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Mar 31
Ameresco Q1 2025 Earnings Report
Reported first quarter 2025 financial results with total revenue and adjusted EBITDA growth of 18% and 32%, respectively.
Key Takeaways
Ameresco had a strong start to 2025, with double-digit growth in both Projects and Energy Asset businesses. The company saw significant increases in contracted backlog and total project backlog, enhancing future revenue visibility to nearly $10 billion. Despite potential impacts from tariff changes, the company is reiterating its full-year 2025 guidance due to strong execution and backlog visibility.
Total revenue increased 18% year-over-year to $352.8 million in Q1 2025.
Adjusted EBITDA grew 32% year-over-year to $40.6 million in Q1 2025.
Contracted backlog surged 78% year-over-year to $2.6 billion, contributing to a total project backlog of $4.9 billion.
The company successfully converted $334 million of awarded backlog into contracts during the quarter.
Ameresco
Ameresco
Ameresco Revenue by Segment
Revenue by Segment
Projects Revenue
CapyFin.comEnergy Assets Revenue
CapyFin.comO&M Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Ameresco is reiterating its full-year 2025 revenue and adjusted EBITDA guidance based on strong first-quarter performance and excellent revenue visibility. The company anticipates approximately 60% of total revenue in the second half of 2025.
Positive Outlook
- Reiterating full-year 2025 revenue guidance of $1.85 billion to $1.95 billion.
- Reiterating full-year 2025 adjusted EBITDA guidance of $225 million to $245 million.
- Strong Q1 execution drove faster implementation of approximately $30 million of project revenue.
- Anticipating Q2 revenue in the range of approximately $400 million to $425 million.
- Excellent visibility provided by contracted project backlog and recurring revenue streams.
Challenges Ahead
- Potential impact of a change in accounting principle related to sale-leaseback arrangements is being assessed and not included in guidance.
- Rapidly changing tariff dynamics may impact costs, timing of deliveries, and potentially lengthen implementation schedules.
- Gross margin guidance of 15.5% to 16.0% for FY 2025.
- Anticipating interest expense & other of $85 million to $90 million for FY 2025.
- Effective tax rate guidance of (50)% to (35)% for FY 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income