Connect with us

Technology

MasTec Announces Fourth Quarter and Annual 2024 Financial Results With Record Backlog and Provides Initial 2025 Guidance

Published

on

Record Fourth Quarter and Annual Revenue of $3.4 Billion and $12.3 Billion, RespectivelyRecord Full Year 2024 Cash Flow from Operations Increased 63% to $1.1 Billion Record 18-Month Backlog of $14.3 BillionFourth Quarter Reduction in Net Debt of $318 Million, with Net Debt Leverage Ratio Reduced to 1.8×2024 Results Include GAAP Net Income of $199.4 Million, Adjusted Net Income of $348.3 Million, Adjusted EBITDA of $1.0 Billion, Diluted Earnings Per Share of $2.06 and Adjusted Diluted Earnings Per Share of $3.95Issuing Initial Annual 2025 Guidance Including Revenue of $13.45 Billion, a 9% Increase Over 2024, GAAP Net Income of $327 Million to $366 Million, Adjusted EBITDA of $1.10 Billion to $1.15 Billion, with Diluted Earnings Per Share of $3.75 to $4.24, and Adjusted Diluted Earnings Per Share of $5.35 to $5.84

CORAL GABLES, Fla., Feb. 27, 2025 /PRNewswire/ — MasTec, Inc. (NYSE: MTZ) today announced 2024 fourth quarter and full year financial results and issued its initial 2025 guidance expectation.

For the Fourth Quarter:

Fourth quarter 2024 revenue was $3.4 billion, compared to $3.3 billion for the fourth quarter of 2023. GAAP net income was $84.7 million, or 2.5% of revenue, and diluted earnings per share were $0.95, compared to $1.2 million, or $0.01 per diluted share, in the fourth quarter of 2023.

Fourth quarter 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $124.0 million and $1.44, respectively, as compared to $48.0 million and $0.61, respectively, in the fourth quarter of 2023.

Fourth quarter 2024 adjusted EBITDA, also a non-GAAP measure, was $270.9 million, compared to $226.5 million in the fourth quarter of 2023. Fourth quarter 2024 adjusted EBITDA margin rate was 8.0% of revenue, a 110 basis point improvement over the fourth quarter of 2023.

18-month backlog as of December 31, 2024, was a record $14.3 billion, a $1.9 billion increase over 2023 and a $440 million increase sequentially from the third quarter of 2024.

Fourth quarter 2024 Cash Flow from Operations was very strong at almost $472 million, enabling further net debt reduction. Net debt leverage ratio also improved well ahead of expectations to 1.8x at year-end.

For the Full Year:

Full year performance improved significantly over 2023. For the year ended December 31, 2024, revenue was $12.3 billion, compared to $12.0 billion for the prior year. GAAP net income was $199.4 million, or 1.6% of revenue, and diluted earnings per share were $2.06, compared to a net loss of $47.3 million, or a loss of $0.64 per diluted share in 2023.

Full year 2024 adjusted net income and adjusted diluted earnings per share, both non-GAAP measures, were $348.3 million and $3.95, respectively, compared to $144.1 million and $1.81, respectively, for 2023.

Full year 2024 adjusted EBITDA, also a non-GAAP measure, was up 19% to $1.0 billion, compared to $846.4 million in 2023. Full year 2024 adjusted EBITDA margin rate was up 110 basis points to 8.2% compared to 7.1% last year.

Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, and net debt, which are all non-GAAP measures, exclude certain items that are detailed and reconciled to the most comparable GAAP-reported measures in the attached Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures. 

Jose Mas, MasTec’s Chief Executive Officer, commented, “Third and fourth quarter financial performance showed substantial improvement in 2024 giving us great momentum into 2025. By focusing on execution, we saw nice margin expansion, exceeding our expectations, and we saw almost $2 billion in backlog growth for the company during the year, a leading indicator of the strong growth opportunities ahead of us.”

Mr. Mas continued, “I’d once again like to thank the men and women of MasTec who work hard every day improving our business. Our people are building, maintaining, and improving our nation’s energy, communications, transportation, and industrial infrastructure that we all rely on.”

Paul DiMarco, MasTec’s Executive Vice President, and Chief Financial Officer, noted, “We saw continued improvement in our balance sheet, driven by improvement in both earnings and our working capital, resulting in $1.1 billion of cash flow generated by operations for the year. With net debt leverage at a comfortable 1.8x adjusted EBITDA, we are positioned to shift back to a more balanced, return focused capital allocation framework.”

2025 Outlook:

Based on the information available today, the Company is providing both first quarter and full year 2025 guidance. The Company currently expects full year 2025 revenue to be $13.45 billion, a record level. 2025 full year GAAP net income and diluted earnings per share are expected in the range of $327 to $366 million, and $3.75 to $4.24, respectively. Full year 2025 adjusted EBITDA is expected to range from $1.10 to $1.15 billion, representing 8.2 – 8.5% of revenue, and adjusted diluted earnings per share is expected to range from $5.35 to $5.84.

For the first quarter of 2025, the Company expects revenue of approximately $2.7 billion. First quarter 2025 GAAP net loss is expected to be $1 million, compared to a net loss of $34.5 million in the first quarter of 2024. First quarter 2025 GAAP diluted loss per share is expected to be $0.05, compared to a diluted loss per share of $0.53 in the first quarter of 2024. First quarter 2025 adjusted EBITDA is expected to be $160 million or 5.9% of revenue, with adjusted diluted earnings per share expected to be $0.34.

In the first quarter of 2025, the Company made changes to its Communications and Power Delivery segment structure to more closely align with the segments’ end markets and to better correspond with the operational management reporting structure of both segments. These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment.

Management will hold a conference call to discuss these results on Friday, February 28, 2025 at 9:00 a.m. Eastern Time. The call-in number for the conference call is (856) 344-9221 or (888) 394-8218 with a pass code of 1616296. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the Investors section of the Company’s website at www.mastec.com. The webcast replay will be available for at least 30 days.

