Ameresco, Inc. (AMRC): Results of Operations and Financial Condition
Ameresco, Inc. (AMRC) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Ameresco Reports Second Quarter 2026 Financial Results Strong Second Quarter Performance Record $1.8 Billion in New Project Awards Led by Strong Momentum with Data Center Power Infrastructure Projects Total Backlog Increased 32% Y/Y to a Record $6.73 Billion Increase
How this was made
The 30-second read
Why it matters
The filing provides a full earnings datapack plus balance sheet and cash flow metrics, and it explicitly cites record awarded backlog growth and increased 2026 EPS guidance, which can shift forward estimates.
Market read
Record new awards and a 32% year-over-year increase in awarded backlog, combined with margin expansion and increased 2026 EPS guidance, are the core catalysts for AMRC positioning.
What to watch
Energy Asset EPS was pressured by higher depreciation and interest expense tied to portfolio growth, and the backlog includes awarded but not yet contracted value that depends on future milestone execution.
Ameresco Reports Second Quarter 2026 Financial Results Strong Second Quarter Performance Record $1.8 Billion in New Project Awards Led by Strong Momentum with Data Center Power Infrastructure Projects Total Backlog Increased 32% Y/Y to a Record $6.73 Billion Increases 2026 EPS Guidance
Revenue, adjusted EBITDA, gross margin, backlog and new awards advanced, while GAAP net income declined and adjusted cash from operations was negative in Q2.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $515,464 (in thousands) | – | 9% |
| Net income attributable to common shareholdersGAAP | $9,718 (in thousands) | – | – |
| GAAP EPSGAAP | $0.18 per diluted share | – | – |
| Non-GAAP EPSnon-GAAP | $0.20 | – | – |
| Gross marginGAAP | 17.7% | – | – |
| Adjusted EBITDAnon-GAAP | $62,809 (in thousands) | – | 12% |
| Projects net income attributable to common shareholdersGAAP | $4,746 (in thousands) | – | – |
| Projects adjusted EBITDAnon-GAAP | $17,500 (in thousands) | – | – |
| Energy Assets net income attributable to common shareholdersGAAP | ($2,751) (in thousands) | – | – |
| Energy Assets adjusted EBITDAnon-GAAP | $34,831 (in thousands) | – | – |
| O&M net income attributable to common shareholdersGAAP | $8,299 (in thousands) | – | – |
| O&M adjusted EBITDAnon-GAAP | $9,795 (in thousands) | – | – |
| Other net income attributable to common shareholdersGAAP | ($576) (in thousands) | – | – |
| Other adjusted EBITDAnon-GAAP | $683 (in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ProjectsContinued strong execution on project backlog conversion. | $380,903 (in thousands) | – | 6% |
| Energy AssetsContinued expansion of the portfolio of owned operating assets. | $75,904 (in thousands) | – | 21% |
| O&MContinued addition of new long-term contracts. | $36,193 (in thousands) | – | 29% |
| OtherNot specified in the document. | $22,464 (in thousands) | – | – |
FY 2026 outlook
- Revenue$2.0 billion to $2.2 billion
- Gross margin17% to 18%
- Tax rate(25)% to (40)%
- NoteAdjusted EBITDA: $250 million to $270 million
- NoteDepreciation & Amortization: $115 million to $116 million
- NoteInterest Expense & Other: $95 million to $100 million
- NoteNet Income Attributable to Non-Controlling Interest: ($22) million to ($29) million
- NoteNon-GAAP EPS: $1.15 to $1.35
What drove it
- Awarded Project Backlog: $4,424 million
- Contracted Project Backlog: $2,302 million
- Total Project Backlog: $6,726 million
- 12-month Contracted Backlog: $1,100 million
- New Contracts: $185 million
- New Awards: $1,835 million
- Total O&M Revenue Backlog: $1,519 million
- 12-month O&M Backlog: $118 million
- Total Energy Asset Visibility: $3,244 million
- Total Revenue Visibility: $11,489 million
- Energy Assets Placed into Operation: 32 MWe
- Energy Assets New Awards / Scope Changes: (24) MWe
- Total Operating Energy Assets: 822 MWe
- Ameresco's Net Assets in Development: 513 MWe
- Awarded backlog in the Power Infrastructure pillar increased 65% to $4.4 billion.
