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AMRC on NYSE

Ameresco

Energy company founded in 20001

In its 2026 annual report the company says: “Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. We work with customers on both sides of the meter to reduce operating expenses, upgrade and maintain facilities, stabilize energy costs, improve occupancy comfort levels, increase energy reliability and enhance the environment.”7 It is headquartered in Framingham, United States.1 Its shares trade on NYSE under the symbol AMRC.1

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Last updated Oct 21, 2026.

Overview

$1.8BRevenue, fiscal 20244
$56.8MNet income, fiscal 20244
2000Founded1

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  • TickerAMRC on NYSE1
  • Industryenergy industry1
  • HeadquartersFramingham, United States1
  • Websitewww.ameresco.com
  • Incorporated inDE5
  • Business address111 Speen Street, Framingham, Ma 017015
  • Filer categoryAccelerated filer5
  • Legal formCorporation3
  • LEI529900NZXZGBCBXYY3273
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O NATIONAL REGISTERED AGENTS, INC., 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 32168393

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Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources.7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

14.5%Gross margin4
6.1%Operating margin4
3.2%Net margin4
28.8%Revenue growth, 20244
5.6%Return on equity4
$113.3MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue86¢$1.5B
  • Selling, general and admin10¢$173.8M
  • Income tax1¢$20.0M
  • Profit3¢$56.8M

Out of $1.8B in revenue.4

Where each dollar of operating cash went, fiscal 2024

  • Capital spending4¢$4.3M
  • Kept or used elsewhere96¢$113.3M

Out of $117.6M of cash from operations.4

Financial statements

Revenue891011124$1.8B in 2024+147% since 2017
0$500.0M$1.0B$1.5B$2.0B2017: $717.2M$717.2M20172018: $787.1M$787.1M2018+10%2019: $866.9M$866.9M2019+10%2020: $1.0B$1.0B2020+19%2021: $1.2B$1.2B2021+18%2022: $1.8B$1.8B2022+50%2023: $1.4B$1.4B2023−25%2024: $1.8B$1.8B2024+29%
Gross profit891011124$256.1M in 2024+78% since 2017
0$100.0M$200.0M$300.0M2017: $144.2M$144.2M20172018: $173.6M$173.6M2018+20%2019: $168.1M$168.1M2019−3%2020: $187.5M$187.5M2020+12%2021: $230.4M$230.4M2021+23%2022: $290.8M$290.8M2022+26%2023: $246.4M$246.4M2023−15%2024: $256.1M$256.1M2024+4%
Operating income891011124$108.7M in 2024+197% since 2017
0$50.0M$100.0M$150.0M2017: $36.6M$36.6M20172018: $59.1M$59.1M2018+62%2019: $51.6M$51.6M2019−13%2020: $71.5M$71.5M2020+39%2021: $95.4M$95.4M2021+33%2022: $133.0M$133.0M2022+39%2023: $82.2M$82.2M2023−38%2024: $108.7M$108.7M2024+32%
Net income891011124$56.8M in 2024+51% since 2017
0$25.0M$50.0M$75.0M$100.0M2017: $37.5M$37.5M20172018: $38.0M$38.0M2018+1%2019: $44.4M$44.4M2019+17%2020: $54.1M$54.1M2020+22%2021: $70.5M$70.5M2021+30%2022: $94.9M$94.9M2022+35%2023: $62.5M$62.5M2023−34%2024: $56.8M$56.8M2024−9%
Fiscal year20172018201920202021202220232024
Revenue$717.2M8$787.1M9$866.9M10$1.0B11$1.2B12$1.8B4$1.4B4$1.8B4
Cost of revenue$573.0M8$613.5M9$698.8M10$844.7M11$985.3M12$1.5B4$1.1B4$1.5B4
Gross profit$144.2M8$173.6M9$168.1M10$187.5M11$230.4M12$290.8M4$246.4M4$256.1M4
Selling, general and admin$114.5M9$116.5M10$116.0M11$132.9M12$159.5M4$162.1M4$173.8M4
Operating income$36.6M8$59.1M9$51.6M10$71.5M11$95.4M12$133.0M4$82.2M4$108.7M4
Interest$9.1M8$15.3M9$13.2M10$13.4M11$14.6M12$17.8M12$26.9M12
Income before tax$78.1M12$105.7M4$38.3M4$33.9M4
Income tax-$4.8M8$4.8M9-$3.7M10-$494.0K11-$2.0M12$7.2M4-$25.6M4-$20.0M4
Net income$37.5M8$38.0M9$44.4M10$54.1M11$70.5M12$94.9M4$62.5M4$56.8M4
Earnings per share$0.828$0.839$0.9510$1.1311$1.3812$1.834$1.204$1.084
Earnings per share (diluted)$0.828$0.819$0.9310$1.1011$1.3512$1.784$1.174$1.074
Shares (weighted, basic)50.9M shares1251.8M shares452.1M shares452.4M shares4
Shares (weighted, diluted)52.3M shares1253.3M shares453.2M shares453.1M shares4

