Ormat Technologies, Inc 10-Q for FY2026 Q3

Ormat Technologies, Inc. (ORA)

10-Q 2026-11-05 For: 2026-09-30

Added on November 05, 2026

About this 10-Q

Ormat Technologies, Inc filed this 10-Q on November 5, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $275.12M; up 10.2% from $249.73M a year earlier
Net income: $31.91M; up 32.2% from net income of $24.14M a year earlier
Diluted EPS: $0.51; up 30.8% from $0.39 a year earlier

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Delaware			88-0326081
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)
6884 Sierra Center Parkway, Reno, Nevada			89511-2210
(Address of principal executive offices)			(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	ORA	NYSE


PART I — FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	4
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	30
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57
ITEM 4.	CONTROLS AND PROCEDURES	57
PART II — OTHER INFORMATION		58
ITEM 1.	LEGAL PROCEEDINGS	58
ITEM 1A.	RISK FACTORS	58
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	58
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	58
ITEM 4.	MINE SAFETY DISCLOSURES	58
ITEM 5.	OTHER INFORMATION	58
ITEM 6.	EXHIBITS	59
SIGNATURES		61


	September 30, 2026		December 31, 2025
	(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	347,968	$	147,448


Restricted cash and cash equivalents (primarily related to VIEs)	164,169		133,418
Receivables:
Trade less allowance for credit losses of $476 and $308, respectively (primarily related to VIEs)	170,120		164,772

Other	23,241		36,711

Inventories	44,244		45,268
Costs and estimated earnings in excess of billings on uncompleted contracts	64,958		30,011

Prepaid expenses and other	100,746		40,141
Total current assets	915,446		597,769


Investment in unconsolidated companies	198,385		162,111
Deposits and other (primarily related to VIEs)	179,092		137,744
Deferred income taxes	148,486		138,903

Property, plant and equipment, net ($3,441,632 and $3,460,079 related to VIEs, respectively)	3,738,493		3,672,569
Construction-in-process ($431,352 and $392,644 related to VIEs, respectively)	1,093,232		1,048,174
Operating leases right of use ($24,940 and $17,236 related to VIEs, respectively)	68,711		41,756
Finance leases right of use (none related to VIEs)	4,088		4,690

Intangible assets, net	253,428		274,548
Goodwill	168,005		168,244
Total assets	$	6,767,366	$	6,246,508

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	197,983	$	234,757

Short term revolving credit lines with banks (full recourse)	—		80,000
Commercial paper (less deferred financing costs of $13 and $17, respectively)	99,987		99,983
Convertible senior notes (less deferred financing costs of $4,530)	361,045		—
Billings in excess of costs and estimated earnings on uncompleted contracts	9,005		13,159
Current portion of long-term debt:
Limited and non-recourse (primarily related to VIEs)	92,893		79,885


Full recourse	215,353		214,207
Current portion of financing liability	8,839		9,749
Operating lease liabilities	5,325		4,764
Finance lease liabilities	1,560		1,884
Total current liabilities	991,990		738,388
Long-term debt, net of current portion:
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $14,887 and $13,488, respectively)	668,225		645,803
Full recourse (less deferred financing costs of $3,395 and $4,248, respectively)	841,210		1,009,090
Convertible senior notes (less deferred financing costs of $17,647 and $4,103, respectively)	807,353		472,334
Financing liability	197,779		206,647
Operating lease liabilities	52,987		29,760
Finance lease liabilities	2,592		2,850


Liability associated with sale of tax benefits	166,649		190,168

Deferred income taxes	73,396		68,661
Liability for unrecognized tax benefits	6,179		10,378
Liabilities for severance pay	12,709		11,942
Asset retirement obligation	143,015		135,574
Other long-term liabilities	26,881		33,637
Total liabilities	3,990,965		3,555,232

Commitments and contingencies (Note 9)

