Accelevation Sees 2026 Revenue of $905 Million to $915 Million, Up 103%
Key Facts
Accelevation Holdings expects revenue of between $905 million and $915 million in fiscal 2026, representing year-over-year growth of 103% at the midpoint, according to its third-quarter results statement issued on November 12. The company estimated adjusted EBITDA of between $155 million and $165 million, up 76% year over year at the midpoint. The outlook came as third-quarter revenue rose to $202.2 million from $121.9 million a year earlier, a gain of 65.9%. But revenue growth was not matched by improvement across all quarterly profitability measures. Net income fell to $3.2 million from $13.6 million, and adjusted EBITDA margin declined to 18.7% from 23.7%.
Bookings and backlog reflected the breadth of demand underpinning the company's outlook. Bookings totaled $768.9 million in the third quarter, up 364% year over year, while backlog reached $1.7 billion. Backlog rose 329% from the same period a year earlier and 51% from the previous quarter. The book-to-bill ratio was 3.8 times during the quarter. These measures show the volume of recorded business and pending orders, alongside revenue already recognized during the period. Chief Executive Michael Rubiera said end markets are accelerating and demand for the company's products is strong.
Rubiera linked the company's response to demand with investment to expand its modular infrastructure capabilities and broaden its power product offerings. “Based on strong demand from our customers, we continue to invest in expanding our modular capabilities, while also expanding our power product offerings,” he said in the company's statement. He also said end markets are accelerating and demand for products is strong. The company presents these investments as a response to demand, while third-quarter results showed growth in revenue and adjusted EBITDA in absolute terms. By contrast, quarterly net income fell and adjusted EBITDA margin narrowed compared with the third quarter of last year. The results thus combined business expansion with pressure on some profitability measures.
In the first nine months of 2026, revenue was $639.7 million, compared with $280.5 million in the same period of 2025, an increase of 128% year over year. Net income for the period was $22.5 million, up from $4.9 million a year earlier. But adjusted EBITDA margin for the nine months fell to 16.6% from 19.8%. These figures put the quarterly decline in net income within a broader period that saw revenue growth and higher net income year to date. They also show that growth in adjusted EBITDA in dollar terms does not necessarily mean a wider margin. Revenue growth in the nine months was faster than in the third quarter on a year-over-year basis.
On liquidity and financing, third-quarter operating cash flow rose to $62.5 million, compared with an outflow of $0.6 million in the same period a year earlier. After the quarter ended, the company used proceeds from its initial public offering to reduce debt and closed new credit facilities worth $650 million. The facilities comprise a $400 million revolving credit line and a $250 million Term Loan A. The chief financial officer said the IPO proceeds reduced debt and pro forma leverage and strengthened financial flexibility. This coincided with growth in backlog and the expansion of investment cited by management. In September 2026, Reuters reported that the company had filed for an IPO amid investor interest in companies tied to the artificial intelligence boom and capital spending in the sector.
Accelevation management was scheduled to hold a call to discuss third-quarter results on November 13, 2026, at 8:30 a.m. Eastern time. The call follows the release of the full-year outlook and quarterly results, including growth in bookings and backlog and declines in net income and adjusted EBITDA margin. Management is expected to discuss these measures and its financial outlook for the year. The company’s 2026 revenue range is above the revenue level recorded in the first nine months of the year. The outlook also sets a range for annual adjusted EBITDA, alongside expected growth at the midpoint. The results statement did not link the outlook to the SkyBridge project.