Ameresco, Inc 10-Q for FY2025 Q3

Ameresco, Inc. (AMRC)

10-Q 2025-11-04 For: 2025-09-30

Added on April 10, 2026

About this 10-Q

Ameresco, Inc filed this 10-Q on November 4, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $525.99M; up 5.0% from $500.87M a year earlier
Net income: $18.53M; up 5.3% from net income of $17.6M a year earlier
Diluted EPS: $0.35; up 6.1% from $0.33 a year earlier

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Delaware						04-3512838
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)
111 Speen Street, Suite 410 Framingham, Massachusetts						01701
(Address of Principal Executive Offices)						(Zip Code)


Title of Each Class	Trading Symbol	Name of exchange on which registered
Class A Common Stock, par value $0.0001 per share	AMRC	New York Stock Exchange


Large accelerated filer ☑	Accelerated Filer o	Non-accelerated filer o	Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Class			Shares outstanding as of October 30, 2025
Class A Common Stock, $0.0001 par value per share			34,797,456
Class B Common Stock, $0.0001 par value per share			18,000,000


						Page
PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024						1
Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)						3
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September, 30 2025 and 2024 (Unaudited)						4
Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)						5
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)						7
Notes to Condensed Consolidated Financial Statements (Unaudited)						9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						31
Item 3. Quantitative and Qualitative Disclosures About Market Risk						41
Item 4. Controls and Procedures						41

PART II - OTHER INFORMATION
Item 1. Legal Proceedings						43
Item 1A. Risk Factors						43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						43
Item 5. Other Information						43
Item 6. Exhibits						45
Signatures						46


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	September 30, 2025		December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents (1)	$	94,551	$	108,516
Restricted cash (1)	98,504		69,706
Accounts receivable, net of allowance of $1,022 and $845, respectively (1)	253,793		256,961
Accounts receivable retainage, net	48,846		39,843
Unbilled revenue (1)	691,316		644,105
Inventory, net	12,785		11,556
Prepaid expenses and other current assets (1)	189,747		145,906
Income taxes receivable	3,603		1,685
Project development costs, net	27,351		22,856
Total current assets (1)	1,420,496		1,301,134
Federal ESPC receivable	516,326		609,128
Property and equipment, net (1)	9,848		11,040
Energy assets, net (1)	2,117,460		1,915,311
Deferred income tax assets, net	76,348		56,523
Goodwill, net	69,245		66,305
Intangible assets, net	8,109		8,814
Right-of-use assets, net (1)	76,371		80,149
Restricted cash, non-current portion (1)	22,541		20,156
Other assets (1)	109,666		89,948
Total assets (1)	$	4,426,410	$	4,158,508
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portions of long-term debt and financing lease liabilities, net (1)	$	167,083	$	149,363
Accounts payable (1)	569,600		529,338
Accrued expenses and other current liabilities (1)	105,829		107,293
Current portions of operating lease liabilities (1)	8,062		10,536
Deferred revenue	87,297		91,734
Income taxes payable	1,428		744
Total current liabilities (1)	939,299		889,008
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs (1)	1,716,689		1,483,900
Federal ESPC liabilities	499,074		555,396
Deferred income tax liabilities, net	2,771		2,223
Deferred grant income	5,479		6,436
Long-term operating lease liabilities, net of current portion (1)	56,032		59,479
Other liabilities (1)	111,624		114,454
Commitments and contingencies (Note 10)
Redeemable non-controlling interests, net	1,556		2,463


