Ormat Technologies Inc

Ormat Technologies is launching two enhanced geothermal systems pilot projects in Nevada as it pivots toward powering AI data centers. The company is partnering with geothermal startup Sage Geosystems and oilfield services giant SLB, while also working with Google and data center developer Switch. CEO Doron Blachar says the pilots could be online by late 2027 and that each EGS project with a hyperscaler could easily reach 500 megawatts. Ormat posted revenues of $662.7 million for the first half of 2026, up 43% from last year, on a net profit of $71.2 million, up 4% year-on-year.

Ormat Technologies raised its full-year 2026 revenue and adjusted EBITDA guidance after reporting second-quarter revenue of $258.8 million, a 10.6% increase from a year earlier. The company now expects total revenue of $1.15 billion to $1.2 billion and adjusted EBITDA of $630 million to $650 million. Energy storage revenue nearly tripled to $42.8 million, driven by strong PJM merchant pricing and newly commissioned facilities, while electricity segment revenue rose 5.8% to $169.3 million. Adjusted net income increased 6.5% to $31 million, or $0.50 per diluted share, and the board declared a quarterly dividend of $0.12 per share.

U.S. stock indices are mixed as weakness in software and technology stocks offsets positive economic data and strong earnings from some companies. The S&P 500 is up 0.17%, the Dow is down 0.03%, and the Nasdaq 100 is down 0.30%. Datadog plunged 15% after reporting Q2 adjusted gross margin below consensus, while AppLovin fell 19% on a revenue miss. Memory chipmakers declined after SanDisk forecast weaker-than-expected Q1 revenue. Gains were supported by better-than-expected weekly jobless claims, Q2 nonfarm productivity, and unit labor costs, along with strong results from Motorola Solutions, IonQ, Paycom Software, Ormat, and Parker-Hannifin. A Financial Times report that Fed Chair Warsh is willing to raise rates in September if inflation firms added pressure.

Ormat Technologies has been identified as the unnamed company promoted in a Whitney Tilson advertisement about a commodity supercycle and a new American energy revolution. The ad claims the government is selling rights to millions of acres of public land, with a powerful group of companies including billionaires Ray Dalio and John Arnold, Berkshire Hathaway, and Chevron set to benefit. Ormat Technologies operates in geothermal and recovered power, with shares up 42% over the past year and 8.4% year-to-date. In April 2026, JPMorgan lowered its price target on the stock to $106 from $108 while maintaining a Neutral rating, citing potential benefits for the clean energy sector from data center expansion.

Ormat Technologies introduced the Ormega100, which it calls the largest binary surface power generation unit in the industry, a single unit rated at up to 100 MW gross with turbine efficiency exceeding 90% and designed to run unmanned. The company is deliberately not trying to be first in deploying enhanced geothermal systems, instead running two pilot programs to de-risk the technology before committing to a very-large-scale EGS project later this year. Ormat, the industry's largest operator with 1,140 MW of installed geothermal capacity, funds its growth from a profitable existing business and reported record first-quarter revenue of $403.9 million, up 75.8% year over year, with adjusted EBITDA of $194.9 million. The company has signed roughly 200 MW of new power purchase agreements tied partly to data center demand, including a portfolio PPA of up to 150 MW with Google. Executive Vice President Daniel Moelk cited permitting delays and an aging, fractured U.S. transmission grid as key obstacles outside Ormat's control.