Ameresco, Inc. (AMRC) Earnings
Ameresco, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $0.18. AMRC has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -3.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| 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 | — |
| Nov 2, 2020 | $0.25 | $0.38 | +52.0% | $283M | +52.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- George noted 14% revenue growth despite adverse weather, 20% awarded backlog growth, and announced a $400 million strategic investment with HACI to form Neogenics Fuels. - Mike Backus discussed leading Amoresco's biogas business and the new Neogenics Fuels JV. - Nicole and Lou were promoted to co-presidents, with Nicole responsible for energy infrastructure and Lou for built-in efficiency. Nicole highlighted strong federal business and energy infrastructure demand. Lou spoke about building efficiency solutions and rising electricity prices driving interest in energy efficiency. - Mark covered financials, including revenue, backlog, energy asset performance, and balance sheet details.
Guidance
- Given solid start, updated guidance to reflect Neogenics Fuels transaction. Revenue guidance unchanged. 30% of adjusted EBITDA and net income from biofuels business attributed to HACI. - Anticipate placing 100 - 120 megawatts of total energy assets in service, including two RNG plants. CapEx expected $300 - $350 million. - Second half expected to contribute ~60% of 2026 revenue. Second quarter adjusted EBITDA expected $58 - $62 million, non-GAAP EPS 18 - 23 cents.
Segment performance
Total revenue was $401 million, up 14% year-over-year. Project revenue increased 16% to $291 million, driven by solid execution across federal and key geographies, with awarded project backlog growing 20% to $2.8 billion. Energy asset revenue grew 7% to $61 million, supported by the continued expansion of the operating portfolio. O&M had revenue up 22%, with long-term O&M backlog exceeding $1.5 billion. Gross margin was 14.1% reflecting project mix and weather impacts. Adjusted EBITDA was $40.5 million. Cash from operations was approximately $62 million, with an eight-quarter rolling average of ~$57 million.
Risks & headwinds
- Forward-looking statements subject to risks and uncertainties, including those related to expected closing of Neogenic Fuels transaction. - Net interest and other expenses higher than expected due to non-cash mark-to-market impact and foreign exchange losses. - Weather conditions affecting RNG facilities during the quarter.
Analyst Q&A
Q: Congrats on neogenics, how is valuation compared to peers?
A: George and Josh discussed valuation being fair, at over 20 times post-money valuation on $1.8 billion, and believed it's in line or above market multiples.
Q: Regarding ESPC receivables financing, any plans to change accounting?
A: George and others mentioned it's non-recourse but complex in reporting, and they were constrained by accounting and GAAP.
Q: About accelerating growth of neogenics, plans and public listing?
A: Mike and George talked about accelerating growth by doubling plants over time, and looking at opportunities like M&A and global expansion, but no immediate plan to go public.
Q: Tax equity concerns?
A: Josh said compliance around FEOC was more of a concern than pullback in availability, and they had a diversified pool of tax investors.
Q: Data center projects timeline?
A: Nicole explained data center projects are complex with many factors, taking longer due to complexities in specs, permitting, etc.
Q: RVO and D3 pricing, data center project updates?
A: Michael discussed RVO and D3 pricing, and Nicole talked about continuing to develop the Cyrus One project and working on other opportunities