US Market News
2月前
Ameresco Reports First Quarter 2026 Financial ResultsMay 4, 2026 4:10 PM
Business Wire Strong Revenue and Pipeline Growth 20% Awarded and 8% Total Backlog Year over Year Growth Leadership Promotions Position the Company for Accelerated Long Term Growth Announces Transformational Investment by HASI in Ameresco’s Biogas Business Updates 2026 Guidance as a Result of the Investment First Quarter 2026 Financial Highlights: Revenues of $401.5 million Net loss attributable to common shareholders of $18.3 million GAAP EPS of ($0.35) Non-GAAP EPS ($0.33) Adjusted EBITDA of $40.5 million Ameresco, Inc. (NYSE:AMRC), a leading energy infrastructure solutions provider, today announced financial results for the first quarter ended March 31, 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 “Investors” section of the Company’s website at www.ameresco.com. 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. CEO George Sakellaris commented, “The first quarter represented a solid start to the year, with revenue growth of 14% despite adverse weather conditions. During the quarter we secured over half a billion dollars in new project awards, driving 20% growth in our Awarded Backlog which now stands at almost $2.8 billion. “Our customers are navigating a convergence of rising energy costs, rapidly increasing demand, and an imperative for highly resilient energy systems. Against this backdrop, we are experiencing record levels of business development activity, with especially strong demand coming from our Federal government customers. Ameresco’s diversified mix of building efficiency and energy infrastructure Project offerings together with our Energy Asset solutions and O&M capabilities puts us in a unique position to address these complex challenges as a go-to, comprehensive solutions provider.” “In a separate release today, we announced the signing of an agreement with HASI for an important $400 million strategic investment in our biofuels business, creating a newly formed joint venture named Neogenyx Fuels. Ameresco has been a leader in the biofuels industry for the last twenty-five years, turning the beneficial use of biogas into a reliable low-carbon fuel source,” said George Sakellaris, Chief Executive Officer of Ameresco. “When completed, this transaction will enable us to monetize a portion of the $1.8 billion enterprise value that we have created in our biogas business, while allowing us to accelerate the future growth of this platform." First Quarter Financial Results
(All financial result comparisons made are against the prior year period unless otherwise noted.) (in thousands) Q1 2026 Q1 2025 Revenue Net (Loss) Income (1) Adj. EBITDA Revenue Net (Loss) Income (1) Adj. EBITDA Projects $290,489 ($4,290) $5,844 $251,461 $393 $8,736 Energy Assets $60,705 ($16,669) $30,014 $56,693 $(5,884) $30,106 O&M $30,223 $1,579 $2,586 $24,846 $733 $1,662 Other $20,043 $1,097 $2,028 $19,829 $(725) $130 Total (2) $401,460 ($18,283) $40,472 $352,829 $(5,483) $40,634 (1) Net Income represents net income attributable to common shareholders. (2) Numbers in table may not sum due to rounding. Total revenue was $401.5 million, up 14% year over year, driven by strong performances in Projects and O&M. Project revenue increased 16% to $290.5 million, reflecting solid execution across Federal and key geographies in both Building Efficiency and Energy Infrastructure solutions. Energy Asset revenue grew 7% to $60.7 million, supported by continued expansion of our operating asset portfolio, more than offsetting the impact of adverse weather conditions at several RNG facilities. O&M revenue increased 22%, driven by the continued additions of new long-term contracts. Gross margin of 14% reflects the impact of adverse weather at certain RNG sites and project mix. Net interest and other expenses was $27.8 million, reflecting an increase year over year, primarily driven by $1.8 million of non-cash mark-to-market adjustments on non-hedged derivatives and $0.9 million of foreign exchange losses. The effective tax rate was approximately 18% in Q1, compared to a (27)% benefit in the prior year, reflecting our decision to monetize certain investment tax credits through third-party sales. Net loss attributable to common shareholders was $18.3 million or $(0.35) per diluted share, with Non-GAAP loss per share of $(0.33). Adjusted EBITDA of $40.5 million was in line with the Company’s expectations. Project and Asset Highlights ($ in millions) At March 31, 2026 Awarded Project Backlog (1) $2,774 Contracted Project Backlog $2,497 Total Project Backlog $5,271 12-month Contracted Backlog (2) $1,094 New Contracts $318 New Awards (3) $522 Total O&M Revenue Backlog $1,543 12-month O&M Backlog $118 Total Energy Asset Visibility (4) $3,784 Total Revenue Visibility $10,598 Energy Assets Placed into Operation 1 MWe Energy Assets New Awards / Scope Changes 0 MWe Total Operating Energy Assets 839 MWe Ameresco's Net Assets in Development (5) 568 MWe (1) Customer contracts that have not been signed yet (2) 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 (3) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed (4) 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 $3.00/MMBtu for LCFS on certain projects (5) Net MWe capacity includes only our share of any jointly owned assets Balance Sheet and Cash Flow Metrics ($ in millions) March 31, 2026 Total Corporate Debt (1) $383.1 Corporate Debt Leverage Ratio (2) 3.2X Non-Core Debt, International JVs (4) $27.4 Total Energy Asset Debt (3) $1,576.3 Energy Asset Book Value (5) $2,155.8 Energy Debt Advance Rate (6) 73% Q1 Cash Flows from Operating Activities $35.4 Plus: Q1 Proceeds from Federal ESPC Projects $26.6 Equals: Q1 Non-GAAP Adjusted Cash from Operations $62.0 8-quarter rolling average Cash Flows from Operating Activities $6.5 Plus: 8-quarter rolling average Proceeds from Sales of ITC $16.5 Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects $33.9 Equals: 8-quarter rolling average Non-GAAP Adjusted Cash from Operations $57.0 (1) Subordinated debt, term loans, and drawn amounts on the revolving line of credit, net of debt discount and issuance costs (2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility (3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development (4) Non-core Debt associated with our international joint ventures (5) Book Value of our Energy Assets in operations and in-construction and development (6) Total Energy Asset Debt divided by Energy Asset Book Value The Company ended the first quarter with $104.0 million in unrestricted cash. Total corporate debt, including subordinated debt, term loans and borrowings under our revolving line of credit, increased to $383.1 million, supporting working capital needs associated with the continued growth of our project and energy asset businesses. During the quarter the Company executed approximately $149.5 million of new financing commitments. Energy Asset Debt totaled $1.6 billion representing an Energy Debt Advance rate of 73% of Energy Asset Book Value. Non-GAAP Adjusted Cash from Operations for the quarter was $62.0 million, with an 8-quarter rolling average Non-GAAP Adjusted Cash from Operations of $57.0 million. Summary and Outlook
