AMRC

Image source: The Motley Fool. Monday, Aug. 3, 2026 at 8:00 a.m. ET Chief Marketing Officer - Leila Dillon Chairman and Chief Executive Officer - George Sakellaris Co-President - Nicole Bulgarino Chief Financial Officer - Mark Chiplock Chief Investment Officer - Joshua Baribeau Operator: Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2026 Ameresco Incorporated Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to Leila Dillon, Chief Marketing Officer. Please go ahead. Leila Dillon: Thank you, Tina, and good afternoon, everyone. We appreciate you joining us for today's call. Our speakers on the call today will be George Sakellaris, Ameresco's Chairman and Chief Executive Officer, Nicole Bulgarino, Co-President of Ameresco and Mark Chiplock, Chief Financial Officer. In addition, Joshua Baribeau, our Chief Investment Officer, will also be available during Q&A to help answer questions. Before I turn the call over to George, I would like to make a brief statement regarding forward-looking remarks. Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language, on Slide 2 of our supplemental information and SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations of these measures and additional information in our supplemental slides that were posted to our website. Please note that all comparisons that we will be discussing today are on a year-over-year basis, unless otherwise noted. I will now turn the call over to George. George? George Sakellaris: Thank you, Leila, and good afternoon, everyone. Q2 was a transformational quarter for Ameresco, highlighted by exceptional execution and strong financial performance. First, we had a record of $1.8 billion of new awards driven by $1.2 billion for data centers and $600 million for our other key markets. Second, we closed our Neogenyx joint venture with HASI, providing us with significant external capital to accelerate growth in all of our business lines. And we announced our first successful delivery of RNG into the European compliance markets. Third, we repositioned Ameresco into two core pillars and we are releasing a new rebranded corporate identity to reflect the updated position. And finally, we successfully brought online the 250 megawatt Napanee Battery Energy Storage System. One of the largest energy storage projects in Canada. And we energize the 560 megawatt solar project in Greece, one of the largest projects in Europe. Many of you have been anticipating updates on our involvement in the data center market. There is a growing demand for reliable power infrastructure and increasingly favorable policy for on-site power infrastructure, encouraging hyperscale customers to secure dedicated on-site power solutions. Combined with Ameresco's integrated capabilities, we are well positioned to deliver solutions that provide speed, reliability, and the energy independence that these customers need. During the quarter several opportunities advanced to the point where they met our criteria for inclusion in our awarded backlog. Importantly, the projects we added to our backlog represent only a portion of our broader pipeline. As we continue to advance additional data center opportunities, we will remain highly selective in our partnerships and disciplined in our approach. We expect the amount of backlog added from these opportunities to increase as development progresses, project scopes are finalized, and they convert to contracted backlog. As you will see in our updated corporate presentation, the company is well positioned to flourish in the current market environment. With our recent promotions of Nicole Bulgarino and Louis Maltezos to Co-Presidents, we have positioned the company to address two core market pillars power infrastructure, and building and public infrastructure. This strategic positioning reinforces Ameresco's standing as one of the world's leading energy infrastructure companies, focused on delivering integrated solutions to provide reliable power and modernize infrastructure. With a powerful combination of market catalysts and a robust pipeline of opportunities, we are confident in our ability to drive exceptional long-term profitable growth. With that, I would like to turn the call over to Nicole to provide some additional details about the exciting data center activities as well as other notable project wins and business opportunities. Nicole? Nicole Bulgarino: Thank you, George, and good afternoon, everyone. As George highlighted, Ameresco made significant progress with our power infrastructure business during the quarter. The backlog additions we announced today are the result of months of working to secure, develop, and advance opportunities with leading partners across the data center ecosystem. Our strategy remains highly focused and selective, partnering with experienced developers, operators, hyperscalers, and capital providers, while concentrating exclusively on-site power data solutions. This landscape is dynamic and often requires persistence and flexibility with solutions due to permitting, gas supply, and specific tenant needs. This is where Ameresco's decades of experience developing, delivering, owning, and operating critical energy infrastructure provides us with a clear, competitive advantage. During this quarter, we added three new data center projects to our awarded backlog, bringing our total to five data center projects in addition to the Lemoore data center data center in our energy assets portfolio. These projects further expand our presence in the nation's most active data center markets, adding both Texas and Arizona to our existing footprint of data center projects. Collectively, they will represent more than one gigawatt of power generation and showcase the breadth of Ameresco's capabilities. The solutions we are providing include a combination of reciprocating engines, gas turbines, fuel cells, battery energy storage systems, and integrated micro grids designed to deliver the reliability required by today's most demanding data center customers. These awarded projects also only represent a portion of the opportunities we are actively developing. We continue to see exceptional demand for on-site power solutions and are encouraged by both the scale and the quality of our growing pipeline. We are engaged with many of the industry's leading data center partners, and we believe our differentiated capabilities position us extremely well to capitalize on the significant opportunities ahead. We look forward to sharing additional developments as we continue to convert this momentum into backlog and long-term profitable growth. While the data center activity was certainly a highlight of the quarter, it is also important to note that our momentum extends well beyond this market. We also secured a significant amount of new project awards across a broad range of geographies, customers, and in-market, underscoring the strength and diversity of our business. These wins reflect continued demand for Ameresco's comprehensive energy infrastructure solution and demonstrate our ability to capitalize on the opportunities across multiple verticals while maintaining a balanced and resilient growth profile. I'll now turn the call over to Mark to cover our strong Q2 financial performance. Mark? Mark Chiplock: Thank you, Nicole, and good afternoon, everyone. Q2 was a strong quarter across the board. We delivered revenue of $515 million and made meaningful progress on the priorities that matter most, executing well, expanding our growth visibility through record awards, and strengthening our capital position to support the opportunities ahead. Q2 demonstrated the strength of our current operating model and the increasing visibility we are building as we work to execute the next phase of our growth strategy. Our total revenues grew by 9%, while project revenue increased 6% to $381 million. This reflects solid execution across our core project business with strength in Federal and North America and continued strong performance from our European JV. This was not just a strong quarter financially. It was also an outstanding business development quarter. As George highlighted, awarded project backlog increased 65% to a record level of $4.4 billion, increasing our total project backlog by 32% to $6.7 billion. As always, the timing and extent of conversion of our backlog will depend on commercial, permitting, procurement, financing, and execution milestones. This backlog provides tremendous long-term visibility as we expect to convert over the next three to four years. Q2 energy asset revenue was a clear highlight, increasing 21% to $76 million as we continue to expand the operating portfolio. During the quarter, we placed an additional 32 megawatts into operation. Our operating energy asset base now stands at 822 megawatts, with another 513 megawatts in development or construction. These figures reflect Ameresco's 70% ownership interest in the Neogenyx JV. O&M also had a very strong quarter with revenue up 29%. This remains an important part of the model for us because it builds naturally from successful project execution and creates long-term recurring revenue. As we continue to see solid growth in our third-party O&M business, which expands the opportunity set beyond just Ameresco-executed projects. We now provide service for