ORA · Ormat Technologies, Inc.

Ormat Technologies reported a record first quarter for 2026, with total revenue surging 75.8% year-over-year to $403.9 million. The standout performer was the Product segment, which saw revenue jump 458.4% to $177.4 million, primarily driven by the $105.1 million revenue recognition from the Topp 2 project sale in New Zealand. The Energy Storage segment also delivered exceptional growth, with revenue up 153.1% to $44.9 million, benefiting from high asset availability and strong merchant pricing in the PJM market. The Electricity segment posted modest 0.8% revenue growth to $181.6 million, as contributions from new assets and improved generation were partially offset by extreme ambient temperatures in Nevada that reduced revenue by approximately $4.8 million.

On a GAAP basis, net income attributable to stockholders rose 9.2% to $44.1 million, or $0.71 per diluted share. However, this included $38.0 million in one-time pre-tax expenses, primarily a $33.7 million induced conversion charge from repurchasing 2027 convertible notes and $10.2 million in write-offs and impairment charges, partially offset by a $9.6 million gain from the Hoku acquisition. Adjusted net income, which excludes these items, more than doubled to $80.3 million, or $1.30 per diluted share, reflecting strong underlying operational performance. Adjusted EBITDA grew 29.7% to $194.9 million, driven by contributions from Energy Storage, elevated merchant pricing, and the Topp 2 revenue.

Management highlighted significant strategic progress, including securing approximately 270 MW of new PPAs in the U.S., the closing of a $1 billion convertible notes offering, and the acquisition of the Hoku solar-plus-storage facility in Hawaii. The company reiterated its 2026 full-year guidance, expecting total revenue between $1,110 million and $1,160 million and Adjusted EBITDA between $615 million and $645 million. The Board declared a quarterly dividend of $0.12 per share, payable on June 3, 2026.