Ormat Technologies Reports Third Quarter 2026 Financial Results

ENERGY STORAGE DRIVES DOUBLE-DIGIT GROWTH; ORMAT RAISES MIDPOINT OF 2026 REVENUE AND ADJUSTED EBITDA GUIDANCE AND EXPANDS EGS PIPELINE POTENTIAL TO 5–6 GW

HIGHLIGHTS

• STRONG ENERGY STORAGE PERFORMANCE DRIVES THIRD QUARTER RESULTS, WITH REVENUE UP 10.2%, NET INCOME ATTRIBUTABLE TO STOCKHOLDERS UP 32.2%, AND ADJUSTED EBITDA UP 11.1%
• ENERGY STORAGE SEGMENT CONTINUES TO DELIVER RECORD RESULTS, WITH REVENUE UP 145.2% YEAR-OVER-YEAR, DRIVEN BY FAVORABLE MERCHANT MARKET PRICING, HIGH AVAILABILITY, AND CONTRIBUTIONS FROM NEWLY ADDED CAPACITY
• ORMAT RAISES THE MIDPOINT OF ITS FULL YEAR REVENUE AND ADJUSTED EBITDA GUIDANCE
• CONTINUED PROGRESS IN NEXT-GENERATION GEOTHERMAL, ADVANCING TWO EGS PILOT PROGRAMS AND THE DEVELOPMENT OF ORMAT'S FIRST COMMERCIAL EGS PROJECT.
  

RENO, Nev., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced financial results for the third quarter ended September 30, 2026.

KEY FINANCIAL RESULTS

“Our strong third-quarter performance was driven by record Energy Storage profitability, supported by newly added capacity, high asset availability and favorable merchant pricing in PJM. Revenue increased 10.2%, net income attributable to stockholders rose 32.2%, and Adjusted EBITDA grew 11.1%. Our year-to-date performance and fourth-quarter outlook support an increase in the midpoints of our full-year revenue and Adjusted EBITDA guidance,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “While we continue to add new capacity and expand our Electricity segment portfolio, segment revenue slightly declined 2.1% year-over-year in the third quarter. This was primarily due to lower generation at Puna following a hurricane-related forced outage, partially offset by the July commencement of commercial operation at our 10 MW Dominica geothermal plant and improved performance at our Olkaria plant.”

“We remain focused on executing the growth plan outlined at our recent Investor Day, doubling our YE 2025 capacity and achieving annual revenue and Adjusted EBITDA run rates exceeding $1.5 billion and $1 billion, respectively, by the end of 2030. These targets exclude potential contributions from EGS. With growing demand for reliable, around-the-clock power and an expanding portfolio of contracted projects, we believe Ormat is well positioned to deliver sustainable long-term growth and shareholder value.”

Blachar added, “Ormat’s six decades of geothermal experience and integrated capabilities position the Company to participate in EGS as a developer, owner, operator and technology provider, while pursuing a diversified approach that extends beyond a single emerging technology. We are advancing two pilot projects with SLB and Sage and negotiating power purchase agreements for Dixie Valley, our first planned commercial EGS project, and for other potential projects. Since the start of the year, we have also secured approximately 40,000 acres of BLM leases for EGS development and identified additional acreage with EGS potential within our existing portfolio. Our total EGS land position now stands at approximately 170,000 acres, which we estimate could support 5 to 6 gigawatts of potential future EGS development, a significant opportunity for long-term growth.”

FINANCIAL HIGHLIGHTS

• Net income attributable to stockholders for the three months ended September 30, 2026, was $31.9 million, or $0.51 per diluted share, compared to $24.1 million, or $0.39 per diluted share, in the prior year period. The 32.2% increase was mainly driven by the increase in the Energy Storage revenue and gross profit.
• Adjusted net income for the three months ended September 30, 2026, was $34.8 million, or $0.56 per diluted share, compared to $24.9 million, or $0.41 per diluted share, in the prior year period.
• Adjusted EBITDA for the three months ended September 30, 2026, increased 11.1% to $153.8 million, driven by strong contributions from the Energy Storage segment, which benefited from higher merchant prices, high availability and portfolio expansion.
• Electricity segment revenues declined 2.1% in the third quarter compared to the prior year period, primarily driven by lower generation at Puna due to a hurricane-related forced outage, partially offset by the commencement of commercial operation at our power plant in Dominica and improved performance at our Olkaria plant.
• Energy Storage revenues for the three months ended September 30, 2026, increased 145.2% compared to the prior year period. Growth was driven by the high availability of our assets, which allowed us to capitalize on strong merchant pricing in the PJM market, as well as new portfolio capacity additions over the past 12 months.
• Product segment revenues for the three months ended September 30, 2026, declined 1.2% compared to the prior year period due largely to the timing of manufacturing and construction progress.
• Product segment backlog stands at approximately $183 million as of November 4, 2026.
  