The following tables set forth the financial results for the periods ended December 31, 2024 and 2023:

Consolidated Statements of Operations

(unaudited – in thousands, except per share information)

For the Three Months Ended
December 31,

For the Years Ended
December 31,

2024

2023

2024

2023

Revenue

$      3,403,101

$      3,280,083

$    12,303,464

$    11,995,934

Costs of revenue, excluding depreciation and amortization

2,966,594

2,912,370

10,675,987

10,613,762

Depreciation

76,996

108,611

366,765

433,929

Amortization of intangible assets

38,184

42,981

139,853

169,233

General and administrative expenses

183,017

178,190

684,508

698,899

Interest expense, net

43,587

59,741

193,266

234,405

Equity in earnings of unconsolidated affiliates, net

(8,075)

(7,262)

(30,228)

(30,697)

Loss on extinguishment of debt

11,344

Other expense (income), net

6,367

(14,562)

11,006

(40,893)

Income (loss) before income taxes

$           96,431

$                  15

$         250,963

$         (82,704)

(Provision for) benefit from income taxes

(11,730)

1,177

(51,542)

35,408

Net income (loss)

$           84,702

$             1,192

$         199,421

$         (47,296)

Net income attributable to non-controlling interests

9,962

439

36,633

2,653

Net income (loss) attributable to MasTec, Inc.

$           74,740

$                753

$         162,788

$         (49,949)

Earnings (loss) per share:

Basic earnings (loss) per share

$               0.96

$               0.01

$               2.09

$             (0.64)

Basic weighted average common shares outstanding

78,185

77,879

78,049

77,535

Diluted earnings (loss) per share

$               0.95

$               0.01

$               2.06

$             (0.64)

Diluted weighted average common shares outstanding

79,053

78,288

78,880

77,535

 

Consolidated Balance Sheets

(unaudited – in thousands)

December 31,
2024

December 31,
2023

Assets

Current assets

$      3,652,530

$      3,974,253

Property and equipment, net

1,548,916

1,651,462

Operating lease right-of-use assets

396,151

418,685

Goodwill, net

2,203,077

2,126,366

Other intangible assets, net

727,366

784,260

Other long-term assets

447,235

418,485

Total assets

$      8,975,275

$      9,373,511

Liabilities and equity

Current liabilities

$      2,999,699

$      2,837,219

Long-term debt, including finance leases

2,038,017

2,888,058

Long-term operating lease liabilities

261,303

292,873

Deferred income taxes

362,772

390,399

Other long-term liabilities

326,141

243,701

Total liabilities

$      5,987,932

$      6,652,250

Total equity

$      2,987,343

$      2,721,261

Total liabilities and equity

$      8,975,275

$      9,373,511

 

Consolidated Statements of Cash Flows

(unaudited – in thousands)

For the Years Ended
December 31,

2024

2023

Net cash provided by operating activities

$      1,121,625

$         687,277

Net cash used in investing activities

(157,490)

(178,061)

Net cash used in financing activities

(1,090,234)

(350,998)

Effect of currency translation on cash

(3,559)

751

Net (decrease) increase in cash and cash equivalents

$       (129,658)

$         158,969

Cash and cash equivalents – beginning of period

$         529,561

$         370,592

Cash and cash equivalents – end of period

$         399,903

$         529,561

 

Backlog by Reportable Segment (unaudited – in millions)

December 31,
2024

September 30,
2024

December 31,
2023

Communications

$              6,010

$              5,855

$              5,627

Clean Energy and Infrastructure

4,244

4,141

3,115

Power Delivery

3,309

3,160

2,440

Pipeline Infrastructure

735

702

1,225

Other

Estimated 18-month backlog

$            14,298

$            13,858

$            12,407

Backlog is a common measurement used in our industry. Our methodology for determining backlog may not, however, be comparable to the methodologies used by others. Estimated backlog represents the amount of revenue we expect to realize over the next 18 months from future work on uncompleted construction contracts, including new contracts under which work has not begun, as well as revenue from change orders and renewal options. Our estimated backlog also includes amounts under master service and other service agreements and our proportionate share of estimated revenue from proportionately consolidated non-controlled contractual joint ventures. Estimated backlog for work under master service and other service agreements is determined based on historical trends, anticipated seasonal impacts, experience from similar projects and estimates of customer demand based on communications with our customers.

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended
December 31,

Segment Information

2024

2023

2024

2023

Revenue by Reportable Segment

Communications

$             975.3

$             759.9

$          3,460.0

$          3,259.5

Clean Energy and Infrastructure

1,257.8

1,067.4

4,092.1

3,962.0

Power Delivery

762.1

658.0

2,682.1

2,735.1

Pipeline Infrastructure

429.5

802.2

2,133.6

2,072.8

Other

Eliminations

(21.6)

(7.4)

(64.3)

(33.5)

Consolidated revenue

$          3,403.1

$          3,280.1

$        12,303.5

$        11,995.9

 

For the Three Months Ended

December 31,

For the Years Ended

December 31,

Adjusted EBITDA and EBITDA Margin by Segment

2024

2023

2024

2023

EBITDA

$    255.2

7.5 %

$    211.3

6.4 %

$    950.8

7.7 %

$    754.9

6.3 %

Non-cash stock-based compensation expense (a)

8.6

0.3 %

9.0

0.3 %

32.7

0.3 %

33.3

0.3 %

Loss on extinguishment of debt (a)

— %

— %

11.3

0.1 %

— %

Changes in fair value of acquisition-related contingent items (a)

7.1

0.2 %

(4.8)

(0.1) %

10.7

0.1 %

(13.9)

(0.1) %

Acquisition and integration costs (b)

— %

11.0

0.3 %

— %

71.9

0.6 %

Losses on fair value of investment (a)

— %

— %

— %

0.2

0.0 %

Adjusted EBITDA

$    270.9

8.0 %

$    226.5

6.9 %

$ 1,005.6

8.2 %

$    846.4

7.1 %

Segment:

Communications

$      96.5

9.9 %

$      57.7

7.6 %

$    333.7

9.6 %

$    291.7

8.9 %

Clean Energy and Infrastructure

104.3

8.3 %

51.7

4.8 %

257.0

6.3 %

169.5

4.3 %

Power Delivery

54.4

7.1 %

52.8

8.0 %

187.7

7.0 %

216.3

7.9 %

Pipeline Infrastructure

58.5

13.6 %

95.5

11.9 %

389.4

18.3 %

284.4

13.7 %

Other

9.0

NM

6.8

NM

26.2

NM

25.0

NM

Segment Total

$    322.7

9.5 %

$    264.5

8.1 %

$ 1,194.1

9.7 %

$    986.9

8.2 %

Corporate

(51.8)

(38.0)

(188.5)

(140.5)

Adjusted EBITDA

$    270.9

8.0 %

$    226.5

6.9 %

$ 1,005.6

8.2 %

$    846.4

7.1 %

NM – Percentage is not meaningful

(a)

Non-cash stock-based compensation expense, loss on extinguishment of debt, changes in fair value of acquisition-related contingent items, losses on the fair value of an investment are included within Corporate EBITDA.

