Ameresco Q2 Earnings Call Highlights

Ameresco Q2 Earnings Call Highlights

Ameresco reported strong Q2 growth , with revenue up 9% year over year to $515 million, adjusted EBITDA up 12% to $62.8 million, and non-GAAP EPS of $0.20. The company raised its 2026 non-GAAP EPS outlook to $1.15–$1.35 while reaffirming broader full-year guidance.

New project awards reached a record $1.8 billion , driven by $1.2 billion in data center-related power infrastructure. Awarded backlog climbed 65% to $4.4 billion, while total project backlog rose 32% to $6.7 billion.

Ameresco’s data center pipeline includes five awarded projects representing more than 1 gigawatt of power generation, but meaningful revenue is not expected until 2028–2030. The company also expanded its operating energy asset base to 822 MW and maintained leverage below its covenant at 3.2 times.

Ameresco NYSE: AMRC reported second-quarter 2026 revenue of $515 million, up 9% from a year earlier, while highlighting a record $1.8 billion in new project awards led by data center-related power infrastructure projects. Chairman and Chief Executive Officer George Sakellaris described the quarter as “transformational,” citing $1.2 billion of data center awards and $600 million of awards across the company’s other markets.

The company also completed its Neogenyx joint venture with HASI, brought major battery storage and solar projects online, and reorganized around two market pillars: Power Infrastructure and Buildings & Public Infrastructure.

Ameresco said awarded project backlog rose 65% year over year to a record $4.4 billion, contributing to a 32% increase in total project backlog to $6.7 billion. Chief Financial Officer Mark Chiplock said the company expects to convert that backlog over the next three to four years, although timing will depend on commercial, permitting, procurement, financing and execution milestones.

The company added three data center projects to awarded backlog during the quarter, bringing the total to five projects, excluding the Lemoore Data Center in its energy assets portfolio. The projects expanded Ameresco’s data center footprint into Texas and Arizona and collectively represent more than 1 gigawatt of power generation, according to Co-President Nicole Bulgarino.

The company’s proposed solutions include reciprocating engines, gas turbines, fuel cells, battery energy storage systems and integrated microgrids. Bulgarino said Ameresco is concentrating on on-site power solutions and working with developers, operators, hyperscalers, capital providers and other participants in the data center ecosystem.

During the question-and-answer session, Sakellaris said the projects currently included in awards represent only part of the potential scope. He said the current awards could grow to roughly $2 billion as development progresses and additional phases are defined. The company is also evaluating at least as many additional data center opportunities as the five currently in awarded backlog, he said.

Ameresco said data center awards generally could move from the awarded category into contracted backlog within six to 24 months. Sakellaris said the company does not expect a major revenue contribution from the data center projects until 2028 through 2030, though there could be a smaller impact in 2027. Once contracted, large and complex projects may require up to three years of implementation, particularly where a data center campus is developed in multiple phases.

Chief Investment Officer Josh Baribeau said revenue from the data center work is expected to be recognized under the company’s normal engineering, procurement and construction, or EPC, revenue model rather than through asset sales. Sakellaris ...