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Ormat Technologies

Ormat Technologies (ORA) Q2 2026 Earnings

Reported Aug 5, 2026 at 5:13 PM ET · SEC Source

Q2 26 EPS Adjusted

$0.50

BEAT +98.65%

Est. $0.25

Q2 26 Revenue

$258.8M

BEAT +9.82%

Est. $235.6M

vs S&P Since Q2 26

+12.2%

BEATING MARKET

ORA +12.8% vs S&P +0.6%

Market Reaction

Did ORA Beat Earnings? Q2 2026 Results

Ormat Technologies delivered a standout second quarter for fiscal 2026, posting adjusted EPS of $0.50 against a consensus estimate of $0.25, a beat of nearly 99% that extended the company's streak of topping Wall Street's earnings expectations to fou… Read more Ormat Technologies delivered a standout second quarter for fiscal 2026, posting adjusted EPS of $0.50 against a consensus estimate of $0.25, a beat of nearly 99% that extended the company's streak of topping Wall Street's earnings expectations to four consecutive quarters. Revenue climbed 10.6% year-over-year to $258.76 million, ahead of the $235.63 million analysts had anticipated, as the company's Energy Storage segment emerged as the quarter's defining force, with revenues nearly tripling to $42.77 million and gross margin surging to 56.2% from just 11.9% a year ago, fueled by favorable merchant pricing in the PJM market and new capacity additions. The Electricity segment also contributed steady growth, rising 5.8% to $169.25 million, while softer Product segment results from construction timing and European project costs created only a modest drag. Adjusted EBITDA rose 6.9% to $143.95 million. Confident in its trajectory, Ormat raised full-year 2026 guidance, now targeting total revenues of $1.15 billion to $1.20 billion and Adjusted EBITDA of $630 million to $650 million.

Key Takeaways

  • • Energy Storage revenues nearly tripled YoY from favorable merchant pricing in PJM market and new capacity additions
  • • Blue Mountain geothermal acquisition contributed to Electricity segment growth
  • • Improved generation at Olkaria and Puna power plants with higher energy rates at Puna
  • • Lower curtailments in the USA compared to prior-year period
  • • Optimized mix of merchant and contracted revenues in Energy Storage supported margin expansion

ORA Forward Guidance & Outlook

Ormat raised its full-year 2026 guidance. Total revenues are now expected to be between $1,150 million and $1,200 million, with Electricity segment revenues of $710–$725 million, Product segment revenues of $300–$320 million, and Energy Storage revenues of $140–$155 million. Adjusted EBITDA is expected to be between $630 million and $650 million, of which approximately $17.0 million is attributable to minority interest. The company has 202 MW of electricity generation projects under construction/development backed by long-term PPAs, and 497 MW / 1,888 MWh of energy storage projects under construction/development. Product segment gross margin is expected to improve in the second half of the year. EGS drilling at Desert Peak with SLB is planned for Q4 2026. The Denali 100 MW / 400 MWh energy storage facility is expected to be completed by end of 2028 under a 20-year tolling agreement.

24/7 Wall St

ORA YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

ORA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Our second quarter results reflect the continued successful execution of our diversified growth strategy. We delivered double-digit revenue growth while expanding gross profit by more than 20%, reflecting the strength and balance of our three operating segments. Based on our strong first-half performance and positive momentum across our business, we are raising our full-year 2026 revenue and Adjusted EBITDA guidance.”

— Doron Blachar, Q2 2026 Earnings Press Release

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