“Ameresco is off to a solid start this year, against a favorable backdrop of strong secular trends. We made several important organizational changes in the first quarter that are designed to enhance our ability to execute more effectively and better profit from the tremendous opportunities on the horizon,” concluded CEO George Sakellaris. Based on our strong start to the year, we would have reaffirmed our original 2026 guidance. In anticipation of the closing of the Neogenyx Fuels transaction, however, we are updating our full-year guidance to reflect the expected impact on our reported results. Importantly, this update is driven by the structure of the transaction and does not change our underlying operating expectations. Given the structure of the transaction, we plan to consolidate Neogenyx Fuels, and therefore our revenue guidance remains unchanged. 30% of Neogenyx Fuel's net income will be attributable to HASI and reflected as income attributable to non-controlling interest. Consistent with this, our reported Adjusted EBITDA, as well as our operating assets and assets in development metrics will reflect our 70% ownership. The company continues to anticipate placing approximately 100-120 MWe of total energy assets in service, including 2 RNG plants. Expected capex is $300 million to $350 million, the majority of which is expected to be funded with a combination of energy asset debt, HASI's investment, tax equity and tax credit sales. The revenue cadence for the remainder of the year is expected to follow our historical seasonal pattern, with results weighted toward the second half. We expect the second half to contribute approximately 60% of total 2026 revenue, consistent with recent-year performance. For the second quarter, with the expectation that the Neogenyx Fuels transaction will close, we expect Adjusted EBITDA of $58 million to $62 million and Non-GAAP EPS of $0.18 to $0.23. FY 2026 Guidance Ranges Revenue $2.0 billion $2.2 billion Gross Margin 17% 18% Adjusted EBITDA (1) $250 million $270 million Depreciation & Amortization $115 million $116 million Interest Expense & Other $95 million $100 million Effective Tax Rate (20)% (10)% Net Income Attributable to Non-Controlling Interest ($22) million ($29) million Non-GAAP EPS $1.06 $1.28 (1) The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP measure without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Conference Call/Webcast Information
The Company will host a conference call today at 4:30 p.m. ET to discuss first quarter 2026 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 4849290, approximately 10 minutes before the call. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investors” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year. Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to adjusted EBITDA, adjusted EBITDA margin, Non- GAAP EPS, Non-GAAP net income and Non-GAAP adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables. About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, data centers, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com. Safe Harbor Statement
This release contains certain forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained herein specifically include expectations about market conditions, pipeline, visibility, backlog, pending agreements, new and expanding market opportunities, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, interest rate, depreciation, tax attributes and capital investments; guidance related to the proposed Neogenyx Fuels transaction, the governance, operating and financial terms of the Neogenyx Fuels transaction, and the anticipated closing date thereof, if at all, statements regarding potential future growth prospects of the joint venture, and Ameresco’s intended use of the proceeds from the contribution of assets to the joint venture; the impact of policies and regulatory changes, supply chain disruptions, shortage and cost of materials and labor, other macroeconomic and geopolitical challenges; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The forward-looking statements included herein involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. These risks and uncertainties include, but are not limited to: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and the potential for liquidated and other damages we may be subject to; the fiscal health of the government and the impact of a prolonged government shutdown and reductions in the federal workforce; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements; the impact of macroeconomic challenges, weather related events and climate change; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges, tariffs and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; the effects of and ability to close our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; and risks related to our international operation and international growth strategy. These and other risks are described under the "Risk Factors" section in our most recent Annual Report on Form 10-K, our quarterly reports on Form 10-Q, and other documents we file from time to time with the Securities and Exchange Commission. The forward-looking statements included in this release represent our views as of the date on which such statement is made. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date on which such statement was made. AMERESCO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) March 31, December 31, 2026 2025 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 103,967 $ 71,785 Restricted cash 91,305 92,515 Accounts receivable, net 249,197 257,856 Accounts receivable retainage, net 49,352 53,618 Unbilled revenue 781,994 799,109 Inventory, net 12,519 12,609 Prepaid expenses and other current assets 236,403 239,865 Income tax receivable 3,453 2,166 Project development costs, net 26,235 23,010 Total current assets 1,554,425 1,552,533 Federal ESPC receivable 512,707 503,449 Property and equipment, net 10,102 10,077 Energy assets, net 2,155,837 2,081,224 Deferred income tax assets, net 99,338 96,868 Goodwill, net 68,988 69,302 Intangible assets, net 6,871 7,464 Right-of-use assets, net 75,645 76,165 Restricted cash, non-current portion 57,178 22,215 Other assets 100,196 117,797 Total assets $ 4,641,287 $ 4,537,094 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current liabilities: Current portions of long-term debt and financing lease liabilities, net $ 162,176 $ 132,125 Accounts payable 666,744 691,197 Accrued expenses and other current liabilities 118,711 113,878 Current portions of operating lease liabilities 9,582 7,959 Deferred revenue 85,400 79,908 Income taxes payable 1,777 3,845 Total current liabilities 1,044,390 1,028,912 Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs 1,824,531 1,749,708 Federal ESPC liabilities 505,246 478,970 Deferred income tax liabilities, net 3,489 2,943 Deferred grant income 5,193 5,385 Long-term operating lease liabilities, net of current portion 53,641 55,938 Other liabilities 93,363 91,003 Redeemable non-controlling interests, net $ 1,465 $ 1,419 Stockholders' equity: Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2026 and December 31, 2025 — — Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 37,041,252 shares issued and 34,939,417 shares outstanding at March 31, 2026, 36,963,263 shares issued and 34,861,428 shares outstanding at December 31, 2025 3 3 Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at March 31, 2026 and December 31, 2025 2 2 Additional paid-in capital 400,287 395,656 Retained earnings 678,408 696,737 Accumulated other comprehensive loss, net (2,324 ) (460 ) Treasury stock, at cost, 2,101,835 shares at March 31, 2026 and December 31, 2025 (11,788 ) (11,788 ) Stockholders' equity before non-controlling interest 1,064,588 1,080,150 Non-controlling interests 45,381 42,666 Total stockholders’ equity 1,109,969 1,122,816 Total liabilities, redeemable non-controlling interests and stockholders' equity $ 4,641,287 $ 4,537,094 AMERESCO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2026 2025 Revenues $ 401,460 $ 352,829 Cost of revenues 344,996 300,910 Gross profit 56,464 51,919 Earnings from unconsolidated entities 98 261 Selling, general and administrative expenses 46,315 38,488 Operating income 10,247 13,692 Interest expense and interest income, net 25,189 19,905 Other expenses (income), net 2,625 (1,795 ) Loss before income taxes (17,567 ) (4,418 ) Income tax (benefit) expense (3,184 ) 1,188 Net loss (14,383 ) (5,606 ) Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests (3,900 ) 123 Net loss attributable to common shareholders $ (18,283 ) (5,483 ) Net Loss per share attributable to common shareholders: Basic and diluted $ (0.35 ) $ (0.10 ) Weighted average common shares outstanding: Basic and diluted 52,886 52,544 AMERESCO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net loss $ (14,383 ) $ (5,606 ) Adjustments to reconcile net loss to net cash flows from operating activities: Depreciation of energy assets, net 28,199 22,842 Depreciation of property and equipment 499 573 Increase in contingent consideration — 71 Accretion of ARO liabilities 124 108 Amortization of debt discount and debt issuance costs 1,990 1,451 Amortization of intangible assets 565 525 Provision for credit losses 4 9 Gain on disposal of assets — (1,370 ) Energy asset impairment 334 — Non-cash production tax credits recognized (3,439 ) — Non-cash project revenue related to in-kind leases (401 ) (2,274 ) Earnings from unconsolidated entities (98 ) (261 ) Unrealized loss from derivatives 1,790 1,335 Stock-based compensation expense 4,176 2,844 Deferred income taxes, net (1,895 ) 1,188 Unrealized foreign exchange loss (gain) 628 (1,209 ) Changes in operating assets and liabilities: Accounts receivable 8,020 35,657 Accounts receivable retainage 5,486 (2,866 ) Federal ESPC receivable (9,710 ) (17,933 ) Inventory, net 89 (792 ) Unbilled revenue 13,176 41,922 Prepaid expenses and other current assets 8,083 (17,700 ) Income taxes receivable, net (3,390 ) (1,043 ) Project development costs (1,466 ) 858 Other assets (2,966 ) (1,629 ) Accounts payable, accrued expenses and other current liabilities (5,762 ) (87,992 ) Deferred revenue 5,670 574 Other liabilities 73 2,414 Cash flows from operating activities 35,396 (28,304 ) Cash flows from investing activities: Purchases of property and equipment (542 ) (422 ) Capital investments in energy assets (90,620 ) (107,866 ) Capital investments in major maintenance of energy assets (5,776 ) (5,952 ) Contributions to equity method investments — (158 ) Acquisitions, net of cash received — (3,972 ) Cash flows from investing activities (96,938 ) (118,370 ) Cash flows from financing activities: Payments on long-term corporate debt financings (1,250 ) (14,250 ) Proceeds from long-term corporate debt financings 45,000 100,000 Proceeds (payments) on senior secured revolving credit facility, net — (57,000 ) Proceeds from long-term energy asset debt financings 182,916 112,588 Payments on long-term energy asset debt and financing leases (121,996 ) (59,186 ) Payments of debt discount and debt issuance costs (1,801 ) (3,224 ) Proceeds from Federal ESPC projects 26,583 29,731 Net (payments) proceeds from energy asset receivable financing arrangements (196 ) 3,599 Proceeds from exercises of options and ESPP 455 430 Contributions from non-controlling interests — 2,863 Distributions to non-controlling interest (1,210 ) (1,004 ) Cash flows from financing activities 128,501 114,547 Effect of exchange rate changes on cash (1,024 ) 522 Net increase (decrease) in cash, cash equivalents, and restricted cash 65,935 (31,605 ) Cash, cash equivalents, and restricted cash, beginning of period 186,515 198,378 Cash, cash equivalents, and restricted cash, end of period $ 252,450 $ 166,773 Non-GAAP Financial Measures (Unaudited, in thousands) Three Months Ended March 31, 2026 Adjusted EBITDA: Projects Energy Assets O&M Other Consolidated Net (loss) income attributable to common shareholders $ (4,290 ) $ (16,669 ) $ 1,579 $ 1,097 $ (18,283 ) Less: Income tax benefit (1,634 ) (1,098 ) (272 ) (180 ) (3,184 ) Plus: Interest and other expenses, net 8,031 18,320 711 752 27,814 Plus: Depreciation and amortization 825 28,036 253 149 29,263 Plus: Stock-based compensation 3,022 631 314 209 4,176 Plus: Energy asset impairment — 334 — — 334 Plus (less): Contingent