Ameresco Lifts Third-Quarter Revenue and Record Backlog

The Tip Desk · November 12, 2026 · 3 min read

Revenue reached $580.3 million and total project backlog hit a record $7.2 billion as $737 million of awards converted to contracted work.

Ameresco, Inc. (AMRC), a leading energy infrastructure company, reported third-quarter revenue of $580.3 million, up 10% from a year earlier, as growth continued across Projects, Energy Assets and O&M.

Net income attributable to common shareholders was $31.9 million, or $0.59 a share, versus $9.7 million, or $0.18 a share, in the second quarter. Non-GAAP EPS was $0.88. Adjusted EBITDA increased 24% to $91.7 million.

Gross margin expanded to 18.7%, from 17.7% in the prior quarter. The company said the improvement came from a favorable business mix, strong execution and a decrease in depreciation related to an adjustment to energy assets’ useful lives.

Project revenue increased 9% to $446.0 million. Energy Asset revenue grew 21% to $75.4 million. O&M revenue increased 20% to $37.0 million, which the company attributed to continued additions of new long-term operations and maintenance contracts.

Chief Executive George Sakellaris said the quarter represented strong growth and disciplined execution, with revenue increases across each major business line and continued building of both awarded and contracted backlogs.

New project awards were $875 million, versus a record $1.8 billion in the second quarter. Total project backlog reached a record $7.2 billion, up 39% from a year earlier. Awarded project backlog was $4.56 billion at September 30. Contracted project backlog was $2.59 billion.

The company said $737 million converted from awarded into contracted backlog in the quarter. Sakellaris said that conversion built visibility heading into 2027. He said more than $675 million of additional awards came from Federal infrastructure and Europe, and that data center energy infrastructure awards of $200 million represented an expanded scope of work at an existing project.

Total O&M revenue backlog was $1.51 billion. Total energy asset visibility was $3.19 billion. Total revenue visibility was $11.85 billion. Energy assets placed into operation were 3 MWe, with 827 MWe of total operating energy assets and 500 MWe of Ameresco’s net assets in development.

In the quarter the company adopted HLBV accounting related to the Neogenyx Fuels transaction. To facilitate comparability, it said Non-GAAP EPS and adjusted EBITDA now reflect 100% of the operating results of consolidated joint ventures, most notably Ameresco Sunel Energy and Neogenyx Fuels. Earnings also included a large tax benefit related to planned adoption of a tax-based accounting policy for transferable investment tax credits.

Unrestricted cash increased to $128.5 million. Total corporate debt was $380.4 million, with corporate leverage of 2.9 times, below a 3.5 times covenant. The company said it secured $106 million of financing and financing commitments in the quarter. Cash flows from operating activities were $(8.9) million; Non-GAAP adjusted cash from operations was $3.7 million after $12.6 million of Federal ESPC proceeds. On a rolling eight-quarter basis, adjusted cash from operations was approximately $26 million, compared with $30 million last quarter.

Fourth-quarter guidance is revenue of $625 million to $650 million, gross margin of 17.0% to 18.0%, adjusted EBITDA of $80 million to $90 million and Non-GAAP EPS of $0.95 to $1.05. Full-year 2026 guidance is revenue of $2.13 billion to $2.15 billion, adjusted EBITDA of $295 million to $305 million and Non-GAAP EPS of $1.85 to $1.95. The company said the ranges reflect inclusion of 100% of consolidated joint-venture results and a tax-based ITC accounting recast, and that full-year adjusted EBITDA and Non-GAAP EPS would otherwise have been unchanged.

Sakellaris said the growing project backlog and recurring revenue businesses position the company for continued growth in 2027 and beyond, and that Ameresco remains positioned to benefit from emerging power infrastructure opportunities in the data center and commercial-and-industrial landscape.