Revenue Growth and Strong Financial Performance
Ameresco reported a 5% year-over-year revenue growth, with adjusted EBITDA increasing by 13% to $70.4 million. Gross margin improved to 16%, showcasing strong financial performance and effective cost management.
Significant Project Backlog and New Awards
The total project backlog grew to $5.1 billion, with $450 million in new project awards and a 33% increase in contracted project backlog to $2.5 billion. This includes notable achievements in energy infrastructure projects.
Expansion in Energy Asset Portfolio
Energy asset revenue grew by 6%, with an additional 16 megawatts placed into operation during the quarter, bringing total operating assets to 765 megawatts. The company remains on track to meet its annual target for additional assets.
Growth in O&M Revenue
Recurring O&M revenue increased by 8% this quarter, with the long-term O&M backlog reaching approximately $1.5 billion.
Successful Data Center and Industrial Projects
Ameresco announced significant projects such as a 50-megawatt battery energy storage system with Nucor and a 40-megawatt firm power plant for Hawaiian Electric, highlighting its capability in providing resilient power solutions.