Ameresco, Inc. (AMRC) Earnings
Ameresco, Inc. is expected to report next earnings on November 2, 2026 (in NaN days), with a consensus EPS estimate of $0.59. AMRC has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -8.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 3, 2026 | $0.20 | $0.20 | +1.1% | $515M | +10.8% |
| May 4, 2026 | $-0.27 | $-0.33 | -22.2% | $401M | +10.6% |
| Feb 27, 2025 | $0.76 | $0.88 | +15.8% | $533M | +1.4% |
| Nov 7, 2024 | $0.47 | $0.33 | -29.8% | $501M | -4.8% |
| Feb 28, 2024 | $0.57 | $0.69 | +21.1% | $441M | +10.4% |
| May 1, 2023 | $0.03 | $0.03 | -10.0% | $271M | +16.8% |
| Feb 27, 2023 | $0.39 | $0.35 | -10.3% | $332M | -9.9% |
| Nov 1, 2022 | $0.47 | $0.54 | +14.9% | $441M | +5.4% |
| May 2, 2022 | $0.29 | $0.36 | +24.1% | $474M | +15.2% |
| Feb 28, 2022 | $0.42 | $0.50 | +19.0% | $416M | +0.7% |
| May 4, 2021 | $0.10 | $0.25 | +150.0% | $252M | +21.2% |
| Mar 1, 2021 | $0.29 | $0.47 | +62.1% | $314M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 3, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strategic Restructuring and Rebranding * The company repositioned its MRSCO business into two core market pillars: power infrastructure and building and public infrastructure * Released a new rebranded corporate identity to reflect the updated strategic positioning * Promoted two co-presidents to lead growth across the two core market pillars - Major Project Milestones * Achieved a quarterly record of $1.8 billion in new project awards, with $1.2 billion coming from data center projects and $600 million from other core markets * Brought online the 250 megawatt NAPONI battery energy storage system, one of the largest energy storage projects in Canada * Energized the 560 megawatt solar project in Greece, one of the largest solar projects in Europe * Announced the first successful delivery of Renewable Natural Gas (RNG) into European compliance markets - Data Center Market Expansion * Added 3 new data center projects to the awarded backlog, bringing the total to 5 projects (plus the existing Lelore data center in the energy asset portfolio) * Expanded geographic footprint to Texas and Arizona, adding to the company's existing data center market presence * The awarded data center projects total more than 1 gigawatt of power generation, utilizing a mix of reciprocating engines, gas turbines, fuel cells, battery storage, and integrated microgrids * Leverages the company's decades of experience developing critical energy infrastructure to meet hyperscale customers' demand for reliable, on-site power and energy independence - Capital Structure and Partnerships * Closed the Neogenics joint venture with HACI, securing significant external capital to accelerate growth across all business lines * Strengthened the balance sheet, with unrestricted cash growing to $138 million and total corporate debt of $385 million; corporate leverage of 3.2x sits comfortably below the 3.5x covenant * Secured $471 million in new financing commitments in the quarter, including $400 million tied to the Neogenics transaction, increasing capital flexibility for future growth
Guidance
- The company reaffirmed its full-year 2026 guidance across all core financial metrics, after a strong first half performance, solid backlog visibility, and completed financing progress in Q2 - Management upwardly revised the full-year 2026 non-GAAP EPS guidance range to $1.15 to $1.35, driven by an expected tax benefit rate of 25% to 40% from a planned accounting policy change for transferable tax credits in the second half of 2026 - The new accounting policy will align tax credit earnings recognition with the period credits are generated, rather than allocating benefits over the life of related assets; prior period results will be restated for comparability - Management expects the normal seasonal cadence for the second half of 2026, with activity weighted more heavily toward Q4, supported by ongoing project execution, backlog conversion, and disciplined cost management - Significant revenue contribution from the recently awarded data center projects is not expected until 2028 to 2030, with only minor potential impact in 2027
Segment performance
Total company revenue for Q2 2026 was $515 million, representing a 9% year-over-year increase. Project revenue reached $381 million (74% of total revenue), growing 6% YoY, with strength in the North American federal market and continued strong performance from the European joint venture. Energy asset revenue was $76 million (14.8% of total revenue), increasing 21% YoY; the company's operating energy asset base now totals 822 megawatts, with an additional 513 megawatts in development/construction (reflecting Amoresco's 70% stake in the Neogenics JV). Operations and Maintenance (O&M) revenue grew 29% YoY, with long-term O&M backlog exceeding $1.5 billion; Amoresco currently provides services for over 2.5 gigawatts of third-party solar and battery storage projects. Gross margin for the quarter was 17.7%, improving sequentially and year-over-year due to favorable business mix and strong execution. Net income attributable to common shareholders was $9.7 million ($0.18 per diluted share), while adjusted EBITDA increased 12% to $62.8 million.
Risks & headwinds
- Conversion of awarded backlog to contracted backlog and ultimately revenue depends on multiple external factors, including commercial negotiations, permitting approvals, procurement timelines, financing closing, and project execution milestones - Large data center infrastructure projects face potential delays from equipment supply chain bottlenecks, interconnection queues, and local permitting processes, which can impact completion timelines - The large scale of data center opportunities requires substantial incremental capital, which introduces financing risk if attractive terms or external partnership structures cannot be secured - Data center project development and construction carries risk similar to other large energy infrastructure projects, including customer counterparty risk and community/regulatory approval risk - Cash flow in Q2 was impacted by temporary working capital absorption from work completed ahead of contractual billing milestones, creating near-term pressure on cash conversion
Analyst Q&A
Q: How are risk and completion responsibilities shared on new data center awards? Amoresco bear exposure for delays from supply chains, permitting, or other external issues? /
A: Management declined to share project-specific contract details due to customer and contractual sensitivity. They noted the company is highly diligent and mindful about the commitments it agrees to, to manage exposure appropriately.
Q: What is the timeline for backlog conversion and revenue recognition for the new large data center awards, and how does this cadence compare to the company's legacy projects? /
A: The conversion cadence is identical to the company's existing large projects, most notably federal infrastructure projects. It typically takes 6 to 24 months for awarded projects to convert to fully contracted status, followed by 12 to 36 months for project implementation. Data center customers typically move faster than federal government clients due to urgent demand for new power capacity.
Q: How large is the overall data center pipeline beyond the $1.2 billion in current awards, and could Amoresco use a joint vehicle structure like Neogenics to finance more of these opportunities? /
A: Management noted that current awarded projects could grow to up to $2 billion as additional phases are added, and there are at least five more major data center opportunities in active development, beyond the five already in awarded backlog. The Neogenics JV structure was very successful, and management confirmed they would pursue similar external capital structures for large data center projects if valuation and terms are attractive, to support the large capital requirements of this growing segment. There are no specific deals to announce at this time.
Q: What types of customers are Amoresco working with on new data center projects, and what is the typical duration of battery storage deployed in these projects? /
A: Customers include hyperscalers, neocloud providers, data center operators, and commercial real estate developers, with the company's decades of federal government experience serving as a strong market entry reference. Battery storage deployments are typically 2 hours in duration, used for both resiliency during maintenance or outages and load shifting to accommodate variable AI-driven power demand profiles.