consideration, restructuring and other charges (110 ) 460 1 1 352 Adjusted EBITDA $ 5,844 $ 30,014 $ 2,586 $ 2,028 $ 40,472 Adjusted EBITDA margin 2.0 % 49.4 % 8.6 % 10.1 % 10.1 % Three Months Ended March 31, 2025 Adjusted EBITDA: Projects Energy Assets O&M Other Consolidated Net (loss) income attributable to common shareholders $ 393 $ (5,884 ) $ 733 $ (725 ) $ (5,483 ) Impact from redeemable non-controlling interests — (525 ) — — (525 ) Plus: Income tax provision 847 191 84 66 1,188 Plus: Interest and other expenses, net 4,153 13,131 358 468 18,110 Plus: Depreciation and amortization 964 22,542 279 155 23,940 Plus: Stock-based compensation 2,027 457 200 160 2,844 Plus: Contingent consideration, restructuring and other charges 352 194 8 6 560 Adjusted EBITDA $ 8,736 $ 30,106 $ 1,662 $ 130 $ 40,634 Adjusted EBITDA margin 3.5 % 53.1 % 6.7 % 0.7 % 11.5 % Three Months Ended March 31, 2026 2025 Non-GAAP net income and EPS: Net loss attributable to common shareholders $ (18,283 ) $ (5,483 ) Adjustment for accretion of tax equity financing fees (46 ) (27 ) Impact from redeemable non-controlling interests — (525 ) Plus: Energy asset impairment 334 — Plus: Contingent consideration, restructuring and other charges 352 560 Less: Income tax effect of Non-GAAP adjustments — (146 ) Non-GAAP net loss $ (17,643 ) $ (5,621 ) Diluted net loss per common share $ (0.35 ) $ (0.10 ) Effect of adjustments to net income 0.02 (0.01 ) Non-GAAP EPS $ (0.33 ) $ (0.11 ) Non-GAAP Adjusted cash from operations: Cash flows from operating activities $ 35,396 $ (28,304 ) Plus: proceeds from Federal ESPC projects 26,583 29,731 Non-GAAP Adjusted cash from operations $ 61,979 $ 1,427 Exhibit A: Non-GAAP Financial Measures We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the tables above. We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA and Adjusted EBITDA Margin We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, stock-based compensation expense, energy asset and goodwill impairment, contingent consideration, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, stock-based compensation expense, impact from redeemable non-controlling interests, contingent consideration, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue. Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance. Non-GAAP Net Income and EPS We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset and goodwill impairment, contingent consideration, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations. Non-GAAP Adjusted Cash from Operations We define Non-GAAP adjusted cash from operations as cash flows from operating activities plus proceeds from ITC sales and proceeds from Federal ESPC projects. Cash received in payment of ITC sales are, as of our fiscal year 2025, treated as investing activities under GAAP. Federal ESPC projects are treated as financing cash flows under GAAP. These cash flows, however, correspond to benefits generated by the underlying assets and projects. Thus, we believe that adjusting operating cash flow to include the cash generated from ITC sales and by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses Non-GAAP adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our operations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504404185/en/ Media Relations
Leila Dillon, 508.661.2264, news@ameresco.com Investor Relations
Eric Prouty, AdvisIRy Partners, 212.750.5800,
eric.prouty@advisiry.com Lynn Morgen, AdvisIRy Partners, 212.750.5800,
lynn.morgen@advisiry.com Original: Ameresco Reports First Quarter 2026 Financial Results
US Market News
4月前
Ameresco Reports Fourth Quarter and Full Year 2025 Financial ResultsMarch 2, 2026 4:05 PM
Business Wire
Delivers Strong Q4 and Full Year Results
121 MWe of Energy Assets Placed in Service During the Year, Exceeding Guidance
$5 billion Project Backlog with Well Diversified Mix of Energy Infrastructure and Building Efficiency Solutions
Total Revenue Visibility Exceeds $10 Billion
Guides to Another Year of Strong Profitable Growth in 2026
Full Year and Fourth Quarter 2025 Financial Highlights:
Revenues of $1,932.1 million and $581.0 million
Net income attributable to common shareholders of $44.3 million and $18.4 million
GAAP EPS of $0.83 and $0.34
Non-GAAP EPS of $0.90 and $0.39
Adjusted EBITDA of $237.2 million and $70.0 million
Ameresco, Inc. (NYSE: AMRC), a leading energy infrastructure solutions provider, today announced financial results for the fourth quarter ended December 31, 2025. 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 “Investors” section of the Company’s website at www.ameresco.com. 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.
CEO George Sakellaris commented, “Strong fourth quarter results capped an excellent year for Ameresco in which we successfully navigated a dynamic business environment and reached the mid to high ends of our annual revenue and profit guidance ranges.
We achieved record quarterly revenue during the fourth quarter driven by our continued focus on project execution, together with the benefits of recurring revenue from our long-term Energy Asset and O&M businesses. The market for our energy infrastructure and building efficiency solutions remained robust in the fourth quarter, driving a 13% increase in awarded backlog compared to last year and signaling strong continued customer demand for our solutions. Total project backlog increased 5% to over $5 billion at year-end. Additionally, we placed 87 MWe into operation, including our 9th RNG facility, a large military solar plus storage installation and the Nucor BESS system. The Nucor asset highlights the increasing need for our solutions from energy intensive heavy industries, a large and growing opportunity for us. We also continued to selectively add additional assets into our development and construction pipeline during the quarter. Our project backlog together with our recurring Energy Asset and O&M businesses gives us over $10 billion in long-term revenue visibility, supporting our confidence in the Company’s future growth prospects.
Ameresco’s diversified mix of building efficiency and energy infrastructure Project and Energy Asset solutions continues to address key issues facing our customers, notably increased energy costs, rapidly growing energy demand and the need for energy to be highly resilient to power mission critical operations. Our decades of experience and our track record of successful execution have strengthened our competitive position, making us a go-to solutions provider,” Mr. Sakellaris concluded.
