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Gross Margin by Segment
Reveals profitability across different business areas, highlighting which segments are most efficient and where there might be room for improvement.Product margins improved but Q1 was front‑loaded by two large project recognitions, so management's 18–20% full‑year target implies the quarter overperformance is not repeatable; Energy Storage's sky‑high Q1 margin reflects favorable merchant prices and is likely to normalize to management's ~35–40% outlook, making storage a volatile earnings lever; Electricity margins face weather and local‑rate pressure and are the clearest near‑term drag—watch merchant price trends, PPA coverage, project timing/backlog concentration and heavy 2026 CapEx given elevated leverage.
Date | Product | Electricity | Energy Storage |
|---|---|---|---|
Jun 30, 2026 | 9.68 | 23.71 | 56.21 |
Mar 31, 2026 | 21.41 | 30.76 | 59.10 |
Dec 31, 2025 | 14.20 | 30.20 | 51.50 |
Sep 30, 2025 | 21.67 | 25.45 | 39.38 |
Jun 30, 2025 | 27.67 | 24.18 | 11.90 |
Mar 31, 2025 | 22.30 | 33.52 | 30.61 |
Dec 31, 2024 | 24.50 | 34.90 | 9.50 |
Sep 30, 2024 | 19.25 | 30.19 | 20.17 |
Jun 30, 2024 | 13.66 | 33.52 | 5.70 |
Mar 31, 2024 | 14.81 | 38.97 | 7.54 |