Ameresco(US:AMRC)2025-02-28 02:30Financial Performance & Revenue - Q4 2024 revenue breakdown: Projects accounted for $418.3 million, Recurring revenue (energy & incentive) was $84.1 million, and Other (services, software, integrated PV) contributed $30.2 million[5] - Fiscal Year 2024 revenue reached $1.8 billion, with Projects contributing 76%, Assets 12%, O&M 6%, and Other 6%[8] - Adjusted EBITDA for Fiscal Year 2024 was $225.3 million, with Recurring revenue streams accounting for 59%[8] - Ameresco forecasts revenue between $1.85 billion and $1.95 billion for FY 2025, representing a 5-year CAGR between 12.4% and 13.6%[24] - The company anticipates adjusted EBITDA between $225 million and $245 million for FY 2025, indicating a 5-year CAGR between 13.8% and 15.7%[25] Energy Assets & Debt - As of December 31, 2024, the company had 731 MWe of operating energy assets, including 403 MW of Solar (55%), 166 MW of Battery (23%), 83 MW of non-RNG biogas (11%), 70 MW of RNG biogas (10%), and 9 MW of Other (1%)[11, 12] - Energy assets in development & construction totaled 637 MWe, comprising EaaS (22%), Battery (39%), Solar (25%), and Biogas (15%)[13] - Total debt stood at $1.63 billion, with $1.39 billion attributed to Energy Asset Debt and $0.24 billion to Corporate Debt[17, 18] - Of the Energy Asset Debt, $1.04 billion was associated with operating energy assets, and $0.35 billion was linked to energy assets in development & construction[17, 18] Backlog & Sustainability - The company possesses a substantial forward visibility with a $2.5 billion Awarded Project Backlog and a $3.3 billion Contracted Project Backlog[21] - Operating Energy Assets contribute a $1.4 billion backlog with a 15.2-year weighted average PPA remaining, plus $2.3 billion in O&M backlog with a 16.7-year weighted average lifetime[21] - Ameresco estimates an additional $1.8 billion in revenue from market price RNG over a 20-year period[21] - Since 2010, Ameresco's renewable energy assets & customer projects have delivered a Carbon Emission Reduction equivalent to over 125 million Metric Tons of CO2[27]