Redeemable noncontrolling interest	9,701		10,402

Equity:
The Company's stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 61,986,251 and 61,104,078 shares issued; 61,502,991 and 60,845,411 shares outstanding, respectively	62		61
Additional paid-in capital	1,677,768		1,654,635
Treasury stock, at cost (483,260 and 258,667 shares held, respectively)	(42,359)		(17,964)
Retained earnings	990,303		909,343
Accumulated other comprehensive income (loss)	7,580		(2,132)
Total stockholders' equity attributable to Company's stockholders	2,633,354		2,543,943
Noncontrolling interest	133,346		136,931
Total equity	2,766,700		2,680,874
Total liabilities, redeemable noncontrolling interest and equity	$	6,767,366	$	6,246,508


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(Dollars in thousands, except per share data)				(Dollars in thousands, except per share data)
Revenues:
Electricity	$	163,664	$	167,110	$	514,520	$	507,263
Product	61,516		62,247		285,638		153,628
Energy storage	49,941		20,370		137,638		52,616
Total revenues	275,121		249,727		937,796		713,507
Cost of revenues:
Electricity	127,411		124,588		382,276		365,657
Product	51,390		48,766		233,016		116,568
Energy storage	18,943		12,336		56,060		37,423
Total cost of revenues	197,744		185,690		671,352		519,648
Gross profit	77,377		64,037		266,444		193,859
Operating expenses:
Research and development expenses	1,424		1,284		4,057		5,265
Selling and marketing expenses	6,146		4,895		17,691		13,437
General and administrative expenses	23,276		20,174		71,716		57,869

Other operating income	(1,000)		(3,125)		(6,125)		(10,519)
Impairment of long-lived assets	150		—		8,578		—
Write-off of unsuccessful exploration and storage activities	2,131		377		10,824		1,144
Operating income	45,250		40,432		159,703		126,663
Other income (expense):
Interest income	5,867		1,626		14,368		4,868
Interest expense, net	(44,191)		(35,677)		(133,122)		(106,832)
Derivatives and foreign currency transaction gains (losses)	(199)		(891)		(1,462)		6,237

Income attributable to sale of tax benefits	15,677		14,356		48,851		48,178


Other non-operating income (expense), net	192		124		(19,952)		422
Income from operations before income tax and equity in earnings of investees	22,596		19,970		68,386		79,536
Income tax benefit	6,775		4,283		31,911		13,544
Equity in earnings of investees	452		455		153		861
Net income	29,823		24,708		100,450		93,941





Net income (loss) attributable to noncontrolling interest	2,085		(571)		2,612		(1,396)
Net income attributable to the Company's stockholders	$	31,908	$	24,137	$	103,062	$	92,545
Comprehensive income:
Net income	29,823		24,708		100,450		93,941
Other comprehensive income (loss), net of related taxes:
Change in foreign currency translation adjustments	(273)		(2,578)		(543)		7,730
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge	842		(263)		1,285		(1,373)
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge	953		(1,881)		3,733		(4,023)
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	4,613		(258)		5,248		(1,003)

Other changes in comprehensive income	(421)		10		(389)		33
Total other comprehensive income (loss), net of related taxes:	5,714		(4,970)		9,334		1,364
Comprehensive income	35,537		19,738		109,784		95,305
Comprehensive income (loss) attributable to noncontrolling interest	2,126		(555)		2,973		(3,280)
Comprehensive income attributable to the Company's stockholders	$	37,663	$	19,183	$	112,757	$	92,025


Earnings per share attributable to the Company's stockholders:


Basic:	$	0.52	$	0.40	$	1.68	$	1.53


Diluted:	$	0.51	$	0.39	$	1.65	$	1.51
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:
Basic	61,501		60,749		61,312		60,666
Diluted	62,165		61,252		62,428		61,132


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to


	The Company's Stockholders' Equity
										Accumulated
				Additional						Other
	Common Stock			Paid-in		Treasury		Retained		Comprehensive				Noncontrolling		Total
	Shares	Amount		Capital		Stock		Earnings		Income (Loss)		Total		Interest		Equity
	(Dollars in thousands, except per share data)
Balance at December 31, 2024	60,501	$	61	$	1,635,245	$	(17,964)	$	814,518	$	(6,731)	$	2,425,129	$	125,803	$	2,550,932


