{"success":true,"data":{"pressRelease":{"id":"31151","rtpr_id":"nGNX8mrlJd","ticker":"MWH","exchange":"NASDAQ","all_tickers":["MWH"],"title":"SOLV Energy Reports First Quarter 2026 Results","author":"Globe Newswire","published_at":"2026-05-12T11:00:05.071Z","article_body":"SAN DIEGO, May 12, 2026 (GLOBE NEWSWIRE) -- SOLV Energy, Inc. (“SOLV” or\nthe “Company”) (Nasdaq: MWH), a leading provider of infrastructure\nservices to the power industry, today announced financial results for the\nfirst quarter ended March 31, 2026.\n\nFinancial Summary\n\n ((in $ millions except percentages)) Three Months Ended March 31, \n 2026 2025 \n Revenue 677 408 \n Gross Profit 119 59 \n Gross Margin 17.6% 14.5% \n Net Loss (1) (27) (1) \n \n Adjusted Gross Profit (2) 124 59 \n Adjusted Gross Margin (2) 18.4% 14.5% \n Adjusted EBITDA 93 34 \n\n(1) Represents Net Loss before Non-Controlling Interest)\n(2) Adjusted Gross Profit and Adjusted Gross Margin exclude the impact of the\nallocation of non-cash compensation expense to cost of revenue)\n\nFirst Quarter 2026 Financial and Recent Business Highlights\n* Revenue of $677 million, up 66% year over year\n* Gross Profit of $119 million, up 102% year over year\n* Adjusted Gross Profit of $124 million, up 110% year over year\n* Net loss of $(27) million * Primarily a result of a one-time, non-cash\nexpense of $52(1) million related to the modification of legacy equity awards\nfrom the reorganization in the IPO\n \n* Adjusted EBITDA of $93 million, up 174% year over year\n* Total backlog as of March 31, 2026 at $8.2 billion\n* Nearly 22 GW under contract for O&M services\n* Announced the acquisition of Roberson Waite Electric (“RWE”) providing\nthe Company additional capabilities and growth opportunities in the utility\nservices market\n(1) Included in total non-cash compensation expense in cost of revenue and\nSG&A of approx. $65 MM in 1Q26.)\n\n“With our IPO complete, our focus remains on execution and delivering\nexceptional services to our customers; a commitment reflected in continued\nstrength of our backlog which is now approximately $8.2 billion,” said\nGeorge Hershman, Chief Executive Officer of SOLV Energy. “We delivered\nstrong financial results in the first quarter, and the momentum we are seeing\ngives us confidence to raise our Adjusted EBITDA guidance for the full year.\nWe are also pleased to have announced the acquisition of Roberson Waite\nElectric, which expands our capabilities and broadens our service offerings to\nthe regulated utility market.”\n\nAcquisition of Roberson Waite Electric\n\nOn April 30, 2026, the Company entered into an agreement to acquire Roberson\nWaite Electric (“RWE”), a California-based provider of utility substation\nconstruction, testing, commissioning, and related infrastructure services, for\ntotal consideration of $45 million, subject to customary closing adjustments.\nThe consideration includes $36 million to be paid at Closing, with the\nremainder to be paid in the subsequent years subject to various performance\ncriteria. The Company expects to close the transaction by the third quarter of\n2026.\n\nAnnouncing New Vice President of Investor Relations\n\nMike Adams joined the Company in May as Vice President of Investor Relations.\nHe brings over 20 years of experience primarily in the energy sector, with a\nbroad background spanning investor relations, capital markets, and corporate\nfinance. Throughout his career, Mike has held senior finance and advisory\nroles encompassing investor engagement, project and structured finance,\ntreasury, and corporate strategy.\n\nFinancial Guidance\n\nToday, the Company is updating its full year 2026 financial guidance for the\nyear ending December 31, 2026, with expected ranges of:\n* Revenue of $3.720 billion to $3.820 billion\n* Adjusted Gross Profit of $610 million to $650 million\n* Adjusted Gross Margin of 16.4% to 17.0%\n* Adjusted EBITDA of $435 million to $455 million\nConference Call and Webcast Information\n\nManagement will present results during a conference call today May 12, 2026 at\n8:30 a.m. Eastern time.\n\nA live webcast of the conference call, including presentation materials, can\nbe accessed through the Company’s website at\nhttps://investors.solvenergy.com and clicking on “News & Events” under the\nInvestor Relations section. The webcast will be archived on the site for those\nunable to listen in real time.\n\nAbout SOLV\n\nSOLV Energy (Nasdaq: MWH) is a leading provider of infrastructure services to\nthe power industry, including engineering, procurement, construction, testing,\ncommissioning, operations, maintenance and repowering. Since 2008, we have\nbuilt more than 500 power plants, representing 21 GW of generating capacity.\nSOLV Energy also provides operations and maintenance (O&M) services to 155\npower plants, representing nearly 22 GW of generating capacity. In addition to\nEPC and O&M for utility-scale power plants and related T&D infrastructure, we\noffer large-scale repair, emergency response and repowering services and\ninstall end-to-end SCADA and network infrastructure solutions to maximize\nproject performance and energy availability.