{"url_path":"/sec/mwh/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/2065636/0001193125-26-220257-index.html","accession_number":"0001193125-26-220257","cik":"0002065636","ticker":"MWH","issuer_name":"SOLV Energy, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2065636/0001193125-26-220257-index.html","primary_entity_key":"0002065636","primary_entity_name":"SOLV Energy, Inc."},"word_count":4716,"has_tables":true,"body_markdown":"10-Q\n\n##### Table of Contents\n\nfalse0002065636Q1--12-31CAExpected life (years): The expected life was estimated using the simplified method due to a lack of historical exercise activity for the Company. 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2026-03-31 0002065636 ck0002065636:SolvEnergyHoldingsLlcMember us-gaap:MemberUnitsMember 2026-03-31 0002065636 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0002065636 us-gaap:RetainedEarningsMember 2026-03-31 0002065636 us-gaap:ParentMember 2026-03-31 xbrli:shares iso4217:USD xbrli:pure utr:Year iso4217:USD xbrli:shares ck0002065636:Segment\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\n \n\nFORM\n10-Q\n\n \n\n \n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from\n\n___________\n\nto ___________\n\nCommission File Number:\n001-43117\n\n \n\n \n\nSOLV Energy, Inc.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\n \n\nDelaware\n\n \n\n33-4537250\n\n(State or other jurisdiction of\nincorporation or organization)\n\n \n\n(I.R.S. Employer\nIdentification No.)\n\n16680 West Bernardo Drive, San Diego,\nCA\n92127\n\n(Address of principal executive offices) (Zip Code)\n\n(858)\n251-4888\n\n(Registrant’s telephone number, including area code)\n\n \n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading\n\nSymbol(s)\n\n \n\nName of each exchange\n\non which registered\n\nClass A Common Stock, par value $0.0001 per share\n\n \n\nMWH\n\n \n\nThe Nasdaq Stock Market LLC\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation\nS-T\n(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a\nnon-accelerated\nfiler, smaller reporting company, or an emerging growth company. See the definitions of ‘large accelerated filer’, ‘accelerated filer’, ‘smaller reporting company’, and ‘emerging growth company’ in Rule\n12b-2\nof the Exchange Act.\n\n \n\nLarge accelerated filer\n \n☐\n  \nAccelerated filer\n \n☐\n\nNon-accelerated filer\n \n☒\n  \nSmaller reporting company\n \n☐\n\n \n\n  \nEmerging growth company\n \n☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule\n12b-2\nof the Exchange Act). Yes ☐ No ☑\n\nNumber of shares of the Registrant’s Class A Common Stock as of May\n8\n, 2026: 115,348,571 shares\n\nNumber of shares of the Registrant’s Class B Common Stock as of May\n8\n, 2026: 87,046,962\n\nshares\n\n \n\n \n\n \n\n##### Table of Contents\n\nSOLV Energy, Inc.\n\nFORM 10-Q\n\nFor the Three Months Ended March 31, 2026\n\nTable of Contents\n\n \n\n \n  \nPage\n \n\n[Cautionary Note Regarding Forward-Looking Statements](#toc27005_1)\n\n  \n \n1\n \n\n[Certain Definitions](#toc27005_2)\n\n  \n \n3\n \n\n[Presentation of Financial Results](#toc27005_3)\n\n  \n \n5\n \n\n[The Transactions](#toc27005_4)\n\n  \n \n5\n \n\n[PART I. FINANCIAL INFORMATION](#toc27005_5)\n\n  \n \n6\n \n\n[Item 1. Financial Statements (Unaudited)](#toc27005_6)\n\n  \n \n6\n \n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited)](#toc27005_7)\n\n  \n \n7\n \n\n[Condensed Consolidated Statements of Operations for the three Months Ended March 31, 2026 and 2025 (Unaudited)](#toc27005_8)\n\n  \n \n8\n \n\n[Condensed Consolidated Statements of Changes of Stockholders’/Member’s Equity for the three Months Ended March 31, 2026 and 2025 (Unaudited)](#toc27005_9)\n\n  \n \n9\n \n\n[Condensed Consolidated Statements of Cash Flows for the three Months Ended March 31, 2026 and 2025 (Unaudited)](#toc27005_10)\n\n  \n \n10\n \n\n[Notes to the Condensed Consolidated Financial Statements (Unaudited)](#toc27005_11)\n\n  \n \n11\n \n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#toc27005_12)\n\n  \n \n34\n \n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#toc27005_13)\n\n  \n \n47\n \n\n[Item 4. Controls and Procedures](#toc27005_14)\n\n  \n \n47\n \n\n[PART II. OTHER INFORMATION](#toc27005_15)\n\n  \n \n50\n \n\n[Item 1. Legal Proceedings](#toc27005_16)\n\n  \n \n50\n \n\n[Item 1A. Risk Factors](#toc27005_17)\n\n  \n \n50\n \n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#toc27005_18)\n\n  \n \n50\n \n\n[Item 3. Defaults Upon Senior Securities](#toc27005_19)\n\n  \n \n50\n \n\n[Item 4. Mine Safety Disclosures](#toc27005_20)\n\n  \n \n50\n \n\n[Item 5. Other Information](#toc27005_21)\n\n  \n \n50\n \n\n[Item 6. Exhibits](#toc27005_22)\n\n  \n \n51\n \n\n[Signatures](#toc27005_23)\n\n  \n \n53\n \n\n \n\n##### Table of Contents\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical facts contained in this Quarterly Report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to any historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “outlook,” “potential,” “project,” “projection,” “plan,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other similar expressions. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed herein, in our Annual Report on Form 10-K, including “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investors Relations section of the Company’s website at https://investors.solvenergy.com/financial-information/sec-filings. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following:\n\n \n\n \n•\n \n\nA wide range of factors, many that are beyond our control, can impact the timing, performance or profitability of our projects, any of which can result in additional costs to us, reductions or delays in revenues, the payment of liquidated damages by us or project termination;\n\n \n\n \n•\n \n\nOur results of operations, financial condition and other financial and operational disclosures are based upon estimates and assumptions that may differ from actual results or future outcomes;\n\n \n\n \n•\n \n\nChanges in estimates related to revenues and costs associated with our contracts with customers could result in a reduction or elimination of revenues, a reduction of profits or the recognition of losses;\n\n \n\n \n•\n \n\nBacklog may not be realized or may not result in profits and may not accurately represent future revenue;\n\n \n\n \n•\n \n\nThe imposition of additional duties and tariffs and other trade barriers and retaliatory countermeasures implemented by the U.S. and other governments;\n\n \n\n \n•\n \n\nour results of operations may vary significantly from quarter to quarter;\n\n \n\n \n•\n \n\nThe reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy and battery storage specifically;\n\n \n\n \n•\n \n\nLimitations on the availability or an increase in the price of materials, equipment and subcontractors that we and our customers depend on to complete and maintain projects;\n\n \n\n \n•\n \n\nOur business is labor-intensive, and we may be unable to attract and retain qualified employees or we may incur significant costs in the event we are unable to efficiently manage our workforce or the cost of labor increases;\n\n \n\n \n•\n \n\nThe loss, or reduction in business from, certain significant customers;\n\n \n\n \n•\n \n\nMany of our contracts may be canceled or suspended on short notice or may not be renewed upon completion or expiration, and we may be unsuccessful in replacing our contracts;\n\n \n\n \n•\n \n\nWe may fail to adequately recover on contract modifications against project owners for payment or performance;\n\n \n\n \n•\n \n\nThe nature of our business exposes us to potential liability for warranty, engineering and other related claims;\n\n \n\n \n•\n \n\nDuring the ordinary course of our business, we are subject to lawsuits, claims and other legal proceedings, as well as bonding claims and related reimbursement requirements;\n\n \n\n \n•\n \n\nWe can incur liabilities or suffer negative financial or reputational impacts relating to health and safety matters;\n\n \n\n \n•\n \n\nDisruptions to our information technology systems or our failure to adequately protect critical data, sensitive information and technology systems;\n\n \n\n \n•\n \n\nWe have identified material weaknesses in our internal control over financial reporting and if our remediation of the material weaknesses is not effective, or if we otherwise fail to maintain effective internal control over financial reporting in the future, we may not be able to accurately or timely report our financial condition or results of operations;\n\n \n\n1\n\n##### Table of Contents\n\n \n•\n \n\nAny deterioration in the quality or reputation of our brands, which can be exacerbated by the effect of social media or significant media coverage;\n\n \n\n \n•\n \n\nThe