revenue $403.9M, net income $44.1M. Ormat raises via convertible notes, acquires Hawaii solar-storage, signs 150MW Google PPA

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Closed $1 billion convertible note offering in March 2026 (1.5% Series A, 0% Series B due 2031); used $311M to prepay 2027 notes. Series B holders can force repurchase in March 2027, creating near-term refinancing risk.

  MD&A: Financing Activities verify on EDGAR →
• high

  Signed portfolio PPA with Google for up to 150MW of new Nevada geothermal capacity, deliveries 2028-2030. Represents major pipeline expansion tied to data center demand for carbon-free baseload power.

  MD&A: Recent Developments verify on EDGAR →
• high

  Q1 2026 revenues surged 76% YoY to $404M, driven by Product segment (458% increase to $177M) and Energy Storage (153% increase to $45M). Foreign revenue mix jumped to 56% from 32%, reflecting lumpy equipment sales timing.

  MD&A: Revenue Analysis verify on EDGAR →