Ormat Technologies, Inc.
107.26+0.97 (+0.91%)
Oct 29, 4:00:02 PM EDT · NYSE · ORA · USD
Key Stats
Market Cap
6.49BP/E (TTM)
49.66Basic EPS (TTM)
2.16Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
Ormat Technologies posted Q2 FY2025 revenues of $234.0M, up 9.9% y/y, driven by product sales surging 57.6% y/y to $59.6M from project progress in New Zealand and Dominica, while energy storage climbed 62.7% y/y to $14.5M thanks to new facilities like Bottleneck and Montague. Electricity revenues dipped 3.8% y/y to $159.9M amid Puna wellfield issues and curtailments at McGinness Hills, yet gross profit held at $56.9M with margins at 24.3% versus 28.8% last year; operating income edged up 0.5% y/y to $35.3M. Diluted EPS rose to $0.46 from $0.37, reconciling to 61.0M shares with no anti-dilution flagged. Cash from operations hit $184.9M YTD, funding $327.4M capex and $88.7M Blue Mountain acquisition in June for $16.1M goodwill, expecting cost synergies; free cash flow not disclosed in the 10-Q. Liquidity stands solid at $88.5M cash plus $358.6M revolver availability, with total debt at $2.0B including $476.4M convertibles. Yet Kenya PPA reviews pose renegotiation risks.
8-K
Ormat Q2 earnings beat expectations
Ormat Technologies posted Q2 2025 revenues of $234.0 million, up 9.9% year-over-year, with net income surging 26.1% to $28.0 million despite electricity segment dips from curtailments and maintenance. The company completed its 20MW Blue Mountain geothermal acquisition in June and secured $300 million in funding for development, including tax equity and low-rate loans. It released 50MW of new geothermal and solar projects for construction. Guidance holds steady at $935-975 million in full-year revenues and $563-593 million in adjusted EBITDA. Strong policy tailwinds fuel expansion.
8-K
Annual meeting votes pass
Ormat Technologies' stockholders overwhelmingly elected eight directors to the board at the 2025 Annual Meeting on May 7, including Isaac Angel and Ravit Barniv with strong support exceeding 49 million votes each, while David Granot faced notable opposition at over 10 million against. The advisory vote approved executive compensation, and the appointment of Kesselman & Kesselman as auditors for 2025 passed decisively with 50 million for. Continuity intact. No risks disclosed.
8-K
Q1 revenues rise, geothermal acquisition
Ormat Technologies kicked off 2025 with total revenues up 2.5% to $229.8 million and a record adjusted EBITDA of $150.3 million, up 6.4%, fueled by 120% growth in energy storage revenues from new capacity and higher PJM prices, despite electricity segment dips from U.S. curtailments. The company signed an $88 million deal to acquire the 20 MW Blue Mountain geothermal plant from Cyrq Energy, planning upgrades to add 3.5 MW capacity and a 13 MW solar facility, with closure by Q2 end. This bolsters Ormat's U.S. geothermal footprint. Guidance holds steady at $935–975 million revenues and $563–593 million adjusted EBITDA.
10-Q
Q1 FY2025 results
Ormat Technologies posted solid Q1 FY2025 results, with total revenues climbing 2.5% year-over-year to $229.8M, driven by a 119.7% surge in energy storage to $17.8M from new facilities like Bottleneck and Montague, though electricity dipped 5.8% to $180.2M due to curtailments and maintenance at sites like Dixie Valley and McGinness Hills. Gross profit held steady at $72.9M despite higher costs, yielding a 31.7% margin, while operating income edged down 3.2% to $50.9M amid $3.1M in other operating income from a battery supplier settlement. Diluted EPS rose to $0.66 from $0.64, reconciling neatly with 60.8M shares and no anti-dilution flags. Cash swelled to $112.7M with $88.0M operating cash flow, but free cash flow turned negative at -$104.6M (derived) after $192.6M capex; total debt stood at $2.3B including $200M in new 8-year loans from Mizrahi, Discount, and Hapoalim at SOFR+2.35-2.45%, with $365M unused revolver capacity and covenants intact. Signed a $88M deal in May 2025 to buy the 20MW Blue Mountain plant, eyeing upgrades and solar add-ons. Tariffs on Chinese batteries pose risks to storage growth.
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