loss of, or our inability to attract or keep, key personnel could disrupt our business;\n\n \n\n \n•\n \n\nOur inability to successfully execute our acquisition strategy;\n\n \n\n \n•\n \n\nWe may be unable to compete for projects if we are not able to obtain surety bonds, letters of credit or bank guarantees;\n\n \n\n \n•\n \n\nWe are generally paid in arrears for our services and may enter into other arrangements with certain of our customers, which could subject us to potential credit or investment risk and the risk of client defaults;\n\n \n\n \n•\n \n\nInsurance and claims expenses, as well as the unavailability or cancellation of third-party insurance coverage;\n\n \n\n \n•\n \n\nOur business and results of operations are subject to physical risks including those associated with climate change;\n\n \n\n \n•\n \n\nOur business is subject to operational hazards, including, among others, damage from severe weather conditions and electrical hazards, that can result in significant liabilities, and we may not be insured against all potential liabilities;\n\n \n\n \n•\n \n\nIncreasing scrutiny and changing expectations from various stakeholders with respect to corporate sustainability practices may impose additional costs on us or expose us to reputational or other risks;\n\n \n\n \n•\n \n\nOur unionized workforce and related obligations;\n\n \n\n \n•\n \n\nOur inability to maintain, protect or enforce our rights in intellectual property;\n\n \n\n \n•\n \n\nWe may be subject to intellectual property rights claims by third parties, which are extremely costly to defend, could require us to pay significant damages and could limit our ability to use certain technologies;\n\n \n\n \n•\n \n\nWe use artificial intelligence technologies in our business, and the deployment, use, and maintenance of these technologies involve significant technological and legal risks;\n\n \n\n \n•\n \n\nNegative macroeconomic conditions and industry-specific market conditions;\n\n \n\n \n•\n \n\nFluctuations in economic, political, financial, industry and market conditions on a regional, national or global basis, including as a result of, among other things, inflationary pressure that impacts our costs associated with labor, equipment and materials, increased interest rates, default or threat of default by the U.S. federal government with respect to its debt obligations, U.S. government shutdowns, natural disasters and other emergencies (e.g., wildfires, weather-related events or pandemics), deterioration of global or specific trade relationships, or acts of war, including but not limited to conflicts in the Middle East, geopolitical conflicts and political unrest;\n\n \n\n \n•\n \n\nProjects in our industry can have long sales cycles requiring significant upfront investment of resources;\n\n \n\n \n•\n \n\nOur revenues and profitability can be negatively impacted if our customers encounter financial difficulties or file for bankruptcy or disputes arise with our customers;\n\n \n\n \n•\n \n\nThe highly competitive nature of our business;\n\n \n\n \n•\n \n\nTechnological advancements in other forms of power generation could negatively affect our business;\n\n \n\n \n•\n \n\nRegulatory requirements applicable to our industry and changes in current and potential legislative and regulatory initiatives may adversely affect demand for our services;\n\n \n\n \n•\n \n\nThe unavailability, reduction or elimination of government and economic incentives;\n\n \n\n \n•\n \n\nWe are subject to complex federal, state and other environmental, health and safety laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities;\n\n \n\n \n•\n \n\nWe are subject to various specific regulatory regimes and requirements that could result in significant compliance costs and liabilities;\n\n \n\n \n•\n \n\nAny actual or perceived failure to comply with new or existing laws, regulations or other requirements relating to the privacy, security and processing of personal information;\n\n \n\n \n•\n \n\nChanges in tax laws or our tax estimates or positions;\n\n \n\n \n•\n \n\nFailure to comply with anti-corruption, anti-bribery and/or international trade laws;\n\n \n\n2\n\n##### Table of Contents\n\n \n•\n \n\nViolations of export control and/or economic sanctions laws and regulations to which we are subject and changes to U.S. foreign trade and tariff policies;\n\n \n\n \n•\n \n\nImmigration