Ormat Technologies Q3 2026 profit rises 32.2%

Energy storage revenue rose 145.2% year over year, and Ormat raised the midpoints of its 2026 revenue and Adjusted EBITDA guidance.

Available on EDGAR 11/04/2026 - 04:48 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:47 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Ormat Technologies, Inc. reported third-quarter 2026 revenue of $275.1 million, up 10.2% year over year, and net income attributable to stockholders of $31.9 million, up 32.2%. Adjusted EBITDA, a non-GAAP measure, was $153.8 million, up 11.1%, while diluted EPS was $0.51 versus $0.39. Energy storage revenue rose 145.2% to $49.9 million; management cited newly added capacity, high asset availability and favorable merchant pricing in PJM.

For the first nine months of 2026, revenue was $937.8 million, up 31.4%, and Adjusted EBITDA was $492.6 million, up 16.4%. Ormat raised the midpoints of its 2026 revenue and Adjusted EBITDA guidance and stated targets of annual revenue exceeding $1.5 billion and Adjusted EBITDA run rates exceeding $1 billion by the end of 2030; those targets exclude potential EGS contributions. The board declared a $0.12-per-share quarterly dividend, payable December 2, 2026, to stockholders of record November 18, 2026.

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Positive

• Moderate pointThird-quarter revenue increased 10.2% to $275.1 million.
• Moderate pointThird-quarter stockholder net income rose 32.2% to $31.9 million.
• Moderate pointThird-quarter Adjusted EBITDA rose 11.1% to $153.8 million.
• Minor pointNine-month revenue increased 31.4% to $937.8 million.

Negative

• None.

Filing Explained

The release adds an EGS pipeline update: Ormat reports about 170,000 acres that it estimates could support 5–6 GW of future development; pilots are advancing and PPAs are under negotiation, so this is potential pipeline, not disclosed operating capacity.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Third-quarter revenue: $275.1 million Net income attributable to stockholders: $31.9 million Adjusted EBITDA: $153.8 million +4 more

7 metrics

Third-quarter revenue $275.1 million Q3 2026; up 10.2% year over year

Net income attributable to stockholders $31.9 million Q3 2026; up 32.2% year over year

Adjusted EBITDA $153.8 million Q3 2026; up 11.1% year over year

Energy storage revenue $49.9 million Q3 2026; up 145.2% year over year

Nine-month revenue $937.8 million Nine months ended September 30, 2026; up 31.4% year over year

Nine-month Adjusted EBITDA $492.6 million Nine months ended September 30, 2026; up 16.4% year over year

Quarterly dividend $0.12 per share Payable December 2, 2026, to stockholders of record November 18, 2026

Key Terms

Adjusted EBITDA, non-GAAP financial measure, merchant pricing, EGS

4 terms

Adjusted EBITDA financial

"Adjusted EBITDA grew 11.1%"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP financial measure financial

"a non-GAAP financial measure"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

merchant pricing financial

"favorable merchant pricing in PJM"

Merchant pricing is the amount a business charges customers for its products or services. It matters because it directly affects how much money the business makes and how competitive it is in the market. Think of it like setting the price of a shirt in a store—get it right, and customers buy; set it too high or too low, and sales can drop.

EGS technical

"potential future EGS development"

Earnings Snapshot

Revenue: $275.1 million · Guidance included

Third quarter ended September 30, 2026

Revenue $275.1 million +10.2% year over year

Net income attributable to stockholders $31.9 million +32.2% year over year

Adjusted EBITDA $153.8 million +11.1% year over year

Diluted EPS $0.51 +30.8% year over year

Guidance

Ormat raised the midpoints of its 2026 revenue and Adjusted EBITDA guidance.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did ORA perform in Q3 2026?

Ormat reported $275.1 million in revenue, $31.9 million in net income attributable to stockholders and $153.8 million in Adjusted EBITDA for Q3 2026. Year-over-year changes were +10.2%, +32.2% and +11.1%, respectively.

What dividend did ORA declare, and when will it be paid?

The board declared a quarterly dividend of $0.12 per share, payable December 2, 2026, to stockholders of record at the close of business November 18, 2026.

What is ORA's EGS development potential?

