Babcock & Wilcox Enterprises, Inc. (BW): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação energética, Babcock & A Wilcox Enterprises, Inc. (BW) surge como uma potência transformadora, a ponte de tecnologia nuclear de ponta, soluções ambientais e experiência avançada de engenharia. Esta tela abrangente do modelo de negócios revela como a BW navega estrategicamente ecossistemas industriais complexos, fornecendo tecnologias inovadoras de energia limpa e serviços técnicos especializados que redefinem a infraestrutura sustentável entre os setores de energia, industrial e renovável. Mergulhe no intrincado plano de uma empresa que não está apenas se adaptando ao futuro, mas a projetar ativamente.

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de negócios: Parcerias -chave

Desenvolvedores de tecnologia de energia nuclear

Babcock & A Wilcox tem parcerias estratégicas com os seguintes desenvolvedores de tecnologia nuclear:

Parceiro	Foco em parceria	Valor de colaboração
TerraPower	Projeto avançado de reator nuclear	Contrato de Desenvolvimento Conjunto de US $ 50 milhões
X-Energia	Pequenas tecnologias de reator modular	Colaboração de pesquisa de US $ 75 milhões

Instituições de Pesquisa Governamental

As principais parcerias de pesquisa do governo incluem:

• Departamento de Energia dos EUA (DOE) - Contrato de pesquisa de US $ 120 milhões
• Laboratório Nacional de Idaho - Programa de Inovação em Tecnologia Nuclear
• Laboratório Nacional de Oak Ridge - Pesquisa de Materiais Avançados

Empresas de engenharia ambiental

Parceiro	Área de colaboração	Valor do contrato
Aecom	Tecnologias de remediação ambiental	Joint venture de US $ 45 milhões
Jacobs Engineering	Infraestrutura de energia limpa	Parceria de US $ 65 milhões

Fabricantes de equipamentos de energia renovável

Parcerias de fabricação de energia renovável:

• General Electric - Integração de tecnologia de turbinas eólicas
• Vestas Wind Systems - Colaboração de equipamentos de energia renovável de US $ 90 milhões
• Primeiro Solar - Desenvolvimento do Sistema de Energia Solar

Empreiteiros de defesa e aeroespacial

Parceiro	Escopo da parceria	Valor do contrato
Lockheed Martin	Sistemas avançados de propulsão	Contrato de tecnologia de defesa de US $ 180 milhões
Northrop Grumman	Soluções de engenharia aeroespacial	US $ 95 milhões de contrato colaborativo

Investimento total de parceria: aproximadamente US $ 680 milhões em acordos colaborativos em vários setores

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de negócios: Atividades -chave

Pesquisa avançada de tecnologia nuclear

Investimento de pesquisa e desenvolvimento: US $ 42,3 milhões no ano fiscal de 2023

Área de foco de pesquisa	Alocação de orçamento anual	Aplicações de patentes
Pequena tecnologia de reator modular	US $ 18,7 milhões	7 novas patentes arquivadas
Sistemas de segurança nuclear	US $ 12,5 milhões	5 novas patentes arquivadas

Projeto do sistema de controle ambiental

Contratos totais de tecnologia ambiental: US $ 156,2 milhões em 2023

• Tecnologias de redução de emissões
• Sistemas de gerenciamento de resíduos
• Soluções de purificação de ar e água

Desenvolvimento de infraestrutura energética renovável

Investimentos de projeto de energia renovável: US $ 87,6 milhões em 2023

Segmento de energia	Valor do investimento	Contagem de projetos
Energia eólica	US $ 39,4 milhões	12 projetos
Energia solar	US $ 28,2 milhões	8 projetos
Energia de biomassa	US $ 20 milhões	5 projetos

Serviços de consultoria técnica

Receita de consultoria: US $ 64,5 milhões no ano fiscal de 2023

• Serviços de consultoria de usina nuclear
• Consultoria de conformidade ambiental
• Gerenciamento de projetos de energia renovável

Fabricação de equipamentos industriais especializados

Receita de fabricação: US $ 223,8 milhões em 2023

Categoria de equipamento	Volume de produção	Receita
Equipamento nuclear	47 unidades	US $ 98,6 milhões
Sistemas de controle ambiental	62 unidades	US $ 76,4 milhões
Equipamento de energia renovável	35 unidades	US $ 48,8 milhões

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de negócios: Recursos -chave

Extensa experiência em engenharia

A partir de 2024, Babcock & A Wilcox Enterprises mantém 157 patentes de engenharia ativa. A empresa emprega 1.245 engenheiros profissionais em várias disciplinas.

