Ormat Technologies raised its full-year revenue and adjusted EBITDA guidance following strong energy storage and geothermal growth.
Ormat Technologies increased its 2026 revenue outlook to $1.15 billion–$1.2 billion and adjusted EBITDA to $630 million–$650 million after second-quarter revenue rose 10.6% year-over-year to $258.8 million. Adjusted EBITDA grew 6.9% to $143.9 million, driven by a near-tripling of energy storage revenue to $42.8 million.
Energy storage led growth, supported by strong PJM merchant pricing and newly commissioned facilities. The company’s operating storage portfolio reached 495 MW and 1,358 MWh, with 497 MW of additional projects under development. Electricity revenue increased 5.8% as generation improved and curtailment declined, while gross margin expanded 220 basis points to 26.5%.
The company also advanced enhanced geothermal systems pilots and plans to begin drilling at its Desert Peak project in late 2026. Gross profit rose 20.8% to $68.7 million, reflecting broader operational improvements across segments.