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<\/a><\/a>- \n
- \nRevenues of $515.5 million<\/li>\n
- \nNet income attributable to common shareholders of $9.7 million<\/li>\n
- \nGAAP EPS of $0.18<\/li>\n
- \nNon-GAAP EPS $0.20<\/li>\n
- \nAdjusted EBITDA of $62.8 million<\/li>\n<\/ul>
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Ameresco, Inc. (NYSE:AMRC), a leading energy infrastructure company, today announced financial results for the second quarter ended June 30, 2026. The Company also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information, which includes Non-GAAP financial measures, has been posted to the \u201cInvestors\u201d section of the Company\u2019s website at www.ameresco.com<\/a>. Reconciliations of Non-GAAP measures to the appropriate GAAP measures are included herein. All financial result comparisons made are against the prior year period unless otherwise noted.<\/p>
\nCEO George Sakellaris commented, \u201cOutstanding second quarter results demonstrated solid execution in key areas of our business, underscoring Ameresco\u2019s position as a leading energy infrastructure company that delivers integrated solutions to provide reliable power and modernize critical building and public infrastructure. This performance supports our expectation for 2026 to be another year of growth and increased profitability.<\/p>
\n\u201cOne of the highlights of the quarter was the tremendous momentum we experienced in the Power Infrastructure pillar of our business, which resulted in a record 65% increase in our awarded backlog to $4.4 billion, providing substantial visibility for at least the next three to four years. During the quarter, we had a record of $1.8 billion of new awards, driven by $1.2 billion for data center, and $600 million for our other key markets. We successfully advanced three new behind the meter data center projects, bringing the total number of data center projects in our awarded project backlog to five. The dollar amount related to data centers that we added to our awarded backlog this quarter represents only a portion of their potential total value. We expect to add additional contributions to awarded backlog and move projects to contracted backlog as these projects reach further development and construction milestones. And beyond these five data center power infrastructure projects already in our awarded backlog, we have a growing number of additional opportunities in our pipeline,\u201d Mr. Sakellaris concluded.<\/p>
\nSecond Quarter Financial Results\n
\n
\n \n(in thousands)<\/b><\/p><\/td>
\nQ2 2026<\/b><\/p><\/td>
\nQ2 2025<\/b><\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\nRevenue<\/b><\/p><\/td>
\nNet Income (Loss) (1)<\/sup><\/b><\/p><\/td>
\nAdj. EBITDA<\/b><\/p><\/td>
\nRevenue<\/b><\/p><\/td>
\nNet Income (1)<\/sup><\/b><\/p><\/td>
\nAdj. EBITDA<\/b><\/p><\/td><\/tr>\n
\n \nProjects<\/p><\/td>
\n$380,903<\/p><\/td>
\n$4,746<\/p><\/td>
\n$17,500<\/p><\/td>
\n$358,088<\/p><\/td>
\n$4,933<\/p><\/td>
\n$16,295<\/p><\/td><\/tr>\n
\n \nEnergy Assets<\/p><\/td>
\n$75,904<\/p><\/td>
\n($2,751)<\/p><\/td>
\n$34,831<\/p><\/td>
\n$62,909<\/p><\/td>
\n$3,426<\/p><\/td>
\n$33,787<\/p><\/td><\/tr>\n
\n \nO&M<\/p><\/td>
\n$36,193<\/p><\/td>
\n$8,299<\/p><\/td>
