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    Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

    2/26/25 4:15:00 PM ET
    $ORA
    Electric Utilities: Central
    Utilities
    Get the next $ORA alert in real time by email

    STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

    STRONG FULL-YEAR RESULTS REINFORCES ORMAT'S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028

    HIGHLIGHTS

    • TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTS
    • FULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELY
    • FOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELY
    • ORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS

    RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) (the "Company" or "Ormat"), a leading renewable energy company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    KEY FINANCIAL RESULTS

     Q4

    2024
    Q4

    2023
    Change (%)12 months 202412 months 2023Change (%) 
    GAAP Measures       
    Revenues ($ millions)       
    Electricity180.1 183.9 (2.1)% 702.3 666.8 5.3%  
    Product39.6 50.4 (21.4)% 139.7 133.8 4.4%  
    Energy Storage11.0 7.0 56.7% 37.7 28.9 30.6%  
    Total Revenues230.7 241.3 (4.4)% 879.7 829.4 6.1%  
    Gross Profit



           
    73.6



     78.5 (6.2)% 272.6 264.0 3.3%  
    Gross margin (%)       
    Electricity34.9% 39.5%  34.6% 36.6%   
    Product24.5% 12.6%  18.4% 13.4%   
    Energy Storage9.5% (8.9)%  10.9% 6.4%   
    Gross margin (%)31.9% 32.5%  31.0% 31.8%   
            
    Operating income ($ millions)49.1 51.6 (4.9)% 172.5 166.6 3.5%  
    Net income attributable to the Company's stockholders40.8 35.7 14.3% 123.7 124.4 (0.5)%  
    Diluted EPS ($)0.67 0.59 13.6% 2.04 2.08 (1.9)%  
            
    Non-GAAP Measures       
    Adjusted Net income attributable to the Company's stockholders43.6 40.5 7.7% 133.7 121.9 9.7%  
    Adjusted Diluted EPS ($)0.72 0.67 7.5% 2.20 2.05 7.3%  
    Adjusted EBITDA1 ($ millions)145.5 139.0 4.6% 550.5 481.7 14.3%  

    "2024 was another successful year for Ormat and our growth trajectory, highlighted by a top-line improvement of 6.1%, translating into a 3.5% increase in operating income and a 14.3% increase in adjusted EBITDA, with solid growth performance across all three of our business segments," said Doron Blachar, Chief Executive Officer of Ormat Technologies. "In 2024, we added 253MW of new capacity organically and through strategic, accretive M&A, with 133MW added to our Electricity segment and 120MW to our Energy Storage business."

    "Within our Electricity segment, the Enel assets Ormat acquired at the beginning of the year have been immediately accretive and have played a key role in our year-over-year growth. Our performance was further supported by the Heber complex repowering project, the enhanced output at the Olkaria power plant, and the improved generation performance and pricing at the Puna power plant, helping to more than offset the impact of unplanned maintenance at Dixie Valley and the previously disclosed curtailments in the U.S."

    "We continue to make great progress towards improving the revenue and margin profile of our Energy Storage business, positioning the segment to become a more stable and consistent factor in our consolidated growth. This strategic effort is reflected by the 56.7% and 30.6% increase in revenue on a quarter-over-quarter and year-over-year basis, respectively. We expect this improved performance to carry forward into 2025 as we begin to recognize the benefits of the recent CODs at our 80MW/320MWh Bottleneck and 20MW/20MWh Montague facilities, as well as the other Energy Storage projects in our development pipeline that are expected to come online later this year."

    Blachar continued, "Looking ahead, we expect to benefit from the growing global demand for renewable power needed to support data centers and the transition to a cleaner energy future. We are currently in negotiations for approximately 250MW with hyper-scalers with favorable conditions for both new projects and expiring PPAs at rates exceeding $100 per MWh. To help ensure that we are well-positioned to meet the growing level of demand we have taken strategic actions to safe harbor, for PTC eligibility (pursuant to the current provisions of the Inflation Reduction Act and related guidance), all geothermal projects with expected CODs through 2028, as well as the associated ITC benefits for all energy storage projects through 2026. This has strengthened our confidence in our trajectory, and we believe will help us remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028."

