Ormat Technologies (ORA) Q3 2025 Earnings
Reported Nov 3, 2025 at 4:33 PM ET · SEC Source
Q3 25 EPS
$0.41
BEAT +6.94%
Est. $0.38
Q3 25 Revenue
$249.7M
BEAT +6.60%
Est. $234.3M
vs S&P Since Q3 25
-9.7%
TRAILING MARKET
ORA +2.1% vs S&P +11.8%
Market Reaction
Did ORA Beat Earnings? Q3 2025 Results
Ormat Technologies delivered a broad beat in its third quarter of 2025, with adjusted diluted EPS of $0.41 clearing the $0.38 consensus estimate by 6.94% and revenue of $249.73 million exceeding expectations by 6.60% while climbing 17.9% year-over-ye… Read more Ormat Technologies delivered a broad beat in its third quarter of 2025, with adjusted diluted EPS of $0.41 clearing the $0.38 consensus estimate by 6.94% and revenue of $249.73 million exceeding expectations by 6.60% while climbing 17.9% year-over-year. The standout driver was a transformed Energy Storage segment, which more than doubled its revenue and expanded gross margin to 39.4% from 20.2% a year ago, fueled by newly operational facilities including the 60MW Lower Rio project in Texas. The Product segment also contributed meaningfully, with 66.6% revenue growth and a backlog that reached approximately $295 million following a new contract signed during the quarter. On the back of these results and favorable merchant pricing, management raised full-year 2025 guidance, lifting total revenue expectations to $960 million to $980 million and adjusted EBITDA to $575 million to $593 million, with analysts subsequently revising price targets upward to $109. The stock had already touched a 52-week high near the reporting date, reflecting growing investor confidence in Ormat's positioning around data center demand and geothermal expansion.
Key Takeaways
- • Energy Storage segment revenue up 108.1% driven by new Bottleneck, Montague, and Lower Rio facilities
- • Product segment revenue up 66.6% from timing of revenue recognition on manufacturing and construction progress
- • Blue Mountain power plant acquisition contributed to Electricity segment growth
- • Improved performance at Dixie Valley facility
- • Higher merchant pricing in PJM market supported Energy Storage results
- • Energy Storage gross margin improved to 39.4% from 20.2% year-over-year
- • Product segment gross margin improved to 21.7% from 19.2% year-over-year
- • Tax benefits related to storage facilities commencing commercial operation
ORA YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ORA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong third quarter results reflect the continued progress and execution of our growth strategy, highlighted by a 17.9% rise in revenue, 13.3% increase in operating income, 9.3% growth in net income attributable to the Company's stockholders and continued expansion in adjusted EBITDA.”
— Doron Blachar, Q3 2025 Earnings Press Release
ORA Earnings Trends
ORA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ORA EPS Trend
Earnings per share: estimate vs actual
ORA Revenue Trend
Quarterly revenue: estimate vs actual
ORA Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.90 | $1.30 | +44.35% | $403.9M | +15.67% |
| Q4 25 BEAT FY | $0.64 | $0.67 | +4.67% | $276.0M | +7.12% |
| FY Full Year | — | $2.24 | — | $989.5M | — |
| Q3 25 BEAT | $0.38 | $0.41 | +6.94% | $249.7M | +6.60% |
| Q2 25 BEAT | $0.38 | $0.48 | +26.25% | $234.0M | +5.59% |