Ormat Profit Rises 32% as Energy Storage Revenue More Than Doubles

Ormat Technologies reported third-quarter net income attributable to stockholders of $31.9 million on November 4, up 32.2% from $24.1 million a year earlier. Revenue increased 10.2% to $275.1 million, while diluted earnings per share rose to $0.51 from $0.39. Chief executive Doron Blachar said: "Our strong third-quarter performance was driven by record Energy Storage profitability." Storage revenue rose 145.2% to $49.9 million. Blachar attributed the performance to additional capacity, high asset availability and favorable merchant pricing in the PJM electricity market. Adjusted earnings before interest, taxes, depreciation and amortization, a company-reported measure, increased 11.1% to $153.8 million. The other two business segments recorded declines. Electricity revenue fell 2.1% to $163.7 million, mainly because a hurricane forced an outage at the Puna plant. The July start of the 10-megawatt Dominica geothermal plant and improved performance at Olkaria partly offset that disruption. Product revenue slipped 1.2% to $61.5 million; the company reported a product backlog of approximately $183 million as of November 4. In its 2025 annual report, Ormat listed an office and manufacturing facility in Yavne, Israel, and listings on the New York and Tel Aviv stock exchanges. Ormat raised the midpoint of its full-year revenue and adjusted EBITDA forecasts, setting ranges of $1.17 billion to $1.20 billion and $640 million to $650 million, respectively. Its board declared a quarterly dividend of $0.12 per share, payable December 2 to shareholders of record November 18. The company scheduled its earnings conference call for November 5 at 10 a.m. Eastern time, or 5 p.m. in Israel.