-- Ormat Technologies (ORA), a renewable energy and storage solutions provider, on Wednesday reported year-over-year increases in Q1 revenues across all segments due to improved operating performance.
The electricity segment posted a 0.8% rise in Q1 revenue to $181.6 million, with higher contributions from Blue Mountain geothermal power plant, and better generation performance at the Olkaria and Stillwater facilities.
Revenue generated from the energy storage segment showed a 153.1% jump to $44.9 million, due to capacity expansion and high asset availability, the company said.
The product segment recorded a 458.4% surge in revenue to $177.4 million following the sale of Topp 2 geothermal power plant.
As of May 6, product segment backlog stood at around $239 million, including two contracts signed so far this year, worth $56 million.
The company also said that it has secured 270 megawatts of new power purchase agreements in the US, including the 67-MW deal for a new solar-plus-storage in Nevada and supply deals with Alphabet's (GOOG) Google and data center operator Switch.
For the full year of 2026, Ormat expects the electricity segment to generate $715 million to $730 million in revenue, and projects product segment sales to range from $300 million to $320 million. The energy storage segment is estimated to contribute between $95 million and $110 million.