(b)

For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $22.5 million, $37.1 million and $8.5 million, respectively, of acquisition and integration costs, and Corporate EBITDA included $3.8 million of such costs.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended

December 31,

EBITDA and Adjusted EBITDA Reconciliation

2024

2023

2024

2023

Net income (loss)

$     84.7

2.5 %

$       1.2

0.0 %

$   199.4

1.6 %

$   (47.3)

(0.4) %

Interest expense, net

43.6

1.3 %

59.7

1.8 %

193.3

1.6 %

234.4

2.0 %

Provision for (benefit from) income taxes

11.7

0.3 %

(1.2)

(0.0) %

51.5

0.4 %

(35.4)

(0.3) %

Depreciation

77.0

2.3 %

108.6

3.3 %

366.8

3.0 %

433.9

3.6 %

Amortization of intangible assets

38.2

1.1 %

43.0

1.3 %

139.9

1.1 %

169.2

1.4 %

EBITDA

$   255.2

7.5 %

$   211.3

6.4 %

$   950.8

7.7 %

$   754.9

6.3 %

Non-cash stock-based compensation expense

8.6

0.3 %

9.0

0.3 %

32.7

0.3 %

33.3

0.3 %

Loss on extinguishment of debt

— %

— %

11.3

0.1 %

— %

Changes in fair value of acquisition-related contingent items

7.1

0.2 %

(4.8)

(0.1) %

10.7

0.1 %

(13.9)

(0.1) %

Acquisition and integration costs

— %

11.0

0.3 %

— %

71.9

0.6 %

Losses on fair value of investment

— %

— %

— %

0.2

0.0 %

Adjusted EBITDA

$   270.9

8.0 %

$   226.5

6.9 %

$  1,005.6

8.2 %

$   846.4

7.1 %

 

For the Three Months Ended
December 31,

For the Years Ended
December 31,

Adjusted Net Income Reconciliation

2024

2023

2024

2023

Net income (loss)

$               84.7

$                 1.2

$             199.4

$             (47.3)

Adjustments:

Non-cash stock-based compensation expense

8.6

9.0

32.7

33.3

Amortization of intangible assets

38.2

43.0

139.9

169.2

Loss on extinguishment of debt

11.3

Changes in fair value of acquisition-related contingent items

7.1

(4.8)

10.7

(13.9)

Acquisition and integration costs

11.0

71.9

Losses on fair value of investment

0.2

Total adjustments, pre-tax

$               53.9

$               58.2

$             194.6

$             260.8

   Income tax effect of adjustments (a)

(13.7)

(16.0)

(44.8)

(74.0)

   Statutory and other tax rate effects (b)

(0.9)

4.6

(0.9)

4.6

Adjusted net income

$             124.0

$               48.0

$             348.3

$             144.1

Net income attributable to non-controlling interests

10.0

0.4

36.6

2.7

Adjusted net income attributable to MasTec, Inc.

$             114.0

$               47.6

$             311.7

$             141.4

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards.  Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

(b)

Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

For the Three Months Ended
December 31,

For the Years Ended
December 31,

Adjusted Diluted Earnings per Share Reconciliation

2024

2023

2024

2023

Diluted earnings (loss) per share

$               0.95

$               0.01

$               2.06

$             (0.64)

Adjustments:

Non-cash stock-based compensation expense

0.11

0.11

0.41

0.43

Amortization of intangible assets

0.48

0.55

1.77

2.16

Loss on extinguishment of debt

0.14

Changes in fair value of acquisition-related contingent items

0.09

(0.06)

0.14

(0.18)

Acquisition and integration costs

0.14

0.92

Losses on fair value of investment

0.00

Total adjustments, pre-tax

$               0.68

$               0.74

$               2.47

$               3.33

   Income tax effect of adjustments (a)

(0.17)

(0.20)

(0.57)

(0.94)

   Statutory and other tax rate effects (b)

(0.01)

0.06

(0.01)

0.06

Adjusted diluted earnings per share

$               1.44

$               0.61

$               3.95

$               1.81

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

(b)

Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023.

 

Calculation of Net Debt

December 31,
2024

December 31,
2023

Current portion of long-term debt, including finance leases

$             186.1

$             177.2

Long-term debt, including finance leases

2,038.0

2,888.1

Total Debt

$          2,224.1

$          3,065.3

Less: cash and cash equivalents

(399.9)

(529.6)

Net Debt

$          1,824.2

$          2,535.7

 

EBITDA and Adjusted EBITDA Reconciliation

Guidance for the Year

Ended December

31, 2025 Est.

For the Year
Ended December
31, 2024

For the Year
Ended December
31, 2023

Net income (loss)

$         327 – 366  

      2.4 – 2.7 %

$    199.4

1.6 %

$    (47.3)

(0.4) %

Interest expense, net

170

1.3 %

193.3

1.6 %

234.4

2.0 %

Provision for (benefit from) income taxes

  98 – 109   

      0.7 – 0.8 %

51.5

0.4 %

(35.4)

(0.3) %

Depreciation

340

2.5 %

366.8

3.0 %

433.9

3.6 %

Amortization of intangible assets

131

1.0 %

139.9

1.1 %

169.2

1.4 %

EBITDA

$   1,066 – 1,115

7.9 – 8.3 %

$    950.8

7.7 %

$    754.9

6.3 %

Non-cash stock-based compensation expense

34

0.3 %

32.7

0.3 %

33.3

0.3 %

Loss on extinguishment of debt

— %

11.3

0.1 %

— %

Changes in fair value of acquisition-related contingent items

(0)

(0.0) %

10.7

0.1 %

(13.9)

(0.1) %

Acquisition and integration costs

— %

— %

71.9

0.6 %

Losses on fair value of investment

— %

— %

0.2

0.0 %

Adjusted EBITDA

$    1,100 –1,150

8.2 – 8.5 %

$ 1,005.6

8.2 %

$    846.4

7.1 %

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

Adjusted Net Income Reconciliation

Guidance for the
Year Ended
December 31,
2025 Est.