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements for purposes of the\nsafe harbor provisions under the Private Securities Litigation Reform Act of\n1995, which are subject to known and unknown risks, uncertainties and other\nimportant factors that may cause actual results to be materially different\nfrom the statements made herein. All statements other than statements of\nhistorical fact contained in this press release are forward-looking\nstatements. Forward-looking statements discuss our current expectations and\nprojections relating to our financial position, results of operations, plans,\nobjectives, future performance and business. You can identify forward-looking\nstatements by the fact that they do not relate strictly to any historical or\ncurrent facts. These statements may include words such as “aim,”\n“anticipate,” “believe,” “estimate,” “expect,” “forecast,”\n“future,” “intend,” “outlook,” “potential,” “project,”\n“projection,” “plan,” “seek,” “may,” “could,” “would,”\n“will,” “should,” “can,” “can have,” “likely,” the\nnegatives thereof and other similar expressions. You should evaluate all\nforward-looking statements made in this press release in the context of the\nrisks and uncertainties disclosed herein, in our Annual Report on Form 10-K\nand Quarterly Reports on Form 10-Q, including “Risk Factors” and\n“Management’s Discussion and Analysis of Financial Condition and Results\nof Operations,” and our other filings with the SEC, accessible on the\nSEC’s website at www.sec.gov and the Investors Relations section of the\nCompany’s website at\nhttps://investors.solvenergy.com/financial-information/sec-filings. Important\nfactors that could cause actual results to differ materially from those in the\nforward-looking statements include regional, national or global political,\neconomic, business, competitive, market and regulatory conditions and the\nfollowing: a wide range of factors, many that are beyond our control, can\nimpact the timing, performance or profitability of our projects, any of which\ncan result in additional costs to us, reductions or delays in revenues, the\npayment of liquidated damages by us or project termination; our results of\noperations, financial condition and other financial and operational\ndisclosures are based upon estimates and assumptions that may differ from\nactual results or future outcomes; changes in estimates related to revenues\nand costs associated with our contracts with customers could result in a\nreduction or elimination of revenues, a reduction of profits or the\nrecognition of losses; backlog may not be realized or may not result in\nprofits and may not accurately represent future revenue; the imposition of\nadditional duties and tariffs and other trade barriers and retaliatory\ncountermeasures implemented by the U.S. and other governments; our results of\noperations may vary significantly from quarter to quarter; the reduction,\nelimination or expiration of government incentives for, or regulations\nmandating the use of, renewable energy and battery storage specifically;\nlimitations on the availability or an increase in the price of materials,\nequipment and subcontractors that we and our customers depend on to complete\nand maintain projects; our business is labor-intensive, and we may be unable\nto attract and retain qualified employees or we may incur significant costs in\nthe event we are unable to efficiently manage our workforce or the cost of\nlabor increases; the loss, or reduction in business from, certain significant\ncustomers; many of our contracts may be canceled or suspended on short notice\nor may not be renewed upon completion or expiration, and we may be\nunsuccessful in replacing our contracts; we may fail to adequately recover on\ncontract modifications against project owners for payment or performance; the\nnature of our business exposes us to potential liability for warranty,\nengineering and other related claims; during the ordinary course of our\nbusiness, we are subject to lawsuits, claims and other legal proceedings, as\nwell as bonding claims and related reimbursement requirements; we can incur\nliabilities or suffer negative financial or reputational impacts relating to\nhealth and safety matters; disruptions to our information technology systems\nor our failure to adequately protect critical data, sensitive information and\ntechnology systems; we have identified material weaknesses in our internal\ncontrol over financial reporting and if our remediation of the material\nweaknesses is not effective, or if we otherwise fail to maintain effective\ninternal control over financial reporting in the future, we may not be able to\naccurately or timely report our financial condition or results of operations;\nany deterioration in the quality or reputation of our brands, which can be\nexacerbated by the effect of social media or significant media coverage; the\nloss of, or our inability to attract or keep, key personnel could disrupt our\nbusiness; our inability to successfully execute our acquisition strategy; we\nmay be unable to compete for projects if we are not able to obtain surety\nbonds, letters of credit or bank guarantees; we are generally paid in arrears\nfor our services and may enter into other arrangements with certain of our\ncustomers, which could subject us to potential credit or investment risk and\nthe risk of client defaults; insurance and claims expenses, as well as the\nunavailability or cancellation of third-party insurance coverage; our business\nand results of operations are subject to physical risks including those\nassociated with climate change; our business is subject to operational\nhazards, including, among others, damage from severe weather conditions and\nelectrical hazards, that can result in significant liabilities, and we may not\nbe insured against all potential liabilities; increasing scrutiny and changing\nexpectations from various stakeholders with respect to corporate\nsustainability practices may impose additional costs on us or expose us to\nreputational or other risks; our unionized workforce and related obligations;\nour inability to maintain, protect or enforce our rights in intellectual\nproperty; we may be subject to intellectual property rights claims by third\nparties, which are extremely costly to defend, could require us to pay\nsignificant damages and could limit our ability to use certain technologies;\nwe use artificial intelligence technologies in our business, and the\ndeployment, use, and maintenance of these technologies involve significant\ntechnological and legal risks; negative macroeconomic conditions and\nindustry-specific market conditions; fluctuations in economic, political,\nfinancial, industry and market conditions on a regional, national or global\nbasis, including as a result of, among other things, inflationary