Fourth Quarter Financial Results
(All financial result comparisons made are against the prior year period unless otherwise noted.)
(in millions)
Q4 2025
Q4 2024
Revenue
Net Income (1)
Adj. EBITDA
Revenue
Net Income (1)
Adj. EBITDA
Projects
$465,929
$18,927
$27,516
$418,263
$364
$13,709
Energy Assets
$60,689
$(3,558)
$37,757
$57,644
$8,899
$31,050
O&M
$29,467
$1,973
$2,800
$26,536
$1,651
$2,611
Other
$24,941
$1,029
$1,938
$30,224
$26,171
$39,815
Total (2)
$581,026
$18,371
$70,011
$532,667
$37,085
$87,185
(1) Net Income represents net income attributable to common shareholders
(2) Numbers in table may not sum due to rounding.
Total revenue was $581.0 million, up 9% year over year and represented a record quarterly result. Project revenue increased 11% to $465.9 million, driven by strong European performance and continued backlog conversion. Energy Asset revenue grew 5% to $60.7 million, reflecting the continued expansion of our operating asset portfolio, while O&M revenue increased 11% with the addition of new long-term contracts. Our other line of business, excluding the divestiture of our AEG business at the end of 2024, delivered solid year-over-year results. Gross margin improved to 16.2% reflecting both sequential and year-on-year improvement.
Interest and other expenses, net was $20.7 million, representing a decrease of 11.4%. The effective tax benefit rate was (26.0%) in 2025, compared to (58.9)% in 2024, reflecting higher taxable income and our election to sell certain investment tax credits through third-party sales, rather than retaining them for internal tax use. Net income attributable to common shareholders was $18.4 million, or $0.34 per diluted share, with Non-GAAP EPS of $0.39. Adjusted EBITDA was $70.0 million. Fourth quarter 2024 Adjusted EBITDA of $87.2 million included approximately $38 million related to the gain on the sale of AEG.
Project and Asset Highlights
($ in millions)
At December 31, 2025
Awarded Project Backlog (1)
$2,569
Contracted Project Backlog
$2,470
Total Project Backlog
$5,039
12-month Contracted Backlog (2)
$1,065
New Contracts
$461
New Awards (3)
$362
O&M Revenue Backlog
$1,475
12-month O&M Backlog
$112
Total Energy Asset Visibility (4)
$3,850
Total Revenue Visibility
$10,364
Energy Assets Placed into Operation
87 MWe
Energy Assets New Awards / Scope Changes
30 MWe
Total Operating Energy Assets
838 MWe
Ameresco's Net Assets in Development (5)
570 MWe
(1) Customer contracts that have not been signed yet
(2) 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
(3) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed
(4) 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 $3.00/MMBtu for LCFS on certain projects
(5) Net MWe capacity includes only our share of any jointly owned assets
Balance Sheet and Cash Flow Metrics
($ in millions)
December 31, 2025
Total Corporate Debt (1)
$339.3
Corporate Debt Leverage Ratio (2)
2.7x
Non-Core Debt, International JVs (4)
$25.5
Total Energy Asset Debt (3)
$1,517.1
Energy Asset Book Value (5)
$2,081.2
Energy Debt Advance Rate (6)
73%
Q4 Cash Flows from Operating Activities
$(42.9)
Plus: Q4 proceeds from Sales of ITC
$61.6
Plus: Q4 Proceeds from Federal ESPC Projects
$17.7
Equals: Q4 Adjusted Cash from Operations
$36.4
8-quarter rolling average Cash Flows from Operating Activities
$4.7
Plus: 8-quarter rolling average Proceeds from Sales of ITC
$16.5
Plus: 8-quarter rolling average Proceeds from Federal ESPC Projects
$33.1
Equals: 8-quarter rolling average Adjusted Cash from Operations
$54.3
(1) Subordinated debt, term loans, and drawn amounts on the revolving line of credit, net of debt discount and issuance costs
(2) Debt to EBITDA, as calculated under our Sr. Secured Credit Facility
(3) Term loans, sale-leasebacks and construction loan project financings for our Energy Assets in operations and in-construction and development
(4) Non-core Debt associated with our international joint ventures, net of $58K unamortized debt discount
(5) Book Value of our Energy Assets in operations and in-construction and development
(6) Total Energy Asset Debt divided by Energy Asset Book Value
The Company ended 2025 with $71.8 million in unrestricted cash with total corporate debt including our subordinated debt, term loans and drawn amounts on our revolving line of credit increasing to $339.3 million. Corporate debt increased in order to support our working capital needs given the continued growth of our project and energy asset businesses. During the quarter the Company successfully executed approximately $175 million in project financing commitments. Our Energy Asset Debt was $1.5 billion with an Energy Debt Advance rate of 73% on the Energy Asset Book Value. Our Adjusted Cash from Operations during the quarter was $36.4 million. Our 8-quarter rolling average Adjusted Cash from Operations was $54.3 million.
Outlook
“We entered 2026 with positive business momentum and a more favorable operating environment than we faced at this time last year. With our diversified Project and Energy Asset offerings covering a comprehensive portfolio of building efficiency and infrastructure solutions, we believe Ameresco has the capabilities to consistently meet our global customers’ needs to increase their energy supplies, reduce their energy costs, and provide greater energy resiliency. This positioning underpins our confidence in Ameresco’s growth prospects in 2026 and beyond,” concluded CEO George Sakellaris.
The company is guiding revenue of $2.1 billion and adjusted EBITDA of $283 million at the midpoints of our ranges, representing growth of 9% and 19%, respectively. We anticipate placing approximately 100-120 MWe of energy assets in service, including 2 RNG plants. Our expected capex is $300 million to $350 million, the majority of which we expect to fund with additional energy asset debt, tax equity or tax credit sales.
