Ormat Technologies(NYSE) ORA

Ormat Technologies makes clean electricity using heat from the earth. It builds and operates power plants for cities and large businesses. The company also builds batteries to help balance the electric grid.

Turning Earth's Heat Into Power

• Electricity Generation: Operates geothermal and solar plants that sell power to utilities under long-term contracts; accounted for 52.9% of revenues for the six months ended June 30, 2026.
• Product Manufacturing: Designs and sells specialized power equipment and provides construction services for energy facilities; made up 33.8% of revenues for the six months ended June 30, 2026.
• Energy Storage: Provides large battery systems that manage grid capacity and support renewable power use; represented 13.2% of revenues for the six months ended June 30, 2026.

Recent Moves and Big Deals

• Acquired Hoku in Jan. 2026, a solar and battery storage facility in Hawaii, for $79.3 million.
• Signed a long-term agreement in Feb. 2026 to supply 150 megawatts of geothermal power to Google data centers.
• Invested $25 million in Sage Geosystems in Jan. 2026 to develop next-generation geothermal technologies that extract heat from dry rock.
• Commenced commercial operations at the Shirk battery facility in March 2026 to support grid reliability in California.
• Launched the Ormega100 in June 2026, a high-output generation unit designed for advanced geothermal systems.

What Makes the Company Unique

Ormat operates as a vertically integrated business by designing and manufacturing the equipment used in its own power facilities. This structure allows the company to pilot new technologies, such as systems that extract energy from deep, hot dry rock.

A Look at the Numbers

• Total revenues reached $662.7 million for the six-month period ended June 30, 2026, up 42.9% year over year.
• Adjusted EBITDA, a measure of operational profitability, was $338.8 million for the six months ended June 30, 2026.
• Market capitalization was $6.7 billion for the second quarter of 2026, up 31.7% year over year.
• Net income attributable to stockholders was $71.2 million for the six months ended June 30, 2026.
• Cash and cash equivalents totaled $513.7 million as of June 30, 2026.

The Final Word

Ormat has transitioned from an equipment manufacturer into a broad renewable energy provider with global operations. Its expansion into battery storage and next-generation geothermal technology helps balance the shifting needs of the modern electric grid.