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Ameresco(AMRC) - 2025 Q1 - Quarterly Results
AMRCAmeresco(AMRC)2025-05-05 20:07

Financial Performance - Total revenue for Q1 2025 was 352.8million,representingan18352.8 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 251.5million,drivenbyprojectexecutionandbacklogconversion[7]−Energyassetrevenueincreasedby31251.5 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 352,829thousand,up18.2352,829 thousand, up 18.2% from 298,406 thousand in Q1 2024[25] - Gross profit for Q1 2025 was 51,919thousand,representingagrossmarginof14.751,919 thousand, representing a gross margin of 14.7%, compared to 46,993 thousand in Q1 2024[25] - Operating income improved to 13,692thousandinQ12025,comparedto13,692 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,comparedto40,634,000, 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 400−400 - 425 million[10] - The 2025 revenue guidance is reiterated at a range of 1.85billionto1.85 billion to 1.95 billion, with adjusted EBITDA guidance of 225millionto225 million to 245 million[13] - The company expects adjusted EBITDA for the year ending December 31, 2025, to be between 225millionand225 million and 245 million[31] Backlog and Revenue Visibility - Contracted backlog reached 2.6billion,upnearly802.6 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 10billion,enhancinglong−termresilience[3]−NewcontractsawardedinQ12025totaled10 billion, enhancing long-term resilience[3] - New contracts awarded in Q1 2025 totaled 367,288,000, compared to 339,798,000inQ12024,indicatinga8.1339,798,000 in Q1 2024, indicating a 8.1% increase[31] - The company reported new contracts worth 333,734,000 in Q1 2025, slightly lower than 334,533,000inQ12024[31]FinancialPosition−ThecompanyendedQ12025withtotalcorporatedebtof334,533,000 in Q1 2024[31] Financial Position - The company ended Q1 2025 with total corporate debt of 270 million and an energy asset debt of 1.4billion[9]−Totalcurrentassetsdecreasedto1.4 billion[9] - Total current assets decreased to 1,257,068 thousand as of March 31, 2025, down from 1,301,134thousandatDecember31,2024[21]−Totalliabilitiesincreasedto1,301,134 thousand at December 31, 2024[21] - Total liabilities increased to 2,368,000 thousand as of March 31, 2025, compared to 2,367,000thousandatDecember31,2024[22]−Cash,cashequivalents,andrestrictedcashattheendofQ12025totaled2,367,000 thousand at December 31, 2024[22] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 totaled 166,773 thousand, down from 198,378thousandatthebeginningoftheperiod[28]−Totalstockholders′equityincreasedto198,378 thousand at the beginning of the period[28] - Total stockholders' equity increased to 1,046,078 thousand as of March 31, 2025, compared to 1,045,149thousandatDecember31,2024[23]CashFlowandInvestments−CashflowsfromoperatingactivitiesforQ12025were1,045,149 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 20,817thousandinQ12024[27]−CapitalinvestmentsinenergyassetsforQ12025were20,817 thousand in Q1 2024[27] - Capital investments in energy assets for Q1 2025 were 107,866 thousand, slightly up from 105,633thousandinQ12024[27]−AdjustedcashfromoperationsforQ12025was105,633 thousand in Q1 2024[27] - Adjusted cash from operations for Q1 2025 was 1,427,000, down from 40,398,000inQ12024[30]NetIncomeandLoss−NetlossattributabletocommonshareholdersforQ12025was40,398,000 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)thousandinQ12024,indicatingaworseningof86.7(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 5,384,000lossinQ12024[30]−Thecompanyreportedanetincomeattributabletocommonshareholdersof5,384,000 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)inQ12024[30]OtherFinancialMetrics−ThegrossmarginforQ12025was14.7(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 20,817,000inQ12024[30]−Theimpactfromredeemablenon−controllinginterestswas20,817,000 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]