v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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 Income (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 June 30,Six Months Ended June 30,
(in thousands)2026202520262025
B&W
Parts$59,982 $60,535 $126,180 $121,765 
Projects156,806 36,494 240,221 80,770 
Construction102,928 41,827 167,729 84,919 
Total Revenue$319,716 $138,856 $534,130 $287,454 
The following table presents Revenues, significant expenses and Income (loss) from continuing operations for our consolidated segment:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Revenues$319,716 $138,856 $534,130 $287,454 
Less:
Cost of operations (1)
271,804 96,265 441,528 215,841 
Selling, general and administrative expenses (1)
32,464 32,342 75,575 59,586 
Depreciation and amortization (2)
2,507 2,126 5,008 4,441 
Interest expense, net4,257 10,455 8,065 21,257 
Benefit plans, net(427)776 (856)1,555 
Change in fair value of customer warrants(5,858)— 64,384 — 
Other expense, net (3)
1,790 305 2,715 1,897 
Income tax (benefit) expense
(1,076)4,023 3,078 5,945 
Income (loss) from continuing operations
$14,255 $(7,436)$(65,367)$(23,068)
(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, Loss on asset disposals, net, Loss on debt extinguishment and Foreign exchange as presented in the Condensed Consolidated Statements of Operations.