Ormat Technologies (NYSE: ORA) raises 2026 guidance after strong Q2 results

Rhea-AI Filing Summary

Ormat Technologies reported solid results for the quarter and six months ended June 30, 2026, with continued progress on its diversified growth strategy. Q2 2026 total revenues were $258.8 million, up 10.6% year over year, and gross profit rose to $68.7 million, a 20.8% increase. For the first half, revenues reached $662.7 million, up 42.9%, and gross profit was $189.1 million, up 45.6%.

Segment performance was mixed but growth-oriented: Electricity revenues grew to $169.3 million in Q2, Energy Storage revenues surged to $42.8 million (up 195.1%), while Product revenues declined to $46.7 million (down 21.6%). Q2 operating income was $34.2 million, and net income attributable to stockholders was $27.1 million, with diluted EPS of $0.43. Adjusted net income was $31.0 million and Adjusted EBITDA $143.9 million, both higher than a year earlier.

Management highlighted expansion of the generation portfolio by 155 MW since the start of 2026 and a robust project pipeline, including 202 MW of electricity generation and 497 MW / 1,888 MWh of energy storage under construction and development, as well as meaningful progress in Enhanced Geothermal Systems (EGS) pilots. Full-year 2026 revenue and Adjusted EBITDA guidance were raised. The board declared a quarterly dividend of $0.12 per share, payable September 2, 2026, to shareholders of record on August 19, 2026.

Positive

• Total revenues grew strongly, reaching $258.8 million in Q2 2026 (up 10.6%) and $662.7 million in H1 2026 (up 42.9%), alongside higher gross profit and Adjusted EBITDA.
• Energy Storage revenues accelerated, rising to $42.8 million in Q2 2026, an increase of 195.1% year over year, and to $87.7 million in H1 2026, up 172.0%.
• Long-term outlook was reinforced as management raised full-year 2026 revenue and Adjusted EBITDA guidance and reported 202 MW of generation and 497 MW / 1,888 MWh of storage projects under construction and development.
• Shareholders benefit from cash returns via a quarterly dividend of $0.12 per share, declared for payment on September 2, 2026, with an indication of a similar dividend next quarter.

Negative

• Product segment performance weakened, with Q2 2026 Product revenues at $46.7 million, down 21.6% year over year, and Q2 Product gross margin declining to 9.7% from 27.7%.
• Profitability metrics softened on a GAAP basis in Q2 2026, as operating income slipped by 3.2%, net income attributable to stockholders by 3.4%, and diluted EPS by 6.5% compared with Q2 2025.

Filing Explained

Desert Peak drilling is planned for Q4 2026, so Ormat’s EGS pilots remain in development rather than completed commercial validation.

This Form 8-K furnishes Ormat’s second-quarter results under Item 2.02 for the quarter ended June 30, 2026; its structural update for common holders is the company’s reported cash and debt position.

At June 30, 2026, the company reported cash and cash equivalents of $513,747 thousand and restricted cash of $144,399 thousand, with restricted cash described as primarily related to variable-interest entities.

The same balance sheet reports $360,585 thousand of convertible senior notes as a current liability and $806,455 thousand as long-term convertible senior notes, identifying obligations in both balance-sheet categories at that date.

EGS progress remains pre-completion: at Desert Peak, Ormat completed data acquisition and advanced permitting and procurement, with drilling planned for the fourth quarter of 2026; at Sage, permitting, procurement, and engineering were still progressing.

The next named milestone is the planned Desert Peak drilling in the fourth quarter of 2026; the filing places both pilots toward commercial-scale validation rather than at reported validation completion.

