Ormat Technologies (ORA) Q1 2026 Earnings
Reported May 6, 2026 at 4:45 PM ET · SEC Source
Q1 26 EPS
$1.30
BEAT +44.35%
Est. $0.90
Q1 26 Revenue
$403.9M
BEAT +15.67%
Est. $349.2M
vs S&P Since Q1 26
-13.5%
TRAILING MARKET
ORA -10.3% vs S&P +3.2%
Market Reaction
Did ORA Beat Earnings? Q1 2026 Results
Ormat Technologies posted a blowout first quarter for fiscal 2026, with adjusted EPS of $1.30 beating the $0.90 consensus estimate by 44.35% and revenue of $403.91 million clearing expectations by 15.67% on the back of 75.8% year-over-year growth. Th… Read more Ormat Technologies posted a blowout first quarter for fiscal 2026, with adjusted EPS of $1.30 beating the $0.90 consensus estimate by 44.35% and revenue of $403.91 million clearing expectations by 15.67% on the back of 75.8% year-over-year growth. The primary engine behind that revenue surge was a transformed Product segment, which generated $177.40 million, up 458.4% from a year ago, driven largely by the recognition of $105.10 million in revenue from the sale of the 50MW Topp 2 geothermal project in New Zealand. Energy Storage contributed meaningfully as well, with revenues climbing 153.1% to $44.90 million on expanded capacity and strong merchant pricing in PJM markets. On the heels of the results, at least one analyst firm raised its price target on the stock, reflecting renewed confidence in Ormat's trajectory. Management reaffirmed full-year 2026 guidance of $1.11 billion to $1.16 billion in revenue and $615 million to $645 million in adjusted EBITDA, supported by approximately 270MW of newly secured power purchase agreements.
Key Takeaways
- • Topp 2 project sale generating $105.1 million in Product segment revenue
- • Energy Storage growth driven by high asset availability and strong merchant pricing in PJM market
- • New capacity additions in energy storage over the past 12 months
- • Blue Mountain power plant contributions to Electricity segment
- • Improved generation at Olkaria and Stillwater facilities
- • Extreme Nevada heat reduced Electricity revenue by approximately $4.8 million
ORA Forward Guidance & Outlook
Ormat reiterated its full-year 2026 guidance: total revenues of $1,110 million to $1,160 million, with Electricity segment revenues between $715 million and $730 million, Product segment revenues between $300 million and $320 million, and Energy Storage revenues between $95 million and $110 million. Adjusted EBITDA is expected to be between $615 million and $645 million, with approximately $18.0 million attributable to minority interest. The company expressed confidence in sustaining positive momentum throughout 2026 and delivering on its 2028 targets, supported by approximately 270MW of new PPAs secured, ongoing EGS development initiatives, and a growing energy storage portfolio.
ORA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ORA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Ormat is off to a very strong start in 2026, delivering continued revenue growth across all segments alongside continued progress on our growth and funding strategies. Our 57.6% year-over-year growth in operating income, 29.7% growth in adjusted EBITDA and 91.2% increase in adjusted diluted EPS reflect not only the outstanding performance of our Energy Storage and Product segments, but also the strength and resilience of our diversified portfolio.”
— Doron Blachar, Q1 2026 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% |