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Ormat Technologies vs Spruce Power Holding: ORA and SPRU compared
Ormat Technologies is the larger company: $275M of revenue in its latest quarter (Q3 2026) against $30.3M for Spruce Power Holding (Q2 2026). Ormat Technologies is growing faster (+10% against -9% a year earlier). Spruce Power Holding is more profitable, with an operating margin of 32.2% against 16.4%.
Where the money goes: ORA and SPRU
Ormat Technologies (ORA) · Q3 2026
Ormat Technologies, Q3 2026: revenue $275M (+10% year over year), operating margin 16.4%, net earnings $31.9M, operating cash flow $99.7M. The chart follows the revenue to costs, profit and cash.
Spruce Power Holding (SPRU) · Q2 2026
Spruce Power Holding, Q2 2026: revenue $30.3M (-9% year over year), operating margin 32.2%, net earnings $3.3M, operating cash flow −$3.2M. The chart follows the revenue to costs, profit and cash.
| Ormat Technologies (ORA) | Spruce Power Holding (SPRU) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $275M | $30.3M |
| Revenue growth, Y/Y | +10% | -9% |
| Gross margin | 28.1% | — |
| Operating margin | 16.4% | 32.2% |
| Net earnings | $31.9M | $3.3M |
| Net margin | 11.6% | 10.9% |
| Operating cash flow | $99.7M | −$3.2M |
| Market value | $5.6B | — |
| P/E | 42.9× | — |
| Analysts’ mean target | $118.31 | — |
Where the revenue comes from
Ormat Technologies
- Electricity: $164M (59%)
- Product: $61.5M (22%)
- Energy Storage: $49.9M (18%)
Spruce Power Holding
- PPA revenues: $12.2M (40%)
- SLA revenues: $10.3M (34%)
- Solar renewable energy credit revenues: $6.1M (20%)
- Other revenue: $1.0M (3%)
Questions
Which is bigger, Ormat Technologies or Spruce Power Holding?
Ormat Technologies is the larger company: $275M of revenue in its latest quarter (Q3 2026) against $30.3M for Spruce Power Holding (Q2 2026).
Is Ormat Technologies or Spruce Power Holding growing faster?
Ormat Technologies is growing faster (+10% against -9% a year earlier).
Which is more profitable, Ormat Technologies or Spruce Power Holding?
Spruce Power Holding is more profitable, with an operating margin of 32.2% against 16.4%.
More: Ormat Technologies earnings · how Ormat Technologies makes money · Spruce Power Holding earnings · how Spruce Power Holding makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 13, 2026). Fiscal quarters can end on different dates. Not investment advice.