8-K Event Classification

Item 2.02 — Results of Operations and Financial Condition

1 item

Item 2.02 Results of Operations and Financial Condition Financial

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

Key Figures

Q2 2026 Total Revenues: $258.8 million H1 2026 Total Revenues: $662.7 million Q2 2026 Adjusted EBITDA: $143.9 million +5 more

8 metrics

Q2 2026 Total Revenues $258.8 million Quarter ended June 30, 2026; up 10.6% versus Q2 2025

H1 2026 Total Revenues $662.7 million Six months ended June 30, 2026; up 42.9% versus H1 2025

Q2 2026 Adjusted EBITDA $143.9 million Quarter ended June 30, 2026; up 6.9% versus Q2 2025

Q2 2026 Net Income attributable to stockholders $27.1 million Quarter ended June 30, 2026; down 3.4% versus Q2 2025

Q2 2026 Diluted EPS $0.43 Quarter ended June 30, 2026; decreased 6.5% versus Q2 2025

Q2 2026 Energy Storage Revenues $42.8 million Quarter ended June 30, 2026; up 195.1% versus Q2 2025

Quarterly Dividend $0.12 per share Declared August 5, 2026; payable September 2, 2026

Total Assets $6,788,245 thousand Balance sheet as of June 30, 2026

Key Terms

Adjusted EBITDA, non-GAAP financial measures, Enhanced Geothermal Systems, bargain purchase gain, +1 more

5 terms

Adjusted EBITDA financial

"The following table reconciles net income to EBITDA and Adjusted EBITDA for the three"

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 measures financial

"The Registrant is making reference to non-GAAP financial measures in the press release."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Enhanced Geothermal Systems technical

"We continued to make significant progress on our EGS strategy during the quarter."

An engineered approach to produce renewable heat and electricity by creating or enlarging pathways in hot underground rock, then circulating water to capture steam or hot fluid that drives turbines. Think of it as drilling into Earth to tap a steady, low-carbon boiler; for investors it promises long-lived, weather-independent power and potential steady revenue but involves high upfront drilling, technology and permitting risk that affects returns and timelines.

bargain purchase gain financial

"Bargain purchase gain | | | — | | | | — | | | | (9,616 | )"

A bargain purchase gain happens when a buyer acquires another company's assets for less than those assets' estimated fair value, producing an immediate accounting profit for the buyer. For investors, it matters because that one-time gain boosts the acquirer's reported earnings and can signal a very favorable deal — like finding a valuable item at a steep discount — but it may also prompt scrutiny about whether asset values or the deal terms were estimated correctly.

redeemable noncontrolling interest financial

"Redeemable noncontrolling interest | | | 9,906 | | | | 10,402 |"

A redeemable noncontrolling interest is a minority ownership stake in a business that the minority owner can require to be bought back for cash or that must be redeemed under set conditions. Investors care because it is not permanent equity: it represents a foreseeable cash obligation and can reduce the parent company’s reported equity and available cash, much like a loan from a roommate you must repay on request rather than shared ownership of the house.

Earnings Snapshot

Q2 2026 Total Revenues: $258.8 million · Guidance included

Three and six months ended June 30, 2026

Q2 2026 Total Revenues $258.8 million 10.6% vs Q2 2025

H1 2026 Total Revenues $662.7 million 42.9% vs H1 2025

Q2 2026 Net Income attributable to stockholders $27.1 million (3.4%) vs Q2 2025

Q2 2026 Diluted EPS $0.43 (6.5%) vs Q2 2025

Q2 2026 Adjusted EBITDA $143.9 million 6.9% vs Q2 2025

Q2 2026 Adjusted Net Income attributable to stockholders $31.0 million 6.5% vs Q2 2025

Guidance

Full-year 2026 revenue and Adjusted EBITDA guidance raised.

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Available on EDGAR 08/05/2026 - 05:14 PM Accepted by SEC EDGAR 08/05/2026 - 05:13 PM Learn about SEC filing dates

FAQ

What were Ormat Technologies (ORA) Q2 2026 revenues and growth versus last year?

Ormat Technologies (ORA) generated $258.8 million in total revenues in Q2 2026, representing 10.6% year-over-year growth. First-half 2026 revenues were $662.7 million, an increase of 42.9% compared with the first half of 2025.

How profitable was Ormat Technologies (ORA) in Q2 2026 on a GAAP and non-GAAP basis?