The cadence of the year should follow our historical seasonal pattern, with a heavier weighting toward the second half. We expect revenues in the second half of the year to represent approximately 60% of our total revenue for 2026. This is consistent with our performance from the past couple of years.
Our first quarter is typically our seasonally lowest revenue quarter and has been further impacted by severe weather conditions. Therefore, we expect our first quarter revenue and Adjusted EBITDA to track similar to Q1 of last year. With the expected continued growth of our energy asset portfolio, depreciation and interest expenses are expected to continue to increase as those assets come into service. Given the linear nature of those costs, we expect first quarter EPS to be negative by approximately $0.30.
FY 2026 Guidance Ranges
Revenue
$2.0 billion
$2.2 billion
Gross Margin
17.0%
18.0%
Adjusted EBITDA
$270 million
$295 million
Depreciation & Amortization
$115 million
$116 million
Interest Expense Net
$95 million
$100 million
Effective Tax Rate
(20)%
(10)%
Income Attributable to Non-Controlling Interest
($20) million
($25) million
Non-GAAP EPS
$1.10
$1.35
The Company’s 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.
Conference Call/Webcast Information
The Company will host a conference call today at 4:30 p.m. ET to discuss fourth quarter 2025 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 9798186, approximately 10 minutes before the call. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investors” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, data centers, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit www.ameresco.com.
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility, backlog, pending agreements, new and expanding market opportunities, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, interest rate, depreciation, tax attributes and capital investments, as well as statements about our financing plans; the impact of the OBBB Act, other policies and regulatory changes; supply chain disruptions; shortage and cost of materials and labor; other macroeconomic and geopolitical challenges; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages; and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including: demand for our energy efficiency and renewable energy solutions; the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis; the ability to perform under signed contracts without delay and in accordance with their terms and the potential for liquidated and other damages we may be subject to; the fiscal health of the government and the impact of a prolonged government shutdown and reductions in the federal workforce; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our cash flows from operations and our ability to arrange financing to fund our operations and projects; our customers’ ability to finance their projects and credit risk from our customers; our ability to comply with covenants in our existing debt agreements; the impact of macroeconomic challenges, weather related events and climate change; our reliance on third parties for our construction and installation work; availability and cost of labor and equipment particularly given global supply chain challenges, tariffs and global trade conflicts; global supply chain challenges, component shortages and inflationary pressures; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; the addition of new customers or the loss of existing customers; market price of our Class A Common stock prevailing from time to time; the nature of other investment opportunities presented to our Company from time to time; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
AMERESCO, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
December 31,
December 31,
2025
2024
ASSETS
(unaudited)
Current assets:
Cash and cash equivalents
$
71,785
$
108,516
Restricted cash
92,515
69,706
Accounts receivable, net
257,856
256,961
Accounts receivable retainage
53,618
39,843
Unbilled revenue
799,109
644,105
Inventory, net
12,609
11,556
Prepaid expenses and other current assets
239,865
145,906
Income tax receivable
2,166
1,685
Project development costs, net
23,010
22,856
Total current assets
1,552,533
1,301,134
Federal ESPC receivable
503,449
609,128
Property and equipment, net
10,077
11,040
Energy assets, net
2,081,224
1,915,311
Goodwill, net
69,302
66,305
Intangible assets, net
7,464
8,814
Right-of-use assets, net
76,165
80,149
Restricted cash, non-current portion
22,215
20,156
Deferred income tax assets, net
96,868
56,523
Other assets
117,797
89,948
Total assets
$
4,537,094
$
4,158,508
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities, net
$
132,125
$
149,363
Accounts payable
691,197
529,338
Accrued expenses and other current liabilities
113,878
107,293
Current portions of operating lease liabilities
7,959
10,536
Deferred revenue
79,908
91,734
Income taxes payable
3,845
744
Total current liabilities
1,028,912
889,008
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs
1,749,708
1,483,900
Federal ESPC liabilities
478,970
555,396
Deferred income tax liabilities, net
2,943
2,223
Deferred grant income
5,385
6,436
Long-term operating lease liabilities, net of current portion
55,938
59,479
Other liabilities
91,003
114,454
Redeemable non-controlling interests, net
$
1,419
$
2,463
Stockholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024
-
-
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 36,963,263 shares issued and 34,861,428 shares outstanding at December 31, 2025, 36,603,048 shares issued and 34,501,213 shares outstanding at December 31, 2024
3
3
Class B common stock, $0.0001 par value, 144,000,000 shares authorized, 18,000,000 shares issued and outstanding at December 31, 2025 and December 31, 2024
2
2
Additional paid-in capital
395,656
378,321
Retained earnings
696,737
652,561
Accumulated other comprehensive income (loss), net
(460
)
(5,874
)
Treasury stock, at cost, 2,101,835 shares at December 31, 2025 and December 31, 2024
