Filing Flows › Ormat Technologies (ORA) › Q1 2026
Ormat Technologies (ORA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Ormat Technologies (ORA) reported revenue of $404M for the first quarter 2026 (Q1 2026), +76% from a year earlier and +46% from the quarter before. Operating margin was 19.9%, net earnings $44.1M (10.9% of revenue).
Ormat Technologies, Q1 2026: revenue $404M (+76% year over year), operating margin 19.9%, net earnings $44.1M, operating cash flow $78.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $404M | +46% | +76% |
| Gross profit | $120M | +53% | +65% |
| Operating profit | $80.3M | +89% | +58% |
| Net earnings | $44.1M | +41% | +9% |
| Operating cash flow | $78.6M | -25% | -11% |
What changed
Revenue was $403.9M in Q1 2026, up 76% year over year and up 46% from the previous quarter. Electricity was the largest line at 45% of revenue. Product added $145.6M year over year (up 458%), 84% of the total change.
Gross margin was 29.8%, down 1.9 points from Q1 2025. Operating profit was $80.3M, a 19.9% margin (down 2.3 points year over year). Of the extra revenue versus Q1 2025, 17% reached operating profit, below the 22% margin then. Operating expenses grew 82% against revenue growth of 76%. Net earnings were $44.1M, up 9% year over year. The effective tax rate was -53.1%.
Operating cash flow was $78.6M (down 11% year over year), 176% of net earnings. Non-cash charges added back $76.4M of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items used $47.1M. Capital expenditures of $113.8M exceeded it, leaving free cash flow of −$35.2M.
Questions
What was Ormat Technologies' revenue in the first quarter 2026?
Ormat Technologies (ORA) reported revenue of $404M for the first quarter 2026 (Q1 2026), +76% from a year earlier and +46% from the quarter before.
Was Ormat Technologies profitable in the first quarter 2026?
Operating profit was $80.3M (19.9% of revenue) and net earnings $44.1M.
Source: Ormat Technologies 10-Q on SEC EDGAR.