In Q2 2026, Ormat reported GAAP net income attributable to stockholders of $27.1 million and diluted EPS of $0.43. Adjusted net income was $31.0 million, and Adjusted EBITDA totaled $143.9 million, both higher than the prior-year quarter.

How did Ormat Technologies’ (ORA) business segments perform in Q2 2026?

Q2 2026 Electricity revenues were $169.3 million (up 5.8%), Energy Storage revenues were $42.8 million (up 195.1%), while Product revenues were $46.7 million (down 21.6%). Segment gross margins varied significantly, with Energy Storage notably higher.

Did Ormat Technologies (ORA) change its 2026 guidance based on first-half results?

Yes. Based on strong first-half 2026 performance and positive business momentum, Ormat’s management stated that it is raising full-year 2026 revenue and Adjusted EBITDA guidance, signaling increased expectations for the remainder of the year.

What dividend did Ormat Technologies (ORA) declare in August 2026?

Ormat’s board declared a $0.12 per share quarterly dividend on August 5, 2026. The dividend is payable on September 2, 2026 to shareholders of record as of August 19, 2026, and the company expects a similar dividend next quarter.

What project pipeline did Ormat Technologies (ORA) highlight in its Q2 2026 update?

Ormat reported adding 155 MW of generation since the start of 2026 and having 202 MW of electricity projects and 497 MW / 1,888 MWh of energy storage projects under construction and development, all with long-term PPAs for the generation projects.

How is Ormat Technologies (ORA) progressing on its Enhanced Geothermal Systems (EGS) strategy?

Ormat advanced its EGS strategy by moving SLB and Sage Geosystems pilot projects toward field execution, progressing Desert Peak permitting and drilling preparation, integrating a two-well EGS facility at a Nevada plant, and launching the Ormega100 surface generation unit to convert EGS resources into grid-scale power.

false 0001296445 0001296445 2026-08-05 2026-08-05

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): August 5, 2026 (August 5, 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 August 5, 2026 Ormat Technologies, Inc. (the “Registrant”) reported its earnings for its second fiscal quarter ended June 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.

Item9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Description of Document

99.1 Press release of the Registrant dated August 5, 2026, containing financial information for its second fiscal quarter ended June 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: August 5, 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 SECOND QUARTER 2026 FINANCIAL RESULTS

CONTINUED EXECUTION ON ORMAT'S GROWTH STRATEGY DROVE DOUBLE-DIGIT REVENUE GROWTH WHILE ADVANCING EGS DEVELOPMENT

HIGHLIGHTS

● CONTINUED STRONG OPERATING PERFORMANCE DROVE 10.6% REVENUE GROWTH, 20.8% GROSS PROFIT GROWTH AND 6.9% GROWTH IN ADJUSTED EBITDA

● ENERGY STORAGE REVENUES NEARLY TRIPLED YEAR-OVER-YEAR, BENEFITING FROM FAVORABLE MERCHANT PRICING AND NEW CAPACITY ADDITIONS

● ADVANCED THE COMPANY'S EGS STRATEGY THROUGH CONTINUED EXECUTION OF TWO PILOT PROGRAMS AND THE INTRODUCTION OF THE ORMEGA100 SURFACE GENERATION UNIT

● ORMAT INCREASES ITS FULL-YEAR REVENUE AND ADJUSTED EBITDA GUIDANCE

RENO, Nev., August 5, 2026 - Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading geothermal and renewable energy company, today announced financial results for the second quarter ended June 30, 2026.

