B&W Q4 loss narrows to $3.5M, Adj EBITDA up 53%; signs $2.4B AI data center contract

Babcock & Wilcox Enterprises, Inc.

Q4 revenue $161M (flat YoY); operating income $12.2M vs $2.6M; Adj EBITDA $16.4M (+53% YoY).
FY 2025 revenue $587.7M (+1.2%); loss from cont ops $32.8M vs $104.3M in 2024; Adj EBITDA $43.7M (+107%).
Backlog $2.8B including the $2.4B project; global pipeline exceeds $12.0B.
Signed full notice to proceed on $2.4B design-build deal with Base Electron (Applied Digital) for 1.2 GW of gas-fired power.
Net debt reduced to $119.7M; paid off Feb 2026 bonds; plans to pay Dec 2026 bonds in 2026.

item 1.01 item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Babcock & Wilcox Enterprises, Inc. entered into Definitive Agreement with Base Electron, Inc., an Applied Digital Company valued at up to $2.4 billion (effective 2026-02-26).

Action: entry
Agreement: supply
Counterparty: Base Electron, Inc., an Applied Digital Company
Value: up to $2.4 billion
Effective: 2026-02-26

Exact text from the filing

On February 26, 2026, Babcock & Wilcox Enterprises, Inc. (the “Company”), through its wholly-owned subsidiary, The Babcock & Wilcox Company (“BWC”), entered into a definitive Design-Build Agreement (the “Definitive Agreement”) with Base Electron, Inc., an Applied Digital Company (“Base Electron”)

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291 material agreements filed in the last 30 days. Browse all material agreements →

Babcock & Wilcox Enterprises, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-26-023138

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