RENIXX Quarterly Results Q2 2026: Green Plains Returns to Profit on US Biofuel Incentives — Ormat Raises Guidance After Strong Storage Growth
Münster — The second-quarter 2026 earnings season for constituents of the RENIXX World renewable energy stock index continues, with Green Plains and Ormat Technologies both reporting results. While US biofuel producer Green Plains returned firmly to profit, Ormat extended its growth trajectory in the geothermal and battery storage business.
Green Plains Returns to Profit on 45Z Tax Credit
Green Plains reported net income of USD 67.1 million for the second quarter of 2026, compared with a net loss of USD 72.2 million a year earlier. Adjusted EBITDA rose to USD 93.3 million from USD 16.4 million, including a USD 58.7 million contribution from the new Section 45Z tax credit for low-carbon fuels. Operating cash flow totaled USD 86.3 million.
Revenue fell 19 percent to USD 446.2 million, reflecting lower sales volumes following the sale of the company's ethanol plant in Obion, Tennessee. Selling, general and administrative expenses declined 21 percent year-on-year to USD 21.7 million. The company's eight remaining ethanol plants ran at an average utilization rate of 88 percent during the quarter.
Green Plains said it plans to direct the improved operating cash flow primarily toward further debt reduction and strengthening its balance sheet. According to the company, higher ethanol margins, improved operating efficiency and the new 45Z incentive leave it well positioned for further growth.
Battery Storage Emerges as Growth Driver for Ormat
Ormat Technologies increased second-quarter 2026 revenue by 10.6 percent year-on-year to USD 258.8 million. Adjusted EBITDA rose 6.9 percent to USD 143.9 million, while adjusted net income improved 6.5 percent to USD 31.0 million. Reported net income edged lower to USD 27.1 million after the company wrote down battery storage projects it decided not to pursue further.
Battery storage was the key growth driver, with segment revenue up 195 percent year-on-year to USD 42.8 million. The geothermal business also performed well, benefiting from the Blue Mountain plant acquired in 2025, improved output at existing facilities, and lower curtailment in the United States. Ormat is also advancing its Enhanced Geothermal Systems (EGS) program, with two pilot projects underway alongside its new Ormega100 technology.
Following the strong quarter, Ormat raised its full-year 2026 guidance and now expects revenue of USD 1.15 billion to USD 1.20 billion and adjusted EBITDA of USD 630 million to USD 650 million. The company's project pipeline includes 202 MW of power generation capacity along with battery storage projects totaling 497 MW of capacity and 1,888 MWh of storage capacity, all under construction or in development.
Source: IWR Online, 10 Aug 2026
