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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     

Commission File No. 001-36876 

BABCOCK & WILCOX ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Delaware47-2783641
(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
1200 East Market Street, Suite 650
Akron, Ohio
44305
(Address of Principal Executive Offices)(Zip Code)
Registrant's Telephone Number, Including Area Code: (330) 753-4511
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueBWNew York Stock Exchange
8.125% Senior Notes due 2026BWSNNew York Stock Exchange
6.50% Senior Notes due 2026BWNBNew York Stock Exchange
7.75% Series A Cumulative Perpetual Preferred StockBW PRANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer 
Non-accelerated filer Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes  ☐    No  
1


The number of shares of the registrant's common stock outstanding at November 3, 2023 was 89,371,408.
2


TABLE OF CONTENTS
 PAGE
Item 1.
2



***** Cautionary Statement Concerning Forward-Looking Information *****

This Quarterly Report on Form 10-Q, including Management's Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical or current fact included in this Quarterly Report are forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.

These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of global macroeconomic conditions, including inflation and volatility in the capital markets; the impact of our divestiture of Babcock & Wilcox Solar Energy, Inc.("Babcock & Wilcox Solar", "B&W Solar"); the refinancing of our senior debt; our ability to integrate acquired businesses and the impact of those acquired businesses on our cash flows, results of operations and financial condition, including our recent acquisitions of Babcock & Wilcox Renewable Service A/S, formerly known as VODA A/S ("VODA"), Fossil Power Systems, Inc. ("FPS"), Optimus Industries, LLC ("Optimus") and certain assets of Hamon Research-Cottrell, Inc; our recognition of any asset impairments as a result of any decline in the value of our assets or our efforts to dispose of any assets in the future; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to comply with the requirements of, and to service the indebtedness under, our debt facility agreements; our ability to pay dividends on our 7.75% Series A Cumulative Perpetual Preferred Stock; our ability to make interest payments on our 8.125% senior notes due 2026 and our 6.50% notes due 2026; the highly competitive nature of our businesses and our ability to win work, including identified project opportunities in our pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; delays initiated by our customers; our ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost savings initiatives; our ability to successfully address productivity and schedule issues in our B&W Renewable, B&W Environmental and B&W Thermal segments; our ability to successfully partner with third parties to win and execute contracts within our B&W Environmental, B&W Renewable and B&W Thermal segments; changes in our effective tax rate and tax positions, including any limitation on our ability to use our net operating loss carryforwards and other tax assets; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; our ability to successfully compete with current and future competitors; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the impact of the ongoing conflicts in Ukraine and the Middle East; the impact of pandemics or other global health crises, and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K filed on March 16, 2023.

These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual results.

The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

PART I
ITEM 1. Condensed Consolidated Financial Statements
3

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share amounts)2023202220232022
Revenues$239,414 $211,669 $772,187 $611,494 
Costs and expenses:
Cost of operations186,034 164,268 603,715 478,221 
Selling, general and administrative expenses45,018 47,582 144,700 130,973 
Advisory fees and settlement costs644 1,198 (1,252)10,275 
Restructuring activities1,285 359 2,690 351 
Research and development costs
898 994 3,130 2,850 
Gain on asset disposals, net
(8)(7)(26)(7,106)
Total costs and expenses233,871 214,394 752,957 615,564 
Operating income (loss)5,543 (2,725)19,230 (4,070)
Other expense:
Interest expense(13,416)(11,098)(37,248)(32,689)
Interest income301 103 892 161 
Benefit plans, net(56)7,424 (304)22,279 
Foreign exchange(4,935)(2,007)(4,242)(3,218)
Other income (expense) – net(43)454 (675)(162)
Total other expense, net
(18,149)(5,124)(41,577)(13,629)
Loss before income tax (benefit) expense(12,606)(7,849)(22,347)(17,699)
Income tax (benefit) expense
(331)4,902 2,020 4,777 
Loss from continuing operations(12,275)(12,751)(24,367)(22,476)
Loss from discontinued operations, net of tax(104,485)(7,815)(109,880)(9,768)
Net loss(116,760)(20,566)(134,247)(32,244)
Net (income) loss attributable to non-controlling interest
(124)2,800 (221)3,647 
Net loss attributable to stockholders(116,884)(17,766)(134,468)(28,597)
Less: Dividend on Series A preferred stock3,714 3,715 11,144 11,145 
Net loss attributable to stockholders of common stock$(120,598)$(21,481)$(145,612)$(39,742)
Basic and diluted loss per share
Continuing operations$(0.18)$(0.15)$(0.40)$(0.34)
Discontinued operations(1.17)(0.09)(1.24)(0.11)
Basic and diluted loss per share$(1.35)$(0.24)$(1.64)$(0.45)
Shares used in the computation of basic and diluted loss per share:89,125 88,321 88,882 88,115 

