Ameresco Reports Strong Revenue Growth in 2024

Ameresco, Inc. ( (AMRC) ) has released its Q4 earnings. Here is a breakdown of the information Ameresco, Inc. presented to its investors.

Ameresco, Inc. is a leading energy solutions provider focused on helping clients navigate the energy transition through smart energy efficiency solutions, infrastructure upgrades, and distributed energy resources. In its latest earnings report, Ameresco announced a 29% increase in total revenue for the fiscal year 2024, with a significant rise in project backlog and contract conversions. The company also achieved a record placement of 241 MWe energy assets into operation during the year.

Key financial highlights for the fourth quarter of 2024 included revenues of $532.7 million, a 20.7% increase from the previous year, and a net income of $37.1 million, marking a 14.6% rise. The company reported an adjusted EBITDA of $87.2 million, a 58.7% increase year-over-year. Ameresco’s strategic divestiture of its AEG business unit contributed to a gain of approximately $38 million, which was used to reduce corporate debt.

Ameresco’s project backlog grew by 24% to $4.8 billion, with a contracted backlog increase of 92% year-over-year. The company placed 31 MWe of energy assets into operation in the fourth quarter, including the Roxana RNG plant. Despite some cost overruns impacting gross margins, the company remains focused on its core businesses and growth opportunities.

Looking ahead, Ameresco anticipates continued growth in its energy assets and O&M businesses, with projected revenues of $1.9 billion and adjusted EBITDA of $235 million for 2025. The company expects to place 100-120 MWe of energy assets in service and foresees growth in its European business driven by decarbonization efforts. Ameresco remains well-positioned for long-term growth despite potential political and regulatory challenges.