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Corporate structure

Ameresco sits at the top of its group. 43 entities, 9 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Ameresco

  • Ameresco Framingham, Massachusetts, United States
    • 1000455439 Ontario Inc. Subsidiary · Canada
    • Aioliko Parko Anemos Distomou Single Member P.C. Subsidiary · Greece
    • Aioliko Parko Psili Korfi Delfon Single Member P.C. Subsidiary · Greece
    • Ameresco BESS Holding Inc. Subsidiary · Canada
    • Ameresco BRI Carbon Reduction LP Subsidiary · Canada
    • Ameresco Canada Inc. Subsidiary · Canada
    • Ameresco CEPEO Solar Inc. Subsidiary · Canada
    • Ameresco Finance Solar II Inc. Subsidiary · Canada
    • Ameresco Finance Solar Inc. Subsidiary · Canada
    • Ameresco GEDSB Solar Inc. Subsidiary · Canada
    • Ameresco Geothermal Inc. Subsidiary · Canada
    • Ameresco Hellas Energy Single Member S.A. Subsidiary · Greece
    • Ameresco HPEDSB Solar Inc. Subsidiary · Canada
    • Ameresco International Holdings B.V. Subsidiary · Netherlands
    • Ameresco JPII Carbon Reduction Inc. Subsidiary · Canada
    • Ameresco LDCSB Solar Inc. Subsidiary · Canada
    • AMERESCO LIMITED Subsidiary · Leeds, United Kingdom
    • Ameresco Newmarket Energy Storage Inc. Subsidiary · Canada
    • Ameresco Quebec Inc Subsidiary · Canada
    • AMERESCO RNG HOLDINGS I LLC Subsidiary · Framingham, Massachusetts, United States
    • Ameresco Servicios Energeticos S.L. Subsidiary · Spain
    • Ameresco Sunel Energy IT S.R.L. Subsidiary · Italy
    • Ameresco Sunel Energy Limited Subsidiary · United Kingdom
    • Ameresco Sunel Energy S.A. Atena-Sucursala Bucuresti Subsidiary · Romania
    • Ameresco Sunel Energy S.L.U. Subsidiary · Spain
    • and 17 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Ameresco reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$11.0M4 Dec 31, 2024$17.4M4 Dec 31, 2023−36.5%
Finance-lease assets$25.2M4 Dec 31, 2024$27.3M4 Dec 31, 2023−7.7%
Operating-lease assets (leased space)$80.1M4 Dec 31, 2024$58.6M4 Dec 31, 2023+36.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$108.5M4 Dec 31, 2024$79.3M4 Dec 31, 2023+36.9%
Stakes in other companies (equity method)$17.0M4 Dec 31, 2024$18.7M4 Dec 31, 2023−9.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$66.3M4 Dec 31, 2024$75.6M4 Dec 31, 2023−12.3%
Intangible assets, net (excluding goodwill)$8.8M4 Dec 31, 2024$6.8M4 Dec 31, 2023+29.5%
Finite-lived intangibles, gross$34.0M4 Dec 31, 2024$37.1M4 Dec 31, 2023−8.6%
Accumulated amortization$25.1M4 Dec 31, 2024$30.3M4 Dec 31, 2023−17.1%
Finite-lived intangibles, net$8.8M4 Dec 31, 2024$6.8M4 Dec 31, 2023+29.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$11.6M4 Dec 31, 2024$13.6M4 Dec 31, 2023−15.3%

