BW Babcock & Wilcox Enterprises, Inc.
Price Chart
Executive Summary
Babcock & Wilcox Enterprises reported Q1 2026 revenue of $214.4M, a 44% YoY increase and well above the $149.7M consensus, driven by the Base Electron AI data center project. Adjusted EBITDA surged 296% to $16.1M, also ahead of expectations, while GAAP net loss widened to $79.6M due to $81.8M in non-cash warrant and stock appreciation rights charges. The company reiterated its full-year 2026 Adjusted EBITDA target of $80M-$100M, and its backlog and pipeline continue to expand rapidly, signaling strong demand for its power generation solutions.
Key Financial Metrics
Actionable Insight
The massive revenue beat and 296% Adjusted EBITDA growth confirm the Base Electron AI data center project is transforming BW's financial profile. Monitor the pace of backlog conversion and any further data center contract announcements, as the $14B+ pipeline suggests sustained multi-year growth. The reiterated $80M-$100M Adjusted EBITDA guidance for FY2026 implies ~5x current run-rate, which could drive significant upward estimate revisions.
Key Facts
- Q1 2026 revenue of $214.4M, a 44% increase YoY and ahead of consensus street expectations
- Adjusted EBITDA of $16.1M, a 296% increase YoY and ahead of consensus street expectations
- GAAP net loss from continuing operations of $79.6M, primarily due to $81.8M in non-cash warrant and stock appreciation rights charges
- Adjusted net income from continuing operations of $2.2M, compared to an adjusted net loss of $15.6M in Q1 2025
- Bookings of $2.5B in Q1 2026, a 1,971% increase YoY
- Backlog of $2.7B, a 483% increase YoY
- Total global pipeline grew 17% to more than $14.0B
- Net debt reduced to $42.4M, down 87% from $349.3M a year ago
- Company reiterates full year 2026 Adjusted EBITDA target range of $80.0M to $100.0M from core business
- Operating cash flow positive at $17.8M, compared to -$8.5M in Q1 2025
Financial Impact
Revenue beat consensus by ~43% ($214.4M vs $149.7M). Adjusted EBITDA of $16.1M vs $4.0M YoY. Net debt reduced by $306.9M YoY.
Risk Factors
- GAAP net loss of $79.6M driven by non-cash warrant charges could spook momentum traders
- Execution risk on the $2.4B Base Electron project and other large pipeline opportunities
- Potential dilution from warrant exercises and stock-based compensation
- Macroeconomic risks including tariffs and supply chain disruptions
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001630805-26-000028 |
| Document: bw-20260511.htm | 0001630805-26-000028 |
| Document: 0001630805-26-000028-index-headers.html | 0001630805-26-000028 |
| Document: 0001630805-26-000028-index.html | 0001630805-26-000028 |
| Document: 0001630805-26-000028.txt | 0001630805-26-000028 |
| 8-K Data (Synthetic) | 0001630805-26-000028 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
2d ago
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Institutional Cluster
| $14.65 awaiting T+5 | awaiting T+5 | — | $16.08 (+9.76%) |
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May 15, 2026
28d ago
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424B5
| $22.55 $22.60 | ▲ +0.22% | ▼ −1.40% | $16.08 (−28.69%) |
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May 11, 2026
4w ago
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8-K
| $22.71 $22.55 | ▼ −0.70% | ▼ −0.62% | $16.08 (−29.19%) |
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Mar 18, 2026
12w ago
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Insider Cluster
| $14.17 $15.63 | ▲ +10.30% | ▲ +11.02% | $16.08 (+13.48%) |
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Feb 28, 2026
15w ago
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Institutional Cluster
| $9.00 $13.49 | ▲ +49.89% | ▲ +51.10% | $16.08 (+78.67%) |
US Market Status
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