SOLV Energy (MWH) Q1 2026 earnings summary

Executive summary

• Achieved strong first quarter performance with revenue of $677 million, up 66% year-over-year, and profitability above expectations, driven by robust project execution and favorable market conditions.

• Completed IPO in February 2026, raising $552.5 million in net proceeds, used to repay $405.6 million in term loans and for general corporate purposes.

• Expanded O&M contracts to nearly 22 GW under management and announced the acquisition of Roberson Waite Electric for $45 million, expected to close by Q3 2026, enhancing utility infrastructure capabilities.

• Backlog reached $8.2 billion, representing 82% year-over-year growth and providing significant visibility into future revenue.

• Net loss of $27 million, primarily due to a one-time, non-cash $52 million expense from legacy equity award modifications related to the IPO.

Financial highlights

• First quarter 2026 revenue: $677 million, up 66% year-over-year from $408 million in Q1 2025.

• Adjusted gross profit: $124 million (18.4% margin); gross profit: $119 million (17.6% margin).

• Adjusted EBITDA: $93 million, up 174% year-over-year; adjusted EBITDA margin: 13.7%.

• Net loss per share: $(0.20) for Q1 2026.

• Cash and cash equivalents at quarter-end: $384.9 million.

Outlook and guidance

• Full-year 2026 revenue guidance: $3.72–$3.82 billion.

• Adjusted gross profit guidance: $610–$650 million; gross margin expected at 16.4%–17%.

• Adjusted EBITDA guidance: $435–$455 million for 2026.

• Backlog at quarter-end: $8.2 billion, with management expecting to recognize substantially all remaining performance obligations over the next 12–18 months.

• Continued focus on accretive growth opportunities, professionalization, and SOX compliance.