Revenue: As of FY2026 Q1, the actual value is USD 676.81 M, beating the estimate of USD 618.33 M.EPS: As of FY2026 Q1, the actual value is USD -0.2.EBIT: As of FY2026 Q1, the actual value is USD -1.734 M.SOLV Energy, Inc. transitioned to a single operating and reportable segment in the first quarter of 2026, aligning with how its Chief Executive Officer manages the business. The financial highlights cover the three months ended March 31, 2026, compared to the three months ended March 31, 2025.<h4>Segment Revenue</h4><ul><li>Total Revenue: Total revenue for SOLV Energy, Inc. increased by $268,958 thousand (65.9%) to $676,805 thousand in 2026 from $407,847 thousand in 2025.</li><li>Revenue by Service Type:<ul><li>New Construction: Revenue increased to $650,733 thousand (96.1% of total revenue) in 2026 from $377,161 thousand (92.5%) in 2025, primarily driving the overall revenue increase.</li><li>Existing Infrastructure: Revenue decreased to $24,964 thousand (3.7%) in 2026 from $26,508 thousand (6.5%) in 2025.</li><li>Other: Revenue decreased to $1,108 thousand (0.2%) in 2026 from $4,178 thousand (1.0%) in 2025.</li></ul></li><li>New Construction Revenue by Project Type:<ul><li>Solar PV / Solar PV + Battery Storage: Revenue was $577,338 thousand in 2026 compared to $350,166 thousand in 2025.</li><li>Standalone Battery Storage: Revenue was $23,071 thousand in 2026 compared to $9,542 thousand in 2025.</li><li>T&amp;D: Revenue was $50,324 thousand in 2026 compared to $17,453 thousand in 2025.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Cost of Revenue: Increased by $208,984 thousand (59.9%) to $557,732 thousand in 2026 from $348,748 thousand in 2025.</li><li>Gross Profit: Increased by $59,974 thousand (101.5%) to $119,073 thousand in 2026 from $59,099 thousand in 2025.</li><li>Gross Margin: Increased to 17.6% in 2026 from 14.5% in 2025, driven by productivity efficiencies, improved pricing, and vendor recoveries, partially offset by a one-time development expense impairment and non-cash compensation expense.</li><li>Selling, General and Administrative Expenses (SG&amp;A): Increased by $75,305 thousand (208.8%) to $111,375 thousand in 2026 from $36,070 thousand in 2025, primarily due to non-cash compensation expense, administrative needs for growth, and non-recurring transaction and IPO-related costs.</li><li>Amortization Expense: Increased by $1,111 thousand (8.1%) to $14,879 thousand in 2026 from $13,768 thousand in 2025, due to newly acquired intangible assets.</li><li>Operating Income (Loss): Shifted to an operating loss of - $7,181 thousand in 2026 from an operating income of $9,261 thousand in 2025.</li><li>Loss on Debt Extinguishment: $10,688 thousand was recognized in 2026, with no comparable amount in 2025.</li><li>Interest Expense: Decreased by - $5,794 thousand (-45.7%) to $6,897 thousand in 2026 from $12,691 thousand in 2025, due to the repayment of the term loan.</li><li>Interest Income: Decreased by - $1,822 thousand (-55.7%) to - $1,450 thousand in 2026 from - $3,272 thousand in 2025, mainly due to lower customer interest from delayed payments in 2026, partially offset by higher interest income on cash balances.</li><li>Other (Income) Loss, Net: Shifted to an income of - $68 thousand in 2026 from a loss of $82 thousand in 2025.</li><li>Loss Before Income Taxes: Increased to - $23,248 thousand in 2026 from - $240 thousand in 2025.</li><li>Income Tax Expense: Increased by $3,904 thousand (1490.1%) to $4,166 thousand in 2026 from $262 thousand in 2025, due to SOLV Energy, Inc. becoming subject to federal, state, and local income taxes post-IPO and a non-deductible stock-based compensation charge.</li><li>Net Loss: Increased to - $27,414 thousand in 2026 from - $502 thousand in 2025.</li><li>Net Loss Attributable to SOLV Energy, Inc.: Increased to - $23,358 thousand in 2026 from - $714 thousand in 2025.</li><li>EBITDA: EBITDA was $5,929 thousand in 2026 compared to $28,751 thousand in 2025.</li><li>Adjusted EBITDA: Adjusted EBITDA increased to $92,515 thousand in 2026 from $34,031 thousand in 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: Net cash provided by operating activities was $14,241 thousand in 2026, a decrease of $6,000 thousand from $20,175 thousand in 2025.</li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was - $10,440 thousand in 2026, a decrease of $3,100 thousand from - $13,534 thousand in 2025.</li><li>Net Cash Used in Financing Activities: Net cash used in financing activities was - $13,766 thousand in 2026, an increase of $8,200 thousand from - $5,602 thousand in 2025.</li></ul><h4>Unique Metrics</h4><ul><li>Backlog: Total Backlog was $8,166 million as of March 31, 2026, an increase from $8,024 million as of December 31, 2025.</li></ul><h4>Future Outlook and Strategy</h4>SOLV Energy, Inc. plans to utilize remaining net proceeds from its IPO for general corporate purposes, including growth initiatives and potential merger and acquisition opportunities. The company agreed to acquire Roberson Waite Electric (RWE) for an estimated $45 million, expecting to close by Q3 2026, to expand its utility substation construction and related infrastructure services. SOLV Energy, Inc. believes its existing cash balances ($384,900 thousand), cash flows from operations, and $191,500 thousand in undrawn availability under its New Revolving Credit Facility will fund operations for at least the next twelve months.

Solv Energy | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 676.81 M