Stock-based compensation	—	—		4,911		—		—		—		4,911		—		4,911
Exercise of stock-based awards by employees and directors (*)	162	—		—		—		—		—		—		—		—


Cash paid to noncontrolling interest	—	—		—		—		—		—		—		(2,767)		(2,767)
Cash dividend declared, $0.12 per share	—	—		—		—		(7,273)		—		(7,273)		—		(7,273)







Net income	—	—		—		—		40,362		—		40,362		955		41,317
Other comprehensive income (loss), net of related taxes:
Currency translation adjustments	—	—		—		—		—		2,183		2,183		578		2,761

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		(896)		(896)		—		(896)
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(3,466)		(3,466)		—		(3,466)
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(512)		(512)		—		(512)
Other	—	—		—		—		—		12		12		—		12

Balance at March 31, 2025	60,663	$	61	$	1,640,156	$	(17,964)	$	847,607	$	(9,410)	$	2,460,450	$	124,569	$	2,585,019


Balance as of the beginning of the period	60,663	$	61	$	1,640,156	$	(17,964)	$	847,607	$	(9,410)	$	2,460,450	$	124,569	$	2,585,019
Stock-based compensation	—	—		4,621		—		—		—		4,621		—		4,621
Exercise of stock-based awards by employees and directors (*)	60	—		—		—		—		—		—		—		—



Cash dividend declared, $0.12 per share	—	—		—		—		(7,282)		—		(7,282)		—		(7,282)

Increase in noncontrolling interest related to tax monetization transaction	—	—		—		—		—		—		—		276		276





Net income	—	—		—		—		28,046		—		28,046		(327)		27,719
Other comprehensive income (loss), net of related taxes:						—
Currency translation adjustment	—	—		—		—		—		6,225		6,225		1,322		7,547

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		(214)		(214)		—		(214)
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		1,324		1,324		—		1,324
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(233)		(233)		—		(233)
Other	—	—		—		—		—		11		11		—		11

Balance at June 30, 2025	60,723	$	61	$	1,644,777	$	(17,964)	$	868,371	$	(2,297)	$	2,492,948	$	125,840	$	2,618,788


Balance as of the beginning of the period	60,723	$	61	$	1,644,777	$	(17,964)	$	868,371	$	(2,297)	$	2,492,948	$	125,840	$	2,618,788
Stock-based compensation	—	—		4,941		—		—		—		4,941		—		4,941
Exercise of stock-based awards by employees and directors (*)	58	—		—		—		—		—		—		—		—


Cash paid to noncontrolling interest	—	—		—		—		—		—		—		(2,941)		(2,941)
Cash dividend declared, $0.12 per share	—	—		—		—		(7,275)		—		(7,275)		—		(7,275)

Transaction with noncontrolling interest	—	—		—				—		—		—		9,587		9,587





Net income	—	—		—		—		24,137		—		24,137		686		24,823
Other comprehensive income (loss), net of related taxes:
Currency translation adjustment	—	—		—		—		—		(2,562)		(2,562)		(16)		(2,578)

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		(263)		(263)		—		(263)
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(1,881)		(1,881)		—		(1,881)
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—				—		(258)		(258)		—		(258)
Other	—	—		—		—		—		10		10		—		10

Balance at September 30, 2025	60,781	$	61	$	1,649,718	$	(17,964)	$	885,233	$	(7,251)	$	2,509,797	$	133,156	$	2,642,953

Balance at December 31, 2025	60,845	$	61	$	1,654,635	$	(17,964)	$	909,343	$	(2,132)	$	2,543,943	$	136,931	$	2,680,874


