Exhibit 99.1

 

BABCOCK & WILCOX ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATION  

 

   For year ended December 31, 2024   For quarter ended March 31, 2025 
   Company Historical   Divestiture Group   Company Historical   Divestiture Group 
(in thousands, except per share amounts)  as Reported   Pro Forma   as Reported   Pro Forma 
Revenues  $717,333   $98,238   $181,194   $25,389 
Costs and expenses:                    
Cost of operations   540,308    69,456    141,133    17,653 
Selling, general and administrative expenses   141,476    14,681    32,727    3,711 
Restructuring activities   1,296    -    -    - 
Research and development costs   5,794    583    526    168 
Impairment of goodwill and long-lived assets   3,729    -    950    - 
(Gain) loss on asset disposals, net   (354)   -    8    - 
Total costs and expenses   692,249    84,719    175,344    21,532 
Operating income (loss)   25,084    13,518    5,850    3,857 
Other (expense) income:                    
Interest expense   (46,146)   (1)   (11,163)   (121)
Interest income   814    164    228    13 
Loss on debt extinguishment   (7,267)   -    -    - 
Benefit plans, net   (31,937)   -    (753)   - 
Foreign exchange   (109)   (116)   261    636 
Other expense, net   (1,229)   (556)   136    32 
Total other expense   (85,874)   (510)   (11,291)   560 
Loss from continuing operations before income tax expense   (60,790)   13,008    (5,441)   4,417 
Income tax expense   12,172    (962)   2,322    371 
Loss from continuing operations   (72,962)   13,970    (7,763)   4,045 
Income (loss) from discontinued operations, net of tax   13,183    -    (14,226)   - 
Net loss   (59,779)   13,970    (21,989)   4,045 
Net (loss) income attributable to non-controlling interest   (136)   (136)   (18)   (18)
Net loss attributable to stockholders   (59,915)   13,834    (22,007)   4,028 
Less: Dividends on Series A preferred stock   14,859    -    3,715    - 
Net loss attributable to stockholders of common stock  $(74,774)  $13,834   $(25,722)  $4,028 
                     
Basic and diluted loss per share                    
Continuing operations  $(0.96)       $(0.11)     
Discontinued operations   0.14         (0.15)     
Basic and diluted loss per share  $(0.82)       $(0.26)     

 

 

 

BABCOCK & WILCOX ENTERPRISES, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  

 

   As of December 31, 2024   As of March 31, 2025 
Consolidated Balance Sheets  Company Historical   Divestiture Group   Company Historical   Divestiture Group 
(in thousands, except per share amount)  as Reported   Pro Forma   as Reported   Pro Forma 
Cash and cash equivalents  $23,399   $-   $21,628   $- 
Current restricted cash   94,167    -    84,990    - 
Accounts receivable – trade, net   112,677    18,168    128,255    21,244 
Contracts in progress   82,403    3,011    65,646    1,681 
Inventories, net   108,899    44,087    111,485    47,664 
Other current assets   25,096    1,519    28,544    2,267 
Current assets held for sale   43,554    -    42,330    - 
Total current assets   490,195    66,786    482,878    72,856 
Net property, plant and equipment, and finance leases   69,593    8,672    71,171    8,679 
Goodwill   82,138    30,727    82,495    30,851 
Intangible assets, net   19,051    352    18,418    346 
Right-of-use assets   32,789    15,887    31,817    15,750 
Long-term restricted cash   10,042    -    10,138    - 
Deferred tax assets   41    -    100    - 
Other assets   23,148    6,612    22,696    6,800 
Total assets   726,997    129,036    719,713    135,281 
                     
Accounts payable   101,025    8,958    119,097    9,856 
Accrued employee benefits   4,859    1,029    4,688    970 
Advance billings on contracts   58,478    664    53,636    297 
Accrued warranty expense   3,446    699    3,395    727 
Financing lease liabilities   1,644    -    1,705    - 
Operating lease liabilities   3,550    346    3,281    361 
Other accrued liabilities   35,958    7,264    40,617    8,538 
Current senior notes   -    -    108,358    - 
Current borrowings   125,137    -    124,168    - 
Current liabilities held for sale   54,396    -    52,269    - 
Total current liabilities   388,493    18,959    511,214    20,749 
Senior notes, net of current portion   340,227    -    232,525    - 
Borrowings, net of current portion   8,556    -    8,529    - 
Pension and other postretirement benefit liabilities   192,665    -    189,516    - 
Finance lease liabilities, net of current portion   28,501    -    28,055    - 
Operating lease liabilities, net of current portion   30,315    16,514    29,522    16,419 
Deferred tax liability   11,028    1,229    12,231    1,786 
Other noncurrent liabilities   10,374    378    10,637    391 
Total liabilities   1,010,159    37,080    1,022,229    39,345 
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    -    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    -    5,240    - 
Capital in excess of par value   1,558,828    -    1,564,743    - 
Treasury stock at cost, 2,379 and 2,139 shares at December 31, 2024 and 2023, respectively   (115,500)   -    (115,500)   - 
Accumulated (deficit) earnings   (1,645,716)   110,298    (1,671,438)   112,246 
Accumulated other comprehensive (loss) income   (86,660)   (18,928)   (86,133)   (16,798)
Stockholders' deficit attributable to shareholders   (283,763)   91,371    (303,011)   95,448 
Non-controlling interest   591    585    495    488 
Total stockholders' deficit   (283,172)   91,956    (302,516)   95,936 
Total liabilities and stockholders' deficit  $726,987   $129,036   $719,713   $135,281