---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-023138"
form_type: "8-K"
ticker: "BW"
cik: "0001630805"
company_name: "Babcock & Wilcox Enterprises, Inc."
filed_at: "2026-03-04T23:59:59+00:00"
generated_at: "2026-05-15T21:41:42.938398+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-023138
- form_type: 8-K
- ticker: BW
- cik: 0001630805
- company_name: Babcock & Wilcox Enterprises, Inc.
- filed_at: 2026-03-04T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1630805/000110465926023138/0001104659-26-023138-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1630805/000110465926023138/tm267910d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-023138
- JSON: https://secwatch.observer/filing/0001104659-26-023138.json
- Plain text: https://secwatch.observer/filing/0001104659-26-023138.txt

## Key facts
- Material Agreements
  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
  source text: 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1630805/000110465926023138/0001104659-26-023138-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.