Key Highlights

  • Third-quarter Revenue rose 10.2% to USD 275.1 million, while Net Income attributable to stockholders climbed 32.2% to USD 31.9 million, or USD 0.51 per diluted share.
  • Energy Storage revenue surged 145.2% to USD 49.9 million, and the segment gross Margin reached 62.1% against 39.4% a year earlier on merchant pricing and added capacity.
  • Adjusted EBITDA increased 11.1% to USD 153.8 million, and adjusted Diluted Earnings per Share were USD 0.56 compared with USD 0.41 in the same quarter of 2025.
  • The company raised the midpoint of 2026 guidance, now seeing revenue of USD 1,170 million to USD 1,200 million and adjusted EBITDA of USD 640 million to USD 650 million.

Energy Storage Powers Ormat Technologies (NYSE:ORA) Third Quarter

Ormat Technologies (NYSE:ORA) reported third-quarter 2026 results on November 4, 2026. Total revenue was USD 275.1 million versus USD 249.7 million, with Gross Profit up 20.8% to USD 77.4 million and gross margin at 28.1% against 25.6%. Energy Storage drove the gain, as the company cited high asset availability, strong merchant pricing in the PJM market and capacity added over the past 12 months. Operating Income rose 11.9% to USD 45.3 million. Nine-month revenue grew 31.4% to USD 937.8 million, helped by an 85.9% jump in Product revenue to USD 285.6 million.

Electricity and Product Segments Show the Other Side

The geothermal Electricity segment slipped 2.1% to USD 163.7 million, with gross margin down 330 basis points to 22.2%. Management attributed the decline mainly to lower generation at Puna after a hurricane-related forced outage, partly offset by the July start of the 10 MW Dominica plant and better Olkaria performance. Product revenue fell 1.2% to USD 61.5 million on timing of Manufacturing and construction, and its gross margin dropped 520 basis points to 16.5%. Product Backlog stood at about USD 183 million as of November 4, 2026. GAAP diluted EPS was USD 0.51 against USD 0.39, while adjusted diluted EPS was USD 0.56 against USD 0.41.

Guidance Midpoint, EGS Acreage and the Dividend

The company raised the midpoints of full-year revenue and adjusted EBITDA guidance, with segment ranges of USD 700 million to USD 710 million for Electricity, USD 310 million to USD 320 million for Product and USD 160 million to USD 170 million for Energy Storage. Its enhanced geothermal systems land position grew to about 170,000 acres, which it estimates could support 5 to 6 gigawatts, up from 3 to 4 gigawatts at its Investor Day. The company was selected in September for up to USD 35 million of Department of Energy funding, and drilling at two pilots is expected late 2026 or early 2027. The board declared a quarterly Dividend of USD 0.12 per share, payable December 2, 2026 to holders of record on November 18, 2026.

Where Things Stand

Energy Storage drove the jump, and merchant pricing is the swing factor. Ormat Technologies (NYSE:ORA) grew the segment 145.2% on strong PJM prices, high availability and new capacity, which lifted net income 32.2% even as Electricity revenue slipped. That same merchant exposure means results can move with power prices, and the Puna outage shows operational risk in the geothermal base. Guidance for 2026 now stands at USD 1,170 million to USD 1,200 million of revenue. Next markers are the November 5, 2026 earnings call, EGS power purchase agreements for Dixie Valley and the Denali storage build, expected by the end of 2028.