Ameresco announced second-quarter 2026 results on August 3, highlighting a historically large $1.8 billion in new project awards, with $1.2 billion connected to data center power initiatives. The company’s total awarded backlog reached $6.73 billion, representing 32% growth compared to the prior year period. Power Infrastructure business awarded backlog climbed 65% to $4.4 billion, with five behind-the-meter data center projects in awarded backlog and additional prospects in development stages.
Quarterly revenue totaled $515.5 million, up 9% year-over-year, derived from project work, owned energy assets, and operations and maintenance activities. Gross margin expanded to 17.7%, while adjusted EBITDA increased 12% to $62.8 million. Management raised full-year Non-GAAP earnings per share guidance to $1.15 to $1.35, attributing the adjustment to an anticipated wider tax benefit from a revised accounting approach for transferable tax credits beginning in the second half of 2026. Cash on the balance sheet climbed to $138.3 million from $71.8 million at 2025 year-end, with corporate leverage measured at 3.2 times EBITDA.
Despite the record awards, profitability and cash generation moved downward. Net income attributable to common shareholders fell to $9.7 million, or $0.18 per diluted share, compared to $12.9 million and $0.24 a year prior. For the initial six months of 2026, the company recorded a net loss attributable to common shareholders of $8.6 million versus a $7.4 million profit in the equivalent period last year. Operating cash flow deteriorated significantly, posting negative $107.2 million for the quarter. Adjusted operating cash flow, after accounting for investment tax credit sales and federal ESPC project proceeds, registered negative $65.3 million.
Analysts attributed earnings pressure to elevated depreciation and interest costs tied to the expanding energy asset base, diminished tax benefits, and unfavorable impacts from non-controlling interests related to the Neogenyx transaction. The EPS guidance increase derived substantially from an accounting policy adjustment rather than operational improvements. Hedge fund ownership declined to 17 funds from 22 the prior quarter, while short interest remained substantial at 18.39% of float. The stock traded at a forward price-to-earnings ratio of 14.60 as of September 14, reflecting investor uncertainty about whether the data center pipeline expansion can offset near-term cash burn and earnings headwinds.
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