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Ormat Technologies’ 155 MW Portfolio Expansion — Can EGS Open A Larger Market?

Ormat Technologies reported second quarter 2026 results demonstrating growth across its three business segments: Electricity, Energy Storage, and Products. Revenue increased 10.6% year-over-year to $258.8 million, supported primarily by strong Energy Storage performance and ongoing growth in the Electricity segment. Gross profit rose 20.8% to $68.7 million, with consolidated gross margin expanding by 220 basis points to 26.5%, reflecting high margins from storage assets in the PJM market. Adjusted EBITDA grew 6.9% to $143.9 million, driven largely by Energy Storage. Net income was $27.1 million or $0.43 per diluted share, slightly lower than the prior year due in part to a $6.6 million write-off of a discontinued storage project, though adjusted net income improved 6.5% to $31 million or $0.50 per share. Segment results showed Electricity revenue increased 5.8% to $169.3 million, benefiting from contributions by Blue Mountain, improved generation at Olkaria and Puna, and reduced U.S.