Ameresco (AMRC) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 grew 14% year-over-year to $401–$401.5 million, with strong project execution, O&M performance, and backlog expansion despite adverse weather and supply chain challenges.

• Net loss attributable to common shareholders was $18.3 million, or $(0.35) per share, primarily due to higher SG&A, interest, and lower gross margins.

• Announced a $400 million strategic investment from HASI to form Neogenyx Fuels, a joint venture for the biofuels/biogas business, with Ameresco retaining 70% ownership.

• Leadership changes include new Co-Presidents and a dedicated CEO for Neogenyx Fuels to support growth and operational focus.

• 80% of adjusted EBITDA was generated by recurring business segments, highlighting stability.

Financial highlights

• Project revenue rose 16% to $290.5–$291 million, energy asset revenue increased 7% to $60.7–$61 million, and O&M revenue up 22%.

• Gross margin was 14–14.1%, impacted by project mix, weather at RNG sites, and production delays.

• Adjusted EBITDA reached $40.5 million, with a margin of 10.1%, in line with expectations.

• Net loss attributable to common shareholders was $18.3 million; GAAP EPS loss of $0.35, non-GAAP loss per share of $0.33.

• Adjusted cash flows from operations were approximately $62 million for the quarter.

Outlook and guidance

• Full-year 2026 revenue guidance remains $2.0–$2.2 billion; gross margin expected at 17–18%.

• Adjusted EBITDA guidance is $250–$270 million; Non-GAAP EPS expected at $1.06–$1.28.

• 30% of adjusted EBITDA and net income from biofuels will be attributed to HASI as non-controlling interest.

• CapEx forecasted at $300–$350 million, funded by asset debt, HASI investment, tax equity, and tax credit sales.

• Q2 2026 guidance: adjusted EBITDA of $58–$62 million and non-GAAP EPS of $0.18–$0.23.