See accompanying Notes to Condensed Consolidated Financial Statements.

4

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net loss$(116,760)$(20,566)$(134,247)$(32,244)
Other comprehensive loss:
Currency translation adjustments ("CTA")(8,669)(13,344)(550)(24,263)
Benefit obligations:
Pension and post retirement adjustments, net of tax223 198 668 593 
Other comprehensive income (loss)(8,446)(13,146)118 (23,670)
Total comprehensive loss(125,206)(33,712)(134,129)(55,914)
Comprehensive loss attributable to non-controlling interest  41 959 
Comprehensive loss attributable to stockholders$(125,206)$(33,712)$(134,088)$(54,955)
See accompanying Notes to Condensed Consolidated Financial Statements.
5

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except per share amount)September 30, 2023December 31, 2022
Cash and cash equivalents$48,369 $76,238 
Current restricted cash and cash equivalents6,505 15,335 
Accounts receivable – trade, net154,113 158,360 
Accounts receivable – other43,610 38,500 
Contracts in progress123,470 118,180 
Inventories, net113,505 102,636 
Other current assets22,843 27,002 
 Assets held for sale29,885 21,362 
Total current assets542,300 557,613 
Net property, plant and equipment and finance leases83,646 84,887 
Goodwill100,383 100,437 
Intangible assets, net46,086 51,564 
Right-of-use assets27,781 28,362 
Long-term restricted cash10,232 21,397 
Deferred income taxes4,660 2,968 
Other assets22,191 27,414 
Noncurrent assets held for sale 68,013 
Total assets$837,279 $942,655 
Accounts payable$144,344 $131,221 
Accrued employee benefits12,165 12,509 
Advance billings on contracts95,379 130,945 
Accrued warranty expense8,527 9,568 
Current Portion:
Financing lease liabilities1,325 1,180 
Operating lease liabilities3,593 3,498 
Other accrued liabilities72,294 54,035 
Loans payable5,266 3,827 
Current liabilities held for sale50,646 24,751 
Total current liabilities393,539 371,534 
Senior notes337,241 335,498 
Loans payable, net of current portion35,082 13,197 
Pension and other postretirement benefit liabilities134,517 136,176 
Finance lease liabilities, net of current portion26,555 27,482 
Operating lease liabilities, net of current portion25,183 25,588 
Deferred tax liability8,615 10,054 
Noncurrent liabilities held for sale 5,651 
Other noncurrent liabilities18,237 19,564 
Total liabilities978,969 944,744 
Stockholders' deficit:
Preferred stock, par value $0.01 per share, authorized shares of 20,000; issued and outstanding shares 7,669 at both September 30, 2023 and December 31, 2022
77 77 
Common stock, par value $0.01 per share, authorized shares of 500,000; issued and outstanding shares of 89,371 and 88,700 at September 30, 2023 and December 31, 2022, respectively
5,147 5,138 
Capital in excess of par value1,544,766 1,537,625 
Treasury stock at cost, 2,135 and 1,868 shares at September 30, 2023 and December 31, 2022, respectively
(115,151)(113,753)
Accumulated deficit(1,504,487)(1,358,875)
Accumulated other comprehensive loss(72,668)(72,786)
Stockholders' deficit attributable to shareholders(142,316)(2,574)
Non-controlling interest626 485 
Total stockholders' deficit
(141,690)(2,089)
Total liabilities and stockholders' deficit
$837,279 $942,655 

See accompanying Notes to Condensed Consolidated Financial Statements.




