Stock-based compensation	—	—		4,724		—		—		—		4,724		—		4,724
Exercise of stock-based awards by employees and directors (*)	232	—		—		—		—		—		—		—		—
Gain from induced conversion	—	—		6,684		—		—		—		6,684		—		6,684
Common stock issuance for convertible note repayment	600	1		—		—		—		—		1		—		1
Purchase of treasury stock	(225)	—		—		(24,395)		—		—		(24,395)		—		(24,395)
Cash paid to noncontrolling interest	—	—		—		—		—		—		—		(2,077)		(2,077)
Cash dividend declared, $0.12 per share	—	—		—		—		(7,506)		—		(7,506)		—		(7,506)

Increase in noncontrolling interest related to tax monetization transactions	—	—		—				—		—		—		2,508		2,508





Net income	—	—		—		—		44,068		—		44,068		569		44,637
Other comprehensive income (loss), net of related taxes:
Currency translation adjustments	—	—		—		—		—		1,508		1,508		(410)		1,098

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		64		64		—		64
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		369		369		—		369
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		1,478		1,478		—		1,478
Other	—	—		—		—		—		1		1		—		1

Balance at March 31, 2026	61,452	$	62	$	1,666,043	$	(42,359)	$	945,905	$	1,288	$	2,570,939	$	137,521	$	2,708,460


Balance as of the beginning of the period	61,452	$	62	$	1,666,043	$	(42,359)	$	945,905	$	1,288	$	2,570,939	$	137,521	$	2,708,460
Stock-based compensation	—	—		6,244		—		—		—		6,244		—		6,244
Exercise of stock-based awards by employees and directors (*)	45	—		—		—		—		—		—		—		—




Cash dividend declared, $0.12 per share	—	—		—		—		(7,210)		—		(7,210)		—		(7,210)

Increase (decrease) in noncontrolling interest related to tax monetization transaction	—	—		—		—		—		—		—		(284)		(284)





Net income	—	—		—		—		27,086		—		27,086		(826)		26,260
Other comprehensive income (loss), net of related taxes:
Currency translation adjustment	—	—		—		—		—		(1,458)		(1,458)		90		(1,368)

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		379		379		—		379
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		2,411		2,411		—		2,411
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(843)		(843)		—		(843)
Other	—	—		22		—		—		9		31		—		31

Balance at June 30, 2026	61,497	$	62	$	1,672,309	$	(42,359)	$	965,781	$	1,786	$	2,597,579	$	136,501	$	2,734,080


Balance as of the beginning of the period	61,497	$	62	$	1,672,309	$	(42,359)	$	965,781	$	1,786	$	2,597,579	$	136,501	$	2,734,080
Stock-based compensation	—	—		5,498		—		—		—		5,498		—		5,498
Exercise of stock-based awards by employees and directors (*)	6	—		—		—		—		—		—		—		—


Cash paid to noncontrolling interest	—	—		—		—		—		—		—		(1,588)		(1,588)
Cash dividend declared, $0.12 per share	—	—		—		—		(7,386)		—		(7,386)		—		(7,386)
Increase in noncontrolling interest	—	—		—				—		—		—		383		383






Net income	—	—		—		—		31,908		—		31,908		(1,909)		29,999
Other comprehensive income (loss), net of related taxes:
Currency translation adjustment	—	—		—		—		—		(232)		(232)		(41)		(273)

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		842		842		—		842
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		953		953		—		953
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		4,613		4,613		—		4,613
Other comprehensive income (loss)	—	—		(39)		—		—		(382)		(421)		—		(421)

Balance at September 30, 2026	61,503	$	62	$	1,677,768	$	(42,359)	$	990,303	$	7,580	$	2,633,354	$	133,346	$	2,766,700


	September 30, 2026						December 31, 2025
	(Dollars in millions)
	Principal Amount		Deferred Financing Costs		Net Carrying Amount		Principal Amount		Deferred Financing Costs		Net Carrying Amount
2027 Convertible Notes	$	190.6	$	0.9	$	189.7	$	476.4	$	4.1	$	472.3
2031 Convertible Notes	1,000.0		21.3		978.7		—		—		—
less current portion	(365.6)		(4.5)		(361.0)		—		—		—
Noncurrent portion	$	825.0	$	17.6	$	807.4	$	476.4	$	4.1	$	472.3