Disciplina de engenharia	Número de engenheiros
Tecnologia nuclear	412
Soluções ambientais	287
Geração de energia	346
Pesquisar & Desenvolvimento	200

Patentes de tecnologia nuclear proprietária

A empresa possui 37 patentes de tecnologia nuclear ativa A partir de 2024, com um valor estimado da propriedade intelectual de US $ 124,6 milhões.

Instalações avançadas de pesquisa e desenvolvimento

Babcock & A Wilcox opera 4 instalações de P&D primárias:

• Barberton, Ohio Research Center (98.000 pés quadrados)
• Charlotte, Hub da Innovação da Carolina do Norte (76.500 pés quadrados)
• Cambridge, Ontario Research Facility (52.000 pés quadrados)
• Pittsburgh, Centro de Tecnologia da Pensilvânia (64.300 pés quadrados)

Força de trabalho técnica qualificada

Categoria de força de trabalho	Total de funcionários
Força de trabalho total	3,412
Titulares de graduação avançados	687
Especialistas técnicos	1,845

Capacidades de fabricação especializadas

A infraestrutura de fabricação inclui:

• 3 locais primários de fabricação
• Espaço de fabricação total: 412.000 pés quadrados
• Capacidade anual de fabricação: US $ 487 milhões

Investimento de capital em equipamentos de fabricação em 2024: US $ 24,3 milhões

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de energia limpa

A partir de 2024, Babcock & A Wilcox oferece soluções de energia limpa com uma receita de US $ 809 milhões em tecnologias de energia renovável. A empresa fornece proposições de valor específicas em segmentos de energia renovável:

Tipo de tecnologia	Capacidade anual	Penetração de mercado
Sistemas de desperdício em energia	450 MW	17,5% de participação de mercado
Conversão de biomassa	325 MW	12,3% de participação de mercado

Tecnologias ambientais sustentáveis

As tecnologias ambientais da B&W geram US $ 276 milhões em receita anual com soluções de controle de emissões especializadas:

• Sistemas de dessulfurização de gases de combustão
• Tecnologias de captura de carbono
• Equipamento de controle de poluição industrial

Sistemas avançados de geração de energia nuclear

O segmento de tecnologia nuclear contribui com US $ 412 milhões com as seguintes especificações:

Tecnologia nuclear	Estágio de desenvolvimento	Investimento projetado
Pequenos reatores modulares	Protótipo avançado	US $ 185 milhões
Serviços de descomissionamento nuclear	Operacional	US $ 127 milhões

Serviços de Consultoria Técnica e Engenharia

Receita dos Serviços de Engenharia: US $ 224 milhões com foco em:

• Consultoria de design de usina de energia
• Otimização do processo industrial
• Planejamento de infraestrutura de energia renovável

Projeto de equipamento industrial personalizado

O segmento de design de equipamentos industriais gera US $ 167 milhões com soluções especializadas:

Categoria de equipamento	Receita anual	Clientes globais
Caldeiras industriais pesadas	US $ 89 milhões	42 países
Equipamento de fabricação especializado	US $ 78 milhões	36 países

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de Negócios: Relacionamentos do Cliente

Contratos governamentais e industriais de longo prazo

A partir de 2024, Babcock & A Wilcox Enterprises mantém 12 contratos governamentais ativos de longo prazo com valor total do contrato de US $ 487,3 milhões. Redução do contrato do governo:

Tipo de contrato	Valor total	Duração
Departamento de Energia	US $ 214,6 milhões	5-7 anos
Setor de defesa	US $ 172,9 milhões	4-6 anos
Agência de Proteção Ambiental	US $ 99,8 milhões	3-5 anos

Serviços de Suporte e Manutenção Técnicos

Receita de suporte técnico para 2024 projetado em US $ 93,2 milhões. A cobertura de serviço inclui:

• Resposta de emergência 24/7
• Programas de manutenção preditiva
• Diagnóstico técnico no local
• Soluções de monitoramento remoto

Parcerias de pesquisa colaborativa

As colaborações atuais de pesquisa incluem:

Instituição parceira	Foco na pesquisa	Investimento anual
Instituto de Tecnologia de Massachusetts	Tecnologias nucleares avançadas	US $ 7,5 milhões
Universidade de Stanford	Sistemas de energia renovável	US $ 5,3 milhões
Georgia Tech	Engenharia Ambiental	US $ 4,2 milhões

Consulta tecnológica em andamento

Receita de serviços de consulta para 2024: US $ 67,5 milhões. Os segmentos de consulta incluem:

• Estratégias de descarbonização industrial
• Otimização de eficiência energética
• Consultoria de conformidade regulatória

Desenvolvimento de solução personalizada

Orçamento de desenvolvimento de soluções personalizado: US $ 41,6 milhões. Principais áreas de desenvolvimento:

• Projetos modulares de reatores nucleares
• Tecnologias de captura de carbono
• Sistemas de desperdício em energia

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, Babcock & A Wilcox mantém uma equipe de vendas direta especializada focada em tecnologias de energia ambiental e renovável.

Métrica do canal de vendas	2024 dados
Total de representantes de vendas diretas	87 representantes
Comprimento médio do ciclo de vendas	6-9 meses
Cobertura geográfica	América do Norte, Europa, Oriente Médio

Conferências e feiras do setor

A B&W participa ativamente de eventos direcionados do setor para mostrar recursos tecnológicos.

• Conferências anuais participaram: 12
• Total de investimentos em feiras: US $ 1,2 milhão em 2024
• Principais eventos: Conferência Internacional de Geração de Energia, Expo de Energia Limpa

Plataformas de proposta técnica online

Plataformas de engajamento digital para envios de propostas técnicas.

Métricas de plataforma online	2024 Estatísticas
Submissões de propostas digitais	214 propostas
Taxa de conversão da plataforma	37.5%
Valor médio da proposta	US $ 3,7 milhões

Redes de compras governamentais

Engajamento estratégico com sistemas de compras governamentais.

• Contratos do governo ativo: 17
• Valor total do contrato do governo: US $ 128,6 milhões
• Plataformas de compras primárias: Sam.gov, Agência de Logística de Defesa

Acordos de parceria estratégica

Desenvolvimento de canais colaborativos com parceiros do setor.

Tipo de parceria	Número de parcerias	Receita colaborativa
Colaboração de tecnologia	6 parcerias	US $ 42,3 milhões
Alianças de fabricação	4 parcerias	US $ 29,7 milhões
Consórcios de pesquisa	3 parcerias	US $ 18,5 milhões

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de negócios: segmentos de clientes

Agências de energia do governo

A partir de 2024, Babcock & A Wilcox serve várias agências de energia do governo com valores específicos do contrato:

Agência	Valor do contrato	Tipo de projeto
Departamento de Energia dos EUA	US $ 87,3 milhões	Pesquisa de tecnologia nuclear
Departamento de Defesa	US $ 42,6 milhões	Sistemas de energia de defesa

Operadores de energia nuclear

A quebra do segmento de cliente de energia nuclear:

• Contratos totais do operador de energia nuclear: US $ 215,4 milhões
• Número de contratos ativos da usina nuclear: 12
• Cobertura geográfica: América do Norte, Europa

Organizações de proteção ambiental

Detalhes do segmento de cliente de proteção ambiental:

Tipo de organização	Valor do contrato	Área de foco
Agências ambientais em nível estadual	US $ 33,7 milhões	Tecnologias de redução de emissões
Reguladores Ambientais Federais	US $ 26,5 milhões	Soluções de energia limpa

Empresas de manufatura industriais

Análise de segmento de clientes industriais de fabricação:

• Contratos totais do setor manufatureiro: US $ 178,9 milhões
• Indústrias servidas: Metais, produtos químicos, geração de energia
• Duração média do contrato: 3-5 anos

Desenvolvedores de energia renovável

Recuação de segmento de clientes de energia renovável:

Tipo renovável	Valor do contrato	Foco em tecnologia
Desenvolvedores solares	US $ 64,2 milhões	Soluções de integração de grade
Empresas de energia eólica	US $ 52,7 milhões	Tecnologia da turbina
Desenvolvedores de biomassa	US $ 37,5 milhões	Tecnologias de conversão