For the Year
Ended
December 31,
2024

For the Year
Ended
December 31,
2023

Net income (loss)

 $           327 – 366

$             199.4

$             (47.3)

Adjustments:

Non-cash stock-based compensation expense

34

32.7

33.3

Amortization of intangible assets

131

139.9

169.2

Loss on extinguishment of debt

11.3

Changes in fair value of acquisition-related contingent items

(0)

10.7

(13.9)

Acquisition and integration costs

71.9

Losses on fair value of investment

0.2

Total adjustments, pre-tax

$                     165

$             194.6

$             260.8

Income tax effect of adjustments (a)

(38)

(44.8)

(74.0)

Statutory and other tax rate effects (b)

(0.9)

4.6

Adjusted net income

 $            454 – 493

$             348.3

$             144.1

Net income attributable to non-controlling interests

30

36.6

2.7

Adjusted net income attributable to MasTec, Inc.

 $            424 – 463

$             311.7

$             141.4

 

Adjusted Diluted Earnings per Share Reconciliation

Guidance for
the Year Ended
December 31,
2025 Est.

For the Year
Ended
December 31,
2024

For the Year
Ended
December 31,
2023

Diluted earnings (loss) per share

$          3.75 – 4.24

$               2.06

$             (0.64)

Adjustments:

Non-cash stock-based compensation expense

0.43

0.41

0.43

Amortization of intangible assets

1.65

1.77

2.16

Loss on extinguishment of debt

0.14

Changes in fair value of acquisition-related contingent items

(0.00)

0.14

(0.18)

Acquisition and integration costs

0.92

Losses on fair value of investment

0.00

Total adjustments, pre-tax

$                    2.08

$               2.47

$               3.33

Income tax effect of adjustments (a)

(0.48)

(0.57)

(0.94)

Statutory and other tax rate effects (b)

(0.01)

0.06

Adjusted diluted earnings per share

$         5.35 – 5.84

$               3.95

$               1.81

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

(b)

Represents the effects of statutory and other tax rate changes for the years ended December 31, 2024 and 2023.

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(unaudited – in millions, except for percentages and per share information)

EBITDA and Adjusted EBITDA Reconciliation

Guidance for the Three
Months Ended March 31, 2025
Est.

For the Three Months Ended
March 31, 2024

Net loss

$                  (1)

(0.0) %

$             (34.5)

(1.3) %

Interest expense, net

43

1.6 %

52.1

1.9 %

Benefit from income taxes

(0)

(0.0) %

(11.1)

(0.4) %

Depreciation

79

2.9 %

107.4

4.0 %

Amortization of intangible assets

33

1.2 %

33.7

1.3 %

EBITDA

$                152

5.6 %

$             147.6

5.5 %

Non-cash stock-based compensation expense

8

0.3 %

9.7

0.4 %

Changes in fair value of acquisition-related contingent items

(0)

(0.0) %

(4.6)

(0.2) %

Adjusted EBITDA

$                160

5.9 %

$             152.8

5.7 %

 

Adjusted Net Income (Loss) Reconciliation

Guidance for
the Three
Months
Ended March
31, 2025 Est.

For the Three
Months
Ended March
31, 2024

Net loss

$                  (1)

$             (34.5)

Adjustments:

Non-cash stock-based compensation expense

8

9.7

Amortization of intangible assets

33

33.7

Changes in fair value of acquisition-related contingent items

(0)

(4.6)

Total adjustments, pre-tax

$                  40

$               38.8

Income tax effect of adjustments (a)

(9)

(11.1)

Adjusted net income (loss)

$                  30

$               (6.7)

Net income attributable to non-controlling interests

2

6.7

Adjusted net income (loss) attributable to MasTec, Inc.

$                  27

$             (13.4)

 

Adjusted Diluted Earnings (Loss) per Share Reconciliation

Guidance for
the Three
Months
Ended March
31, 2025 Est.

For the Three
Months
Ended March
31, 2024

Diluted loss per share

$              (0.05)

$             (0.53)

Adjustments:

Non-cash stock-based compensation expense

0.10

0.12

Amortization of intangible assets

0.41

0.43

Changes in fair value of acquisition-related contingent items

(0.00)

(0.06)

Total adjustments, pre-tax

$               0.51

$               0.50

Income tax effect of adjustments (a)

(0.12)

(0.14)

Adjusted diluted earnings (loss) per share

$               0.34

$             (0.17)

(a)

Represents the tax effects of the adjusted items that are subject to tax, including the tax effects of non-cash stock-based compensation expense, including from share-based payment awards. Tax effects are determined based on the tax treatment of the related item, the incremental statutory tax rate of the jurisdictions pertaining to the adjustment, and their effects on pre-tax income.

The tables may contain slight summation differences due to rounding.

MasTec uses EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin, as well as Adjusted Net Income, Adjusted Diluted Earnings Per Share and Net Debt, to evaluate our performance, both internally and as compared with its peers, because these measures exclude certain items that may not be indicative of its core, or underlying, operating results, as well as items that can vary widely across different industries or among companies within the same industry. MasTec believes that these adjusted measures provide a baseline for analyzing trends in its underlying business. MasTec believes that these non-U.S. GAAP financial measures provide meaningful information and help investors understand its financial results and assess its prospects for future performance. Because non-U.S. GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-U.S. GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported net income, net income margin, diluted earnings per share or total debt, and should be viewed in conjunction with the most comparable U.S. GAAP financial measures and the provided reconciliations thereto. MasTec believes these non-U.S. GAAP financial measures, when viewed together with its U.S. GAAP results and related reconciliations, provide a more complete understanding of its business. Investors are strongly encouraged to review MasTec’s consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.

MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. The Company’s corporate website is located at www.mastec.com. The Company’s website should be considered as a recognized channel of distribution, and the Company may periodically post important, or supplemental, information regarding contracts, awards or other related news and webcasts on the Events & Presentations page in the Investors section therein.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec; expectations regarding MasTec’s business or financial outlook; expectations regarding MasTec’s plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the impact of inflation on MasTec’s costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; market conditions, including rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes, tax incentives and government funding programs  that affect us or our customers’ industries, access to capital, material and labor costs, supply chain issues and technological developments, all of which may affect demand for our service; changes to governmental programs and spending policies, including potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act and/or Inflation Reduction Act, including the potential for reduced support for renewable energy projects, changes in U.S or foreign tax laws, statutes, rules, regulations or ordinances, including the impact of, and changes to, tariffs, including the effects of tariffs imposed on oil and gas imported from Canada, tariffs imposed on goods imported from China, including steel and solar panels, and tariffs on all steel and aluminum imports into the United States, or trade policies affecting macroeconomic conditions, including inflation, as well as, the industries we serve and related projects and expenditures that may adversely impact our future financial position or results of operations; risks related to governmental regulation, including uncertainties from the change in the U.S. federal administration; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, tariff effects, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; adverse climate and weather events, such as the risk of wildfires, that increase operational and legal risks in certain locations where we perform services, could increase the potential liability and related costs associated with such operations; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of state and federal regulatory initiatives, including risks related to and the costs of compliance with existing and potential future environmental, social and governance requirements, including with respect to climate-related matters; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from increased tariffs, fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting; risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.

View original content:https://www.prnewswire.com/news-releases/mastec-announces-fourth-quarter-and-annual-2024-financial-results-with-record-backlog-and-provides-initial-2025-guidance-302388008.html

SOURCE MasTec, Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

QC Ware Announces 5th Q2B Tokyo Conference Focused on the Roadmap to Quantum Value in Asia and Beyond, Quemix to Co-host and Sponsor

Published

on

By

QC Ware hosts the 5th Q2B conference in Tokyo to connect the Asian and global quantum technology landscape and bring together quantum industry experts across computing, AI, telecommunications, sensing, finance, automotive, chemicals, and more.

TOKYO, April 21, 2026 /PRNewswire/ — QC Ware, a leading provider of industry-disrupting quantum technology, quantum-inspired machine learning, and quantum chemistry simulation solutions, today announced the 2026 Q2B Tokyo Conference (Q2B26) taking place June 4-5, 2026.

As the Q2B26 Tokyo Co-host and Platinum Sponsor, Quemix will contribute to discussions and demonstrations aimed at accelerating the adoption of quantum technologies in various industries, spanning pharmaceutical, biotech, finance, automotive, logistics, and artificial intelligence. “Quemix is proud to once again serve as a co-organizer for Q2B Tokyo, a venue that brings together the most significant global advancements in quantum technology. Our sessions will dive deep into these trends, offering a closer look at a variety of practical use cases implemented on real quantum devices.

We look forward to sharing our latest progress as we drive the practical realization of quantum computing. Please join us at Q2B to witness these breakthroughs in person.” said Quemix CEO and President, Yu-ichiro Matsushita. “A key highlight will be Quemix’s presentation of six industrial use cases, demonstrating tangible progress in real-world quantum applications across the automotive and materials industries.”

The conference, being held at the Grand Hyatt Tokyo, will dive deep into all major quantum technologies and themes: computing, sensing, communications, security, error correction, quantum AI, HPC integration, and more. Attendees can expect to see featured keynotes, industry case studies, and discussions led by experts at the forefront of quantum R&D from some of the world’s leading businesses and institutions across government, academia, and industry.

“Our team at QC Ware is really excited to see all of you at the 5th annual Q2B Tokyo conference! Quantum advantage is getting closer every day, and at this event you will be getting practical updates on progress by many of the leading QC hardware and software developers. If you are working in an enterprise that will be impacted by AI and quantum computing, then attending this event is a must!” said QC Ware CEO, Matt Johnson. “The quantum ecosystems of Japan and Asia are incredibly dynamic and exciting, and the work undertaken to directly and indirectly create that environment cannot be overstated.”

Through keynotes, business seminars, breakout sessions, technical workshops, and panel discussions, attendees at Q2B Tokyo will learn about the latest hardware and software breakthroughs as well as applications in optimization, chemistry simulations, pharmaceutical and materials discovery, error correction, and quantum AI. Additionally, the conference features several panels and sessions from field practitioners, end users, and experts across industries. Notable speakers include:

Kazuya Masu – Director, AIST – G-QuATTaro Shimada – Chair of the Board, Quantum Strategic Industry Alliance for Revolution (Q-STAR) and CEO, ToshibaMitsuhisa Sato – Division Director of Quantum-HPC Hybrid Platform Division, RIKEN Center for Computational ScienceMitsunobu Koshiba – Co founder, Cdots LLCShuntaro Takeda – Associate Professor, The University of TokyoYu-ichiro Matsushita – CEO, QuemixCarmen Palacios-Berraquero – Founder and CEO, Nu QuantumThom Murray – VP Quantum Technology Evangelism, D-Wave SystemsDr. Michael J. Biercuk – CEO and Founder, Q-CTRLShunsuke Okada – Chair of Executive Committee, Q-STARMatt Terabe – Chief of Quantum Technology, Deloitte TohmatsuSameh Yamany – Chief Technology Officer, VIAVI SolutionsAsif Sinai – Co-founder and CEO, QedmaTatsuo Nakamura – CEO & President & Founder, VALUENEX, Inc.Pouya Dianat – Chief Revenue Officer, Quantum Computing Inc.Yuval Boger – Chief Commercial Officer, QuEra Computing inc.Joseph Spencer – Director, GQI

Attendees will also have the opportunity to explore the exhibit floor with vendors showcasing their latest advancements in quantum technologies, featuring: Quemix, Classiq, Denso, Quantinuum, SQAI, QuEra Computing, Qedma, Quantum Machines, IonQ, Fujitsu, JHPC RIKEN Softbank, Quantum Computing Inc, IQM, Q-CTRL, D-Wave Quantum, Quanmatic, Toyota Tsusho, Lquom, Norma, Alpine Quantum Technologies, Q-STAR, Qunova Computing and more.

