May. 5 at 11:11 PM
$AMRC
Below is my quarterly visual breakdown of Ameresco’s Q1 2026 results by business segment.
Ameresco’s Q1 2026 shows the same pattern as in previous quarters: recurring segments continue to drive most of adjusted EBITDA.
➡️ Energy Assets remained the standout, with
$60.7M revenue and a 49.4% EBITDA margin.
➡️ Meanwhile O&M was steady at
$30.2M revenue and an 8.6% margin. ➡️ Projects revenue fell to
$290.5M and margins were weak at 2.0%.
➡️ Adjusted EBITDA was
$40.4M, but net income was negative at -
$18.2M.
⚠️ One important point not captured in the charts is the impact of the new HASI joint venture. Ameresco’s Q1 losses in recent years are largely driven by interest expense, which was
$25.2M in Q1 2026. While Ameresco has remained profitable on a full-year basis, reducing financing costs could make a meaningful difference to net income. The
$400M HASI investment should help lower the interest burden over time and improve overall profitability in the future.