Ormat said its total EGS land position is approximately 170,000 acres and estimated it could support 5 to 6 gigawatts of potential future EGS development. The company is advancing two pilot projects with SLB and Sage and negotiating power purchase agreements for Dixie Valley and other potential projects.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false 0001296445 0001296445 2026-11-04 2026-11-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549         

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2026 (November 4, 2026)

Ormat Technologies, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	001-32347	No. 88-0326081
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
6884 Sierra Center Parkway, Reno, Nevada		89511
(Address of Principal Executive Offices)		(Zip Code)

(775) 356-9029

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares	ORA	NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 4, 2026 Ormat Technologies, Inc. (the “Registrant”) reported its earnings for its third fiscal quarter ended September 30, 2026. A copy of the Registrant's press release containing this information is furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The Registrant is making reference to non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits

Exhibit Description of Document

99.1 Press release of the Registrant dated November 4, 2026, containing financial information for its third fiscal quarter ended September 30, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ORMAT TECHNOLOGIES, INC.
	By:	/s/ Doron Blachar
	Name:           Doron Blachar
	Title:             Chief Executive Officer

Date: November 4, 2026

Exhibit 99.1

Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.com Investor Relations Agency Contact:
Joseph Caminiti or Josh Carroll
Alpha IR Group
312-445-2870
ORA@alpha-ir.com

ORMAT TECHNOLOGIES REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS

ENERGY STORAGE DRIVES DOUBLE-DIGIT GROWTH; ORMAT RAISES MIDPOINT OF 2026 REVENUE AND ADJUSTED EBITDA GUIDANCE AND EXPANDS EGS PIPELINE POTENTIAL TO 5–6 GW

HIGHLIGHTS

● STRONG ENERGY STORAGE PERFORMANCE DRIVES THIRD QUARTER RESULTS, WITH REVENUE UP 10.2%, NET INCOME ATTRIBUTABLE TO STOCKHOLDERS UP 32.2%, AND ADJUSTED EBITDA UP 11.1%

● ENERGY STORAGE SEGMENT CONTINUES TO DELIVER RECORD RESULTS, WITH REVENUE UP 145.2% YEAR-OVER-YEAR, DRIVEN BY FAVORABLE MERCHANT MARKET PRICING, HIGH AVAILABILITY, AND CONTRIBUTIONS FROM NEWLY ADDED CAPACITY

● ORMAT RAISES THE MIDPOINT OF ITS FULL YEAR REVENUE AND ADJUSTED EBITDA GUIDANCE

● CONTINUED PROGRESS IN NEXT-GENERATION GEOTHERMAL, ADVANCING TWO EGS PILOT PROGRAMS AND THE DEVELOPMENT OF ORMAT'S FIRST COMMERCIAL EGS PROJECT.

RENO, Nev. November 4, 2026, Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced financial results for the third quarter ended September 30, 2026.

KEY FINANCIAL RESULTS

		Q3 2026				Q3 2025				Change (%)				9M 2026				9M 2025				Change (%)
GAAP Measures
Revenues ($ millions)
Electricity			163.7				167.1				-2.1	%			514.5				507.3				+1.4	%
Product			61.5				62.2				-1.2	%			285.6				153.6				+85.9	%
Energy Storage			49.9				20.4				+145.2	%			137.6				52.6				+161.6	%
Total Revenues			275.1				249.7				+10.2	%			937.8				713.5				+31.4	%
Gross profit			77.4				64.0				+20.8	%			266.4				193.9				+37.4	%
Electricity			22.2	%			25.4	%			-330	bp			25.7	%			27.9	%			-220	bp
Product			16.5	%			21.7	%			-520	bp			18.4	%			24.1	%			-570	bp
Energy Storage			62.1	%			39.4	%			+2,260	bp			59.3	%			28.9	%			+3,040	bp
Gross margin (%)			28.1	%			25.6	%			+250	bp			28.4	%			27.2	%			+120	bp
Operating income ($ millions)			45.3				40.4				+11.9	%			159.7				126.7				+26.1	%
Net income attributable to the Company’s stockholders			31.9				24.1				+32.2	%			103.1				92.5				+11.4	%
Diluted EPS ($)			0.51				0.39				+30.8	%			1.65				1.51				+9.3	%
Non-GAAP Measures
Adjusted Net income attributable to the Company’s stockholders			34.8				24.9				39.8	%			146.1				95.5				53	%
Adjusted Diluted EPS ($)			0.56				0.41				36.6	%			2.34				1.56				50	%
Adjusted EBITDA1 ($ millions)			153.8				138.4				+11.1	%			492.6				423.3				+16.4	%

