Key Highlights

  • Revenue grew 10.2% to USD 275.1 million in the quarter, from USD 249.7 million, and stockholders' share of Net Income reached USD 31.9 million, or USD 0.51 a diluted share, up 32.2%.
  • The Energy Storage line jumped 145.2%, landing at USD 49.9 million, while its gross Margin climbed to 62.1% from 39.4% thanks to merchant prices and new capacity.
  • Adjusted EBITDA came to USD 153.8 million, an 11.1% increase, and adjusted diluted EPS of USD 0.56 compared with USD 0.41 a year before.
  • The 2026 midpoints rose, with Revenue now pegged at USD 1,170 million to USD 1,200 million, with adjusted EBITDA landing at USD 640 million to USD 650 million.

Energy Storage Drives the Third-Quarter Gain

Ormat Technologies (NYSE:ORA) published its third-quarter figures on November 4, 2026. Total revenue reached USD 275.1 million, up from USD 249.7 million, while Gross Profit grew 20.8% to USD 77.4 million and gross margin widened to 28.1% from 25.6%. Management tied the Energy Storage gain to asset availability that ran high, PJM merchant prices that stayed firm and capacity commissioned during the prior year. The operating line grew 11.9%, reaching USD 45.3 million. Over the first nine months, sales climbed 31.4% to USD 937.8 million, with Product sales jumping 85.9% to USD 285.6 million.

Electricity and Product Segments Move the Other Way

Geothermal Electricity revenue slipped 2.1% to USD 163.7 million, and its gross margin fell 330 basis points to 22.2%. Puna output fell after a hurricane forced it offline, and that shortfall was partly cushioned by a 10 MW Dominica Facility starting up in July plus improved Olkaria performance. Product revenue dropped 1.2% to USD 61.5 million on Manufacturing and construction timing, and its gross margin fell 520 basis points to 16.5%. Product Backlog was roughly USD 183 million on November 4, 2026. On a GAAP basis, diluted Earnings were USD 0.51 a share compared with USD 0.39, and adjusted figures moved from USD 0.41 to USD 0.56.

Guidance Midpoint, EGS Acreage and the Dividend

Ormat lifted the midpoints of full-year revenue and adjusted EBITDA guidance. Electricity is now projected between USD 700 million and USD 710 million, Product between USD 310 million and USD 320 million, and Energy Storage between USD 160 million and USD 170 million. Its enhanced geothermal systems land position expanded to about 170,000 acres, which the company now believes could support 5 to 6 gigawatts, versus the 3 to 4 gigawatts it presented at its Investor Day. In September, Ormat was chosen for funding of up to USD 35 million from the Department of Energy, and drilling at two pilots is expected in late 2026 or early 2027. The board approved a USD 0.12 quarterly dividend, paid on December 2, 2026 to shareholders recorded as of November 18, 2026.

Where Things Stand

Merchant exposure is the swing Factor behind the quarter's jump. Ormat Technologies (NYSE:ORA) pushed that segment up 145.2% through firm PJM merchant prices, high availability and fresh capacity, lifting net income 32.2% even as Electricity revenue slipped. Because much of the exposure is merchant, power price moves can shift results, and the Puna outage illustrates operating risk in the geothermal base. Revenue guidance for 2026 now runs USD 1,170 million to USD 1,200 million. Next markers are the November 5, 2026 earnings call, the Dixie Valley power purchase agreements and the Denali storage build, which are expected by the end of 2028.