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company's stockholders for the fourth quarter and for the full year 2024 was $40.8 million and $123.7 million, respectively, an increase of 14.3% and a decrease of 0.5%, respectively, compared to last year. Diluted EPS for the fourth quarter and for the full year 2024 were $0.67 and $2.04 per share, respectively, an increase of 13.6% and a decrease of 1.9%, respectively, compared to last year.
    • Adjusted net income attributable to the Company's stockholders and diluted EPS for the fourth quarter increased 7.7% and 7.5% compared to last year. Adjusted net income attributable to the Company's stockholders and diluted EPS for the full year 2024 increased 9.7% and 7.3% compared to last year.
    • Adjusted EBITDA for the fourth quarter and for the year was $145.5 million, and $550.5 million, respectively, an increase of 4.6% and 14.3%, respectively, compared to 2023. The year-over-year increase in Adjusted EBITDA was driven, in the Electricity segment, by the contribution of the acquired assets in the first quarter of 2024, the improved performance of the Olkaria complex in Kenya, higher pricing of our Puna power plant and the sale of tax benefits from newly built plants. In the Product segment, the increase was derived from the improved contracts' margin and Energy Storage drove improved performance due to the contribution of the new assets as well as a legal settlement with a battery supplier, which we expect to continue to receive over the next 5 quarters, to compensate us for lost revenues as a result of battery non- supply.
    • Electricity segment revenues decreased by 2.1% for the fourth quarter and increased by 5.3% in the full year 2024, compared to 2023. The year-over-year decrease in fourth quarter revenue was driven by the partial outage at our Dixie Valley power plant, which returned to full operation in November 2024. Additionally, in the fourth quarter we experienced heavy curtailments mainly to our McGinness complex due to maintenance on the transmission line by the local grid operator. Full-year revenue growth was driven by the contribution of our acquired Enel assets, Heber complex repowering, and higher generation and pricing at Puna.
    • Product segment revenues decreased by 21.4% in the fourth quarter and increased by 4.4% in the full year 2024, largely due to the timing of revenue recognition. Gross margin increased from 12.6% in the fourth quarter 2023 to 24.5% in 2024 and from 13.4% in the full year 2023 to 18.4% in 2024.
    • Product segment backlog stands at a record of approximately $340.0 million as of February 25, 2025, and includes approximately $210.0 million from the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand.
    • Energy Storage segment revenues increased 56.7% for the fourth quarter and 30.6% for the full year compared to 2023, supported by a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 as well as new assets that came online during the second half of 2023.

    BUSINESS HIGHLIGHTS:

    • Won a tender, in February 2025, issued by the Israeli Electricity Authority and was awarded two separate 15-year tolling agreements for two energy storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh and we will have 50% equity interest.
    • In February 2025, commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, in which the Company holds a 49% equity interest.
    • Signed a 10-year Power Purchase Agreement (PPA), in January 2025, with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms that will replace the current lower price PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • In December 2024, commenced commercial operations at the Montague energy storage facility to deliver 20MW/20MWh of energy storage capacity to the PJM market.
    • In October 2024, commenced commercial operations of the 80MW/320MWh Bottleneck Energy Storage facility in the Central Valley of California. The Bottleneck facility is the Company's largest energy storage facility in its portfolio.

    2025 GUIDANCE TBU

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $23 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and twelve months ended December 31, 2024. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On February 26, 2025, the Company's Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company's dividend policy. The dividend will be paid on March 26, 2025, to stockholders of record as of the close of business on March 12, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, February 27, 2025, at 10:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9044930. Please request the "Ormat Technologies, Inc. call" when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company's website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9044930. The webcast will also be archived on the Investor Relations section of the Company's website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation ("REG"), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company's activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat's current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT'S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and incentives and the growth of our business and operations, are forward-looking statements. When used in this press release, the words "may", "will", "could", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", or "contemplate" or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat's most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

    Condensed Consolidated Statement of Operations

    For the three and twelve month periods Ended December 31, 2024, and 2023

     Three Months Ended

    December 31,
    Year Ended 

    December 31,
     2024 2023 2024 2023 
     (Dollars in thousands, except per share data)
    Revenues:    
    Electricity180,147 183,921 702,264 666,767 
    Product39,643 50,432 139,661 133,763 
    Energy storage10,951 6,987 37,729 28,894 
    Total revenues230,741 241,340 879,654 829,424 
    Cost of revenues:    
    Electricity117,340 111,201 459,526 422,549 
    Product29,929 44,073 113,911 115,802 
    Energy storage9,911 7,610 33,598 27,055 
    Total cost of revenues157,180 162,884 607,035 565,406 
    Gross profit73,561 78,456 272,619 264,018 
    Operating expenses:    
    Research and development expenses1,391 2,452 6,501 7,215 
    Selling and marketing expenses4,153 4,307 17,694 18,306 
    General and administrative expenses19,583 18,654 80,119 68,179 
    Other operating income(3,125) — (9,375) — 
    Impairment of long-lived assets— — 1,280 — 
    Write-off of unsuccessful exploration activities and storage activities2,474 1,415 3,930 3,733 
    Operating income49,085 51,628 172,470 166,585 
    Other income (expense):    
    Interest income1,389 2,363 7,883 11,983 
    Interest expense, net(34,525) (25,803) (134,031) (98,881) 
    Derivatives and foreign currency transaction gains (losses)(4,319) 712 (4,187) (3,278) 
    Income attributable to sale of tax benefits20,020 18,676 73,054 61,157 
    Other non-operating income (expense), net66 1,272 188 1,519 
    Income from operations before income tax and equity in earnings (losses) of investees31,716 48,848 115,377 139,085 
    Income tax (provision) benefit11,771 (8,188) 16,289 (5,983) 
    Equity in earnings (losses) of investees(862) (1,827) (425) 35 
    Net income42,625 38,833 131,241 133,137 
    Net income attributable to noncontrolling interest(1,804) (3,107) (7,508) (8,738) 
    Net income attributable to the Company's stockholders40,821 35,726 123,733 124,399 
    Earnings per share attributable to the Company's stockholders:    
    Basic:0.67 0.59 2.05 2.09 
    Diluted:0.67 0.59 2.04 2.08 
    Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:    
    Basic60,480 60,367 60,455 59,424 
    Diluted60,770 60,505 60,790 59,762 
         