pressure\nthat impacts our costs associated with labor, equipment and materials,\nincreased interest rates, default or threat of default by the U.S. federal\ngovernment with respect to its debt obligations, U.S. government shutdowns,\nnatural disasters and other emergencies (e.g., wildfires, weather-related\nevents or pandemics), deterioration of global or specific trade relationships,\nor acts of war, including but not limited to conflicts in the Middle East,\ngeopolitical conflicts and political unrest; projects in our industry can have\nlong sales cycles requiring significant upfront investment of resources; our\nrevenues and profitability can be negatively impacted if our customers\nencounter financial difficulties or file for bankruptcy or disputes arise with\nour customers; the highly competitive nature of our business; technological\nadvancements in other forms of power generation could negatively affect our\nbusiness; regulatory requirements applicable to our industry and changes in\ncurrent and potential legislative and regulatory initiatives may adversely\naffect demand for our services; the unavailability, reduction or elimination\nof government and economic incentives; we are subject to complex federal,\nstate and other environmental, health and safety laws and regulations that\ncould adversely affect the cost, manner or feasibility of conducting our\noperations or expose us to significant liabilities; we are subject to various\nspecific regulatory regimes and requirements that could result in significant\ncompliance costs and liabilities; any actual or perceived failure to comply\nwith new or existing laws, regulations or other requirements relating to the\nprivacy, security and processing of personal information; changes in tax laws\nor our tax estimates or positions; failure to comply with anti-corruption,\nanti-bribery and/or international trade laws; violations of export control\nand/or economic sanctions laws and regulations to which we are subject and\nchanges to U.S. foreign trade policy; immigration laws, including our\ninability to verify employment eligibility; our variable rate indebtedness\nsubjects us to interest rate risk, which could cause our debt service\nobligations to increase significantly; our failure to comply with the\ncovenants contained in the credit agreement could result in an event of\ndefault that could cause repayment of our debt to be accelerated; we may incur\nsubstantial additional indebtedness in the future and may not be able to\ngenerate sufficient cash to service such indebtedness, and may be forced to\ntake other actions to satisfy our obligations under such indebtedness, which\nmay not be successful; and the expenses that are required in order to operate\nas a public company could be material. For additional discussion of factors\nthat could impact our operational and financial results, please refer to our\nfilings with the SEC, accessible on the SEC’s website at www.sec.gov and the\nInvestors Relations section of the Company’s website at\nhttps://investors.solvenergy.com/financial-information/sec-filings. The\nCompany assumes no responsibility to update forward-looking statements made\nherein or otherwise. Should one or more of these risks or uncertainties\nmaterialize, or should any of our assumptions prove incorrect, our actual\nfinancial condition, results of operations, future performance and business\nmay vary in material respects from the performance projected in these\nforward-looking statements.\n\nNon-GAAP Information\n\nIncluded in this press release are certain financial measures, including\nEBITDA, Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin that\nare not required by or prepared in accordance with U.S. generally accepted\naccounting principles (“GAAP”), and are designed to supplement, and not\nsubstitute, the Company’s financial information presented in accordance with\nGAAP. Our board of directors, management and investors use EBITDA, Adjusted\nEBITDA, Adjusted Gross Profit, and Adjusted Gross Margin to assess our\nfinancial performance because such measures allow them to compare our\noperating performance on a consistent basis across periods by removing the\neffects of our capital structure (such as carrying levels of interest\nexpense), asset base (such as depreciation and amortization) and items outside\nthe control of our management team (such as income taxes). The non-GAAP\nmeasures as defined by the Company may not be comparable to similar non-GAAP\nmeasures presented by other companies. The presentation of such measures,\nwhich may include adjustments to exclude unusual or non-recurring items,\nshould not be construed as an inference that the Company’s future results,\ncash flows or leverage will be unaffected by other unusual or nonrecurring\nitems. Please see the financial tables included with this press release for\nreconciliations thereof to the most directly comparable GAAP measures.\n\nThe Company does not reconcile its forward-looking non-GAAP financial measures\nto the corresponding GAAP measures, due to variability and difficulty in\nmaking accurate forecasts and projections and/or certain information not being\nascertainable or accessible; and because not all of the information, such as\nprovisions for income taxes necessary for a quantitative reconciliation of\nthese forward-looking non-GAAP financial measures to the most directly\ncomparable GAAP financial measure, is available to the Company without\nunreasonable efforts. For the same reasons, the Company is unable to address\nthe probable significance of the unavailable information. The Company provides\nnon-GAAP financial measures that it believes will be achieved, however it\ncannot predict all of the components of the adjusted calculations and the GAAP\nmeasures may be materially different than the non-GAAP measures.