Ormat Technologies, Inc. Earnings Recaps
Q3 2026
Nov 6, 2026
Ormat’s shares fell 1.4% after earnings, a roughly flat reaction. Revenue and adjusted EBITDA grew, but performance was uneven: energy storage drove growth while electricity revenue and product-segment margins declined, and Puna’s outage and planned well cleanouts weigh on the near-term electricity outlook.
Key takeaways
- Q3 revenue rose 10.2% to $275 million; adjusted EBITDA increased 11.1% to a record $153.8 million. The company raised the midpoint of its full-year revenue and adjusted EBITDA guidance.
- Energy storage revenue surged 145.2% to $49.9 million, with a 62.1% gross margin, supported by capacity additions, high availability and favorable PJM merchant pricing.
- Electricity revenue fell 2.1% to $163.7 million. Puna’s hurricane-related outage reduced quarterly revenue by $5.1 million; planned Q4 well cleanouts will temporarily reduce revenue, with management expecting them to support higher generation in 2027.
- Electricity gross margin declined to 22.2% from 25.4%; excluding the Puna impact, it would have been approximately 24.5%. Product revenue slipped 1.2% to $61.5 million, and product gross margin fell to 16.5% from 21.7%.
- Net income attributable to shareholders rose to $31.9 million, or $0.51 per diluted share, from $24.1 million, or $0.39. Adjusted net income increased 39.8% to $34.8 million.
Q2 2026
Aug 8, 2026
Ormat Technologies reported solid revenue growth driven by accelerating momentum across its electricity and energy storage segments, which propelled the shares up 10.3% following earnings.
Key takeaways
- Q2 revenue rose 10.6% to $258.8 million, fueled primarily by a 195% jump in energy storage segment revenue and 5.8% growth in electricity segment revenue.
- Gross profit increased 20.8% to $68.7 million, lifting consolidated gross margin by 220 basis points to 26.5%, aided by strong storage asset margins.
- Adjusted EBITDA increased 6.9% to $143.9 million, reflecting higher contribution from energy storage.
- Product segment revenue declined 21.6% to $46.7 million due to timing of manufacturing and construction, with gross margin compressing to 9.7% amid rising costs and FX headwinds.
- Company raised full-year revenue and adjusted EBITDA guidance on the back of strong segment performance and ongoing development progress, including key capacity additions.
Q3 2025
Nov 5, 2025
Ormat Technologies reported a solid third quarter in 2025, with revenues up 17.9%, driven by robust performance in both the Energy Storage and Product segments, and announced an increase in revenue and adjusted EBITDA guidance for the year.
Key takeaways
- Total revenue reached $249.7 million, a 17.9% year-over-year increase.
- Operating income rose by 13.3%, while net income attributable to stockholders increased by 9.3%.
- Significant milestones included a 25-year PPA extension for the Heber 1 facility and two exploration licenses in Indonesia, enhancing regional presence.
- Energy Storage segment revenues surged 108% to $20.4 million, driven by successful facility commissions.
- Adjusted EBITDA grew to $138.4 million, reflecting ongoing improvements despite some headwinds in tax benefit sales.