Revenue volatility remains a primary concern, with quarterly figures declining significantly from $264.4 million in 2024Q1 to $124.2 million in 2026Q1, accompanied by a recent net loss of $72.0 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Sep'12 | Sep'11 |
|---|
| Sales/Revenue | 710.03M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 558.43M | 398.94M | 389.11M | 289.84M | 155.47M | 217.88M | 142.69M | 141.51M | 84.68M | 62.8M | 42.07M | 32.2M | 28.62M | 14.27M | 15.4M | 1.95M |
| Gross Margin % | 78.65% | 99.61% | 61.62% | 62.89% | 57.36% | 64.16% | 60.75% | 68.78% | 52.42% | 48.96% | 48.18% | 54.96% | 63.21% | 59.25% | 60.99% | 100% |
| Gross Profit Growth % | - | 2.53% | 34.25% | 86.43% | -28.65% | 52.7% | 0.83% | 67.11% | 34.84% | 49.3% | 30.66% | 12.49% | 100.55% | -7.34% | 688.63% | - |
| Operating Expenses | 145.53M | 133.72M | 115.28M | 107.46M | 106.18M | 73.38M | 62.71M | 51.5M | 40.74M | 30.88M | 27.17M | 24.04M | 18.82M | 27.16M | 11.6M | 1.95M |
| OpEx % of Revenue | - | 33.39% | 18.26% | 23.32% | 39.18% | 21.61% | 26.7% | 25.03% | 25.22% | 24.08% | 31.12% | 41.04% | 41.58% | 112.75% | 45.93% | 100% |
| Selling, General & Admin | 10.18B | 30.68M | 32.91M | 31.28M | 29.93M | 19.91M | 14.85M | 14.69M | 15.09M | 11.18M | 8.29M | 7.26M | 8.31M | 3.84M | 3.9M | 2.51M |
| SG&A % of Revenue | - | 7.66% | 5.21% | 6.79% | 11.04% | 5.86% | 6.32% | 7.14% | 9.34% | 8.71% | 9.5% | 12.39% | 18.35% | 15.96% | 15.45% | 128.32% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 412.9M | 265.22M | 273.83M | 182.38M | 49.29M | 144.5M | 79.98M | 90.02M | 43.94M | 31.92M | 14.9M | 8.15M | 9.8M | -12.88M | 3.8M | 0 |
| Operating Margin % | 58.15% | 66.22% | 43.36% | 39.57% | 18.19% | 42.55% | 34.05% | 43.75% | 27.2% | 24.88% | 17.06% | 13.92% | 21.64% | -53.5% | 15.06% | - |
| Operating Income Growth % | - | -3.14% | 50.14% | 270% | -65.89% | 80.68% | -11.15% | 104.85% | 37.66% | 114.27% | 82.74% | -16.78% | 176.03% | -438.72% | - | - |
| EBITDA | 315.44M | 266M | 274.83M | 185.5M | 53.28M | 148.31M | 83.56M | 93.61M | 48.47M | 35.47M | 22.55M | 12.1M | 12.43M | -11.79M | 4.24M | 0 |
| EBITDA Margin % | 44.43% | 66.42% | 43.52% | 40.25% | 19.66% | 43.67% | 35.58% | 45.5% | 30% | 27.65% | 25.83% | 20.66% | 27.45% | -48.93% | 16.81% | - |
| EBITDA Growth % | 69.59% | -3.21% | 48.15% | 248.14% | -64.07% | 77.48% | -10.74% | 93.14% | 36.65% | 57.26% | 86.37% | -2.62% | 205.44% | -377.71% | - | - |
| D&A (Non-Cash Add-back) | 613K | 780K | 1M | 3.13M | 3.99M | 3.8M | 3.58M | 3.59M | 4.53M | 3.55M | 7.66M | 3.95M | 2.63M | 1.1M | 440K | 1.02M |
| EBIT | 245.27M | 565.89M | 273.83M | 182.38M | 49.29M | 144.5M | 79.98M | 90.02M | 43.94M | 31.92M | 14.9M | 8.15M | 9.8M | -12.88M | 3.8M | -1.02M |
| Net Interest Income | -6.26M | -6.04M | 47.48M | 56.05M | 37M | -5.12M | 3.38M | 11.96M | -939K | -3.25M | 4.78M | 12.51M | 10.29M | 7.55M | 2M | 11.44M |
| Interest Income | 302.57M | 286.36M | 289.85M | 227.05M | 152.56M | 116.58M | 95.56M | 76.2M | 75.94M | 62.23M | 50.02M | 38.9M | 26.95M | 17.36M | 11.85M | 11.74M |
| Interest Expense | 308.83M | 292.4M | 242.36M | 171.01M | 115.56M | 121.7M | 92.18M | 64.24M | 76.87M | 65.47M | 45.24M | 26.39M | 16.66M | 9.81M | 9.85M | 295K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 86.88M | 273.48M | 273.83M | 182.38M | 49.29M | 144.5M | 79.98M | 90.02M | 43.94M | 31.92M | 14.9M | 8.15M | 9.8M | -12.88M | 3.8M | -5.01M |
| Pretax Margin % | 12.24% | 68.29% | 43.36% | 39.57% | 18.19% | 42.55% | 34.05% | 43.75% | 27.2% | 24.88% | 17.06% | 13.92% | 21.64% | -53.5% | 15.06% | -256.63% |
| Income Tax | 30.57M | 85.25M | 70.2M | 31.62M | 7.38M | 17.16M | -2.78M | 8.1M | 2.14M | 885K | 141K | 118K | 26K | -251K | 0 | 0 |
| Effective Tax Rate % | 35.19% | 31.17% | 25.64% | 17.34% | 14.97% | 11.87% | -3.47% | 8.99% | 4.88% | 2.77% | 0.95% | 1.45% | 0.27% | 1.95% | 0% | 0% |
| Net Income | 55.97M | 184.55M | 200.04M | 148.84M | 41.5M | 126.58M | 82.42M | 81.56M | 41.58M | 30.86M | 14.65M | 7.96M | 9.61M | -10.46M | 3.8M | -5.01M |
| Net Margin % | 7.88% | 46.08% | 31.68% | 32.3% | 15.31% | 37.27% | 35.09% | 39.64% | 25.74% | 24.05% | 16.78% | 13.58% | 21.22% | -43.42% | 15.06% | -256.63% |
| Net Income Growth % | -58.11% | -7.74% | 34.4% | 258.62% | -67.21% | 53.59% | 1.04% | 96.18% | 34.75% | 110.59% | 84.12% | -17.16% | 191.85% | -374.95% | 175.9% | - |
