Ameresco reported third‑quarter 2025 results with total revenue of $526 million, a 5% increase from the same period last year, and adjusted EBITDA of $70.4 million, up 13% YoY. Net income attributable to common shareholders was $18.5 million, giving an EPS of $0.35, which beat the consensus estimate of $0.26. The company’s operating cash flow for the quarter was $64.3 million, and it ended the period with $94.6 million in unrestricted cash and $300.2 million in total corporate debt.
The company’s project backlog stood at $5.1 billion, with $2.47 billion contracted. Ameresco’s operating energy‑asset portfolio was 740 MW, of which 626 MW were in development. Management highlighted strong demand from data‑center and utility customers and noted that operating leverage helped drive the higher adjusted EBITDA growth.
Compared with the same quarter in 2024, revenue rose from $500.9 million to $526 million, and adjusted EBITDA increased from $62.2 million to $70.4 million. EPS grew from $0.33 to $0.35. Segment revenue was $410.0 million for Projects, $62.5 million for Energy Asset, and $53.5 million for O&M.
Ameresco reaffirmed its full‑year 2025 guidance, maintaining revenue of $1.85 billion to $1.95 billion, adjusted EBITDA of $225 million to $245 million, and EPS of $0.70 to $0.90. The company cited continued growth in its operating asset portfolio and robust demand for its energy‑infrastructure solutions.
The company noted potential headwinds, including the risk of a federal government shutdown affecting project award conversions, exposure to a supplier that filed for Chapter 11 with $26.68 million in deposits at risk, and a disclosed maximum of $89 million in liquidated damages under a SCE agreement.
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