\n\nInvestor Contact:\n\nSolebury Strategic Communications / Anthony Rozmus\nInvestorRelations@solvenergy.com\n\nMedia Contact:\n\nAshley McCarthy\nmedia@solvenergy.com\n\n(Financial Tables to Follow)\n\n Condensed Consolidated Statements of Operations \n (In thousands, unaudited) \n \n Three Months Ended March 31, \n 2026 2025 \n Revenue $ 676,805 $ 407,847 \n Cost of revenue 557,732 348,748 \n Gross profit 119,073 59,099 \n \n Selling, general and administrative expenses (including non-cash compensation expense of $59,560 and $712 for the three months ended March 31, 2026 and 2025, respectively) 111,375 36,070 \n Amortization expense 14,879 13,768 \n Total operating expenses 126,254 49,838 \n Operating income (loss) (7,181 ) 9,261 \n \n Loss on debt extinguishment 10,688 - \n Interest expense 6,897 12,691 \n Interest income (1,450 ) (3,272 ) \n Other (income) loss, net (68 ) 82 \n Loss before income taxes (23,248 ) (240 ) \n Income tax expense 4,166 262 \n Net loss $ (27,414 ) $ (502 ) \n Less: net income (loss) attributable to non-controlling interests and LLC members prior to IPO (4,056 ) 212 \n Net loss attributable to SOLV Energy, Inc. $ (23,358 ) $ (714 ) \n \n Period from February 12, 2026 to March 31, 2026 \n Net loss per share: \n Basic $ (0.20 ) \n Diluted $ (0.20 ) \n Weighted average shares outstanding: \n Basic 115,348,571 \n Diluted 115,348,571 \n \n\n\n\n Condensed Consolidated Balance Sheets \n (In thousands, unaudited) \n \n March 31, December 31, \n 2026 2025 \n ASSETS \n Cash and cash equivalents $ 384,911 $ 394,876 \n Accounts receivable, net 285,039 269,044 \n Contract assets 157,875 156,744 \n Capitalized project development costs 13,297 17,734 \n Prepaid and other current assets 105,528 60,887 \n Total current assets 946,650 899,285 \n \n Property and equipment, net 116,137 106,383 \n Operating lease right-of-use assets 7,598 8,010 \n Goodwill 429,035 429,279 \n Intangible assets, net 347,511 362,390 \n Deferred tax assets 101,302 — \n Other long-term assets 8,373 10,925 \n Total assets $ 1,956,606 $ 1,816,272 \n \n LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY \n Accounts payable and accrued expenses $ 524,898 $ 562,218 \n Contract liabilities 346,295 308,619 \n Due to related party — — \n Current portion of equipment financing 6,617 6,526 \n Current portion of lease liabilities 14,461 12,978 \n Current portion of long-term debt — 2,498 \n Total current liabilities 892,271 892,839 \n \n Term debt, long term — 391,988 \n Equipment financing, long-term 19,703 21,317 \n Lease liabilities, long-term 39,742 36,559 \n Tax receivable agreement 172,344 — \n Other long-term liabilities 21,322 18,344 \n Total liabilities 1,145,382 1,361,047 \n \n Commitments and Contingencies - See Note 12 \n \n Member's equity: \n Total member's equity — 550,334 \n Stockholders' equity \n Class A common stock, $0.0001 par value; 1,250,000,000 shares authorized, 115,348,571 shares issued and outstanding 12 — \n Class B common stock, $0.0001 par value; 100,000,000 shares authorized, 87,128,137 shares issued and outstanding 9 — \n Additional paid-in capital 455,857 — \n Accumulated deficit (23,358 ) (98,139 ) \n Total stockholders' equity to SOLV Energy, Inc. 432,520 (98,139 ) \n Non-controlling interest 378,704 3,030 \n Total members’/stockholders’ equity 811,224 455,225 \n Total liabilities and stockholders'/member's equity $ 1,956,606 $ 1,816,272 \n \n\n\n\n Condensed Consolidated Statements of Cash Flows \n (In thousands, unaudited) \n \n Three Months Ended March 31, \n 2026 2025 \n Cash flows from operating activities: \n Net loss $ (27,414 ) $ (502 ) \n \n Adjustments to reconcile net loss to net cash provided by operating activities \n Depreciation and amortization 23,730 19,572 \n Non-cash compensation expense 64,874 712 \n Loss on extinguishment of debt (non-cash portion) 6,676 - \n Write off of project development costs 3,939 - \n Other 152 7 \n Change in operating assets and liabilities (57,716 ) 386 \n Net cash provided by operating activities 14,241 20,175 \n \n Cash flows from investing activities: \n Purchases of property and equipment (10,440 ) (2,778 ) \n Cash paid for acquisitions, net of cash acquired - (10,756 ) \n Net cash used in investing activities (10,440 ) (13,534 ) \n \n Cash flows from financing activities: \n Issuance of Class A common stock in IPO, net of underwriting discount 552,542 - \n Repayment of term debt (405,203 ) (1,015 ) \n Payment of deferred acquisition consideration (5,500 ) - \n Payment of offering costs (3,536 ) - \n Proceeds on debt - 32,500 \n Payment of debt issuance costs (2,800 ) - \n Payments for finance leases (2,901 ) (1,979 ) \n Proceeds on equipment financing - 14,500 \n Payments on equipment financing (1,523 ) (1,764 ) \n Distributions to members of SOLV Energy Holdings LLC (144,845 ) (47,844 ) \n Net cash used in financing activities (13,766 ) (5,602 ) \n \n Net increase (decrease) in cash and cash equivalents (9,965 ) 1,039 \n Cash and cash equivalents, beginning of period 394,876 207,987 \n Cash and cash equivalents, end of period $ 384,911 $ 209,026 \n \n\n\n\n Reconciliation of Non-GAAP Financial Measures \n EBITDA and Adjusted EBITDA \n (in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n \n Net loss $ (27,414 ) $ (502 ) \n Interest expense 6,897 12,691 \n Interest income (1,450 ) (3,272 ) \n Provision for income taxes 4,166 262 \n Depreciation and amortization 23,730 19,572 \n EBITDA 5,929 28,751 \n Non-cash compensation expense 64,874 712 \n Gain on the disposal of property and equipment (10 ) — \n Loss on the extinguishment of debt 10,688 — \n Change in the fair value of derivative — 82 \n Non-recurring private equity management fees, transaction, integration and transition costs, and other non-cash costs ((1)) 11,034 4,486 \n Adjusted EBITDA $ 92,515 $ 34,031 \n \n\n\n\n Reconciliation of Non-GAAP Financial Measures \n Adjusted Gross Profit \n (in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n \n Gross profit $ 119,073 $ 59,099 \n Non-cash compensation expense 5,314 — \n Adjusted gross profit $ 124,387 $ 59,099 \n \n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX8mrlJd","title":"SOLV Energy Reports First Quarter 2026 Results","author":"Globe Newswire","ticker":"MWH","created":"2026-05-12T11:00:05.071Z","tickers":["MWH"],"exchange":"NASDAQ","article_body":"SAN DIEGO, May 12, 2026 (GLOBE NEWSWIRE) -- SOLV Energy, Inc. (“SOLV” or\nthe “Company”) (Nasdaq: MWH), a leading provider of infrastructure\nservices to the power industry, today announced financial results for the\nfirst quarter ended March 31, 2026.