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	525,987	$	500,873	$	1,351,100	$	1,237,261
Cost of revenues	441,658		423,734		1,141,494		1,047,960
Gross profit	84,329		77,139		209,606		189,301
Earnings from unconsolidated entities	1,393		159		1,804		724
Selling, general and administrative expenses	43,372		42,139		127,593		125,920
Operating income	42,350		35,159		83,817		64,105
Interest expense and interest income, net	20,485		18,416		58,828		47,460
Other expenses (income), net	3,703		3,053		(1,374)		3,939
Income before income taxes	18,162		13,690		26,363		12,706
Income tax benefit	(3,678)		(3,324)		(5,390)		(3,324)
Net income	21,840		17,014		31,753		16,030
Net (income) loss attributable to non-controlling interests and redeemable non-controlling interests	(3,308)		585		(5,839)		3,642
Net income attributable to common shareholders	$	18,532	17,599		$	25,914	$	19,672

Net income per share attributable to common shareholders:
Basic	$	0.35	$	0.34	$	0.49	$	0.37
Diluted	$	0.35	$	0.33	$	0.49	$	0.37
Weighted average common shares outstanding:
Basic	52,716		52,413		52,633		52,352
Diluted	53,370		53,243		53,095		53,098


	Redeemable Non-controlling Interests (“RNCI”)		Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Treasury Stock			Non-controlling Interests (“NCI”)		Total Stockholders’ Equity
			Shares	Amount		Shares	Amount								Shares	Amount
Balance, June 30, 2024	$	43,777	34,402,515	$	3	18,000,000	$	2	$	332,356	$	597,930	$	(3,800)	2,101,795	$	(11,788)	$	26,489	$	941,192
Exercise of stock options	—		7,500	—		—	—		405		—		—		—	—		—		405
Stock-based compensation expense	—		—	—		—	—		3,664		—		—		—	—		—		3,664

Restricted stock units released	—		32,736	—		—	—		—		—		—		40	—		—		—
Unrealized loss from interest rate hedges, net	—		—	—		—	—		—		—		(1,060)		—	—		—		(1,060)
Foreign currency translation adjustment	—		—	—		—	—		—		—		2,057		—	—		(54)		2,003

Distributions to RNCI	(130)		—	—		—	—		—		—		—		—	—		—		—
Accretion of tax equity financing fees	26		—	—		—	—		—		(26)		—		—	—		—		(26)

Contributions from NCI	—		—	—		—	—		—		—		—		—	—		2,997		2,997
Distributions to NCI	—		—	—		—	—		—		—		—		—	—		(364)		(364)

Net (loss) income	(912)		—	—		—	—		—		17,599		—		—	—		327		17,926
Balance, September 30, 2024	$	42,761	34,442,751	$	3	18,000,000	$	2	$	336,425	$	615,503	$	(2,803)	2,101,835	$	(11,788)	$	29,395	$	966,737

Balance, June 30, 2025	$	1,543	34,703,659	$	3	18,000,000	$	2	$	386,214	$	659,888	$	240	2,101,835	$	(11,788)	$	36,312	$	1,070,871

Exercise of stock options	—		9,000	—		—	—		159		—		—		—	—		—		159
Stock-based compensation expense	—		—	—		—	—		3,746		—		—		—	—		—		3,746

Restricted stock units released	—		39,696	—		—	—		—		—		—		—	—		—		—
Unrealized loss from interest rate hedges, net	—		—	—		—	—		—		—		(65)		—	—		—		(65)
Foreign currency translation adjustment	—		—	—		—	—		—		—		(1,242)		—	—		157		(1,085)


Accretion of tax equity financing fees	27		—	—		—	—		—		(27)		—		—	—		—		(27)

Contributions from NCI	—		—	—		—	—		—		—		—		—	—		924		924
Distributions to NCI	—		—	—		—	—		—		—		—		—	—		(2,491)		(2,491)

Net (loss) income	(14)		—	—		—	—		—		18,532		—		—	—		3,322		21,854
Balance, September 30, 2025	$	1,556	34,752,355	$	3	18,000,000	$	2	$	390,119	$	678,393	$	(1,067)	2,101,835	$	(11,788)	$	38,224	$	1,093,886


