Quarterly report [Sections 13 or 15(d)]

BUSINESS SEGMENT INFORMATION

v3.26.3
BUSINESS SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
Our reportable segments are North America Regions, U.S. Federal, Europe, Renewable Fuels, and All Other.
Our North America Regions, U.S. Federal, and Europe segments deliver integrated solutions that help customers create reliable power and modernize infrastructure, including the design, engineering, and installation of equipment and other measures to improve the efficiency and control the operation of a facility’s energy infrastructure, renewable energy solutions, and services which include the construction of small-scale plants that Ameresco owns or develops for customers that produce electricity, gas, heat, or cooling from renewable sources of energy and O&M services.
Our Renewable Fuels segment, which includes Neogenyx, sells electricity, processed renewable gas fuel, heat or cooling, produced from renewable sources of energy, other than solar, and generated by small-scale plants that we own and O&M services for customer owned small-scale plants. Our North America Regions segment also includes certain small-scale solar grid-tie plants developed for customers.
The “All Other” category offers consulting services and the sale of solar PV energy products and systems which we refer to as integrated-PV.
These segments do not include results of other activities, such as corporate operating expenses not specifically allocated to the segments. Certain reportable segments are an aggregation of operating segments.
Our Chief Executive Officer is our chief operating decision maker (“CODM”). The CODM is responsible for making operating decisions, allocating resources, and assessing performance of the business segments. The CODM uses the segments’ income before income taxes as the profitability measure in making these decisions.
The tables below present our business segment information recast for the prior-year period and a reconciliation to the condensed consolidated financial statements.
Three Months Ended September 30, 2026
North America Regions U.S. Federal Renewable Fuels Europe All Other Corporate Total
Revenues
$
225,306 
$
153,285 
$
45,703 
$
139,786 
$
16,235 
$
580,315 
Cost of revenues
182,076 
122,710 
38,194 
117,916 
10,814 
471,710 
Gross profit
43,230 
30,575 
7,509 
21,870 
5,421 
108,605 
Add:
Earnings from unconsolidated entities
528 
— 
— 
(276)
— 
— 
252 
Less:
Selling, general and administrative expenses
14,147 
4,195 
2,899 
4,322 
3,622 
18,413 
47,598 
Unrealized loss (gain) on derivatives
500 
(1,210)
19 
— 
— 
88 
(603)
Interest expense and interest income, net
5,286 
1,092 
9,846 
1,249 
— 
8,471 
25,944 
Other (income) expense, net
(107)
— 
— 
847 
1 
630 
1,371 
Income (loss) before income taxes
$
23,932 
$
26,498 
$
(5,255)
$
15,176 
$
1,798 
$
(27,602)
$
34,547 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1)
9,193 
4,926 
10,773 
672 
30 
375 
25,969 
Amortization of debt discount & debt issuance costs (1)
767 
167 
95 
— 
— 
920 
1,949 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
`
Three Months Ended September 30, 2025, As Adjusted
North America Regions, As Adjusted U.S. Federal, As Adjusted Renewable Fuels, As Adjusted Europe All Other Corporate Total, As Adjusted
Revenues
$
237,600 
$
89,508 
$
37,674 
$
144,234 
$
16,971 
$
525,987 
Cost of revenues
195,867 
73,933 
29,302 
133,053 
11,532 
443,687 
Gross profit
41,733 
15,575 
8,372 
11,181 
5,439 
82,300 
Add:
Earnings from unconsolidated entities
37 
1,127 
— 
229 
— 
— 
1,393 
Less:
Selling, general and administrative expenses
12,749 
3,057 
605 
5,539 
3,752 
17,670 
43,372 
Unrealized loss on derivatives
740 
55 
18 
— 
— 
— 
813 
Interest expense and interest income, net
4,362 
1,017 
7,965 
954 
— 
7,759 
22,057 
Other (income) expense, net
(210)
— 
— 
1,373 
1 
154 
1,318 
Income (loss) before income taxes
$
24,129 
$
12,573 
$
(216)
$
3,544 
$
1,686 
$
(25,583)
$
16,133 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization as adjusted (1)
11,464 
5,264 
11,495 
629 
32 
380 
29,264 
Amortization of debt discount & debt issuance costs (1)
581 
177 
82 
89 
— 
643 
1,572 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
Nine Months Ended September 30, 2026, As Adjusted
North America Regions U.S. Federal Renewable Fuels Europe All Other Corporate Total
Revenues
$
588,440 
$
301,176 
$
139,197 
$
422,774 
$
45,652 
$
1,497,239 
Cost of revenues
488,099 
247,537 
116,791 
362,813 
31,277 
1,246,517 
Gross profit
100,341 
53,639 
22,406 
59,961 
14,375 
250,722 
Add:
Earnings from unconsolidated entities
1,016 
— 
— 
(273)
— 
— 
743 
Less:
Selling, general and administrative expenses
42,255 
12,531 
5,889 
17,037 
10,446 
53,305 
141,463 
Unrealized loss (gain) on derivatives
2,046 
(1,672)
92 
— 
— 
(862)
(396)
Interest expense, net of interest income
15,725 
3,240 
28,990 
3,385 
— 
26,189 
77,529 
Other (income) expense, net
(683)
— 
— 
275 
4 
1,903 
1,499 
Income (loss) before income taxes
$
42,014 
$
39,540 
$
(12,565)
$
38,991 
$
3,925 
$
(80,535)
$
31,370 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization as adjusted (1)
33,786 
18,150 
35,989 
1,899 
84 
1,109 
91,017 
Amortization of debt discount & debt issuance costs (1)
2,343 
503 
343 
25 
— 
2,431 
5,645 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
Nine Months Ended September 30, 2025, As Adjusted
North America Regions As Adjusted U.S. Federal As Adjusted Renewable Fuels As Adjusted Europe All Other Corporate Total
Revenues
$
627,045 
$
174,399 
$
118,668 
$
382,775 
$
48,213 
$
1,351,100 
Cost of revenues
528,355 
141,640 
96,560 
348,769 
32,258 
1,147,582 
Gross profit
98,690 
32,759 
22,108 
34,006 
15,955 
203,518 
Add:
Earnings from unconsolidated entities
92 
1,127 
— 
585 
— 
— 
1,804 
Less:
Selling, general and administrative expenses
39,959 
9,496 
2,728 
15,760 
10,729 
48,921 
127,593 
(Gain) loss on derivatives
(3,097)
788 
155 
— 
— 
— 
(2,154)
Interest expense, net of interest income
12,831 
3,018 
24,379 
1,846 
— 
21,175 
63,249 
Other (income) expense, net
(2,896)
— 
— 
3,024 
2 
(3,771)
(3,641)
Income (loss) before income taxes
$
51,985 
$
20,584 
$
(5,154)
$
13,961 
$
5,224 
$
(66,325)
$
20,275 
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization as adjusted (1)
33,895 
15,597 
29,870 
1,738 
94 
1,268 
82,462 
Amortization of debt discount & debt issuance costs (1)
1,747 
532 
343 
89 
— 
1,710 
4,421 
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
See Note 3 for additional information about our revenues by product line.