(11,788
)
(11,788
)
Stockholders' equity before non-controlling interest
1,080,150
1,013,225
Non-controlling interests
42,666
31,924
Total stockholders’ equity
1,122,816
1,045,149
Total liabilities, redeemable non-controlling interests and stockholders' equity
$
4,537,094
$
4,158,508
AMERESCO, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Revenues
$
581,026
$
532,667
$
1,932,126
$
1,769,928
Cost of revenues
486,619
465,877
1,628,113
1,513,837
Gross profit
94,407
66,790
304,013
256,091
Earnings from unconsolidated entities
(355
)
68
1,449
792
Gain on sale of business, net
-
38,007
-
38,007
Selling, general and administrative expenses
50,942
47,841
178,536
173,761
Asset impairments
3,748
12,384
3,748
12,384
Operating income
39,362
44,640
123,178
108,745
Interest expense and interest income, net
29,108
22,722
87,936
70,182
Other (income) expenses, net
(8,359
)
684
(9,733
)
4,623
Income (loss) before income taxes
18,613
21,234
44,975
33,940
Income tax benefit
(6,310
)
(16,676
)
(11,700
)
(20,000
)
Net income
24,923
37,910
56,675
53,940
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests
(6,552
)
(825
)
(12,391
)
2,817
Net income attributable to common shareholders
$
18,371
$
37,085
$
44,284
$
56,757
Net income per share attributable to common shareholders:
Basic
$
0.35
$
0.71
$
0.84
$
1.08
Diluted
$
0.34
$
0.70
$
0.83
$
1.07
Weighted average common shares outstanding:
Basic
52,780
52,463
52,679
52,380
Diluted
53,955
53,257
53,293
53,140
AMERESCO, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2025
2024
Cash flows from operating activities:
(Unaudited)
(Unaudited)
Net income (loss)
$
56,675
$
53,940
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation of energy assets, net
99,659
82,114
Depreciation of property and equipment
2,213
4,963
Amortization of debt discount and debt issuance costs
6,193
5,151
Amortization of intangible assets
2,397
2,134
Increase in contingent consideration
71
149
Accretion of ARO liabilities
432
332
Provision for Bad Debts
217
1,340
Impairment of long-lived assets / loss on disposal, net
2,224
12,815
Gain on Sale of business, net of transaction costs
-
(38,007
)
Non-cash production tax credits recognized
(12,160
)
-
Non-cash project revenue related to in-kind leases
(7,144
)
(4,164
)
Earnings from unconsolidated entities
(322
)
(792
)
Net gain from derivatives
(4,721
)
(1,027
)
Stock-based compensation expense
14,422
14,130
Deferred income taxes, net
(18,463
)
(24,315
)
Unrealized foreign exchange (gain) loss
(3,083
)
2,216
Changes in operating assets and liabilities:
Accounts receivable
15,484
(96,867
)
Accounts receivable retainage
(11,648
)
(14,342
)
Unbilled revenue
(190,931
)
54,953
Inventory, net
(1,053
)
2,081
Prepaid expenses and other current assets
(70,640
)
22,576
Project development costs
(2,419
)
(3,255
)
Federal ESPC receivable
(84,239
)
(158,937
)
Other assets
(8,612
)
(5,287
)
Accounts payable, accrued expenses and other current liabilities
132,485
143,776
Deferred revenue
(6,426
)
50,738
Income taxes receivable, net
2,625
3,679
Other liabilities
6,404
7,504
Cash flows from operating activities
(80,360
)
117,598
Cash flows from investing activities:
Purchases of property and equipment
(968
)
(4,291
)
Capital investments in energy assets
(326,034
)
(416,992
)
Capital investments in major maintenance of energy assets
(28,997
)
(17,063
)
Grant award received on energy asset
-
400
Proceeds from sale of tax credits
132,373
-
Net proceeds from sale of business
-
52,249
Net proceeds from equity method investment
-
13,091
Acquisitions, net of cash received
(4,595
)
-
Contributions to equity and other investments
(27,819
)
(11,757
)
Purchase of subsurface land easements
-
(4,274
)
Cash flows from investing activities
(256,040
)
(386,637
)
Cash flows from financing activities:
Payments on long-term corporate debt financings
(18,000
)
(127,000
)
Proceeds from long-term corporate debt financings
100,000
100,000
Payments on senior secured revolving credit facility, net
15,000
(4,900
)
Proceeds from long-term energy asset debt financings
552,560
643,529
Payments on long-term energy asset debt and financing leases
(417,527
)
(424,421
)
Payment on seller's promissory note
-
(61,941
)
Payments of debt discount and debt issuance costs
(10,979
)
(15,308
)
Proceeds from termination of interest rate swaps
$
2,808
$
-
Proceeds from Federal ESPC projects
99,716
164,779
Net (payments) proceeds from energy asset receivable financing arrangements
(725
)
6,012
Proceeds from exercises of options and ESPP
2,913
2,763
Contributions from non-controlling interests
4,723
35,407
Distributions to non-controlling interest
(7,387
)
(1,368
)
Distributions to redeemable non-controlling interests, net
-
(422
)
Investment fund call option exercise
-
(3,186
)
Cash flows from financing activities
323,102
313,944
Effect of exchange rate changes on cash
1,435
(203
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(11,863
)
44,702
Cash, cash equivalents, and restricted cash, beginning of period
198,378
153,676
Cash, cash equivalents, and restricted cash, end of period
$
186,515
$
198,378
Non-GAAP Financial Measures (Unaudited, in thousands)
Three Months Ended December 31, 2025
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net income (loss) attributable to common shareholders
$
18,927
$
(3,558
)
$
1,973
$
1,029
$
18,371
Impact from redeemable non-controlling interests
1,139
(162
)
—
—
977
Less: Income tax benefit
(3,959
)
(2,254
)
(59
)
(38
)
(6,310
)
Plus: Other expenses, net
6,584
13,122
438
605
20,749
Plus: Depreciation and amortization
948
26,550
245
152
27,895
Plus: Stock-based compensation
3,284
419
204
174
4,081
Plus: Energy asset impairment charges
—
3,748
—
—
3,748
Plus (less): Restructuring and other charges
593
(108
)
(1
)
16
500
Adjusted EBITDA
$
27,516
$
37,757
$
2,800
$
1,938
$
70,011
Adjusted EBITDA margin
5.9
%
62.2
%
9.5
%
7.8
%
12.0
%
Three Months Ended December 31, 2024