over 2.5 gigawatts of third-party solar and battery storage. With long-term O&M backlog now exceeding $1.5 billion, this business continues to provide strong visibility, recurring revenue, and durability across cycles. Gross margin was 17.7%, a meaningful improvement both sequentially and year-over-year, reflecting a favorable business mix and strong execution. Net income attributable to common shareholders was $9.7 million or $0.18 per diluted share, while non-GAAP EPS was $0.20. Adjusted EBITDA increased 12% to $62.8 million, outpacing revenue growth and reflecting strong operating execution, improved business mix, and the continued expansion of our higher margin recurring businesses. EPS reflected higher depreciation and interest expense associated with the continued growth in our energy asset portfolio, along with a lower tax benefit and the non-controlling interest impact from the Neogenyx transaction. Turning to our balance sheet, unrestricted cash increased to $138 million, with total corporate debt of $385 million. Our corporate leverage was 3.2x, comfortably below our 3.5x covenant. We also strengthened our capital position in Q2, securing $471 million of new financing commitments, including the $400 million related to the Neogenyx transaction. That capital gives us added flexibility to fund growth, support our working capital needs, and continue scaling the energy assets portfolio in a disciplined way. Adjusted cash from operations was impacted in Q2 by the timing of project execution, billings, and collections. The strong revenue quarter included significant work performed ahead of contractual billing milestones, resulting in more cash being temporarily absorbed in working capital. Cash conversion remains a key priority for the second half. Given our strong first half performance, the visibility provided by our backlog, and the financing progress achieved in Q2, we remain confident in our 2026 outlook. As a result, we are reaffirming our full-year guidance across all metrics and increasing our non-GAAP EPS guidance. We are increasing our non-GAAP EPS guidance range to be $1.15 to $1.35 as we now expect a tax benefit rate in the range of 25% to 40%. The additional expected tax benefit is supported by our planned transition to a new accounting policy for transferable tax credits in the second half of the year. This methodology better aligns earnings recognition with the period in which the investment tax credits are generated rather than allocating the benefit over the life of the related assets. Prior-period results will be recast to enhance comparability once we make this change. Looking ahead, we expect the second half to follow our normal seasonal cadence with activity weighted somewhat more towards Q4, supported by continued project execution, backlog conversion, and disciplined cost management. Now I'd like to turn the call back to George for closing comments. George Sakellaris: Thank you, Mark. This is a transformative time for Ameresco as we continue to execute our growth strategy, positioning ourselves in some of the fastest growing and most attractive energy infrastructure markets. Our twin market pillars of Power Infrastructure and Building & Public Infrastructure not only continue to drive our growth, but also provide greater diversification of the company's customers and solutions. And our decades of experience delivering reliable on-site power solutions uniquely positioned us to capitalize on the significant opportunities ahead. We look forward to connecting with many of you at upcoming meetings and conferences. In closing, I want to once again thank our employees customers and stockholders for their continued support and confidence in Ameresco. Operator we would like to open the call to questions. Operator: [Operator Instructions] Our first question is from the line of George Gianarikas with Canaccord Genuity. Please go ahead. George Gianarikas: Hi everyone, thank you for taking my questions and congratulations on the data center wins. Regarding those wins, how are project delivery commitments structured from a risk-sharing perspective? Specifically, what's the financial exposure or liquidated, excuse me, does the Ameresco bear of completion timeline slip due to equipment supply chain bottlenecks, interconnection queues, or local permitting delays? Nicole Bulgarino: Yes. So that's a great question, George. And we won't get into any project specifics because all of that, as you can imagine, it's very sensitive to our customers and to the agreements that we're in. But be assured, as Ameresco and all of our projects would be very mindful and diligent about what commitments we're being signed up to or that we're signing up to. George Gianarikas: And maybe a question for Mike, any update on what's happening with Neogenyx, a project updates, etc. George Sakellaris: Thank you. Mike, he is not here, but you know, since we did -- partially sale or the partnership with HASI. The relationship is going very, very, very good. So the development opportunities are increasing, and we actually see more opportunities now, not only organic, but maybe some project acquisitions that they are coming to us. So the relationship is very, very good. And it gives a lot of flexibility, great capital contribution into the company, and of course, we can use the capital to grow not only that unit, but as well as the other lines of our business. Operator: Next question comes from the line of Stephen Gengaro with Stifel. Please go ahead. Stephen Gengaro: Maybe following up on George's question little bit, when you think about the data center awards and what it means for backlog does this -- is sort of the cadence of backlog conversion to revenue. How should we think about that with awards of this size, is it any different than kind of what we've become accustomed to? George Sakellaris: Yes, yes. No, it's a great question. It's not different than the other projects that we have in the backlog, especially in the federal government projects. It will say that, a, by putting these projects into the award, we have done a great, great diligence to make sure they meet the criteria that we put a particular project into the award category. They've been some kind of customers RFP. So there's some kind of exclusivity agreement between us and that base, and they have achieved certain milestones in their development process. So that's, and then if you look at it, that's how we move from the award to the, the contracts in the data centers, would probably see between 6 and 24 months. This awards will move to contracted. And then of course, once they move to contracted, you're talking 12 to 3 years, or actually implement the implementation schedule. But the awards are solid and sooner or later, the time scheduled, they will move into the contracted category then of course, for the implementation. Stephen Gengaro: Great. Thank you. And just as a quick follow-up to that is, if I assume the margin profile is similar to the legacy, activity, is that a fair place to start? George Sakellaris: Yes, excellent questions. And the margin of this particular project is basically what we get for the EPC project for the federal government, which is in the high teens. Operator: Your next question is from Eric Stine with Craig-Hallum. Please go ahead. Eric Stine: Yes, so obviously a big highlight on the awards the $1.2 billion, but it sounds like pretty optimistic in terms of the pipeline so you know wondering if -- maybe not specifics but just talk in more detail of the size of that pipeline versus the awards that you have now pulled in, that $1.2 billion, and if there's a way to think about where those are in their various life cycle in terms of getting to the point where you could think about pulling those into awarded backlog? George Sakellaris: And Nicole basically said that what we put on the award category right now is part of what the ultimate size of this particular award will be. So we'll see that it will probably increase. I wouldn't be surprised that we will get up to $2 billion associated with this particular award that we have right now. If you want to add any more... Nicole Bulgarino: Sure. And we're continuing -- I mean, we're in this business hourly, daily, and continuing to vet opportunities new day -- every day and being very strategic and diligent about how we are partnering with new opportunities. So we looked to be -- hopefully adding additional projects as we continue to develop in this market. George Sakellaris: And little bit more clarity, as Nicole pointed out in her script, there are five opportunities in exploring the Lemoore, which is an asset base. And we're looking at, at least that many more. Eric Stine: Got it. And then maybe for my follow up just obviously Neogenyx a very successful set up and structure there and maybe not exact but you know if you think about these data center opportunities and that they are very sizable is there some structure kind of more along those lines that could help maybe speed up or just increase the amount that you can handle from a financing perspective? George Sakellaris: You're right on track. We were very successful with Neogenyx and we learned a lot too in the process of doing them. The data center opportunity is very, very large and it will require a substantial