Record Q1 beat but guidance unchanged; focus on conference call for commentary on sustainability of product segment momentum (Topp 2 was one-time) and updates on 2028 capacity targets. The recent $1B convertible offering may cap upside near term.
Price Chart
Executive Summary
Ormat Technologies reported Q1 2026 results that significantly beat consensus on both revenue and adjusted EPS, driven by record product segment revenue from the Topp 2 project and strong energy storage performance. Adjusted diluted EPS of $1.30 exceeded the $0.92 consensus by 41%, while revenue of $403.9M beat the $349.2M estimate by 16%. Full-year 2026 guidance was reiterated, not raised.
Key Financial Metrics
Key Facts
- Total revenues $403.9M, +75.8% YoY (record quarter)
- Adjusted diluted EPS $1.30 vs $0.68 YoY, +91.2%
- Adjusted EBITDA $194.9M, +29.7% YoY
- Product segment revenue $177.4M, +458% YoY (Topp 2 sale)
- Energy Storage revenue $44.9M, +153.1% YoY
- Electricity segment revenue $181.6M, +0.8% YoY
- FY2026 guidance reiterated: revenue $1.11B-$1.16B, Adj. EBITDA $615M-$645M
- Closed $1B convertible notes offering in March 2026
Financial Impact
Revenue beat by ~15.7% ($54.7M above consensus), adjusted EPS beat by ~41.3% ($0.38 above consensus)
Risk Factors
- Product revenue lumpiness (Topp 2 sale non-recurring); Electricity segment growth stagnating at +0.8%
- Dilution from $1B convertible notes; high debt levels
- Continued merchant pricing volatility in energy storage market
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-015235 |
| Document: ora20260506_8k.htm | 0001437749-26-015235 |
| Document: 0001437749-26-015235-index-headers.html | 0001437749-26-015235 |
| Document: 0001437749-26-015235-index.html | 0001437749-26-015235 |
| Document: 0001437749-26-015235.txt | 0001437749-26-015235 |
| 8-K Data (Synthetic) | 0001437749-26-015235 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | 8-K | $107.38 $113.52 | ▲ +5.72% | ▲ +4.51% | $92.03 (−14.30%) |
May 29, 2026 21w ago | Insider Cluster | $136.61 $140.00 | ▲ +2.48% | ▲ +5.23% | $92.03 (−32.63%) |
May 27, 2026 21w ago | 144 | $137.68 $142.45 | ▲ +3.46% | ▲ +3.15% | $92.03 (−33.16%) |
May 21, 2026 22w ago | Insider Cluster | $133.46 $136.61 | ▲ +2.36% | ▲ +0.70% | $92.03 (−31.04%) |
May 15, 2026 23w ago | Insider Cluster | $129.12 $139.08 | ▲ +7.71% | ▲ +6.09% | $92.03 (−28.73%) |
May 15, 2026 23w ago | 144 | $129.12 $139.08 | ▲ +7.71% | ▲ +6.09% | $92.03 (−28.73%) |
May 6, 2026 24w ago | 8-K | $122.52 $133.39 | ▲ +8.87% | ▲ +7.37% | $92.03 (−24.89%) |
Apr 21, 2026 27w ago | DEFA14A | $107.00 $112.40 | ▲ +5.04% | ▲ +4.99% | $92.03 (−13.99%) |
Mar 31, 2026 30w ago | Press Release | $111.92 $113.48 | ▲ +1.39% | ▼ −2.55% | $92.03 (−17.77%) |
Mar 23, 2026 31w ago | 8-K | $109.14 $109.44 | ▲ +0.27% | ▲ +3.84% | $92.03 (−15.68%) |
US Market Status
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