Ameresco, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

ENERGY ASSETS, NET

ENERGY ASSETS, NET

9 Months Ended

Sep. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Energy assets, net consisted of the following:


	September 30, 2026		December 31, 2025
			As Adjusted
Energy assets (1)	$	3,188,367	$	2,834,581
Less - accumulated depreciation and amortization	(620,675)		(533,157)
Energy assets, net	$	2,567,692	$	2,301,424

(1) Includes retroactive adjustment for change in accounting method (see Note 19) and financing lease assets (see Note 7), capitalized interest and asset retirement obligations (“ARO”) assets (see tables below). Also includes $16,683 of amounts paid to Powin. See Note 10 for additional information.

Transfer of Investment Tax Credits

On June 30, 2026, we sold ITC on one energy asset to a third party at a total value, net of fees, of $20,411.

As disclosed in Note 2, we elected to change our method of accounting for investment tax credits. The impact of the method of the accounting change is reflected in the table above and is more fully described in Note 19.

Depreciation and Amortization Expense

Effective July 1, 2026, we revised the estimated useful lives of certain energy assets from twenty to thirty years. The change reflects updated information and operating experience which indicate that these assets are expected to provide economic benefits over a longer period than previously estimated. The change is being accounted for prospectively as a change in accounting estimate under ASC 250. The effect of the change was a reduction in depreciation expense of $6,894 and an increase in diluted earnings per share of $0.13 for the three and nine months ended September 30, 2026.

The following table sets forth our depreciation and amortization expense on energy assets, net of deferred grant and ITC amortization:


	Three Months Ended September 30,				Nine Months Ended September 30,
Location	2026		2025		2026		2025
			As Adjusted				As Adjusted
Cost of revenues (2)	$	24,902	$	28,115	$	87,807	$	79,013

(2) Includes retroactive adjustment for change in accounting method (see Note 19) and depreciation and amortization on financing lease assets (see Note 7).

Capitalized Interest

The following table presents the interest costs relating to construction financing during the period of construction, which were capitalized as part of energy assets, net:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Capitalized interest	$	9,092	$	10,943	$	24,625	$	28,895

ARO

The following tables set forth information related to our ARO assets and ARO liabilities:


	Location	September 30, 2026		December 31, 2025
ARO assets, net	Energy assets, net	$	5,175	$	4,917


ARO liabilities, non-current	Other liabilities	$	8,180	$	7,328


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Depreciation expense of ARO assets	$	77	$	72	$	231	$	178
Accretion expense of ARO liabilities	$	123	$	108	$	371	$	324