6

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY


Common StockPreferred StockCapital In
Excess of
Par Value
Treasury StockAccumulated DeficitAccumulated
Other
Comprehensive
(Loss)
Non-controlling
Interest
Total
Stockholders’
(Deficit) Equity
(in thousands, except share amounts)SharesPar 
Value
SharesPar 
Value
Balance at December 31, 202288,700 $5,138 7,669 $77 $1,537,625 $(113,753)$(1,358,875)$(72,786)$485 $(2,089)
Net loss— — — — — — (12,496)— 21 (12,475)
Currency translation adjustments— — — — — — — 4,592 (35)4,557 
Pension and post retirement adjustments, net of tax— — — — — — — 223 — 223 
Stock-based compensation charges45 1 — — 3,357 (64)— — — 3,294 
Dividends to preferred stockholders— — — — — — (3,715)— — (3,715)
Dividends to non-controlling interest— — — — — — — — (1)(1)
Balance at March 31, 202388,745 $5,139 7,669 $77 $1,540,982 $(113,817)$(1,375,086)$(67,971)$470 $(10,206)
Net loss— $— — $— $— $— $(5,088)$— $76 $(5,012)
Currency translation adjustments— — — — — — — 3,527 (20)3,507 
Pension and post retirement adjustments, net of tax— — — — — — — 222 — 222 
Stock-based compensation charges83 — — — 2,185 (1)— — — 2,184 
Dividends to preferred stockholders— — — — — — (3,715)— — (3,715)
Balance at June 30, 202388,828 $5,139 7,669 $77 $1,543,167 $(113,818)$(1,383,889)$(64,222)$526 $(13,020)
Net loss— $— — $— $— $— $(116,884)$— $124 $(116,760)
Currency translation adjustments— — — — — — — (8,669)(24)(8,693)
Pension and post retirement adjustments, net of tax— — — — — — — 223 — 223 
Stock-based compensation charges543 8 — — 1,599 (1,333)— — — 274 
Dividends to preferred stockholders— — — — — — (3,714)— (3,714)
Balance at September 30, 202389,371 $5,147 7,669 $77 $1,544,766 $(115,151)$(1,504,487)$(72,668)$626 $(141,690)
7

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT) EQUITY
Common StockPreferred StockCapital In
Excess of
Par Value
Treasury StockAccumulated DeficitAccumulated
Other
Comprehensive
(Loss)
Non-controlling
Interest
Total
Stockholders’
Equity (Deficit)
(in thousands, except share amounts)SharesPar
 Value
SharesPar Value
Balance at December 31, 202186,286 $5,110 7,669 $77 $1,518,872 $(110,934)$(1,321,154)$(58,822)$25,473 $58,622 
Net loss— — — — — — (8,264)— (420)(8,684)
Currency translation adjustments— — — — — — — (4,285)(41)(4,326)
Pension and post retirement adjustments, net of tax— — — — — — — 593 — 593 
Stock-based compensation charges52 1 — — 1,673 (221)— — — 1,453 
Dividends to preferred shareholders— — — — — — (3,715)— — (3,715)
Dividends to non-controlling interest— — — — — — — — (1)(1)
Balance at March 31, 202286,338 $5,111 7,669 $77 $1,520,545 $(111,155)$(1,333,133)$(62,514)$25,011 $43,942 
Net income— $— — $— $— $— $(2,567)$— $(427)$(2,994)
Currency translation adjustments— — — — — — — (6,634)(71)(6,705)
Pension and post retirement adjustments, net of tax— — — — — — — (198)— (198)
Stock-based compensation charges54 1 — — 1,386  — — — 1,387 
Dividends to preferred stockholders— — — — — — (3,715)— — (3,715)
Balance at June 30, 202286,392 $5,112 7,669 $77 $1,521,931 $(111,155)$(1,339,415)$(69,346)$24,513 $31,717 
Net income — $— — $— $— $— $(17,766)$— $(2,800)$(20,566)
Currency translation adjustments— — — — — — — (13,344)(87)(13,431)
Defined benefit obligations— — — — — — — 198 — 198 
Stock-based compensation charges2,241 25 — — 3,347 (2,594)— — — 778 
Purchase of Fosler Construction non-controlling interest— — — — 8,626 — — — (20,735)(12,109)
Dividends to preferred stockholders— — — — — — (3,715)— — (3,715)
Balance at September 30, 202288,633 $5,137 7,669 $77 $1,533,904 $(113,749)$(1,360,896)$(82,492)$891 $(17,128)

