Ormat Technologies Q1 Earnings and Revenues Beat Estimates

Ormat Technologies Inc. ORA reported first-quarter 2026 adjusted earnings per share of $1.30, which beat the Zacks Consensus Estimate of 92 cents by 41.3%. The bottom line also increased 91.2% from 68 cents in the year-ago quarter.

The company reported GAAP earnings of 71 cents per share compared with 66 cents in the year-ago quarter.

ORA’s Total Revenues

ORA generated revenues of $403.9 million, which topped the Zacks Consensus Estimate of $349 million by 15.6%. The top line also increased 75.8% year over year, driven by higher revenues from its electricity, product and energy storage segments.

ORA’s Segmental Performance

Electricity: Revenues in this segment amounted to $181.6 million, up 0.8% year over year. This upside was primarily due to contributions from the Blue Mountain power plant, improved generation performance at the Olkaria and Stillwater facilities, and lower curtailments.

Product: This segment’s revenues surged 458.4% to $177.4 million from the year-ago quarter’s level. The improvement was primarily driven by the $105.1 million revenue recognition related to the Topp 2 sale.

Energy Storage: Revenues in this division amounted to $44.9 million, up 153.1% from the prior-year quarter’s figure. This was driven by the high availability of its assets, which allowed it to capitalize on strong merchant pricing in the PJM market, as well as new capacity additions over the past 12 months.

ORA’s Operational Update

Ormat Technologies’ total operating expenses (research and development, selling and marketing, as well as general and administrative expenses) were $34 million, which rose 38.3% from the year-ago quarter’s level.

The operating income increased 57.6% year over year to $80.3 million.

The total cost of revenues was $283.5 million, up 80.8% year over year.

Net interest expenses were $45 million, which rose 30.5% year over year.

Ormat’s Financial Condition

ORA had cash and cash equivalents of $654.6 million as of March 31, 2026 compared with $147.4 million as of Dec. 31, 2025.

ORA’s 2026 Guidance

The company expects to generate revenues in the range of $1.11-$1.16 billion. The Zacks Consensus Estimate is pegged at $1.13 billion, which is just below the midpoint of the company’s guided range.

Revenues for the Electricity segment are anticipated in the band of $715-$730 million. The Product segment’s revenues are expected in the range of $300-$320 million. Revenues for the Energy Storage segment are projected between $95 million and $110 million.

ORA anticipates annual adjusted EBITDA in the band of $615-$645 million.

ORA’s Zacks Rank

Ormat currently carries a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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