Ormat Technologies, Inc. (ORA) Earnings
Ormat Technologies, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.28. ORA has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +31.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.92 | $1.30 | +41.3% | $404M | +15.7% |
| Feb 26, 2026 | $0.67 | $0.67 | +0.0% | $276M | -19.9% |
| Aug 6, 2025 | $0.37 | $0.48 | +29.7% | $234M | -0.4% |
| Feb 26, 2025 | $0.47 | $0.72 | +53.2% | $231M | -1.8% |
| Feb 21, 2024 | $0.59 | $0.59 | +0.0% | $241M | +15.3% |
| Aug 2, 2023 | $0.34 | $0.40 | +17.6% | $195M | -8.1% |
| Feb 22, 2023 | $0.48 | $0.73 | +52.1% | $205M | +3.1% |
| Nov 2, 2022 | $0.26 | $0.33 | +26.9% | $176M | +5.2% |
| Aug 3, 2022 | $0.20 | $0.22 | +10.0% | $169M | +2.7% |
| May 2, 2022 | $0.33 | $0.35 | +6.1% | $184M | +4.7% |
| Feb 23, 2022 | $0.30 | $0.41 | +36.7% | $191M | +4.9% |
| Nov 3, 2021 | $0.22 | $0.32 | +45.5% | $159M | +0.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- First quarter recognized ~60% of expected annual segment revenue, gross profit, and EBITDA. - Energy storage segment gross margin improved in Q1, full year margin expected lower due to no similar merchant prices. - Collected $48.6 million in cash from monetizing PTCs and ITC in Q1, full year expected $90 million. - Cash and cash equivalents at March 31st, 2026 ~$763 million, total debt ~$3.4 billion net of deferred financing cost, cost of debt decreased to 3.9% post convertible notes offering. - Completed $1 billion upsized convertible note offering, total CapEx for remainder of 2026 $587 million, $436 million in electricity segment, $111 million in storage assets, $20 million in pilot and EGS activities. - Board declared quarterly dividend of 12 cents per share, payable in June 2026, and expects same for next three quarters. - Current total portfolio 1.8 gigawatts of geothermal, solar, and energy storage facilities. Electricity portfolio ~1,340 MW globally, added 30 MW in Q1 2026, ~216 MW under construction/development. - Acquired HOKU solar plus storage facility in Hawaii. - Electricity segment benefited from improved generation at Olkaria complex and Blue Mountain facility, lower curtailment. - Negotiated blend and extend PPAs for CD4 geothermal plant and another undisclosed facility. - Energy storage segment revenue grew 153%, total storage portfolio ~1.4 GWh. - On track to achieve portfolio capacity targets of 2.6 - 2.8 GW by end of 2028. - Geothermal and hybrid solar PV projects underway, anticipate adding 216 MW by end 2028. - Six energy storage projects under development, Jersey Valley project expected online late 2027/early 2028, Griffith facility COD expected 2028. - Advancing EGS efforts, collaborating with SLB and SAIT, investing in resource development and external funding
Guidance
Maintaining guidance for 2026: Revenue expected to increase 14.6% y/y at midpoint, ranging $1,110,000,000 - $1,160,000,000. Electricity segment revenue $715 - $730 million, product segment $300 - $320 million, energy storage $95 - $110 million. Adjusted EBITDA expected to increase ~8.2% at midpoint, ranging 615 - 645 million dollars
Segment performance
Energy storage segment: First quarter gross margin 59.1%, full year 2026 expected 35% - 40%. Energy storage segment total revenues increased by 153% in the quarter. Electricity segment: Expecting revenue contribution from new projects and blend/extend PPAs. Product segment backlog $239 million, decline due to revenue recognition of top two projects in Q1 2026, but secured two supply contracts in Asia totaling $56 million
Risks & headwinds
No specific risks explicitly detailed in the provided transcript, but general risks associated with energy project development, market conditions, weather impacts on generation, and regulatory changes could be implied
Analyst Q&A
Q: Expand on EGS technology advances, size of pilots, timing of initial production, and potential scale for ORMAT.
A: Developing unique OEC for EGS, SLB and SAIT joint ventures, pilots to generate 2 - 4 MW each, aiming for permitting to drill first well late 2026, Dixie Valley as potential EGS area.
Q: Electricity margins, development into next years.
A: ~40 MW blend and extend PPAs to add $7 - $10 million annually, ~40 MW more in 2027, reviewing expenses, not anticipating similar extreme weather, expecting 2% margin increase y/y.
Q: EGS pilot size, timing of initial production, data needed for expansion, first commercial plant timing.
A: Pilots 2 - 4 MW each, permitting in 2027, need a couple months to see pilot performance, then decide on expansion.
Q: PPA pricing, additional PPAs, eligible capacity for blend and extend.
A: Discussing new PPAs, maximizing interconnection, ~190 MW off contract between 2031 - 2034 with mid 80s average PPA rate, negotiating blend and extend.
Q: OEC for EGS, capacity ranges, efficiency gains, TAM evolution, initial orders.
A: Final stages of OEC design, expecting announcement in a few weeks on turbine size, standardized power plant to lower cost, in negotiations with EGF developers.
Q: Cadence of storage and product businesses, reason for reiterating guidance.
A: Storage and product businesses had strong Q1, guidance reiterated as per usual May call practice, waiting to see market for remaining year before changing guidance.
Q: EGS at Dixie, existing asset base use, interconnection needs.
A: Dixie is a potential EGS site, existing interconnection not big enough for EGS, looking for places with enough new interconnection.
Q: Interest from non-conventional utility customers, hyperscalers.
A: Discussions with other hyperscalers, EGS progress will bring more attention and PPA opportunities.
Q: EGS JB structure, ownership of commercial project.
A: Pilot with SLB for subsurface, above surface uses ORMAT technology, post pilot, can develop new EGS projects using JV knowledge, SLB as service provider, ORMAT as developer, owner, operator.
Q: Energy storage with hyperscalers, bundling with geothermal.
A: No discussions on bundling geothermal and storage with hyperscalers yet, but participating in RFPs for standalone energy storage facilities with hyperscalers