$AMRC

Ameresco, Inc.

CIK:0001488139|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 515,464	$ 472,284	$ 916,924	$ 825,113
Cost of revenues	424,157	398,926	769,153	699,836
Gross profit	91,307	73,358	147,771	125,277
Earnings from unconsolidated entities	393	150	491	411
Selling, general and administrative expenses	47,550	45,734	93,865	84,222
Operating income	44,150	27,774	54,397	41,466
Interest expense and interest income, net	26,396	21,287	51,585	41,192
Other (income) expenses, net	(2,290)	(6,131)	335	(7,926)
Income before income taxes	20,044	12,618	2,477	8,200
Income tax expense (benefit)	137	(2,900)	(3,047)	(1,712)
Net income	19,907	15,518	5,524	9,912
Net income attributable to non-controlling interests and redeemable non-controlling interests	(10,189)	(2,654)	(14,089)	(2,531)
Net income (loss) attributable to common shareholders	$ 9,718	$ 12,864	$ (8,565)	$ 7,381
Net income (loss) per share attributable to common shareholders:
Basic (in usd per share)	$ 0.18	$ 0.24	$ (0.16)	$ 0.14
Diluted (in usd per share)	$ 0.18	$ 0.24	$ (0.16)	$ 0.14
Weighted average common shares outstanding:
Basic (in shares)	52,987	52,638	52,937	52,591
Diluted (in shares)	53,835	52,821	52,937	52,897

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 5,524	$ 9,912
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of energy assets, net	57,251	46,839
Depreciation of property and equipment	1,013	1,180
Increase in contingent consideration	0	71
Accretion of ARO liabilities	248	216
Amortization of debt discount and debt issuance costs	3,696	2,849
Amortization of intangible assets	1,130	1,120
Provision for credit losses	11	9
Gain on disposal of assets	0	(1,343)
Energy asset impairment	334	0
Non-cash production tax credits recognized	(6,958)	0
Non-cash project revenue related to in-kind leases	285	(4,509)
Earnings from unconsolidated entities	(491)	(411)
Unrealized loss (gain) from derivatives	210	(2,967)
Stock-based compensation expense	7,555	6,595
Deferred income taxes, net	(2,485)	(2,916)
Unrealized foreign exchange loss (gain)	1,272	(3,224)
Changes in operating assets and liabilities:
Accounts receivable	4,026	12,721
Accounts receivable retainage	12,395	(4,447)
Federal ESPC receivable	(24,747)	(36,661)
Inventory, net	374	(832)
Unbilled revenue	(101,681)	18,479
Prepaid expenses and other current assets	12,131	(17,241)
Income taxes receivable, net	(6,232)	(1,314)
Project development costs	(2,036)	(2,509)
Other assets	(4,119)	(4,472)
Accounts payable, accrued expenses and other current liabilities	(29,135)	(84,147)
Deferred revenue	(1,123)	7,207
Other liabilities	(261)	4,618
Cash flows from operating activities	(71,813)	(55,177)
Cash flows from investing activities:
Purchases of property and equipment	(1,404)	(569)
Capital investments in energy assets	(213,209)	(208,126)
Capital investments in major maintenance of energy assets	(15,901)	(10,080)
Proceeds from sale of investment tax credits	20,411	70,788
Contributions to equity method investments	(165)	(24,074)
Acquisitions, net of cash received	0	(3,972)
Cash flows from investing activities	(210,268)	(176,033)
Cash flows from financing activities:
Payments on long-term corporate debt financings	(3,063)	(15,500)
Proceeds from long-term corporate debt financings	45,000	100,000
Proceeds (payments) on senior secured revolving credit facility, net	3,000	(32,000)
Proceeds from long-term energy asset debt financings	235,078	290,159
Payments on long-term energy asset debt and financing leases	(205,024)	(154,223)
Proceeds from termination of interest rate swaps	0	2,808
Payments of debt discount and debt issuance costs	(2,506)	(6,763)
Proceeds from Federal ESPC projects	48,110	35,415
Net payments on energy asset receivable financing arrangements	(388)	(207)
Proceeds from exercises of options and ESPP	1,494	1,298
Contributions from non-controlling interests, net of fees	228,429	3,799
Distributions to non-controlling interest	(2,291)	(2,851)
Investment fund call option exercise	(622)	0
Cash flows from financing activities	347,217	221,935
Effect of exchange rate changes on cash	(1,051)	2,914
Net increase (decrease) in cash, cash equivalents, and restricted cash	64,085	(6,361)
Cash, cash equivalents, and restricted cash, beginning of period	186,515	198,378
Cash, cash equivalents, and restricted cash, end of period	250,600	192,017
Supplemental disclosures of cash flow information:
Cash paid for interest	63,444	49,861
Cash paid for income taxes	5,135	3,777
Non-cash Federal ESPC settlement	0	40,873
Accrued purchases of energy assets	$ 79,261	$ 61,484