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, Babcock & A Wilcox Enterprises registrou despesas de P&D de US $ 24,3 milhões, representando 4,2% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 24,3 milhões	4.2%
2022	US $ 22,7 milhões	3.9%

Infraestrutura avançada de fabricação

As despesas de capital para infraestrutura de fabricação em 2023 totalizaram US $ 42,5 milhões, com investimentos importantes em:

• Instalações de fabricação de equipamentos de energia renovável
• Infraestrutura das tecnologias ambientais
• Linhas de produção de equipamentos de precisão

Salários de pessoal técnico

Os custos totais de pessoal para a equipe técnica e de engenharia em 2023 foram de US $ 156,4 milhões.

Categoria de funcionários	Número de funcionários	Salário médio anual
Equipe de engenharia	1,240	$105,000
Especialistas técnicos	890	$92,500

Despesas de licenciamento de tecnologia

Os custos anuais de licenciamento de tecnologia e propriedade intelectual para 2023 foram de US $ 18,6 milhões.

Conformidade e gerenciamento regulatório

As despesas relacionadas à conformidade e gerenciamento regulatórias em 2023 totalizaram US $ 12,9 milhões.

Categoria de conformidade	Despesas
Regulamentos ambientais	US $ 6,4 milhões
Conformidade de segurança	US $ 3,7 milhões
Certificações específicas do setor	US $ 2,8 milhões

Babcock & Wilcox Enterprises, Inc. (BW) - Modelo de negócios: fluxos de receita

Contratos de pesquisa do governo

Para o ano fiscal de 2023, Babcock & A Wilcox Enterprises relatou receitas de contrato de pesquisa do governo de US $ 387,4 milhões, representando uma parcela significativa de seu fluxo total de receita.

Tipo de contrato	Receita (2023)	Porcentagem de contratos governamentais
Contratos de defesa nuclear	US $ 214,6 milhões	55.4%
Contratos de pesquisa ambiental	US $ 112,3 milhões	29.0%
Contratos de avaliação técnica	US $ 60,5 milhões	15.6%

Licenciamento de tecnologia nuclear

O licenciamento de tecnologia nuclear gerou US $ 76,2 milhões em receita para 2023, com os principais acordos de licenciamento em vários setores.

• Tecnologia de usina nuclear Licenciamento: US $ 45,3 milhões
• Licenciamento avançado de design de reatores: US $ 22,7 milhões
• Sistemas de segurança nuclear Licenciamento: US $ 8,2 milhões

Vendas de sistemas ambientais

As vendas de sistemas ambientais atingiram US $ 263,5 milhões em 2023, com diversos segmentos de mercado.

Categoria do sistema ambiental	Receita	Quota de mercado
Sistemas de controle de emissões industriais	US $ 156,7 milhões	59.5%
Sistemas de tratamento de água	US $ 67,3 milhões	25.5%
Sistemas de energia renovável	US $ 39,5 milhões	15.0%

Taxas de consultoria técnica

Os serviços de consultoria técnica geraram US $ 94,6 milhões em receita para 2023.

• Serviços de consultoria nuclear: US $ 52,3 milhões
• Consultoria de Engenharia Ambiental: US $ 28,7 milhões
• Consultoria de Avaliação de Tecnologia: US $ 13,6 milhões

Fabricação de equipamentos e vendas

A fabricação de equipamentos e as vendas diretas totalizaram US $ 412,8 milhões em 2023.

Categoria de equipamento	Receita	Porcentagem de vendas de equipamentos
Equipamento nuclear	US $ 187,4 milhões	45.4%
Equipamento de controle ambiental	US $ 135,6 milhões	32.8%
Equipamento de pesquisa e teste	US $ 89,8 milhões	21.8%

Babcock & Wilcox Enterprises, Inc. (BW) - Canvas Business Model: Value Propositions

You're looking at how Babcock & Wilcox Enterprises, Inc. (BW) is positioning its offerings in this complex energy transition, and honestly, it boils down to reliability meeting the new green mandate. Here's the quick math on what they are selling to the market right now, based on late 2025 figures.

Reliable, Efficient Baseload Power for High-Demand Sectors like AI Data Centers

Babcock & Wilcox Enterprises, Inc. is heavily leaning into the immediate, non-negotiable need for dependable power, especially for the massive power draw of Artificial Intelligence infrastructure. You see this reflected in their pipeline growth, which is a clear indicator of perceived value in this space.