Cash and cash equivalents	$	1.1
Trade receivables and others (1)	2.6
Inventory	1.4
Deferred income taxes	20.3
Property, plant and equipment and construction-in-process (2)	58.9
Operating lease right-of-use	7.2
Other long-term assets	8.0
Total assets acquired	$	99.5

Accounts payable, accrued expenses and others	$	2.8
Long-term operating lease liabilities	7.2
Asset retirement obligation	0.6
Total liabilities assumed	$	10.6

Total assets acquired, and liabilities assumed, net	$	88.9
Total cash consideration paid	$	79.3
Bargain purchase gain (3)	$	9.6


Trade receivables and others	$	1.7
Deferred income taxes	5.3
Property, plant and equipment and construction-in-process (1)	86.2
Operating lease right-of-use	1.4
Total assets acquired	$	94.6

Accounts payable, accrued expenses and others	$	0.3
Long-term operating lease liabilities	1.2
Other long-term liability (2)	16.8
Asset retirement obligation	3.7
Total liabilities assumed	$	22.0

Total assets acquired, and liabilities assumed, net	$	72.6
Goodwill (3)	$	16.1


	September 30,		December 31,
	2026		2025
	(Dollars in thousands)
Cash and cash equivalents	$	347,968	$	147,448
Restricted cash and cash equivalents	164,169		133,418
Total cash and cash equivalents and restricted cash and cash equivalents	$	512,137	$	280,866


			September 30, 2026
			Fair Value
	Carrying Value at September 30, 2026		Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)	$	80,094	$	80,094	$	80,094	$	—	$	—


Derivatives: interest rate swap (3)	491		491		—		491		—


Derivatives: cross-currency swap (1)	3,310		3,310		—		3,310		—
Derivatives: currency forward and option contracts (2)	184		184		—		184		—
Long-term assets:
Derivatives: cross-currency swap (1)	17,827		17,827		—		17,827		—
Derivatives: interest rate swap (3)	4,490		4,490		—		4,490		—











	$	106,396	$	106,396	$	80,094	$	26,302	$	—


			December 31, 2025
			Fair Value
	Carrying Value at December 31, 2025		Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)	$	47,463	$	47,463	$	47,463	$	—	$	—



Derivatives: cross currency swap (1)	1,343		1,343		—		1,343		—
Long-term assets:
Derivatives: interest rate swap (3)	1,407		1,407		—		1,407		—



Derivatives: cross currency swap (1)	11,925		11,925		—		11,925		—
Liabilities:
Current liabilities:
Derivatives: interest rate swap (3)	(832)		(832)		—		(832)		—




Long-term liabilities:


Derivatives: interest rate swap (3)	(430)		(430)		—		(430)		—

	$	60,876	$	60,876	$	47,463	$	13,413	$	—


		Amount of recognized gain (loss)
Derivative instruments	Location of gain (loss)	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
		(Dollars in thousands)







Derivatives not designated as hedging instruments
Currency forward and option contracts (1)	(a)	$	(268)	$	399	$	999	$	4,092
Derivatives designated as cash flow hedging instruments
Cross-currency swap (2)	(a)	$	(4,660)	$	3,552	$	4,136	$	18,535
Interest rate swap (2)	(b)	$	(426)	$	27	(509)		229
Total		$	(5,086)	$	3,579	$	3,627	$	18,764


Form 10-Q


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Southern California Public Power Authority (“SCPPA”)	13.2	%	15.1	%	13.4	%	17.9	%
Sierra Pacific Power Company and Nevada Power Company	10.3		12.1		10.8		13.7

Kenya Power and Lighting Co. Ltd. ("KPLC")	11.5		11.9		10.2		12.1


	September 30,		December 31,
	2026		2025
	(Dollars in thousands)
Raw materials and purchased parts for assembly	$	24,780	$	23,710
Self-manufactured assembly parts and finished products	19,464		21,558
Total inventories	$	44,244	$	45,268


