to report a strong financial and operational start to 2026 as first quarter revenue and Adjusted EBITDA exceeded Company and consensus street expectations. We are experiencing strong interest from new AI data center and hyperscaler customers, which plan to utilize our power generation solutions to support the increasing demand for energy." "Global demand for our diverse technology portfolio supported by sustained momentum in our core business continues to grow while we reduce debt on our balance sheet. Innovative, strategic collaborations, such as our recent engagement with Base Electron, alongside the increasing power demands of AI data centers, has set the course for future growth at B&W while contributing to solid growth in our pipeline, bookings and backlog. Our continued focus on our strategic objectives is delivering results, positioning B&W to capitalize on strong global demand for baseload generation and behind-the-meter data center projects." "During the first quarter of 2026, we delivered strong operating results across all aspects of our business, highlighted by Revenue and Adjusted EBITDA that exceeded consensus street expectations for the quarter," Young said. "Additionally, we saw meaningful growth in adjusted net income from continuing operations this quarter. Excluding the $81.8 million of non-cash warrants and other stock-related costs, the Company had adjusted net income from continuing operations of $2.2 million for the first quarter. These recent developments and strong financial results are underpinned by positive operating cash flow and a significant reduction of secured debt and unsecured bonds during the quarter resulting in current net debt of $42.4 million, bringing net debt to below 1.0 times our trailing-twelve-month adjusted EBITDA. Our core parts and services continued to excel, delivering the strongest first quarter revenues in recent history, as higher demand from consumers, industrials and AI data centers drives increased coal baseload generation. We continue to pay down December 2026 bonds on the open market and plan to pay off these bonds in a timely fashion." "This quarter represents another positive step forward for B&W, as we continue to convert our global pipeline of identified project opportunities. We believe our results reflect a strong global demand for B&W's technologies and combined with the increased demand for power generation gives us a solid foundation for continued growth this year, and for many years to follow. Our global pipeline increased by 17% and now exceeds $14.0 billion in project opportunities due to this surging demand. We are excited about the progress to date and remain optimistic that we will continue to execute on our existing pipeline while maintaining viability for future expansion as we move forward."
Informational and educational content only. Not investment advice.