	Redeemable Non-controlling Interests		Class A Common Stock			Class B Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Treasury Stock			Non-controlling Interests		Total Stockholders’ Equity
			Shares	Amount		Shares	Amount								Shares	Amount
Balance, December 31, 2023	$	46,865	34,277,195	$	3	18,000,000	$	2	$	320,892	$	595,911	$	(3,045)	2,101,795	$	(11,788)	$	23,911	$	925,886
Exercise of stock options	—		70,089	—		—	—		909		—		—		—	—		—		909
Stock-based compensation expense	—		—	—		—	—		10,368		—		—		—	—		—		10,368
Employee stock purchase plan	—		32,841	—		—	—		990		—		—		—	—		—		990
Restricted stock units released	—		62,626	—		—	—		—		—		—		40	—		—		—
Unrealized loss from interest rate hedges, net	—		—	—		—	—		—		—		(446)		—	—		—		(446)
Foreign currency translation adjustment	—		—	—		—	—		—		—		688			—		(36)		652

Distributions to RNCI	(418)		—	—		—	—		—		—		—		—	—		—		—
Accretion of tax equity financing fees	80		—	—		—	—		—		(80)		—		—	—		—		(80)

Contributions from NCI	—		—	—		—	—		3,040		—		—		—	—		30,749		33,789
Distributions to NCI	—		—	—		—	—		—		—		—		—	—		(1,367)		(1,367)
Purchase of shares from NCI	—		—	—		—	—		226		—		—		—	—		(23,986)		(23,760)
Net (loss) income	(3,766)		—	—		—	—		—		19,672		—		—	—		124		19,796
Balance, September 30, 2024	$	42,761	34,442,751	$	3	18,000,000	$	2	$	336,425	$	615,503	$	(2,803)	2,101,835	$	(11,788)	$	29,395	$	966,737

Balance, December 31, 2024	$	2,463	34,501,213	$	3	18,000,000	$	2	$	378,321	$	652,561	$	(5,874)	2,101,835	$	(11,788)	$	31,924	$	1,045,149

Exercise of stock options	—		89,178	—		—	—		662		—		—		—	—		—		662
Stock-based compensation expense	—		—	—		—	—		10,341		—		—		—	—		—		10,341
Employee stock purchase plan	—		60,762	—		—	—		795		—		—		—	—		—		795
Restricted stock units released	—		101,202	—		—	—		—		—		—		—	—		—		—
Unrealized loss from interest rate hedges, net	—		—	—		—	—		—		—		(695)		—	—		—		(695)
Foreign currency translation adjustment	—		—	—		—	—		—		—		5,502		—	—		92		5,594


Accretion of tax equity financing fees	82		—	—		—	—		—		(82)		—		—	—		—		(82)

Contributions from NCI	—		—	—		—	—		—		—		—		—	—		4,723		4,723
Distributions to NCI	—		—	—		—	—		—		—		—		—	—		(5,343)		(5,343)

Net (loss) income	(989)		—	—		—	—		—		25,914		—		—	—		6,828		32,742
Balance, September 30, 2025	$	1,556	34,752,355	$	3	18,000,000	$	2	$	390,119	$	678,393	$	(1,067)	2,101,835	$	(11,788)	$	38,224	$	1,093,886








AMERESCO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) (Unaudited) (Continued)

	Nine Months Ended September 30,
	2025		2024
Cash flows from financing activities:
Payments on long-term corporate debt financings	$	(16,750)	$	(68,750)
Proceeds from long-term corporate debt financings	100,000		100,000
Payments on senior secured revolving credit facility, net	(25,000)		(33,400)
Proceeds from long-term energy asset debt financings	367,329		563,598
Payments on long-term energy asset debt and financing leases	(192,460)		(372,853)
Proceeds from termination of interest rate swaps	2,808		—
Payment on seller's promissory note	—		(41,941)
Payments of debt discount and debt issuance costs	(7,411)		(10,114)
Proceeds from Federal ESPC projects	82,034		129,399
Net (payments) proceeds from energy asset receivable financing arrangements	(415)		5,216
Proceeds from exercises of options and ESPP	1,457		1,899

