Ameresco’s (AMRC) Data Center Boom Masks A Cash Flow Problem

On August 3, Ameresco (NYSE: AMRC ) announced second-quarter 2026 financial results for the period ended June 30, and the headline number was hard to ignore. The energy infrastructure company landed $1.8 billion in new project awards during the quarter, the largest haul in its history, with $1.2 billion of that tied to data center power projects. Total backlog climbed 32% year over year to a record $6.73 billion. But underneath the record bookings, cash flow and per-share profit both moved the wrong way, and that split is what makes this quarter worth a closer look.

The data center story is the reason Ameresco's stock gets attention right now. Awarded backlog in the Power Infrastructure business jumped 65% during the quarter to $4.4 billion, and management says that gives the company visibility into its business for the next three to four years. Three new behind-the-meter data center projects were added in the quarter, bringing the total to five sitting in awarded backlog, with more in the pipeline that have not been converted yet. Revenue for the quarter came in at $515.5 million, up 9% year over year, with growth spread across projects, owned energy assets, and operations and maintenance work.

Gross margin expanded to 17.7%, and adjusted EBITDA rose 12% to $62.8 million, both improving faster than revenue itself. Management also raised its full-year Non-GAAP EPS guidance to a range of $1.15 to $1.35, citing a wider expected tax benefit tied to a change in how the company accounts for transferable tax credits starting in the second half of the year. The balance sheet moved in the right direction too, with cash rising to $138.3 million from $71.8 million at the end of 2025, and corporate leverage sitting at 3.2 times EBITDA, below the company's 3.5 times covenant limit.

Set against the record awards, the profit and cash figures tell a more cautious story. Net income attributable to common shareholders was $9.7 million in the quarter, or $0.18 per diluted share, down from $12.9 million and $0.24 a year earlier. For the first six months of 2026, the company actually posted a net loss attributable to common shareholders of $8.6 million, versus a $7.4 million profit in the same period last year. Management attributed the decline to higher depreciation and interest expense from the growing energy asset portfolio, a smaller tax benefit, and the drag from non-controlling interest tied to the Neogenyx transaction.