Ameresco, Inc.

Ameresco, Inc. builds and operates energy infrastructure projects that help customers cut utility costs, improve resilience, and lower carbon emissions. Its work spans energy efficiency retrofits, distributed generation, renewable energy plants, and long-term operations and maintenance for facilities and operating assets. The company serves public-sector and commercial customers across North America and Europe, with a large share of revenue tied to government entities and the U.S. federal government as a major customer group. Ameresco also uses project-finance structures such as energy savings performance contracts and power purchase agreements to reduce upfront capital barriers for customers.

11,2 %

14,5 %

3,2 %

+28,8 %

1.46

1.45

— Ameresco, Inc.
%
Energy efficiency projects45% Design, engineering, and installation work that upgrades facility energy systems and reduces operating costs.
Distributed generation and renewable energy development25% Development, construction, and operation of renewable plants and other on-site generation assets.
Operations and maintenance15% Long-term O&M contracts for customer facilities and Ameresco-owned energy assets.
Energy supply and asset revenue10% Revenue from selling energy produced by owned renewable assets and related operating portfolios.
Consulting and enterprise energy management5% Advisory and software-enabled services that help customers analyze usage and optimize projects.

Ameresco sells primarily to public-sector and institutional customers that need large, multi-year energy infrastructure...

  • Government entitiesprimary

    Federal, state, provincial, and local agencies buy energy efficiency and renewable projects to reduce operating costs and modernize facilities without large upfront capital outlays.

  • Educational institutionsprimary

    Public universities and schools buy campus energy retrofits, central plants, and resilience upgrades to lower utility bills and improve comfort and reliability.

  • Utilities and municipal utilitiessecondary

    Utilities buy distributed generation, renewable energy, and infrastructure solutions to support grid and local energy needs.

  • Healthcare and data centerssecondary

    These customers buy reliability-focused energy infrastructure and O&M services because uptime and power quality are critical.

  • Commercial and industrial customerssecondary

    C&I customers buy efficiency, renewable generation, and energy management services to cut costs and meet sustainability goals.

Ameresco operates primarily across North America and Europe, with revenue disclosed by reportable segment rather than...

  • •North America is the core operating region and includes U.S. regions and Canada
  • •U.S. Federal is a separate revenue segment tied to federal procurement
  • •Europe is a growing market and expanded materially in 2025
  • •Operations are influenced by winter weather, storms, and construction seasonality
  • •Regional public-sector budgets and procurement cycles affect project timing
  • •No country-level revenue disclosure was provided in the excerpts

Ameresco’s strategy is centered on expanding its role as a full-service energy infrastructure partner rather than a...

01
Expand budget-neutral project pipelineshort-term

ESPCs and PPAs reduce customer capex barriers and are central to winning large public-sector projects.

02
Increase recurring revenue from owned assets and O&Mmedium-term

Long-term contracts and energy asset revenue improve visibility versus one-time project work.

03
Broaden geographic and technical capabilitiesmedium-term

Acquisitions and joint ventures help the company enter new markets and offer a wider solution set.

Ameresco’s revenue depends on continued demand for energy efficiency and renewable solutions, so slower market adoption...

high

Weak demand for energy efficiency and renewable solutions

The company’s growth depends on continued customer adoption of these projects; slower market growth would reduce bookings and revenue.

Scope
Project pipeline and new awards
Materiality
high
high

Long and variable selling cycle

Projects often require audits, proposals, approvals, and financing arrangements before revenue can be realized.

Scope
Revenue timing and backlog conversion
Materiality
high
high

Government contracting and funding risk

About 61% of revenue came from government entities, so changes in budgets, procurement rules, or contract disputes can materially affect results.

Scope
Federal, state, provincial, and local contracts
Materiality
high
medium

Construction, weather, and seasonality risk

Project execution depends on weather, site access, and construction cycles, which can delay completion and increase costs.

Scope
North America and colder-weather regions
Materiality
medium
medium

Supply-chain and inflation pressure

Delays and higher input costs can compress margins on fixed-price or long-duration projects.

Scope
Equipment, shipping, transportation, and labor
Materiality
medium
medium

Cybersecurity risk

The company owns and operates energy assets and relies on digital systems and vendors, increasing exposure to attacks and outages.

Scope
Operational technology, IT systems, and third-party vendors
Materiality
medium
Revenue recognition on long-duration projects
Quarterly revenue and margin volatility
Revenue reversals and project probability assessments
Reported revenue and earnings
Seasonality and construction-cycle timing
Quarter-to-quarter comparability
Project financing and owned asset accounting
Leverage, asset base, and financing cash flows

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: 11/08/2026