The significant revenue growth in the Energy Storage segment and raised 2026 guidance suggest strong momentum. The new data center PPAs with Google and Switch validate the company's strategy and provide long-term revenue visibility. Traders should monitor the execution of the EGS and Sage Geosystems initiatives, as they represent high-growth potential beyond current operations.
Price Chart
Executive Summary
Ormat Technologies reported strong 2025 financial results with full-year revenue up 12.5% to $989.6 million, driven by a 109.3% surge in Energy Storage segment revenues. The company raised 2026 guidance for revenue ($1.11B-$1.16B) and Adjusted EBITDA ($615M-$645M), citing new long-term PPAs with Google and Switch, and strategic investments in next-generation geothermal technology. Despite a 23.2% YoY decline in Q4 net income due to $12 million in impairments, non-GAAP metrics showed growth, and the company maintained its dividend.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue increased 12.5% YoY to $989.6 million, with Q4 revenue up 19.6% to $276.0 million.
- Energy Storage segment revenue grew 109.3% for the full year and 140.5% in Q4, now contributing $79.0 million annually.
- 2026 guidance raised: revenue to $1.11B-$1.16B and Adjusted EBITDA to $615M-$645M.
- Signed major long-term PPAs with Google (150MW) and Switch (13MW) to supply data centers.
- Invested $25 million in Sage Geosystems and formed a JV with SLB to advance Enhanced Geothermal Systems (EGS).
- Q4 GAAP EPS was $0.50, down 25.4% YoY due to $12 million in impairment charges; Adjusted EPS was $0.67.
- Product segment backlog stands at $352 million, including $100 million from the Topp 2 project.
Financial Impact
Revenue is expected to grow 12.3%-17.2% in 2026, with Adjusted EBITDA growing 5.7%-11.0%, driven by new PPAs and portfolio expansion.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Electricity | $693.9M | -1.2% |
| Product | $216.7M | +55.2% |
| Energy Storage | $79.0M | +109.3% |
Risk Factors
- Q4 net income declined 23.2% YoY due to $12 million in impairment charges, indicating potential asset valuation risks.
- Electricity segment revenue declined 1.2% for the full year due to curtailments and operational issues, which could persist.
- The company does not provide net income guidance, making it difficult to assess the full profitability impact of the raised EBITDA forecast.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-005680 |
| Document: ora20260225_8k.htm | 0001437749-26-005680 |
| Document: 0001437749-26-005680-index-headers.html | 0001437749-26-005680 |
| Document: 0001437749-26-005680-index.html | 0001437749-26-005680 |
| Document: 0001437749-26-005680.txt | 0001437749-26-005680 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | 8-K | $107.38 $113.52 | ▲ +5.72% | ▲ +4.51% | $87.13 (−18.86%) |
May 29, 2026 21w ago | Insider Cluster | $136.61 $140.00 | ▲ +2.48% | ▲ +5.23% | $87.13 (−36.22%) |
May 27, 2026 21w ago | 144 | $137.68 $142.45 | ▲ +3.46% | ▲ +3.15% | $87.13 (−36.72%) |
May 21, 2026 22w ago | Insider Cluster | $133.46 $136.61 | ▲ +2.36% | ▲ +0.70% | $87.13 (−34.71%) |
May 15, 2026 23w ago | Insider Cluster | $129.12 $139.08 | ▲ +7.71% | ▲ +6.09% | $87.13 (−32.52%) |
May 15, 2026 23w ago | 144 | $129.12 $139.08 | ▲ +7.71% | ▲ +6.09% | $87.13 (−32.52%) |
May 6, 2026 24w ago | 8-K | $122.52 $133.39 | ▲ +8.87% | ▲ +7.37% | $87.13 (−28.89%) |
Apr 21, 2026 26w ago | DEFA14A | $107.00 $112.40 | ▲ +5.04% | ▲ +4.99% | $87.13 (−18.57%) |
Mar 31, 2026 29w ago | Press Release | $111.92 $113.48 | ▲ +1.39% | ▼ −2.55% | $87.13 (−22.15%) |
Mar 23, 2026 31w ago | 8-K | $109.14 $109.44 | ▲ +0.27% | ▲ +3.84% | $87.13 (−20.17%) |
US Market Status
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