See accompanying Notes to Condensed Consolidated Financial Statements.
8

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
(in thousands)20232022
Cash flows from operating activities:
Net loss from continuing operations$(24,367)$(22,476)
Net loss from discontinued operations(109,880)(9,768)
Net loss$(134,247)$(32,244)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of long-lived assets16,491 13,184 
Goodwill impairment56,556 7,224 
Change in fair value of contingent consideration (9,567)
Amortization of deferred financing costs and debt discount3,711 3,864 
Amortization of guaranty fee543 543 
Non-cash operating lease expense4,364 5,698 
Loss (gain) on asset disposals229 (7,165)
Benefit from deferred income taxes
(5,603)(2,597)
Prior service cost amortization for pension and postretirement plans668 593 
Stock-based compensation7,175 6,497 
Foreign exchange 4,242 3,218 
Changes in operating assets and liabilities:
Accounts receivable - trade, net and other4,269 (26,224)
Contracts in progress 2,458 (48,208)
Advance billings on contracts(29,747)28,915 
Inventories, net(10,496)(15,098)
Income taxes(159)(2,133)
Accounts payable28,103 39,639 
Accrued and other current liabilities(4,587)(10,813)
Accrued contract loss13,258 3,481 
Pension liabilities, accrued postretirement benefits and employee benefits(2,062)(27,144)
Other, net(5,639)957 
Net cash used in operating activities(50,473)(67,380)
Cash flows from investing activities:
Purchase of property, plant and equipment(10,546)(8,947)
Acquisition of business, net of cash acquired (64,914)
Proceeds from sale of business and assets, net 2,500 
Purchases of available-for-sale securities(5,263)(5,006)
Sales and maturities of available-for-sale securities7,368 8,498 
Other, net(148)299 
Net cash used in investing activities(8,589)(67,570)
9

BABCOCK & WILCOX ENTERPRISES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
(in thousands)20232022
Cash flows from financing activities:
Issuance of senior notes 5,455 
Borrowings on loan payable97,140 1,342 
Repayments on loan payable(72,502)(13,863)
Payment of holdback funds from acquisition(2,798) 
Payment of preferred stock dividends(7,428)(11,145)
Shares of common stock returned to treasury stock(1,398)(2,815)
Debt issuance costs(208)209 
Other, net(874)1,736 
Net cash provided by (used in) financing activities11,932 (19,081)
Effects of exchange rate changes on cash(734)(3,186)
Net decrease increase in cash, cash equivalents and restricted cash(47,864)(157,217)
Cash, cash equivalents and restricted cash at beginning of period112,970 226,715 
Cash, cash equivalents and restricted cash at end of period$65,106 $69,498 
Schedule of cash, cash equivalents and restricted cash:
Cash and cash equivalents$48,369 $48,471 
Current restricted cash6,505 9,630 
Long-term restricted cash10,232 11,397 
Total cash, cash equivalents and restricted cash at end of period$65,106 $69,498 
Supplemental Cash flow information:
Income taxes paid, net$4,642 $2,693 
Interest paid$16,685 $19,292 
See accompanying Notes to Condensed Consolidated Financial Statements.
10


