SAN DIEGO, May 12, 2026 (GLOBE NEWSWIRE) -- SOLV Energy, Inc. ("SOLV" or the "Company") (Nasdaq: MWH), a leading provider of infrastructure services to the power industry, today announced financial results for the first quarter ended March 31, 2026.
Financial Summary
(in $ millions except percentages) Three Months Ended March 31,
------------------------------
2026 2025
--------------
Revenue 677 408
Gross Profit 119 59
Gross Margin 17.6% 14.5%
Net Loss(1) (27) (1)
Adjusted Gross Profit(2) 124 59
Adjusted Gross Margin(2) 18.4% 14.5%
Adjusted EBITDA 93 34
(1) Represents Net Loss before Non-Controlling Interest
(2) Adjusted Gross Profit and Adjusted Gross Margin exclude the impact of the allocation of non-cash compensation expense to cost of revenue
First Quarter 2026 Financial and Recent Business Highlights
-- Revenue of $677 million, up 66% year over year
-- Gross Profit of $119 million, up 102% year over year
-- Adjusted Gross Profit of $124 million, up 110% year over year
-- Net loss of $(27) million
-- Primarily a result of a one-time, non-cash expense of $521 million
related to the modification of legacy equity awards from the
reorganization in the IPO
-- Adjusted EBITDA of $93 million, up 174% year over year
-- Total backlog as of March 31, 2026 at $8.2 billion
-- Nearly 22 GW under contract for O&M services
-- Announced the acquisition of Roberson Waite Electric ("RWE") providing
the Company additional capabilities and growth opportunities in the
utility services market
(1) Included in total non-cash compensation expense in cost of revenue and SG&A of approx. $65 MM in 1Q26.
"With our IPO complete, our focus remains on execution and delivering exceptional services to our customers; a commitment reflected in continued strength of our backlog which is now approximately $8.2 billion," said George Hershman, Chief Executive Officer of SOLV Energy. "We delivered strong financial results in the first quarter, and the momentum we are seeing gives us confidence to raise our Adjusted EBITDA guidance for the full year. We are also pleased to have announced the acquisition of Roberson Waite Electric, which expands our capabilities and broadens our service offerings to the regulated utility market."
Acquisition of Roberson Waite Electric
On April 30, 2026, the Company entered into an agreement to acquire Roberson Waite Electric ("RWE"), a California-based provider of utility substation construction, testing, commissioning, and related infrastructure services, for total consideration of $45 million, subject to customary closing adjustments. The consideration includes $36 million to be paid at Closing, with the remainder to be paid in the subsequent years subject to various performance criteria. The Company expects to close the transaction by the third quarter of 2026.
Announcing New Vice President of Investor Relations
Mike Adams joined the Company in May as Vice President of Investor Relations. He brings over 20 years of experience primarily in the energy sector, with a broad background spanning investor relations, capital markets, and corporate finance. Throughout his career, Mike has held senior finance and advisory roles encompassing investor engagement, project and structured finance, treasury, and corporate strategy.
Financial Guidance
Today, the Company is updating its full year 2026 financial guidance for the year ending December 31, 2026, with expected ranges of:
-- Revenue of $3.720 billion to $3.820 billion -- Adjusted Gross Profit of $610 million to $650 million -- Adjusted Gross Margin of 16.4% to 17.0% -- Adjusted EBITDA of $435 million to $455 million
Conference Call and Webcast Information
Management will present results during a conference call today May 12, 2026 at 8:30 a.m. Eastern time.
A live webcast of the conference call, including presentation materials, can be accessed through the Company's website at https://investors.solvenergy.com and clicking on "News & Events" under the Investor Relations section. The webcast will be archived on the site for those unable to listen in real time.
About SOLV
SOLV Energy (Nasdaq: MWH) is a leading provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. Since 2008, we have built more than 500 power plants, representing 21 GW of generating capacity. SOLV Energy also provides operations and maintenance (O&M) services to 155 power plants, representing nearly 22 GW of generating capacity. In addition to EPC and O&M for utility-scale power plants and related T&D infrastructure, we offer large-scale repair, emergency response and repowering services and install end-to-end SCADA and network infrastructure solutions to maximize project performance and energy availability.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact contained in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to any historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "intend," "outlook," "potential," "project," "projection," "plan," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other similar expressions. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed herein, in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our other filings with the SEC, accessible on the SEC's website at www.sec.gov and the Investors Relations section of the Company's website at https://investors.solvenergy.com/financial-information/sec-filings. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: a wide range of factors, many that are beyond our control, can impact the timing, performance or profitability of our projects, any of which can result in additional costs to us, reductions or delays in revenues, the payment of liquidated damages by us or project termination; our results of operations, financial condition and other financial and operational disclosures are based upon estimates and assumptions that may differ from actual results or future outcomes; changes in estimates related to revenues and costs associated with our contracts with customers could result in a reduction or elimination of revenues, a reduction of profits or the recognition of losses; backlog may not be realized or may not result in profits and may not accurately represent future revenue; the imposition of additional duties and tariffs and other trade barriers and retaliatory countermeasures implemented by the U.S. and other governments; our results of operations may vary significantly from quarter to quarter; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy and battery storage specifically; limitations on the availability or an increase in the price of materials, equipment and subcontractors that we and our customers depend on to complete and maintain projects; our business is labor-intensive, and we may be unable to attract and retain qualified employees or we may incur significant costs in the event we are unable to efficiently manage our workforce or the cost of labor increases; the loss, or reduction in business from, certain significant customers; many of our contracts may be canceled or suspended on short notice or may not be renewed upon completion or expiration, and we may be unsuccessful in replacing our contracts; we may fail to adequately recover on contract modifications against project owners for payment or performance; the nature of our business exposes us to potential liability for warranty, engineering and other related claims; during the ordinary course of our business, we are subject to lawsuits, claims and other legal proceedings, as well as bonding claims and related reimbursement requirements; we can incur liabilities or suffer negative financial or reputational impacts relating to health and safety matters; disruptions to our information technology systems or our failure to adequately protect critical data, sensitive information and technology systems; we have identified material weaknesses in our internal control over financial reporting and if our remediation of the material weaknesses is not effective, or if we otherwise fail to maintain effective internal control over financial reporting in the future, we may not be able to
(MORE TO FOLLOW) Dow Jones Newswires
May 12, 2026 07:00 ET (11:00 GMT)
Comments