Babcock & Wilcox Enterprises (NYSE: BW) reported fourth-quarter and full-year 2025 results on Wednesday, revealing a transformative shift in its business profile as a multi-billion dollar AI data center contract propelled its backlog to record heights.
The energy technology provider ended the year with a backlog of $2.8 billion, a staggering 470% increase compared to the $486 million reported at the end of 2024.
The surge is almost entirely attributed to a recently signed $2.4 billion agreement to provide natural gas-fired power generation infrastructure for a massive AI data center "factory" project.
Under the "full notice to proceed" signed in early 2026, B&W will design and install four 300-megawatt power plants, including boilers and steam turbines, for partner Applied Digital.
Operationally, the company’s fourth-quarter revenue remained stable at $161 million, compared to $161.8 million in the prior-year period.
However, profitability showed marked improvement; the loss from continuing operations narrowed significantly to $3.5 million ($0.05 per share), down from a $53.8 million loss in Q4 2024.