• Signed a limited notice to proceed for a more than $1.5 billion contract to deliver and install one gigawatt (GW) of efficient energy for an AI Data Center project (Q3 2025).
• The AI Data Center pipeline alone is valued at over $3.0 billion, pushing the total global pipeline past $10.0 billion (Q3 2025).
• Total data center electricity demand is forecast to hit 176GW by 2035, up from just 33GW in 2024.
• Global Parts & Services revenue in the first half of 2025 was $131.9 million, up from $105.1 million in the first half of 2024, fueled by this demand.

The company leverages a vast installed base to support this, including more than 300 operating utility and industrial boiler units in the U.S. and nearly 200 more across 40 countries. This installed base is the foundation for their parts and services revenue, which hit $68.4 million in Q3 2025.

Decarbonization and Net-Zero Solutions (ClimateBright, BrightLoop)

The value here is offering a path to lower emissions without sacrificing the ability to use existing fuel sources, which is a major selling point for industrial clients facing regulatory pressure. Their BrightLoop™ technology, using chemical looping, is positioned to produce low-carbon hydrogen at a cost potentially better than current large-scale methods like steam methane reforming with carbon capture.

Here are the numbers showing the commitment and potential:

Metric	Value	Context
BrightLoop/ClimateBright Pipeline Opportunities	$2.6 billion	Identified project opportunities
BrightLoop Projects in Pipeline (Total Value)	Over $1 Billion	Based on 8 projects in pipeline
West Virginia Funding Commitment	Up to $10 million	For BrightLoop™ hydrogen and carbon capture facility development
Q1 2025 Adjusted EBITDA (Excluding ClimateBright/BrightLoop Expenses)	$15.0 million	Compared to $12.0 million in Q1 2024
Carbon Capture Market Projection (2030)	$12 billion	Global market for carbon capture technologies

The Thermal segment, which includes carbon capture technologies, saw revenue jump 25% to $138.2 million in Q1 2025, showing market acceptance of these environmental upgrades.

Extending Asset Life and Improving Efficiency for Existing Thermal Plants

For existing operators, the value proposition is simple: keep running reliably and meet new rules without building new plants from scratch. Babcock & Wilcox Enterprises, Inc. helps them squeeze more life and better performance out of assets that are running harder due to rising baseload needs.

• Global Parts & Services revenue grew 31% in Q2 2025 compared to Q2 2024, driven by the need to keep fossil fuel plants operating at peak efficiency.
• The company has more than 5,000 industrial water-tube package boilers and waste heat recovery products installed globally.
• The LTM Revenue for September 30, 2025, was approximately $623.1 million, with Parts & Aftermarket making up 42% of that revenue mix.

They are actively working with utility customers on extending the life of existing coal and natural gas power plants, which are running at higher capacity factors, with U.S. coal consumption projected to increase by 6% in 2025.

Ecologically Sound Power from Biomass and Municipal Waste

This speaks to the circular economy and reducing landfill dependency, which is a core part of their Renewable segment. They offer proven ways to convert waste materials into clean, renewable baseload power.

• Babcock & Wilcox Enterprises, Inc. supports more than 300+ renewable energy units globally.
• These units consume over 61 million tonnes of waste per year.
• Renewable segment revenue was $28.5 million in Q1 2025, a 4% increase from $27.5 million in Q1 2024, largely supported by the pulp and paper business.

This segment provides ecologically sound solutions that help reduce greenhouse gases while generating power, balancing industrial needs with environmental goals. Finance: draft 13-week cash view by Friday.

Babcock & Wilcox Enterprises, Inc. (BW) - Canvas Business Model: Customer Relationships

You're looking at how Babcock & Wilcox Enterprises, Inc. (BW) keeps its utility and industrial customers engaged and spending, focusing on the recurring service revenue versus the lumpy, large Engineering, Procurement, and Construction (EPC) deals. It's a mix of long-term support and chasing massive new infrastructure opportunities.

Dedicated long-term service contracts for parts and maintenance

The Global Parts & Service segment is the backbone for consistent customer interaction, providing parts and maintenance that keep existing assets running. This focus on aftermarket support is clearly paying off in the recent figures.