amount of capital. We will be looking into the opportunity, and if the multiples are right, the right part comes along, and so on, we will do it. It is not specific to announce at this point in time, but it could be a great, great opportunity for us, between another vehicle like Neogenyx. Operator: Your next question is from the line of Noah Kaye with Oppenheimer & Co. Please go ahead. Noah Kaye: George this transformational and I just need to take a step back for a bit and recognize that I believe this quarterly award is almost double any of your previous quarters in your history. It's remarkable. So congratulations. And I want to kind of ask a high level question, which is obviously behind the meter, you know, in time, the power becoming a key consideration for a lot of developers. I can see that's really the solution that you're architecting here. But can you just take us through how you won these awards? who the customers are. Obviously, we're not expecting you to name them, but are they hypers? Are they neos? Are they government? And with the understanding that as you build these critical relationships, there's opportunity for a lot of future. George Sakellaris: Nicole worked very hard in order to get them, so I will let Nicole... Nicole Bulgarino: No, I mean, thanks. And as we shared in the previous earnings calls, I mean, our reputation with the federal government has been served as well as a great entry point into this market because we've been basically serving as the utility and the federal government's base for decades now and now getting in there. And we're working with, you know, not only data center operators, but also hyperscalers, neoclouds, and also just getting in through commercial real estate developers that had played in this market before, just now having the added power side to this, which was different than what maybe they had done before. So we like what our delivery model is and that we are bringing integrated energy solutions to it. So we're integrating different types of assets together and being able to have the ability to microgrid these. And that's been a unique offering for us. So that's a little bit more into what we're doing. And I just think that the opportunity with our experience and our flexibility and what we're offering has served us well with the different players in this ecosystem. Noah Kaye: So just to confirm that I heard you correctly, so the customers for these data center projects, they now include hypers and neoclouds, is that correct? Nicole Bulgarino: They are part of the deals, yes. Noah Kaye: All right. And just last follow up, you know, I guess maybe help us understand where you're at in the process of securing supply for some of those long lead items. And have you already placed orders for the receipts and some of the key equipment? Nicole Bulgarino: We have not been placing orders yet for these projects because they're still in our awarded pipeline. And that's not been the model that we've chosen to do for this market. But we are working and finalizing the equipment selection with our partners, and that's just where we are. So there are different phases in that development, but far enough along that we move them into the awarded pipeline, and then we'll continue to develop these to convert them into the contracts and then placing equipment. Operator: Your next question is from Ryan Pfingst with B. Riley Securities. Please go ahead. Ryan Pfingst: Congratulations on progress here. George, you touched on it a little earlier, but did you talk more about the potential revenue cadence for Ameresco for a project that comes online in 2028, '29 or 2030? George Sakellaris: Yes, let's say a difficult project, even a federal government project. Once we get the award, some selection by the federal government, then we do the detail engineering and [indiscernible] and so on. And negotiate the scope with the government. It usually take about 24 months. I mean, 12 to 24 months to get the award to contracts. And once we gets contract contracted, sone of the projects, they have 1 year time line. But if it's a turbine or a [indiscernible] engine power plant very complex, it might take up to 2 years. And that's -- so it's. It moves along. Nicole Bulgarino: No, I think he got it. I mean, it really just depends on which project it is and what we're doing. George Sakellaris: Yes, and on the data centers, I did say they indicated 6 months to 24 months to move the award because we know what the development is on some of them and the milestones that they have achieved. And the hyperscalers and the developers, they move a little bit faster than the federal government. Plus, they need this stuff. You know, there is a sense of urgency that they get this power up as soon as possible. Ryan Pfingst: Got it. Appreciate that. And then somewhat related, can you just remind us where the CyrusOne project fits in with regards to awarded or contracted backlog for you guys? And is there anything to share on how that's progressing at the Naval Air Station?. Nicole Bulgarino: Sure. Lemoore is still in our awarded backlog, and it's like any other project we've been talking about, it has the development time line of 12 to 24 months. So we're just moving along in that development right now. Operator: [Operator Instructions] Your next question comes from Joseph Osha with Guggenheim Partners. Joseph Osha: Congratulations, everyone, on such a strong result. I have two related questions. First, and these came up once already, but how should we think about this six-project pipeline, and is most of this ultimately just going to show up as gain on sale or could some of this end up being at least partially capitalized to your own balance sheet? And then the second question, Nicole, this is kind of a geeky one for you, are you seeing on the storage side, are most of the deployments you're seeing kind of short duration power quality types of deployments or are you seeing longer kind of multi-hour deployments focused on more resilience. Joshua Baribeau: This is Josh. I'll answer your first question. The data center opportunities are expected to be our normal EPC revenue recognition, percent complete in accordance with our spend. It's not an asset sale or there's no different balance sheet treatment than any of our other project business. Nicole on the duration... Joseph Osha: This will be straight EPC revenue? Joshua Baribeau: Correct. Nicole Bulgarino: Yes, and that's a great question. Not too geeky on the other one because it's an important one. And the battery storage in these space for these will probably, I mean, it really depends on the site, but for both. One is for the resiliency for when you're doing maintenance or [ upsets], the other side of that is really just to stabilize the load shift from there, especially with the AI load profile. And so it a combination. Joseph Osha: Can you just with that in mind as a follow up, what's the typical duration that you're seeing on storage? Is it an hour, 2 hours, 4 hours... Nicole Bulgarino: Two hours. Operator: And your next question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead. Craig Shere: So congratulations on the expanding awarded pipeline. In response to Eric's question, the comment was made, George, that you had maybe another five potential counterparties projects on top of the five that are already in the awarded backlog. Are all of these roughly about the same size in terms of revenue and size of the projects? On average or are you seeing them increase over time? How would you look at the pipeline outside of the awarded projects so far? Nicole Bulgarino: I think they're all similar. I mean, some are -- it's depending on which ones we're looking at, but some are like smaller phases. Others are phased out campuses, and we're maybe playing a part of one of the phases, or we may be playing all of the phases. So, it really depends on project. But I'd say that there are all these similar technologies that we mentioned before, combination of reciprocating engines, fuel cells for some of the earlier deployment ones just for speed to power, and then some of the longer out there phases using combined cycle gas turbines and just simple gas -- cycle gas turbines. George Sakellaris: One other thing that I want to add, so it gives you a little bit better perspective, guys, the opportunity with these data centers. These five ones that we are talking about does not include the federal government basis that they are going out and we have the enhanced lease uses. And we have five of them. Including on that five, though, it's Lemoore, which announced before, and the other one is Pearl Harbor. So there's considerable potential. And the fact is, because people are beginning to realize that in order for them to be successful and win the AI race, they have to develop their own power plants, on-site generation. And that's why we came into the picture. And our track record with the federal government building these resiliency power plants with microgrid and so on, it's helping us a lot and we're getting great traction in the marketplace. Craig Shere: Got you. And last clarification, I believe both Stephen and Ryan asked about the timeline of awards. I think, George, you mentioned the time, you know, maybe to lock into, whether it's 6, 24-plus months to