Properties, in its own words

Our corporate headquarters is located in Framingham, Massachusetts, where we occupy approximately 14,200 square feet under a lease expiring on October 31, 2029. We occupy regional offices in Phoenix, Arizona; Oak Brook, Illinois; Portland, Maine; Columbia, Maryland; Charlotte, North Carolina; Knoxville, Tennessee; Richmond Hill, Ontario; London, England; and Milan, Italy each less than 20,000 square feet, under lease agreements. In addition, we lease space, typically of lesser size, for 50 field offices throughout North America and Europe. We also own 224 small-scale renewable energy plants throughout North America and three in Ireland and the United Kingdom, which are located on sites we own or lease, or sites provided by customers. We expect to add new facilities and expand existing facilities as we continue to add employees and expand our business into new geographic areas.

Item 2 of the 10-K filed Mar 3, 2026.7

Leadership

Who has led Ameresco, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. George P. Sakellaris2010–now

President

  1. George P. Sakellaris2010–2024
  2. Mario Iusi2010–2014
  3. Louis P. Maltezos2024–now
  4. Michael T. Bakas2024–now
  5. Nicole E. Bulgarino2024–now
  6. Peter Christakis2024–now

Chief financial officer

  1. Andrew B. Spence2010–2013
  2. John Granara2016
  3. Mark Chiplock2018–2019
  4. Spencer Doran Hole2019–2024

Chief operating officer

  1. Peter Christakis2026–now
20052010201520202025
Board members and other officers (26)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 1000455439 Ontario Inc. Canada6
  • Aioliko Parko Anemos Distomou Single Member P.C. Greece6
  • Aioliko Parko Psili Korfi Delfon Single Member P.C. Greece6
  • Ameresco BESS Holding Inc. Canada6
  • Ameresco BRI Carbon Reduction LP Canada6
  • Ameresco CEPEO Solar Inc. Canada6
  • Ameresco Canada Inc. Canada6
  • Ameresco Finance Solar II Inc. Canada6
  • Ameresco Finance Solar Inc. Canada6
  • Ameresco GEDSB Solar Inc. Canada6
  • Ameresco Geothermal Inc. Canada6
  • Ameresco HPEDSB Solar Inc. Canada6
  • Ameresco Hellas Energy Single Member S.A. Greece6
  • Ameresco International Holdings B.V. Netherlands6
  • Ameresco JPII Carbon Reduction Inc. Canada6
  • Ameresco LDCSB Solar Inc. Canada6
  • Ameresco Limited United Kingdom6
  • Ameresco Newmarket Energy Storage Inc. Canada6
  • Ameresco Quebec Inc Canada6
  • Ameresco Servicios Energeticos S.L. Spain6
  • Ameresco Sunel Energy IT S.R.L. Italy6
  • Ameresco Sunel Energy Limited United Kingdom6
  • Ameresco Sunel Energy S.A. Greece6
  • Ameresco Sunel Energy S.A. Atena-Sucursala Bucuresti Romania6
All 41 listed subsidiaries
  • Ameresco Sunel Energy S.L.U. Spain6
  • Ameresco Sunel Romania SRL Romania6
  • Ameresco Sunel Solar Assets Greece6
  • Ameresco Sunel Solar Assets Single Member S.A. Greece6
  • Ameresco UW Solar Inc. Canada6
  • Amerres Energy S.A. Greece6
  • BRISTOL LR (HERSEY GARDENS) LIMITED England6
  • BRISTOL LR (SEVERN ROAD) LIMITED England6
  • BRISTOL LR (SMOKE LANE) LIMITED England6
  • City Leap Energy Partnership Limited United Kingdom6
  • Cork Sustainable Energy Limited Ireland6
  • EG ESCO Srl. Italy6
  • ESP Response Limited United Kingdom6
  • Enerqos Energy Solutions, S.R.L. Italy6
  • Kerry Sustainable Energy Limited Ireland6
  • Napanee BESS Inc. Canada6
  • South Kirkby Energy Limited United Kingdom6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Ameresco, Inc.Mar 31, 2010 to Oct 13, 20265

