SOLV Energy (MWH) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong execution and profitability, with revenue rising 66% year-over-year to $677 million and backlog reaching $8.2 billion, supported by robust market demand and operational performance.

• Completed IPO in February 2026, raising $552.5 million in net proceeds, repaying $405.6 million in term loans, and transitioning to a public company structure.

• Announced acquisition of Roberson Waite Electric for $45 million, expected to close by Q3 2026, expanding utility infrastructure and substation capabilities.

• O&M business expanded to nearly 22 GW under contract, deepening recurring revenue streams and supporting long-term growth.

• 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

• Q1 2026 revenue was $677 million, up 66% year-over-year, with adjusted gross profit of $124 million and adjusted gross margin of 18.4%.

• Adjusted EBITDA reached $93 million, a 174% year-over-year increase, with adjusted EBITDA margin at approximately 13.7%.

• Gross profit increased to $119 million, up 102% year-over-year.

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

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

Outlook and guidance

• Full-year 2026 revenue guidance is $3.72–$3.82 billion, with adjusted gross profit expected between $610–$650 million and gross margin of 16.4%–17.0%.

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

• Backlog at quarter-end was $8.2 billion, providing strong revenue visibility for the next 12–18 months.

• Management expects to recognize substantially all remaining performance obligations over the next 12–18 months.