firm contracts. And then you said it could take three years for bulky projects to be completed thereafter. When you think... George Sakellaris: Up to 3 years, let's say we have to build 500 megawatts or 1 gigawatt additional power plant on the particular data center that might have 3 or 4 phases. And that's what's happening. Some of them, and that's why we said, we think that the ones that we have, they will become larger because they have several phases. So phase one might take six months to a year, phase two another year or so and so on. That's why I gave the perspective up to 3 years. And the other one, I think, important to gives you a little bit more color, guys. We said 6 months to 24 months. So most likely we will not see a big impact coming from the data centers till '28 and beyond. Between '28 to '30, you might see a small impact next year, but the major impact will be '28 to '30. And why we're so excited though about it because the awarded projects give you the early indication where we're going to be 2 to 3 years down the road. Craig Shere: Yes, got you. And when we're in the 2028 and beyond and you've got these mega projects that are lasting two to three years in several phases, is it reasonable to think that they're kind of evenly distributed in terms of revenue and margin across the years that they're live? Joshua Baribeau: Yes, it's probably a little too soon, especially, I mean, the shape of any construction project tends to be a little bit front end loaded as we're placing equipment orders and doing some of the heavy mobilization. But since we now have six of these projects going on, there could be -- you sort of get maybe a potential smoothing. But it's a little early for that to give you an exact rule of thumb of what the revenue would look like. Nicole Bulgarino: Yes, I was just going to ask, we're also excited that after the construction with all of these, there's a significant operation and maintenance stream associated with it. So as Mark pointed out in our earnings script, we have, that's one place that we've always been focused on building that recurring revenue, which these would certainly present that opportunity. Operator: Next question comes from Swetha Rakhecha with Cantor Fitzgerald. Please go ahead. Swetha Rakhecha: Swetha here on behalf of my Manish. Congrats to you, Nicole, and the entire team on the new auto win. A couple of more follow-ups on [indiscernible] wins. I guess you'll be getting a few of those. First, are there 3 new wins affiliated to the 2 that were already booked? Nicole, I know you also walked us through the process of winning these bids earlier, but to the extent possible, can you help us qualify if these underlying customers are hyperscalers, co-location operators or non-hyperscalers users. And one more question on DC, which is kind of very topical and it will also really help us understand is how you're thinking about risk when it comes to projects delays, especially when you think about local data center bans, zoning restrictions, or like any, what are you guys thinking about that? I think that would be really helpful for us. Nicole Bulgarino: Sure, and those are good questions. And as I mentioned before, the customer types, I mean, with all of these projects, there are multiple customers in there. I mean, there's the landowner, there's the data center operator, and certainly the end-use tenants, but hyperscalers, the neocloud tenants as well. So we're working with a large set of those that are all playing in this market. As far as the risk, I would say, I mean, we've been working for federal government and for utilities for quite so many years. So similar risk for -- any time when you're taking on building and developing these large infrastructure projects it's a similar risk type of profile. And what we're trying to do to mitigate some of the risk in development is making sure that we've been strategic about who we're partnering with upfront and the work that they've done already, picking partners that have local strong relations in that community, customers that have been in this market before and certainly our strategy by working on federal government lands where it has a lot less of that outside community risk as well. So those are all things that we've been doing and why we've been working on this for the past months on this to make sure that we're having qualified these. Swetha Rakhecha: Thank you. That's certainly very helpful. And second, if I may, given the robust pipeline, how should we think about guidance? As in, what would it take for us to now raise the guidance from here? Mark Chiplock: Yes, so for 2026, you know, what we have visibility to from the data centers, we've already baked in and obviously we've reaffirmed that. So we're feeling pretty good about that. We don't expect it to have too significant an impact, but what we do feel comfortable with, we've already baked into guidance for 2026. Operator: And with no further questions in queue, this does conclude today's conference call. Thank you very much for joining us today. You may now disconnect. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Ameresco (AMRC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Ameresco’s second quarter was marked by significant operational achievements, which the market responded to with a substantial increase in the company's share price. Management credited the quarter’s momentum to a surge in new project awards, particularly $1.2 billion in data center contracts and another $600 million across other markets. CEO George Sakellaris highlighted the strategic value of these data center wins, noting that Ameresco’s ability to deliver integrated energy infrastructure solutions was pivotal. The company also closed a major joint venture with HASI, further strengthening its capital resources and expanding its reach into European compliance markets. Is now the time to buy AMRC? Find out in our full research report (it’s free). Revenue: $515.5 million vs analyst estimates of $460.5 million (9.1% year-on-year growth, 11.9% beat) Adjusted EPS: $0.20 vs analyst estimates of $0.20 (in line) Adjusted EBITDA: $62.81 million vs analyst estimates of $60.84 million (12.2% margin, 3.2% beat) The company reconfirmed its revenue guidance for the full year of $2.1 billion at the midpoint Management raised its full-year Adjusted EPS guidance to $1.25 at the midpoint, a 6.8% increase EBITDA guidance for the full year is $260 million at the midpoint, below analyst estimates of $265.9 million Operating Margin: 8.6%, up from 5.9% in the same quarter last year Market Capitalization: $1.36 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. George Gianarikas (Canaccord Genuity) asked about risk-sharing and financial exposure for data center projects in case of delivery delays. Co-President Nicole Bulgarino responded that Ameresco remains highly diligent about contractual commitments to minimize potential risks. Stephen Gengaro (Stifel) pressed for details on how quickly new awards would convert to revenue. CEO George Sakellaris explained that awarded projects typically take 6 to 24 months to become contracted, with implementation spanning one to three years depending on project complexity. Eric Stine (Craig-Hallum) inquired about the size and stage of the pipeline beyond the $1.2 billion in new awards. Sakellaris and Bulgarino confirmed a robust pipeline, noting that additional projects are under consideration and could increase the total award value. Joseph Osha (Guggenheim Partners) questioned whether data center projects will be treated as asset sales or recognized as engineering, procurement, and construction (EPC) revenue. Chief Investment Officer Joshua Baribeau clarified these will be recognized as traditional EPC revenue. Swetha Rakhecha (Cantor Fitzgerald) sought clarification on customer types and risk management for data center projects, including concerns about zoning and local opposition. Bulgarino emphasized Ameresco’s approach of partnering with experienced local stakeholders and prioritizing federal government sites to reduce community risk. In the coming quarters, our analyst team will be watching (1) the pace at which awarded data center projects move into contracted backlog, (2) execution on major infrastructure projects that could expand recurring revenue, and (3) progress in leveraging new capital partnerships like Neogenyx for future project financing. Additionally, successful navigation of regulatory and supply chain challenges will be key markers of execution. Ameresco currently trades at $26.53, up from $22.73 just before the earnings. Is there an opportunity in the stock? See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

