Ameresco Posts 9% Revenue Rise to $581M, Converts $1.5B Backlog
Ameresco generated record Q4 revenue of $581 million, up 9% year-over-year, and converted $1.5 billion of project backlog, maintaining total backlog above $5 billion. Gross margin expanded to 16.2% while GAAP EPS reached $0.34 and non-GAAP EPS $0.39, supported by disciplined cost management and energy asset placements totaling 87 MW.
1. Record Q4 Revenue and Earnings
Ameresco reported Q4 revenue of $581 million, up 9% year-over-year, and delivered GAAP EPS of $0.34 and non-GAAP EPS of $0.39. Adjusted EBITDA was $70 million, representing a 12% margin.
2. Backlog Conversion and Growth
Management converted $1.5 billion of project backlog into revenue during the year and maintained total project backlog above $5 billion. Awarded backlog rose 13% to over $2.5 billion, driven by scope increases in federal projects.
3. Margin Expansion and Cost Discipline
Gross margin expanded to 16.2%, reflecting a higher-quality project mix and disciplined cost controls. Operating expenses of $50.9 million grew slower than gross profit, preserving operating leverage.
4. Energy Asset Deployments
Energy asset revenue grew 5% year-over-year as Ameresco placed 87 MW into operation in Q4, including renewable natural gas, solar-plus-storage, and battery energy storage systems. Full-year placements reached 121 MW, bringing total operating assets to 838 MW.