Ormat Third-Quarter 2026 Revenue Rises 10.2%

The Tip Desk · November 5, 2026 · 3 min read

Third-quarter revenue was $275.1 million as Energy Storage hit $49.9 million and net income attributable to stockholders rose 32.2% to $31.9 million.

Ormat Technologies (ORA), a geothermal and renewable energy company, reported third-quarter 2026 revenue of $275.1 million, up 10.2% from a year earlier, as Energy Storage carried the profit story.

Total revenues were $275.1 million, up 10.2% from a year earlier, after 10.6% growth in the second quarter. Net income attributable to stockholders was $31.9 million, or $0.51 a share, up 32.2% from $24.1 million, or $0.39 a share, in the year-ago quarter. Adjusted net income was $34.8 million, or $0.56 a share. Adjusted EBITDA was $153.8 million, up 11.1%.

Chief Executive Officer Doron Blachar said the quarter was driven by record Energy Storage profitability, supported by newly added capacity, high asset availability and favorable merchant pricing in PJM.

Energy Storage revenue was $49.9 million, up 145.2% from a year earlier, after a 195.1% year-over-year increase in the second quarter. The company said growth came from high availability that let it capture strong merchant pricing in PJM and from new portfolio capacity added over the past 12 months. Energy Storage gross margin was 62.1%.

Electricity revenue was $163.7 million, down 2.1% from a year earlier, reversing a 5.8% year-over-year increase in the second quarter. Blachar attributed the decline primarily to lower generation at Puna after a hurricane-related forced outage, partially offset by the July start of commercial operation at a 10 MW Dominica plant and improved performance at Olkaria. Electricity gross margin was 22.2%.

Product revenue was $61.5 million, down 1.2% from a year earlier, after a 21.6% year-over-year decline in the second quarter. The company said the drop reflected the timing of manufacturing and construction progress. Product gross margin was 16.5%. Product backlog stood at about $183 million as of November 4, 2026.

Gross profit was $77.4 million, up 20.8% from a year earlier. Overall gross margin was 28.1%. Operating income was $45.3 million, up 11.9% from a year earlier, after a 3.2% year-over-year decline in the second quarter.

For the full year, Ormat now expects total revenues of $1,170 million to $1,200 million, with Electricity between $700 million and $710 million, Product between $310 million and $320 million, and Energy Storage between $160 million and $170 million. Adjusted EBITDA is expected at $640 million to $650 million, of which about $13.0 million is attributed to minority interest. The company does not provide net-income guidance.

Blachar said the company remains focused on the Investor Day growth plan of doubling year-end 2025 capacity and reaching annual revenue and Adjusted EBITDA run rates above $1.5 billion and $1 billion by the end of 2030, excluding potential EGS contributions.

On enhanced geothermal, Ormat said it is advancing two pilot programs with SLB and Sage, with drilling expected to start late 2026 or early 2027, and is negotiating power purchase agreements for Dixie Valley, its first planned commercial EGS project. In September it was selected by the U.S. Department of Energy for up to $35 million in funding with SLB and the University of Utah. Since Investor Day, the company said it expanded its EGS land position from about 70,000 acres to about 170,000 acres, including roughly 16,000 acres of new BLM leases in Nevada’s October 2026 sale, and estimates the position could support 5 to 6 GW of potential future EGS development, versus the 3 to 4 GW estimate at Investor Day.

In August the company decided to proceed with a 100 MW / 400 MWh Denali storage facility in California, expected by the end of 2028 under a 20-year tolling agreement with Clean Power Alliance. The board declared a quarterly dividend of $0.12 a share, payable December 2, 2026.