Babcock & Wilcox Bookings Jump 1,971% on Project Volume
The energy technology provider reduced net debt to $42.4 million as of March 31, 2026, down from $349.3 million a year earlier.
Babcock & Wilcox Enterprises (BW), the energy technology provider, reported a significant increase in bookings and revenue for the first quarter of 2026. The results reflected a sharp trajectory shift in project volume and a substantial reduction in the company's debt load.
Revenue rose 44% year-over-year to $214.4 million, up from $148.6 million in the first quarter of 2025. Growth was driven by a more than $60 million increase in large project volume, which included the Base Electron project. Adjusted EBITDA increased 296% to $16.1 million, compared to $4.0 million in the prior-year period.
Despite the rise in operational earnings, net loss from continuing operations widened to $79.6 million from a loss of $15.6 million in the first quarter of 2025. The loss was primarily due to $81.8 million in non-cash warrant and stock appreciation rights valuations.
Order intake saw a steep inflection, with bookings of $2.5 billion representing a 1,971% increase compared to the same period in 2025. This activity pushed the total global pipeline up 17% to over $14.0 billion, compared to over $12.0 billion at the end of 2025. Backlog rose 483% year-over-year to $2.7 billion, though this was a slight decrease from the $2.8 billion reported at the end of 2025.
To support growth, the company priced a public offering of 10,810,811 shares of common stock at $18.50 per share in May 2026. The offering generated approximately $200 million in gross proceeds to fund project-related capital, working capital for boiler and steam turbine production, and growth initiatives including AI data center projects.
Babcock & Wilcox aggressively reduced its leverage, bringing net debt down to $42.4 million as of March 31, 2026, from $119.7 million at December 31, 2025, and $349.3 million at March 31, 2025. The company also announced the full redemption of all $61.4 million of its 6.50% Senior Notes due 2026, effective August 13, 2026.
The Board authorized a new share repurchase program of up to $50 million, which is scheduled to begin following the filing of the second quarter 2026 Form 10-Q.