KEY FINANCIAL RESULTS

		Q2 2026				Q2 2025				Change (%)				H1 2026				H1 2025				Change (%)
GAAP Measures
Revenues ($ millions)
Electricity			169.3				159.9				5.8	%			350.9				340.2				3.1	%
Product			46.7				59.6				(21.6	)%			224.1				91.4				145.3	%
Energy Storage			42.8				14.5				195.1	%			87.7				32.2				172.0	%
Total Revenues			258.8				234.0				10.6	%			662.7				463.8				42.9	%
Gross Profit			68.7				56.9				20.8	%			189.1				129.8				45.6	%
Gross margin (%)
Electricity			23.7	%			24.2	%							27.4	%			29.1	%
Product			9.7	%			27.7	%							19.0	%			25.8	%
Energy Storage			56.2	%			11.9	%							57.7	%			22.2	%
Gross margin (%)			26.5	%			24.3	%							28.5	%			28.0	%
Operating income ($ millions)			34.2				35.3				(3.2	)%			114.5				86.2				32.7	%
Net income attributable to the Company’s stockholders			27.1				28.0				(3.4	)%			71.2				68.4				4.0	%
Diluted EPS ($)			0.43				0.46				(6.5	)%			1.14				1.12				1.8	%
Non-GAAP Measures
Adjusted Net income attributable to the Company’s stockholders			31.0				29.1				6.5	%			111.3				70.6				57.6	%
Adjusted Diluted EPS ($)			0.50				0.48				4.2	%			1.79				1.16				54.3	%
Adjusted EBITDA1 ($ millions)			143.9				134.6				6.9	%			338.8				284.9				18.9	%

¹ See reconciliation table below

“Our second quarter results reflect the continued successful execution of our diversified growth strategy. We delivered double-digit revenue growth while expanding gross profit by more than 20%, reflecting the strength and balance of our three operating segments. Based on our strong first-half performance and positive momentum across our business, we are raising our full-year 2026 revenue and Adjusted EBITDA guidance," said Doron Blachar, Chief Executive Officer of Ormat.

Blachar continued, "Our Electricity segment built on its growth momentum during the quarter, driven by contributions from our Blue Mountain geothermal power plant acquired in June 2025, improved performance at our Olkaria and Puna power plants, and lower curtailments in the USA compared to the prior-year period. Our Energy Storage segment delivered another outstanding quarter, with revenues increasing nearly threefold year-over-year. The combination of new capacity additions, high asset availability and favorable merchant pricing highlights the value of our strategy of combining long-term contracted revenues with selective merchant exposure to maximize returns while maintaining disciplined risk management."

Blachar added, "Beyond our strong quarterly results, we continue to execute on the projects that will drive our growth. Since the start of the year, we expanded our generation portfolio by 155 MW with the addition of the Hoku solar and energy storage facility, the Shirk energy storage facility, the completion of the 5 MW Cove Fort upgrade and the recent commencement of commercial operations at our 10 MW Dominica geothermal power plant. Today, we have 202 MW of electricity generation projects under construction and development, all backed by long-term PPAs, together with 497 MW / 1,888 MWh of energy storage projects under construction and development, providing strong visibility into our continued growth. Combined with increasing demand for reliable renewable electricity and improving power pricing, these developments reinforce our confidence in achieving our long-term growth objectives."

EGS UPDATE

Blachar commented, “We continued to make significant progress on our EGS strategy during the quarter. On the subsurface side, we advanced both the SLB and Sage Geosystems pilot projects toward field execution, with each partnership taking concrete steps toward commercial-scale validation. At the Desert Peak project with SLB, we completed geophysical data acquisition, updated the subsurface model, advanced permitting and procurement of long-lead materials, and entered the final stages of vendor selection ahead of planned drilling in the fourth quarter of 2026. At the Sage Geosystems pilot, we selected a power plant in Nevada, advanced permitting activities, neared completion of procurement for drilling services and equipment and progressed engineering work to integrate the two-well EGS facility into the selected Ormat power plant.

We are also actively working to expand our substantial geothermal land position and water rights to support future EGS development, in addition to applying for new interconnections, recognizing that building a strong EGS pipeline will enable us to accelerate our project development.

On the surface technology side, we introduced our Ormega100 surface generation unit, a significant advancement in our ability to convert subsurface EGS resources into grid-scale power by connecting upstream development capabilities with downstream generation at an accelerated pace. Together with our growing pipeline of partnership opportunities, we anticipate that these initiatives position Ormat to accelerate the commercialization of EGS technology and capture increasing demand for next-generation geothermal power."

