Ormat Technologies (ORA) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $403.9 million, up 75.8% year-over-year, driven by strong growth in Product and Energy Storage segments.

• Net income attributable to stockholders increased to $44.1 million, with adjusted net income rising 93.5% to $80.3 million.

• Adjusted EBITDA grew 29.7% to $194.9 million, and adjusted diluted EPS surged 91.2% to $1.30.

• Strategic progress included the COD of Shirk Energy Storage, acquisition of Ho'oku/Hoku hybrid solar-plus-storage in Hawaii, and signing of ~200 MW of new long-term PPAs, including with Google and Switch.

• Strengthened financial position with a $1 billion convertible notes offering, supporting liquidity and growth initiatives.

Financial highlights

• Q1 2026 revenue: $403.9 million (+75.8% YoY); gross profit: $120.4 million; gross margin: 29.8%.

• Net income attributable to stockholders: $44.1 million ($0.71 per diluted share); adjusted net income: $80.3 million ($1.30 per diluted share).

• Adjusted EBITDA: $194.9 million (+29.7% YoY); operating income: $80.3 million (+57.6% YoY).

• Cash and cash equivalents at quarter-end: $654.6 million; total debt: $3.4 billion; cost of debt: 3.9%.

• Net debt: $2.6 billion; net debt to adjusted EBITDA: 4.2x.

Outlook and guidance

• 2026 revenue guidance: $1,110–$1,160 million (+14.6% YoY at midpoint); adjusted EBITDA: $615–$645 million (+8.2%).

• Segment guidance for 2026: Electricity $715–$730 million, Product $300–$320 million, Energy Storage $95–$110 million.

• Portfolio capacity target of 2.6–2.8 GW by end of 2028 remains on track, with 15–18% CAGR in capacity.

• Management expects to recognize $203.2 million in remaining Product segment performance obligations over the next 24 months.

• Sufficient liquidity and CapEx plans in place to fund ongoing projects and strategic initiatives.