Ormat Technologies, Inc. reported significant financial growth in its latest quarterly results, with total revenues reaching $403.9 million for the three months ended March 31, 2026, a 75.8% increase from $229.8 million in the same period last year. The company's net income attributable to stockholders also rose to $44.1 million, compared to $40.4 million in the prior year, reflecting a 3.7 million increase. This growth was driven by substantial contributions from the Product segment, which saw revenues soar by 458.4% to $177.4 million, largely due to the sale of the TOPP2 power plant in New Zealand.
In contrast, the Electricity segment's revenues increased modestly by 0.8% to $181.6 million, primarily due to improved performance from several power plants, including the Blue Mountain and Olkaria facilities. However, this was partially offset by a decline in revenues from the Puna power plant, attributed to lower energy rates linked to oil prices and adverse weather conditions. The Energy Storage segment also experienced a significant revenue increase of 153.1%, reaching $44.9 million, driven by higher energy rates and new operational facilities.
Operationally, Ormat has made strategic moves to enhance its market position, including the acquisition of the Hoku solar and storage facility in Hawaii for $79.3 million, which is expected to improve profitability through synergies. The company also closed a $1 billion offering of convertible senior notes, which will support its growth initiatives and capital expenditures. As of March 31, 2026, Ormat's total assets increased to $6.77 billion, up from $6.25 billion at the end of 2025, with cash and cash equivalents significantly rising to $654.6 million.
The company reported a total of 1.6 GW of generating capacity across its geothermal, solar PV, and energy storage facilities, with ongoing projects expected to further expand this capacity. Ormat's strategic focus on diversifying its energy offerings and enhancing its geothermal capabilities is evident in its recent agreements, including a long-term power purchase agreement with NV Energy for a solar plus storage project in Nevada. Looking ahead, Ormat anticipates continued growth driven by its strategic initiatives and favorable market conditions, although it remains vigilant regarding potential risks associated with operational challenges and market fluctuations.
About ORMAT TECHNOLOGIES, INC.
Ormat Technologies, Inc. is a leading vertically integrated renewable energy company specializing in geothermal, recovered energy, and solar PV power generation. It develops, owns, and operates global assets, providing electricity to utilities and markets. The company designs and manufactures power equipment, offers EPC services, and invests in energy storage solutions, emphasizing sustainability, innovation, and expanding its global footprint in clean energy infrastructure.
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