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BUSINESS SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
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 offer energy efficiency products and services which include 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 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 and President 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, 2025
|  | North America Regions |  | U.S. Federal |  | Renewable Fuels |  | Europe |  | All Other |  | Corporate |  | Total
Revenues |  | $ | 237,600 |  |  | $ | 89,508 |  |  | $ | 37,674 |  |  | $ | 144,234 |  |  | $ | 16,971 |  |  |  |  | $ | 525,987 |
Cost of revenues |  | 195,172 |  |  | 73,649 |  |  | 28,252 |  |  | 133,053 |  |  | 11,532 |  |  |  |  | 441,658 |
Gross profit |  | 42,428 |  |  | 15,859 |  |  | 9,422 |  |  | 11,181 |  |  | 5,439 |  |  |  |  | 84,329 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings from unconsolidated entities |  | 37 |  |  | 1,127 |  |  | — |  |  | 229 |  |  | — |  |  | — |  |  | 1,393 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  | 12,749 |  |  | 3,057 |  |  | 605 |  |  | 5,539 |  |  | 3,751 |  |  | 17,671 |  |  | 43,372 |
Loss on derivatives |  | 740 |  |  | 55 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | 813 |
Interest expense and interest income, net |  | 3,780 |  |  | 840 |  |  | 7,882 |  |  | 866 |  |  | — |  |  | 7,117 |  |  | 20,485 |
Other expense |  | 372 |  |  | 177 |  |  | 82 |  |  | 1,462 |  |  | 1 |  |  | 796 |  |  | 2,890 |
Income (loss) before income taxes |  | $ | 24,824 |  |  | $ | 12,857 |  |  | $ | 835 |  |  | $ | 3,543 |  |  | $ | 1,687 |  |  | $ | (25,584) |  |  | $ | 18,162 |
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1) |  | 10,769 |  |  | 4,981 |  |  | 10,446 |  |  | 628 |  |  | 31 |  |  | 380 |  |  | 27,235 |
Amortization of debt discount & debt issuance costs (1) |  | 582 |  |  | 176 |  |  | 82 |  |  | 89 |  |  | — |  |  | 643 |  |  | 1,572 |
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
Three Months Ended September, 2024
|  | North America Regions |  | U.S. Federal |  | Renewable Fuels |  | Europe |  | All Other |  | Corporate |  | Total
Revenues |  | $ | 291,611 |  |  | $ | 89,113 |  |  | $ | 43,537 |  |  | $ | 52,613 |  |  | $ | 23,999 |  |  |  |  | $ | 500,873 |
Cost of revenues |  | 251,324 |  |  | 72,872 |  |  | 33,430 |  |  | 50,103 |  |  | 16,005 |  |  |  |  | 423,734 |
Gross profit |  | 40,287 |  |  | 16,241 |  |  | 10,107 |  |  | 2,510 |  |  | 7,994 |  |  |  |  | 77,139 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings from unconsolidated entities |  | 25 |  |  | 134 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 159 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  | 12,087 |  |  | 3,085 |  |  | 788 |  |  | 4,243 |  |  | 5,404 |  |  | 16,532 |  |  | 42,139 |
Loss on derivatives |  | 1,592 |  |  | 1,342 |  |  | 767 |  |  | — |  |  | — |  |  | — |  |  | 3,701 |
Interest expense and interest income, net |  | 3,577 |  |  | 2,017 |  |  | 6,203 |  |  | 1,371 |  |  | (1) |  |  | 5,249 |  |  | 18,416 |
Other expense |  | 394 |  |  | 388 |  |  | 113 |  |  | 181 |  |  | 11 |  |  | (1,735) |  |  | (648) |
Income (loss) before income taxes |  | $ | 22,662 |  |  | $ | 9,543 |  |  | $ | 2,236 |  |  | $ | (3,285) |  |  | $ | 2,580 |  |  | $ | (20,046) |  |  | $ | 13,690 |
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1) |  | 9,552 |  |  | 4,751 |  |  | 7,494 |  |  | 503 |  |  | 689 |  |  | 464 |  |  | 23,453 |
Amortization of debt discount & debt issuance costs (1) |  | 552 |  |  | 390 |  |  | 113 |  |  | — |  |  | — |  |  | 387 |  |  | 1,442 |
(1) These amounts disclosed by reportable segment are included within the other segment expense captions.