“Our strong third-quarter performance was driven by record Energy Storage profitability, supported by newly added capacity, high asset availability and favorable merchant pricing in PJM. Revenue increased 10.2%, net income attributable to stockholders rose 32.2%, and Adjusted EBITDA grew 11.1%. Our year-to-date performance and fourth-quarter outlook support an increase in the midpoints of our full-year revenue and Adjusted EBITDA guidance,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “While we continue to add new capacity and expand our Electricity segment portfolio, segment revenue slightly declined 2.1% year-over-year in the third quarter. This was primarily due to lower generation at Puna following a hurricane-related forced outage, partially offset by the July commencement of commercial operation at our 10 MW Dominica geothermal plant and improved performance at our Olkaria plant.”

“We remain focused on executing the growth plan outlined at our recent Investor Day, doubling our YE 2025 capacity and achieving annual revenue and Adjusted EBITDA run rates exceeding $1.5 billion and $1 billion, respectively, by the end of 2030. These targets exclude potential contributions from EGS. With growing demand for reliable, around-the-clock power and an expanding portfolio of contracted projects, we believe Ormat is well positioned to deliver sustainable long-term growth and shareholder value.”

Blachar added, “Ormat’s six decades of geothermal experience and integrated capabilities position the Company to participate in EGS as a developer, owner, operator and technology provider, while pursuing a diversified approach that extends beyond a single emerging technology. We are advancing two pilot projects with SLB and Sage and negotiating power purchase agreements for Dixie Valley, our first planned commercial EGS project, and for other potential projects. Since the start of the year, we have also secured approximately 40,000 acres of BLM leases for EGS development and identified additional acreage with EGS potential within our existing portfolio. Our total EGS land position now stands at approximately 170,000 acres, which we estimate could support 5 to 6 gigawatts of potential future EGS development, a significant opportunity for long-term growth.”

FINANCIAL HIGHLIGHTS

• Net income attributable to stockholders for the three months ended September 30, 2026, was $31.9 million, or $0.51 per diluted share, compared to $24.1 million, or $0.39 per diluted share, in the prior year period. The 32.2% increase was mainly driven by the increase in the Energy Storage revenue and gross profit.

• Adjusted net income for the three months ended September 30, 2026, was $34.8 million, or $0.56 per diluted share, compared to $24.9 million, or $0.41 per diluted share, in the prior year period.

• Adjusted EBITDA for the three months ended September 30, 2026, increased 11.1% to $153.8 million, driven by strong contributions from the Energy Storage segment, which benefited from higher merchant prices, high availability and portfolio expansion.

• Electricity segment revenues declined 2.1% in the third quarter compared to the prior year period, primarily driven by lower generation at Puna due to a hurricane-related forced outage, partially offset by the commencement of commercial operation at our power plant in Dominica and improved performance at our Olkaria plant.

• Energy Storage revenues for the three months ended September 30, 2026, increased 145.2% compared to the prior year period. Growth was driven by the high availability of our assets, which allowed us to capitalize on strong merchant pricing in the PJM market, as well as new portfolio capacity additions over the past 12 months.

• Product segment revenues for the three months ended September 30, 2026, declined 1.2% compared to the prior year period due largely to the timing of manufacturing and construction progress.

• Product segment backlog stands at approximately $183 million as of November 4, 2026.

BUSINESS HIGHLIGHTS:

• In August 2026, Ormat decided to proceed with the development of the 100 MW / 400 MWh Denali energy storage facility in California. Upon completion, expected by the end of 2028, the project is anticipated to provide energy storage services under a 20-year tolling agreement with Clean Power Alliance.

• In July 2026, Ormat achieved commercial operation of its 10 MW Dominica geothermal power plant, reflecting continued execution across the Company's global development pipeline.

EGS UPDATE:

• Ormat continues to advance the two EGS pilot programs with SLB and Sage, with drilling expected to commence late 2026 or early 2027 in both locations.