BUSINESS HIGHLIGHTS:

• In August 2026, Ormat decided to proceed with the development of the 100 MW / 400 MWh Denali energy storage facility in California. Upon completion, expected by the end of 2028, the project is anticipated to provide energy storage services under a 20-year tolling agreement with Clean Power Alliance.
• In July 2026, Ormat achieved commercial operation of its 10 MW Dominica geothermal power plant, reflecting continued execution across the Company's global development pipeline.

EGS UPDATE:

• Ormat continues to advance the two EGS pilot programs with SLB and Sage, with drilling expected to commence late 2026 or early 2027 in both locations.
• Ormat is negotiating PPAs for Dixie Valley, Nevada, its first planned commercial EGS project, and for other potential EGS projects.
• In September 2026, Ormat was selected by the U.S. Department of Energy (DOE) for up to $35 million in funding, alongside SLB and the University of Utah, to advance enhanced geothermal systems at Dixie Valley, Nevada, and hydrothermal development at Cove Fort, Utah.
• Since its Investor Day, Ormat has significantly expanded its EGS land position, from approximately 70,000 acres to approximately 170,000 acres. This includes approximately 16,000 acres of new BLM leases acquired in Nevada’s October 2026 lease sale and significant existing land portfolio that have been identified as having EGS potential. Ormat estimates that this expanded land position could support approximately 5 to 6 GW of potential future EGS development, compared with the approximately 3 to 4 GW estimate presented at Investor Day.

2026 GUIDANCE

• Total revenues are expected to be between $1,170 million and $1,200million.
  • Electricity segment revenues between $700 million and $710 million.
  • Product segment revenues of between $310 million and $320 million.
  • Energy Storage revenues of between $160 million and $170 million.
• Adjusted EBITDA is expected to be between $640 million and $650 million.
  • Of which approximately $13.0 million is attributed to minority interest.

The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and nine months ended September 30, 2026. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts, the probable significance of which cannot be determined. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

DIVIDEND

On November 4, 2026, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on December 2, 2026, to stockholders of record as of the close of business on November 18, 2026.

CONFERENCE CALL DETAILS

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on November 5, 2026, at 10:00 a.m. ET.

Participants within the United States and Canada, please dial 1-833-461-5787, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-585-542-9983. The access code for the call is 244015737. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a webcast live on the Investor Relations section of the Company's website. 

A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-833-309-1852. From outside of the United States and Canada, please dial +1-929-828-5978. Please use the replay access code 244015737. The webcast will also be archived on the Investor Relations section of the Company's website. 

ABOUT ORMAT TECHNOLOGIES

With over six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,600MW of gross capacity. Ormat has leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,853MW with a 1,358MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, Guadeloupe, and Dominica, and a 495MW energy storage portfolio that is located in the U.S.

Ormat is the only single-solution company with tangible and proven end-to-end capabilities that span subsurface exploration, project development, power plant technology, construction and operations. The Company is leveraging this experience to advance EGS pilot programs and commercial development opportunities. As electricity demand accelerates, driven by AI data centers, electric vehicles, industrial reshoring, and the electrification of heating and cooling, Ormat's geothermal and EGS capabilities position the Company to help meet this growing demand and lead technological advancement in the market. The Company's industry-leading business model and strong reputation are built on long-standing expertise, operational excellence, high-performance teams, and delivering reliable long-term energy generation.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, including EGS projects and pilot programs, the potential capacity of our lease portfolio, legal, market, industry and geopolitical developments and incentives, technological changes, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may,” “will,” “could,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “intends,” “targets,” “goal”, “outlook,” “guidance,” “contemplate,” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives, goals and expectations for future operations and are based upon management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties, including risks related to regulatory changes, geopolitical developments, commodity prices, merchant energy pricing, interest rates, supply chain disruptions, the technical and commercial viability of EGS, our ability to obtain power purchase agreements, permits and government funding, and other risks described under "Risk Factors" in Ormat’s most recent Annual Report on Form 10-K, and in subsequent filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Statement of Operations

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheet

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA

We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation; (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities, including induced conversion expense; (v) cost related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; (viii) allowance for bad debts; (ix) bargain purchase gains; and (x) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2026, and 2025:

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS ¹

Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributed to the Company's stockholders and Adjusted diluted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

The following tables reconcile Net income attributable to the Company's stockholders and diluted EPS to Adjusted Net income attributable to the Company’s stockholders and Adjusted diluted EPS for the three and nine months ended September 30, 2026, and 2025:

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¹ Adjusted diluted EPS is computed based on adjusted net income attributable to the Company’s stockholders and diluted weighted-average shares outstanding before rounding. The individual components in the table are rounded to the nearest applicable unit; therefore, recalculation using the rounded amounts may not result in the adjusted diluted EPS presented.