Ormat Technologies Inc

Latest Results (17.05.2026):

Ormat Technologies Inc — fourth quarter (Q4) 2025 results: Ormat reported strong top‑line growth with Q4 2025 total revenues of $276.0 million (up 19.6% YoY) and full‑year 2025 revenues of $989.6 million (up 12.5% YoY). Adjusted EBITDA rose to $158.7 million in Q4 (+9.1% YoY) and $582.0 million for the full year (+5.7%). GAAP net income attributable to stockholders in Q4 was $31.4 million (diluted EPS $0.50), down versus Q4 2024 largely due to ~$12 million of impairment charges; adjusted net income and adjusted EPS were $41.8 million and $0.67 for Q4.

Revenue breakdown (Q4 2025)

Electricity $186.6M (+3.6% YoY), Product $63.1M (+59.1% YoY), Energy Storage $26.3M (+140.5% YoY); total Q4 revenues $276.0M. For FY 2025, Electricity $693.9M, Product $216.7M, Energy Storage $79.0M, total $989.6M.

Profitability and EPS

Q4 GAAP net income attributable to stockholders $31.4M (down 23.2% YoY); diluted EPS $0.50 (down 25.4%). Full‑year net income $123.9M (flat year‑over‑year) and diluted EPS $2.02.

Adjusted results

Q4 adjusted net income $41.8M (‑4.1% YoY) and adjusted diluted EPS $0.67 (‑6.9% YoY). Adjusted EBITDA Q4 $158.7M (+9.1% YoY); FY adjusted EBITDA $582.0M (+5.7% YoY).

Margins and costs

Q4 gross profit $78.8M and overall gross margin 28.6% (down from 31.9% a year earlier). Energy Storage gross margin improved sharply (51.5% in Q4 2025) reflecting higher merchant pricing and new capacity.

Charges and drivers of GAAP decline

Q4 decline in GAAP net income was driven in part by an impairment of long‑lived assets (~$12.1M) and a modestly higher effective tax rate; Energy Storage growth and Product timing partially offset these items.

2026 guidance

Ormat provided 2026 guidance: total revenues $1,110M–$1,160M; Electricity $715M–$730M; Product $300M–$320M; Energy Storage $95M–$110M; Adjusted EBITDA $615M–$645M.

Strategic deals and growth initiatives

Post‑year and recent business wins include a 15‑year portfolio PPA up to 150MW with Google, a 20‑year ~13MW PPA with Switch, acquisition of a 30MW solar + 30MW/120MWh battery (Hoku) for $80.5M, commercial start of Arrowleaf (42MW solar + 35MW/140MWh storage), and a $25M investment in Sage Geosystems to advance EGS.

Balance sheet & shareholder returns

Cash and equivalents rose to $147.4M at year‑end and total assets were $6.25B. Board declared a quarterly dividend of $0.12 per share (paid March 24, 2026) and expects $0.12 per share in each of the next three quarters.