Contributions from non-controlling interests	4,723		33,789
Distributions to non-controlling interest	(5,343)		(1,367)

Distributions to redeemable non-controlling interests, net	—		(418)

Cash flows from financing activities	310,972		305,058
Effect of exchange rate changes on cash	1,993		1,827
Net increase in cash, cash equivalents, and restricted cash	17,218		50,715
Cash, cash equivalents, and restricted cash, beginning of period	198,378		153,676
Cash, cash equivalents, and restricted cash, end of period	$	215,596	$	204,391

Supplemental disclosures of cash flow information:
Cash paid for interest	$	78,436	$	80,172
Cash paid for income taxes	$	4,161	$	1,946
Non-cash Federal ESPC settlement	$	138,714	$	143,936
Accrued purchases of energy assets	$	81,580	$	53,696

Non-cash financing for energy asset project acquisition	$	—	$	32,500


	September 30, 2025		December 31, 2024
Other receivables	$	35,419	$	16,336
Deferred project costs	140,124		117,573
Prepaid expenses	14,204		11,997
Prepaid expenses and other current assets	$	189,747	$	145,906


	North America Regions		U.S. Federal		Renewable Fuels		Europe		All Other		Total
Project revenue	$	198,448	$	65,828	$	5,078	$	140,598	$	—	$	409,952
O&M revenue	12,397		15,583		1,959		831		—		30,770
Energy assets	23,647		7,763		30,633		494		—		62,537

Other	3,108		334		4		2,311		16,971		22,728
Total revenues	$	237,600	$	89,508	$	37,674	$	144,234	$	16,971	$	525,987


	September 30, 2025		December 31, 2024
Accounts receivable, net	$	253,793	$	256,961
Accounts receivable retainage, net	48,846		39,843
Contract Assets:
Unbilled revenue	$	691,316	$	644,105
Contract Liabilities:
Deferred revenue	$	87,297	$	91,734
Deferred revenue, non-current (1)	36,369		29,885
Total contract liabilities	$	123,666	$	121,619


	North America Regions		U.S. Federal		Renewable Fuels		Europe		All Other		Total
Project revenue	$	521,688	$	109,325	$	17,124	$	371,364	$	—	$	1,019,501
O&M revenue	31,327		44,376		5,736		2,132		—		83,571
Energy assets	65,286		19,900		95,801		1,152		—		182,139

Other	8,744		798		7		8,127		48,213		65,889
Total revenues	$	627,045	$	174,399	$	118,668	$	382,775	$	48,213	$	1,351,100


	North America Regions		U.S. Federal		Renewable Fuels		Europe		All Other		Total
Project revenue	$	553,930	$	177,721	$	27,342	$	161,431	$	—	$	920,424
O&M revenue	25,728		45,723		6,357		2,122		—		79,930
Energy assets	53,944		12,749		88,421		557		29		155,700
Other	4,425		547		128		5,684		70,423		81,207
Total revenues	$	638,027	$	236,740	$	122,248	$	169,794	$	70,452	$	1,237,261


	September 30, 2025		December 31, 2024
Energy assets (1)	$	2,615,515	$	2,338,680
Less - accumulated depreciation and amortization	(498,055)		(423,369)
Energy assets, net	$	2,117,460	$	1,915,311

(1) Includes financing lease assets (see Note 7), capitalized interest and asset retirement obligations (“ARO”) assets (see tables below). Excludes energy assets held for sale. See section below and Note 19 for additional information.


