Babcock & Wilcox Enterprises Inc. reported its first quarter 2025 financial results, showcasing a strong performance. The company achieved consolidated revenue of $181.2 million, surpassing expectations. Operating income for the period was $5.9 million, slightly higher than the $5.7 million recorded in the first quarter of 2024. The company reported a net loss of $7.8 million, which includes $1.7 million of non-cash losses, compared to a loss of $12.8 million in the same quarter of the previous year. B&W's Adjusted EBITDA reached $14.3 million, marking a 27% increase from $11.3 million in the first quarter of 2024. The Babcock & Wilcox Renewable segment saw revenues of $28.5 million, a 4% rise from $27.5 million in the previous year, primarily due to growth in the pulp and paper business. Meanwhile, the Environmental segment experienced a revenue decline of 46% to $14.4 million, attributed to the completion of larger projects in 2024 that were not fully replaced in the current quarter. However, Adjusted EBITDA for this segment rose significantly by 121% to $2.3 million, mainly due to lower SG&A expenses. Babcock & Wilcox also announced a bond exchange, converting $131.8 million of bonds into $100.8 million of new five-year second lien notes, effectively reducing its current debt and lowering annual interest expenses. The company recorded the highest Q1 bookings, revenue, gross profit, and EBITDA for its Global Parts & Service division, driven by increased demand for boiler components. Additionally, the sale of assets from its Denmark-based A/S subsidiary generated $20 million in proceeds, with $5 million allocated to the Massillon BrightLoop™ project. Bookings from continuing operations increased by 11% to $167.0 million, and the backlog grew by 47% to $526.8 million compared to the same period in 2024.