Ormat Technologies Reports Third Quarter 2026 Financial Results
Key Highlights
- ➤Energy Storage revenue $49.9 million, up 145.2% year-over-year
- ➤Total revenue $275.1 million, up 10.2% year-over-year
- ➤Net income attributable to stockholders $31.9 million, up 32.2%
- ➤Adjusted EBITDA $153.8 million, up 11.1% year-over-year
- ➤Ormat raises 2026 revenue and Adjusted EBITDA guidance midpoints
Expert Statements
Doron Blachar, Chief Executive Officer of Ormat Technologies
“Our strong third-quarter performance was driven by record Energy Storage profitability, supported by newly added capacity, high asset availability and favorable merchant pricing in PJM. Revenue increased 10.2%, net income attributable to stockholders rose 32.2%, and Adjusted EBITDA grew 11.1%. Our year-to-date performance and fourth-quarter outlook support an increase in the midpoints of our full-year revenue and Adjusted EBITDA guidance.”
Doron Blachar, Chief Executive Officer of Ormat Technologies
“While we continue to add new capacity and expand our Electricity segment portfolio, segment revenue slightly declined 2.1% year-over-year in the third quarter. This was primarily due to lower generation at Puna following a hurricane-related forced outage, partially offset by the July commencement of commercial operation at our 10 MW Dominica geothermal plant and improved performance at our Olkaria plant.”
Doron Blachar, Chief Executive Officer of Ormat Technologies
“We remain focused on executing the growth plan outlined at our recent Investor Day, doubling our YE 2025 capacity and achieving annual revenue and Adjusted EBITDA run rates exceeding $1.5 billion and $1 billion, respectively, by the end of 2030. These targets exclude potential contributions from EGS. With growing demand for reliable, around-the-clock power and an expanding portfolio of contracted projects, we believe Ormat is well positioned to deliver sustainable long-term growth and shareholder value.”
Doron Blachar, Chief Executive Officer of Ormat Technologies
“Ormat’s six decades of geothermal experience and integrated capabilities position the Company to participate in EGS as a developer, owner, operator and technology provider, while pursuing a diversified approach that extends beyond a single emerging technology. We are advancing two pilot projects with SLB and Sage and negotiating power purchase agreements for Dixie Valley, our first planned commercial EGS project, and for other potential projects. Since the start of the year, we have also secured approximately 40,000 acres of BLM leases for EGS development and identified additional acreage with EGS potential within our existing portfolio. Our total EGS land position now stands at approximately 170,000 acres, which we estimate could support 5 to 6 gigawatts of potential future EGS development, a significant opportunity for long-term growth.”
ENERGY STORAGE DRIVES DOUBLE-DIGIT GROWTH; ORMAT RAISES MIDPOINT OF 2026 REVENUE AND ADJUSTED EBITDA GUIDANCE AND EXPANDS EGS PIPELINE POTENTIAL TO 5–6 GW
HIGHLIGHTS * STRONG ENERGY STORAGE PERFORMANCE DRIVES THIRD QUARTER RESULTS, WITH REVENUE UP 10.2%, NET INCOME ATTRIBUTABLE TO STOCKHOLDERS UP 32.2%, AND ADJUSTED EBITDA UP 11.1% * ENERGY STORAGE SEGMENT CONTINUES TO DELIVER RECORD RESULTS, WITH REVENUE UP 145.2% YEAR-OVER-YEAR, DRIVEN BY FAVORABLE MERCHANT MARKET PRICING, HIGH AVAILABILITY, AND CONTRIBUTIONS FROM NEWLY ADDED CAPACITY * ORMAT RAISES THE MIDPOINT OF ITS FULL YEAR REVENUE AND ADJUSTED EBITDA GUIDANCE * CONTINUED PROGRESS IN NEXT-GENERATION GEOTHERMAL, ADVANCING TWO EGS PILOT PROGRAMS AND THE DEVELOPMENT OF ORMAT'S FIRST COMMERCIAL EGS PROJECT. RENO, Nev., Nov. 04, 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 third quarter ended September 30, 2026.
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