\n$9,795<\/p><\/td>
\n$27,955<\/p><\/td>
\n$2,647<\/p><\/td>
\n$3,447<\/p><\/td><\/tr>\n
\n \nOther<\/p><\/td>
\n$22,464<\/p><\/td>
\n($576)<\/p><\/td>
\n$683<\/p><\/td>
\n$23,332<\/p><\/td>
\n$1,858<\/p><\/td>
\n$2,618<\/p><\/td><\/tr>\n
\n \nTotal (2)<\/sup><\/b><\/p><\/td>
\n$515,464<\/b><\/p><\/td>
\n$9,718<\/b><\/p><\/td>
\n$62,809<\/b><\/p><\/td>
\n$472,284<\/b><\/p><\/td>
\n$12,864<\/b><\/p><\/td>
\n$56,147<\/b><\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \n(1) <\/sup>Net Income (loss) represents net income (loss) attributable to common shareholders.<\/p><\/td><\/tr>\n
\n \n(2)<\/sup> Numbers in table may not sum due to rounding.<\/p><\/td><\/tr>\n<\/table>
\nTotal revenue increased 9% to $515.5 million, reflecting broad-based growth across each of our core business lines and continued strong execution on project backlog conversion. Project revenue increased 6% to $380.9 million, while Energy Asset revenue grew 21% to $75.9 million, as we continued to expand our portfolio of owned operating assets. O&M revenue increased 29% to $36.2 million, driven by the continued addition of new long-term contracts. Gross margin expanded to 17.7%, reflecting a favorable business mix and strong execution, with meaningful improvement on both a sequential and year-over-year basis.<\/p>
\nNet income attributable to common shareholders was $9.7 million, or $0.18 per diluted share, while Non-GAAP EPS was $0.20. Adjusted EBITDA increased 12% to $62.8 million, outpacing revenue growth and reflecting strong operating execution, improved business mix and the continued expansion of our higher margin recurring businesses. EPS reflected higher depreciation and interest expense associated with the growth in our Energy Asset portfolio, a lower tax benefit, and the non-controlling interest impact from the Neogenyx transaction.<\/p>
\nProject and Asset Highlights<\/b><\/p>
\n
\n \n($ in millions)<\/b><\/p><\/td>
\n\u00a0<\/p><\/td>
\nAt June 30, 2026<\/b><\/p><\/td><\/tr>\n
\n \nAwarded Project Backlog (1)<\/sup><\/p><\/td>
\n\u00a0<\/p><\/td>
\n$4,424<\/p><\/td><\/tr>\n
\n \nContracted Project Backlog<\/p><\/td>
\n\u00a0<\/p><\/td>
\n$2,302<\/p><\/td><\/tr>\n
\n \nTotal Project Backlog<\/b><\/p><\/td>
\n\u00a0<\/p><\/td>
\n$6,726<\/p><\/td><\/tr>\n
\n \n12-month Contracted Backlog (2)<\/sup><\/p><\/td>
\n\u00a0<\/p><\/td>
\n$1,100<\/p><\/td><\/tr>\n
\n \nNew Contracts<\/p><\/td>
\n\u00a0<\/p><\/td>
\n$185<\/p><\/td><\/tr>\n
\n \nNew Awards (3)<\/sup><\/p><\/td>
\n\u00a0<\/p><\/td>
\n$1,835<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \nTotal O&M Revenue Backlog<\/p><\/td>
\n\u00a0<\/p><\/td>
\n$1,519<\/p><\/td><\/tr>\n
\n \n12-month O&M Backlog<\/p><\/td>
\n\u00a0<\/p><\/td>
\n$118<\/p><\/td><\/tr>\n
\n \nTotal Energy Asset Visibility (4)<\/sup><\/p><\/td>
\n\u00a0<\/p><\/td>
\n$3,244<\/p><\/td><\/tr>\n
\n \nTotal Revenue Visibility<\/p><\/td>
\n\u00a0<\/p><\/td>
\n$11,489<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \nEnergy Assets Placed into Operation<\/p><\/td>
\n\u00a0<\/p><\/td>
\n32 MWe<\/p><\/td><\/tr>\n
\n \nEnergy Assets New Awards \/ Scope Changes (5)<\/sup><\/p><\/td>
\n\u00a0<\/p><\/td>
\n(24) MWe<\/p><\/td><\/tr>\n
\n \nTotal Operating Energy Assets<\/p><\/td>
\n\u00a0<\/p><\/td>
