MWH · SOLV Energy, Inc. Class A Common Stock

SOLV Energy delivered robust Q1 2026 performance with revenue surging 66% year-over-year to $677 million, driven by strong execution amid a $8.2 billion backlog and nearly 22 GW in O&M contracts. Gross profit doubled to $119 million (17.6% margin), while adjusted gross profit rose 110% to $124 million (18.4% margin), reflecting improved profitability excluding non-cash compensation allocations. Adjusted EBITDA jumped 174% to $93 million, underscoring operational leverage post-IPO. The net loss of $27 million stemmed primarily from a one-time $52 million non-cash expense tied to legacy equity award modifications from the reorganization. CEO George Hershman highlighted execution focus and backlog strength, supporting confidence in raised full-year guidance: revenue $3.72-3.82 billion, adjusted gross profit $610-650 million (16.4-17.0% margin), and adjusted EBITDA $435-455 million. Strategically, the $45 million acquisition of Roberson Waite Electric expands utility substation capabilities, with $36 million at closing and the balance performance-based, targeting Q3 2026 close. Executive updates include CSO Erik Johnson's transition to non-executive role effective May 11, 2026, retaining employment through year-end, and Mike Adams' appointment as VP Investor Relations, bringing 20+ years of energy sector expertise.