Ameresco’s $7.2 billion backlog includes $200 million for data centers

By Sophie Lindqvist

Ameresco ended the third quarter of 2026 with a record $7.2 billion project backlog, up 39% from a year earlier. The company booked $875 million of new awards. Data-center energy infrastructure represented $200 million of that total.

Revenue rose 10% to $580.3 million. Gross margin expanded to 18.7%. Two accounting changes also make this quarter difficult to compare cleanly with earlier reports.

How much of the backlog is contracted?

Ameresco’s total project backlog grew 39% year over year to a record $7.2 billion. The company added $875 million of awards and converted $737 million of awarded work into signed contracts during the quarter. Backlog stood at $6.73 billion three months earlier.

Awarded backlog accounted for $4.56 billion of the $7.2 billion total. Contracted backlog was $2.59 billion. Ameresco had not yet signed contracts for the awarded projects.

More than $675 million of new awards came from federal infrastructure work and Europe. The company also identified $200 million as data-center energy infrastructure, describing it as expanded scope on an existing project.

That followed Q2, when data centers drove $1.2 billion of a record $1.8 billion in awards. Five behind-the-meter data-center power projects sat in Ameresco’s awarded backlog.

Chief Executive George Sakellaris said: “Ameresco remains well positioned to benefit from the emerging power infrastructure opportunities within the data center and C&I landscape.” He added that Ameresco is integrating fuel cells, microgrids and small and micro nuclear reactors into its offering.

The company disclosed no revenue, capacity, or deployment schedule for those technologies.

How did reported results compare?

Q3 revenue comprised $446.0 million of project revenue, up 9%. Energy asset revenue rose 21% to $75.4 million. Operations and maintenance revenue increased 20% to $37.0 million.

Ameresco attributed the margin gain to business mix, execution and lower depreciation after extending the assumed useful lives of its energy assets. Net income attributable to common shareholders was $31.9 million, or $0.59 per diluted share. Operating income rose 52% to $61.3 million.

Ameresco restated every period below for the tax-credit change. Figures are ordered Q3 2026, Q2 2026 and Q3 2025.

• Revenue: $580.3 million, $515.5 million and $526.0 million.
• Gross margin: 18.7%, 17.2% and 15.6%.
• Operating income: $61.3 million, $41.3 million and $40.3 million.
• Net income to common: $31.9 million, $7.3 million and $74.0 million.
• Diluted EPS: $0.59, $0.14 and $1.39.
• Adjusted EBITDA, new method: $91.7 million, $78.1 million and $73.7 million.
• Non-GAAP EPS, new method: $0.88, $0.33 and $1.45.

The company also published this rounded quarterly revenue series:

• 2025: Q1 $353 million; Q2 $472 million; Q3 $526 million; Q4 $581 million.
• 2026: Q1 $402 million; Q2 $516 million; Q3 $580 million.

Why do earnings look less comparable?

Ameresco adopted hypothetical liquidation at book value accounting for Neogenyx Fuels. Under this method, partnership income follows what each partner would receive in a hypothetical liquidation at book value on the reporting date. The result can swing sharply between quarters.

Adjusted EBITDA and non-GAAP EPS now include 100% of the operating results of consolidated joint ventures. The change chiefly affects Ameresco Sunel Energy in Europe and Neogenyx Fuels, its renewable fuels business. Previously, the metrics included only Ameresco’s share.

Under the old method, Q3 adjusted EBITDA was $77.9 million rather than $91.7 million. Non-GAAP EPS was $0.60 rather than $0.88.

Ameresco now records transferable investment tax credits in its tax line when generated, rather than reducing the cost of related assets. It restated 2025 accordingly.

Restated Q3 2025 net income attributable to common shareholders was $74.0 million, helped by a $61.2 million tax benefit. Ameresco originally reported $18.5 million for that quarter. That explains why GAAP and non-GAAP EPS both fell year over year even as operating income rose 52%.

What changed in guidance and liquidity?

Ameresco now guides 2026 revenue of $2.13 billion to $2.15 billion. Adjusted EBITDA guidance is $295 million to $305 million. Non-GAAP EPS guidance is $1.85 to $1.95.

In August, the company had guided to $2.0 billion to $2.2 billion of revenue. The earlier adjusted EBITDA range was $250 million to $270 million, and non-GAAP EPS was $1.15 to $1.35.

Ameresco said the reset reflects only the joint-venture and tax-credit changes. It also said full-year adjusted EBITDA and non-GAAP EPS guidance would otherwise have remained unchanged.

For Q4, the company expects $625 million to $650 million of revenue and $0.95 to $1.05 of non-GAAP EPS.

Unrestricted cash rose to $128.5 million. Corporate debt was $380.4 million, and leverage stood at 2.9 times, below a 3.5-times covenant. Operating cash flow was negative $8.9 million in the quarter.

Can the backlog support the outlook?

Ameresco has disclosed no data-center power capacity figure. The pace of contract conversion within its $4.56 billion awarded backlog remains the key test of the $625 million to $650 million Q4 revenue target and $2.13 billion to $2.15 billion 2026 plan.