\n\nFinancial Summary\n\n ((in $ millions except percentages)) Three Months Ended March 31, \n 2026 2025 \n Revenue 677 408 \n Gross Profit 119 59 \n Gross Margin 17.6% 14.5% \n Net Loss (1) (27) (1) \n \n Adjusted Gross Profit (2) 124 59 \n Adjusted Gross Margin (2) 18.4% 14.5% \n Adjusted EBITDA 93 34 \n\n(1) Represents Net Loss before Non-Controlling Interest)\n(2) Adjusted Gross Profit and Adjusted Gross Margin exclude the impact of the\nallocation of non-cash compensation expense to cost of revenue)\n\nFirst Quarter 2026 Financial and Recent Business Highlights\n* Revenue of $677 million, up 66% year over year\n* Gross Profit of $119 million, up 102% year over year\n* Adjusted Gross Profit of $124 million, up 110% year over year\n* Net loss of $(27) million * Primarily a result of a one-time, non-cash\nexpense of $52(1) million related to the modification of legacy equity awards\nfrom the reorganization in the IPO\n \n* Adjusted EBITDA of $93 million, up 174% year over year\n* Total backlog as of March 31, 2026 at $8.2 billion\n* Nearly 22 GW under contract for O&M services\n* Announced the acquisition of Roberson Waite Electric (“RWE”) providing\nthe Company additional capabilities and growth opportunities in the utility\nservices market\n(1) Included in total non-cash compensation expense in cost of revenue and\nSG&A of approx. $65 MM in 1Q26.)\n\n“With our IPO complete, our focus remains on execution and delivering\nexceptional services to our customers; a commitment reflected in continued\nstrength of our backlog which is now approximately $8.2 billion,” said\nGeorge Hershman, Chief Executive Officer of SOLV Energy. “We delivered\nstrong financial results in the first quarter, and the momentum we are seeing\ngives us confidence to raise our Adjusted EBITDA guidance for the full year.\nWe are also pleased to have announced the acquisition of Roberson Waite\nElectric, which expands our capabilities and broadens our service offerings to\nthe regulated utility market.”\n\nAcquisition of Roberson Waite Electric\n\nOn April 30, 2026, the Company entered into an agreement to acquire Roberson\nWaite Electric (“RWE”), a California-based provider of utility substation\nconstruction, testing, commissioning, and related infrastructure services, for\ntotal consideration of $45 million, subject to customary closing adjustments.\nThe consideration includes $36 million to be paid at Closing, with the\nremainder to be paid in the subsequent years subject to various performance\ncriteria. The Company expects to close the transaction by the third quarter of\n2026.\n\nAnnouncing New Vice President of Investor Relations\n\nMike Adams joined the Company in May as Vice President of Investor Relations.\nHe brings over 20 years of experience primarily in the energy sector, with a\nbroad background spanning investor relations, capital markets, and corporate\nfinance. Throughout his career, Mike has held senior finance and advisory\nroles encompassing investor engagement, project and structured finance,\ntreasury, and corporate strategy.\n\nFinancial Guidance\n\nToday, the Company is updating its full year 2026 financial guidance for the\nyear ending December 31, 2026, with expected ranges of:\n* Revenue of $3.720 billion to $3.820 billion\n* Adjusted Gross Profit of $610 million to $650 million\n* Adjusted Gross Margin of 16.4% to 17.0%\n* Adjusted EBITDA of $435 million to $455 million\nConference Call and Webcast Information\n\nManagement will present results during a conference call today May 12, 2026 at\n8:30 a.m. Eastern time.\n\nA live webcast of the conference call, including presentation materials, can\nbe accessed through the Company’s website at\nhttps://investors.solvenergy.com and clicking on “News & Events” under the\nInvestor Relations section. The webcast will be archived on the site for those\nunable to listen in real time.\n\nAbout SOLV\n\nSOLV Energy (Nasdaq: MWH) is a leading provider of infrastructure services to\nthe power industry, including engineering, procurement, construction, testing,\ncommissioning, operations, maintenance and repowering. Since 2008, we have\nbuilt more than 500 power plants, representing 21 GW of generating capacity.\nSOLV Energy also provides operations and maintenance (O&M) services to 155\npower plants, representing nearly 22 GW of generating capacity. In addition to\nEPC and O&M for utility-scale power plants and related T&D infrastructure, we\noffer large-scale repair, emergency response and repowering services and\ninstall end-to-end SCADA and network infrastructure solutions to maximize\nproject performance and energy availability.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements for purposes of the\nsafe harbor provisions under the Private Securities Litigation Reform Act of\n1995, which are subject to known and unknown risks, uncertainties and other\nimportant factors that may cause actual results to be materially different\nfrom the statements made herein. All statements other than statements of\nhistorical fact contained in this press release are forward-looking\nstatements. Forward-looking statements discuss our current expectations and\nprojections relating to our financial position, results of operations, plans,\nobjectives, future performance and business. You can identify forward-looking\nstatements by the fact that they do not relate strictly to any historical or\ncurrent facts. These statements may include words such as “aim,”\n“anticipate,” “believe,” “estimate,” “expect,” “forecast,”\n“future,” “intend,” “outlook,” “potential,” “project,”\n“projection,” “plan,” “seek,” “may,” “could,” “would,”\n“will,” “should,” “can,” “can