Ameresco, Inc. reported a revenue of $401.5 million for the first quarter of 2026, marking a 13.8% increase from $352.8 million in the same period of 2025. The growth was primarily driven by a $39 million increase in project revenues, attributed to expansion in the company's project business in Europe and the timing of revenue recognition based on costs incurred. However, the company experienced a net loss of $18.3 million, compared to a loss of $5.5 million in the prior year, reflecting a significant increase in costs associated with revenues, which rose by 14.7% to $345 million.
The company's operating income decreased to $10.2 million from $13.7 million year-over-year, with selling, general, and administrative expenses rising by 20.3% to $46.3 million. This increase was largely due to higher payroll and professional fees. Interest expenses also rose, reflecting increased financing costs associated with energy asset projects and corporate debt. The overall loss before income taxes was $17.6 million, a substantial increase from the previous year's loss of $4.4 million.
In terms of operational developments, Ameresco's backlog as of March 31, 2026, totaled $5.3 billion, up from $4.9 billion a year earlier. This includes a fully-contracted backlog of $2.5 billion and awarded but not yet signed contracts amounting to $2.8 billion. The company continues to expand its geographical reach, particularly in Europe, where project revenues increased by 31.7%. The U.S. Federal segment also saw a significant revenue increase of 118.9%, reflecting a recovery from prior year adjustments.
Strategically, Ameresco announced a joint venture with HA Sustainable Infrastructure Capital, expected to close in the second quarter of 2026. This venture will involve the contribution of Ameresco's biogas business in exchange for a 70% equity interest, with the investor contributing $400 million. The company is also navigating ongoing supply chain challenges and inflationary pressures, which have impacted project timelines and costs. Looking ahead, Ameresco anticipates continued growth driven by increasing demand for energy efficiency and renewable energy solutions, despite the potential risks posed by regulatory changes and global economic conditions.
About Ameresco, Inc.
Ameresco, Inc. is a leading energy solutions provider specializing in energy efficiency, renewable energy development, and infrastructure upgrades. It designs, finances, constructs, and operates distributed energy resources, including solar, biogas, and battery storage projects. Serving government, utilities, commercial, and institutional customers across North America and Europe, Ameresco delivers customized, performance-based solutions that reduce energy costs, enhance resilience, and support decarbonization through integrated technology and long-term operations and maintenance services.
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