Ameresco Q2 2026: Revenue Climbs 9% to $515M, Backlog Swells to $6.7B, but Net Income Slips on Higher Interest and NCI
AMRC has more than doubled off its 52-week low of $15.524.
Summary
Ameresco delivered a 9% revenue gain to $515M in Q2 2026, but higher interest and non-controlling interest costs compressed net income. Backlog surged to $6.7B, and the Neogenyx Fuels JV closed, providing a cash infusion.
Key Events · Earnings and Guidance · AMRC
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Revenue Up 9%, Net Income Down
Q2 2026 revenue reached $515.5M (+9.1% YoY), driven by growth in U.S. Federal and Europe projects. Net income attributable to common shareholders fell to $9.7M from $12.9M, as higher interest expense ($26.4M vs $21.3M) and a $10.2M non-controlling interest charge from the Neogenyx JV offset operating gains.
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Backlog Surges to $6.7B
Total project backlog climbed to $6.7B, up from $5.1B a year ago, fueled by $1.8B in new awards including $1.2B from data center projects. Contracted backlog stands at $3.8B, with 32% expected to convert to revenue in the next 12 months.
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Neogenyx Fuels JV Closes, Cash Infusion
The Neogenyx Fuels joint venture with HASI closed on May 12, 2026. Ameresco received $233.8M in cash (of which $57.9M repaid project debt) and retains a 70% stake. HASI committed $400M total, with $166.2M remaining to fund the JV.
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Liquidity and Cash Flow
Cash and equivalents rose to $138.3M from $71.8M at year-end, aided by the JV proceeds. Operating cash flow was a $71.8M outflow for H1 2026, driven by a $101.7M increase in unbilled revenue. The company has $42.8M available on its revolver.
Analysis · AMRC · Real Estate & Construction
Second-quarter revenue advanced 9% to $515 million, propelled by robust project activity in the U.S. Federal and Europe segments. Yet net income attributable to common shareholders retreated to $9.7 million from $12.9 million a year ago, as a rise in interest expense and a jump in non-controlling interest charges—linked to the newly formed Neogenyx Fuels joint venture—eroded operating gains. For the first six months, the bottom line swung to a loss of $8.6 million. On a brighter note, total project backlog ballooned to $6.7 billion, a 32% year-over-year increase, reflecting $1.8 billion in new awards that included $1.2 billion from data center projects. The Neogenyx JV with HASI closed in May, delivering $234 million in cash and leaving $166 million in future funding commitments. Liquidity remains solid with $138 million in cash, though operating cash flow registered a $72 million outflow as working capital built. The SCE liquidated damages dispute, with a potential exposure of up to $89 million, and the Powin bankruptcy, which puts $27 million in deposits at risk, remain unresolved overhangs.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.9% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, AMRC was trading at $31.73 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $15.52 to $44.93. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.