Ormat beat forecasts in the third quarter, and raises its annual outlook

Ormat Technologies reported strong third-quarter results, with revenues of $275 million and earnings per share of 51 cents, above analyst expectations. The company raised its annual revenue forecast to $1.17-1.2 billion, thanks to a 145% surge in energy storage segment revenues.

Geothermal energy company Ormat Technologies reported strong results for the third quarter of 2026, exceeding analyst forecasts. The company's revenues grew by 10.2% compared to the same quarter last year, reaching $275 million, while earnings per share stood at 51 cents versus an expected 35 cents. The main driver of growth was the energy storage segment, whose revenues surged 145% to $49.9 million and contributed to higher gross profitability. Ormat's CEO, Doron Blachar, noted that the results stem from record profitability in this segment, thanks to new plants, high availability, and high merchant rates at PJM. Following the report, the company raised its annual revenue forecast to $1.17-1.2 billion, and its adjusted EBITDA forecast to $640-650 million. This came despite a slight decline in electricity segment revenues, which was affected by an unplanned shutdown at the Puna plant due to a hurricane. Ormat is traded at a market cap of $5.8 billion.