US-based energy infrastructure solutions provider Ameresco reported revenue of $526.0mn for the third quarter of 2025, a 5% increase compared to the same period last year. The company also posted net income attributable to common shareholders of $18.5mn and adjusted EBITDA of $70.4mn, representing a 13% rise.
Performance driven by projects and energy assets
Project revenues rose 6% to $410.0mn, representing the majority of quarterly earnings. Revenue from energy assets increased to $62.5mn, while operations and maintenance (O&M) activities saw an 8% rise, reaching $30.8mn. Conversely, revenue from other segments declined, impacted by the sale of AEG in 2024.
Order backlog consolidated at $5.1bn
Ameresco held a total project backlog of $5.1bn at the end of the quarter, including $2.5bn in signed contracts. The company secured $467mn in new contracts and $447mn in new project awards not yet under contract. The portfolio of operational energy assets now stands at 765 MWe, with 16 MWe commissioned during the quarter and 32 MWe added through new awards or scope changes.
Increased debt to support growth
Corporate debt totalled $300.2mn, up to support working capital needs linked to the continued expansion of projects and assets. Debt associated with energy assets reached $1.6bn, with a 73% advance rate based on the book value of those assets. Unrestricted cash at the end of the quarter stood at $94.6mn.
Guidance maintained despite federal uncertainties
Ameresco reaffirmed its full-year 2025 outlook, targeting revenue between $1.85bn and $1.95bn and adjusted EBITDA between $225mn and $245mn. The company projects long-term annual growth of 10% in revenue and 20% in adjusted EBITDA. However, it noted that a prolonged government shutdown could delay some project award conversions, with no material impact expected on fourth-quarter results.
