Ameresco, Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $1.77 billion, a 28.8% increase from $1.37 billion in 2023. The company's operating income also rose to $108.7 million, up 32.3% from the previous year's $82.2 million. However, net income attributable to common shareholders decreased by 9.1% to $56.8 million, compared to $62.5 million in 2023, primarily due to increased costs and asset impairments.
The company experienced notable changes in its backlog, which increased to approximately $4.82 billion as of December 31, 2024, compared to $3.88 billion in 2023. This includes a fully-contracted backlog of $2.54 billion, up from $1.32 billion the previous year. The growth in backlog reflects strong demand for Ameresco's energy efficiency and renewable energy solutions, driven by ongoing projects and new contracts. The company also reported a 34% increase in project revenue, attributed to the timing of revenue recognition based on costs incurred relative to total expected costs on active projects.
Strategically, Ameresco divested an energy technology and advisory services company in December 2024, resulting in a gain of $38 million. This divestiture aligns with the company's focus on its core energy efficiency and renewable energy services. Additionally, Ameresco expanded its operations through the acquisition of Enerqos Energy Solutions in March 2023, enhancing its capabilities in the European market. The company now operates approximately 60 offices across North America and Europe, employing over 1,500 professionals.
Operationally, Ameresco's customer base remains diverse, with approximately 67.3% of revenues derived from government entities. The company reported a significant increase in its renewable energy assets, owning and operating 209 small-scale renewable energy plants with a combined capacity of approximately 731 megawatt equivalents. The company anticipates continued growth in its renewable energy segment, supported by favorable market conditions and regulatory incentives.
Looking ahead, Ameresco remains optimistic about its growth trajectory, driven by the increasing demand for energy efficiency and renewable energy solutions. The company plans to invest between $350 million and $400 million in capital expenditures in 2025, primarily for the construction and acquisition of new renewable energy plants. However, Ameresco acknowledges potential challenges, including ongoing supply chain disruptions and macroeconomic conditions that could impact project timelines and costs.
About Ameresco, Inc.
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