| Net Income (Continuing) | 56.31M | 188.24M | 203.63M | 150.76M | 41.91M | 127.35M | 82.76M | 81.92M | 41.8M | 31.04M | 14.76M | 8.03M | 9.77M | -12.63M | 3.8M | -5.01M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 91.93M | 82.99M | 68.32M | 49.36M | 35.51M | 21.8M | 6.85M | 3.43M | 3.42M | 3.6M | 3.73M | 3.91M | 4.74M | 4.1M | 0 | 0 |
| EPS (Diluted) | 0.44 | 1.41 | 1.62 | 1.42 | 0.45 | 1.51 | 1.10 | 1.24 | 0.75 | 0.57 | 0.32 | 0.21 | 0.43 | -0.68 | 0.25 | -0.33 |
| EPS Growth % | -65.35% | -12.96% | 14.08% | 215.56% | -70.2% | 37.27% | -11.29% | 65.33% | 31.58% | 78.13% | 52.38% | -51.16% | 163.24% | -372% | 175.76% | - |
| EPS (Basic) | - | 1.49 | 1.72 | 1.45 | 0.47 | 1.57 | 1.13 | 1.25 | 0.75 | 0.57 | 0.32 | 0.21 | 0.43 | -0.68 | 0.25 | -0.33 |
| Diluted Shares Outstanding | 127.58M | 138.18M | 130.5M | 109.47M | 90.61M | 87.67M | 74.37M | 64.77M | 52.78M | 50.36M | 40.29M | 30.76M | 20.66M | 15.72M | 15.13M | 15.13M |
| Basic Shares Outstanding | 127.58M | 122.98M | 115.55M | 101.84M | 87.5M | 79.99M | 72.39M | 63.92M | 52.78M | 50.36M | 40.29M | 30.76M | 20.66M | 15.72M | 15.13M | 15.13M |
| Dividend Payout Ratio | - | 113.67% | 96.12% | 107.36% | 318.53% | 89.68% | 121.17% | 105.94% | 170.74% | 221.14% | 337.71% | 396.97% | 144.31% | - | - | - |
Revenue volatility and securitization timing
As evidenced by the quarterly income statement data, HASI's revenue has exhibited significant fluctuations, dropping from $264.4 million in 2024Q1 to $124.2 million by 2026Q1, reflecting the inherent lumpiness of a business model heavily reliant on the timing of project securitizations and gain-on-sale recognition.
The sharp contraction in top-line figures suggests that the company's revenue recognition is highly sensitive to the closing of specific infrastructure deals rather than a steady, recurring stream. Investors should monitor whether this volatility represents a structural shift in deal flow or merely the timing of capital deployment cycles.
According to the provided financial statements, HASI's gross margin experienced a notable decline from 76.6% in 2024Q1 to 100.0% in 2026Q1, though the latter figure appears to be an accounting anomaly, as the company's operating margins have simultaneously faced pressure, falling to 60.1% in the most recent quarter.
The inconsistency in margin performance suggests that the company's spread-based business model is struggling to maintain efficiency in a shifting interest rate environment. The compression in operating margins indicates that fixed costs are not scaling effectively against the current revenue base, warranting further investigation into expense management.
Based on reported figures, HASI's net income has turned negative in recent periods, with a net loss of $72.0 million in 2026Q1, highlighting the disconnect between GAAP earnings and the underlying cash-generating capacity of the firm's specialized infrastructure investment portfolio.
The reliance on complex accounting methods like HLBV often results in non-cash earnings volatility that fails to reflect actual distributions. Analysts should prioritize distributable earnings over GAAP net income to better understand the true economic performance of the company's assets.
As reported in recent filings, the company's transition from a REIT to a C-Corp structure, combined with a significant decline in quarterly revenue, suggests that the market's previous valuation of HASI as a stable yield vehicle may be fundamentally misaligned with its current operational reality.
Short-sellers may focus on the potential for continued margin compression and the risk that the company's reliance on secondary equity offerings to fund growth is becoming unsustainable. The lack of consistent profitability in recent quarters raises questions about the long-term durability of the current business model.
Quick answers to the most common questions about buying HASI stock.
HA Sustainable Infrastructure Capital, Inc. (HASI) is profitable, generating $184.5M in net income for the fiscal year ending 2025 with a net profit margin of 46.1%.
HA Sustainable Infrastructure Capital, Inc. (HASI) reported an operating income of $265.2M, resulting in an operating profit margin of 66.2%. This margin reflects the operational efficiency of the business before interest and taxes.
HA Sustainable Infrastructure Capital, Inc. (HASI) generated $398.9M in gross profit for the year, representing a gross profit margin of 99.6%. This demonstrates the company's core pricing power and production efficiency.