NANO Nuclear Energy Inc. NNE is scheduled to release fiscal third-quarter results on Aug. 12, after market close. The Zacks Consensus Estimate is currently pegged at a loss of 28 cents per share. Fiscal third-quarter earnings estimates have improved 6.67% over the past 60 days. However, the bottom-line projection indicates a decrease of 47.37% from the year-ago number. Image Source: Zacks Investment Research NANO Nuclear Energy’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, resulting in the average positive surprise of 43.8%. Image Source: Zacks Investment Research Our proven model does not predict an earnings beat for NANO Nuclear Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you can see below.You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.NNE’s Earnings ESP: NANO Nuclear Energy has an Earnings ESP of 0.00%.Zacks Rank of NNE: The company currently carries a Zacks Rank #3. Some companies in the same industry with the right combination of the two factors for an earnings surprise in the coming season are FuelCell Energy FCEL, Ameresco AMRC and Gevo Inc. GEVO. FCEL, AMRC and GEVO have an Earnings ESP of +17.95%, +6.51% and +200.00%, respectively. All three currently carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here. During the quarter, NANO Nuclear Energy announced that its subsidiary STS completed several DOE and NNSA-related nuclear logistics missions, including HALEU shipments from Japan and within the U.S., spent fuel transportation, and HEU removal support from Venezuela. The missions highlight STS’ capabilities in secure and compliant nuclear material transportation and are likely to have boosted fiscal third-quarter earnings.During the quarter, NANO Nuclear Energy said the NRC accepted the Construction Permit Application for its KRONOS MMR project at the University of Illinois, moving the microreactor into formal regulatory review. The company expects the review to conclude in 2027, potentially allowing construction to begin later that year and advancing the project toward commercial deployment.Uranium plays a vital role in the successful operation of nuclear power plants. NANO Nuclear Energy continues to advance vertical integration across the nuclear fuel cycle through acquisitions and partnerships focused on fuel facilities and transportation, helping address key supply-chain constraints. NNE’s shares have gained 4.6% in the past month against the Zacks Alternative Energy – Other industry’s decline of 2.7%. Image Source: Zacks Investment Research NANO Nuclear Energy is currently trading at a discounted valuation compared with its industry, with the price-to-book (P/B) TTM at 1.65X. The industry is currently trading at 3.42X. NANO Nuclear Energy’s advanced microreactor technology has strong potential to support the growing need for clean and reliable power. Its microreactor projects are progressing through various development stages and are expected to move toward commercial readiness around 2030, subject to successful testing and regulatory approvals.The company continues to advance its reactor programs through partnerships aimed at securing nuclear fuel supply, supporting testing and licensing, and ultimately enabling commercialization. Rising clean energy demand, along with constraints in expanding transmission and distribution infrastructure, could also increase the need for NANO Nuclear Energy’s portable microreactor solutions. NANO Nuclear Energy made several meaningful advances during the quarter that should help position it for future commercial reactor operations. It is also well placed to benefit from growing demand for dependable, clean energy, supported by AI data center expansion, increased electric vehicle adoption and rising power needs in remote locations.Considering NNE’s discounted valuation and strong share price performance, investors may want to consider adding the stock to their portfolios. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nano Nuclear Energy Inc. (NNE) : Free Stock Analysis Report FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report Ameresco, Inc. (AMRC) : Free Stock Analysis Report Gevo, Inc. (GEVO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Total revenues of $515 million, up 9% year-over-year. Project Revenue: Increased 6% to $381 million. Energy Asset Revenue: Increased 21% to $76 million. O&M Revenue: Increased 29%. Gross Margin: 17.7%, a meaningful improvement both sequentially and year-over-year. Net Income: $9.7 million, or $0.18 per diluted share. Non-GAAP EPS: $0.20 per diluted share. Adjusted EBITDA: Increased 12% to $62.8 million. Cash Position: Unrestricted cash increased to $138 million. Corporate Debt: $385 million. Corporate Leverage: 3.2 times, below the 3.5 times covenant. New Financing Commitments: $471 million secured in Q2, including $400 million related to the Neogenix transaction. Energy Asset Base: Operating portfolio at 822 megawatts, with 513 megawatts in development or construction. Third-Party O&M: Over 2.5 gigawatts of solar and battery storage under service. O&M Backlog: Exceeding $1.5 billion. New Awards: Record $1.8 billion, including $1.2 billion for data centers and $600 million for other key markets. Data Center Projects: Added three new projects, bringing total to five, representing more than one gigawatt of power generation. Full-Year Guidance: Reaffirmed across all metrics; non-GAAP EPS guidance increased to $1.15 to $1.35. Warning! GuruFocus has detected 9 Warning Signs with AMRC. Is AMRC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 03, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record $1.8 billion in new awards, driven by $1.2 billion from data center projects, showcasing strong market demand. Successful launch of the Janix joint venture with HACI, providing significant external capital to accelerate growth across all business lines. Energy asset revenue increased 21% to $76 million, with the operating portfolio expanding to 822 megawatts. O&M revenue grew 29%, with long-term O&M backlog exceeding $1.5 billion, providing strong recurring revenue visibility. Gross margin improved to 17.7%, and adjusted EBITDA increased 12% to $62.8 million, outpacing revenue growth. Reaffirmed full-year guidance and raised non-GAAP EPS guidance to $1.15-$1.35, reflecting confidence in future performance. Data center projects are still in the awarded pipeline, with revenue impact not expected until 2028-2030, limiting near-term contribution. Cash flow from operations was impacted by timing of project execution and billings, with significant work performed ahead of contractual milestones. EPS was negatively affected by higher depreciation and interest expense from energy asset portfolio growth, along with a lower tax benefit. Corporate leverage stood at 3.2 times, close to the 3.5 times covenant, limiting financial flexibility. The company faces potential risks from project delays due to permitting, supply chain bottlenecks, and local zoning restrictions, which could impact timelines. Q: Regarding the record $1.8 billion in new awards, driven by $1.2 billion for data centers, how are project delivery commitments structured from a risk-sharing perspective, and what is the financial exposure if completion timelines slip due to supply chain bottlenecks or permitting issues? A: Nicole Bulgarino, President - Federal Solutions and Utility Infrastructure, stated that while they are sensitive to customer agreements, Ameresco is very mindful and diligent about the commitments they sign up to. The company applies the same rigorous risk assessment used for all its projects, including those for the federal government. Q: With the massive scale of the new data center awards, is the margin profile similar to your legacy activity? A: Nicole Bulgarino, President - Federal Solutions and Utility Infrastructure, confirmed that the margins for these particular projects are essentially what they get for EPC projects for the federal government, which is in the high teens. Q: The $1.2 billion in data center awards is a huge highlight. Can you provide more detail on the size of the broader pipeline versus the awards you have pulled in, and where those opportunities are in their life cycle? A: George Sakellaris, Chairman and CEO, indicated that the current awards are only a portion of the ultimate size, and he wouldn't be surprised if the total associated with these specific projects reaches $2 billion. Nicole Bulgarino added that there are at least five more opportunities in the pipeline beyond the five currently in the awarded backlog, with the company being strategic and diligent in vetting new partnerships daily. Q: Given the success of the Neogenix JV structure, could a similar capital partnership vehicle be used to accelerate growth in the data center market? A: Mark Chiplock, CFO, confirmed that the data center opportunity is very large and will require substantial capital. The company is actively looking into similar partnership opportunities and would pursue one if the multiples and partners are right, though there is nothing specific to announce at this time. Q: Can you take us through how you won these data center awards and who the customers areare they hyperscalers, neoclouds, or government entities? A: Nicole Bulgarino, President - Federal Solutions and Utility Infrastructure, explained that their reputation with the federal government served as a great entry point. They are now working with data center operators, hyperscalers, neoclouds, and commercial real estate developers. Their unique offering is integrating different types of assets (reciprocating engines, gas turbines, fuel cells, BESS) into microgrids to provide reliable, on-site power solutions. Q: Have you already placed orders for long-lead equipment like reciprocating engines for these new data center projects? A: Nicole Bulgarino, President - Federal Solutions and Utility Infrastructure, stated that they