Babcock & Wilcox Enterprises, Inc. reported its first quarter 2025 financial results on May 12, 2025, showing a 10% increase in consolidated revenue to $181.2 million. Operating income for the quarter remained relatively flat year-over-year at $5.9 million. These results reflect the company's ongoing strategic adjustments.
The Thermal segment demonstrated strong performance, with a 25% revenue increase in Q1 2025 compared to the prior year period, driven by increased baseload generation demand and higher parts sales. The global parts and services business achieved its highest Q1 bookings, revenue, gross profit, and EBITDA in a decade. The Environmental segment saw a revenue decrease but an improvement in Adjusted EBITDA due to lower allocated costs.
Bookings from continuing operations increased 11% year-over-year to $167 million in Q1 2025, contributing to a total backlog of $526.8 million, a 47% increase compared to Q1 2024. Cash used in operating activities improved to $8.5 million, down from $14.9 million in Q1 2024. Management provided an outlook for full year 2025 Adjusted EBITDA in the range of $70 million to $85 million, excluding BrightLoop and ClimateBright expenses.
Despite these operational improvements and a growing backlog, the company continues to face a critical liquidity challenge due to significant debt maturities in late 2025 and early 2026. The substantial doubt about the company's ability to continue as a going concern remains a key factor for investors. Management is actively pursuing multiple strategies to address these financial hurdles.
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