Find the agenda, featured speakers, sponsors, and register to attend Q2B26 Tokyo here.

About QC Ware

QC Ware is a quantum and classical computing SaaS company focused on delivering enterprise value through cutting-edge computational technology. The company develops enterprise-grade applications that run on state-of-the-art classical computing hardware and algorithms targeting near-term quantum hardware. Its flagship product, Promethium, is an advanced molecular discovery platform that leverages quantum chemistry to accelerate research across pharmaceutical, materials science, and chemical industries. With specialization in machine learning and chemistry simulation applications, the team bridges the gap between theoretical quantum computing and practical business solutions. Composed of some of the industry’s foremost experts, QC Ware is headquartered in Palo Alto, California, with a European subsidiary in Paris. The company also organizes Q2B, a global series of conferences for industry, practitioner, and academic quantum computing communities. Learn more at www.qcware.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/qc-ware-announces-5th-q2b-tokyo-conference-focused-on-the-roadmap-to-quantum-value-in-asia-and-beyond-quemix-to-co-host-and-sponsor-302748197.html

SOURCE QC Ware Corp.

Continue Reading

Technology

8 Greenberg Traurig Attorneys to Speak at eMerge Americas Conference

Published

on

By

MIAMI, April 21, 2026 /PRNewswire/ — Eight attorneys from Greenberg Traurig, P.A. will speak at the 2026 eMerge Americas conference, considered the premier global technology event, April 23-24 at the Miami Beach Convention Center.

In addition to serving as an event sponsor, Greenberg Traurig is a founding partner of eMerge Americas and has played a central role in the conference’s development since its inception. Early planning discussions hosted at the firm’s Miami office helped spark the creation of eMerge Americas, laying the groundwork for what has become a premier global technology conference. Today, the annual event connects business leaders, government officials, investors, and entrepreneurs from around the world to discover the newest technologies fueling future innovation.

“Miami has emerged as one of the world’s premier tech hubs, attracting global talent and capital at an unprecedented pace,” said Jaret L. Davis, co-managing shareholder of Greenberg Traurig’s Miami office, a senior vice president of the firm, and general counsel for eMerge Americas. “As a founding partner of eMerge Americas, Greenberg Traurig’s attorneys are at the forefront of that transformation and are proud to share the eMerge Americas stage with the innovators and leaders building the future of technology both locally and globally.”

For over a decade, Davis has helped lead Greenberg Traurig’s work as a critical player guiding deals and investments in the technology industry. He routinely represents technology companies, including publicly traded clients with an aggregate market capitalization exceeding $100 billion, and several of Miami’s largest unicorn companies.

The following is a list of Greenberg Traurig speakers at the event and their corresponding panels:

Kieran Dwyer, Minneapolis Corporate shareholderDate and time: April 23, 3:15-3:45 p.m.Location: eMerge AI + DEEP TECH StagePanel: AI-Native Law: Securing and Governing Autonomous Systems at ScaleDescription: Explore what it means to operate in an artificial intelligence-native environment, how accountability is defined when systems act independently, and what it takes to secure and govern AI at scale.Jaret L. Davis, Miami co-managing shareholder and Corporate shareholderDate and time: April 24, 3-3:45 p.m.Location: Main StagePanel: Talent as National Infrastructure: Building the Workforce Powering America’s Innovation EconomyDescription: Dive into how education systems, economic development strategy, and private-sector innovation are aligning to build the workforce powering America’s innovation economy.Matthew Squires, Salt Lake City Corporate and Latin America shareholderDate and time: April 24, 1-1:30 p.m.Location: eMerge AI + DEEP TECH StagePanel: Investing Through Disruption: Venture Capital in the AI Acceleration EraDescription: From agentic AI and developer tooling to infrastructure and emerging platforms, the conversation will focus on areas where sustainable value is forming, how to separate momentum from substance, and what founders should understand about how capital is being deployed today.

Additionally, Greenberg Traurig attorneys will be presenting on a variety of topics at the firm’s booth, located at #517 in the eMerge AI Pavilion (view the full map):

Kieran Dwyer and Joshua B. Forman, Miami Corporate shareholderDate and time: April 23, 10-10:30 a.m.Topic: Inside the AI Boom:  Explore the trends driving data center development, training, and AI deployment.Alan N. Sutin, Miami Technology, Media & Telecommunications Practice chair and Global Intellectual Property & Technology Practice senior chairDate and time: April 23, 11-11:30 a.m.Topic: Managing Risk When Licensing AI and Other Rapidly Evolving TechnologiesJohn D. Owens, III, Miami Corporate shareholderDate and time: April 23, 1:30-2 p.m.Topic: The Mainstreaming of Secondaries: The Role of Secondaries in the Venture Capital Market in 2026Shomari B. Wade, Washington, D.C., Government Contracts shareholderDate and time: April 23, 2:30-3 p.m.Topic: Navigating the New Era of Federal Acquisition: Policy Changes and Industry ImpactsErika Cabo, Miami Corporate of counsel  Date and time: April 24, 10:30-11 a.m.Topic: Tokenization: Where the Real Opportunities Are — From Stablecoins to SecuritiesKieran DwyerDate and time: April 24, 11:30 a.m.-noonTopic: Five Questions Board Members Should be Asking About AI (and That CEOs Should be Ready to Answer)Date and time: April 24, 12:30-1 p.m.Topic: Effective AI Governance as an AI Accelerator – enabling teams to move faster within defined guardrails. 

About Greenberg Traurig: Greenberg Traurig, LLP has approximately 3,100 lawyers across 51 locations in the United States, Europe, the Middle East, Latin America, and Asia. The firm’s broad geographic and practice range enables the delivery of innovative and strategic legal services across borders and industries. Recognized as a 2025 BTI “Best of the Best Recommended Law Firm” by general counsel for trust and relationship management, Greenberg Traurig is consistently ranked among the top firms on the Am Law Global 100, NLJ 500, and Law360 400. Greenberg Traurig is also known for its philanthropic giving, culture, innovation, and pro bono work. Web: www.gtlaw.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/8-greenberg-traurig-attorneys-to-speak-at-emerge-americas-conference-302749297.html

SOURCE Greenberg Traurig, LLP

Continue Reading

Technology

Rockefeller Foundation Accelerates U.S. Economic Solutions at “Big Bets for America: Baltimore”

Published

on

By

More than 250 U.S. leaders from across philanthropy, policy, the private sector, and nonprofits to surface and scale bold solutions to the country’s most pressing economic challenges.

