SOLV Energy Q1 2026 Results: Revenue Up 66%, Guidance Raised

San Diego, California SOLV Energy, Inc. (Nasdaq: MWH), a leading provider of infrastructure services to the power industry, announced its financial results for the first quarter ended March 31, 2026. The company reported significant year-over-year growth across key financial metrics, bolstered by a strong backlog and recent business expansion.

Financial Highlights

• Revenue reached $677 million, representing a 66 percent increase year over year.
• Gross Profit was $119 million, up 102 percent from the previous year.
• Adjusted EBITDA rose to $93 million, a 174 percent increase year over year.
• Total backlog stands at approximately $8.2 billion.
• The company reported a net loss of $(27) million, largely impacted by a one-time, non-cash expense of $52 million related to legacy equity award modifications from its IPO reorganization.

Business Highlights and Expansion

SOLV Energy continues to solidify its market position. The company currently has nearly 22 GW under contract for operations and maintenance (O&M) services. Additionally, management announced the acquisition of Roberson Waite Electric (RWE), a California-based provider specializing in utility substation construction and infrastructure services. This move is expected to expand the company's capabilities within the regulated utility market.

Updated Financial Guidance

Following a successful first quarter, the company has raised its outlook for the full year ending December 31, 2026. Updated guidance includes projected revenue between $3.72 billion and $3.82 billion, and Adjusted EBITDA in the range of $435 million to $455 million.