Ameresco Reports 14% Revenue Growth, $522M Awards and $400M Biofuels JV
Ameresco delivered 14% revenue growth to $401.5 million and secured $522 million in new project awards, driving a 20% increase in awarded backlog to $2.77 billion. It also secured a $400 million investment from HASI to form Neogenyx Fuels, monetizing part of its $1.8 billion biogas enterprise value and boosting growth of its low-carbon platform.
1. First Quarter 2026 Financial Highlights
Ameresco posted total revenue of $401.5 million in Q1, up 14% year-over-year, with project and O&M revenue rising 16% and 22% respectively. Adjusted EBITDA was $40.5 million, in line with expectations, while net loss of $18.3 million reflected non-cash derivative adjustments and weather-related margin impacts.
2. Strong Backlog Growth
The company secured $522 million in new project awards, lifting awarded backlog by 20% to $2.77 billion and total project backlog to $5.27 billion. Energy asset visibility reached $3.78 billion and O&M revenue backlog totaled $1.54 billion, driven by federal and commercial contract wins.
3. Formation of Neogenyx Fuels JV
Ameresco and HASI agreed on a $400 million strategic investment to establish Neogenyx Fuels, targeting advanced biofuels production. This joint venture will monetize part of the biogas business’s $1.8 billion enterprise value and accelerate expansion of low-carbon fuel platforms.