Ormat Technologies stock: Storage drives Q3 growth, outlook rises

Ormat Technologies reported stronger third-quarter results on Wednesday, November 4, 2026, as energy storage more than offset pressure in its Electricity segment. The company raised the midpoints of its full-year revenue and Adjusted EBITDA outlook, according to the Yahoo Finance report carrying the company release.

Total revenue rose 10.2 percent year over year to 275.1 million US dollars for the quarter ended September 30. Net income attributable to Ormat stockholders increased 32.2 percent to 31.9 million US dollars, while Adjusted EBITDA, a non-GAAP measure, gained 11.1 percent to 153.8 million US dollars.

Energy Storage Leads Quarterly Growth

Energy Storage revenue climbed 145.2 percent to 49.9 million US dollars. Ormat attributed the increase to high asset availability, favorable merchant pricing in the PJM market and capacity added during the past 12 months. Segment gross margin reached 62.1 percent, compared with 39.4 percent a year earlier.

Electricity revenue declined 2.1 percent to 163.7 million US dollars. The company said lower generation at Puna after a hurricane-related forced outage outweighed the contribution from its 10-megawatt Dominica geothermal plant, which began commercial operations in July, and improved performance at Olkaria. Product revenue slipped 1.2 percent to 61.5 million US dollars.

Ormat now expects 2026 revenue of 1.17 billion to 1.20 billion US dollars and Adjusted EBITDA of 640 million to 650 million US dollars. The guidance also calls for Electricity revenue of 700 million to 710 million US dollars, Product revenue of 310 million to 320 million US dollars and Energy Storage revenue of 160 million to 170 million US dollars.

Storage Pipeline Supports Longer-Term Plan

Management said it remains focused on doubling year-end 2025 capacity by the end of 2030 and reaching annual revenue and Adjusted EBITDA run rates above 1.5 billion and 1 billion US dollars, respectively. Those targets exclude potential contributions from enhanced geothermal systems, or EGS.

Ormat is advancing two EGS pilot programs with drilling expected in late 2026 or early 2027. The company also said its expanded land position could support 5 to 6 gigawatts of potential future EGS development, up from the 3 to 4 gigawatts cited at Investor Day.

The storage expansion also provides context for the two Israeli projects announced on February 13, 2025. Under agreements awarded by the Israeli Electricity Authority, Ormat and Allied Infrastructure plan two facilities with combined capacity of approximately 300 megawatts and 1,200 megawatt-hours. Commercial operation is expected during 2028, subject to interconnection and land-use permits, as stated in the company release.

Ormat Technologies stock traded at 83.93 euros on Lang & Schwarz at 12:10 CET on Friday, November 6, 2026. Investors will next monitor execution in PJM storage, the Puna recovery and progress toward the planned EGS drilling.

Ormat Technologies at a Glance

• Company: Ormat Technologies, Inc.
• ISIN: US6866881021
• NYSE ticker: ORA
• Recent quote: 83.93 euros on Lang & Schwarz, November 6, 2026, 12:10 CET
• Third-quarter revenue: 275.1 million US dollars, up 10.2 percent year over year
• Energy Storage revenue: 49.9 million US dollars, up 145.2 percent year over year
• 2026 revenue guidance: 1.17 billion to 1.20 billion US dollars
• 2026 Adjusted EBITDA guidance: 640 million to 650 million US dollars

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