• Ormat is negotiating PPAs for Dixie Valley, Nevada, its first planned commercial EGS project, and for other potential EGS projects.

• In September 2026, Ormat was selected by the U.S. Department of Energy (DOE) for up to $35 million in funding, alongside SLB and the University of Utah, to advance enhanced geothermal systems at Dixie Valley, Nevada, and hydrothermal development at Cove Fort, Utah.

• Since its Investor Day, Ormat has significantly expanded its EGS land position, from approximately 70,000 acres to approximately 170,000 acres. This includes approximately 16,000 acres of new BLM leases acquired in Nevada’s October 2026 lease sale and significant existing land portfolio that have been identified as having EGS potential. Ormat estimates that this expanded land position could support approximately 5 to 6 GW of potential future EGS development, compared with the approximately 3 to 4 GW estimate presented at Investor Day.

2026 GUIDANCE

• Total revenues are expected to be between $1,170 million and $1,200million.

◦ Electricity segment revenues between $700 million and $710 million.

◦ Product segment revenues of between $310 million and $320 million.

◦ Energy Storage revenues of between $160 million and $170 million.

• Adjusted EBITDA is expected to be between $640 million and $650 million.

◦ Of which approximately $13.0 million is attributed to minority interest.

The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and nine months ended September 30, 2026. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts, the probable significance of which cannot be determined. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

DIVIDEND

On November 4, 2026, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on December 2, 2026, to stockholders of record as of the close of business on November 18, 2026.

CONFERENCE CALL DETAILS

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on November 5, 2026, at 10:00 a.m. ET.

Participants within the United States and Canada, please dial 1-833-461-5787, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-585-542-9983. The access code for the call is 244015737. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a webcast live on the Investor Relations section of the Company's website. 

A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-833-309-1852. From outside of the United States and Canada, please dial +1-929-828-5978. Please use the replay access code 244015737. The webcast will also be archived on the Investor Relations section of the Company's website. 

ABOUT ORMAT TECHNOLOGIES

With over six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,600MW of gross capacity. Ormat has leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,853MW with a 1,358MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, Guadeloupe, and Dominica, and a 495MW energy storage portfolio that is located in the U.S.

Ormat is the only single-solution company with tangible and proven end-to-end capabilities that span subsurface exploration, project development, power plant technology, construction and operations. The Company is leveraging this experience to advance EGS pilot programs and commercial development opportunities. As electricity demand accelerates, driven by AI data centers, electric vehicles, industrial reshoring, and the electrification of heating and cooling, Ormat's geothermal and EGS capabilities position the Company to help meet this growing demand and lead technological advancement in the market. The Company's industry-leading business model and strong reputation are built on long-standing expertise, operational excellence, high-performance teams, and delivering reliable long-term energy generation.

ORMAT’S SAFE HARBOR STATEMENT

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues and Adjusted EBITDA, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, including EGS projects and pilot programs, the potential capacity of our lease portfolio, legal, market, industry and geopolitical developments and incentives, technological changes, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may,” “will,” “could,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “potential,” “intends,” “targets,” “goal”, “outlook,” “guidance,” “contemplate,” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives, goals and expectations for future operations and are based upon management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties, including risks related to regulatory changes, geopolitical developments, commodity prices, merchant energy pricing, interest rates, supply chain disruptions, the technical and commercial viability of EGS, our ability to obtain power purchase agreements, permits and government funding, and other risks described under "Risk Factors" in Ormat’s most recent Annual Report on Form 10-K, and in subsequent filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q.

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Condensed Consolidated Statement of Operations

