The geometry of blades and cascades for a single-component, two-phase flow with a high void ratio was optimized to design an axial-impulse-type two-phase flow turbine suitable for recovering geothermal and/or industrial waste heat. The dissimillar performances of scaled cascades as well as the strong dependence of a cascade's performance on vapor density were predicted by a simple theoretical model. These were confirmed by the measured thrust conversion efficiency of a blade cascade located within a two-phase jet emerging from a nozzle. The nozzle expands the hot, saturated water at 510 K into a chamber where the pressure varies between 15 kPa and 0.45 MPa.