Risk-free interest rates	3.36%	—	3.48%
Expected life (in years)	1	—	3
Dividend yield	0.46%
Expected volatility (weighted average)	27.0%	—	28.0%


	Fair Value	Fair Value				Carrying Amount (*)
	Hierarchy Level	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025
		(Dollars in millions)
Limited and non-recourse loans: fixed rate	3	$	747.7	$	743.4	$	776.2	$	739.2
Full recourse loans:
Fixed-rate	3	668.2		804.8		680.9		808.7
Variable-rate	3	383.8		427.6		378.9		418.8
Financing liability: fixed-rate	3	196.0		223.0		206.6		216.4
2027 Convertible Note	2	213.4		643.7		190.6		476.4
2031 Convertible Note	2	948.9		—		1,000.0		—


Risk-free interest rates	3.95%	—	4.08%
Expected life (in years)	1	—	3
Dividend yield	0.69%
Expected volatility (weighted average)	27.0%	—	31.0%


Revenues from external customers:
United States (1)	$	111,144	$	5,617	$	49,941	$	166,702
Foreign (2)	52,520		55,899		—		108,419
Net revenue from external customers	163,664		61,516		49,941		275,121
Less:
Depreciation and amortization expenses (3)	62,775		2,385		10,490		75,650
Other cost of revenues expenses (4)	64,636		49,005		8,453		122,094
Segment gross profit	36,253		10,126		30,998		77,377
Less:
Segment operating expenses (income) (5)	17,963		7,482		6,683		32,127
Segment operating income	$	18,290	$	2,644	$	24,315	$	45,250
Total depreciation and amortization expense (6)	$	66,743	$	3,002	$	12,752	$	82,497
Segment assets at period end (7) (*)	5,811,134		256,717		699,515		6,767,366
Expenditures for long-lived assets	160,877		1,585		10,201		172,663
* Including unconsolidated investments	189,239		—		9,146		198,385

Three Months Ended September 30, 2025:
Revenues from external customers:
United States (1)	$	118,391	$	3,021	$	20,370	$	141,782
Foreign (2)	48,719		59,226		—		107,945
Net revenue from external customers	167,110		62,247		20,370		249,727
Less:
Depreciation and amortization expenses (3)	60,140		2,661		7,467		70,269
Other cost of revenues expenses (4)	64,448		46,105		4,869		115,421
Segment gross profit	42,522		13,481		8,034		64,037
Less:
Segment operating expenses (income) (5)	17,340		6,492		(227)		23,605
Segment operating income	$	25,182	$	6,989	$	8,261	$	40,432
Total depreciation and amortization expense (6)	$	64,506	$	3,006	$	7,469	$	74,981
Segment assets at period end (7) (*)	5,262,660		245,858		584,340		6,092,858
Expenditures for long-lived assets	110,793		4,089		32,385		147,267
* Including unconsolidated investments	160,369		—		—		160,369

Nine Months Ended September 30, 2026:
Revenues from external customers:


United States (1)	$	361,704	$	10,392	$	137,638	$	509,734
Foreign (2)	152,816		275,246		—		428,062
Net revenue from external customers	514,520		285,638		137,638		937,796
Less:
Depreciation and amortization expense (3)	183,380		6,800		30,493		220,673
Other cost of revenues expenses (4)	198,896		226,216		25,567		450,679
Segment gross profit (loss)	132,244		52,622		81,578		266,444
Less:
Segment operating expenses (income) (5)	48,688		25,864		32,189		106,741
Segment operating income	83,556		26,758		49,389		159,703
Total depreciation and amortization expenses (6)	199,424		8,524		30,493		238,441
Segment assets at period end (7) (*)	5,811,134		256,717		699,515		6,767,366
Expenditures for long-lived assets	327,377		7,258		89,831		424,466
* Including unconsolidated investments	189,239		—		9,146		198,385