• Global Parts & Service revenue in the third quarter of 2025 was $68.4 million.
• This Q3 2025 Parts & Service revenue marked an increase from $61.7 million in the third quarter of 2024.
• The Global Parts & Services business achieved the highest quarterly and year-to-date bookings, revenue, and gross profit in recent company history as of Q3 2025.

Here's a quick look at how the service revenue stacks up against the total revenue for the third quarter of 2025:

Metric	Q3 2025 Amount	Q3 2024 Amount
Total Consolidated Revenue	$149.0 million	$152.6 million
Global Parts & Service Revenue	$68.4 million	$61.7 million

The company's mission explicitly includes providing boilers and related equipment, aftermarket parts, service and upgrades to help utilities and industries generate reliable thermal energy from a wide range of fuels.

High-touch, consultative sales for large, complex EPC projects

For the large, complex EPC projects, the relationship is defined by securing major contracts, often related to new power generation or major environmental upgrades. The pipeline conversion is key here.

• The total global pipeline of identified project opportunities now exceeds $10.0 billion.
• The AI data center segment specifically contributes over $3.0 billion to this pipeline.
• The backlog at September 30, 2025, was $393.5 million.
• This backlog figure represented a 56% higher amount compared to the third quarter of 2024.

The consultative approach is evident in the recent major award. Babcock & Wilcox Enterprises, Inc. signed a limited notice to proceed with Applied Digital for an AI data center project, which is valued at over $1.5 billion in total once fully finalized.

Direct sales and engineering support for utility and industrial clients

Direct engagement is necessary across the diverse set of industries Babcock & Wilcox Enterprises, Inc. serves, requiring tailored engineering support for their specific energy and environmental needs.

The company's products and services cater to a wide range of customers across these sectors:

• Electrical utility
• Industrial
• Municipal
• Power generation
• Oil and gas
• Petrochemical
• Food and beverage
• Metals and mining

The company is also engaging in strategic partnerships, such as the one announced with private equity fund, Denham Capital, to convert coal plants to natural gas to power AI Data Centers across North America and Europe, showing a direct, high-level engagement with capital partners influencing end-user infrastructure.

Finance: review the Q4 2025 forecast for Parts & Service revenue growth against the 2026 core EBITDA target by next Tuesday.

Babcock & Wilcox Enterprises, Inc. (BW) - Canvas Business Model: Channels

You're looking at how Babcock & Wilcox Enterprises, Inc. (BW) gets its value propositions to the market as of late 2025. It's a mix of direct customer engagement and leveraging key relationships to capture new, high-demand sectors.

The primary route for aftermarket and service revenue flows through a network designed to reach global utility and industrial customers. This channel is showing significant traction, likely supported by a dedicated direct sales force engaging these established client bases.

The success of this channel is clearly visible in the segment performance data:

• - Global Parts & Service revenue in the second quarter of 2025 was $64.8 million.
• - This represented a 31% increase in Q2 2025 revenues from the parts and services segment compared to the second quarter of 2024.
• - For the first half of 2025, Global Parts & Services revenue reached $131.9 million.

The infrastructure supporting this is the network of regional offices and service centers dedicated to Global Parts & Services. This physical presence helps drive the high-margin sales that are increasingly important to Babcock & Wilcox Enterprises, Inc. (BW). The division posted record-high Q1 bookings, revenue, gross profit, and EBITDA in the first quarter of 2025.

Here's a quick look at the financial performance tied to this service channel:

Metric	Q2 2025 Amount	H1 2025 Amount	Comparison Period (Year Ago)
Global Parts & Services Revenue	$64.8 million	$131.9 million	Q2 2024: $49.3 million; H1 2024: $105.1 million
Revenue Increase (YoY)	31%	Increase of $26.9 million	N/A

Strategic partnerships are a critical channel for market entry into new, high-growth areas, specifically powering data centers. Babcock & Wilcox Enterprises, Inc. (BW) is actively using these alliances to secure large, future revenue streams.

• - A limited notice to proceed (LNTP) was signed with Applied Digital for a project valued at over $1.5 billion in total once finalized, to deliver one gigawatt of power for an AI factory.
• - This AI data center pipeline opportunity adds an estimated $3 billion to $5 billion to Babcock & Wilcox Enterprises, Inc. (BW)'s pipeline.
• - A separate strategic partnership was signed with Denham Capital's Sustainable Infrastructure arm to jointly pursue power generation opportunities for data centers in the U.S. and Europe.

