Babcock & Wilcox Enterprises, Inc.

Second-quarter 2026 consolidated revenue was $319.7 million, a 130% increase versus Q2 2025. Net income was $14.3 million, up $72.8 million year over year, and adjusted EBITDA was $21.8 million, up $7.9 million year over year. For the first half of 2026, revenue was $534.1 million versus $287.5 million in the first half of 2025; net loss was $62.7 million versus a $80.5 million net loss a year ago, and adjusted EBITDA was $37.8 million versus $17.9 million. Management raised full-year 2026 adjusted EBITDA target range from $80 million to $105 million. Balance sheet figures included total debt of $276.8 million and cash, cash equivalents and restricted cash of $382.8 million. The company also announced repurchase of the remaining $61.8 million in December 2026 bonds and a board-authorized share repurchase program of up to $50 million.

CEO Kenny Young said the quarter reflected “robust financial results,” active project development and continued momentum in core businesses, Parts and Services, and strategic debt reduction and stock repurchase. He emphasized that demand is being driven by reliable baseload power needs from utilities, industrial customers and AI/data centers, and said the company is uniquely positioned to benefit from those trends. He was notably optimistic on Base Electron, additional data center opportunities, and BrightLoop commercialization, repeatedly framing the company’s outlook as strong and improving.

CFO Cameron Frymyer highlighted Q2 revenue of $319.7 million, net income of $14.3 million and adjusted EBITDA of $21.8 million, along with first-half revenue of $534.1 million and adjusted EBITDA of $37.8 million. He said first-half net loss was $62.7 million, driven by $77.4 million of noncash warrants and other stock-related costs tied to the stock’s performance, and noted adjusted net income of $14.7 million excluding those items. On capital allocation, he pointed to total debt of $276.8 million, cash of $382.8 million, the $61.8 million bond repurchase, and the new $50 million share repurchase authorization as evidence of disciplined balance-sheet management.

Analysts focused on how Base Electron revenue will flow over the next few quarters, and management said revenue will likely step up as the project moves into construction and on-site shipments early next year. Questions also centered on the 4 to 6 gigawatt pipeline, and Young explained that projects may start with initial limited notice to proceed and then move to full NTP, with some using a 50-megawatt modular approach that can later double output. Another area of focus was supply chain and labor: management said turbine reservations are secured, manufacturing is on track, and it is working with unions to address skilled labor availability, which had hurt efficiency on one project in Q2.