Solv Energy Reports Third Quarter 2026 Financial Results

(NASDAQ:MWH) SOLV Energy, Inc. announced financial results for the third quarter ended September 30, 2026. Revenue for the third quarter of 2026 was $1,242 million, a 65% increase year over year, and year-to-date revenue reached $2,870 million, up 69% from the prior year. Gross profit for the third quarter was $221 million, with year-to-date gross profit at $480 million. Adjusted Gross Profit for the third quarter was $215 million, and $484 million year to date. Gross Margin for the third quarter was 17.8%, and Adjusted Gross Margin was 17.3%; year-to-date Gross Margin was 16.7% and Adjusted Gross Margin was 16.9%. Net income for the third quarter was $123 million, compared to $70 million in the prior-year period, and year-to-date net income was $162 million, up from $114 million in the prior year. Adjusted EBITDA for the third quarter was $173 million, with year-to-date Adjusted EBITDA at $383 million. The company reported a total backlog of approximately $9.2 billion as of September 30, 2026, and over 24 GW under contract for O&M services. On October 30, 2026, SOLV completed the acquisition of ASB Energy Services, with consideration including approximately $36.0 million in cash, net of cash acquired, and the issuance of 376,836 shares of Class A common stock. SOLV ended the third quarter with approximately $609 million of liquidity, including $422 million of Cash and Cash Equivalents and $187 million of availability under the revolving credit facility, after accounting for approximately $13 million of outstanding letters of credit. The company raised its full-year 2026 financial guidance, now projecting revenue of $4,030 million to $4,120 million, Adjusted Gross Profit of $660 million to $690 million, Adjusted Gross Margin of 16.4% to 16.7%, Adjusted EBITDA of $525 million to $540 million, and Adjusted EBITDA Margin of 13.0% to 13.1%. The company noted that commencing in 2026, certain annual incentive compensation is classified within Cost of Revenue instead of SG&A, affecting the presentation of Gross Profit and Gross Margin but not impacting Net Income, Adjusted EBITDA, or cash flows. Year-to-date net income reflects the benefit of higher operating income and lower interest expense, partially offset by an $11 million non-cash loss on extinguishment of term debt repaid at the February 2026 IPO and a $77 million one-time non-cash compensation charge related to legacy equity awards. The company highlighted trailing twelve-month safety metrics below industry benchmarks and record financial performance during the first nine months of 2026. The addition of ASB Energy Services expands SOLV’s self-perform high-voltage construction capabilities and increases its presence in Texas and other high-growth regions. Management will present results during a conference call on November 12, 2026, at 8:30 a.m. Eastern time.

SOLV Energy Announces Full Exercise and Closing of Underwriters’ Option to Purchase Additional Shares of Class A Common Stock

(NASDAQ:MWH) SOLV Energy, Inc. announced that the underwriters have fully exercised their option to purchase an additional 2,250,000 shares of Class A common stock of the Company at the public offering price of $36.00 per share, less underwriting discounts and commissions. Of these, 1,154,760 shares were sold by affiliates of American Securities LLC and 1,095,240 shares by the Company. The issuance and sale of the additional shares closed on June 4, 2026. The Company intends to use the net proceeds it receives from the offering to purchase additional limited liability company interests in SOLV Energy Holdings LLC from existing holders, including affiliates of American Securities LLC, certain directors, and, indirectly, executive officers. The Company will not receive any proceeds from the sale of shares by the Selling Stockholders. Since 2008, SOLV Energy has built more than 500 power plants representing over 21 GW of generating capacity and provides operations and maintenance services to 155 operating power plants representing nearly 22 GW of generating capacity. The company projects that forward-looking statements are subject to known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially from those in the forward-looking statements.

SOLV Energy Announces Pricing of Upsized Public Offering of Class A Common Stock

SOLV Energy, Inc. (NASDAQ:MWH), a leading provider of infrastructure services to the power industry, announced the pricing of an upsized public offering of its Class A common stock at $36.00 per share. The offering includes 15,000,000 shares, with 7,698,410 shares offered by affiliates of American Securities LLC and 7,301,590 shares offered by the Company. The underwriters have a 30-day option to purchase up to an additional 1,154,760 shares from the Selling Stockholders and 1,095,240 shares from the Company at the public offering price, less underwriting discounts and commissions. The Company intends to use the net proceeds it receives to purchase limited liability company interests in SOLV Energy Holdings LLC from existing holders, including affiliates of American Securities LLC, certain directors, and executive officers. The Company will not receive any proceeds from the shares sold by the Selling Stockholders. The closing of the offering is expected to occur on June 1, 2026, subject to customary closing conditions. Jefferies and J.P. Morgan are acting as joint lead book-running managers, with several other firms as bookrunners.

SOLV Energy Announces Launch of Public Offering of Class A Common Stock

SOLV Energy, Inc. (NASDAQ:MWH), a leading provider of infrastructure services to the power industry, announced the launch of a public offering of its Class A common stock. The offering includes 14,000,000 shares, with 7,185,181 shares offered by affiliates of American Securities LLC and 6,814,819 shares offered by the Company. The Selling Stockholders and the Company also intend to grant underwriters a 30-day option to purchase up to an additional 1,077,778 shares and 1,022,222 shares, respectively. The Company plans to use the net proceeds it receives to purchase limited liability company interests in SOLV Energy Holdings LLC from existing holders. Jefferies and J.P. Morgan are acting as joint lead book-running managers for the offering. The offering will be made only by means of a prospectus, and a registration statement on Form S-1 has been filed with the SEC but is not yet effective. Investors are cautioned about forward-looking statements and advised to review risk factors in the Company's SEC filings.

SOLV Energy Expands Utility Infrastructure Platform with Roberson Waite Electric Acquisition, Advancing Long-Term Growth Strategy for Shareholders

SOLV Energy, Inc. (NASDAQ:MWH) announced it has entered into an agreement to acquire Roberson Waite Electric (RWE), a California-based provider of utility substation construction and related services. The acquisition is intended to broaden SOLV’s service capabilities and support its expansion into the regulated utility market. RWE, founded in 1975 and headquartered in Anaheim, California, brings specialized technical capabilities and longstanding utility relationships. The transaction is expected to close by the third quarter of 2026. Since 2008, SOLV Energy has built more than 500 power plants representing 21 GW of generating capacity and provides O&M services to 150 operating power plants representing over 20 GW.