have not placed orders yet because the projects are still in the awarded pipeline. They are currently finalizing equipment selection with partners and will place orders once the projects convert to contracted backlog. Q: What is the potential revenue cadence for a data center project that comes online in 2028, 2029, or 2030? A: George Sakellaris, Chairman and CEO, explained that it takes six to 24 months to move an award to a contract, and then up to three years to build a large multi-phase project. Therefore, they expect minimal impact in 2027, with the major revenue impact from data centers coming in 2028 to 2030. The awarded projects provide early indication of where the company will be two to three years down the road. Q: Will the revenue and margins from these mega data center projects be evenly distributed across the years they are live? A: George Sakellaris, Chairman and CEO, noted that it is probably too early to give an exact rule of thumb. The shape of any construction project tends to be front-end loaded as equipment orders are placed and heavy mobilization occurs. However, with six projects ongoing, there could be a potential smoothing effect on revenue. Q: Are the three new data center wins affiliated with the two that were already booked, and can you qualify if the underlying customers are hyperscalers or co-location operators? A: Nicole Bulgarino, President - Federal Solutions and Utility Infrastructure, stated that with all these projects, there are multiple customers involved, including the landowner, the data center operator, and the end tenants (hyperscalers and neoclouds). The company is working with a large set of players in the market. Q: How are you thinking about risk regarding project delays from local data center bans or zoning restrictions? A: Nicole Bulgarino, President - Federal Solutions and Utility Infrastructure, explained that the risk profile is similar to large infrastructure projects for the federal government and utilities. To mitigate development risk, they are strategic about partners, choosing those with strong local community relations and prior market experience. Their strategy also includes working on federal government lands, which have less outside community risk. Q: Given the robust pipeline, what would it take to raise the full-year 2026 guidance from here? A: Mark Chiplock, CFO, stated that the visibility they have from data centers for 2026 has already been baked into the reaffirmed guidance. They do not expect the data centers to have too significant an impact on 2026, but they feel comfortable with what has already been included. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Strong Second Quarter Performance Record $1.8 Billion in New Project Awards Led by Strong Momentum with Data Center Power Infrastructure Projects Total Backlog Increased 32% Y/Y to a Record $6.73 Billion Increases 2026 EPS Guidance Second Quarter 2026 Financial Highlights: Revenues of $515.5 million Net income attributable to common shareholders of $9.7 million GAAP EPS of $0.18 Non-GAAP EPS $0.20 Adjusted EBITDA of $62.8 million FRAMINGHAM, Mass., August 03, 2026--(BUSINESS WIRE)--Ameresco, Inc. (NYSE:AMRC), a leading energy infrastructure company, today announced financial results for the second quarter ended June 30, 2026. The Company also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information, which includes Non-GAAP financial measures, has been posted to the "Investors" section of the Company’s website at www.ameresco.com. Reconciliations of Non-GAAP measures to the appropriate GAAP measures are included herein. All financial result comparisons made are against the prior year period unless otherwise noted. CEO George Sakellaris commented, "Outstanding second quarter results demonstrated solid execution in key areas of our business, underscoring Ameresco’s position as a leading energy infrastructure company that delivers integrated solutions to provide reliable power and modernize critical building and public infrastructure. This performance supports our expectation for 2026 to be another year of growth and increased profitability. "One of the highlights of the quarter was the tremendous momentum we experienced in the Power Infrastructure pillar of our business, which resulted in a record 65% increase in our awarded backlog to $4.4 billion, providing substantial visibility for at least the next three to four years. During the quarter, we had a record of $1.8 billion of new awards, driven by $1.2 billion for data center, and $600 million for our other key markets. We successfully advanced three new behind the meter data center projects, bringing the total number of data center projects in our awarded project backlog to five. The dollar amount related to data centers that we added to our awarded backlog this quarter represents only a portion of their potential total value. We expect to add additional contributions to awarded backlog and move projects to contracted backlog as these projects reach further development and construction milestones. And beyond these five data center power infrastructure projects already in our awarded backlog, we have a growing number of additional opportunities in our pipeline," Mr. Sakellaris concluded. Second Quarter Financial Results(All financial result comparisons made are against the prior year period unless otherwise noted.) Total revenue increased 9% to $515.5 million, reflecting broad-based growth across each of our core business lines and continued strong execution on project backlog conversion. Project revenue increased 6% to $380.9 million, while Energy Asset revenue grew 21% to $75.9 million, as we continued to expand our portfolio of owned operating assets. O&M revenue increased 29% to $36.2 million, driven by the continued addition of new long-term contracts. Gross margin expanded to 17.7%, reflecting a favorable business mix and strong execution, with meaningful improvement on both a sequential and year-over-year basis. Net income attributable to common shareholders was $9.7 million, or $0.18 per diluted share, while Non-GAAP EPS was $0.20. Adjusted EBITDA increased 12% to $62.8 million, outpacing revenue growth and reflecting strong operating execution, improved business mix and the continued expansion of our higher margin recurring businesses. EPS reflected higher depreciation and interest expense associated with the growth in our Energy Asset portfolio, a lower tax benefit, and the non-controlling interest impact from the Neogenyx transaction. Project and Asset Highlights Balance Sheet and Cash Flow Metrics Unrestricted cash increased to $138.3 million with total corporate debt of $384.8 million. Our corporate leverage was 3.2x, comfortably below our 3.5x covenant. We also strengthened our capital position in Q2, securing $471.0 million of financing commitments, including the $400 million related to the Neogenyx transaction. That capital gives us added flexibility to fund growth, support working capital needs, and continue scaling the Energy Assets portfolio in a disciplined way. Adjusted Cash from Operations was negative in Q2, primarily due to the timing of project execution, billings and collections. On a rolling eight-quarter basis, Adjusted Cash from Operations was approximately $30 million, compared with $57 million last quarter, primarily reflecting the timing and mix of activity in the period, along with the composition of the rolling period. Summary and Outlook"The second quarter represented an important inflection point for Ameresco as our history of successful large-scale integrated power solution deployments made us a trusted partner for many high profile customers in the data center industry. We are experts in behind the meter solutions, and those solutions now are becoming the go-to path for many data center projects which do not have access to grid power. Our building and public infrastructure projects and energy asset activities, together with these large-scale data center power infrastructure opportunities, give Ameresco a tremendous runway for future growth," concluded CEO George Sakellaris. Given our first-half performance, the visibility in our backlog, and the financing progress we made in Q2, we remain confident in our outlook for 2026 and are reaffirming our full-year guidance across all metrics and based on improved visibility into investment tax credits expected to be realized in 2026, we are increasing our Non-GAAP EPS. Based on our updated view, we now expect a tax benefit rate in the range of (25%) to (40%), which increases our Non-GAAP EPS guidance range to be $1.15 to $1.35. The expected additional tax benefit is supported by our planned transition to a new accounting policy for transferable tax credits in the second half of the year. This methodology better aligns earnings recognition with the period in which the investment tax credits are generated, rather than allocating the benefit over the life of the related assets. We expect the second half to follow our normal seasonal cadence, with activity weighted somewhat more toward Q4, supported by continued project execution, backlog conversion, and disciplined cost management. Conference Call/Webcast InformationThe Company will host a conference call today at 4:30 p.m. ET to discuss second quarter 2026 financial results, business and financial outlook, and other business highlights. To participate on the day of the call, dial 1-888-596-4144, or internationally 1-646-968-2525, and enter the conference ID: 4849290, approximately 10 minutes before the call. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the "Investors" section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year. Use of Non-GAAP Financial MeasuresThis press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled "Exhibit A: Non-GAAP Financial Measures". For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the accompanying tables. Defined TermsMore details on additional definitions used herein, such as total project backlog, awarded backlog, contracted backlog, O&M backlog, 12-month backlog and assets in development are provided in our periodic reports filed with the SEC. About Ameresco, Inc.Ameresco, Inc. (NYSE: AMRC) is a leading energy infrastructure company delivering integrated solutions to create reliable power and modernize infrastructure. The company’s Power Infrastructure business integrates energy resources across behind-the-meter and utility-scale systems. Its Buildings & Public Infrastructure business modernizes the built environment with smart, connected solutions that optimize performance and enhance resilience. Ameresco is a trusted full lifecycle partner, delivering over $15 billion in solutions and contracting over 5 GW of energy resources since its founding in 2000. Headquartered in Massachusetts, Ameresco serves public and private sector customers across North America and Europe. Learn more at www.ameresco.com. Safe Harbor StatementThis release contains forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained herein specifically include expectations about market conditions, pipeline, visibility, backlog and conversion thereof, pending agreements, new and expanding market opportunities, financial guidance including estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, effective tax rate, interest rate, depreciation, tax attributes and capital investments; our expectations related to our agreement with SCE including the impact of delays and any requirement to pay liquidated damages, goals, strategies, investment objectives, plans and achievements and other statements containing the words "projects," "believes," "anticipates," "plans," "expects," "will" and similar expressions .The forward-looking statements included herein involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. These risks and uncertainties include, but are not limited to: (i) demand for our energy efficiency and infrastructure solutions and our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles and expand into new lines of business); (ii) the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; (iii) the timing of work we do on projects where we recognize revenue on a percentage of completion basis; (iv) the ability to perform under signed contracts without delay and in accordance with their terms and the potential for liquidated and other damages we may be subject to; (v) the fiscal health of the government and the impact of any government shutdowns; (vi) our ability to complete and operate our projects on a profitable basis and as committed to our customers; (vii) our cash flows from operations and our ability to arrange financing to fund our operations and projects; (viii) our customers’ ability to finance their projects and credit risk from our customers; (ix) our ability to comply with covenants in our existing debt agreements; (x) the impact of macroeconomic challenges, weather related events and climate change; (xi) our reliance on third parties for our construction and installation work; (xii) availability and cost of labor and equipment; (xiii) global supply chain challenges, component shortages and inflationary pressures; (xiv) changes in federal, state and local government policies and programs related to our business; (xv) the ability of customers to cancel or defer contracts included in our backlog; (xvi) the output and performance of our energy plants and energy projects; (xvii) cybersecurity incidents and breaches; (xviii) regulatory and other risks inherent to constructing and operating energy assets; (xix) the effects of and ability to close our acquisitions and joint ventures; (xx) seasonality in construction and in demand for our products and services; (xxi) a customer’s decision to delay our work on, or other risks involved with, a particular project; (xxii) the addition of new customers or the loss of existing customers; (xxiii) market price of our Class A Common stock prevailing from time to time; (xxiv) the nature of other investment opportunities presented to our Company from time to time; (xxv) risks related to our international operation and international growth strategy; and (xxvi) the other risks described in our periodic reports filed with the SEC, including under the caption "Risk Factors" in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release. Non-GAAP Financial Measures (Unaudited, in thousands) Exhibit A: Non-GAAP Financial Measures We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Non-GAAP Financial Measures and Non-GAAP Financial Guidance in the tables above. We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP. To properly and prudently evaluate our business, we encourage investors to review our GAAP financial statements included above, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA and Adjusted EBITDA MarginWe define adjusted EBITDA as net income attributable to common shareholders, including impact from non-controlling interests and redeemable non-controlling interests, before income tax (benefit) provision, interest and other expenses net, depreciation and amortization of intangible assets, accretion of asset retirement obligations, stock-based compensation expense, energy asset and goodwill impairment, contingent consideration, restructuring and other charges, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We believe adjusted EBITDA is useful to investors in evaluating our operating performance for the following reasons: adjusted EBITDA and similar Non-GAAP measures are widely used by investors to measure a company's operating performance without regard to items that can vary substantially from company to company depending upon financing and accounting methods, book values of assets, capital structures and the methods by which assets were acquired; securities analysts often use adjusted EBITDA and similar Non-GAAP measures as supplemental measures to evaluate the overall operating performance of companies; and by comparing our adjusted EBITDA in different historical periods, investors can evaluate our operating results without the additional variations of depreciation and amortization expense, accretion of asset retirement obligations, stock-based compensation expense, impact from redeemable non-controlling interests, contingent consideration, restructuring and asset impairment charges. We define adjusted EBITDA margin as adjusted EBITDA stated as a percentage of revenue. Our management uses adjusted EBITDA and adjusted EBITDA margin as measures of operating performance, because they do not include the impact of items that we do not consider indicative of our core operating performance; for planning purposes, including the preparation of our annual operating budget; to allocate resources to enhance the financial performance of the business; to evaluate the effectiveness of our business strategies; and in communications with the board of directors and investors concerning our financial performance. Non-GAAP Net Income and EPSWe define Non-GAAP net income and earnings per share (EPS) to exclude certain discrete items that management does not consider representative of our ongoing operations, including energy asset and goodwill impairment, contingent consideration, restructuring and other charges, impact from redeemable non-controlling interest, gain or loss on sale of equity investment, and gain or loss upon deconsolidation of a variable interest entity. We consider Non-GAAP net income and Non-GAAP EPS to be important indicators of our operational strength and performance of our business because they eliminate the effects of events that are not part of the Company's core operations. Non-GAAP Adjusted Cash from OperationsWe define Non-GAAP adjusted cash from operations as cash flows from operating activities plus proceeds from ITC sales and proceeds from Federal ESPC projects. Cash received in payment of ITC sales are, as of our fiscal year 2025, treated as investing activities under GAAP. Federal ESPC projects are treated as financing cash flows under GAAP. These cash flows, however, correspond to benefits generated by the underlying assets and projects. Thus, we believe that adjusting operating cash flow to include the cash generated from ITC sales and by our Federal ESPC projects provides investors with a useful measure for evaluating the cash generating ability of our core operating business. Our management uses Non-GAAP adjusted cash from operations as a measure of liquidity because it captures all sources of cash associated with our operations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260803954891/en/ Contacts Media RelationsLeila Dillon, 508.661.2264, [email protected] Investor RelationsEric Prouty, AdvisIRy Partners, 212.750.5800,[email protected] Lynn Morgen, AdvisIRy Partners, 212.750.5800,[email protected]

