ORA earnings analysis
What we found in ORA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ormat Technologies reported a strong performance in Q1 2026, exceeding revenue and earnings expectations with total revenue of $403.9 million and EPS of $1.30, marking a 75.8% year-over-year growth. The results were driven by significant growth in its Product segment, attributed mainly to the sale of a major power plant, along with strong increases in the Energy Storage segment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue rose to $403.9 million, a 75.8% increase from $229.8 million year-over-year.
- EPS Surprises to the Upside
- Earnings per share increased to $1.30, surpassing the estimate of $0.90 by 44.4%.
- Significant Product Segment Growth
- Product segment revenues jumped 458.4% to $177.4 million, driven by the sale of the TOPP2 plant.
- Excellent Energy Storage Performance
- Energy Storage segment revenues climbed 153.1% to $44.9 million, bolstered by new facilities and increased rates.
- Operational Cash Flow Maintained
- Operating cash flow reached $78.6 million, although slightly lower than the prior year's $88.0 million.
- Future Expansion Efforts
- Management highlighted plans for $587 million in capital expenditures for continued project development.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Interest Expenses
- Interest expense rose to $45 million from $34.5 million year-over-year, affecting profitability.
- Regulatory and Taxation Risks
- Changes in regulatory policies may adversely impact operational profitability due to stricter requirements.
- Dependence on Specific Customers
- Over 9.8% of revenues come from NV Energy, raising risk of receivables due to customer concentration.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.3
- Gross margin
- 29.8%
- Operating margin
- 19.9%
- Segment
- Electricity: $181.6M
- Segment
- Product: $177.4M
- Segment
- Energy Storage: $44.9M
What they said about what is next.
Management reiterates confidence in achieving 2026 full-year revenue guidance amidst strong Q1 performance.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- Ormat describes a growth strategy of expanding its geothermal core while diversifying into solar PV and utility-scale energy storage and advancing EGS pilots; the company added 115 MW of commercial capacity during 2025…
- 10-Q · August 7, 2025
- Ormat reported Q2 revenue of $234,018,000 and diluted EPS of $0.46, up versus the year-ago quarter but down versus the prior quarter on a per-share basis. Revenue growth was driven by Product and Energy Storage (Product…
- 10-Q · May 8, 2025
- Ormat reported Q1 revenue of $229.762M (up $5.596M YoY, +2.5%) and GAAP diluted EPS of $0.66 (up $0.02 YoY). Gross margin compressed to 31.7% (from 35.2% a year ago) while operating margin was 22.2%. Operating cash flow…
- 10-Q · November 9, 2023
- Ormat reported Q3 revenue of $208.056M, up from $175.885M a year ago (+$32.171M, +18.3% YoY), driven by a large increase in Product revenues. Gross and operating margins compressed materially (gross margin ~28.8% vs…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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