Nine Months Ended September 30, 2025:
Revenues from external customers:
United States (1)	$	364,021	$	9,783	$	52,616	$	426,420
Foreign (2)	143,242		143,845		—		287,087
Net revenue from external customers	507,263		153,628		52,616		713,507
Less
Depreciation and amortization expense (3)	175,117		7,864		21,390		204,371
Other cost of revenues expenses (4)	190,540		108,704		16,033		315,277
Segment gross profit (loss)	141,606		37,060		15,193		193,859
Less:
Segment operating expenses (income) (5)	53,610		16,235		(2,649)		67,196
Segment operating income (loss)	87,996		20,825		17,842		126,663
Total depreciation and amortization expenses (6)	184,427		8,855		21,506		214,789
Segment assets at period end (7) (*)	5,262,660		245,858		584,340		6,092,858
Expenditures for long-lived assets	316,548		7,098		151,047		474,693
* Including unconsolidated investments	160,369		—		—		160,369


Other non-operating income (expense), net	192		124		(19,952)		422
Total consolidated income before income taxes and equity in income of investees	$	22,596	$	19,970	$	68,386	$	79,536


	Revenue								% of Revenues for Period Indicated
	Three Months Ended September 30,								Three Months Ended September 30,
	2026		2025		Increase (Decrease)				2026		2025
	(Dollars in thousands)
Revenues:
Electricity	$	163,664	$	167,110	$	(3,446)	(2.1)	%	59.5	%	66.9	%
Product	61,516		62,247		(731)		(1.2)		22.4		24.9
Energy storage	49,941		20,370		29,571		145.2		18.2		8.2
Total	$	275,121	$	249,727	$	25,394	10.2	%	100.0	%	100.0	%

	Revenue								% of Revenues for Period Indicated
	Nine Months Ended September 30,								Nine Months Ended September 30,
	2026		2025		Increase (Decrease)				2026		2025
	(Dollars in thousands)
Revenues:
Electricity	$	514,520	$	507,263	$	7,257	1.4	%	54.9	%	71.1	%
Product	285,638		153,628		132,010		85.9		30.5		21.5
Energy storage	137,638		52,616		85,022		161.6		14.7		7.4
Total	$	937,796	$	713,507	$	224,289	31.4	%	100.0	%	100.0	%


Credit Agreements	Amount Issued		Issued and Outstanding as of September 30, 2026		Termination Date
	(Dollars in millions)				387.9
Committed lines for credit and letters of credit	$	533.0	$	145.1	December 2026 - June 2028
Committed lines for letters of credit	210.0		86.4		October 2026 - August 2027
Non-committed lines	—		24.2		October 2026 - June 2027
Total	$	743.0	$	255.7


	(Dollars in thousands)
Year ending December 31: (*)
2026	$	68,079
2027	538,013
2028	373,813
2029	353,399
2030	246,477
Thereafter	2,069,484
Total	$	3,649,265


Loan	Amount Outstanding as of September 30, 2026		Interest Rate Range	Maturity Date
	(Dollars in millions)
Limited and non-recourse loans: fixed rate	$	776.2	2.4% - 7.0%	June-30 - July-47
Full recourse loans:
Fixed-rate	680.9		2.9% - 7.9%	January-28- February-33
Variable-rate	378.9		6.1% - 6.2%	September-28 - November-34
Financing liability (1)	206.6		5.8%	June-38
2027 Convertible Notes (2) (#)	190.6		2.5%	July-27
2031 Series A Convertible Notes (2)	825.0		1.5%	March-31
2031 Series B Convertible Notes (2)	175.0		0.0%	March 2031 (*)


