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

Quarterly report [Sections 13 or 15(d)]

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS (Tables)

VARIABLE INTEREST ENTITIES AND EQUITY METHOD INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The table below presents a summary of amounts related to our consolidated investment funds and joint ventures, which we determined meet the definition of a variable interest entity (“VIE”), as of:


	September 30, 2025 (1)						December 31, 2024 (1)
	Investment Funds		Other VIEs		Total VIEs		Investment Funds		Other VIEs		Total VIEs
Cash and cash equivalents	$	32	$	12,848	$	12,880	$	89	$	8,691	$	8,780
Restricted cash	—		17,028		17,028		—		—		—
Accounts receivable, net	471		25,268		25,739		—		14,607		14,607
Unbilled revenue	—		103,025		103,025		230		4,040		4,270
Prepaid expenses and other current assets	—		6,781		6,781		30		7,088		7,118
Income taxes receivable	—		2,729		2,729		—		672		672

Total VIE current assets	503		167,679		168,182		349		35,098		35,447

Energy assets, net	22,390		90,215		112,605		23,538		98,876		122,414
Deferred income tax assets, net	—		2,349		2,349		—		—		—
Intangible assets, net	—		—		—		—		20		20
Right-of-use assets, net	461		—		461		471		—		471
Restricted cash, non-current portion	—		1,747		1,747		—		—		—
Other assets	—		105		105		—		196		196
Total VIE assets	$	23,354	$	262,095	$	285,449	$	24,358	$	134,190	$	158,548
Current portions of long-term debt and financing lease liabilities	$	—	$	32,143	$	32,143	$	—	$	—	$	—
Accounts payable	68		86,070		86,138		27		5,140		5,167
Accrued expenses and other current liabilities	20		8,356		8,376		25		577		602
Current portions of operating lease liabilities	13		—		13		13		—		13
Deferred revenue	—		18,564		18,564		—		10,063		10,063
Income taxes payable	—		369		369		—		526		526
Total VIE current liabilities	101		145,502		145,603		65		16,306		16,371

Long-term operating lease liabilities, net of current portion	479		—		479		500		—		500

Total VIE liabilities	$	580	$	145,502	$	146,082	$	565	$	16,306	$	16,871

(1) The amounts in the above table are reflected in Note 1 on our condensed consolidated balance sheets.

Summary of Equity Method Investments

The following table provides information about our equity and cost method investments in joint ventures:


	As of
	September 30, 2025		December 31, 2024
Equity and cost method investments	$	42,261	$	16,987

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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