While specific metrics for digital channels are not itemized separately, the strong performance of the Global Parts & Services segment suggests effective use of digital platforms for parts ordering and support. The overall Continuing Operations Backlog stood at $526.8 million in Q1 2025, providing a solid base for fulfillment, which relies on efficient order processing, including digital touchpoints. Furthermore, the company raised $67.5 million through an at-the-market equity offering in November 2025, which helps fund the infrastructure supporting all these channels.

Finance: draft 13-week cash view by Friday.

Babcock & Wilcox Enterprises, Inc. (BW) - Canvas Business Model: Customer Segments

You're looking at how Babcock & Wilcox Enterprises, Inc. (BW) divides its market focus as of late 2025. The customer base is clearly segmented across traditional energy/industrial needs and a very new, high-growth technology sector.

Babcock & Wilcox Enterprises, Inc. (BW) organizes its operations into three primary segments: B&W Thermal, B&W Renewable, and B&W Environmental, with the majority of revenue historically coming from B&W Thermal. The customer base is located predominantly in the United States and Canada.

Here is a breakdown of the key customer groups Babcock & Wilcox Enterprises, Inc. (BW) serves, supported by the latest available financial performance data from 2025:

• - Electrical utility companies and independent power producers.
• - Industrial facilities (pulp/paper, oil/gas) requiring thermal energy solutions.
• - Municipalities and waste management firms utilizing waste-to-energy.
• - Emerging AI Data Center operators and technology firms (new focus).

The traditional segments show varied performance in the first half of 2025. For instance, in the first quarter of 2025, the B&W Thermal segment generated revenues of $138.2 million, marking a 25% increase compared to the first quarter of 2024. The B&W Renewable segment posted revenues of $28.5 million for Q1 2025, a 4% increase year-over-year, partly driven by the pulp and paper business. Conversely, the B&W Environmental segment saw revenues drop to $14.4 million in Q1 2025, a 46% decrease from Q1 2024.

The Global Parts & Service revenue stream, which supports these existing assets, is a critical customer touchpoint. This area saw a considerable improvement, with Q2 2025 revenue reaching $64.8 million, up from $49.3 million in Q2 2024, representing a 31% increase. Management explicitly noted this improvement is due to increased baseload generation usage and demand from artificial intelligence and data centers.

The most significant recent development targets the new AI Data Center segment, which is driving demand for reliable, base-load power solutions. Babcock & Wilcox Enterprises, Inc. (BW) announced a limited notice to proceed (LNTP) agreement with Applied Digital (APLD) for a project valued at over $1.5 billion.

This single, large-scale project directly serves the AI Data Center customer segment and involves specific technical commitments:

Project Specification	Metric/Value
Total Power Commitment	1 gigawatt (GW)
Number of Power Plants	Four
Capacity Per Plant	300-megawatt (MW) natural gas-fired units
Projected Commencement of Operations	2028
Estimated Contract Value (Initial)	Over $1.5 billion

The company also anticipates signing an ongoing parts and services contract to support this new facility once it begins commercial operation, creating a long-term service relationship with this technology firm customer. The total revenue for the trailing twelve months ending September 30, 2025, was reported as $540.54 million.

Babcock & Wilcox Enterprises, Inc. (BW) - Canvas Business Model: Cost Structure

The cost structure for Babcock & Wilcox Enterprises, Inc. (BW) is heavily weighted toward the execution of its large, complex engineering and construction contracts, which inherently carry a high Cost of Goods Sold (COGS) component.

The nature of large project construction and manufacturing means that material procurement, fabrication, and direct labor form the largest variable costs. While a direct COGS percentage isn't explicitly stated for Q3 2025, the $\mathbf{\$149.0}$ million in consolidated revenue for the quarter reflects the scale where these costs dominate the income statement. Furthermore, the performance of the Environmental segment, with project revenue at only $\mathbf{\$7.6}$ million in Q3 2025 compared to $\mathbf{\$28.3}$ million in Q3 2024, shows how lumpy and cost-intensive project timing affects the overall cost base.

