Ameresco, Inc. reported significant financial performance improvements in its latest quarterly filing, with total revenues reaching $472.3 million for the three months ended June 30, 2025, a 7.8% increase from $438.0 million in the same period last year. For the first half of 2025, revenues totaled $825.1 million, marking a 12% increase compared to $736.4 million in the first half of 2024. The company achieved a net income of $15.5 million for the second quarter, a substantial rise from $5.2 million in the prior year, while net income attributable to common shareholders was $12.9 million, up from $5.0 million.
The company’s operational metrics reflected a positive trend, with project revenues increasing by $27.3 million, or 8%, attributed to the timing of revenue recognition based on costs incurred relative to total expected costs on active projects. Additionally, energy asset revenues grew by $9.5 million, or 18%, due to the expansion of its operating portfolio. However, the U.S. Federal segment saw a decline in revenue, primarily due to lower project revenue and the reversal of previously recognized revenue from a solar photovoltaic project.
Strategically, Ameresco completed the acquisition of ASA Controls, Inc. in January 2025, enhancing its capabilities in the smart buildings sector. The company also reported a backlog of $5.1 billion as of June 30, 2025, which includes fully-contracted and awarded projects, indicating strong future revenue potential. The backlog increased from $4.4 billion a year earlier, with a 12-month project backlog of $1.2 billion, up from $817.4 million in 2024.
Operationally, Ameresco faced challenges due to global supply chain disruptions and inflationary pressures, which impacted project timelines and costs. The company reported cash flows from operating activities of $(55.2) million for the first half of 2025, a decrease from $74.1 million in the same period last year, primarily due to increased outflows in accounts payable and other liabilities. Despite these challenges, Ameresco remains optimistic about its growth trajectory, supported by a robust backlog and strategic acquisitions, while continuing to monitor macroeconomic conditions that may affect its operations.
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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