- New awards included $1.2 billion for data center and $600 million for other key markets.
- Three new behind the meter data center projects advanced during the quarter, bringing the total number of data center projects in awarded project backlog to five.
Concerns
- Net income attributable to common shareholders declined to $9,718 (in thousands) from $12,864 (in thousands).
- EPS reflected higher depreciation and interest expense associated with growth in the Energy Asset portfolio, a lower tax benefit, and the non-controlling interest impact from the Neogenyx transaction.
- Q2 Non-GAAP Adjusted Cash from Operations was $(65.3) million.
- Energy Assets net income attributable to common shareholders was ($2,751) (in thousands), compared with $3,426 (in thousands).
- Energy Assets New Awards / Scope Changes were (24) MWe, largely attributable to the non-controlling interest from Neogenyx.
- The company expects activity in the second half to be weighted somewhat more toward Q4.
What to watch
- Conversion of $4,424 million of Awarded Project Backlog into contracted backlog and revenue.
- Further awarded-backlog contributions and movement to contracted backlog as data center projects reach development and construction milestones.
- The planned transition to a new accounting policy for transferable tax credits in the second half of the year.
- Cash conversion, following Q2 Cash Flows from Operating Activities of $(107.2) million.
- Corporate leverage relative to the 3.5x covenant.
- Execution toward FY 2026 revenue guidance of $2.0 billion to $2.2 billion and Adjusted EBITDA guidance of $250 million to $270 million.
Balance sheet and cash flow
- Unrestricted cash: $138.3 million
- Total Corporate Debt: $384.8 million
- Corporate Debt Leverage Ratio: 3.2X
- Non-Core Debt, International JVs: $27.5 million
- Total Energy Asset Debt: $1,546.6 million
- Energy Asset Book Value: $2,236.3 million
- Energy Debt Advance Rate: 69%
- Q2 Cash Flows from Operating Activities: $(107.2) million
- Q2 proceeds from Sales of ITC: $20.4 million
- Q2 Proceeds from Federal ESPC Projects: $21.5 million
- Q2 Non-GAAP Adjusted Cash from Operations: $(65.3) million
- 8-quarter rolling average Cash Flows from Operating Activities: ($13.6) million
- 8-quarter rolling average Proceeds from Sales of ITC: $19.1 million
- 8-quarter rolling average Proceeds from Federal ESPC Projects: $24.1 million
- 8-quarter rolling average Non-GAAP Adjusted Cash from Operations: $29.6 million
- Financing commitments secured in Q2: $471.0 million, including $400 million related to the Neogenyx transaction.
Analysis
Ameresco delivered broad-based second-quarter revenue growth, with total revenue of $515,464 (in thousands), up 9%. Projects, Energy Assets and O&M each grew, and management attributed the performance to backlog conversion, portfolio expansion and new long-term contracts. The 17.7% gross margin and $62,809 (in thousands) of adjusted EBITDA, up 12%, indicate that operating profitability grew faster than revenue, supported by mix and execution.
GAAP earnings did not match the strength in adjusted EBITDA. Net income attributable to common shareholders was $9,718 (in thousands), versus $12,864 (in thousands), and GAAP EPS was $0.18 per diluted share. Management cited higher depreciation and interest expense tied to Energy Asset portfolio growth, a lower tax benefit and the Neogenyx non-controlling-interest impact. Energy Assets posted a net loss attributable to common shareholders of ($2,751) (in thousands), despite adjusted EBITDA of $34,831 (in thousands).
