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Ameresco Reports Third Quarter 2026 Financial Results

AMRC
  • Ameresco reported Q3 2026 total revenue of $580.3 million, a 10% increase from the prior year period.
  • Net income attributable to common shareholders was $31.9 million, resulting in a GAAP EPS of $0.59.
  • Non-GAAP EPS was $0.88, while Adjusted EBITDA rose 24% to $91.7 million.
  • Total project backlog reached a record $7.2 billion, reflecting 39% growth year-over-year.
  • The company secured $875 million in new project awards, with strong momentum in Europe & Federal sectors.
  • $737 million converted from awarded backlog to contracted backlog, enhancing revenue visibility for 2027.
  • Revenue growth was broad-based, with Energy Assets up 21% to $75.4 million & O&M up 20% to $37.0 million.
  • Gross margin expanded to 18.7%, driven by favorable business mix, strong execution, & reduced depreciation.
  • Ameresco adopted a new HLBV accounting methodology for joint ventures, including 100% of operating results for Ameresco Sunel JV & Neogenyx Fuels in Non-GAAP measures.
  • A retrospective change in accounting for investment tax credits recognized credits in the income tax provision period rather than reducing asset cost basis.
  • Corporate debt totaled $380.4 million with a leverage ratio of 2.9x, while unrestricted cash increased to $128.5 million.
  • Q3 Non-GAAP Adjusted Cash from Operations was $3.7 million, compared to an 8-quarter rolling average of $25.7 million.
  • Updated Q4 2026 guidance projects revenue between $625 million & $650 million with Adjusted EBITDA of $80 million to $90 million.
  • Full year 2026 guidance reflects revenue of $2.13 billion to $2.15 billion & Non-GAAP EPS of $1.85 to $1.95.
  • CEO George Sakellaris highlighted strong positioning for 2027 growth in data centers, C&I markets, & traditional federal sectors.