Ormat Technologies Q2 Earnings and Revenues Beat Estimates

ORA’s Total Revenues

ORA generated revenues of $258.8 million, which topped the Zacks Consensus Estimate of $236 million by 9.7%. The top line also increased 10.6% year over year, driven by higher revenues from its electricity and energy storage segments.

ORA’s Segmental Performance

Electricity: Revenues in this segment amounted to $169.3 million, up 5.8% year over year. This upside was primarily due to contributions from the Blue Mountain power plant, improved generation performance at the Olkaria and Puna facilities, higher energy rates at Puna and lower curtailments in the United States. The increase was partially offset by planned maintenance activities.

Product: This segment’s revenues declined 21.6% to $46.7 million from the year-ago quarter’s level. The decrease was due to the timing of manufacturing and construction progress.

Energy Storage: Revenues in this division amounted to $42.8 million, up 195.1% from the prior-year quarter’s figure. This was driven by the high availability of its assets, which allowed it to capitalize on strong merchant pricing in the PJM market, as well as new capacity additions over the past 12 months.

ORA’s Operational Update

Ormat Technologies’ total operating expenses, including research and development, selling and marketing, as well as general and administrative expenses, were $28.6 million, which rose 11.6% from the year-ago quarter’s level.

Operating income declined 3.2% year over year to $34.2 million.

The total cost of revenues was $190.1 million, up 7.3% year over year.

Net interest expenses were $43.9 million, which rose 19.8% year over year.

Ormat Technologies’ Financial Condition

ORA had cash and cash equivalents of $513.7 million as of June 30, 2026, compared with $147.4 million as of Dec. 31, 2025.

ORA’s 2026 Guidance

The company raised its 2026 revenue guidance to the range of $1.15-$1.20 billion from the prior projection of $1.11-$1.16 billion. The Zacks Consensus Estimate is pegged at $1.15 billion, which is in line with the lower end of the company’s guided range.

Revenues for the Electricity segment are now anticipated in the band of $710-$725 million compared with the previous range of $715-$730 million. The Product segment’s revenue guidance was maintained at $300-$320 million. Revenues for the Energy Storage segment are now projected between $140 million and $155 million, up from the earlier forecast of $95-$110 million.

ORA also raised its annual adjusted EBITDA guidance to the band of $630-$650 million from the prior range of $615-$645 million.

ORA’s Zacks Rank

Ormat Technologies currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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