Ormat Technologies' stock surged 6.16% intraday following the release of its first-quarter 2026 financial results, which significantly exceeded analyst expectations across key metrics.

The geothermal and renewable energy company reported adjusted earnings per share of $1.30, beating the consensus estimate of $0.92 by 41.3% and representing a 91.2% increase from the same period last year. Revenue jumped 75.8% year-over-year to $403.9 million, surpassing analyst expectations of $348.8 million by 15.8%. The strong performance was driven by a more than fourfold increase in Product segment revenue, which included $105.1 million from the Topp 2 project sale, and Energy Storage revenue that more than doubled due to capacity additions.

Ormat also reiterated its full-year 2026 revenue guidance of $1.11 billion to $1.16 billion, aligning with analyst expectations of $1.14 billion. The company highlighted securing approximately 270 megawatts of new U.S. power purchase agreements since year-end and completed a $1 billion convertible senior notes offering to strengthen its financial position for future growth.