have,” “likely,” the\nnegatives thereof and other similar expressions. You should evaluate all\nforward-looking statements made in this press release in the context of the\nrisks and uncertainties disclosed herein, in our Annual Report on Form 10-K\nand Quarterly Reports on Form 10-Q, including “Risk Factors” and\n“Management’s Discussion and Analysis of Financial Condition and Results\nof Operations,” and our other filings with the SEC, accessible on the\nSEC’s website at www.sec.gov and the Investors Relations section of the\nCompany’s website at\nhttps://investors.solvenergy.com/financial-information/sec-filings. Important\nfactors that could cause actual results to differ materially from those in the\nforward-looking statements include regional, national or global political,\neconomic, business, competitive, market and regulatory conditions and the\nfollowing: a wide range of factors, many that are beyond our control, can\nimpact the timing, performance or profitability of our projects, any of which\ncan result in additional costs to us, reductions or delays in revenues, the\npayment of liquidated damages by us or project termination; our results of\noperations, financial condition and other financial and operational\ndisclosures are based upon estimates and assumptions that may differ from\nactual results or future outcomes; changes in estimates related to revenues\nand costs associated with our contracts with customers could result in a\nreduction or elimination of revenues, a reduction of profits or the\nrecognition of losses; backlog may not be realized or may not result in\nprofits and may not accurately represent future revenue; the imposition of\nadditional duties and tariffs and other trade barriers and retaliatory\ncountermeasures implemented by the U.S. and other governments; our results of\noperations may vary significantly from quarter to quarter; the reduction,\nelimination or expiration of government incentives for, or regulations\nmandating the use of, renewable energy and battery storage specifically;\nlimitations on the availability or an increase in the price of materials,\nequipment and subcontractors that we and our customers depend on to complete\nand maintain projects; our business is labor-intensive, and we may be unable\nto attract and retain qualified employees or we may incur significant costs in\nthe event we are unable to efficiently manage our workforce or the cost of\nlabor increases; the loss, or reduction in business from, certain significant\ncustomers; many of our contracts may be canceled or suspended on short notice\nor may not be renewed upon completion or expiration, and we may be\nunsuccessful in replacing our contracts; we may fail to adequately recover on\ncontract modifications against project owners for payment or performance; the\nnature of our business exposes us to potential liability for warranty,\nengineering and other related claims; during the ordinary course of our\nbusiness, we are subject to lawsuits, claims and other legal proceedings, as\nwell as bonding claims and related reimbursement requirements; we can incur\nliabilities or suffer negative financial or reputational impacts relating to\nhealth and safety matters; disruptions to our information technology systems\nor our failure to adequately protect critical data, sensitive information and\ntechnology systems; we have identified material weaknesses in our internal\ncontrol over financial reporting and if our remediation of the material\nweaknesses is not effective, or if we otherwise fail to maintain effective\ninternal control over financial reporting in the future, we may not be able to\naccurately or timely report our financial condition or results of operations;\nany deterioration in the quality or reputation of our brands, which can be\nexacerbated by the effect of social media or significant media coverage; the\nloss of, or our inability to attract or keep, key personnel could disrupt our\nbusiness; our inability to successfully execute our acquisition strategy; we\nmay be unable to compete for projects if we are not able to obtain surety\nbonds, letters of credit or bank guarantees; we are generally paid in arrears\nfor our services and may enter into other arrangements with certain of our\ncustomers, which could subject us to potential credit or investment risk and\nthe risk of client defaults; insurance and claims expenses, as well as the\nunavailability or cancellation of third-party insurance coverage; our business\nand results of operations are subject to physical risks including those\nassociated with climate change; our business is subject to operational\nhazards, including, among others, damage from severe weather conditions and\nelectrical hazards, that can result in significant liabilities, and we may not\nbe insured against all potential liabilities; increasing scrutiny and changing\nexpectations from various stakeholders with respect to corporate\nsustainability practices may impose additional costs on us or expose us to\nreputational or other risks; our unionized workforce and related obligations;\nour inability to maintain, protect or enforce our rights in intellectual\nproperty; we may be subject to intellectual property rights claims by third\nparties, which are extremely costly to defend, could require us to pay\nsignificant damages and could limit our ability to use certain technologies;\nwe use artificial intelligence technologies in our business, and the\ndeployment, use, and maintenance of these technologies involve significant\ntechnological and legal risks; negative macroeconomic conditions and\nindustry-specific market conditions; fluctuations in economic, political,\nfinancial, industry and market conditions on a regional, national or global\nbasis, including as a result of, among other things, inflationary pressure\nthat impacts our costs associated with labor, equipment and materials,\nincreased interest rates, default