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Ameresco vs SolarMax Technology: revenue, profit, margins and growth compared

Ameresco brought in $1.8B of revenue in fiscal 2024, SolarMax Technology $91M in fiscal 2025. Revenue changed by +28.8% at Ameresco and +295.8% at SolarMax Technology on the year before, so SolarMax Technology grew faster. Ameresco kept 3.2% of its revenue as net profit, SolarMax Technology -7.0%.

Side by side, latest fiscal year

AMRCSMXT
Fiscal year endedFY2024 (December 31, 2024)FY2025 (December 31, 2025)
Revenue$1.8B$91M
Revenue growth+28.8%+295.8%
Net income$56.8M-$6.3M
Net margin3.2%-7.0%
Free cash flow$113.3Mn/a
Free cash flow margin6.4%n/a
Earnings per share (diluted)$1.07-$0.13
Cash$108.5M$8M
Debt$149.4Mn/a
Price to earnings20.1n/a
Market value$1.1B$11M
Dividend yieldn/an/a
Rank by revenue in sector#374 of 955 · Consumer discretionary#722 of 955 · Consumer discretionary

Over the years

Revenue
AMRC FY2017: $717.2MAMRC FY2018: $787.1MAMRC FY2019: $866.9MAMRC FY2020: $1BAMRC FY2021: $1.2BAMRC FY2022: $1.8BAMRC FY2023: $1.4BAMRC FY2024: $1.8BSMXT FY2023: $44.7MSMXT FY2023: $54.1MSMXT FY2024: $23MSMXT FY2025: $91MFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMRC $1.8BSMXT $91M
Net income
AMRC FY2017: $37.5MAMRC FY2018: $38MAMRC FY2019: $44.4MAMRC FY2020: $54.1MAMRC FY2021: $70.5MAMRC FY2022: $94.9MAMRC FY2023: $62.5MAMRC FY2024: $56.8MSMXT FY2023: -$6.9MSMXT FY2023: $434.8KSMXT FY2024: -$35MSMXT FY2025: -$6.3MFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMRC $56.8MSMXT -$6.3M
Net margin
AMRC FY2017: 5.2%AMRC FY2018: 4.8%AMRC FY2019: 5.1%AMRC FY2020: 5.2%AMRC FY2021: 5.8%AMRC FY2022: 5.2%AMRC FY2023: 4.5%AMRC FY2024: 3.2%SMXT FY2023: -15.4%SMXT FY2023: 0.8%SMXT FY2024: -152.1%SMXT FY2025: -7.0%FY17FY18FY19FY20FY21FY22FY23FY24FY25
AMRC 3.2%SMXT -7.0%
Revenue growth
AMRC FY2018: +9.8%AMRC FY2019: +10.1%AMRC FY2020: +19.1%AMRC FY2021: +17.8%AMRC FY2022: +50.1%AMRC FY2023: -24.7%AMRC FY2024: +28.8%SMXT FY2023: +21.1%SMXT FY2024: -57.5%SMXT FY2025: +295.8%FY18FY19FY20FY21FY22FY23FY24FY25
AMRC +28.8%SMXT +295.8%
Free cash flow
AMRC FY2017: -$138.4MAMRC FY2018: -$57.1MAMRC FY2019: -$203MAMRC FY2020: -$104.8MAMRC FY2021: -$177.2MAMRC FY2022: -$343.6MAMRC FY2023: -$75.7MAMRC FY2024: $113.3MSMXT FY2023: -$2.1MSMXT FY2023: $4.1MSMXT FY2024: -$9.1MFY17FY18FY19FY20FY21FY22FY23FY24
AMRC $113.3MSMXT -$9.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ameresco and SolarMax Technology

Which is bigger by revenue, Ameresco or SolarMax Technology?

Ameresco is bigger by revenue: $1.8B in fiscal 2024, against $91M for SolarMax Technology in fiscal 2025.

Which keeps more of its revenue as profit, Ameresco or SolarMax Technology?

Ameresco had a net margin of 3.2% in fiscal 2024; SolarMax Technology had -7.0% in fiscal 2025.

Which grew revenue faster, Ameresco or SolarMax Technology?

In their latest fiscal years revenue changed by +28.8% at Ameresco and +295.8% at SolarMax Technology.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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