The strong Q1 beat and raised EBITDA guidance signal accelerating execution and demand in the renewable infrastructure services market. Watch for the Roberson Waite Electric acquisition closing in Q3 and continued backlog growth as catalysts. The CSO departure is neutral given the orderly transition and retained employment.
Price Chart
Executive Summary
SOLV Energy reported Q1 2026 revenue of $676.8M (up 66% YoY) and Adjusted EBITDA of $92.5M (up 174% YoY), while raising full-year 2026 Adjusted EBITDA guidance to $435M-$455M from $400M-$420M. The GAAP net loss of $27.4M was driven by a $521M one-time non-cash expense from IPO-related equity award modifications, masking strong underlying operational performance. Separately, Chief Strategy Officer Erik Johnson resigned effective May 11, 2026, transitioning to a non-executive role through year-end.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $676.8M, up 66% YoY from $407.8M
- Adjusted EBITDA of $92.5M, up 174% YoY from $34.0M
- Raised full-year 2026 Adjusted EBITDA guidance to $435M-$455M (from $400M-$420M)
- GAAP net loss of $27.4M driven by $521M one-time non-cash compensation expense from IPO equity modifications
- Acquired Roberson Waite Electric for $45M total consideration, expected to close Q3 2026
- Backlog of $8.2B as of March 31, 2026, up from $8.0B at year-end 2025
- Chief Strategy Officer Erik Johnson resigned effective May 11, 2026, transitioning to non-executive employee role
- IPO completed in February 2026, raising $552.5M in net proceeds
Financial Impact
Revenue grew 66% YoY to $676.8M; Adjusted EBITDA grew 174% YoY to $92.5M; guidance raised by $35M at midpoint
Risk Factors
- GAAP net loss of $27.4M may concern headline-focused investors despite being non-cash
- Gross margin declined to 17.6% from 18.1% in Q4 2025, though up from 14.5% YoY
- Operating cash flow declined to $14.2M from $20.2M in Q1 2025 due to working capital swings
- Integration risk from RWE acquisition and potential dilution from IPO-related equity modifications
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-218154 |
| Document: d13275d8k.htm | 0001193125-26-218154 |
| Document: 0001193125-26-218154-index-headers.html | 0001193125-26-218154 |
| Document: 0001193125-26-218154-index.html | 0001193125-26-218154 |
| Document: 0001193125-26-218154.txt | 0001193125-26-218154 |
| 8-K Data (Synthetic) | 0001193125-26-218154 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $21.53 | awaiting T+60 | — | $22.68 (+5.36%) |
Jun 4, 2026 20w ago | Press Release | $32.81 $25.52 | ▲ +22.22% | ▲ +26.22% | $22.68 (+30.86%) |
May 29, 2026 21w ago | 424B4 | $34.63 $28.19 | ▲ +18.60% | ▲ +19.83% | $22.68 (+34.49%) |
May 29, 2026 21w ago | EFFECT | $35.53 $28.04 | ▼ −21.08% | ▼ −22.26% | $22.68 (−36.15%) |
May 28, 2026 21w ago | Press Release | $35.53 $28.04 | ▲ +21.08% | ▲ +22.26% | $22.68 (+36.15%) |
May 26, 2026 21w ago | Press Release | $38.11 $28.92 | ▲ +24.11% | ▲ +25.99% | $22.68 (+40.47%) |
May 26, 2026 21w ago | S-1 | $38.11 $28.92 | ▼ −24.11% | ▼ −25.99% | $22.68 (−40.47%) |
May 12, 2026 24w ago | 8-K | $45.84 $27.66 | ▼ −39.66% | ▼ −44.04% | $22.68 (−50.51%) |
May 12, 2026 24w ago | Press Release | $45.84 $27.66 | ▼ −39.66% | ▼ −44.04% | $22.68 (−50.51%) |
May 4, 2026 25w ago | Press Release | $42.51 $23.86 | ▼ −43.87% | ▼ −45.73% | $22.68 (−46.64%) |
US Market Status
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