FINANCIAL HIGHLIGHTS

• Net income attributable to stockholders for the three months ended June 30, 2026, was $27.1 million, or $0.43 per diluted share, compared to $28.0 million, or $0.46 per diluted share, in the prior year period. The decrease was primarily driven by a $6.6 million write-off of storage projects that we decided to no longer pursue.

• Adjusted net income for the three months ended June 30, 2026, was $31.0 million, or $0.50 per diluted share, compared to $29.1 million, or $0.48 per diluted share, in the prior year period. The increase reflects strong underlying performance across our operating segments.

• Adjusted EBITDA for the three months ended June 30, 2026, increased 6.9% to $143.9 million, reflecting strong contributions from our Energy Storage segment, which benefited from elevated merchant revenues and portfolio expansion.

• Electricity segment revenues increased 5.8% quarter-over-quarter, primarily driven by contributions from the Blue Mountain acquisition, improved generation at the Puna and Olkaria facilities, higher energy rates at the Puna power plant and lower curtailments compared to the prior-year period. This increase was partially offset by planned maintenance activities.

• Energy Storage revenues for the three months ended June 30, 2026, increased 195.1% in the second quarter 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. Ormat’s optimized mix of merchant and contracted revenues supported margin expansion.

• Product segment revenues for the three months ended June 30, 2026, declined due to the timing of manufacturing and construction progress, while first-half results continue to reflect strong execution driven by the Topp 2 sale.

• Product segment gross Margin (%) during the quarter declined to 9.7% due to high expenses related to the construction costs of a project in Europe and the impact of the changes in exchange rate on our overall manufacturing costs. We are expecting gross margin to improve in the second half of the year.

• Product backlog stood at approximately $202.8 million as of August 5, 2026, providing continued visibility into future revenue generation.

BUSINESS HIGHLIGHTS

• In July 2026, we achieved commercial operation of our 10 MW Dominica geothermal power plant, demonstrating continued execution of the Company's global development pipeline.

• In June 2026, we completed the 5 MW upgrade at the Cove Fort geothermal facility, enhancing the performance and profitability of the asset acquired in 2024.

• In August 2026, we decided to move forward 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 May 2026, we secured a unique exploration financing facility for up to $40 million with PT Sarana Multi Infrastruktur (SMI), Indonesia's state-owned infrastructure bank, for the Wapsalit geothermal project. Structured under the World Bank's Geothermal Resource Risk Mitigation (GREM) Program, the facility provides a risk-sharing mechanism that significantly reduces exploration risk and supports the continued expansion of Ormat's geothermal development activities in Indonesia.

2026 GUIDANCE

• Total revenues are expected to be between $1,150 million and $1,200 million.

◦ Electricity segment revenues of between $710 million and $725 million.

◦ Product segment revenues of between $300 million and $320 million.

◦ Energy Storage revenues of between $140 million and $155 million.

• Adjusted EBITDA is expected to be between $630 million and $650 million.

◦ Of which approximately $17.0 million is attributable to minority interest.

The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and six months ended June 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 August 5, 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 September 2, 2026, to stockholders of record as of the close of business on August 19, 2026. In addition, the Company expects to pay a dividend of $0.12 per share in the next quarter.

CONFERENCE CALL DETAILS

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on August 6, 2026, at 10:00 a.m. ET.

Participants within the United States and Canada, please dial 1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-307-1963. The access code for the call is 3818407. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast 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 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 3818407. The webcast will also be archived on the Investor Relations section of the Company's website. 

ABOUT ORMAT TECHNOLOGIES

With 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 energy storage 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 leverages 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 1,850MW with a 1,355MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, Dominica and Guadeloupe, and a 495MW energy storage portfolio that is located in the U.S.

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, 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, interest rates, supply chain disruptions, 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.

