Ormat's stock surged 9.77% in pre-market trading, following the release of its first-quarter 2026 financial results that significantly exceeded analyst expectations.

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 and Energy Storage revenue that more than doubled due to capacity additions. Ormat also reiterated its full-year 2026 revenue guidance and highlighted securing approximately 270 megawatts of new U.S. power purchase agreements since year-end, along with completing a $1 billion convertible senior notes offering to strengthen its financial position for future growth.