Ameresco, Inc.

Ameresco reported Q2 revenue of $515 million, up 9% year over year. Project revenue increased 6% to $381 million, energy asset revenue rose 21% to $76 million, and O&M revenue increased 29%. Gross margin was 17.7%, adjusted EBITDA was $62.8 million, net income attributable to common shareholders was $9.7 million, and non-GAAP EPS was $0.20. Awarded project backlog increased 65% to a record $4.4 billion, total project backlog increased 32% to $6.7 billion, unrestricted cash was $138 million, total corporate debt was $385 million, and leverage was 3.2x versus a 3.5x covenant. Management reaffirmed full-year guidance across all metrics and raised non-GAAP EPS guidance to $1.15 to $1.35, citing a tax benefit rate expected in the 25% to 40% range and a planned accounting policy change for transferable tax credits. Management also said the second half should follow normal seasonal cadence, with activity weighted somewhat more toward Q4.

George Sakellaris framed the quarter as transformational, pointing to record awards, the Neogenyx/HASI transaction, first delivery of RNG into European compliance markets, and major project completions in battery storage and solar. He emphasized that Ameresco is now positioned around two core pillars: Power Infrastructure and Building & Public Infrastructure. His tone was highly confident and growth-oriented, especially on data centers, where he said the company is being selective but sees a large, multi-year opportunity supported by its integrated on-site power capabilities.

Mark Chiplock said Q2 was strong financially and operationally, with revenue of $515 million, gross margin of 17.7%, adjusted EBITDA of $62.8 million, and non-GAAP EPS of $0.20. He highlighted balance sheet strength, including $138 million of unrestricted cash, $385 million of corporate debt, and leverage of 3.2x, plus $471 million of new financing commitments, including $400 million tied to Neogenyx. He also noted working-capital pressure from timing of billings and collections, but said cash conversion remains a second-half priority. On guidance, he reaffirmed the full-year outlook and raised non-GAAP EPS to $1.15 to $1.35 because of a higher expected tax benefit.

Analysts focused heavily on the new data center awards, asking about delivery risk, timeline to revenue, margin profile, and how much of the pipeline could convert into backlog. Management said the projects are being handled with normal project diligence, that data center awards typically move to contract in 6 to 24 months, and that buildout can take up to 3 years for larger phased projects; they also said the margin profile should be in the high teens, similar to federal EPC work. On financing, management said the data center opportunity is likely to require substantial capital and could eventually justify a vehicle similar to Neogenyx. On risk, Nicole Bulgarino said Ameresco is partnering selectively and leaning on experienced developers and federal-lands opportunities to reduce permitting and community risk.