or threat of default by the U.S. federal\ngovernment with respect to its debt obligations, U.S. government shutdowns,\nnatural disasters and other emergencies (e.g., wildfires, weather-related\nevents or pandemics), deterioration of global or specific trade relationships,\nor acts of war, including but not limited to conflicts in the Middle East,\ngeopolitical conflicts and political unrest; projects in our industry can have\nlong sales cycles requiring significant upfront investment of resources; our\nrevenues and profitability can be negatively impacted if our customers\nencounter financial difficulties or file for bankruptcy or disputes arise with\nour customers; the highly competitive nature of our business; technological\nadvancements in other forms of power generation could negatively affect our\nbusiness; regulatory requirements applicable to our industry and changes in\ncurrent and potential legislative and regulatory initiatives may adversely\naffect demand for our services; the unavailability, reduction or elimination\nof government and economic incentives; we are subject to complex federal,\nstate and other environmental, health and safety laws and regulations that\ncould adversely affect the cost, manner or feasibility of conducting our\noperations or expose us to significant liabilities; we are subject to various\nspecific regulatory regimes and requirements that could result in significant\ncompliance costs and liabilities; any actual or perceived failure to comply\nwith new or existing laws, regulations or other requirements relating to the\nprivacy, security and processing of personal information; changes in tax laws\nor our tax estimates or positions; failure to comply with anti-corruption,\nanti-bribery and/or international trade laws; violations of export control\nand/or economic sanctions laws and regulations to which we are subject and\nchanges to U.S. foreign trade policy; immigration laws, including our\ninability to verify employment eligibility; our variable rate indebtedness\nsubjects us to interest rate risk, which could cause our debt service\nobligations to increase significantly; our failure to comply with the\ncovenants contained in the credit agreement could result in an event of\ndefault that could cause repayment of our debt to be accelerated; we may incur\nsubstantial additional indebtedness in the future and may not be able to\ngenerate sufficient cash to service such indebtedness, and may be forced to\ntake other actions to satisfy our obligations under such indebtedness, which\nmay not be successful; and the expenses that are required in order to operate\nas a public company could be material. For additional discussion of factors\nthat could impact our operational and financial results, please refer to our\nfilings with the SEC, accessible on the SEC’s website at www.sec.gov and the\nInvestors Relations section of the Company’s website at\nhttps://investors.solvenergy.com/financial-information/sec-filings. The\nCompany assumes no responsibility to update forward-looking statements made\nherein or otherwise. Should one or more of these risks or uncertainties\nmaterialize, or should any of our assumptions prove incorrect, our actual\nfinancial condition, results of operations, future performance and business\nmay vary in material respects from the performance projected in these\nforward-looking statements.\n\nNon-GAAP Information\n\nIncluded in this press release are certain financial measures, including\nEBITDA, Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin that\nare not required by or prepared in accordance with U.S. generally accepted\naccounting principles (“GAAP”), and are designed to supplement, and not\nsubstitute, the Company’s financial information presented in accordance with\nGAAP. Our board of directors, management and investors use EBITDA, Adjusted\nEBITDA, Adjusted Gross Profit, and Adjusted Gross Margin to assess our\nfinancial performance because such measures allow them to compare our\noperating performance on a consistent basis across periods by removing the\neffects of our capital structure (such as carrying levels of interest\nexpense), asset base (such as depreciation and amortization) and items outside\nthe control of our management team (such as income taxes). The non-GAAP\nmeasures as defined by the Company may not be comparable to similar non-GAAP\nmeasures presented by other companies. The presentation of such measures,\nwhich may include adjustments to exclude unusual or non-recurring items,\nshould not be construed as an inference that the Company’s future results,\ncash flows or leverage will be unaffected by other unusual or nonrecurring\nitems. Please see the financial tables included with this press release for\nreconciliations thereof to the most directly comparable GAAP measures.\n\nThe Company does not reconcile its forward-looking non-GAAP financial measures\nto the corresponding GAAP measures, due to variability and difficulty in\nmaking accurate forecasts and projections and/or certain information not being\nascertainable or accessible; and because not all of the information, such as\nprovisions for income taxes necessary for a quantitative reconciliation of\nthese forward-looking non-GAAP financial measures to the most directly\ncomparable GAAP financial measure, is available to the Company without\nunreasonable efforts. For the same reasons, the Company is unable to address\nthe probable significance of the unavailable information. The Company provides\nnon-GAAP financial measures that it believes will be achieved, however it\ncannot predict all of the components of the adjusted calculations and the GAAP\nmeasures may be materially different than the non-GAAP measures.