Ormat Technologies, Inc. is a geothermal and renewable energy company headquartered in Reno, Nevada, and listed on the New York Stock Exchange under the ticker ORA. It describes itself as the only pure-play, vertically integrated geothermal company, meaning that it designs, develops, builds, manufactures and operates its power plants rather than buying equipment on the open market. Doron Blachar is chief executive. The company has six decades of experience in geothermal and recovered energy generation (REG), and has extended that base into energy storage, solar photovoltaic plants and hybrid combinations of geothermal, solar and storage. Its current generating portfolio is 1.8 GW, made up of 1,340 MW of geothermal and solar generation and a 495 MW energy storage portfolio.

Where the megawatts are

  • Electricity — geothermal and recovered energy plants owned and operated by the company in the United States, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe, selling output under long-term power purchase agreements.
  • Energy Storage — battery assets in the United States, operated with a mix of contracted and merchant revenue.
  • Product — design and manufacture of power generating equipment and complete turnkey plants sold to third parties, with a backlog of about $202.8 million as of 5 August 2026.

The combination of an equipment manufacturing arm with an owned generation fleet is unusual in the geothermal sector and lets Ormat supply plants it also operates, including the Ormega100 surface generation unit it introduced in June 2026.

Second quarter 2026 results

For the three months ended 30 June 2026 Ormat reported revenue growth of 10.6% and gross profit growth of 20.8% year on year, with adjusted EBITDA up 6.9% to $143.9 million. Net income attributable to stockholders was $27.1 million, or $0.43 per diluted share, against $28.0 million and $0.46 a year earlier, a decline the company attributed mainly to a $6.6 million write-off of storage projects it decided not to pursue. Adjusted net income was $31.0 million, or $0.50 per diluted share, up from $29.1 million and $0.48. The Electricity segment grew revenue 5.8% quarter on quarter on the contribution of the Blue Mountain plant acquired in June 2025, improved generation at the Puna and Olkaria facilities, higher energy rates at Puna and lower curtailments in the United States, partly offset by planned maintenance. Energy Storage revenue rose 195.1% as new capacity and high asset availability let the company capture strong merchant pricing in the PJM market. Product segment revenue fell on the timing of manufacturing and construction milestones, and its gross margin dropped to 9.7% because of construction costs on a European project and exchange rate effects on manufacturing costs. The company raised its full-year 2026 revenue and adjusted EBITDA guidance on the back of the first half.

Projects added and under way

Ormat expanded its generation portfolio by 155 MW during 2026 through the Hoku solar and storage facility, the Shirk energy storage facility, completion of a 5 MW upgrade at Cove Fort and the start of commercial operation at the 10 MW Dominica geothermal plant. It has 202 MW of electricity generation projects under construction and development, all backed by long-term power purchase agreements, together with 497 MW and 1,888 MWh of energy storage projects under construction and development. In March 2026 the company closed an upsized $1 billion convertible senior notes offering, having first proposed $600 million of Series A notes.

Enhanced geothermal systems

Ormat is pursuing enhanced geothermal systems (EGS) as its main long-term growth option. It is running two pilot programmes: one with SLB at the Desert Peak project, where geophysical data acquisition and subsurface modelling were completed in the second quarter of 2026 and drilling was planned for the fourth quarter, and one with Sage Geosystems in Nevada, where a host power plant was selected and procurement for drilling services was nearly complete. In June 2026 the company introduced the Ormega100 surface generation unit to convert EGS resources into grid-scale power more quickly, and in September 2026 it was selected for approximately $35 million of US Department of Energy funding to advance EGS and hydrothermal development. Ormat is also expanding its geothermal land position and water rights and applying for new grid interconnections to support that pipeline.

Reporting and contacts

The company publishes quarterly results, an annual report, presentations and an analyst day through its investor relations site, and its corporate site covers geothermal, recovered energy, storage and hybrid project types. Its results releases name a vice president and head of investor relations as the company contact and an external investor relations agency as the second contact; no general information mailbox is published, and the corporate contact page is a form. Ormat's operations span the United States, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe, with headquarters functions in Reno.