Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported August 3, 2026 · Beat 5 of last 7 quarters
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Ameresco's record data center awards signal accelerating demand for on-site power infrastructure as hyperscalers and neoclouds seek energy independence. The company's ability to deliver integrated microgrids and behind-the-meter solutions positions it as a key enabler of the AI infrastructure buildout, with revenue impact expected in 2028–2030.
Ameresco delivered a record $1.8B of new awards, including $1.2B for data center projects, adding three new data center projects to awarded backlog (bringing total to five, plus Lemoore) and expanding into Texas and Arizona. The company closed its Neogenyx JV with HASI, announced first RNG delivery into European compliance markets, and brought online the 250 MW Napanee BESS and 560 MW solar project in Greece. Revenue grew 9% to $515M, with energy asset revenue up 21% and O&M revenue up 29%. Adjusted EBITDA rose 12% to $62.8M, and the company raised non-GAAP EPS guidance.
Management reaffirmed full-year 2026 guidance across all metrics and raised non-GAAP EPS guidance to $1.15–$1.35, driven by an expected higher tax benefit rate of 25%–40% from a planned accounting policy change for transferable tax credits. They expect second-half activity to follow normal seasonal cadence, weighted more toward Q4. Data center awards are expected to convert to contracted backlog over 6–24 months, with revenue impact expected after conversion and implementation, typically 6-24 months for conversion and 12-36 months for implementation. The company sees potential for the current data center awards to grow to ~$2B and is exploring additional opportunities, including a possible Neogenyx-like capital vehicle. Management emphasized disciplined, selective partnerships and continued focus on cash conversion in the second half.
“Q2 was a transformational quarter for Ameresco, highlighted by exceptional execution and strong financial performance.”
on Quarterly overview
“These awarded projects also only represent a portion of the opportunities we are actively developing.”
on Data center pipeline
“And on the data centers, I did say they indicated 6 months to 24 months to move the award because we know what the development is on some of them and the milestones that they have achieved. And the hyperscalers and the developers, they move a little bit faster than the federal government. Plus, they need this stuff. You know, there is a sense of urgency that they get this power up as soon as possible.”
on Data center revenue timing
Regarding the data center wins, how are project delivery commitments structured from a risk-sharing perspective? What's the financial exposure or liquidated damages if completion slips due to supply chain, interconnection, or permitting delays?
Nicole declined to provide project specifics due to confidentiality, but assured that Ameresco is mindful and diligent about commitments it signs up to.
How should we think about the cadence of backlog conversion to revenue for the data center awards? Is it different from what we've become accustomed to?
George said the awards are solid and will move to contracted backlog in 6–24 months, then implementation takes 12–3 years. Margins are similar to federal EPC projects, in the high teens.
Can you take us through how you won these awards? Who are the customers — hyperscalers, neoclouds, government?
Nicole said the federal government reputation was a key entry point, and they are working with data center operators, hyperscalers, neoclouds, and commercial real estate developers. She confirmed hyperscalers and neoclouds are part of the deals.