\n\nInvestor Contact:\n\nSolebury Strategic Communications / Anthony Rozmus\nInvestorRelations@solvenergy.com\n\nMedia Contact:\n\nAshley McCarthy\nmedia@solvenergy.com\n\n(Financial Tables to Follow)\n\n Condensed Consolidated Statements of Operations \n (In thousands, unaudited) \n \n Three Months Ended March 31, \n 2026 2025 \n Revenue $ 676,805 $ 407,847 \n Cost of revenue 557,732 348,748 \n Gross profit 119,073 59,099 \n \n Selling, general and administrative expenses (including non-cash compensation expense of $59,560 and $712 for the three months ended March 31, 2026 and 2025, respectively) 111,375 36,070 \n Amortization expense 14,879 13,768 \n Total operating expenses 126,254 49,838 \n Operating income (loss) (7,181 ) 9,261 \n \n Loss on debt extinguishment 10,688 - \n Interest expense 6,897 12,691 \n Interest income (1,450 ) (3,272 ) \n Other (income) loss, net (68 ) 82 \n Loss before income taxes (23,248 ) (240 ) \n Income tax expense 4,166 262 \n Net loss $ (27,414 ) $ (502 ) \n Less: net income (loss) attributable to non-controlling interests and LLC members prior to IPO (4,056 ) 212 \n Net loss attributable to SOLV Energy, Inc. $ (23,358 ) $ (714 ) \n \n Period from February 12, 2026 to March 31, 2026 \n Net loss per share: \n Basic $ (0.20 ) \n Diluted $ (0.20 ) \n Weighted average shares outstanding: \n Basic 115,348,571 \n Diluted 115,348,571 \n \n\n\n\n Condensed Consolidated Balance Sheets \n (In thousands, unaudited) \n \n March 31, December 31, \n 2026 2025 \n ASSETS \n Cash and cash equivalents $ 384,911 $ 394,876 \n Accounts receivable, net 285,039 269,044 \n Contract assets 157,875 156,744 \n Capitalized project development costs 13,297 17,734 \n Prepaid and other current assets 105,528 60,887 \n Total current assets 946,650 899,285 \n \n Property and equipment, net 116,137 106,383 \n Operating lease right-of-use assets 7,598 8,010 \n Goodwill 429,035 429,279 \n Intangible assets, net 347,511 362,390 \n Deferred tax assets 101,302 — \n Other long-term assets 8,373 10,925 \n Total assets $ 1,956,606 $ 1,816,272 \n \n LIABILITIES AND STOCKHOLDERS'/MEMBERS' EQUITY \n Accounts payable and accrued expenses $ 524,898 $ 562,218 \n Contract liabilities 346,295 308,619 \n Due to related party — — \n Current portion of equipment financing 6,617 6,526 \n Current portion of lease liabilities 14,461 12,978 \n Current portion of long-term debt — 2,498 \n Total current liabilities 892,271 892,839 \n \n Term debt, long term — 391,988 \n Equipment financing, long-term 19,703 21,317 \n Lease liabilities, long-term 39,742 36,559 \n Tax receivable agreement 172,344 — \n Other long-term liabilities 21,322 18,344 \n Total liabilities 1,145,382 1,361,047 \n \n Commitments and Contingencies - See Note 12 \n \n Member's equity: \n Total member's equity — 550,334 \n Stockholders' equity \n Class A common stock, $0.0001 par value; 1,250,000,000 shares authorized, 115,348,571 shares issued and outstanding 12 — \n Class B common stock, $0.0001 par value; 100,000,000 shares authorized, 87,128,137 shares issued and outstanding 9 — \n Additional paid-in capital 455,857 — \n Accumulated deficit (23,358 ) (98,139 ) \n Total stockholders' equity to SOLV Energy, Inc. 432,520 (98,139 ) \n Non-controlling interest 378,704 3,030 \n Total members’/stockholders’ equity 811,224 455,225 \n Total liabilities and stockholders'/member's equity $ 1,956,606 $ 1,816,272 \n \n\n\n\n Condensed Consolidated Statements of Cash Flows \n (In thousands, unaudited) \n \n Three Months Ended March 31, \n 2026 2025 \n Cash flows from operating activities: \n Net loss $ (27,414 ) $ (502 ) \n \n Adjustments to reconcile net loss to net cash provided by operating activities \n Depreciation and amortization 23,730 19,572 \n Non-cash compensation expense 64,874 712 \n Loss on extinguishment of debt (non-cash portion) 6,676 - \n Write off of project development costs 3,939 - \n Other 152 7 \n Change in operating assets and liabilities (57,716 ) 386 \n Net cash provided by operating activities 14,241 20,175 \n \n Cash flows from investing activities: \n Purchases of property and equipment (10,440 ) (2,778 ) \n Cash paid for acquisitions, net of cash acquired - (10,756 ) \n Net cash used in investing activities (10,440 ) (13,534 ) \n \n Cash flows from financing activities: \n Issuance of Class A common stock in IPO, net of underwriting discount 552,542 - \n Repayment of term debt (405,203 ) (1,015 ) \n Payment of deferred acquisition consideration (5,500 ) - \n Payment of offering costs (3,536 ) - \n Proceeds on debt - 32,500 \n Payment of debt issuance costs (2,800 ) - \n Payments for finance leases (2,901 ) (1,979 ) \n Proceeds on equipment financing - 14,500 \n Payments on equipment financing (1,523 ) (1,764 ) \n Distributions to members of SOLV Energy Holdings LLC (144,845 ) (47,844 ) \n Net cash used in financing activities (13,766 ) (5,602 ) \n \n Net increase (decrease) in cash and cash equivalents (9,965 ) 1,039 \n Cash and cash equivalents, beginning of period 394,876 207,987 \n Cash and cash equivalents, end of period $ 384,911 $ 209,026 \n \n\n\n\n Reconciliation of Non-GAAP Financial Measures \n EBITDA and Adjusted EBITDA \n (in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n \n Net loss $ (27,414 ) $ (502 ) \n Interest expense 6,897 12,691 \n Interest income (1,450 ) (3,272 ) \n Provision for income taxes 4,166 262 \n Depreciation and amortization 23,730 19,572 \n EBITDA 5,929 28,751 \n Non-cash compensation expense 64,874 712 \n Gain on the disposal of property and equipment (10 ) — \n Loss on the extinguishment of debt 10,688 — \n Change in the fair value of derivative — 82 \n Non-recurring private equity management fees, transaction, integration and transition costs, and other non-cash costs ((1)) 11,034 4,486 \n Adjusted EBITDA $ 92,515 $ 34,031 \n \n\n\n\n Reconciliation of Non-GAAP Financial Measures \n Adjusted Gross Profit \n (in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n \n Gross profit $ 119,073 $ 59,099 \n Non-cash compensation expense 5,314 — \n Adjusted gross profit $ 124,387 $ 59,099 \n \n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-12T11:00:05.154241575Z","server_sent_at_ms":1778583605154},"received_at":"2026-05-12T11:00:05.299Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}