SOLV Energy reported second-quarter revenue of $951 million on August 13, up 77% from $536 million a year earlier. First-half revenue reached $1.628 billion. Backlog stood at roughly $8.9 billion at June 30, up 44% from $6.2 billion — and about $2.5 billion of that carries a battery energy storage component.
The San Diego company is the utility-scale solar and power-infrastructure EPC that came out of Swinerton’s renewables arm. It says it has built more than 500 power plants totaling 22 gigawatts since 2008 and now services 152 plants and more than 23 gigawatts under O&M.
The storage number is the one to watch
Twenty-eight percent of backlog attached to battery storage is a different business than solar EPC. Storage brings different long-lead procurement, different commissioning risk, different fire-protection and code exposure, and a different set of interconnection conversations. Contractors who built their organizations around racking and tracker installation are learning a second trade in public.
It’s also the direct answer to why utilities are still signing. Solar alone competes on energy price; solar plus storage competes on capacity, which is what the interconnection queue is actually short of.
Margin went the other way
Gross margin compressed to 14.7% in Q2 from 21.1% a year earlier. SOLV attributes the shift to mix, away from high-margin repair work and toward new construction and acquired revenue, and notes that a Q2 reclassification of annual incentive compensation into cost of revenue makes the year-over-year comparison non-comparable by roughly 60 basis points.
Take the caveat seriously, and then note that a 640-basis-point swing doesn’t get explained by 60 basis points of accounting. Growing revenue 77% while giving up six points of gross margin is a real trade, and it’s the trade most EPCs are making right now to hold share in a market where owners have options.
Adjusted EBITDA was $117 million for the quarter and $210 million for the half. Net income was $67 million in Q2. The adjusted figures are non-GAAP and company-defined.
Buying electricians
SOLV closed its acquisition of Roberson Waite Electric on July 1 for $40.9 million cash plus up to $9 million in earnout. That’s the tell. When a solar EPC buys an electrical contractor, it isn’t chasing revenue. It’s buying licensed journeymen and foremen it can’t hire fast enough.
“SOLV delivered record financial results through the first half of 2026, driven by strong execution across the business and continued demand from customers who rely on us to build, maintain, and enhance critical energy infrastructure,” said CEO George Hershman, who added that the company is raising full-year guidance to $3.87-3.97 billion in revenue and $485-505 million in adjusted EBITDA.
Related listing: NASA Mobile Launcher 2, another federal-adjacent build where long-lead procurement drives the schedule.