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
($ in thousands, except per share data)
Revenues:
Electricity			163,664				167,110				514,520				507,263
Product			61,516				62,247				285,638				153,628
Energy storage			49,941				20,370				137,638				52,616
Total revenues			275,121				249,727				937,796				713,507
Cost of revenues:
Electricity			127,411				124,588				382,276				365,657
Product			51,390				48,766				233,016				116,568
Energy storage			18,943				12,336				56,060				37,423
Total cost of revenues			197,744				185,690				671,352				519,648
Gross profit			77,377				64,037				266,444				193,859
Operating expenses:
Research and development expenses			1,424				1,284				4,057				5,265
Selling and marketing expenses			6,146				4,895				17,691				13,437
General and administrative expenses			23,276				20,174				71,716				57,869
Other operating income			(1,000	)			(3,125	)			(6,125	)			(10,519	)
Impairment of long-lived assets			150				—				8,578				—
Write-off of unsuccessful exploration and storage activities			2,131				377				10,824				1,144
Operating income			45,250				40,432				159,703				126,663
Other income (expense):
Interest income			5,867				1,626				14,368				4,868
Interest expense, net			(44,191	)			(35,677	)			(133,122	)			(106,832	)
Derivatives and foreign currency transaction gains (losses)			(199	)			(891	)			(1,462	)			6,237
Income attributable to sale of tax benefits			15,677				14,356				48,851				48,178
Other non-operating income (expense), net			192				124				(19,952	)			422
Income from operations before income tax and equity in earnings of investees			22,596				19,970				68,386				79,536
Income tax benefit			6,775				4,283				31,911				13,544
Equity in earnings of investees, net			452				455				153				861
Net income			29,823				24,708				100,450				93,941
Net income (loss) attributable to noncontrolling interest			2,085				(571	)			2,612				(1,396	)
Net income attributable to the Company's stockholders			31,908				24,137				103,062				92,545
Earnings per share attributable to the Company's stockholders:
Basic:			0.52				0.40				1.68				1.53
Diluted:			0.51				0.39				1.65				1.51
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:
Basic			61,501				60,749				61,312				60,666
Diluted			62,165				61,252				62,428				61,132

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Condensed Consolidated Balance Sheet

		September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents			347,968				147,448
Restricted cash and cash equivalents (primarily related to VIEs)			164,169				133,418
Receivables:
Trade less allowance for credit losses of $476 and $308, respectively (primarily related to VIEs)			170,120				164,772
Other			23,241				36,711
Inventories			44,244				45,268
Costs and estimated earnings in excess of billings on uncompleted contracts			64,958				30,011
Prepaid expenses and other			100,746				40,141
Total current assets			915,446				597,769
Investment in an unconsolidated companies			198,385				162,111
Deposits and other (primarily related to VIEs)			179,092				137,744
Deferred income taxes			148,486				138,903
Property, plant and equipment, net ($3,441,632 and $3,460,079 related to VIEs, respectively)			3,738,493				3,672,569
Construction-in-process ($431,352 and $392,644 related to VIEs, respectively)			1,093,232				1,048,174
Operating leases right of use ($24,940 and $17,236 related to VIEs, respectively)			68,711				41,756
Finance leases right of use (none related to VIEs)			4,088				4,690
Intangible assets, net			253,428				274,548
Goodwill			168,005				168,244
Total assets			6,767,366				6,246,508
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses			197,983				234,757
Short term revolving credit lines with banks (full recourse)			—				80,000
Commercial paper (less deferred financing costs of $13 and $17, respectively)			99,987				99,983
Convertible senior notes (less deferred financing costs of $4,530)			361,045				—
Billings in excess of costs and estimated earnings on uncompleted contracts			9,005				13,159
Current portion of long-term debt:
Limited and non-recourse (primarily related to VIEs):			92,893				79,885
Full recourse			215,353				214,207
Current portion of financing liability			8,839				9,749
Operating lease liabilities			5,325				4,764
Finance lease liabilities			1,560				1,884
Total current liabilities			991,990				738,388
Long-term debt, net of current portion:
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $14,887 and $13,488, respectively)			668,225				645,803
Full recourse (less deferred financing costs of $3,395 and $4,248, respectively)			841,210				1,009,090
Convertible senior notes (less deferred financing costs of $17,647 and $4,103, respectively)			807,353				472,334
Financing liability			197,779				206,647
Operating lease liabilities			52,987				29,760
Finance lease liabilities			2,592				2,850
Liability associated with sale of tax benefits			166,649				190,168
Deferred income taxes			73,396				68,661
Liability for unrecognized tax benefits			6,179				10,378
Liabilities for severance pay			12,709				11,942
Asset retirement obligation			143,015				135,574
Other long-term liabilities			26,881				33,637
Total liabilities			3,990,965				3,555,232
Redeemable noncontrolling interest			9,701				10,402
Equity:
The Company's stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 61,986,251 and 61,104,078 shares issued; 61,502,991 and 60,845,411 shares outstanding, respectively			62				61
Additional paid-in capital			1,677,768				1,654,635
Treasury stock, at cost (483,260 and 258,667 shares held, respectively)			(42,359	)			-17,964
Retained earnings			990,303				909,343
Accumulated other comprehensive income (loss)			7,580				(2,132	)
Total stockholders' equity attributable to Company's stockholders			2,633,354				2,543,943
Noncontrolling interest			133,346				136,931
Total equity			2,766,700				2,680,874
Total liabilities, redeemable noncontrolling interest and equity			6,767,366				6,246,508

