AMRC earnings analysis
What we found in AMRC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ameresco delivered a strong Q2 revenue outcome, with revenue up 9.1% year over year to $515.464 million and gross and operating margins expanding to 17.7% and 8.6%, respectively. Growth was led by U.S. Federal, Europe, and Renewable Fuels, while total project backlog rose to $6.726 billion. However, GAAP EPS declined to $0.18 from $0.24, North America Regions contracted, and six-month operating cash flow was negative $71.813 million amid $229.1 million of energy-asset investment and rising interest costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth accelerated and beat consensus
- Q2 revenue rose 9.1% year over year to $515.464 million from $472.284 million and increased sequentially from $401 million in Q1 2026. Revenue exceeded the $462.206 million consensus estimate by $53.258 million.
- Substantial gross and operating leverage
- Gross margin expanded 220 basis points year over year to 17.7% from 15.5%, while operating margin rose 270 basis points to 8.6% from 5.9%. Sequentially, gross margin improved from 14.1% and operating margin from 2.5% in Q1 2026.
- Federal, Europe and fuels drove growth
- U.S. Federal revenue grew 55.3% to $92.634 million and Europe grew 9.7% to $155.690 million; Renewable Fuels increased 26.6% to $54.213 million. Growth reflected project timing, additions of long-term O&M contracts, and a larger operating asset portfolio.
- Backlog expanded to $6.726 billion
- Total project backlog increased to $6.726 billion from $5.104 billion, including awarded-but-not-contracted backlog of $4.424 billion versus $2.689 billion. O&M fully contracted backlog also increased to $1.519 billion from $1.346 billion.
- Neogenyx transaction bolsters funding
- The Neogenyx Fuels transaction brought a $400.0 million HASI cash commitment; $233.8 million was paid to Ameresco at closing, including $57.942 million used to repay existing project-level debt.
- EPS recovered sequentially despite YoY decline
- GAAP diluted EPS was $0.18, down $0.06 from $0.24 a year ago, but improved materially from a $0.35 loss in Q1 2026. The year-over-year decline was driven by $10.189 million attributable to non-controlling interests.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- North America segment weakened
- North America Regions revenue declined 6.7% to $197.107 million and segment income before taxes fell 37.1% to $13.289 million, reflecting lower project revenue timing and lower-margin project mix. The filing did not identify this as a newly added Item 1A risk factor versus the 2025 10-K.
- Cash burn and capital intensity remain high
- Six-month operating cash flow was negative $71.813 million versus negative $55.177 million a year earlier, while capital investment in new energy assets was $213.2 million and major maintenance was $15.9 million. This requires continued reliance on asset-level and corporate financing.
- SCE dispute carries up to $89 million exposure
- The SCE battery-storage contract dispute remains unresolved; Ameresco states potential liquidated damages could reach an aggregate maximum of $89 million. The approximately $892.0 million contract also has unresolved final-payment and force-majeure cost-recovery issues.
- Higher debt load is pressuring earnings
- Net interest expense rose 24.0% year over year to $26.396 million in Q2 as energy-asset financings and corporate debt increased. At June 30, 2026, the revolver balance was $153.0 million, term loans were $136.9 million, and revolver availability was $42.8 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.18
- Gross margin
- 17.7%
- Operating margin
- 8.6%
- Segment
- North America Regions: $197.107 million, down $14.078 million (6.7%) year over year
- Segment
- U.S. Federal: $92.634 million, up $32.990 million (55.3%) year over year
- Segment
- Renewable Fuels: $54.213 million, up $11.394 million (26.6%) year over year
- Segment
- Europe: $155.690 million, up $13.806 million (9.7%) year over year
- Segment
- All Other: $15.820 million, down $0.932 million (5.6%) year over year
What they said about what is next.
The 10-Q does not provide numeric full-year revenue or EPS guidance. It does state planned remaining-2026 capital expenditures of approximately $120 million to $170 million, including approximately $50 million to $75 million at the Neogenyx Fuels joint venture, and approximately $100 million of additional project financings during the remainder of 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 5, 2026
- Ameresco, Inc. reported Q1 2026 earnings with a revenue of $401.46 million, which exceeded expectations of $363.15 million, marking a 13.8% increase year-over-year. However, the company reported an EPS of -$0.33,…
- 10-K · March 3, 2026
- Ameresco positions itself as a full‑service energy infrastructure solutions provider focused on energy efficiency, distributed renewables and related O&M and financing solutions, leveraging ESPCs and PPAs to lower…
- 10-Q · August 5, 2025
- Ameresco reported Q2 revenue of $472,284,000 (up $34,302,000, +7.8% vs Q2 2024) with gross margin improving to ~15.5% and operating margin rising to ~5.9%. Diluted EPS was $0.24 (vs $0.09 prior-year) while operating…
- 10-Q · May 6, 2025
- Ameresco reported Q1 revenues of $352,829 (in thousands) — up versus the prior-year quarter — with gross profit of $51,919 and operating income of $13,692. Revenue growth was driven by strong Europe and North America…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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