laws, including our inability to verify employment eligibility;\n\n \n\n \n•\n \n\nOur variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly;\n\n \n\n \n•\n \n\nOur failure to comply with the covenants contained in the credit agreement could result in an event of default that could cause repayment of our debt to be accelerated;\n\n \n\n \n•\n \n\nWe may incur substantial additional indebtedness in the future and may not be able to generate sufficient cash to service such indebtedness, and may be forced to take other actions to satisfy our obligations under such indebtedness, which may not be successful; and\n\n \n\n \n•\n \n\nThe expenses that are required in order to operate as a public company could be material.\n\nForward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this Quarterly Report, our most recent Annual Report on Form 10-K and our other filings with the SEC. Any forward-looking statement made by us in this Quarterly Report speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.\n\nCertain Definitions\n\nUnless otherwise specified or the context requires otherwise in this Quarterly Report, all references to:\n\n \n\n \n•\n \n\n“American Securities” or “Sponsor” refers to American Securities LLC, a private equity firm, and affiliated funds managed by American Securities.\n\n \n\n \n•\n \n\n“Blocker Companies” refers to ASP VIII SOLV LP and ASP VIII CSE LP.\n\n \n\n \n•\n \n\n“Blocker Shareholders” refers collectively to the owners of the Blocker Companies prior to the acquisition of the Blocker Companies by SOLV Energy, Inc., who exchanged their interests in the Blocker Companies for shares of our Class A common stock in connection with the consummation of the Transactions, and includes any aggregator vehicle to which such owners contribute such shares of Class A common stock in connection with the consummation of the Transactions.\n\n \n\n \n•\n \n\n“Continuing Equity Owners” refers collectively to direct and indirect holders of LLC Interests and our Class B common stock immediately following consummation of the Transactions, including American Securities, Management Holders and other minority investors and their respective permitted transferees who may exchange at each of their respective options (other than, prior to the Management Elective Redemption Date, Management Holders), in whole or in part from time to time, their LLC Interests (along with an equal number of shares of Class B common stock (and such shares shall be immediately cancelled)) for, at our election, cash or newly-issued shares of our Class A common stock.\n\n \n\n \n•\n \n\n“EPC” refers to engineering, procurement and construction, a type of contracting where the contractor performs design and engineering services for the project, procures key equipment used in the project and builds the project, such as a solar power plant.\n\n \n\n \n•\n \n\n“Exchange Act” refers to the Securities Exchange Act of 1934, as amended.\n\n \n\n \n•\n \n\n“Holdco Term Loan Credit Agreement” refers to that certain Amended and Restated Credit Agreement, dated as of October 7, 2024, among SOLV Energy Holdings LLC, Wilmington Trust, National Association (or any of its designated branch offices or affiliates), as administrative agent for the secured parties, and the lenders from time to time party thereto, as amended on January 9, 2025 by that certain Amendment No. 1 to Amended and Restated Credit Agreement (“Amendment No. 1 to the Holdco Term Loan Credit Agreement”), among SOLV Energy Holdings LLC, Wilmington Trust, National Association (or any of its designated branch offices or affiliates), as administrative agent for the secured parties, and the lenders from time to time party thereto.\n\n \n\n3\n\n##### Table of Contents\n\n \n•\n \n\n“IPO” refers to our initial public offering, which we completed on February 12, 2026, and through which we offered and sold 23,575,000 shares of our Class A common stock at a price to the public of $25.00 per share, which includes the exercise in full by the underwriters of their option to purchase an additional 3,075,000 shares of our Class A common stock. The gross proceeds to us from the IPO were $589.4 million, before deducting underwriting discounts.\n\n \n\n \n•\n \n\n“LLC Interests” refers to the common units of SOLV Energy Holdings LLC.