v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Our operations are assessed as one reportable segment, B&W, as revised in the fourth quarter of 2025 due to a strategic shift in our business, including the divestiture of certain non-core assets as described in Note 3. This segment presentation has been applied retrospectively to all periods presented.

The Company's CODM is the chief executive officer and chairman of the Board of Directors. The CODM assesses performance on a consolidated basis, using the segment's Loss from continuing operations as its profitability metric. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about our operating and capital resources. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as Total assets.
An analysis of our operations by revenue type is as follows:
Three Months Ended March 31,
(in thousands)20262025
B&W  
Parts$66,198 $61,230 
Projects83,415 44,276 
Construction64,801 43,092 
Total Revenue$214,414 $148,598 

The following table presents Revenues, significant expenses and Loss from continuing operations for our consolidated segment:
Three Months Ended March 31,
(in thousands)20262025
Revenues$214,414 $148,598 
Less:  
Cost of operations (1)
169,724 119,576 
Selling, general and administrative expenses (1)
43,111 27,244 
Depreciation and amortization (2)
2,501 2,315 
Interest expense, net3,808 10,802 
Benefit plans, net(429)779 
Change in fair value of customer warrants70,242 — 
Other expense, net (3)
925 1,592 
Income tax expense
4,154 1,922 
Loss from continuing operations
$(79,622)$(15,632)
(1) Excludes depreciation and amortization.
(2) Depreciation and amortization is included in Cost of operations and Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.
(3) Other expense, net includes Research and development costs, Impairment of long-lived assets, (Gain) loss on asset disposals, net, Loss on debt extinguishment and Foreign exchange as presented in the Condensed Consolidated Statements of Operations.