Ameresco Stock Soars on Record Project Backlog Driven by Data Center Deals

Shares of Ameresco (AMRC) surged nearly 30% in pre-market trading Tuesday after the clean energy infrastructure company announced a record project backlog, fueled by a landmark quarter for new contracts to power data centers.

Blockbuster Quarter Driven by Data Center Wins

The rally followed the company's second-quarter 2026 earnings release, in which it reported revenue of $515.5 million, significantly exceeding analyst expectations of approximately $467 million. Adjusted earnings per share came in at $0.20, matching consensus estimates, according to a report from Investing.com.

The report's most significant element was a dramatic expansion of its business pipeline. Ameresco secured $1.8 billion in new project awards during the quarter, a figure that includes $1.2 billion specifically for data center projects. This influx pushed the company's key growth metrics to new highs:

• Total project backlog reached a record $6.73 billion, up 32% year-over-year.
• Total awarded backlog grew 65% year-over-year to $4.4 billion.

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Upgraded Outlook and Market Reaction

Buoyed by the strong performance and growing demand, Ameresco raised its full-year 2026 adjusted EPS guidance to a range of $1.15 to $1.35. This revised forecast is above both its prior guidance of $1.06–$1.28 and the analyst consensus of approximately $1.10.

In the earnings announcement, CEO George Sakellaris described the quarter as an "important inflection point." He noted that behind-the-meter power solutions are increasingly becoming the preferred path for data centers that lack sufficient access to traditional grid power. Following the report, analysts at Canaccord maintained their Buy rating on the stock and raised their price target to $62 from $59.

The stock's sharp move was also supported by a constructive market backdrop. Investor sentiment has been strong for companies exposed to the artificial intelligence infrastructure buildout, which helped amplify the positive reaction to Ameresco's results.