AMRC · 10-K filed 3 Mar 2026 · year to 31 Dec 2025

Ameresco

32 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal government

earns from · 15.1%named as a risk

Other than the U.S. federal government, no customers represented 10% or more of our revenues during this period.Business (Item 1)

Also named by ACN, ADSK, AKAM, APG, CACI, CBRE, CI, CRM and 25 more

Southern California Edison (SCE)

earns from · $89 millionnamed as a risk

If we fail to come to an agreement with SCE or otherwise resolve matters related to substantial completion or related force majeure relief, or fail to meet the availability and capacity guarantees, we may be subject to liquidated damages up to the maximum amount of $89 million.Risk factors (Item 1A)

Also named by AES

Federal, state, provincial and local government entities

earns from · 61.0% and 67.3%named as a risk

Historically, including for the years ended December 31, 2025 and 2024, 61.0% and 67.3%, respectively, of our revenues have been derived from sales to federal, state, provincial, or local governmental entities, including public housing authorities, public universities, and municipal utilities.Risk factors (Item 1A)

Largest 20 customers

concentrated in · approximately 57.2% of our total revenuesnamed as a risk

For the year ended December 31, 2025, our largest 20 customers accounted for approximately 57.2% of our total revenues.Business (Item 1)

U.S. Department of Energy (DOE)

earns fromnamed as a risk

We and our subsidiaries are currently party to IDIQ agreements with the U.S. Department of Energy expiring in 2026 and 2028.Risk factors (Item 1A)

Also named by AAON, AOS, BWXT, CDE, CDRE, CEG, CLF, CW and 16 more

U.S. Army Corps of Engineers

earns from

We are also party to agreements with other federal agencies, including the U.S. Army Corps of Engineers, the Naval Facilities Engineering Command (“NAVFAC”) Mid-Atlantic, and the U.S. General Services Administration.Business (Item 1)

Also named by AM, CHRD, DMLP, ET, KEX

Other companies

$500 million construction and development loan

depends on · $500 millionnamed as a risk

Furthermore, our $500 million construction and development loan, which we use to finance a number of our early stage development and construction projects, requires us, in the case of default under the facility, a default under our Senior Credit Facilities or a change in control of Ameresco, to make required capital contributions to the borrower entity who then would be required to use the proceeds from the capital contributions to repay the construction and development loan.Risk factors (Item 1A)

Places

Europe

earns from · 27.4%

We generate a portion of our revenues from operations outside of the United States, mainly in Canada and Europe.Risk factors (Item 1A)

Also named by ADSK, AME, ATR, BCSF, BKNG, BMI, BMY, CARR and 60 more

China

depends onnamed as a risk

There is limited Battery Energy Storage System (“BESS”) supply capacity outside of China and a significant portion of electrical equipment used in our offerings are imported from Canada and Mexico.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Canada

depends onnamed as a risk

Also named by AAP, AJG, ALL, AOS, ARE, BBY, BF/B, BR and 97 more

Mexico

depends onnamed as a risk

Also named by AAP, AME, ANET, AOS, ARES, AYI, AZO, BBY and 83 more

Massachusetts

subject to

For example, the Commonwealth of Massachusetts and the states of Colorado and Washington pre-qualify energy service providers and provide contract documents that serve as the starting point for negotiations with potential governmental clients.Risk factors (Item 1A)

Also named by BRO, ES, KKR, OHI

Romania

operates in

The Euro has been designated as the functional currency for our operations in Europe, with the exception of Romania which is the RON.Market risk (Item 7A)

Hazards

Wildfires

named as a risk

During periods of economic downturn and if our customers’ risk exposure increases, e.g. as a result of catastrophic events such as the wild fires in Los Angeles and Hawaii, our exposure to credit risks from our customers’ increases, and our efforts to monitor and mitigate the associated risks may not be effective in reducing our credit risks.Risk factors (Item 1A)

Also named by AAON, AZO, BRK/B, CCI, CDNS, CINF, CNP, COST and 17 more

Commodities and inputs

Steel

exposed to its pricenamed as a risk

We rely on a significant amount of imported steel in our products.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AOS, APD, APG and 104 more

Savannah River Site biomass cogeneration contract

exposed to its pricenamed as a risk

For example, under a contract for the construction and operation of a cogeneration facility at the U.S. Department of Energy Savannah River Site in South Carolina, a subsidiary of ours is exposed to the risk that the price of the biomass that will be used to fuel the cogeneration facility may rise during the remainder of the performance period of the contract.Risk factors (Item 1A)