Timeline

  1. Sep 10, 20268-K Executive or director change53
  2. Aug 19, 20268-K Executive or director change; Regulation FD disclosure54
  3. Aug 19, 20268-K Executive or director change55
  4. Aug 3, 20268-K Results of operations56
  5. Jul 27, 20268-K Executive or director change57
  6. Jun 8, 20268-K Executive or director change; Shareholder vote58
  7. May 12, 20268-K Entered a material agreement; Completed an acquisition or sale59
  8. May 8, 20268-K Financial statements and exhibits60
  9. May 4, 20268-K Entered a material agreement; Results of operations; Unregistered sale of shares61
  10. Mar 31, 20268-K Entered a material agreement; New debt or obligation; Executive or director change62
  11. Mar 2, 20268-K Results of operations63
  12. Nov 3, 20258-K Results of operations64
  13. Jul 21, 2010New chief executive George P. Sakellaris becomes CEO18
  14. 2000Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.35 a share, on Nov 3, 2025.65

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results56
  2. May 4, 2026Reported quarterly or annual results61
  3. Mar 2, 2026Reported quarterly or annual results63
  4. Nov 3, 2025Reported quarterly or annual results64
  5. Aug 4, 2025Reported quarterly or annual results66
  6. May 5, 2025Reported quarterly or annual results67
  7. Feb 27, 2025Reported quarterly or annual results68
  8. Nov 7, 2024Reported quarterly or annual results69

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

381 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 51 major events, 226 insider forms, 38 large holders, 45 other. The latest 20:

  1. Oct 13, 2026SCHEDULE 13G/A EDGAR
  2. Oct 8, 2026SCHEDULE 13G EDGAR
  3. Oct 1, 20263 EDGAR
  4. Oct 1, 20263 EDGAR
  5. Sep 17, 20264 EDGAR
  6. Sep 17, 20264 EDGAR
  7. Sep 14, 20264 EDGAR
  8. Sep 14, 20264 EDGAR
  9. Sep 14, 20264 EDGAR
  10. Sep 14, 20264 EDGAR
  11. Sep 14, 20264 EDGAR
  12. Sep 10, 20268-K EDGAR
  13. Sep 1, 20264 EDGAR
  14. Aug 27, 20264 EDGAR
  15. Aug 27, 2026SCHEDULE 13G EDGAR
  16. Aug 26, 20264 EDGAR
  17. Aug 26, 20264 EDGAR
  18. Aug 26, 20264 EDGAR
  19. Aug 25, 20264 EDGAR
  20. Aug 19, 20264 EDGAR

The 381 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

119 open-market trades by officers, directors and large owners since October 2021: 32 buys and 87 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Chiplock MarkEVP, CFO & CAOSale476$22.46$10.7KForm 4
Sep 15, 2026Maltezos Louis PCo-PresidentSale592$22.46$13.3KForm 4
Aug 28, 2026Sakellaris George PChief Executive OfficerBuy3,000$22.13$66.4KForm 4
Aug 27, 2026Sakellaris George PChief Executive OfficerBuy4,000$22.84$91.4KForm 4
Aug 26, 2026Sakellaris George PChief Executive OfficerBuy1,000$21.92$21.9KForm 4
Aug 25, 2026Sakellaris George PChief Executive OfficerBuy5,000$21.95$109.7KForm 4
Aug 24, 2026Miller Jennifer LDirectorBuy2,000$20.96$41.9KForm 4
Aug 24, 2026Sutton Joseph W.DirectorBuy9,700$20.87$202.4KForm 4
Aug 24, 2026Sakellaris George PChief Executive OfficerBuy5,000$20.91$104.5KForm 4
Aug 21, 2026Cox Brian CDirectorBuy4,625$21.64$100.1KForm 4
Aug 11, 2026Sakellaris George PChief Executive OfficerBuy1,000$25.90$25.9KForm 4
Aug 10, 2026Sakellaris George PChief Executive OfficerBuy1,000$25.27$25.3KForm 4
Aug 10, 2026Cox Brian CDirectorBuy39,700$25.07$995.3KForm 4
Aug 7, 2026Sakellaris George PChief Executive OfficerBuy5,000$25.95$129.8KForm 4
May 29, 2026WISNESKI FRANCIS V JRDirectorSale5,000$36.12$180.6KForm 4
May 19, 2026WISNESKI FRANCIS V JRDirectorSale10,000$30.29$302.9KForm 4
May 18, 2026Miller Jennifer LDirectorSale10,000$32.27$322.7KForm 4
May 15, 2026STAVROPOULOS NICKOLASDirectorSale1,355$34.00$46.1KForm 4
Mar 12, 2026Chiplock MarkEVP, CFO & CAOSale273$25.31$6.9KForm 4
Mar 12, 2026Maltezos Louis PCo-PresidentSale306$25.31$7.7KForm 4