Ameresco (AMRC) came out with quarterly earnings of $0.2 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this energy services company would post a loss of $0.27 per share when it actually produced a loss of $0.33, delivering a surprise of -22.22%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Ameresco, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $515.46 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 14.90%. This compares to year-ago revenues of $472.28 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ameresco shares have lost about 28.1% since the beginning of the year versus the S&P 500's gain of 9.4%. While Ameresco has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Ameresco was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.52 on $575.52 million in revenues for the coming quarter and $1.13 on $2.08 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Ormat Technologies (ORA), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This geothermal company is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of -39.6%. The consensus EPS estimate for the quarter has been revised 13.5% higher over the last 30 days to the current level. Ormat Technologies' revenues are expected to be $235.87 million, up 0.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ameresco, Inc. (AMRC) : Free Stock Analysis Report Ormat Technologies, Inc. (ORA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Ameresco, Inc.? Here are five stocks we like better. Ameresco reported strong Q2 growth, with revenue up 9% year over year to $515 million, adjusted EBITDA up 12% to $62.8 million, and non-GAAP EPS of $0.20. The company raised its 2026 non-GAAP EPS outlook to $1.15–$1.35 while reaffirming broader full-year guidance. New project awards reached a record $1.8 billion, driven by $1.2 billion in data center-related power infrastructure. Awarded backlog climbed 65% to $4.4 billion, while total project backlog rose 32% to $6.7 billion. Ameresco’s data center pipeline includes five awarded projects representing more than 1 gigawatt of power generation, but meaningful revenue is not expected until 2028–2030. The company also expanded its operating energy asset base to 822 MW and maintained leverage below its covenant at 3.2 times. NANO Nuclear Energy: Short-Squeeze or Rapid Meltdown Ahead Ameresco (NYSE:AMRC) reported second-quarter 2026 revenue of $515 million, up 9% from a year earlier, while highlighting a record $1.8 billion in new project awards led by data center-related power infrastructure projects. Chairman and Chief Executive Officer George Sakellaris described the quarter as “transformational,” citing $1.2 billion of data center awards and $600 million of awards across the company’s other markets. The company also completed its Neogenyx joint venture with HASI, brought major battery storage and solar projects online, and reorganized around two market pillars: Power Infrastructure and Buildings & Public Infrastructure. → Lost in Space: Why Aerospace Valuations Are Plummeting Right Now Ameresco said awarded project backlog rose 65% year over year to a record $4.4 billion, contributing to a 32% increase in total project backlog to $6.7 billion. Chief Financial Officer Mark Chiplock said the company expects to convert that backlog over the next three to four years, although timing will depend on commercial, permitting, procurement, financing and execution milestones. The company added three data center projects to awarded backlog during the quarter, bringing the total to five projects, excluding the Lemoore Data Center in its energy assets portfolio. The projects expanded Ameresco’s data center footprint into Texas and Arizona and collectively represent more than 1 gigawatt of power generation, according to Co-President Nicole Bulgarino. → MarketBeat Week in Review – 07/27- 07/31 The company’s proposed solutions include reciprocating engines, gas turbines, fuel cells, battery energy storage systems and integrated microgrids. Bulgarino said Ameresco is concentrating on on-site power solutions and working with developers, operators, hyperscalers, capital providers and other participants in the data center ecosystem. During the question-and-answer session, Sakellaris said the projects currently included in awards represent only part of the potential scope. He said the current awards could grow to roughly $2 billion as development progresses and additional phases are defined. The company is also evaluating at least as many additional data center opportunities as the five currently in awarded backlog, he said. → GE HealthCare Stock Climbs on Vital Diagnostics Demand Ameresco said data center awards generally could move from the awarded category into contracted backlog within six to 24 months. Sakellaris said the company does not expect a major revenue contribution from the data center projects until 2028 through 2030, though there could be a smaller impact in 2027. Once contracted, large and complex projects may require up to three years of implementation, particularly where a data center campus is developed in multiple phases. Chief Investment Officer Josh Baribeau said revenue from the data center work is expected to be recognized under the company’s normal engineering, procurement and construction, or EPC, revenue model rather than through asset sales. Sakellaris said margins on the projects are expected to be similar to Ameresco’s federal EPC work, in the high teens. Project revenue increased 6% to $381 million in the quarter, supported by federal and North American activity as well as the company’s European joint venture. Energy asset revenue rose 21% to $76 million, while operations and maintenance revenue increased 29%. Ameresco placed an additional 32 megawatts into operation during the quarter. Its operating energy asset base reached 822 MW, with another 513 MW in development for construction. Those figures reflect Ameresco’s 70% ownership interest in the Neogenyx joint venture. The company said it now provides operations and maintenance services for more than 2.5 gigawatts of third-party solar and battery storage assets. Long-term operations and maintenance backlog exceeded $1.5 billion. Gross margin was 17.7%, improving both sequentially and from a year earlier. Net income attributable to common shareholders was $9.7 million, or $0.18 per diluted share. Non-GAAP earnings per share were $0.20. Adjusted EBITDA increased 12% to $62.8 million. Chiplock said earnings per share reflected higher depreciation and interest expense related to growth in the energy asset portfolio, as well as a lower tax benefit and the non-controlling interest effect of the Neogenyx transaction. Ameresco ended the quarter with $138 million in unrestricted cash and $385 million of total corporate debt. Corporate leverage was 3.2 times, below its 3.5-times covenant, Chiplock said. The company secured $471 million of new financing commitments during the quarter, including $400 million associated with Neogenyx. Sakellaris said the partnership with HASI has provided capital flexibility and has also generated additional development and potential project acquisition opportunities. Ameresco said it may consider another capital vehicle similar to Neogenyx to support large data center opportunities if the right partner and economics emerge, but it did not announce a specific transaction. The company reaffirmed its full-year 2026 guidance across its metrics and raised its non-GAAP earnings-per-share outlook to a range of $1.15 to $1.35. Chiplock said the increase reflects an expected tax benefit rate of 25% to 40%, supported by a planned second-half transition to a new accounting policy for transferable tax credits. Under the new approach, Ameresco expects to recognize investment tax credit benefits in the period in which they are generated rather than spreading the benefit across the life of related assets. Prior-period results will be recast once the policy is adopted. For the second half, Ameresco expects its typical seasonal pattern, with activity weighted somewhat more heavily toward the fourth quarter. The company said continued project execution, backlog conversion, cash conversion efforts and cost management will support its outlook. Ameresco, Inc is a leading independent provider of comprehensive energy efficiency and renewable energy solutions for businesses and governments across North America, Europe and other select markets. Its integrated services portfolio includes energy efficiency retrofits, infrastructure upgrades, distributed generation systems and facility-scale renewable projects. Leveraging performance-based contracting models, Ameresco designs, finances, installs and maintains energy improvements intended to reduce operational costs, mitigate environmental impact and enhance resiliency for its clients. Founded in 2000 and headquartered in Framingham, Massachusetts, Ameresco has completed thousands of projects spanning solar, wind, geothermal, biomass, landfill gas‐to‐energy, energy storage and microgrid installations. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ameresco Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.