The commercial pipeline expanded substantially. Total Project Backlog was $6,726 million, including $4,424 million of Awarded Project Backlog, while New Awards were $1,835 million. Data center-related awards were a central contributor, with $1.2 billion of new awards for data center activity and five data center projects in awarded project backlog. Total Revenue Visibility was $11,489 million, giving management a large base to convert through future development, contracting and execution milestones.
Cash generation and leverage remain important execution variables. Q2 Cash Flows from Operating Activities were $(107.2) million and Q2 Non-GAAP Adjusted Cash from Operations was $(65.3) million, which management attributed to the timing of project execution, billings and collections. Unrestricted cash was $138.3 million, Total Corporate Debt was $384.8 million and the Corporate Debt Leverage Ratio was 3.2X, below the 3.5x covenant. The company also secured $471.0 million of financing commitments in Q2.
Ameresco reaffirmed FY 2026 guidance across its stated operating metrics and increased Non-GAAP EPS guidance to $1.15 to $1.35 based on improved visibility into investment tax credits expected to be realized in 2026. Management expects a tax benefit rate of (25)% to (40)% and plans to transition to a new accounting policy for transferable tax credits in the second half. The company expects its normal seasonal cadence, with activity weighted somewhat more toward Q4, making backlog conversion, cash collections and tax-credit accounting central variables for the remainder of the year.
Management, verbatim
Outstanding second quarter results demonstrated solid execution in key areas of our business, underscoring Ameresco’s position as a leading energy infrastructure company that delivers integrated solutions to provide reliable power and modernize critical building and public infrastructure.
George Sakellaris, CEO
One of the highlights of the quarter was the tremendous momentum we experienced in the Power Infrastructure pillar of our business, which resulted in a record 65% increase in our awarded backlog to $4.4 billion, providing substantial visibility for at least the next three to four years.
George Sakellaris, CEO
The second quarter represented an important inflection point for Ameresco as our history of successful large-scale integrated power solution deployments made us a trusted partner for many high profile customers in the data center industry.
George Sakellaris, CEO
Not in the filing
stated, not guessed- Previous outlook was not provided, so no comparison of actual results with prior guidance is available.
- GAAP operating income and operating margin were not reported in the provided filing text.
- Prior-year and prior-quarter GAAP EPS were not reported in the provided filing text.
- Prior-year and prior-quarter Non-GAAP EPS were not reported in the provided filing text.
- Prior-year and prior-quarter gross margin were not reported in the provided filing text.
- Prior-quarter total revenue and segment revenue were not reported in the provided filing text.
- A prior-year comparison for cash flows from operating activities and adjusted cash from operations was not reported in the provided filing text.
- Share repurchases and dividends were not reported in the provided filing text.
- A cash balance comparison with a stated prior-period cash amount was not reported in the provided filing text.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Ameresco’s SEC Form 8-K furnishing Q2 2026 results (Item 2.02) with supplemental non-GAAP information.
Ticker impact
Ameresco reported Q2 2026 results and said 2026 EPS guidance was increased, alongside record $1.8B new project awards and 32% backlog growth.
Bullish bias for AMRC as investors focus on backlog growth, margin expansion, and updated 2026 EPS guidance.
The filing includes concrete quarterly financials (revenue, GAAP and non-GAAP EPS, adjusted EBITDA), record new awards, and an explicit statement that 2026 EPS guidance was increased, all of which are direct drivers for valuation and forward expectations.
Market effects
Strength in data center power infrastructure backlog may reinforce demand expectations for energy efficiency and grid-adjacent services.
Limited direct regional read-through; primarily US-focused infrastructure contracting and financing.
Moderate, as data center power modernization is a global theme but the disclosure is company-specific.
Counterpoint
Adjusted cash from operations was negative in Q2 due to timing, so earnings quality and near-term cash conversion may temper the backlog-driven optimism.
Key entities
- companyAmeresco, Inc.
Energy infrastructure company reporting Q2 2026 financial results, record new project awards, and increased 2026 EPS guidance.
- transactionNeogenyx transaction
Referenced as impacting non-controlling interest and as part of $400M financing commitments.