All 119 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025George P. Sakellaris79$1.5M$3.3M82
2025Peter Christakis56$470.0K$1.1M82
2025Louis P. Maltezos59$540.0K$1.0M82
2025Michael T. Bakas57$540.0K$1.0M82
2025Nicole A. Bulgarino53$540.0K$1.0M82
2025Mark A. Chiplock56$435.0K$840.0K82
2024Chairman of the Board of Directors and Chief Executive Officer$1.5M$1.5M82
2024Co-President$466.1K$1.5M82
2024President - Renewable Fuels$466.1K$1.5M82
2024Executive Vice PresidentChief Financial Officer and Chief Accounting Officer$390.6K$1.3M82
2023Chairman of the Board of Directors and Chief Executive Officer$1.5M$2.0M82
2023Co-President$443.0K$510.7K82
2023President - Renewable Fuels$442.4K$510.1K82

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Wellington Management Group Llp3,374,767$93.1M0.0%−166,810
BlackRock, Inc.2,651,574$73.2M0.0%+194,783
Grantham, Mayo, Van Otterloo & Co. LLC2,030,950$56.1M0.1%−198,684
Dimensional Fund Advisors LP1,601,338$44.2M0.0%+161,669
State Street Corp1,601,127$44.2M0.0%+271,614
First Eagle Investment Management, LLC1,498,162$41.3M0.0%+942,828
Millennium Management LLC1,487,282$41.0M0.0%+1,234,942
Vanguard Capital Management LLC1,430,762$39.5M0.0%+71,863
D. E. Shaw & Co., Inc.1,258,266$34.7M0.0%−13,703
DNB Asset Management AS1,025,498$28.3M0.1%+123,212
Royce & Associates LP998,183$27.5M0.2%−251,725
Vanguard Portfolio Management LLC914,162$25.2M0.0%+68,293
Geode Capital Management, LLC862,848$23.8M0.0%+69,995
Gagnon Securities LLC826,562$22.8M4.4%−13,501
American Century Companies Inc798,121$22.0M0.0%+271,967
Legal & General Group Plc796,268$22.0M0.0%+247,058
UBS Group AG726,028$20.0M0.0%+307,898
Swedbank AB718,000$19.8M0.0%+73,000
Morgan Stanley648,022$17.9M0.0%−22,600
Redwood Grove Capital, LLC543,525$15.0M3.8%+74,000
Gagnon Advisors, LLC472,798$13.0M8.3%No change
Bandera Partners LLC476,309$12.1M4.3%No change
Royal Bank Of Canada418,879$11.6M0.0%−85,269
Mackenzie Financial Corp371,053$10.2M0.0%New
JCP Investment Management, LLC339,000$9.4M5.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Ameresco is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAmeresco, Inc.2
  • CIK0001488139
  • Employer ID (EIN)04-35128382
  • Filer statusAccelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)1700 Construction - Special Trade Contractors2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address111 Speen Street, Framingham, MA 017012
  • Phone508-661-22002
  • Public float$919.3M as of Jun 30, 20244
  • On EDGAR sinceMar 31, 20102
  • Filings1,154 in all: 4 (714), 8-K (130), 10-Q (49), SC 13G/A (49), 3 (36), 144 (28), 10-K (16), DEF 14A (16)2
    All 34 form types

