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Ameresco (AMRC) investor relations material
Ameresco Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Q3 2025 revenue reached $526.0 million, up 5% year-over-year, with net income attributable to common shareholders of $18.5 million and GAAP/Non-GAAP EPS of $0.35.
Adjusted EBITDA grew 13% to $70.4 million, with 68% of year-to-date EBITDA from recurring business lines.
Total project backlog reached $5.1 billion, with $2.5 billion contracted, supporting long-term revenue visibility.
Expanded business development and customer base, including new mandates in data centers, steel production, and European joint ventures.
Maintained operations with minimal disruption during the federal government shutdown, with contingency plans in place.
Financial highlights
Gross margin improved to 16.0% in Q3 2025, up both sequentially and year-over-year.
Adjusted EBITDA margin for Q3 2025 was 13.4%, up from 12.4% in Q3 2024.
Net income attributable to common shareholders was $18.5 million; non-GAAP net income was $18.8 million.
Cash and cash equivalents at September 30, 2025 were $94.6 million.
Cash flow from operations for Q3 was $64.3 million; 8-quarter rolling average at $51.9 million.
Outlook and guidance
Reaffirmed 2025 guidance: revenue of $1.85–$1.95 billion, gross margin of 15.5–16.0%, and adjusted EBITDA of $205–$245 million.
Long-term targets remain at 10% annual revenue growth and 20% adjusted EBITDA growth.
Project backlog at $5.14 billion, with 12-month backlog at $1.25 billion as of September 30, 2025.
Prolonged government shutdown could shift some revenue timing but is not expected to materially impact Q4 results.
Guidance excludes potential impact from changes in accounting for sale-leaseback arrangements.
Factors impacting awarded backlog conversion?
Energy Asset debt leverage impact on returns?
Future growth from new customer segments?
Data center project replication strategy
Battery supply chain and procurement strategy
Nuclear microreactor project timeline
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Frequently asked questions
Ameresco, Inc. provides energy efficiency and renewable energy solutions for businesses, governments, and institutions. Its services include energy infrastructure upgrades, energy procurement, and the development, construction, and operation of renewable energy plants. The company serves clients in sectors such as education, healthcare, and public housing. Ameresco, Inc. is headquartered in Framingham, Massachusetts, and its shares are listed on the NYSE.
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