\n822 MWe<\/p><\/td><\/tr>\n
\n \nAmeresco's Net Assets in Development (6)<\/sup><\/p><\/td>
\n\u00a0<\/p><\/td>
\n513 MWe<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \n(1)<\/sup> Customer contracts that have not been signed yet<\/p><\/td><\/tr>\n
\n \n(2)<\/sup> We define our 12-month backlog as the estimated amount of revenues that we expect to recognize in the next twelve months from our fully-contracted backlog<\/p><\/td><\/tr>\n
\n \n(3)<\/sup> Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed<\/p><\/td><\/tr>\n
\n \n(4)<\/sup> Estimated contracted revenue and incentives during PPA period plus estimated additional revenue from operating RNG assets over a 20-year period, assuming RINs at $1.50\/gallon and brown gas at $3.50\/MMBtu with $3.00\/MMBtu for LCFS on certain projects<\/p><\/td><\/tr>\n
\n \n(5)<\/sup> The reduction is largely attributable to the non-controlling interest from Neogenyx<\/p><\/td><\/tr>\n
\n \n(6)<\/sup> Net MWe capacity includes only our share of any jointly owned assets<\/p><\/td><\/tr>\n<\/table>
\nBalance Sheet and Cash Flow Metrics<\/b><\/p>
\n
\n \n($ in millions)<\/b><\/p><\/td>
\nJune 30, 2026<\/b><\/p><\/td><\/tr>\n
\n \nTotal Corporate Debt (1)<\/sup><\/p><\/td>
\n$384.8<\/p><\/td><\/tr>\n
\n \nCorporate Debt Leverage Ratio (2)<\/sup><\/p><\/td>
\n3.2X<\/p><\/td><\/tr>\n
\n \nNon-Core Debt, International JVs (4)<\/sup><\/p><\/td>
\n$27.5<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \nTotal Energy Asset Debt (3)<\/sup><\/p><\/td>
\n$1,546.6<\/p><\/td><\/tr>\n
\n \nEnergy Asset Book Value (5)<\/sup><\/p><\/td>
\n$2,236.3<\/p><\/td><\/tr>\n
\n \nEnergy Debt Advance Rate (6)<\/sup><\/p><\/td>
\n69%<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \nQ2 Cash Flows from Operating Activities<\/p><\/td>
\n$(107.2)<\/p><\/td><\/tr>\n
\n \nPlus: Q2 proceeds from Sales of ITC<\/span><\/p><\/td>
\n$20.4<\/span><\/p><\/td><\/tr>\n
\n \nPlus: Q2 Proceeds from Federal ESPC Projects<\/span><\/p><\/td>
\n$21.5<\/span><\/p><\/td><\/tr>\n
\n \nEquals: Q2 Non-GAAP Adjusted Cash from Operations<\/p><\/td>
\n$(65.3)<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \n8-quarter rolling average Cash Flows from Operating Activities<\/p><\/td>
\n($13.6)<\/p><\/td><\/tr>\n
\n \nPlus: 8-quarter rolling average Proceeds from Sales of ITC<\/p><\/td>
\n$19.1<\/p><\/td><\/tr>\n
\n \nPlus: 8-quarter rolling average Proceeds from Federal ESPC Projects<\/span><\/p><\/td>
\n$24.1<\/span><\/p><\/td><\/tr>\n
\n \nEquals: 8-quarter rolling average Non-GAAP Adjusted Cash from Operations<\/p><\/td>
\n$29.6<\/p><\/td><\/tr>\n
\n \n\u00a0<\/p><\/td>
\n\u00a0<\/p><\/td><\/tr>\n
\n \n(1) <\/sup>Subordinated debt, term loans, and drawn amounts on the revolving line of credit, net of debt discount and issuance costs<\/p><\/td><\/tr>\n
\n \n(2)<\/sup> Debt to EBITDA, as calculated under our Sr. Secured Credit Facility<\/p><\/td><\/tr>\n
\n \n(3)<\/sup> Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development<\/p><\/td><\/tr>\n
\n \n(4) <\/sup>Non-core Debt associated with our international joint ventures<\/p><\/td><\/tr>\n
\n \n(5)<\/sup> Book Value of our Energy Assets in operations and in-construction and development<\/p><\/td><\/tr>\n
\n \n(6) <\/sup>Total Energy Asset Debt divided by Energy Asset Book Value<\/p><\/td><\/tr>\n<\/table>