\n\n \n\n \n•\n \n\n“LNTP” refers to limited-notice-to-proceed agreements, which authorize us to proceed with limited activities on a given EPC contract (e.g., perform initial engineering and site investigation work, procure long lead time equipment) in exchange for a payment that is typically creditable to the overall contract price if the customer uses us to build the project.\n\n \n\n \n•\n \n\n“Management Elective Redemption Date” refers to the earlier to occur of (i) the date upon which American Securities (excluding, for the avoidance of doubt, Management Holdings) owns, directly or indirectly, less than twenty percent (20%) of the aggregate economic interests of the Company and (ii) the third anniversary of the IPO.\n\n \n\n \n•\n \n\n“Management Holders” refers to the executive officers of SOLV Energy, Inc. and other employees, former employees and other service providers of SOLV Energy, Inc. and its direct and indirect subsidiaries who are limited partners of Management Holdings.\n\n \n\n \n•\n \n\n“Management Holdings” refers to SOLV Energy Management Holdings LP, which is an affiliate of, and controlled by, American Securities.\n\n \n\n \n•\n \n\n“New Revolving Credit Facility” refers to the $200.0 million revolving credit facility available under that certain Credit Agreement, dated as of February 12, 2026, by and among SOLV Energy Acquisition LLC, SOLV Energy Intermediate Holdings LLC, the lenders party thereto and KeyBank National Association, as administrative agent, which facility matures on February 12, 2031.\n\n \n\n \n•\n \n\n“O&M” refers to operations and maintenance.\n\n \n\n \n•\n \n\n“Prior Credit Facilities” refers to the Prior Revolving Facility and the Term Loans. The Prior Credit Facilities were repaid and terminated in connection with the IPO.\n\n \n\n \n•\n \n\n“Prior Revolving Facility” refers to the $90,000,000 revolving credit facility available under that certain Credit Agreement, dated as of December 23, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time), by and among SOLV Energy Acquisition LLC, SOLV Energy Parent LLC (f/k/a AS Renewable Technologies Intermediate LLC), SOLV Energy Intermediate Holdings LLC (f/k/a AS Renewable Technologies Intermediate II LLC), the lenders party thereto and KeyBank National Association, as administrative agent. The Prior Revolving Facility was terminated in connection with the IPO.\n\n \n\n \n•\n \n\n“PV” refers to photovoltaic, i.e., the conversion of light into electricity using semiconducting materials, such as solar cells.\n\n \n\n \n•\n \n\n“SOLV,” the “Company,” “our company,” “we,” “us” and “our” refer to SOLV Energy, Inc. and its subsidiaries, including SOLV Energy Holdings LLC.\n\n \n\n \n•\n \n\n“SOLV Energy Holdings LLC Agreement” refers to SOLV Energy Holdings LLC’s amended and restated limited liability company agreement.\n\n \n\n \n•\n \n\n“Swinerton” refers to Swinerton Incorporated, our former parent.\n\n \n\n \n•\n \n\n“T&D” refers to transmission and distribution.\n\n \n\n \n•\n \n\n“Tax Receivable Agreement” refers to the Tax Receivable Agreement, dated February 10, 2026, entered into by and among SOLV Energy, Inc., SOLV Energy Holdings LLC, the Continuing Equity Owners, the Blocker Shareholders and the other persons from time to time that may become a party thereto (collectively, the “TRA Participants”) in connection with the IPO, pursuant to which, among other things, SOLV Energy, Inc. is required to pay to the TRA Participants 85% of the tax benefits, if any, that it realizes, or is deemed to realize, as a result of certain tax benefits covered by the Tax Receivable Agreement as described in “Item 13. Certain Relationships and Related Transactions, and Director Independence—Tax Receivable Agreement” in our Annual Report on Form 10-K for the year ended December 31, 2025.\n\n \n\n \n•\n \n\n“Term Loans” refers to (i) the initial term loans made to SOLV Energy Holdings LLC pursuant to the Holdco Term Loan Credit Agreement, in an original principal amount of $373,687,500, and (ii) the incremental term loans made to SOLV Energy Holdings LLC pursuant to Amendment No. 1 to the Holdco Term Loan Credit Agreement, in an original principal amount of $32,500,000. In connection with the IPO, the Term Loans were repaid in full.\n\n \n\n4\n\n##### Table of Contents\n\n \n•\n \n\n“Transactions” refers to the reorganizational transactions, the redemption of units held by a minority investor, the IPO and the application of the net proceeds therefrom.