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Ameresco, Inc.
11/3/2025
Thank you for standing by. At this time, I would like to welcome everyone to a Maresco Inc. 3rd Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any backward noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would now like to turn the conference over to Lila Dilan, Chief Marketing Officer. Please go ahead.
Thank you, Demi, and good afternoon, everyone. We appreciate you joining us for today's call. Our speakers on the call today will be George Sakolaris, Ameresco's Chairman and Chief Executive Officer, Mark Chiplock, Chief Financial Officer, and Nicole Bulgarino. President of Federal and Utility Infrastructure. In addition, Josh Barabow, our Chief Investment Officer, will be available during the Q&A to help answer any questions. Before I turn the call over to George, I would like to make a brief statement regarding forward-looking remarks. Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the Safe Harbor language on slide two of our supplemental information, and our SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations of these measures and additional information in our supplemental slides that were posted to our website. Please note that all comparisons that we will be discussing today are on a year-over-year basis, unless otherwise noted. I will now turn the call over to George. George?
Thank you, Leila, and good afternoon, everyone. We are very pleased to report that this was another core of excellent execution for MResco. We deliver strong financial results with growth across our key metrics. We also further strengthen our tremendous visibility with significant business development achievements in all our business lines. This is a very exciting time for our industry. A combination of factors, including increasing demand for electricity due to the move to electrification and terra center demand, rising utility rates, and growing grid instability, are driving robust demand for our energy infrastructure solution. And this demand is not only coming from our traditional federal, municipal, utility, school, and hospital customers. We are also seeing considerable opportunities in new and markets with demand coming from electric co-ops, industrials such as steel manufacturing and cutting edge industries such as data centers, all of which are looking for quick deploy large to quickly deploy large amounts of highly resilient megawatts. Well, the customized solutions we are providing have evolved over time. We see MResco's domain knowledge and ability to deliver these large and complex solutions as a core capability. We also believe our business model gives us the ability to tailor financial solutions to the needs of our customers and is a meaningful differentiator for MResco, setting us apart from engineering and construction and ESCO companies. Our mix of project, O&M, and energy asset business enables us to design and build a project and also operate and maintain it, or we can use our balance sheet and own the solution as an MRESCO energy asset, providing our customer with a long-term off-take agreement. This flexibility we offer to our customers is core to Emorescu's DNA, and we believe it provides us with another important long-term competitive advantage. While we are the early units of growth in many of these areas, the impact on our business is already apparent. If you look at our breakdown of total project backlog on our slides, you can see that energy infrastructure related projects are almost half of our total project backlog. We're also seeing the impact with the energy asset side of our business. You will note the recently added category of assets called firm generation energy assets in construction and development slide. Firm generation assets such as natural gas generators already account for 22% of our total assets in development. Also note that batteries now account for 41% of our assets in development compared to only 22% of battery operating assets, showing how we are able to pivot to where large and profitable opportunities present themselves. Now, I would like to turn the call over to Nicole to provide additional commentary on a few of our recent energy infrastructure wins and give an update to our business with the federal government. Nicole?
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