\nUnrestricted cash increased to $138.3 million with total corporate debt of $384.8 million. Our corporate leverage was 3.2x, comfortably below our 3.5x covenant. We also strengthened our capital position in Q2, securing $471.0 million of financing commitments, including the $400 million related to the Neogenyx transaction. That capital gives us added flexibility to fund growth, support working capital needs, and continue scaling the Energy Assets portfolio in a disciplined way.<\/p>
\nAdjusted Cash from Operations was negative in Q2, primarily due to the timing of project execution, billings and collections. On a rolling eight-quarter basis, Adjusted Cash from Operations was approximately $30 million, compared with $57 million last quarter, primarily reflecting the timing and mix of activity in the period, along with the composition of the rolling period.<\/p>
\nSummary and Outlook\n
\nGiven our first-half performance, the visibility in our backlog, and the financing progress we made in Q2, we remain confident in our outlook for 2026 and are reaffirming our full-year guidance across all metrics and based on improved visibility into investment tax credits expected to be realized in 2026, we are increasing our Non-GAAP EPS. Based on our updated view, we now expect a tax benefit rate in the range of (25%) to (40%), which increases our Non-GAAP EPS guidance range to be $1.15 to $1.35.<\/p>
\nThe expected additional tax benefit is supported by our planned transition to a new accounting policy for transferable tax credits in the second half of the year. This methodology better aligns earnings recognition with the period in which the investment tax credits are generated, rather than allocating the benefit over the life of the related assets.<\/p>
\nWe expect the second half to follow our normal seasonal cadence, with activity weighted somewhat more toward Q4, supported by continued project execution, backlog conversion, and disciplined cost management.<\/p>
\n
\n \nFY 2026 Guidance Ranges<\/b><\/p><\/td><\/tr>\n
\n \nRevenue<\/p><\/td>
\n$2.0 billion<\/p><\/td>
\n$2.2 billion<\/p><\/td><\/tr>\n
\n \nGross Margin<\/p><\/td>
\n17%<\/p><\/td>
\n18%<\/p><\/td><\/tr>\n
\n \nAdjusted EBITDA (1)<\/sup><\/p><\/td>
\n$250 million<\/p><\/td>
\n$270 million<\/p><\/td><\/tr>\n
\n \nDepreciation & Amortization<\/p><\/td>
\n$115 million<\/p><\/td>
\n$116 million<\/p><\/td><\/tr>\n
\n \nInterest Expense & Other<\/p><\/td>
\n$95 million<\/p><\/td>
\n$100 million<\/p><\/td><\/tr>\n
\n \nEffective Tax Rate<\/p><\/td>
\n(25)%<\/p><\/td>
\n(40)%<\/p><\/td><\/tr>\n
\n \nNet Income Attributable to Non-Controlling Interest<\/p><\/td>
\n($22) million<\/p><\/td>
\n($29) million<\/p><\/td><\/tr>\n
\n \nNon-GAAP EPS (1)<\/sup><\/p><\/td>
\n$1.15<\/p><\/td>
\n$1.35<\/p><\/td><\/tr>\n
\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n(1) The Company\u2019s Adjusted EBITDA and Non-GAAP EPS guidance excludes the potential impact of redeemable non-controlling interest activity, one-time charges, energy asset and goodwill impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact.<\/p><\/td><\/tr>\n<\/table>
\nConference Call\/Webcast Information\n
\nUse of Non-GAAP Financial Measures\n
\nDefined Terms\n