Ormat Technologies stock gains as storage lifts Q3 earnings

Ormat Technologies reported stronger third-quarter results on Wednesday, November 4, 2026, as energy storage growth offset softer electricity revenue. In its financial release on GlobeNewswire, the company reported revenue of 275.1 million US dollars for the quarter ended September 30, up 10.2 percent from a year earlier. Net income attributable to stockholders rose 32.2 percent to 31.9 million US dollars, or 0.51 US dollars per diluted share.

The adjusted figures were also stronger. Adjusted net income reached 34.8 million US dollars, compared with 24.9 million US dollars a year earlier, while adjusted diluted earnings per share increased to 0.56 US dollars from 0.41 US dollars. Adjusted EBITDA advanced 11.1 percent to 153.8 million US dollars.

Energy storage becomes the growth engine

Energy Storage revenue climbed 145.2 percent to 49.9 million US dollars. Chief Executive Officer Doron Blachar said the segment benefited from newly added capacity, high asset availability and favorable merchant pricing in the PJM market. The segment's gross margin reached 62.1 percent, compared with 39.4 percent in the prior-year quarter.

Electricity revenue declined 2.1 percent to 163.7 million US dollars. Ormat attributed the decrease mainly to lower generation at Puna after a hurricane-related forced outage. The July start of commercial operations at the company's 10 MW Dominica geothermal plant and improved performance at Olkaria partly offset that pressure. Product revenue slipped 1.2 percent to 61.5 million US dollars, while product backlog stood at 183 million US dollars on November 4.

Guidance and project pipeline move higher

Ormat raised the midpoints of its full-year outlook. It now expects 2026 revenue between 1.17 billion and 1.20 billion US dollars and adjusted EBITDA between 640 million and 650 million US dollars. Management continues to target annual revenue and adjusted EBITDA run rates above 1.5 billion and 1 billion US dollars, respectively, by the end of 2030, excluding potential contributions from enhanced geothermal systems.

The company also expanded its potential EGS pipeline. Ormat said its land position now totals approximately 170,000 acres, which it estimates could support 5 to 6 gigawatts of future development. Two pilot programs with SLB and Sage are advancing, with drilling expected to begin in late 2026 or early 2027. Ormat is negotiating power purchase agreements for Dixie Valley in Nevada, its first planned commercial EGS project.

Dividend and investor timetable

The board declared a quarterly dividend of 0.12 US dollars per share on November 4. Payment is scheduled for December 2 to shareholders of record at the close of business on November 18. Ormat will discuss the results on its conference call on Thursday, November 5, at 10:00 a.m. Eastern Time.

Ormat Technologies stock traded at 87.60 euros on Lang & Schwarz at 12:38 CET on Thursday, November 5, 2026. The real-time quote of Ormat Technologies stock gives investors a current trading reference, while the earnings release provides the more important operating signal: storage is becoming a larger contributor to growth and profitability.

The S&P 500 remains the broader market reference for US-listed companies as investors assess the results.

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