Ormat Technologies (ORA) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 10.6% year-over-year to $258.8 million, with gross profit up 20.8% and adjusted EBITDA up 6.9%, driven by strong Energy Storage and steady Electricity segment performance.

• H1 2026 revenue increased 42.9% to $662.7 million, with adjusted EBITDA up 18.9%.

• Full-year 2026 revenue and adjusted EBITDA guidance were raised, reflecting strong operational execution and robust demand.

• 155 MW were added to the generating portfolio YTD, including acquisitions and new commercial operations such as the 10 MW Dominica geothermal plant.

• Advanced EGS strategy with progress on pilot projects and introduction of the Ormega100 surface generation unit.

Financial highlights

• Q2 2026 gross margin expanded by 220 basis points to 26.5%, driven by storage asset performance.

• Net income attributable to stockholders was $27.1 million ($0.43/diluted share), down from $28 million ($0.46/diluted share) due to a $6.6 million write-off.

• Adjusted net income for Q2 2026 was $31 million ($0.50/diluted share), up 4.2% year-over-year.

• Adjusted EBITDA for Q2 2026 was $143.9 million, up from $134.6 million in the prior year.

• H1 2026 adjusted EPS was $1.79, up 54.3% year-over-year; adjusted net income was $111.3 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $1,150–$1,200 million (18.7% growth at midpoint); adjusted EBITDA guidance raised to $630–$650 million (10% growth at midpoint).

• Segment revenue guidance: electricity $710–$725 million, product $300–$320 million, energy storage $140–$155 million.

• Energy storage gross margin expected to normalize to 30–40% in H2 and 40–50% for the full year.

• 2028 revenue run rate targeted at $1,200–$1,250 million and adjusted EBITDA at $775–$825 million.

• 15–18% CAGR expected for 2025–2028, with significant capacity additions in electricity and storage.