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 June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(Dollars in thousands, except per share data)
Revenues:
Electricity			169,253				159,912				350,856				340,153
Product			46,739				59,612				224,122				91,381
Energy storage			42,772				14,494				87,697				32,246
Total revenues			258,764				234,018				662,675				463,780
Cost of revenues:
Electricity			129,121				121,236				254,865				241,069
Product			42,217				43,118				181,626				67,802
Energy storage			18,728				12,769				37,117				25,087
Total cost of revenues			190,066				177,123				473,608				333,958
Gross profit			68,698				56,895				189,067				129,822
Operating expenses:
Research and development expenses			1,501				1,439				2,633				3,981
Selling and marketing expenses			5,968				4,370				11,545				8,542
General and administrative expenses			21,104				19,786				48,440				37,695
Other operating income			(1,000	)			(4,269	)			(5,125	)			(7,394	)
Impairment of long-lived assets			316				—				8,428				—
Write-off of unsuccessful exploration and storage activities			6,611				251				8,693				767
Operating income			34,198				35,318				114,453				86,231
Other income (expense):
Interest income			7,071				1,929				8,501				3,242
Interest expense, net			(43,938	)			(36,682	)			(88,931	)			(71,155	)
Derivatives and foreign currency transaction gains (losses)			274				5,068				(1,263	)			7,128
Income attributable to sale of tax benefits			16,553				16,251				33,174				33,822
Other non-operating income (expense), net			3,001				76				(20,144	)			298
Income from operations before income tax and equity in earnings (losses) of investees			17,159				21,960				45,790				59,566
Income tax (provision) benefit			9,666				5,466				25,136				9,261
Equity in earnings (losses) of investees, net			(811	)			773				(299	)			406
Net income			26,014				28,199				70,627				69,233
Net income attributable to noncontrolling interest			1,072				(153	)			527				(825	)
Net income attributable to the Company's stockholders			27,086				28,046				71,154				68,408
Earnings per share attributable to the Company's stockholders:
Basic:			0.44				0.46				1.16				1.13
Diluted:			0.43				0.46				1.14				1.12
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:
Basic			61,484				60,689				61,225				60,624
Diluted			62,534				61,019				62,567				60,973

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Condensed Consolidated Balance Sheet

		June 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents			513,747				147,448
Restricted cash and cash equivalents (primarily related to VIEs)			144,399				133,418
Receivables:
Trade less allowance for credit losses of $476 and $308, respectively (primarily related to VIEs)			172,568				164,772
Other			38,998				36,711
Inventories			47,292				45,268
Costs and estimated earnings in excess of billings on uncompleted contracts			46,990				30,011
Prepaid expenses and other			56,782				40,141
Total current assets			1,020,776				597,769
Investment in an unconsolidated companies			204,154				162,111
Deposits and other (primarily related to VIEs)			177,282				137,744
Deferred income taxes			137,894				138,903
Property, plant and equipment, net ($3,583,076 and $3,460,079 related to VIEs, respectively)			3,789,740				3,672,569
Construction-in-process ($360,291 and $392,644 related to VIEs, respectively)			975,428				1,048,174
Operating leases right of use ($24,671 and $17,236 related to VIEs, respectively)			50,572				41,756
Finance leases right of use (none related to VIEs)			4,334				4,690
Intangible assets, net			260,043				274,548
Goodwill			168,022				168,244
Total assets			6,788,245				6,246,508
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses			182,216				234,757
Short term revolving credit lines with banks (full recourse)			—				80,000
Commercial paper (less deferred financing costs of $14 and $17, respectively)			99,986				99,983
Convertible senior notes (less deferred financing costs of $4,990)			360,585				—
Billings in excess of costs and estimated earnings on uncompleted contracts			12,265				13,159
Current portion of long-term debt:
Limited and non-recourse (primarily related to VIEs):			87,540				79,885
Full recourse			216,285				214,207
Current portion of financing liability			9,962				9,749
Operating lease liabilities			5,359				4,764
Finance lease liabilities			1,689				1,884
Total current liabilities			975,887				738,388
Long-term debt, net of current portion:
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $15,131 and $13,488, respectively)			684,416				645,803
Full recourse (less deferred financing costs of $3,657 and $4,248, respectively)			895,899				1,009,090
Convertible senior notes (less deferred financing costs of $18,545 and $4,103, respectively)			806,455				472,334
Financing liability			203,822				206,647
Operating lease liabilities			36,955				29,760
Finance lease liabilities			2,705				2,850
Liability associated with sale of tax benefits			175,423				190,168
Deferred income taxes			73,343				68,661
Liability for unrecognized tax benefits			6,073				10,378
Liabilities for severance pay			13,110				11,942
Asset retirement obligation			141,118				135,574
Other long-term liabilities			29,054				33,637
Total liabilities			4,044,260				3,555,232
Redeemable noncontrolling interest			9,906				10,402
Equity:
The Company's stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 61,980,201 and 61,104,078 shares issued; 61,496,941 and 60,845,411 shares outstanding, respectively			62				61
Additional paid-in capital			1,672,309				1,654,635
Treasury stock, at cost (483,260 and 258,667 shares held, respectively)			(42,359	)			(17,964	)
Retained earnings			965,781				909,343
Accumulated other comprehensive income (loss)			1,786				(2,132	)
Total stockholders' equity attributable to Company's stockholders			2,597,579				2,543,943
Noncontrolling interest			136,501				136,931
Total equity			2,734,080				2,680,874
Total liabilities, redeemable noncontrolling interest and equity			6,788,245				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; (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; and (ix) 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 six months ended June 30, 2026, and 2025:

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(Dollars in thousands)								(Dollars in thousands)
Net income		$	26,014			$	28,199			$	70,627			$	69,233
Adjusted for:
Interest expense, net (including interest income and amortization of deferred financing costs)			36,867				34,753				80,430				67,913
Income tax provision (benefit)			(9,666	)			(5,466	)			(25,136	)			(9,261	)
Adjustment to investment in unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen			3,570				3,856				7,060				7,277
Depreciation, amortization and accretion			77,158				70,676				151,501				139,832
EBITDA		$	133,943			$	132,018			$	284,483			$	274,994
Mark-to-market (gains) or losses of derivative instruments			(977	)			(3,343	)			(791	)			(2,404	)
Stock-based compensation			6,244				4,621				10,968				9,533
Allowance for bad debts			1				25				668				51
Induced conversion expense in connection with the issuance of the 2031 Convertible Notes			761				—				34,413				—
Impairment of long-lived assets			316				—				8,428				—
Merger and acquisition transaction costs			669				1,009				1,432				1,009
Bargain purchase gain			—				—				(9,616	)			—
Settlement agreement expenses and other			(3,618	)			—				168				900
Write-off of unsuccessful exploration and storage activities			6,611				251				8,693				767
Adjusted EBITDA		$	143,950			$	134,581			$	338,846			$	284,850

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS²

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 Adjusted diluted EPS for the three and six months ended June 30, 2026, and 2025:

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
(in millions, except for EPS)
GAAP Net income attributable to the Company's stockholders			27.1				28.0				71.2				68.4
Induced conversion expense			0.76				—				34.4				—
Bargain purchase price			—				—				(9.6	)			—
Impairment of long-lived assets			0.24				—				6.7				—
Write-off of unsuccessful exploration and storage activities			5.22				0.2				6.87				0.6
Merger and acquisition transaction costs			0.53				0.8				1.13				0.8
Allowance for bad debts			—				0.0				0.53				0.1
Settlement agreement expenses and other			(2.86	)			—				0.13				0.7
Adjusted Net income attributable to the Company's stockholders		$	31.0			$	29.1			$	111.3			$	70.6
GAAP diluted EPS			0.43				0.46				1.14				1.12
Induced conversion expense			0.01				—				0.55				—
Bargain purchase price			—				—				(0.15	)			—
Impairment of long-lived assets			0.00				—				0.11				—
Write-off of unsuccessful exploration and storage activities			0.09				0.00				0.11				0.01
Merger and acquisition transaction costs			0.01				0.02				0.02				0.02
Allowance for bad debts			—				0.00				0.01				0.00
Settlement agreement expenses and other			(0.04	)			—				0.00				0.01
Adjusted Diluted EPS		$	0.50			$	0.48			$	1.79			$	1.16

² 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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