BABCOCK & WILCOX ENTERPRISES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2023

NOTE 1 – BASIS OF PRESENTATION

These interim Condensed Consolidated Financial Statements of Babcock & Wilcox Enterprises, Inc. (“B&W,” "management,” “we,” “us,” “our” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and Securities and Exchange Commission (“SEC”) instructions for interim financial information, and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022. We have included all adjustments, in the opinion of management, consisting only of normal, recurring adjustments, necessary for a fair presentation of the interim financial statements. We have eliminated all intercompany transactions and accounts. We have presented the notes to the Condensed Consolidated Financial Statements on the basis of continuing operations, unless otherwise stated. Additionally, certain prior period amounts have been reclassified to conform to the current period presentation in the footnotes to the accompanying unaudited condensed consolidated financial statements.

The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ from these estimates. In the opinion of management, these Condensed Consolidated Financial Statements contain all estimates and adjustments, consisting of normal recurring accruals, required to fairly present the financial position, results of operations, and cash flows for the interim periods. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full-year ending December 31, 2023.

There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

We classify assets and liabilities as held for sale ("disposal group") when our Management, with approval from our Board of Directors, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When we classify a disposal group as held for sale, we test for impairment as follows. First we evaluate for impairment all assets outside those included in goodwill and other long-lived assets. Next, we evaluate goodwill, then the disposal group in its entirety to arrive at a fair value, less cost to sell. An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less costs to sell. We also cease depreciation and amortization for assets classified as held for sale. When a decision to sell represents a strategic shift impacting our operations and financial results, the disposal group and related operations are reported as discontinued operations. For further discussion see Note 3 - Assets Held for Sale and Discontinued Operations.

Non-controlling interests are presented in the Condensed Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (non-controlling interests) in partially-owned subsidiaries have similar economic interests in a single entity. As a result, investments in non-controlling interests are reported as equity in the Condensed Consolidated Financial Statements. Additionally, our Condensed Consolidated Financial Statements include 100% of a controlled subsidiary’s earnings, rather than only our share. Transactions between the parent company and non-controlling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control.
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Market Update

We have experienced and may continue to experience, supply chain disruptions driven by any number of events globally, including pandemics, geopolitical conflicts (including the ongoing conflicts in Ukraine and the Middle East), climate change and others. We have also observed significant delays and disruptions of service and material providers and negative impacts to pricing of certain products. These delays and disruptions have had, and could continue to have, an adverse impact on our ability to meet customers’ demands and schedules. We are continuing to actively monitor the impact of these market conditions on current and future periods and actively manage costs and our liquidity position to provide additional flexibility while still supplying our customers and their specific needs. The duration and scope of these conditions cannot be predicted, and therefore, any anticipated negative financial impact to our operating results cannot be reasonably estimated.

NOTE 2 – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted loss per share of our common stock, net of non-controlling interest and dividends on preferred stock:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share amounts)2023202220232022
Loss from continuing operations$(12,275)$(12,751)$(24,367)$(22,476)
Net loss (income) attributable to non-controlling interest(124)2,800 (221)3,647 
Less: Dividend on Series A preferred stock3,714 3,715 11,144 11,145 
Loss from continuing operations attributable to stockholders of common stock(16,113)(13,666)(35,732)(29,974)
Loss from discontinued operations, net of tax(104,485)(7,815)(109,880)(9,768)
Net loss attributable to stockholders of common stock$(120,598)$(21,481)$(145,612)$(39,742)
Weighted average shares used to calculate basic and diluted loss per share89,125 88,321 88,882 88,115 
Basic and diluted loss per share:
Continuing operations$(0.18)$(0.15)$(0.40)$(0.34)
Discontinued operations$(1.17)$(0.09)$(1.24)$(0.11)
Basic and diluted loss per share$(1.35)$(0.24)$(1.64)$(0.45)

We incurred a net loss in each of the three and nine month periods ended September 30, 2023 and 2022, therefore the basic and diluted shares are the same.

