SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

An analysis of our operations by segment is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Revenues:
B&W Renewable segment
B&W Renewable	$	27,294	$	37,581	$	86,237	$	130,879
B&W Renewable Services	—		34,184		45,796		76,305
Vølund	10,871		15,314		19,366		49,237
TOTAL	38,165		87,079		151,399		256,421
B&W Environmental segment
B&W Environmental	32,585		24,706		86,156		66,518
SPIG	19,809		18,907		61,370		59,146
GMAB	4,185		2,808		13,636		8,887
TOTAL	56,579		46,421		161,162		134,551
B&W Thermal segment
B&W Thermal	119,909		106,981		350,285		384,227
TOTAL	119,909		106,981		350,285		384,227
Eliminations	(4,794)		(1,067)		(11,789)		(3,012)
Total Revenues	$	209,859	$	239,414	$	651,057	$	772,187

Schedule of Reconciliation from Net (Loss) Income to Adjusted EBITDA

The following table is provided to reconcile our segment performance metrics to loss before income tax expense.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Adjusted EBITDA
B&W Renewable segment - Adjusted EBITDA	$	4,993	$	10,147	$	14,342	$	19,190
B&W Environmental segment - Adjusted EBITDA	4,723		5,024		14,798		10,324
B&W Thermal segment - Adjusted EBITDA	18,382		11,322		45,060		49,422
Corporate	(5,661)		(5,630)		(15,640)		(16,198)
R&D expenses	(150)		(897)		(477)		(3,097)
Interest expense	(10,327)		(13,353)		(35,103)		(37,096)
Depreciation & amortization	(4,170)		(4,610)		(13,174)		(14,995)
Gain on sale of business	—		—		40,174		—
Impairment of long-lived assets	(5,838)		—		(5,838)		—
Benefit plans, net	94		(56)		282		(304)
Gain (loss) on asset sales, net	(376)		8		(422)		26
Settlement and related legal costs	61		—		(3,206)		2,463
Loss on debt extinguishment	(665)		—		(6,789)		—
Stock compensation	(938)		(397)		(3,598)		(5,895)
Restructuring expense and business services transition	(496)		(1,285)		(2,843)		(3,267)
Acquisition pursuit and related costs	(170)		(346)		(275)		(585)
Product development	(2,063)		(895)		(5,122)		(3,313)
Foreign exchange	2,263		(4,935)		1,429		(4,242)
Financial advisory services	(1,052)		—		(1,295)		—
Contract disposal	(6,058)		(4,293)		(10,116)		(8,373)
Letter of credit fees	(1,298)		(1,961)		(5,937)		(5,639)
Other-net	(2,156)		(449)		(1,744)		(768)
(Loss) income before income tax expense	$	(10,902)	$	(12,606)	$	4,506	$	(22,347)