On the way to $1.2 billion: Ormat is taking over new markets
The geothermal energy producer is raising its annual forecast to up to $1.2 billion following strong second-quarter reports, alongside an unusual jump of almost 200% in its energy storage activity worldwide.
Ormat Technologies has published its business results for the second quarter and the first half of 2026, presenting continued growth in activity alongside progress in strategic projects within the renewable energy sector.
The company's revenue in the second quarter totaled approximately $258.8 million, an increase of 10.6% compared to the same period last year. Gross profit grew by 20.8%, and adjusted EBITDA rose by 6.9% to reach $143.9 million. Alongside this, net income according to accounting rules decreased slightly by 3.4%, following a write-off of $6.6 million related to energy storage projects that the company decided to discontinue. On the other hand, adjusted net income grew by 6.5%.
One of the key figures in the reports is the sharp growth in the energy storage sector. The sector's revenue jumped by 195.1% and totaled $42.8 million, mainly due to the operation of new facilities and an increase in revenue from free market prices.
At the same time, Ormat continues to invest in the development of future technologies in the field of geothermal energy. The company reported progress in two experimental projects involving EGS systems, as well as the launch of a new production unit called Ormega100, designed to promote advanced energy solutions.
Following the positive results in the first half of the year, the company raised its annual revenue forecast to a range of $1.15 to $1.2 billion, and its adjusted EBITDA forecast to a range of $630 to $650 million.
In addition, the company continues to expand its activity worldwide, with the operation of a new power plant in Dominica, the promotion of a large storage facility in California, and progress in projects in Indonesia. The company's board of directors also announced the distribution of a quarterly dividend of $0.12 per share.
The reports highlight the strengthening of the energy storage sector as a significant growth engine for Ormat, alongside the expansion of global activity and investment in technologies that may support the company's future growth.