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net income attributable to common shareholders
$
364
$
8,899
$
1,651
$
26,171
$
37,085
(Less) plus: Income tax (benefit) provision
(1,096
)
(26,787
)
(8
)
11,215
(16,676
)
Plus: Other expenses, net
10,203
11,896
508
799
23,406
Plus: Depreciation and amortization
1,032
24,245
276
992
26,545
Plus: Stock-based compensation
2,974
398
180
210
3,762
Plus: Energy asset and goodwill impairment charges
—
12,384
—
—
12,384
Plus: Contingent consideration, restructuring and other charges
232
15
4
428
679
Adjusted EBITDA
$
13,709
$
31,050
$
2,611
$
39,815
$
87,185
Adjusted EBITDA margin
3.3
%
53.9
%
9.8
%
131.7
%
16.4
%
Year Ended December 31, 2025
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net income attributable to common shareholders
$
29,581
$
4,934
$
6,610
$
3,159
$
44,284
Impact from redeemable non-controlling interests
1,139
(1,151
)
—
—
(12
)
(Less) plus: Income tax (benefit) provision
3,969
(16,596
)
514
413
(11,700
)
Plus: Other expenses, net
23,961
50,765
1,514
1,963
78,203
Plus: Depreciation and amortization
3,749
98,865
1,033
622
104,269
Plus: Stock-based compensation
11,087
1,813
844
678
14,422
Plus: Energy asset impairment charges
—
3,748
—
—
3,748
Plus: Contingent consideration, restructuring and other charges
3,540
396
22
21
3,979
Adjusted EBITDA
$
77,026
$
142,774
$
10,537
$
6,856
$
237,193
Adjusted EBITDA margin
5.2
%
58.8
%
9.3
%
7.5
%
12.3
%
Year Ended December 31, 2024
Adjusted EBITDA:
Projects
Energy Assets
O&M
Other
Consolidated
Net income attributable to common shareholders
$
1,779
$
13,981
$
12,252
$
28,745
$
56,757
Impact from redeemable non-controlling interests
—
(3,766
)
—
—
(3,766
)
(Less) plus: Income tax (benefit) provision
1,762
(34,170
)
588
11,820
(20,000
)
Plus: Other expenses, net
25,235
45,715
1,511
2,344
74,805
Plus: Depreciation and amortization
3,929
80,849
1,232
3,201
89,211
Plus: Stock-based compensation
10,687
1,703
850
890
14,130
Plus: Energy asset and goodwill impairment charges
—
12,384
—
—
12,384
Plus: Contingent consideration, restructuring and other charges
1,162
116
19
523
1,820
Adjusted EBITDA
$
44,554
$
116,812
$
16,452
$
47,523
$
225,341
Adjusted EBITDA margin
3.3
%
54.8
%
15.5
%
42.6
%
12.7
%
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
Non-GAAP net income and EPS:
Net income attributable to common shareholders
$
18,371
$
37,085
$
44,284
$
56,757
Adjustment for accretion of tax equity financing fees
(26
)
(27
)
(108
)
(107
)
Impact from redeemable non-controlling interests
977
—
(12
)
(3,766
)
Plus: Energy asset impairment
3,748
12,384
3,748
12,384
Plus: Contingent consideration, restructuring and other charges
500
679
3,979
1,820
Income tax effect of Non-GAAP adjustments
(2,343
)
(3,396
)
(3,248
)
(3,692
)
Non-GAAP net income
$
21,227
$
46,725
$
48,643
$
63,396
Diluted net income per common share
$
0.34
$
0.70
$
0.83
$
1.07
Effect of adjustments to net income
0.05
0.18
0.07
0.13
Non-GAAP EPS
$
0.39
$
0.88
$
0.90
$
1.20
Adjusted cash from operations:
Cash flows from operating activities
$
(42,895
)
$
18,376
$
(80,360
)
$
117,598
Plus: proceeds from sales of ITC
61,585
—
132,373
—
Plus: proceeds from Federal ESPC projects
17,682
35,380
99,716
164,779
Adjusted cash from operations
$
36,372
$
53,756
$
151,729
$
282,377
Non-GAAP Financial Guidance
Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA):
Year Ended December 31, 2026
Low
High
Operating income (1)
$161 million
$189 million
Depreciation and amortization
$115 million
$116 million
Stock-based compensation
$14 million
$15 million
Income attributable to non-controlling interest
$(20) million
$(25) million
Adjusted EBITDA
$270 million
$295 million
(1) Although net income is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating income because we are not able to calculate forward-looking net income without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our redeemable non-controlling interests and taxes.
Exhibit A: Non-GAAP Financial Measures
We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the tables above.
We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business.
Adjusted EBITDA and Adjusted EBITDA Margin
We define adjusted EBITDA as net income attributable to common shareholders, including impact from redeemable non-controlling interests, before income tax (benefit) provision, other expenses net, depreciation, amortization of intangible assets, accretion of asset retirement obligations, stock-based compensation expense, energy asset and goodwill impairment, contingent consideration, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, stock-based compensation expense, impact from redeemable non-controlling interests, contingent consideration, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue.
Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance.
Non-GAAP Net Income and EPS
We define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset and goodwill impairment, contingent consideration, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations.
Adjusted Cash from Operations
We define adjusted cash from operations as cash flows from operating activities plus proceeds from ITC sales and proceeds from Federal ESPC projects. Cash received in payment of ITC sales are, as of our fiscal year 2025, treated as investing activities under GAAP. Federal ESPC projects are treated as financing cash flows under GAAP. These cash flows, however, correspond to benefits generated by the underlying assets and projects. Thus, we believe that adjusting operating cash flow to include the cash generated from ITC sales and by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260302626462/en/
Media Relations
Leila Dillon, 508.661.2264, news@ameresco.com
Investor Relations
Eric Prouty, AdvisIRy Partners, 212.750.5800,
eric.prouty@advisiry.com
Lynn Morgen, AdvisIRy Partners, 212.750.5800,
lynn.morgen@advisiry.com
Original: Ameresco Reports Fourth Quarter and Full Year 2025 Financial Results
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