10-Q · May 7, 2026
Ormat Technologies reported a strong performance in Q1 2026, exceeding revenue and earnings expectations with total revenue of $403.9 million and EPS of $1.30, marking a 75.8% year-over-year growth. The results were…
Earnings analysis · 10-Q
ORA earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Ormat delivered a strong Q3, with revenue of $275.1 million and adjusted EPS of $0.56, up from $259 million and $0.43 in Q2 2026 and from $250 million and $0.39 in Q3 2025. Gross margin improved to 28.1%, while Energy…
Read full summary
Ormat delivered a strong Q3, with revenue of $275.1 million and adjusted EPS of $0.56, up from $259 million and $0.43 in Q2 2026 and from $250 million and $0.39 in Q3 2025. Gross margin improved to 28.1%, while Energy Storage revenue rose 145.2% to $49.9 million. Management raised 2026 revenue guidance to $1.17 billion-$1.20 billion and increased the Adjusted EBITDA midpoint to $645 million. The filing does not provide sufficient balance-sheet or cash-flow data to assess liquidity, debt, inventory, receivables or free cash flow.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.56
- Gross margin
- 28.1%
- Segment
- Energy Storage: $49.9 million of revenue, up 145.2% year over year.
What stood out
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Revenue accelerated in Q3
Q3 revenue was $275.1 million, up from $259 million in Q2 2026 and $250 million in Q3 2025, representing sequential and year-over-year growth of approximately 6.2% and 10.0%, respectively.
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EPS improved materially
Adjusted EPS was $0.56 versus $0.43 in Q2 2026 and $0.39 in Q3 2025, increases of approximately 30.2% sequentially and 43.6% year over year.
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Gross margin expanded
Gross margin expanded to 28.1% from 26.6% in Q2 2026 and 25.6% in Q3 2025, an improvement of 150 basis points sequentially and 250 basis points year over year.
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Energy Storage drove growth
Energy Storage revenue increased 145.2% to $49.9 million, making it the principal disclosed segment growth driver.
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Full-year outlook was raised
The company raised 2026 revenue guidance to $1.17 billion-$1.20 billion and increased the midpoint of Adjusted EBITDA guidance to $640 million-$650 million.
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Controls remained effective
Management concluded that disclosure controls were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected or were reasonably likely to materially affect controls.
What to watch
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EGS execution and funding risk
The company states that there were no material changes to previously disclosed risk factors during the quarter ended September 30, 2026, except for the expanded EGS disclosure. EGS projects carry technical, geological, regulatory and commercial-scale risks; failure to progress could require impairment of investments or additional costs.
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Bylaw changes may constrain stockholders
The amended bylaws adopted on November 4, 2026 expand disclosure and interview requirements for stockholder nominees and designate certain Delaware and federal courts as exclusive forums for specified claims, potentially increasing procedural barriers for stockholder actions.
Management's outlook
Management raised 2026 revenue guidance to $1.17 billion-$1.20 billion and raised the midpoint of Adjusted EBITDA guidance to $640 million-$650 million. No quantitative EPS guidance was provided.
Earlier filings 4
10-K · February 26, 2026
Ormat describes a growth strategy of expanding its geothermal core while diversifying into solar PV and utility-scale energy storage and advancing EGS pilots; the company added 115 MW of commercial capacity during 2025…
10-Q · August 7, 2025
Ormat reported Q2 revenue of $234,018,000 and diluted EPS of $0.46, up versus the year-ago quarter but down versus the prior quarter on a per-share basis. Revenue growth was driven by Product and Energy Storage (Product…
10-Q · May 8, 2025
Ormat reported Q1 revenue of $229.762M (up $5.596M YoY, +2.5%) and GAAP diluted EPS of $0.66 (up $0.02 YoY). Gross margin compressed to 31.7% (from 35.2% a year ago) while operating margin was 22.2%. Operating cash flow…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.