SCHEDULE: Gagnon Entities Update Ameresco Stake to 4.9%

Neil Gagnon and affiliated entities disclose a combined 4.9% beneficial ownership in Ameresco, Inc. Class A Common Stock.

Summary

• Gagnon Securities LLC, Gagnon Advisors, LLC, and Neil Gagnon filed an Amendment No. 1 to Schedule 13G for Ameresco, Inc.
• The filing reports beneficial ownership of Ameresco, Inc. Class A Common Stock as of September 30, 2025.
• Neil Gagnon beneficially owns 1,717,344 shares, representing 4.9% of the class.
• Gagnon Securities LLC beneficially owns 964,139 shares, representing 2.8% of the class.
• Gagnon Advisors, LLC beneficially owns 472,798 shares, representing 1.4% of the class.
• The percentage of beneficial ownership is calculated based on 34,703,659 Class A Common Stock outstanding as of August 1, 2025, as reported in Ameresco's Form 10-Q.
• The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: Neutral, as this is a factual disclosure of beneficial ownership without commentary on company performance or future prospects. The certification of passive intent prevents a higher score for potential activist engagement.

Positives

• Disclosure of a significant, albeit passive, investment by institutional and individual investors, potentially indicating confidence in Ameresco, Inc.

Risks

• The reporting persons expressly disclaim beneficial ownership of all securities held in customer accounts and private investment funds, indicating that their direct control over these shares is limited by their advisory roles.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Ameresco, Inc.'s future performance.

Management Comments

• I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a passive investment by a financial advisory group in Ameresco, Inc., a company likely operating in the energy efficiency or renewable energy sector. Such Schedule 13G filings are routine for institutional investors accumulating positions below the 5% threshold, signifying a passive investment strategy rather than an intent to influence corporate control.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant passive ownership by institutional and individual investors, which can be viewed positively as a vote of confidence in the company.

Key Dates

Keywords

Ameresco Inc., Class A Common Stock, Gagnon Securities LLC, Gagnon Advisors LLC, Neil Gagnon, Beneficial Ownership, Schedule 13G, Investment Adviser, Broker-Dealer, Passive Investment