developing· Economy· Updated
Ormat Exceeds Third-Quarter Expectations, Raises Annual Forecast
Ormat reported strong financial results for the third quarter of 2026, driven by a massive surge in its energy storage division. The company's total revenue rose approximately 10% to $275 million, exceeding analyst expectations. Following the strong performance, Ormat raised its full-year revenue forecast for 2026 to between $1.17 billion and $1.2 billion.
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What happened
- 01Ormat's third-quarter 2026 revenue rose approximately 10% to $275 million, driven by its energy storage division.
- 02Revenue from the energy storage segment surged 145% to approximately $50 million, representing 18% of total income.
- 03Geothermal electricity generation revenue fell 2% to $164 million due to a temporary shutdown at the Puna plant in Hawaii.
- 04Ormat raised its full-year 2026 revenue forecast to a range between $1.17 billion and $1.2 billion.
- 05Non-GAAP earnings per share reached 51 cents, significantly beating the analyst consensus of 35 cents.
- 06The company plans to double its total generation capacity by the end of 2030.
- 07Ormat is expanding into Enhanced Geothermal Systems technology for deep underground energy production exceeding 3 kilometers.
The primary driver of this growth was the energy storage segment, which saw its revenue jump 145% to approximately $50 million, accounting for about 18% of total income. In contrast, Ormat's established geothermal electricity generation segment experienced a 2% decline to $164 million, which CEO Doron Blacher attributed to a temporary shutdown at the Puna plant in Hawaii. The company's technology development sector also saw a decline.
Net profit attributable to shareholders rose 11.9% to $45.3 million, according to Globes, while Calcalist reported a 32% increase in net profit to $32 million. Non-GAAP earnings per share reached 51 cents, significantly beating analyst projections of 35 cents. Looking forward, Ormat plans to double its generation capacity by the end of 2030 and is expanding into Enhanced Geothermal Systems technology, which involves deep underground energy production.
Summarized by baba from the reports of 3 newsrooms. Updated
Latest report: Globes. Read Globes’s originalThe coverage
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