Ormat Technologies reported third quarter 2026 results that significantly exceeded analyst expectations, driven by record-breaking performance in its Energy Storage segment. While hurricane-related outages impacted the geothermal portfolio, the storage business capitalized on high asset availability and favorable merchant pricing in the PJM market. Following the strong performance, management raised the midpoint of its full-year 2026 guidance and expanded its long-term Enhanced Geothermal Systems (EGS) development potential.
Key Highlights
- Total revenue rose 10.2% year-over-year to $275.1 million, beating the analyst consensus of $248.4 million.
- Energy Storage revenue surged 145.2% to $49.9 million, with segment gross margins reaching a record 62.1%.
- Management raised the 2026 revenue guidance midpoint to $1.185 billion and Adjusted EBITDA midpoint to $645 million.
- The company expanded its EGS land position to 170,000 acres, increasing its estimated development potential to 5–6 GW.