Ormat Technologies Q1 revenue jumps 76%, beats estimates

Ormat Technologies

06/05/2026 21:50

Overview

U.S. geothermal and renewable energy firm's Q1 revenue rose 76%, beating analyst expectations

Adjusted EPS for Q1 jumped 91%, beating analyst expectations

Company completed $1 bln convertible notes offering to bolster financial position

Outlook

Ormat expects 2026 total revenue between $1.11 bln and $1.16 bln

Company sees 2026 adjusted EBITDA between $615 mln and $645 mln

Ormat anticipates sustaining positive momentum in 2026 amid a supportive market environment

Result Drivers

PRODUCT SEGMENT SURGE - Product segment revenue rose sharply, primarily due to $105 mln in revenue from the Topp 2 project sale

ENERGY STORAGE EXPANSION - Energy Storage revenue grew 153% on capacity additions and high asset availability, enabling capture of strong merchant pricing

ELECTRICITY SEGMENT MIXED - Electricity revenue was nearly flat, with gains from Blue Mountain, Olkaria, and Stillwater offset by high temperatures in Nevada reducing revenue by $4.8 mln

Company press release: ID:nGNX5dt1hd

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$403.91 mln
$348.75 mln (8 Analysts)
Q1 Adjusted EPS
Beat
$1.30
$0.92 (9 Analysts)
Q1 Adjusted EBITDA
Beat
$194.90 mln
$176.08 mln (7 Analysts)
Q1 Gross Margin
29.80%
Q1 Operating Income
$80.30 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the electric utilities peer group is "buy"

Wall Street's median 12-month price target for Ormat Technologies Inc is $129.00, about 11.8% above its May 5 closing price of $115.34

The stock recently traded at 48 times the next 12-month earnings vs. a P/E of 51 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)