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

^[1]

$ 138,333

$ 71,785

Restricted cash

^[1]

87,125

92,515

Accounts receivable, net of allowance of $866 and $869, respectively

^[1]

252,600

257,856

Accounts receivable retainage, net

36,517

53,618

Unbilled revenue

^[1]

889,726

799,109

Inventory, net

12,642

12,609

Prepaid expenses and other current assets

^[1]

235,861

239,865

Income taxes receivable

3,265

2,166

Project development costs, net

24,211

23,010

Total current assets

^[1]

1,680,280

1,552,533

Federal ESPC receivable

526,910

503,449

Deferred income tax assets, net

97,576

96,868

Goodwill, net

68,878

69,302

Intangible assets, net

6,298

7,464

Right-of-use assets, net

^[1]

74,512

76,165

Restricted cash, non-current portion

^[1]

25,142

22,215

Other assets

^[1]

105,820

117,797

Total assets

^[1]

4,832,181

4,537,094

Current liabilities:

Current portions of long-term debt and financing lease liabilities, net

^[1]

164,343

132,125

Accounts payable

^[1]

641,548

691,197

Accrued expenses and other current liabilities

^[1]

108,491

113,878

Current portions of operating lease liabilities

^[1]

9,405

7,959

Deferred revenue

75,543

79,908

Income taxes payable

5,306

3,845

Total current liabilities

^[1]

1,004,636

1,028,912

Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs

^[1]

1,794,492

1,749,708

Federal ESPC liabilities

527,957

478,970

Deferred income tax liabilities, net

1,031

2,943

Deferred grant income

4,991

5,385

Long-term operating lease liabilities, net of current portion

^[1]

53,080

55,938

Other liabilities

^[1]

94,900

91,003

Commitments and contingencies (Note 10)

Redeemable non-controlling interests, net

1,419

Stockholders’ equity:

Preferred stock, $0.0001 par value, 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2026 and December 31, 2025

Additional paid-in capital

565,164

395,656

Retained earnings

688,126

696,737

Accumulated other comprehensive loss, net

(4,766)

(460)

Treasury stock, at cost, 2,101,835 shares at June 30, 2026 and December 31, 2025

(11,788)

Stockholders’ equity before non-controlling interest

1,236,741

1,080,150

Non-controlling interests

114,353

42,666

Total stockholders’ equity

1,351,094

1,122,816

Total liabilities, redeemable non-controlling interests, and stockholders’ equity

4,832,181

4,537,094

Property and equipment, net

Current assets:

Property and equipment, net and Energy assets, net

^[1]

10,437

10,077

Energy assets, net

Current assets:

Property and equipment, net and Energy assets, net

^[1]

2,236,328

2,081,224

Class A Common Stock

Stockholders’ equity:

Common stock

Class B Common Stock

Stockholders’ equity:

Common stock

$ 2

[1]	Includes restricted assets of consolidated variable interest entities (“VIEs”) at June 30, 2026 and December 31, 2025 of $1,168,125 and $329,354, respectively. Includes liabilities of consolidated VIEs at June 30, 2026 and December 31, 2025 of $744,258 and $179,314, respectively. See Note 13.