SOLV Energy Revenue Surges 66% to $677M, Backlog Reaches $8.2B
SOLV Energy posted 1Q26 revenue of $677M, up 66% year-over-year, and gross profit of $119M, up 102%, with adjusted EBITDA of $93M, up 174%, while net loss widened to $27M due to a $521M non-cash equity expense. Backlog reached $8.2B and the company agreed to acquire Roberson Waite Electric for $45M.
1. First Quarter Financial Results
SOLV Energy reported first quarter 2026 revenue of $677 million, a 66% increase over the prior year, and gross profit of $119 million, up 102% year-over-year. Adjusted gross profit rose to $124 million and adjusted EBITDA climbed 174% to $93 million.
2. Net Loss and Non-Cash Expense
The company recorded a net loss of $27 million, driven primarily by a one-time, non-cash expense of $521 million related to legacy equity award modifications. Approximately $65 million of non-cash compensation expense was allocated to cost of revenue and SG&A in the quarter.
3. Backlog and Updated Guidance
Total backlog as of March 31 stood at $8.2 billion, with nearly 22 GW under operations and maintenance contract. SOLV Energy updated its full-year 2026 guidance to revenue of $3.72–3.82 billion, adjusted gross profit of $610–650 million, adjusted gross margin of 16.4%–17.0% and adjusted EBITDA of $435–455 million.
4. Acquisition of Roberson Waite Electric
On April 30, SOLV Energy agreed to acquire Roberson Waite Electric for total consideration of $45 million, including $36 million at closing and the remainder tied to performance criteria. The transaction, expected to close by Q3 2026, expands the company’s utility substation construction and testing capabilities.