Ormat reported fourth-quarter net income attributable to stockholders of $31.4 million ($0.50 per diluted share), down from $40.8 million ($0.67) a year ago. Full-year net income was $123.9 million ($2.02 per share) on revenue of $989.6 million, up 12.5%, while gross margin dipped to 27.6% from 31.0% due to U.S. curtailments and a revenue mix shift.

Electricity segment revenue rose 3.6% in Q4 to $186.6 million, offset by curtailments and lower Puna rates, while full-year electricity revenue fell 1.2% to $693.9 million. Product revenue jumped 59.1% to $63.1 million in Q4 and 55.2% to $216.7 million for the year, and energy storage revenue surged 140.5% to $79.0 million in Q4 and 109.3% for 2025, with storage gross margin at 51.5% in the quarter.

Ormat secured approximately 200 MW of new PPAs recently, including a 15-year, up-to-150 MW portfolio agreement supporting Google’s Nevada data center and a 20-year, ~13 MW PPA with Switch at Salt Wells. Two blend-and-extend contracts totaling ~40 MW are pending approval and are expected to boost revenues by $20–$30 per MWh starting in 2027.

For 2026, management expects revenue of $1.11–$1.16 billion and adjusted EBITDA of $615–$645 million, with ~$90 million of tax credits monetized after $180 million in 2025. The company ended 2025 with ~$281 million in cash, ~4.4x net debt/EBITDA, and declared a $0.12 quarterly dividend.