Ormat Technologies Inc. reported a 10.6% year-over-year increase in total revenue to $258.8 million for the second quarter ended June 30, 2026, driven by continued growth across its renewable energy and energy storage businesses.
Gross profit increased 20.8% to $68.7 million, while adjusted EBITDA rose 6.9% to $143.9 million compared with $134.6 million in the second quarter of 2025. Energy storage revenue nearly tripled year-over-year, increasing 195.1% to $42.8 million, supported by new capacity additions, high asset availability and favorable merchant pricing.
Electricity segment revenue increased 5.8% to $169.3 million, primarily due to contributions from the Blue Mountain geothermal power plant acquired in June 2025, improved generation at the Puna and Olkaria facilities, higher energy rates at Puna and lower curtailments in the US. Product segment revenue, however, declined 21.6% to $46.7 million during the quarter due to the timing of manufacturing and construction progress.
Net income attributable to Ormat’s stockholders stood at $27.1 million, compared with $28 million in the year-ago quarter. The company said the decline was primarily due to a $6.6 million write-off of storage projects that it decided not to pursue. Adjusted net income increased 6.5% to $31 million.
Ormat also raised its full-year 2026 revenue and adjusted EBITDA guidance. The company now expects total revenue of $1.15 billion to $1.20 billion and adjusted EBITDA of $630 million to $650 million. Energy storage revenue is projected at $140 million to $155 million, while electricity segment revenue is expected to reach $710 million to $725 million.
The company continued to expand its renewable energy portfolio during the first half of the year. Ormat said it added 155 MW of generation capacity through the Hoku solar and energy storage facility, the Shirk energy storage facility, the 5 MW Cove Fort upgrade and the 10 MW Dominica geothermal power plant, which commenced commercial operations. The company currently has 202 MW of electricity generation projects and 497 MW/1,888 MWh of energy storage projects under construction and development.
Ormat also reported progress in its enhanced geothermal systems (EGS) strategy. The company advanced pilot projects with SLB and Sage Geosystems, including development activities at the Desert Peak project and a two-well EGS facility in Nevada. It also introduced the Ormega100 surface generation unit, which is designed to connect EGS subsurface development with grid-scale power generation.
Separately, Ormat said it will proceed with development of the 100 MW/400 MWh Denali energy storage facility in California, which is expected to be completed by the end of 2028 and operate under a 20-year tolling agreement with Clean Power Alliance.
Ormat’s Board also declared a quarterly dividend of $0.12 per share, payable on September 2, 2026, to shareholders of record as of August 19, 2026.
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