	Assuming a 10% Increase in Rates				Assuming a 10% Decrease in Rates
Risk	September 30, 2026		December 31, 2025		September 30, 2026		December 31, 2025		Change in the Fair Value of:
	(Dollars in thousands)
Foreign currency	$	(2,715)	$	—	$	2,077	$	—	Foreign currency forward and option contracts
Interest rate	(1,893)		—		1,970		—		Ormat Geothermal Senior Secured Notes
Interest rate	(489)		(582)		507		605		Mammoth Senior Secured Notes 2025
Interest rate	(1,044)		(1,397)		1,106		1,477		Dominica Loan
Interest rate	(2,433)		(2,453)		2,552		2,562		GB Loan
Interest rate	(782)		(895)		806		921		Mizrahi 2025 Loan
Interest rate	(724)		(869)		744		893		Discount 2025 Loan
Interest rate	(781)		(930)		803		958		Discount 2025 II Loan
Interest rate	(1,985)		(2,323)		2,052		2,406		Discount 2025 III Loan
Interest rate	(2,106)		(2,547)		2,163		2,620		Hapoalim 2025 Loan
Interest rate	(2,635)		(2,683)		2,802		2,839		Bottleneck Loan
Interest rate	(4,342)		(4,580)		4,665		4,904		Mammoth Senior Secured Notes
Interest rate	(280)		(317)		284		321		Mizrahi Loan
Interest rate	(522)		(592)		535		606		Mizrahi Loan 2023
Interest rate	(193)		(338)		195		342		Hapoalim Loan
Interest rate	(1,169)		(1,343)		1,202		1,381		Hapoalim Loan 2023
Interest rate	(803)		(906)		823		927		Hapoalim 2024 Loan
Interest rate	(87)		(147)		88		149		HSBC Loan
Interest rate	(288)		(611)		290		617		HSBC Bank 2024 Loan
Interest rate	(344)		(448)		349		455		Discount Loan
Interest rate	(385)		(438)		395		449		Discount 2024 Loan
Interest rate	(322)		(472)		325		479		Discount 2024 II Loan
Interest rate	(7,977)		(8,347)		8,480		8,853		Financing Liability
Interest rate	(1,773)		(2,042)		1,824		2,101		OFC 2 Senior Secured Notes
Interest rate	(1,022)		(1,259)		1,045		1,288		Olkaria III - DFC Loan
Interest rate	(679)		(723)		699		744		DEG 4 Loan
Interest rate	(2,619)		(2,863)		2,691		2,939		Senior Unsecured Bonds
Interest rate	(69)		(123)		70		125		DEG 2 Loan
Interest rate	(56)		(100)		57		102		DEG 3 Loan
Interest rate	(826)		(962)		856		999		DAC 1 Senior Secured Notes
Interest rate	(1,369)		(1,669)		1,396		1,704		Senior Unsecured Loan (Migdal)
Interest rate	(697)		(749)		737		793		Prudential - NV
Interest rate	(444)		(471)		458		485		DOE Loan
Interest rate	(1,675)		(1,806)		1,782		1,922		Prudential - Idaho Refinancing Loan
Interest rate	(999)		(1,160)		1,031		1,198		Platanares DFC Loan
Interest rate	(18)		(17)		18		17		Commercial paper


Exhibit No.			Document
3.1*			Eighth Amended and Restated By-laws of Ormat Technologies, Inc.
3.2*			Eighth Amended and Restated By-laws of Ormat Technologies, Inc. (Marked).
31.1*			Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2*			Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1#			Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.2#			Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
101.SC*			Inline XBRL Taxonomy Extension Schema Document.
101.CA*			Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DE*			Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LA*			Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PR*			Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104			Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101).

*			Filed herewith
#			Furnished herewith.


			ORMAT TECHNOLOGIES, INC.


			By:			/s/ ASSAF GINZBURG
			Name:			Assaf Ginzburg
			Title:			Chief Financial Officer and Authorized Signatory


			By: /s/ Doron Blachar
			Name: Doron Blachar Title: Chief Executive Officer
			(Principal Executive Officer)


			By: /s/ Assaf Ginzburg
			Name: Assaf Ginzburg Title: Chief Financial Officer
			(Principal Financial Officer)



			By:			/s/ Doron Blachar
						Name: Doron Blachar
						Title: Chief Executive Officer
						(Principal Executive Officer)