BALTIMORE, April 21, 2026 /PRNewswire/ — The Rockefeller Foundation today hosted Big Bets for America: Baltimore, bringing together more than 250 leaders spanning policy, philanthropic, private, and non-profit sectors in Baltimore to surface, accelerate, and scale ambitious solutions to the country’s most pressing challenges. With a Steering Committee—consisting of Abell Foundation, Baltimore Community Foundation, Baltimore Homecoming, Greater Baltimore Committee, and The Harry and Jeanette Weinberg Foundation—and strategic partners Greater Washington Partnership, Baltimore Development Corporation, and Johns Hopkins University, the Foundation and event participants, including Maryland Governor Wes Moore, Baltimore Mayor Brandon Scott, and Cleveland Mayor Justin Bibb, announced new initiatives and innovative collaborations to create economic pathways and advance opportunities for communities across the State of Maryland and nationwide. In Baltimore, The Rockefeller Foundation also launched a $100 million commitment to connect America’s workers to good jobs and its next class of U.S. Big Bets Fellows.

“For 250 years, America’s promise has been that hard work leads to a stable, dignified life,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation. “Today, too many communities have been left so far behind that this promise feels out of reach. With the commitments announced today, The Rockefeller Foundation is betting on the resilience of the American worker and the ingenuity of our communities — and building the infrastructure to help that bet pay off at national scale.”

Big Bets for America is a national series of convenings that brings together leaders from across the United States to accelerate economic growth, energize action, and move communities forward. The Baltimore event builds on momentum from the series’ inaugural gathering in Oklahoma City in November 2025.

Major announcements from Big Bets for America: Baltimore include:

The Rockefeller Foundation Commits $100 Million to Connect America’s Workers to Good Jobs. The Rockefeller Foundation launched a new three-year, $100 million commitment to help communities across the country connect more people to good jobs and adapt to rapid economic and technological change. The strategy aims to benefit 10 to 20 million people across approximately 250 of America’s most distressed communities, help enable the creation of roughly 1.6 million additional good jobs nationally, and leverage aligned capital in partnership with employers and public, private, and philanthropic funders. The strategy focuses on sectors with the strongest job growth outlook: healthcare and the care economy, energy transition, food systems, and AI-enabled industries.
 The Rockefeller Foundation to Increase Support for Invest in Our Future. As part of The Rockefeller Foundation’s commitment to advancing good jobs and building stronger, more inclusive workforce systems, The Foundation expects to provide over the next three years an additional $12 million to Invest in Our Future, a pooled fund supported by RF Catalytic Capital, Inc., that mobilizes clean energy opportunities to drive economic opportunity, including jobs, in communities nationwide. Since its launch in 2023, the initiative has worked with aligned funders to unlock hundreds of millions of philanthropic dollars for clean energy deployment and has shown that combining philanthropic capital, policy implementation, and strong cross-sector partnerships can rapidly scale impact and turn clean energy investments into real economic opportunities at the state and local levels.
 Governor Wes Moore Announces $1.5 Million in Philanthropic Awards to ENOUGH Communities. Governor Wes Moore highlighted the distribution of $1.5 million in philanthropic funding awards from the Sherman Family Foundation, the Bainum Family Foundation, David and Lucile Packard Foundation, and The Rockefeller Foundation to strengthen education and child care access in nine ENOUGH communities – Maryland jurisdictions with high concentrations of childhood poverty. The funding will support nine ENOUGH communities as they launch and sustain programs to strengthen education and child care, including through such efforts as reducing chronic absenteeism through safe transportation options to school and developing afterschool programs to boost literacy rates.
 The Rockefeller Foundation Announces Second Class of U.S. Big Bets Fellows. The Rockefeller Foundation named 10 bold innovators to its 2026 class of U.S. Big Bets Fellows — working in California, Central Appalachia, Indiana, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Ohio, Tennessee, and West Virginia. Building on the inaugural 2025 class, this year’s fellows are working to expand workforce pathways and unlock capital for underserved communities. Over the course of the four-month fellowship, The Rockefeller Foundation will provide fellows with tailored programming, peer networking, and professional development to sharpen their approaches and scale their impact. 
 The Engine Introduces the Tough Tech Map. The Engine launched the Tough Tech Map, a public interactive directory connecting Tough Tech startups to sector- and geography-specific infrastructure — from national labs to test beds and fellowships to incubators. Developed in partnership with the broader ecosystem, the map aims to centralize resources startups in climate, health, advanced compute, and other Tough Tech sectors need to scale. Learn more at www.ToughTechMap.xyz.
 LACI Expands City Climate Innovation Challenge to Baltimore & 15 Other US Cities. The Los Angeles Cleantech Incubator (LACI) announced a new cohort of cities for its City Climate Innovation Challenge, which includes Baltimore City and 15 others. The Challenge helps cities identify climate innovations and cleantech entrepreneurs, pilots the selected solutions, provides technical assistance, and scales what works to better improve lives and livelihoods in urban areas. Baltimore’s inclusion signals growing momentum for the program as it scales LACI’s unique model of public-private climate collaboration to cities across the country.
 The Clean Fight Announces Expansion of its National Deployment Grant Fund. The Clean Fight announced that its National Deployment Grant Fund, an initiative that uses targeted catalytic grants of $50,000 to $250,000 to accelerate the adoption of proven clean energy solutions in homes, schools, and communities across America – prioritizing vulnerable and underserved communities – has received $1 million from The Rockefeller Foundation toward its $10 million goal. The Fund’s model is built on the idea that funding the right “first” project unlocks many more: each grant is structured to generate the evidence, financing model, or de-risked use case that allows other communities to follow without ongoing subsidy. In New York, The Clean Fight has supported 70 companies and 22 deployment projects with $5.4 million in catalytic grants, generating over 5,000 follow-on deployments statewide and nearly 1,000 jobs. The Rockefeller Foundation’s contribution is helping take The Clean Fight’s model national, with learnings shared broadly through open-source reference designs, implementation guides, and national convenings. 
 Big Bets for America Series to Go to Cleveland. Cleveland Mayor Justin Bibb and The Rockefeller Foundation announced that the next Big Bets for America convening will take place in Cleveland on June 9. More details about that agenda will be provided in the coming weeks.

