v3.25.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
An analysis of our operations by segment is as follows:
Three Months Ended March 31,
(in thousands)20252024
Revenues:
B&W Renewable segment
Parts$20,592 $18,367 
Projects6,058 5,982 
Construction1,891 3,109 
28,541 27,458 
B&W Environmental segment
Parts7,010 7,157 
Projects7,397 19,551 
14,407 26,708 
B&W Thermal segment
Parts64,915 53,643 
Projects32,116 22,794 
Construction41,215 33,750 
138,246 110,187 
Elimination of intersegment revenues— (65)
Total Revenue$181,194 $164,288 
Schedule of Reconciliation from Net (Loss) Income to Adjusted EBITDA
The following tables provide information about our segments, as well as the "Corporate/Other Segment" category and include the reconciliation of Revenue to Adjusted EBITDA to Loss from continuing operations before income tax expense:
Three Months Ended March 31, 2025
(in thousands)B&W Renewable segmentB&W Environmental segmentB&W Thermal segmentTotal
Revenue$28,541 $14,407 $138,246 $181,194 
Cost of operations20,351 10,255 108,444 139,050 
General & administrative expense (1)
3,059 894 9,935 13,888 
Selling & marketing expense (1)
2,003 989 7,494 10,486 
Segment Adjusted EBITDA3,128 2,269 12,373 17,770 
Corporate/eliminations (2)
(3,461)
Interest expense, net(10,935)
Depreciation & amortization(2,476)
Impairment of long-lived assets(950)
Benefit plans, net(753)
Loss on sales, net
(8)
Settlement and related legal recoveries (costs)(64)
Advisory fees for settlement costs and liquidity planning(492)
Stock compensation(763)
Restructuring activities(112)
Acquisition pursuit and related costs(1,356)
Product development(1,205)
Foreign exchange261 
Letter of credit fees(1,200)
Other-net303 
Loss from continuing operations before income tax expense$(5,441)
Three Months Ended March 31, 2024
(in thousands)B&W Renewable segmentB&W Environmental segmentB&W Thermal segmentTotal
Revenue$27,458 $26,708 $110,187 $164,353 
Cost of operations19,898 20,879 82,696 123,473 
General & administrative expense (1)
2,466 2,682 6,895 12,043 
Selling & marketing expense (1)
2,452 2,120 7,147 11,719 
Segment Adjusted EBITDA2,642 1,027 13,449 17,118 
Corporate/eliminations (2)
(5,856)
Interest expense, net(11,896)
Depreciation & amortization(3,159)
Benefit plans, net96 
Settlement and related legal recoveries (costs)4,087 
Advisory fees for settlement costs and liquidity planning(214)
Loss on debt extinguishment
(5,071)
Stock compensation(1,350)
Restructuring activities(907)
Acquisition pursuit and related costs(84)
Product development(1,619)
Foreign exchange(716)
Letter of credit fees(2,282)
Other-net(35)
Loss from continuing operations before income tax expense$(11,888)
(1) General & administrative expense excludes corporate/eliminations of $4.0 million and $6.7 million for the three months ended March 31, 2025 and 2024, respectively. We had no selling & marketing expenses excluded from corporate/eliminations for the three months ended March 31, 2025 and 2024.
(2) Other corporate expenses include certain R&D expenses and other costs not allocated to our segments.