    SC 13G (16), SCHEDULE 13G/A (14), UPLOAD (11), ARS (9), CORRESP (7), S-8 (7), SCHEDULE 13G (7), 4/A (6), S-1/A (6), 5 (5), DEFA14A (5), SD (4), 8-K/A (3), 3/A (2), 424B5 (2), FWP (2), 10-K/A (1), 10-Q/A (1), 424B4 (1), 8-A12B (1), CERTNYS (1), CT ORDER (1), EFFECT (1), PRE 14A (1), S-1 (1), S-3ASR (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Sep 10, 2026

Risk factors and legal proceedings

The risks Ameresco names in Item 1A of its 10-K filed Mar 3, 2026: 44 risks under these headings, as written.7

  • We face many risks. If any of the events or circumstances described below actually occur, we and our businesses, financial condition or results of operations could suffer, and the trading price of our Class A Common Stock could decline. Our current and potential investors should consider the following risks and the information contained under the heading “Cautionary Note Regarding Forward-Looking Statements” before deciding to invest in our securities.
  • Risks Related to Our Business
  • If demand for our energy efficiency and renewable energy solutions does not develop as we expect, our revenues will suffer, and our business will be harmed.
  • In order to secure contracts for new projects, we typically face a long and variable selling cycle that requires significant resource commitments and requires a long lead time before we realize revenues.
  • We may not recognize all revenues from our backlog or receive all payments anticipated under awarded projects and customer contracts.
  • If we are not able to complete, perform or operate our projects on a profitable basis or as we have committed to our customers, we could become subject to liquidated damages, and our reputation and our results of operations could be adversely impacted.
  • A significant decline in the fiscal health of federal, state, provincial, and local governments could reduce demand for our energy efficiency and renewable energy projects and a significant reduction of the federal workforce could delay federal contracting and adversely impact our federal business.
  • Provisions in our government contracts may harm our business, financial condition and operating results.
  • The projects we undertake for our customers generally require significant capital, which our customers or we may finance through third parties, and such financing may not be available to our customers or to us on favorable terms, if at all.
  • Project development or construction activities may require us to make significant investments without first obtaining project financing or having final customer contracts, which could increase our costs and impair our ability to recover our investments.
  • We are exposed to the credit risk of some of our customers.
  • Our business is affected by seasonal trends and construction cycles, and these trends and cycles could have an adverse effect on our operating results.
The other 33 risks
  • Failure of third parties to manufacture quality products or provide reliable services in a timely manner or at prices that are acceptable to us could cause delays in the delivery of our services and completion of our projects, which could damage our reputation, have a negative impact on our relationships with our customers and adversely affect our growth.
  • We may have liability to our customers under our ESPCs if our projects fail to deliver the energy use reductions to which we are committed under the contract.
  • We may assume responsibility under customer contracts for factors outside our control, including, in connection with some customer projects, the risk that fuel and component prices will increase.
  • Our business depends on experienced and skilled personnel and substantial specialty subcontractor resources, and if we lose key personnel or if we are unable to attract and integrate additional skilled personnel, it will be more difficult for us to manage our business and complete projects.
  • We have been and may continue to be impacted by macroeconomic conditions such as supply chain challenges, a shortfall of certain products needed for our business, and inflationary pressures.
  • Extreme weather events and other natural disasters, particularly those exacerbated by climate change, could materially affect our ability to complete our projects and develop our assets.
  • A failure of our information technology (“IT”) and data security infrastructure or cyber or other security incidents, vulnerabilities or other deficiencies, could adversely impact our business, reputation or results of operation or could cause us to default under our contractual obligations.
  • If we cannot obtain surety bonds and letters of credit, our ability to operate may be restricted.
  • We operate in a highly competitive industry, and our current or future competitors may be able to compete more effectively than we do, which could have a material adverse effect on our business, revenues, growth rates, and market share.
  • Our small-scale renewable energy plants may not generate expected levels of output.
  • We have not entered into long-term offtake agreements for a portion of the output from our small-scale renewable energy plants and a portion of the related renewable identification numbers (“RINs”) are not subject to long term contracts.
  • We may not be able to replace expiring offtake agreements with contracts on similar terms. If we are unable to replace an expired offtake agreement with an acceptable new contract, we may be required to remove the small-scale renewable energy plant from the site or, alternatively, we may sell the assets to the customer.
