Ormat Technologies Reports First Quarter 2026 Financial Results
RECORD QUARTER WITH 75.8% YEAR-OVER-YEAR REVENUE GROWTH
HIGHLIGHTS
RENO, Nev., May 06, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced financial results for the first quarter ended March 31, 2026.
KEY FINANCIAL RESULTS
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1 See reconciliation table below
“Ormat is off to a very strong start in 2026, delivering continued revenue growth across all segments alongside continued progress on our growth and funding strategies. Our 57.6% year-over-year growth in operating income, 29.7% growth in adjusted EBITDA and 91.2% increase in adjusted diluted EPS reflect not only the outstanding performance of our Energy Storage and Product segments, but also the strength and resilience of our diversified portfolio.” said Doron Blachar, Chief Executive Officer of Ormat.”
“Our Energy Storage segment continues to emerge as a powerful growth engine, with revenue increasing by 153.1%, driven by capacity expansion in our portfolio and high asset availability that enabled us to capture merchant opportunities and validate our strategy of balancing contracted and merchant exposure while maximizing returns. Our Product segment also delivered, as expected, significant growth, driven in part by the Topp 2 project, demonstrating the strength of our integrated business model and ability to capture value across the lifecycle of our assets.”
“Since the end of the year, we have secured approximately 270MW of new Power Purchase Agreements (“PPAs”) in the United States, including 67MW for a new solar-plus-storage project in Nevada and the remainder for geothermal at attractive rates. These include PPAs with Google and Switch, as well as ‘blend-and-extend’ agreements that improve pricing and enhance long-term visibility across our portfolio. We also advanced our growth initiatives through disciplined capital deployment, including the acquisition of the Hoku solar-plus-storage facility in Hawaii. In parallel, we strengthened our financial position by completing a $1 billion convertible notes offering at attractive terms and we are continuing to monetize tax benefits, which is helping us secure the capital needed to support our long-term growth objectives.”
“On the strategic development front, we are continuing to advance our next-generation geothermal and Enhanced Geothermal Systems (EGS) strategy, making meaningful progress across both technology and commercial development. We are actively progressing pilot initiatives, including our collaboration with SLB and our investment in Sage Geosystems, which should position us at the forefront of next-generation geothermal and EGS solutions. At the same time, we are accelerating our business development pipeline through resource mapping, land acquisition, and engagement with strategic partners, while advancing PPA discussions to support future commercialization. We are also advancing next-generation above-ground system capabilities, including the development of a larger, high-capacity Ormat Energy Converter (OEC) solution tailored for EGS, enabling scalable, industrial-scale deployment across diverse resource conditions.
Blachar concluded, “With strong execution across all segments, significant progress in our next-generation geothermal initiatives, a supportive market environment, and a clear path to growth, we remain confident in our ability to deliver on our 2028 targets. We expect to sustain this positive momentum throughout 2026, which will deliver lasting value for our shareholders.”
FINANCIAL HIGHLIGHTS
BUSINESS HIGHLIGHTS:
2026 GUIDANCE
The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three months ended March 31, 2026. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts, the probable significance of which cannot be determined. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.
DIVIDEND
On May 6, 2026, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on June 3, 2026, to stockholders of record as of the close of business on May 20, 2026. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next two quarters.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on May 7, 2026, at 9:00 a.m. ET.
Participants within the United States and Canada, please dial 1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-307-1963. The access code for the call is 3818407. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a webcast live on the Investor Relations section of the Company's website.
A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 3818407. The webcast will also be archived on the Investor Relations section of the Company's website.
ABOUT ORMAT TECHNOLOGIES
With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,600MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,835MW with a 1,340MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 495MW energy storage portfolio that is located in the U.S.
ORMAT’S SAFE HARBOR STATEMENT
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, legal, market, industry and geopolitical developments and incentives, technological changes, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may,” “will,” “could,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “intends,” “targets,” “goal”, “outlook,” “guidance,” “contemplate,” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives, goals and expectations for future operations and are based upon management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties, including risks related to regulatory changes, geopolitical developments, commodity prices, interest rates, supply chain disruptions, and other risks described under "Risk Factors" in Ormat’s most recent Annual Report on Form 10-K, and in subsequent filings with the Securities and Exchange Commission.
These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA
We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) cost related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; (viii) allowance for bad debts; and (ix) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.
The following table reconciles net income to EBITDA and Adjusted EBITDA for the three months ended March 31, 2026, and 2025:
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS 2
Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributed to the Company's stockholders and Adjusted diluted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.
The following tables reconcile Net income attributable to the Company's stockholders and Adjusted diluted EPS for the three months ended March 31, 2026, and 2025:
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2 Adjusted diluted EPS is computed based on adjusted net income attributable to the Company’s stockholders and diluted weighted-average shares outstanding before rounding. The individual components in the table are rounded to the nearest applicable unit; therefore, recalculation using the rounded amounts may not result in the adjusted diluted EPS presented.