--- title: "HA Sustainable Infrastructure Capital | 10-Q: FY2026 Q1 Revenue: USD 124.23 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285710165.md" datetime: "2026-05-08T10:53:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285710165.md) - [en](https://longbridge.com/en/news/285710165.md) - [zh-HK](https://longbridge.com/zh-HK/news/285710165.md) --- # HA Sustainable Infrastructure Capital | 10-Q: FY2026 Q1 Revenue: USD 124.23 M Revenue: As of FY2026 Q1, the actual value is USD 124.23 M. EPS: As of FY2026 Q1, the actual value is USD -0.57, missing the estimate of USD 0.445. EBIT: As of FY2026 Q1, the actual value is USD -8.675 M. HA Sustainable Infrastructure Capital, Inc. reported a total revenue of $124,226 thousand for the three months ended March 31, 2026, an increase of 28% from $96,941 thousand in the same period of 2025. This increase was primarily driven by a $16,212 thousand rise in interest and rental income, a $4,084 thousand increase in gain on sale of assets, a $2,732 thousand increase in management fees and retained interest income, and a $4,257 thousand increase in origination fee and other income . #### Operational Metrics - **Net Income (Loss)**: The company reported a net loss of -$73,742 thousand for the three months ended March 31, 2026, a decrease of -227% compared to a net income of $58,185 thousand in the same period of 2025 . - **Total Expenses**: Total expenses increased by 45% to $149,487 thousand in Q1 2026, from $102,847 thousand in Q1 2025 . - **Interest Expense**: Interest expense rose by 53% to $99,275 thousand in Q1 2026, from $64,677 thousand in Q1 2025, partly due to $19 million in redemption fees and expensed capitalized debt issuance costs . - **Provision for Loss on Receivables and Retained Interests in Securitization Trusts**: This increased by 19% to $4,541 thousand in Q1 2026, from $3,812 thousand in Q1 2025, primarily due to an asset-specific reserve . - **Compensation and Benefits**: These expenses increased by 42% to $35,505 thousand in Q1 2026, from $24,980 thousand in Q1 2025, largely due to accelerated share-based compensation . - **General and Administrative Expenses**: These saw an 8% increase, reaching $10,166 thousand in Q1 2026, up from $9,378 thousand in Q1 2025 . - **Income (Loss) from Equity Method Investments**: This decreased significantly by -190% to -$79,258 thousand in Q1 2026, from $87,989 thousand in Q1 2025, mainly due to a -$97 million loss from a timing difference . - **Income Tax (Expense) Benefit**: The company reported an income tax benefit of $30,777 thousand in Q1 2026, compared to an expense of -$23,898 thousand in Q1 2025, a -229% change, primarily due to lower pre-tax book income . #### Cash Flow - **Net Cash Provided by (Used in) Operating Activities**: This was $15,614 thousand in Q1 2026, compared to -$37,121 thousand in Q1 2025 . - **Net Cash Provided by (Used in) Investing Activities**: This was -$184,136 thousand in Q1 2026, compared to -$323,665 thousand in Q1 2025 . - **Net Cash Provided by (Used in) Financing Activities**: This was $174,353 thousand in Q1 2026, compared to $294,275 thousand in Q1 2025 . - **Adjusted Cash from Operations plus Other Portfolio Collections (Non-GAAP)**: This metric was $234,584 thousand for the three months ended March 31, 2026 . #### Unique Metrics - **Managed Assets**: Total Managed Assets were $16.4 billion as of March 31, 2026, up from $16.1 billion as of December 31, 2025. The portfolio included approximately $3.8 billion of Behind-the-Meter (BTM) assets, $2.6 billion of Grid-Connected (GC) assets, and $1.2 billion of Fuels, Transport, and Nature (FTN) assets . - **Portfolio Composition**: As of March 31, 2026, 54% of the portfolio consisted of equity method investments, 38% of fixed-rate receivables and debt securities, 6% of floating-rate receivables, and 2% of real estate leased to renewable energy projects . - **Portfolio Yield**: Unlevered Portfolio Yield was 9.2% as of March 31, 2026, compared to 8.8% as of December 31, 2025 . - **Average Annual Realized Loss on Managed Assets**: This was 0.08% over the ten-year period ending March 31, 2026 . - **Debt to Equity Ratio**: The debt to equity ratio was 1.6 to 1 as of March 31, 2026, which is within the target operating range of 1.5 to 1 and 2.0 to 1 . - **Fixed Rate Debt Percentage**: The percentage of fixed rate debt, including the impact of interest rate derivatives, was approximately 100% as of March 31, 2026, within the targeted range of 75% to 100% . - **Loan Funding Commitments (Receivables)**: Commercial loan funding commitments were $253 million as of March 31, 2026, down from $388 million as of December 31, 2025 . #### Future Outlook and Strategy HA Sustainable Infrastructure Capital, Inc. is actively exploring additional markets beyond its traditional segments for potential investments. The company has a substantial pipeline of over $6.5 billion in new equity, debt, and real estate opportunities, with 34% related to BTM, 47% to GC, and 14% to FTN assets. The company expects its identified liquidity sources to sufficiently cover short-term and long-term needs, including funding future investments, debt service, operating costs, and stockholder distributions . ### Related Stocks - [HASI.US](https://longbridge.com/en/quote/HASI.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Hafnia’s Q1 2026 Financial Results Presentation to Be Held on 27 May 2026 | HAFN Stock News](https://longbridge.com/en/news/287014236.md) - [INTOUCH INSIGHT ANNOUNCES Q1 2026 FINANCIAL RESULTS](https://longbridge.com/en/news/287124506.md) - [Keysight Technologies Reports Second Quarter 2026 Results | KEYS Stock News](https://longbridge.com/en/news/286959830.md)