Renewable energy certificates (RECs/SRECs)

exposed to its pricenamed as a risk

A substantial portion of our earnings is derived from the sale of renewable energy certificates (“RECs”) and other environmental attributes generated by our energy assets.Risk factors (Item 1A)

Renewable natural gas (RNG) and RINs

exposed to its pricenamed as a risk

The failure to sell such processed RNG, medium-BTU gas, electricity, or the related RINs at a favorable price, or at all could have a material adverse effect on our business and operating results.Risk factors (Item 1A)

Lithium-ion battery cells, inverters and solar panels

depends onnamed as a risk

These conditions, combined with an increased demand for certain products needed for our business, such as lithium-ion battery cells, inverters, and solar panels has created a shortfall of and increased costs for these products and has caused challenges and delays in our projects and may impact the profitability of our projects.Risk factors (Item 1A)

Natural gas

exposed to its price

In the past, we entered into commodity swap contracts in order to hedge our exposure to adverse changes in the short-term market rates of natural gas, which have not been designated for hedge accounting, and may do so in the future.Market risk (Item 7A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

The EPA has discretion to establish annual renewable fuel volume obligations and to revise program rules and enforcement priorities, which may affect the availability, pricing, and market demand for RINs.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, APA, APD, APG, AROC, AYI and 78 more

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

Some of our renewable energy projects which are operating as exempt wholesale generators or operating under a special exemption from PUHCA are currently subject to rate regulation for wholesale power sales by the Federal Energy Regulatory Commission (“FERC”) under the FPA and must comply with certain FERC reporting requirements.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AR, ARES, ATO, BKH and 62 more

Laws and programs

One Big Beautiful Bill Act (OBBB)

subject tonamed as a risk

In particular, solar and battery projects for which construction begins more than 12 months after enactment or that are placed in service after December 31, 2027 may no longer qualify for the ITC.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Renewable Fuel Standard (RFS)

subject tonamed as a risk

Such biofuel may qualify for certain environmental attribute mechanisms, such as RINs which are used for compliance purposes under the Renewable Fuel Standard (“RFS”) program administered by the U.S. Environmental Protection Agency (“EPA”).Risk factors (Item 1A)

Also named by ADM, CF, CLMT, CVX, DAL, DINO, DTE, ET and 13 more

Uyghur Forced Labor Prevention Act

subject tonamed as a risk

In addition, existing and potential tariffs, trade restrictions, and other governmental measures— including restrictions related to foreign entities of concern (“FEOC”) and the Uyghur Forced Labor Prevention Act—have affected, and may continue to affect, the supply, cost, and availability of products and components used in our offerings.Risk factors (Item 1A)

Also named by ANET, ASO, CROX, DDS, FND, FSLR, LULU, MPWR and 7 more

Public Utility Regulatory Policies Act of 1978 (PURPA)

subject tonamed as a risk

Under PURPA, most of our current small-scale renewable energy projects are small power “qualifying facilities” (facilities meeting statutory size, fuel, and filing requirements) that are exempt from regulations under PUHCA, most provisions of the FPA and state rate and financial regulation.Risk factors (Item 1A)

Also named by DUK

U.S. Congress appropriations

subject tonamed as a risk

In addition to the right of the federal government to terminate its contracts with us, federal government contracts are conditioned upon the continuing approval by Congress of the necessary spending to honor such contracts.Risk factors (Item 1A)

Also named by HII

Low Carbon Fuel Standard (LCFS)

subject tonamed as a risk

In addition, certain of our RNG production may qualify for state‑level programs such as low carbon fuel standards (“LCFS”), the pricing and availability of which are subject to regulatory changes, market volatility, and policy developments.Risk factors (Item 1A)

Inflation Reduction Act (IRA) Investment Tax Credit and Production Tax Credit

subject tonamed as a risk

The IRA extended and expanded clean energy tax credits such as the Investment Tax Credit (“ITC”), the Production Tax Credit (“PTC”), and created other financial incentives designed to promote the development of certain domestic clean energy projects.Risk factors (Item 1A)

IRC Section 179D deduction

subject tonamed as a risk

However, the OBBB has ended the Section 179D deduction for construction projects that begin after June 30, 2026.Risk factors (Item 1A)

U.S. 'America First' tariffs

subject tonamed as a risk

The 'America First' trade policy has introduced a variety of tariffs and may further strain trade relations, create inflationary pressures, and cause additional supply chain disruptions.Risk factors (Item 1A)

Energy savings performance contracts (ESPC) procurement rules

subject tonamed as a risk

We derive a significant amount of our revenue from ESPCs with our government customers.Risk factors (Item 1A)