\n\nPresentation of Financial Results\n\nThis Quarterly Report includes certain historical consolidated financial information and other data for SOLV Energy Holdings LLC. Concurrent with the completion of the IPO, SOLV Energy, Inc. became the new parent holding company of SOLV Energy Holdings LLC and its subsidiaries. As SOLV Energy, Inc. did not have any previous operations prior to the IPO, SOLV Energy Holdings LLC is viewed as the accounting predecessor of SOLV Energy, Inc.\n\nCertain monetary amounts, percentages and other figures included in this Quarterly Report have been subject to rounding adjustments. Percentage amounts included in this Quarterly Report have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Quarterly Report may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements included elsewhere in this Quarterly Report. Certain other amounts that appear in this Quarterly Report may not sum due to rounding.\n\nThe Transactions\n\nSOLV Energy, Inc., a Delaware corporation, was formed on April 1, 2025 and was the issuer of the Class A common stock in the IPO. Prior to the IPO, all of our business operations were conducted through SOLV Energy Holdings LLC and its direct and indirect subsidiaries. Prior to the Transactions, SOLV Energy Parent Holdings LP was the sole holder of common stock of SOLV Energy, Inc. In connection with the IPO, we consummated the following organizational transactions:\n\n \n\n \n•\n \n\nwe amended and restated the limited liability company agreement of SOLV Energy Holdings LLC to, among other things, (i) recapitalize all of the ownership interests in SOLV Energy Holdings LLC into LLC Interests and (ii) appoint a wholly-owned subsidiary of SOLV Energy, Inc. as the sole managing member of SOLV Energy Holdings LLC;\n\n \n\n \n•\n \n\nwe amended and restated our certificate of incorporation to, among other things, provide for (i) Class A common stock, with each share of our Class A common stock entitling its holder to one vote per share on all matters presented to our stockholders generally and (ii) Class B common stock, with each share of our Class B common stock entitling its holder to one vote per share on all matters presented to our stockholders generally, and that shares of our Class B common stock may only be held by the Continuing Equity Owners and their respective permitted transferees;\n\n \n\n \n•\n \n\nSOLV Energy Parent Holdings LP was liquidated by distributing LLC Interests and nominal cash to the Continuing Equity Owners and merging into SOLV Energy Holdings LLC;\n\n \n\n \n•\n \n\nwe acquired, directly and indirectly, LLC Interests held by certain of the Continuing Equity Owners, by means of one or more contributions in exchange for 91,773,571 shares of our Class A common stock;\n\n \n\n \n•\n \n\nwe issued 87,141,865 shares of our Class B common stock to the Continuing Equity Owners, which is equal to the number of LLC Interests held by such Continuing Equity Owners, for nominal consideration;\n\n \n\n \n•\n \n\nthe Blocker Shareholders contributed their equity interests in the Blocker Companies to SOLV Energy, Inc. in exchange for shares of Class A common stock;\n\n \n\n \n•\n \n\nwe issued 23,575,000 shares of our Class A common stock to the purchasers in the IPO (including 3,075,000 shares after the underwriters exercised in full their option to purchase additional shares of Class A common stock) in exchange for net proceeds of approximately $552.5 million based upon an IPO price of $25.00 per share, less the underwriting discounts and commissions;\n\n \n\n \n•\n \n\nwe used the net proceeds from the IPO to purchase 23,575,000 newly issued LLC Interests from SOLV Energy Holdings LLC at a price per unit equal to the IPO price, less the underwriting discounts and commissions;\n\n \n\n \n•\n \n\nwe caused SOLV Energy Holdings LLC to use the net proceeds from the sale of LLC Interests to SOLV Energy, Inc. to repay in full approximately $405.6 million of amounts due upon repayment under the Term Loans, and, with respect to the remainder, for general corporate purposes, which could include growth initiatives, including potential merger and acquisition opportunities; and\n\n \n\n \n•\n \n\nwe entered into the Tax Receivable Agreement with SOLV Energy Holdings LLC and each of the TRA Participants.\n\n \n\n5\n\n##### Table of Contents\n\nPART I. FINANCIAL INFORMATION"}