If we had net income in the three month periods ended September 30, 2023 and 2022, diluted shares would have included an additional 0.3 million and 0.8 million shares, respectively. If we had net income in the nine month periods ended September 30, 2023 and 2022, diluted shares would have also included an additional 0.5 million and 0.9 million shares, respectively.

We excluded 1.9 million and 0.3 million shares related to stock options from the diluted share calculation for the three month periods ended September 30, 2023 and 2022, respectively, because their effect would have been anti-dilutive. We excluded 1.9 million and 0.4 million shares related to stock options from the diluted share calculation from the nine months ended September 30, 2023 and 2022, respectively, because their effect would have been anti-dilutive.


NOTE 3 – ASSETS AND LIABILITIES HELD FOR SALE AND DISCONTINUED OPERATIONS

During the third quarter of 2023, we committed to a plan to sell our B&W Solar business resulting in a significant change that would impact our operations. As of September 30, 2023, we met all of the criteria for the assets and liabilities of this business, formerly part of our B&W Renewable segment, to be accounted for as held for sale. In addition, we also determined that the operations of the B&W Solar business qualified as a discontinued operation, primarily based upon its
12


significance to our current and historic operating losses. The decision to sell the B&W Solar business, along with the significant increase in estimated costs to complete the B&W Solar loss contracts, resulted in a triggering event as of September 30, 2023 that required us to immediately perform certain valuations. For goodwill, we performed a quantitative assessment using the income approach (discounted cash flows). The income approach uses the disposal group's estimated future cash flows, discounted at the weighted-average cost of capital of a hypothetical third-party buyer to account for uncertainties within the projections. The income approach also uses assumptions based on the disposal group's estimated revenue growth, operating margin, and working capital turnover. As a result of this impairment test, we recognized an impairment of $55.6 million, or the entire balance of goodwill associated with B&W Solar. This impairment has been included in discontinued operations in our Condensed Consolidated Statement of Operations.

The following table summarizes the operating results of the disposal group included in discontinued operations on our Condensed Consolidated Statements of Operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Revenues$(4,709)$3,201 $24,952 $28,444 
Cost of operations35,377 11,817 65,682 34,264 
General and administrative expenses(1)
7,646 (8,226)11,997 (3,622)
Restructuring expenses50  50  
Loss (Gain) on asset disposals, net(98)(21)255 (59)
Goodwill impairment56,556 7,224 56,556 7,224 
Total costs and expenses99,531 10,794 134,540 37,807 
   Operating loss(104,240)(7,593)(109,588)(9,363)
Interest expense(61)(222)(67)(560)
Interest income   162 
Other-net(8) (49)(7)
   Total other expense(69)(222)(116)(405)
Loss from discontinued operations before tax(104,309)(7,815)(109,704)(9,768)
Income tax provision(176) (176) 
Loss from discontinued operations, net of tax$(104,485)$(7,815)$(109,880)$(9,768)
(1) General and administrative expenses in 2022 includes $9.6 million related to the change in fair value of contingent consideration.

During the nine months ended September 30, 2023, B&W Solar had total bookings of $46.3 million. On September 30, 2023, B&W Solar had $36.8 million of remaining performance obligations, which we also refer to as total backlog. We expect to recognize substantially all of our remaining performance obligations as revenue prior to December 31, 2024.

The following table provides the major classes of assets and liabilities of the disposal group included in assets held for sale and liabilities held for sale in our Condensed Consolidated Balance Sheets:

13


(in thousands)September 30, 2023December 31, 2022
Cash $26 $490 
Contracts in progress