Q2 2026 Ameresco Inc Earnings Call Transcript
Key Points
- 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.
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 Amoresco 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.
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 Sakolaris, Amoresco's Chairman and Chief Executive Officer, Nicole Bulgarino, and Mark Chiplock, Chief Financial Officer. In addition, Josh Barabo, 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
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