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Reconciliation of EBITDA and Adjusted EBITDA

We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation; (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities, including induced conversion expense; (v) cost related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; (viii) allowance for bad debts; (ix) bargain purchase gains; and (x) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and nine months ended September 30, 2026, and 2025:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
($ in thousands)
Net income		$	29,823			$	24,708			$	100,450			$	93,941
Adjusted for:
Interest expense, net (including interest income and amortization of deferred financing costs)			38,324				34,051				118,754				101,964
Income tax benefit			(6,775	)			(4,283	)			(31,911	)			(13,544	)
Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen			3,704				3,580				10,765				10,857
Depreciation, amortization and accretion			78,925				73,239				230,426				213,071
EBITDA		$	144,001			$	131,295			$	428,484			$	406,289
Mark-to-market (gains) or losses of derivative instruments			607				1,198				(184	)			(1,206	)
Stock-based compensation			5,498				4,941				16,466				14,473
Allowance for bad debts			1				158				669				210
Induced conversion expense in connection with the issuance of the 2031 Convertible Notes			—				—				34,413				—
Impairment of long-lived assets			150				—				8,578				—
Merger and acquisition transaction costs			1,394				479				2,826				1,488
Bargain purchase gain			—				—				(9,616	)			—
Settlement agreement expenses and other			—				—				168				900
Write-off of unsuccessful exploration and storage activities			2,131				377				10,824				1,144
Adjusted EBITDA		$	153,782			$	138,448			$	492,628			$	423,298

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS¹

Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributed to the Company's stockholders and Adjusted diluted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

The following tables reconcile Net income attributable to the Company's stockholders and diluted EPS to Adjusted Net income attributable to the Company’s stockholders and Adjusted diluted EPS for the three and nine months ended September 30, 2026, and 2025:

		Three Months Ended September 30								Nine Months Ended September 30,
		2026				2025				2026				2025
(in millions, except for EPS)
GAAP Net income attributable to the Company's stockholders			31.9				24.1				103.1				92.5
Induced conversion expense in connection with the issuance of the 2031 Convertible Notes			—				—				34.4				—
Bargain purchase gain			—				—				(9.6	)			—
Write-off of unsuccessful exploration and storage activities			1.68				0.3				8.55				0.9
Impairment of long-lived assets			0.12				—				6.8				—
Merger and acquisition transaction costs			1.10				0.4				2.23				1.18
Allowance for bad debts							0.1				0.53				0.17
Settlement agreement expenses and other			—				—				0.13				0.71
Adjusted Net income attributable to the Company's stockholders		$	34.8			$	24.9			$	146.1			$	95.5
GAAP diluted EPS ($)			0.51				0.39				1.65				1.51
Induced conversion expense in connection with the issuance of the 2031 Convertible Notes			—				—				0.55				—
Bargain purchase gain			—				—				(0.15	)			—
Write-off of unsuccessful exploration and storage activities			0.03				0.01				0.13				0.02
Impairment of long-lived assets			0.00				—				0.11				—
Merger and acquisition transaction costs			0.02				0.01				0.04				0.02
Allowance for bad debts			—				0.00				0.01				0.00
Settlement agreement expenses and other			—				—				0.00				0.01
Adjusted Diluted EPS		$	0.56			$	0.41			$	2.34			$	1.56

¹ Adjusted diluted EPS is computed based on adjusted net income attributable to the Company’s stockholders and diluted weighted-average shares outstanding before rounding. The individual components in the table are rounded to the nearest applicable unit; therefore, recalculation using the rounded amounts may not result in the adjusted diluted EPS presented.

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