Quarterly ResultMay 7, 2026, 10:17 AM
Ormat Q1 Revenue +75.8% to $403.9M; Issues $1.0B Convertible Notes
AI Summary
Ormat Technologies reported a significant increase in Q1 2026 total revenues, up 75.8% to $403.9 million, driven by strong product and energy storage segments. Net income attributable to stockholders rose to $44.1 million, or $0.71 diluted EPS. The company also completed a $1.0 billion offering of convertible senior notes, using proceeds to repurchase $285.9 million of existing notes and buy back $24.4 million in common stock. Additionally, Ormat acquired the Hoku solar and storage facility for $79.3 million and recognized $105.1 million in revenue from the sale of the TOPP2 power plant.
Key Highlights
- Total revenues increased 75.8% to $403.9 million in Q1 2026.
- Net income attributable to stockholders rose to $44.1 million, up from $40.4 million.
- Diluted EPS increased to $0.71 from $0.66 year-over-year.
- Issued $1.0 billion in 2031 Convertible Senior Notes.
- Repurchased $285.9 million of 2027 Convertible Notes.
- Acquired Hoku solar and storage facility for $79.3 million cash.
- Recognized $105.1 million revenue from TOPP2 power plant sale.
- Repurchased 224,593 common shares for $24.4 million.
Price Impact
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