Skip to main content

Ameresco, Inc.

For the period ended Sep 30, 2025. Filed Nov 4, 2025.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 4, 2025

AMRC$21.61+12.8%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits

Cover page

Show cover page

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________.

Commission File Number:001-34811

Ameresco, Inc.

(Exact name of registrant as specified in its charter)

Delaware04-3512838
(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.)
111 Speen Street, Suite 410Framingham, Massachusetts01701
(Address of Principal Executive Offices)(Zip Code)

(508)661-2200

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of exchange on which registered
Class A Common Stock, par value $0.0001 per shareAMRCNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☑Accelerated Filer oNon-accelerated filer oSmaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

ClassShares outstanding as of October 30, 2025
Class A Common Stock, $0.0001 par value per share34,797,456
Class B Common Stock, $0.0001 par value per share18,000,000

TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 20241
Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)3
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September, 30 2025 and 2024 (Unaudited)4
Condensed Consolidated Statements of Changes in Redeemable Non-Controlling Interests and Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)5
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)7
Notes to Condensed Consolidated Financial Statements (Unaudited)9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations31
Item 3. Quantitative and Qualitative Disclosures About Market Risk41
Item 4. Controls and Procedures41
PART II - OTHER INFORMATION
Item 1. Legal Proceedings43
Item 1A. Risk Factors43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds43
Item 5. Other Information43
Item 6. Exhibits45
Signatures46
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.