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…
Earnings analysis · 10-Q
ORA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.3
What stood out
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Strong Revenue Growth
Total revenue rose to $403.9 million, a 75.8% increase from $229.8 million year-over-year.
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EPS Surprises to the Upside
Earnings per share increased to $1.30, surpassing the estimate of $0.90 by 44.4%.
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Significant Product Segment Growth
Product segment revenues jumped 458.4% to $177.4 million, driven by the sale of the TOPP2 plant.
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Excellent Energy Storage Performance
Energy Storage segment revenues climbed 153.1% to $44.9 million, bolstered by new facilities and increased rates.
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Operational Cash Flow Maintained
Operating cash flow reached $78.6 million, although slightly lower than the prior year's $88.0 million.
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Future Expansion Efforts
Management highlighted plans for $587 million in capital expenditures for continued project development.
What to watch
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Increased Interest Expenses
Interest expense rose to $45 million from $34.5 million year-over-year, affecting profitability.
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Regulatory and Taxation Risks
Changes in regulatory policies may adversely impact operational profitability due to stricter requirements.
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Dependence on Specific Customers
Over 9.8% of revenues come from NV Energy, raising risk of receivables due to customer concentration.
Management's outlook
Management reiterates confidence in achieving 2026 full-year revenue guidance amidst strong Q1 performance.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.