Ormat第二季收入2.588億美元增11% 儲能業務飆195% 上半年總收入大升43%

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

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

 For the quarterly period ended June 30, 2026
or

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

Commission file number: 001-32347
ORMAT TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware88-0326081
(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)

(775) 356-9029
(Registrant’s telephone number, including area code)  
6140 Plumas Street, Reno, Nevada 89519-6075
(Former name, former address and former fiscal year, if changed from last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock
ORANYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ     No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer☑
Accelerated filer 
☐Non-accelerated filer 
☐
Smaller reporting company
☐Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes     þ No
As of August 1, 2026, the number of outstanding shares of common stock, par value $0.001 per share, was 61,496,941.

ORMAT TECHNOLOGIES, INC.
 
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2026 
 
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 58

SIGNATURES 
60

 
 
ii

Certain Definitions
 
Unless the context otherwise requires, all references in this quarterly report to “Ormat”, “the Company”, “we”, “us”, “our company”, “Ormat Technologies” or “our” refer to Ormat Technologies, Inc. and its consolidated subsidiaries.
 
 
 

iii

 PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2026December 31, 2025
(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents $513,747 $147,448 

Restricted cash and cash equivalents (primarily related to VIEs) 144,399 133,418 
Receivables:
Trade less allowance for credit losses of $476 and $308, respectively (primarily related to VIEs)
172,568 164,772 

Other 38,998 36,711 

Inventories 47,292 45,268 
Costs and estimated earnings in excess of billings on uncompleted contracts 46,990 30,011 

Prepaid expenses and other 56,782 40,141 
Total current assets 1,020,776 597,769 

Investment in unconsolidated companies204,154 162,111 
Deposits and other (primarily related to VIEs)
177,282 137,744 
Deferred income taxes 137,894 138,903 

Property, plant and equipment, net ($3,583,076 and $3,460,079 related to VIEs, respectively) 
3,789,740 3,672,569 
Construction-in-process ($360,291 and $392,644 related to VIEs, respectively) 
975,428 1,048,174 
Operating leases right of use ($24,671 and $17,236 related to VIEs, respectively)
50,572 41,756 
Finance leases right of use (none related to VIEs) 
4,334 4,690 

Intangible assets, net 260,043 274,548 
Goodwill 168,022 168,244 
Total assets $6,788,245 $6,246,508 

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses $182,216 $234,757 

Short term revolving credit lines with banks (full recourse) — 80,000 
Commercial paper (less deferred financing costs of $14 and $17, respectively)
99,986 99,983 
Convertible senior notes (less deferred financing costs of $4,990)
360,585 — 
Billings in excess of costs and estimated earnings on uncompleted contracts 12,265 13,159 
Current portion of long-term debt:
Limited and non-recourse (primarily related to VIEs)87,540 79,885 

Full recourse 216,285 214,207 
Current portion of financing liability
9,962 9,749 
Operating lease liabilities 5,359 4,764 
Finance lease liabilities 1,689 1,884 
Total current liabilities 975,887 738,388 
Long-term debt, net of current portion:
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $15,131 and $13,488, respectively)
684,416 645,803 
Full recourse (less deferred financing costs of $3,657 and $4,248, respectively)
895,899 1,009,090 
Convertible senior notes (less deferred financing costs of $18,545 and $4,103, respectively)
806,455 472,334 
Financing liability203,822 206,647 
Operating lease liabilities 36,955 29,760 
Finance lease liabilities 2,705 2,850 

Liability associated with sale of tax benefits 175,423 190,168 

Deferred income taxes 73,343 68,661 
Liability for unrecognized tax benefits 6,073 10,378 
Liabilities for severance pay 13,110 11,942 
Asset retirement obligation 141,118 135,574 
Other long-term liabilities 29,054 33,637 
Total liabilities 4,044,260 3,555,232 

Commitments and contingencies (Note 9)

Redeemable noncontrolling interest 9,906 10,402 

Equity:
The Company's stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 61,980,201 and 61,104,078 shares issued; 61,496,941 and 60,845,411 shares outstanding, respectively
62 61 
Additional paid-in capital 1,672,309 1,654,635 
Treasury stock, at cost (483,260 and 258,667 shares held, respectively)
(42,359)(17,964)
Retained earnings 965,781 909,343 
Accumulated other comprehensive income (loss) 1,786 (2,132)
Total stockholders' equity attributable to Company's stockholders 2,597,579 2,543,943 
Noncontrolling interest 136,501 136,931 
Total equity 2,734,080 2,680,874 
Total liabilities, redeemable noncontrolling interest and equity $6,788,245 $6,246,508 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4

ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Dollars in thousands, 
except per share data)(Dollars in thousands, 
except per share data)
Revenues:
Electricity $169,253 $159,912 $350,856 $340,153 
Product 46,739 59,612 224,122 91,381 
Energy storage 42,772 14,494 87,697 32,246 
Total revenues 258,764 234,018 662,675 463,780 
Cost of revenues:
Electricity 129,121 121,236 254,865 241,069 
Product 42,217 43,118 181,626 67,802 
Energy storage 18,728 12,769 37,117 25,087 
Total cost of revenues 190,066 177,123 473,608 333,958 
Gross profit 68,698 56,895 189,067 129,822 
Operating expenses:
Research and development expenses 1,501 1,439 2,633 3,981 
Selling and marketing expenses 5,968 4,370 11,545 8,542 
General and administrative expenses 21,104 19,786 48,440 37,695 

Other operating income
(1,000)(4,269)(5,125)(7,394)
Impairment of long-lived assets
316 — 8,428 — 
Write-off of unsuccessful exploration and storage activities 
6,611 251 8,693 767 
Operating income 34,198 35,318 114,453 86,231 
Other income (expense):
Interest income 7,071 1,929 8,501 3,242 
Interest expense, net (43,938)(36,682)(88,931)(71,155)
Derivatives and foreign currency transaction gains (losses) 274 5,068 (1,263)7,128 

Income attributable to sale of tax benefits 16,553 16,251 33,174 33,822 

Other non-operating income (expense), net 3,001 76 (20,144)298 
Income from operations before income tax and equity in earnings (losses) of investees 
17,159 21,960 45,790 59,566 
Income tax (provision) benefit9,666 5,466 25,136 9,261 
Equity in earnings (losses) of investees(811)773 (299)406 
Net income26,014 28,199 70,627 69,233 

Net income (loss) attributable to noncontrolling interest1,072 (153)527 (825)
Net income attributable to the Company's stockholders $27,086 $28,046 $71,154 $68,408 
Comprehensive income:
Net income 26,014 28,199 70,627 69,233 
Other comprehensive income (loss), net of related taxes:
Change in foreign currency translation adjustments(1,368)7,547 (270)10,308 
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 379 (214)443 (1,110)
Change in unrealized gains or losses in respect of a cross-currency swap derivative instrument that qualifies as a cash flow hedge2,411 1,324 2,780 (2,142)
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge(843)(233)635 (745)

Other changes in comprehensive income31 11 32 23 
Total other comprehensive income (loss), net of related taxes:610 8,435 3,620 6,334 
Comprehensive income 26,624 36,634 74,247 75,567 
Comprehensive income (loss) attributable to noncontrolling interest982 (1,475)847 (2,725)
Comprehensive income attributable to the Company's stockholders $27,606 $35,159 $75,094 $72,842 

Earnings per share attributable to the Company's stockholders:

Basic:$0.44 $0.46 $1.16 $1.13 

Diluted:$0.43 $0.46 $1.14 $1.12 
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:
Basic 61,484 60,689 61,225 60,624 
Diluted 62,534 61,019 62,567 60,973 

The accompanying notes are an integral part of the condensed consolidated financial statements.
5

ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)

 
The Company's Stockholders' Equity
Accumulated
AdditionalOther
Common StockPaid-inTreasuryRetainedComprehensiveNoncontrollingTotal
SharesAmountCapitalStockEarningsIncome (Loss)TotalInterestEquity
(Dollars in thousands, except per share data)
Balance at December 31, 202460,501 $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, 202560,663 $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 period60,663 $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, 202560,723 $61 $1,644,777 $(17,964)$868,371 $(2,297)$2,492,948 $125,840 $2,618,788 

Balance at December 31, 202560,845 $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 repayment600 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, 202661,452 $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 period61,452 $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, 202661,497 $62 $1,672,309 $(42,359)$965,781 $1,786 $2,597,579 $136,501 $2,734,080 

     
(*) Resulted in an amount lower than $1,000.
 The accompanying notes are an integral part of the condensed consolidated financial statements.
6

ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited) 

Six Months Ended June 30,
20262025
(Dollars in thousands)
Cash flows from operating activities:
Net income $70,627 $69,233 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 155,945 139,808 
Accretion of asset retirement obligation 4,469 4,201 
Stock-based compensation 10,968 9,533 

Income attributable to sale of tax benefits, net of interest expense (19,914)(13,431)
Equi