  • Operation of energy assets involves significant risks and hazards customary to the energy industry and may be further impacted by the effects of climate change. We may not have adequate insurance to cover these risks and hazards, or other risks beyond our control.
  • We plan to expand our business in part through future acquisitions and joint ventures, but we may not be able to identify or complete suitable acquisitions.
  • We may be required to write-off or impair capitalized costs or intangible assets in the future, or we may incur restructuring costs or other charges, each of which could harm our earnings.
  • Any future acquisitions that we may make could disrupt our business, cause dilution to our stockholders and harm our business, financial condition or operating results, and our joint ventures could expose us to additional risks and liabilities.
  • International expansion is one of our growth strategies, and international operations will expose us to additional risks that we do not face in the United States, which could have an adverse effect on our operating results.
  • Risks related to Regulations or Governmental Actions
  • Our business depends in part on federal, state, provincial and local government support for energy efficiency and renewable energy, and a decline in such support or the imposition of additional taxes, tariffs, duties, or other assessments on renewable energy or the equipment necessary to generate or deliver it, could harm our business.
  • A substantial portion of our earnings are derived from the sale of renewable energy certificates (“RECs”) and other environmental attributes, and our failure to be able to sell such attributes could materially adversely affect our business, financial condition and results of operation.
  • We may have exposure to additional tax liabilities and our effective tax rate may increase or fluctuate, which could increase our income tax expense and reduce our net income. We may not be able to utilize the full value of tax credits and incentives we
  • or may become subject to penalties if we fail to meet requirements for these credits and incentives. This may have an adverse effect on our business and operating results.
  • Changes in the laws and regulations governing the public procurement of ESPCs could have a material impact on our business.
  • We need governmental approvals and permits, and we typically must meet specified qualifications, in order to undertake our energy efficiency projects and construct, own and operate our small-scale renewable energy projects, and any failure to do so would harm our business.
  • Many of our small-scale renewable energy projects are, and other future projects may be, subject to or affected by U.S. federal energy regulation or other regulations that govern the operation, ownership, and sale of the facility, or the sale of electricity from the facility.
  • Changes in utility regulation and tariffs could adversely affect our business.
  • Compliance with environmental laws could adversely affect our operating results.
  • Our activities and operations are subject to numerous health and safety laws and regulations, and if we violate such regulations, we could face penalties and fines.
  • We are subject to various privacy and consumer protection laws.
  • Risks Related to our Indebtedness
  • Our senior credit facility, second lien term loan, energy asset financing term loans and construction loans contain financial and operating restrictions that may limit our business activities and our access to credit, and they may not be sufficient to fund our capital needs and growth.
  • If our subsidiaries default on their obligations under their debt instruments, we may need to make payments to lenders or to prevent foreclosure on the collateral securing the debt.
  • Risks Related to Ownership of Our Class A Common Stock
  • The trading price of our Class A common stock is volatile.
  • Holders of our Class A common stock are entitled to one vote per share, and holders of our Class B common stock are entitled to five votes per share. The lower voting power of our Class A common stock may negatively affect the attractiveness of our Class A common stock to investors and, as a result, its market value.
  • For the foreseeable future, Mr. Sakellaris or his affiliates will be able to control the selection of all members of our board of directors, as well as virtually every other matter that requires stockholder approval, which will severely limit the ability of other stockholders to influence corporate matters.

Legal proceedings

In the ordinary conduct of our business, we are subject to periodic lawsuits, investigations, and claims. Although we cannot predict with certainty the ultimate resolution of such lawsuits, investigations, and claims against us, we do not believe that any

currently pending or threatened legal proceedings to which we are a party will have a material adverse effect on our business, results of operations, or financial condition.

For additional information about certain proceedings, please refer to Note 15, “Commitments and Contingencies”, to our consolidated financial statements included in this Report, which is incorporated into this item by reference.

The opening of Item 3, Legal Proceedings.7

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