Ormat Technologies posted robust financial results for Q4 2025, driven by record revenue and adjusted EBITDA, with guidance signaling continued expansion in geothermal operations. The company reaffirmed its long-term growth strategy amid rising demand for clean energy solutions.
- Q4 2025 revenue: $168.7 million, up 12.3% YoY
- Adjusted EBITDA: $84.6 million, +15.1% YoY
- Geothermal output: 1.24 TWh, +9.8% YoY
- 2026 guidance: $690M–$710M revenue, $335M–$355M EBITDA
- Dividend increased to $0.24 per share
- New projects in Indonesia and Philippines to add 180 MW by 2028
Ormat Technologies delivered stronger-than-expected financial performance in the fourth quarter of 2025, reporting consolidated revenue of $168.7 million, a 12.3% increase year-over-year. Adjusted EBITDA reached $84.6 million, up 15.1% compared to the same period in 2024, reflecting improved operational efficiency and higher output from its geothermal power plants in the U.S., Kenya, and Guatemala. The company’s core geothermal segment generated 1.24 terawatt-hours of electricity during the quarter, a 9.8% increase from Q4 2024, fueled by the successful commissioning of new wells at its CalEnergy facility in Nevada and expanded output at the Olkaria plant in Kenya. These developments support Ormat’s strategy to increase capacity by 15% over the next three years. Ormat also announced a quarterly dividend of $0.24 per share, representing a 7% increase from the prior quarter and underscoring its commitment to shareholder returns. The company maintained its 2026 revenue guidance between $690 million and $710 million, with adjusted EBITDA projected to range from $335 million to $355 million, signaling confidence in sustained cash flow generation. The results have prompted positive reactions in the energy sector, with Ormat’s stock (ORA) rising 4.2% in after-hours trading. Investors are particularly focused on the company's pipeline of new geothermal projects, including two development-stage facilities in Indonesia and one in the Philippines, which could add 180 megawatts of capacity by 2028.