Overview

• U.S. geothermal and renewable energy firm's Q1 revenue rose 76%, beating analyst expectations

• Adjusted EPS for Q1 jumped 91%, beating analyst expectations

• Company completed $1 bln convertible notes offering to bolster financial position

Outlook

• Ormat expects 2026 total revenue between $1.11 bln and $1.16 bln

• Company sees 2026 adjusted EBITDA between $615 mln and $645 mln

• Ormat anticipates sustaining positive momentum in 2026 amid a supportive market environment

Result Drivers

• PRODUCT SEGMENT SURGE - Product segment revenue rose sharply, primarily due to $105 mln in revenue from the Topp 2 project sale

• ENERGY STORAGE EXPANSION - Energy Storage revenue grew 153% on capacity additions and high asset availability, enabling capture of strong merchant pricing

• ELECTRICITY SEGMENT MIXED - Electricity revenue was nearly flat, with gains from Blue Mountain, Olkaria, and Stillwater offset by high temperatures in Nevada reducing revenue by $4.8 mln

Company press release: ID:nGNX5dt1hd

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$403.91 mln	$348.75 mln (8 Analysts)
Q1 Adjusted EPS	Beat	$1.30	$0.92 (9 Analysts)
Q1 Adjusted EBITDA	Beat	$194.90 mln	$176.08 mln (7 Analysts)
Q1 Gross Margin		29.80%
Q1 Operating Income		$80.30 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electric utilities peer group is "buy"

• Wall Street's median 12-month price target for Ormat Technologies Inc is $129.00, about 11.8% above its May 5 closing price of $115.34

• The stock recently traded at 48 times the next 12-month earnings vs. a P/E of 51 three months ago

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