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- **Record Q3 Growth**: Global Parts & Services EBITDA up 58%, driven by $1.5B AI data center deal. 
- **2026 EBITDA Target**: $70M-$85M core growth, excluding $1.5B project upside. 
- **Debt Reduction**: $70M bond repayment, net debt cut to $113M via equity raises. 
- **Pipeline Expansion**: $10B-$12B total, including $3B-$5B AI opportunities. 
- **Execution Risk**: Proven boiler designs and strong backlog support 2026 margins.

**【CEO Summary Section】**
- **Revenue Growth**: Global Parts & Services achieved record bookings, revenue, and gross profit, with a 56% QoQ backlog rise to $393M. 
- **AI Data Center Deal**: Signed a $1.5B NTP for 4 x 300MW natural gas plants supporting Applied Digital's AI factory. 
- **2026 EBITDA Target**: $70M-$85M (80% YoY growth), excluding data center projects. 
- **Debt Reduction**: Paid down $70M in bonds, with plans to eliminate 2026 debt. 
- **Pipeline Expansion**: Total pipeline grows to $10B-$12B, including $3B-$5B in AI opportunities.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Revenues $149M, Adjusted EBITDA $12.6M (58% YoY growth). 
- **Balance Sheet**: $201M cash, $178M net debt, with equity raises reducing net debt to $113M. 
- **Liquidity**: Resumed ATM sales to capitalize on market conditions. 
- **2026 Outlook**: Core EBITDA target $70M-$85M, excluding data center upside.

**【Q&A Highlights】**
- **Project Timing**: 10%-15% 2026 contribution from the $1.5B project, with full NTP expected Q4. 
- **Margin Impact**: Proven boiler designs reduce execution risk, supporting gross margin recovery. 
- **Pipeline Momentum**: $10B-$12B pipeline reflects demand for AI data centers and baseload generation. 
- **Shareholder Value**: Equity raises and debt reduction support 2026 growth. 
- **Analyst Questions**: Focus on project execution, supply chain, and pipeline visibility.

Babcock & Wilcox Enterprises, Inc. (BW) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BWpA

BWpA fundamentals

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