Ameresco Q2 2026: Revenue Climbs 9% to $515M, Backlog Swells to $6.7B, but Net Income Slips on Higher Interest and NCI

summarizeSummary

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.

check_boxKey Events · Earnings and Guidance · AMRC

• 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.

• 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.

• 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.

• 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.

auto_awesomeAnalysis · 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.