What participants at Big Bets for America: Baltimore are saying:

Governor of Maryland Wes Moore: “When I committed to an unprecedented attack on child poverty in Maryland, I knew we needed more than just government on board. That’s why I’m grateful to our philanthropic partners who are stepping up alongside us to make bets on solutions no government can tackle alone. Today we’re taking another step forward on a truly collaborative approach that brings together government, philanthropy, and the private sector to set the standard for what real, structural progress looks like, and making Maryland a model for the nation.”
 Mayor of Baltimore Brandon Scott: “Baltimore was proud to host this gathering of public and private sector partners committed to equitable, community-driven economic growth. Especially in areas that have historically faced intentional disinvestment—like many neighborhoods in Charm City—we have to be just as intentional with the ways we work to create opportunity today. I’m grateful that The Rockefeller Foundation shares that focus, and look forward to working together on many of the partnerships announced during this convening.” 
 Mayor of Cleveland Justin Bibb: “Cleveland is investing in its people, its neighborhoods, and its future – and it’s working. The moment is here to bet on our city, to connect residents to opportunity, and to unlock investment at scale. We’re ready to show the country what inclusive growth looks like in action.” 
 Kate Frucher, CEO, The Clean Fight: “This is the moment to make sure proven clean energy solutions – ones that improve lives right now and build resilience for decades to come – don’t sit on the sidelines. Supporting the right first project doesn’t just benefit one community, it creates a powerful slipstream for everyone who comes after. That’s exactly what our Deployment Grant Fund is built to do – using the disproportionate impact that strategically placed, small-dollar grant funding can have.” 
 Emily Knight, The Engine: “We built the Tough Tech Map to open up access to the infrastructure founders need to scale, not just in major hubs, but everywhere. It serves as connective tissue, helping startups leverage shared Tough-Tech-specific resources so they can stay capital efficient while turning breakthrough ideas into real-world impact.”
 Matt Petersen, Los Angeles Cleantech Incubator: “LACI’s City Climate Innovation Challenge was created to help local governments pilot and scale the best cleantech solutions that improve air quality, create jobs, and grow the economy. Thanks to the support of the Rockefeller Foundation and others, we are excited to launch our next cohort of 16 cities across the U.S, including Baltimore, to increase access to reliable and affordable EV charging for every neighborhood, including apartment dwellers and underserved communities.”
 Derrick Adams, Charm City Cultural Cultivation: “I’ve seen how different cities have transformed their communities into these types of communities where people can thrive. We’re really going into an entrepreneurial culture right now where there’s not going to be a lot of big industry in the way it used to be. We see it through the younger generations, the way they are mapping out their future…if you want to look at the way the economy is moving…people want to be in community, but we need to figure out how this community can advance.”
 Torrey Smith, Philanthropist, two-time Super Bowl Champion: “The reality is there are so many more people doing way bigger and better things with less. And that’s why it’s important when you are the Baltimore Orioles or the Baltimore Ravens: You have the opportunity to uplift people by using your platform and providing them with opportunities.”
 Kevin Plank, Under Armour: “Across the country, leaders are rethinking where they invest, where they grow, and where they place long-term confidence because capital is moving. Talent is mobile and cities are either stepping forward or falling further behind. But Baltimore has everything it needs to compete. …What is needed now isn’t more consensus; it’s shared conviction followed by action.”

About The Rockefeller Foundation
Investing $30 billion over the last 113 years to promote the well-being of humanity, The Rockefeller Foundation is a pioneering philanthropy built on unlikely partnerships and innovative solutions that deliver measurable results for people in the United States and around the world. We leverage scientific breakthroughs, artificial intelligence, and new technologies to make big bets across energy, food, health, and finance, including with our public charity, RF Catalytic Capital (RFCC). For more information, sign up for our newsletter at www.rockefellerfoundation.org/subscribe and follow us on X @RockefellerFdn, Instagram @rockefellerfdn, and LinkedIn @the-rockefeller-foundation.

About The Engine
The Engine is a nonprofit incubator and accelerator dedicated to supporting early stage Tough Tech companies by providing the infrastructure, programs, and ecosystem support they need to thrive. Tough Tech is transformational technology rooted in breakthrough science and engineering, aimed at solving the world’s most pressing challenges. These companies are capital-intensive, highly regulated, and technically complex, requiring specialized infrastructure, patient support, and a resilient path from lab to market. Learn more at www.engine.xyz

About Los Angeles Cleantech Incubator (LACI)
The Los Angeles Cleantech Incubator (LACI) is creating an inclusive green economy by unlocking innovation through scaling cleantech startups, transforming markets through catalytic partnerships with policymakers, innovators, and market leaders in transportation, energy, and sustainable cities, like the Transportation Electrification Partnership, and enhancing communities through green jobs workforce training, pilots and other programs. Founded as an economic development initiative by the City of Los Angeles and its Department of Water & Power (LADWP) in 2011, LACI is recognized as one of the top 10 innovative business incubators in the world by UBI. LACI has helped 506 portfolio companies raise over $1 billion in funding, generated $344 million in revenue, and created 2,626 jobs throughout the Los Angeles region, with a long term economic impact of more than $733 million.

About The Clean Fight
The Clean Fight is a not-for-profit dedicated to accelerating the adoption of climate solutions for 100% of the population – moving them into communities faster, more affordably, and at scale. Through catalytic grants, deployment programs, and prize competitions, The Clean Fight designs and delivers adoption models that turn one-off projects into first-of-many. The Clean Fight is supported by NYSERDA, the U.S. Economic Development Administration, and leading philanthropic partners. Learn more at thecleanfight.com.

View original content:https://www.prnewswire.com/news-releases/rockefeller-foundation-accelerates-us-economic-solutions-at-big-bets-for-america-baltimore-302749401.html

SOURCE The Rockefeller Foundation

Continue Reading

Trending