SOLV Energy, Inc. reported strong top-line growth in the three months ended March 31, 2026, but a net loss in its first quarter as a public company. Revenue rose to $676.8 million from $407.8 million, driven mainly by new utility-scale solar, storage, and T&D construction projects.
Gross profit doubled to $119.1 million, yet the company posted a net loss of $27.4 million, or $0.20 per basic and diluted share, largely due to $64.9 million of non-cash compensation and a $10.7 million loss on debt extinguishment tied to its IPO-related reorganization. Adjusted EBITDA increased to $92.5 million, and IPO proceeds of about $552.5 million were used to fully repay roughly $401.1 million of term debt, leaving cash of $384.9 million and no long-term debt at quarter end. Total backlog edged up to $8.17 billion, and the company agreed to acquire Roberson Waite Electric for an estimated $45 million to expand its substation and grid services.
SOLV Energy, Inc. reported strong first-quarter 2026 results with revenue of $676.8 million, up from $407.8 million a year earlier, and Adjusted EBITDA of $92.5 million versus $34.0 million. Gross profit was $119.1 million, with a gross margin of 17.6%, while the company recorded a net loss of $27.4 million, or $0.20 per share.
Backlog is approximately $8.2 billion, and management raised full-year 2026 Adjusted EBITDA guidance. SOLV also agreed to acquire Roberson Waite Electric for $45 million to expand utility substation capabilities. Following its IPO, the company raised $552.5 million of Class A equity and repaid $405.2 million of term debt. The Chief Strategy Officer resigned from that role and moved to a non-executive employee position.
SOLV Energy, Inc. Schedule 13G: a group of affiliated American Securities entities jointly reports large shared voting and dispositive power over Class A common stock based on direct holdings and convertible LLC Interests.
The filing lists 115,348,571 shares of Class A common stock outstanding as of March 24, 2026 and states ownership figures that assume conversion of LLC Interests on a one‑for‑one basis. Examples: ASP Manager Corp. holds 174,776,147 shared voting/dispositive power (reported 88.1%); ASP VIII Alternative Investments Solstice, L.P. holds 91,573,571 shared voting/dispositive power (reported 79.4%).
SOLV Energy, Inc. filed Amendment No. 1 to its annual report for the year ended December 31, 2025 to replace the consent of its independent registered public accounting firm with a revised version that includes the conformed Ernst & Young LLP signature.
The company states the signed consent was delivered before the original filing and that the amendment does not change its financial position, results of operations, cash flows, or other disclosures in the original report. As of March 24, 2026, there were 115,348,571 Class A and 87,141,865 Class B common shares outstanding.
SOLV Energy, Inc. is a Delaware-based provider of infrastructure services to the power industry, focused on utility-scale solar, battery storage and high‑voltage substations in the United States. It offers engineering, procurement, construction (EPC) and long‑term operations and maintenance (O&M) as an integrated “lifecycle” platform.
The company has built more than 500 power plants representing over 21 GWdc and, as of December 31, 2025, managed O&M for 150 plants also exceeding 21 GWdc of capacity. Backlog was approximately $8.0 billion, with 93% EPC and 7% O&M. Demand is underpinned by U.S. load growth and forecasts that solar and storage will represent most new generation capacity additions.
Key risks include fixed‑price EPC exposure, project delays, supply chain and labor constraints, heavy reliance on a small group of customers, and extensive regulatory and environmental compliance. New U.S. legislation—the One Big Beautiful Bill Act—accelerates the sunset of key clean‑energy tax credits and adds ownership and sourcing restrictions, which could dampen future solar investment and reduce demand for SOLV’s services.
SOLV Energy, Inc. reported sharply higher results for the quarter and full year ended December 31, 2025. Fourth-quarter revenue rose to $793.6 million from $440.9 million a year earlier, with net income attributable to controlling interests increasing to $35.5 million from $9.8 million.
For full-year 2025, revenue grew to $2.49 billion from $1.85 billion, while net income attributable to controlling interests jumped to $149.2 million from $9.9 million. Gross margin improved to 18.6% from 14.0%, and Adjusted EBITDA increased to $341.7 million from $165.1 million, reflecting stronger profitability.
Operating cash flow strengthened to $331.6 million from $117.6 million, lifting cash and cash equivalents to $394.9 million as of December 31, 2025. Management highlighted record performance, the successful completion of its IPO last month, and introduced full-year 2026 financial guidance alongside these results.