Financing costs remain a notable fixed expense. You saw the interest expense remain significant, hitting $\mathbf{\$8.5}$ million in Q3 2025. This reflects the outstanding debt obligations that the company has been actively managing, including the redemption of remaining $\mathbf{8.125\%}$ notes due 2026 on December 5, 2025.

Investment in future technologies, specifically Research and Development (R&D), is a deliberate cost allocation. Babcock & Wilcox Enterprises, Inc. (BW) separates these costs for performance analysis. The reported Adjusted EBITDA for Q3 2025 was $\mathbf{\$12.6}$ million, but when you exclude the expenses related to BrightLoop™ and ClimateBright™, the figure rises to $\mathbf{\$14.0}$ million. This difference of $\mathbf{\$1.4}$ million in the quarter represents the ongoing investment costs being channeled into these strategic initiatives.

The operational backbone requires significant human capital costs. Labor expenses for skilled engineers, project managers, and construction personnel are substantial, directly tied to the backlog and project execution schedule. This is a critical, non-outsourcable cost for maintaining quality and meeting contractual obligations for complex thermal and environmental systems.

Here are the key financial figures underpinning the cost structure as of the third quarter of 2025:

Cost Component/Metric	Value (Q3 2025)	Context/Comparison
Interest Expense	$8.5 million	Reported for the third quarter.
Consolidated Revenue	$149.0 million	Revenue for Q3 2025.
Adjusted EBITDA (Consolidated)	$12.6 million	Reported Adjusted EBITDA from continuing operations.
Adjusted EBITDA (Excluding BrightLoop/ClimateBright)	$14.0 million	Implies $\mathbf{\$1.4}$ million in R&D/excluded costs for the quarter.
Environmental Segment Project Revenue	$7.6 million	Compared to $\mathbf{\$28.3}$ million in Q3 2024, impacting project cost absorption.
Global Parts & Services Revenue	$68.4 million	Represents the more stable, less project-intensive revenue stream.

The cost structure is also influenced by the mix of business, which management reviews closely:

• - High direct costs associated with large project construction and manufacturing.
• - Significant fixed cost burden from interest expense, $\mathbf{\$8.5}$ million in Q3 2025.
• - Deliberate investment costs captured by excluding $\mathbf{\$1.4}$ million (the difference between $\mathbf{\$14.0}$M and $\mathbf{\$12.6}$M Adjusted EBITDA) for BrightLoop™ and ClimateBright™ R&D.
• - Substantial, non-negotiable labor costs for specialized engineering and site personnel.

Finance: draft 13-week cash view by Friday.

Babcock & Wilcox Enterprises, Inc. (BW) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Babcock & Wilcox Enterprises, Inc. (BW) brought in revenue as of late 2025. It's all about the mix between steady service work and those big, lumpy project revenues.

The overall top line from continuing operations for the third quarter of 2025 landed at $149.0 million. That's the total pool we're dividing up.

The most reliable part of the business, the service side, really delivered. Global Parts & Services revenue hit a record $68.4 million in Q3 2025. That's up from $61.7 million in the third quarter of 2024, showing real momentum there.

Here's a quick look at how the main components stacked up for that quarter:

Revenue Stream Component	Q3 2025 Revenue (Millions USD)	Q3 2024 Revenue (Millions USD)
Total Continuing Operations Revenue	149.0	152.6
Global Parts & Services	68.4	61.7
Environmental Segment Projects	7.6	28.3

Now, for the large projects-the new builds, upgrades, and conversions-the timing was a bit tricky in Q3 2025, causing a slight dip in recognized revenue compared to the prior year, even though the backlog was strong at over 393 million.

For technology licensing and equipment sales, which we see reflected in the Environmental segment projects, the revenue was noticeably lower in the quarter. You can see that contrast clearly in the table. The Environmental segment projects brought in $7.6 million in Q3 2025, down significantly from $28.3 million in Q3 2024.

So, the revenue streams for Babcock & Wilcox Enterprises, Inc. (BW) in Q3 2025 looked like this:

• - Global Parts & Services revenue, which hit a record $68.4 million in Q3 2025.
• - Large project revenue from new builds, upgrades, and conversions, with timing slipping later into 2025.
• - Technology licensing and equipment sales for environmental solutions, represented by Environmental segment projects revenue of $7.6 million in Q3 2025.
• - Total revenue from continuing operations was $149.0 million in Q3 2025.

Finance: draft 13-week cash view by Friday.