	Operating Leases		Financing Leases
Year ended December 31,
2025	$	2,990	$	919
2026	11,304		2,054
2027	9,920		1,922
2028	8,067		1,955
2029	5,700		1,892
Thereafter	70,459		14,044
Total lease payments	108,440		22,786
Less: interest	44,346		10,131
Present value of lease liabilities	$	64,094	$	12,655


	September 30, 2024		December 31, 2023
Accounts receivable, net	$	230,298	$	153,362
Accounts receivable retainage, net	43,466		33,826
Contract Assets:
Unbilled revenue	$	572,804	$	636,163
Contract Liabilities:
Deferred revenue	$	108,020	$	52,903
Deferred revenue, non-current (1)	20,808		18,393
Total contract liabilities	$	128,828	$	71,296

(1) Performance obligations that are expected to be completed beyond the next twelve months and are included in other liabilities in the condensed consolidated balance sheets.


	As of September 30, 2025		As of December 31, 2024
Gross carrying amount	$	35,819	33,960
Less - accumulated amortization	(27,710)		(25,146)
Intangible assets, net	$	8,109	$	8,814


		Three Months Ended September 30,				Nine Months Ended September 30,
Asset type	Location	2025		2024		2025		2024
Customer contracts	Cost of revenues	$	53	$	—	$	53	$	—
Intangible assets, net	Selling, general and administrative expenses	$	581	$	539	$	1,701	$	1,615
Total amortization expense		$	634	$	539	$	1,754	$	1,615


	September 30, 2025			December 31, 2024
Operating Leases:
Right-of-use (“ROU”) assets	$	76,371		$	80,149

Current portions of operating lease liabilities	$	8,062		$	10,536
Long-term portions of operating lease liabilities	56,032			59,479
Total operating lease liabilities	$	64,094		$	70,015
Weighted-average remaining lease term	18 years			19 years
Weighted-average discount rate	6.6		%	6.6		%

Financing Leases:
Energy assets	$	23,581		$	25,158

Current portions of financing lease liabilities	$	810		$	637
Long-term financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	11,845			12,267
Total financing lease liabilities	$	12,655		$	12,904
Weighted-average remaining lease term	11 years			12 years
Weighted-average discount rate	12.0		%	12.0		%


	September 30, 2025		December 31, 2024
Senior secured corporate revolving credit facility (1)	$	110,000	$	135,000
Senior secured corporate term loans	96,250		13,000
Second lien corporate term loan	100,000		100,000
Energy asset construction facilities (2)	596,586		339,209
Energy asset operating facilities (2)	613,327		674,704
Other financing facilities (3)	402,192		399,370
Financing lease liabilities (4)	12,655		12,904

Total debt and financing lease liabilities	1,931,010		1,674,187
Less: current maturities	167,083		149,363
Less: unamortized discount and debt issuance costs	47,238		40,924
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	$	1,716,689	$	1,483,900

(1) At September 30, 2025, funds of $26,629 were available for borrowing under this facility.
(2) Most of these agreements are now using the Secured Overnight Financing Rate (“SOFR”) as the primary reference rate used to calculate interest.
(3) These facilities are accounted for as failed sale-leasebacks and are classified as long-term financing facilities. See Note 7 for additional disclosures.
(4) Financing lease liabilities are sale-leaseback arrangements under previous guidance.


		Fair Value as of
	Level	September 30, 2025		December 31, 2024
Assets:
Interest rate swap instruments	2	$	669	$	5,096


Liabilities:
Interest rate swap instruments	2	$	333	$	—

Make-whole provisions	2	15,747		15,574
Contingent consideration	3	—		1,614
Total liabilities		$	16,080	$	17,188


	As of September 30, 2025				As of December 31, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value
Long-term debt (Level 2)	$	1,855,148	$	1,871,117	$	1,618,208	$	1,620,359


		Derivatives as of
		September 30, 2025		December 31, 2024
	Balance Sheet Location	Fair Value		Fair Value
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts	Other assets	$	669	$	1,556

Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts	Other assets	$	—	$	3,540
Interest rate swap contracts	Other liabilities	$	333	$	—


