Ameresco forecasts strong fiscal year revenue

Ameresco, Inc., a US-based cleantech integrator, reported a 33.9% increase in total revenue for the quarter ending June 30, 2024, reaching $438.0 million, driven by a 44.5% rise in Projects revenue. Despite this growth, the gross margin fell to 14.9% due to $6.6 million in cost revisions for SCE projects and a shift toward lower-margin projects. Ameresco achieved a record 155 MW of assets in operation for the quarter, raising the year-to-date total to 168 MW, nearing its 200 MW annual goal. The company also added 50 MW of Battery Energy Storage Systems (BESS) to its Assets in Development and $250 million of BESS to its project backlog. According to the company, revenue guidance for 2024 is between $1.70 billion and $1.80 billion, with a gross margin forecast of 16.0% to 16.5%.