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CAPITAL STOCK
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
CAPITAL STOCK CAPITAL STOCK
Preferred Stock

During the six months ended June 30, 2026, our Board of Directors approved dividends totaling $7.4 million to holders of the Preferred Stock. There were no cumulative undeclared dividends of the Preferred Stock at June 30, 2026, and all declared dividends have been paid as of June 30, 2026.

Common Stock

In April 2024, we entered into the Sales Agreement with the Agents, in connection with an at-the-market offering. For the six months ended June 30, 2025, 3.6 million shares were sold pursuant to the Sales Agreement, for net proceeds of $5.5 million.

In November 2025, we entered into the 2025 Sales Agreement with the 2025 Agents, in connection with the offer and sale from time to time by us of shares of our common stock, having an aggregate offering price of up to $200.0 million through the 2025 Agents. For the six months ended June 30, 2026, 4.4 million shares have been sold pursuant to the 2025 Sales Agreement for net proceeds of $41.9 million.

On May 18, 2026, we completed a public offering of our common stock pursuant to an underwriting agreement dated May 14, 2026, between us and B. Riley, as representative of several underwriters. At closing, we issued 12.4 million shares of our common stock and received proceeds of $218.2 million, after deducting underwriting discounts and commission fees of $11.8 million. B&W also incurred other offering-related expenses of $1.1 million, which were netted against proceeds received and recorded in Capital in excess of par value on the Condensed Consolidated Balance Sheets.

Applied Digital/Base Electron Agreements

In November 2025, we entered into a limited notice to proceed ("LNTP") with Applied Digital for a project to design and install four 300-megawatt natural gas-fired power plants consisting of boilers and associated steam turbines to deliver power for an AI factory. Effective February 26, 2026, we entered into a definitive written agreement in relation to the project with Base Electron. The total consideration in exchange for completion of this project is $2.4 billion, of which $2.0 billion is for
variable charges and the remaining is a fixed fee. The variable charges are based on reimbursable costs incurred plus mark-up. The plant is targeted to begin commercial operation in 2030.

In connection with the entry into the LNTP, we issued to Applied Digital, in a private placement, (i) 0.5 million shares of common stock, par value $0.01 per share for a purchase price of $2.0 million and (ii) a warrant (the "Initial Warrant") exercisable to purchase 2.6 million shares of our common stock at an exercise price of $4.11, subject to registration rights. The LNTP also granted to Applied Digital an additional warrant (the "Additional Warrant") to purchase up to 7.86 million shares of our common stock, on the same terms as the Initial Warrant. As a result of the signing of the agreement with Base Electron, the Additional Warrant to purchase up to 7.86 million shares of our common stock is fully vested on the same terms as the Initial Warrant.

Effective March 18, 2026, we entered into a Partial Assignment and Assumption Agreement with Applied Digital and Base Electron under which Applied Digital assigned 5.23 million shares of stock under the Initial Warrant and Additional Warrant (collectively the "Warrants") to Base Electron.

The Warrants are classified as liability-based awards which require calculation of fair value for each reporting period until settled or expired. As of June 30, 2026 and December 31, 2025, we calculated the fair value of the Initial Warrant at $34.0 million and $8.3 million, respectively, and as of June 30, 2026, we calculated the fair value of the Additional Warrant at $102.9 million, each of which are recorded in Customer warrants on the Condensed Consolidated Balance Sheets. The change in the fair value of the Warrants is primarily driven by fluctuations in the Company's stock price, which slightly decreased comparative to March 31, 2026, but increased comparative to the stock price at December 31, 2025. As a result, we recorded other income of $5.9 million for the three months ended June 30, 2026, and other expense of $64.4 million for the six months ended June 30, 2026, both of which are recorded in Change in fair value of customer warrants in the Condensed Consolidated Statements of Operations.

Since the Warrants were issued as part of the Base Electron project, a corresponding asset was calculated as of the grant date of each warrant and is amortized over the life of the agreement with Base Electron. As of June 30, 2026 and December 31, 2025, the asset balances were $68.4 million and $8.3 million, respectively, and recorded in Customer contract asset current and noncurrent in the Condensed Consolidated Balance Sheets. For the three and six months ended June 30, 2026, amortization expense of $3.1 million and $4.1 million was recognized as a reduction to Revenues in the Condensed Consolidated Statements of Operations.

We used the following assumptions to determine the fair value of the Warrants granted as of June 30, 2026 and December 31, 2025:

June 30, 2026December 31, 2025
Risk-free interest rate4.30 %3.84 %
Expected volatility110.0 %105.0 %
Exercise price$4.11 $4.11 
Remaining term of warrant6.3 years7 years

The fair value of the Warrants is categorized within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs, including expected volatility. In making these assumptions, we based risk-free rates on the corresponding U.S. Treasury spot rates for the remaining duration of the grant, which we convert to a continuously compounded rate. We based estimated volatility on the historical returns of our stock price and selected guideline companies over the remaining term of the grant.