Ameresco(US:AMRC)2025-05-05 20:07Financial Performance - Total revenue for Q1 2025 was $352.8 million, representing an 18% increase year-over-year[4] - Adjusted EBITDA for Q1 2025 was $40.6 million, reflecting a 32% growth compared to the previous year[4] - Projects revenue grew 23% to $251.5 million, driven by project execution and backlog conversion[7] - Energy asset revenue increased by 31% to $56.7 million due to the rise in operating energy assets[7] - Revenues for Q1 2025 increased to $352,829 thousand, up 18.2% from $298,406 thousand in Q1 2024[25] - Gross profit for Q1 2025 was $51,919 thousand, representing a gross margin of 14.7%, compared to $46,993 thousand in Q1 2024[25] - Operating income improved to $13,692 thousand in Q1 2025, compared to $7,993 thousand in Q1 2024, reflecting a 71.5% increase[25] - Adjusted EBITDA for Q1 2025 was $40,634,000, compared to $30,831,000 in Q1 2024, representing a 31.8% increase[29] - The adjusted EBITDA margin for Q1 2025 was 11.5%, up from 10.3% in Q1 2024[29] Guidance and Expectations - The company anticipates Q2 2025 revenue to be in the range of approximately $400 - $425 million[10] - The 2025 revenue guidance is reiterated at a range of $1.85 billion to $1.95 billion, with adjusted EBITDA guidance of $225 million to $245 million[13] - The company expects adjusted EBITDA for the year ending December 31, 2025, to be between $225 million and $245 million[31] Backlog and Revenue Visibility - Contracted backlog reached $2.6 billion, up nearly 80% from the previous year, contributing to a total project backlog of $4.9 billion, which is a 22% increase year-over-year[3] - Revenue visibility across the business is now nearly $10 billion, enhancing long-term resilience[3] - New contracts awarded in Q1 2025 totaled $367,288,000, compared to $339,798,000 in Q1 2024, indicating a 8.1% increase[31] - The company reported new contracts worth $333,734,000 in Q1 2025, slightly lower than $334,533,000 in Q1 2024[31] Financial Position - The company ended Q1 2025 with total corporate debt of $270 million and an energy asset debt of $1.4 billion[9] - Total current assets decreased to $1,257,068 thousand as of March 31, 2025, down from $1,301,134 thousand at December 31, 2024[21] - Total liabilities increased to $2,368,000 thousand as of March 31, 2025, compared to $2,367,000 thousand at December 31, 2024[22] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled $166,773 thousand, down from $198,378 thousand at the beginning of the period[28] - Total stockholders' equity increased to $1,046,078 thousand as of March 31, 2025, compared to $1,045,149 thousand at December 31, 2024[23] Cash Flow and Investments - Cash flows from operating activities for Q1 2025 were $(28,304) thousand, a decline from $20,817 thousand in Q1 2024[27] - Capital investments in energy assets for Q1 2025 were $107,866 thousand, slightly up from $105,633 thousand in Q1 2024[27] - Adjusted cash from operations for Q1 2025 was $1,427,000, down from $40,398,000 in Q1 2024[30] Net Income and Loss - Net loss attributable to common shareholders for Q1 2025 was $(5,483) thousand, compared to $(2,937) thousand in Q1 2024, indicating a worsening of 86.7%[25] - Non-GAAP net loss for Q1 2025 was $5,621,000, slightly higher than the $5,384,000 loss in Q1 2024[30] - The company reported a net income attributable to common shareholders of $(5,483,000) in Q1 2025, compared to $(2,937,000) in Q1 2024[30] Other Financial Metrics - The gross margin for Q1 2025 was 14.7%, slightly impacted by a heavier mix of lower margin EPC revenue[7] - Cash flows from operating activities in Q1 2025 were $(28,304,000), a decrease from $20,817,000 in Q1 2024[30] - The impact from redeemable non-controlling interests was $(525,000) in Q1 2025, compared to $(2,855,000) in Q1 2024[30]