Make-whole provisions	Other liabilities	$	15,747	$	15,574


		Amount of (Gain) Loss Recognized in Net Income
	Location of (Gain) Loss Recognized in Net Income	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Derivatives Designated as Hedging Instruments:
Interest rate swap contracts	Other expenses, net	$	(91)	$	(259)	$	(295)	$	(806)
Derivatives Not Designated as Hedging Instruments:
Interest rate swap contracts	Other expenses, net	$	55	$	2,109	$	1,065	$	778

Make-whole provisions	Other expenses, net	$	758	$	1,592	$	(3,219)	$	(1,045)


	Nine Months Ended September 30, 2025
Derivatives Designated as Hedging Instruments:
Accumulated gain in AOCI at the beginning of the period	$	1,140

Unrealized loss recognized in AOCI	(400)
Gain reclassified from AOCI to other expenses, net	(295)
Loss on derivatives	(695)
Accumulated gain in AOCI at the end of the period	$	445


	September 30, 2025 (1)						December 31, 2024 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	32	$	12,848	$	12,880	$	89	$	8,691	$	8,780
Restricted cash	—		17,028		17,028		—		—		—
Accounts receivable, net	471		25,268		25,739		—		14,607		14,607
Unbilled revenue	—		103,025		103,025		230		4,040		4,270
Prepaid expenses and other current assets	—		6,781		6,781		30		7,088		7,118
Income taxes receivable	—		2,729		2,729		—		672		672

Total VIE current assets	503		167,679		168,182		349		35,098		35,447

Energy assets, net	22,390		90,215		112,605		23,538		98,876		122,414
Deferred income tax assets, net	—		2,349		2,349		—		—		—
Intangible assets, net	—		—		—		—		20		20
Right-of-use assets, net	461		—		461		471		—		471
Restricted cash, non-current portion	—		1,747		1,747		—		—		—
Other assets	—		105		105		—		196		196
Total VIE assets	$	23,354	$	262,095	$	285,449	$	24,358	$	134,190	$	158,548
Current portions of long-term debt and financing lease liabilities	$	—	$	32,143	$	32,143	$	—	$	—	$	—
Accounts payable	68		86,070		86,138		27		5,140		5,167
Accrued expenses and other current liabilities	20		8,356		8,376		25		577		602
Current portions of operating lease liabilities	13		—		13		13		—		13
Deferred revenue	—		18,564		18,564		—		10,063		10,063
Income taxes payable	—		369		369		—		526		526
Total VIE current liabilities	101		145,502		145,603		65		16,306		16,371

Long-term operating lease liabilities, net of current portion	479		—		479		500		—		500

Total VIE liabilities	$	580	$	145,502	$	146,082	$	565	$	16,306	$	16,871

(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.


	As of
	September 30, 2025		December 31, 2024
Equity and cost method investments	$	42,261	$	16,987


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2025		2024			2025		2024
Numerator:
Net income attributable to common shareholders	$	18,532	$	17,599		$	25,914	$	19,672
Adjustment for accretion of tax equity financing fees	(27)		(26)			(82)		(80)
Income attributable to common shareholders	$	18,505	$	17,573		$	25,832	$	19,592
Denominator:
Basic weighted-average shares outstanding	52,716		52,413			52,633		52,352
Effect of dilutive securities: (1)
Stock options	654		830			462		746
Diluted weighted-average shares outstanding	53,370		53,243			53,095		53,098
Net Income per share attributable to common shareholders:
Basic	$	0.35	$	0.34		$	0.49	$	0.37
Diluted	$	0.35	$	0.33		$	0.49	$	0.37

Potentially dilutive shares (1)	2,789		2,204			2,718		2,084

(1) Dilutive securities and potentially dilutive shares attributable to stock options were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.