Nine Months Ended September 30, 2025
|  | North America Regions |  | U.S. Federal |  | Renewable Fuels |  | Europe |  | All Other |  | Corporate |  | Total
Revenues |  | $ | 627,045 |  |  | $ | 174,399 |  |  | $ | 118,668 |  |  | $ | 382,775 |  |  | $ | 48,213 |  |  |  |  | $ | 1,351,100 |
Cost of revenues |  | 526,270 |  |  | 140,788 |  |  | 93,409 |  |  | 348,769 |  |  | 32,258 |  |  |  |  | 1,141,494 |
Gross profit |  | 100,775 |  |  | 33,611 |  |  | 25,259 |  |  | 34,006 |  |  | 15,955 |  |  |  |  | 209,606 |
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 |  | 11,084 |  |  | 2,486 |  |  | 24,035 |  |  | 1,758 |  |  | — |  |  | 19,465 |  |  | 58,828 |
Other (income) expense |  | (1,148) |  |  | 532 |  |  | 343 |  |  | 3,113 |  |  | 2 |  |  | (2,062) |  |  | 780 |
Income (loss) before income taxes |  | $ | 54,069 |  |  | $ | 21,436 |  |  | $ | (2,002) |  |  | $ | 13,960 |  |  | $ | 5,224 |  |  | $ | (66,324) |  |  | $ | 26,363 |
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1) |  | 31,810 |  |  | 14,745 |  |  | 26,719 |  |  | 1,738 |  |  | 94 |  |  | 1,268 |  |  | 76,374 |
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.
Nine Months Ended September, 2024
|  | North America Regions |  | U.S. Federal |  | Renewable Fuels |  | Europe |  | All Other |  | Corporate |  | Total
Revenues |  | $ | 638,027 |  |  | $ | 236,740 |  |  | $ | 122,248 |  |  | $ | 169,794 |  |  | $ | 70,452 |  |  |  |  | $ | 1,237,261 |
Cost of revenues |  | 554,840 |  |  | 196,671 |  |  | 93,813 |  |  | 155,893 |  |  | 46,743 |  |  |  |  | 1,047,960 |
Gross profit |  | 83,187 |  |  | 40,069 |  |  | 28,435 |  |  | 13,901 |  |  | 23,709 |  |  |  |  | 189,301 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings from unconsolidated entities |  | 38 |  |  | 686 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 724 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses |  | 37,676 |  |  | 9,294 |  |  | 1,742 |  |  | 12,170 |  |  | 15,750 |  |  | 49,288 |  |  | 125,920 |
(Gain) loss on derivatives |  | (1,045) |  |  | 316 |  |  | 462 |  |  | — |  |  | — |  |  | — |  |  | (267) |
Interest expense, net of interest income |  | 7,788 |  |  | 4,207 |  |  | 17,634 |  |  | 3,146 |  |  | — |  |  | 14,685 |  |  | 47,460 |
Other expense |  | 1,708 |  |  | 654 |  |  | 339 |  |  | 629 |  |  | 28 |  |  | 848 |  |  | 4,206 |
Income (loss) before income taxes |  | $ | 37,098 |  |  | $ | 26,284 |  |  | $ | 8,258 |  |  | $ | (2,044) |  |  | $ | 7,931 |  |  | $ | (64,821) |  |  | $ | 12,706 |
Other Non-cash Segment Disclosures:
Depreciation and intangible asset amortization (1) |  | 26,422 |  |  | 9,626 |  |  | 21,709 |  |  | 1,513 |  |  | 2,001 |  |  | 1,395 |  |  | 62,666 |
Amortization of debt discount & debt issuance costs (1) |  | 1,456 |  |  | 654 |  |  | 340 |  |  | — |  |  | — |  |  | 1,314 |  |  | 3,764 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. 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