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SOLV Energy (MWH) investor relations material
SOLV Energy Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Financial performance and metrics
Revenue for the nine months ended September 30, 2025 was $1.70 billion, up from $1.41 billion in the prior year period, driven by growth in new construction and acquisitions.
Gross profit for the nine months ended September 30, 2025 was $320.4 million, with a gross margin of 18.9%, compared to $177.7 million and 12.6% in the prior year period.
Net income attributable to controlling interests for the nine months ended September 30, 2025 was $113.6 million, compared to $0.1 million in the prior year period.
Adjusted EBITDA for the nine months ended September 30, 2025 was $241.3 million, up from $112.1 million in the prior year period.
As of September 30, 2025, cash and cash equivalents were $208.1 million, and total assets were $1.75 billion.
Backlog as of September 30, 2025 was approximately $6.7 billion, with 93% related to EPC services and 7% to O&M services.
Company overview and business model
Provides engineering, procurement, construction (EPC), operations, maintenance (O&M), and repowering services for utility-scale solar and battery storage projects, as well as related transmission and distribution infrastructure.
Has constructed over 500 power plants representing 20 GW of generating capacity since 2008 and provides O&M services to 146 plants totaling over 18 GW.
Employs approximately 2,300 people and operates in 40 states, with a NERC-compliant control center in San Diego.
Lifecycle approach integrates EPC and O&M services, creating recurring revenue and long-term customer relationships.
Use of proceeds and capital allocation
Net proceeds from the IPO will be used to purchase LLC Interests from SOLV Energy Holdings LLC at the IPO price, less underwriting discounts and commissions.
SOLV Energy Holdings LLC will use the proceeds to repay approximately $402.2 million of outstanding term loan debt, with the remainder for general corporate purposes, including growth initiatives and potential M&A.
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