Three Months Ended September 30, 2025
	North America Regions		U.S. Federal		Renewable Fuels		Europe		All Other		Corporate		Total
Revenues	$	237,600	$	89,508	$	37,674	$	144,234	$	16,971			$	525,987
Cost of revenues	195,172		73,649		28,252		133,053		11,532				441,658
Gross profit	42,428		15,859		9,422		11,181		5,439				84,329
Add:
Earnings from unconsolidated entities	37		1,127		—		229		—		—		1,393
Less:
Selling, general and administrative expenses	12,749		3,057		605		5,539		3,751		17,671		43,372
Loss on derivatives	740		55		18		—		—		—		813
Interest expense and interest income, net	3,780		840		7,882		866		—		7,117		20,485
Other expense	372		177		82		1,462		1		796		2,890
Income (loss) before income taxes	$	24,824	$	12,857	$	835	$	3,543	$	1,687	$	(25,584)	$	18,162
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)	10,769		4,981		10,446		628		31		380		27,235
Amortization of debt discount & debt issuance costs (1)	582		176		82		89		—		643		1,572

(1) These amounts disclosed by reportable segment are included within the other segment expense captions.


Three Months Ended September, 2024
	North America Regions		U.S. Federal		Renewable Fuels		Europe		All Other		Corporate		Total
Revenues	$	291,611	$	89,113	$	43,537	$	52,613	$	23,999			$	500,873
Cost of revenues	251,324		72,872		33,430		50,103		16,005				423,734
Gross profit	40,287		16,241		10,107		2,510		7,994				77,139
Add:
Earnings from unconsolidated entities	25		134		—		—		—		—		159
Less:
Selling, general and administrative expenses	12,087		3,085		788		4,243		5,404		16,532		42,139
Loss on derivatives	1,592		1,342		767		—		—		—		3,701
Interest expense and interest income, net	3,577		2,017		6,203		1,371		(1)		5,249		18,416
Other expense	394		388		113		181		11		(1,735)		(648)
Income (loss) before income taxes	$	22,662	$	9,543	$	2,236	$	(3,285)	$	2,580	$	(20,046)	$	13,690
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)	9,552		4,751		7,494		503		689		464		23,453
Amortization of debt discount & debt issuance costs (1)	552		390		113		—		—		387		1,442

(1) These amounts disclosed by reportable segment are included within the other segment expense captions.


Nine Months Ended September, 2024
	North America Regions		U.S. Federal		Renewable Fuels		Europe		All Other		Corporate		Total
Revenues	$	638,027	$	236,740	$	122,248	$	169,794	$	70,452			$	1,237,261
Cost of revenues	554,840		196,671		93,813		155,893		46,743				1,047,960
Gross profit	83,187		40,069		28,435		13,901		23,709				189,301
Add:
Earnings from unconsolidated entities	38		686		—		—		—		—		724
Less:
Selling, general and administrative expenses	37,676		9,294		1,742		12,170		15,750		49,288		125,920
(Gain) loss on derivatives	(1,045)		316		462		—		—		—		(267)
Interest expense, net of interest income	7,788		4,207		17,634		3,146		—		14,685		47,460
Other expense	1,708		654		339		629		28		848		4,206
Income (loss) before income taxes	$	37,098	$	26,284	$	8,258	$	(2,044)	$	7,931	$	(64,821)	$	12,706
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)	26,422		9,626		21,709		1,513		2,001		1,395		62,666
Amortization of debt discount & debt issuance costs (1)	1,456		654		340		—		—		1,314		3,764

(1) These amounts disclosed by reportable segment are included within the other segment expense captions.


	As of September 30,
(In Thousands)	2025		2024
Project Backlog
Fully-contracted backlog	$	2,473,089	$	1,852,774
Awarded, not yet signed customer contracts	2,668,102		2,656,082
Total project backlog	$	5,141,191	$	4,508,856
12-month project backlog	$	1,248,697	$	976,530

O&M Backlog
Fully-contracted backlog	$	1,476,035	$	1,421,204
12-month O&M backlog	$	103,158	$	91,380


1.	I have reviewed this Quarterly Report on Form 10-Q of Ameresco, Inc. (the “Registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4.	The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5.	The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.