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

    Condensed Consolidated Balance Sheet

    For the Periods Ended December 31, 2024, and 2023

     December 31,

    2024
     December 31,

    2023
    ASSETS
    Current assets:   
    Cash and cash equivalents94,395  195,808 
    Restricted cash and cash equivalents (primarily related to VIEs)111,377  91,962 
    Receivables:   
    Trade less allowance for credit losses of $224 and $90, respectively (primarily related to VIEs)164,050  208,704 
    Other50,792  44,530 
    Inventories38,092  45,037 
    Costs and estimated earnings in excess of billings on uncompleted contracts29,243  18,367 
    Prepaid expenses and other59,173  41,595 
    Total current assets547,122  646,003 
    Investment in an unconsolidated company144,585  125,439 
    Deposits and other75,383  44,631 
    Deferred income taxes153,936  152,570 
    Property, plant and equipment, net ($3,271,248 and $2,802,920 related to VIEs, respectively)3,501,886  2,998,949 
    Construction-in-process ($251,442 and $376,602 related to VIEs, respectively)755,589  814,967 
    Operating leases right of use ($13,989 and $9,326 related to VIEs, respectively)32,114  24,057 
    Finance leases right of use (none related to VIEs)2,841  3,510 
    Intangible assets, net301,745  307,609 
    Goodwill151,023  90,544 
    Total assets5,666,224  5,208,279 
        
    LIABILITIES AND EQUITY
    Current liabilities:   
    Accounts payable and accrued expenses234,334  214,518 
    Short term revolving credit lines with banks (full recourse)—  20,000 
    Commercial paper (less deferred financing costs of $23 and $29, respectively)99,977  99,971 
    Billings in excess of costs and estimated earnings on uncompleted contracts23,091  18,669 
    Current portion of long-term debt:   
    Limited and non-recourse (primarily related to VIEs):

    (primarily related to VIEs and less deferred financing costs of $8,473 and $7,889, respectively)
    70,262  57,207 
    Full recourse161,313  116,864 
    Financing Liability4,093  5,141 
    Operating lease liabilities3,633  3,329 
    Finance lease liabilities1,375  1,313 
    Total current liabilities598,078  537,012 
    Long-term debt, net of current portion:   
    Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,849 and $7,889, respectively)578,204  447,389 
    Full recourse (less deferred financing costs of $4,671 and $3,056, respectively)822,828  698,187 
    Convertible senior notes (less deferred financing costs of $6,820 and $8,146, respectively)469,617  423,104 
    LT Financing liability-Dixie216,476  220,619 
    Operating lease liabilities22,523  19,790 
    Finance lease liabilities1,529  2,238 
    Liability associated with sale of tax benefits152,292  184,612 
    Deferred income taxes68,616  66,748 
    Liability for unrecognized tax benefits6,272  8,673 
    Liabilities for severance pay10,488  11,844 
    Asset retirement obligation129,651  114,370 
    Other long-term liabilities29,270  22,107 
    Total liabilities3,105,844  2,756,693 
        
    Redeemable noncontrolling interest9,448  10,599 
        
    Equity:   
    The Company's stockholders' equity:   
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,500,580 and 60,358,887 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively61  60 
    Additional paid-in capital1,635,245  1,614,769 
    Treasury stock, at cost (258,667 shares held as of December 31, 2024 and 2023, respectively)(17,964)  (17,964) 
    Retained earnings814,518  719,894 
    Accumulated other comprehensive loss(6,731)  (1,332) 
    Total stockholders' equity attributable to Company's stockholders2,425,129  2,315,427 
    Noncontrolling interest125,803  125,560 
    Total equity2,550,932  2,440,987 
    Total liabilities, redeemable noncontrolling interest and equity5,666,224  5,208,279 

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

    Reconciliation of EBITDA and Adjusted EBITDA

    For the three and twelve month period ended December 31, 2024 and 2023

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor's ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve month periods ended December 31, 2024, and 2023:

     Three Months Ended

    December 31,
     Year Ended December 31,
     2024  2023  2024  2023 
     (Dollars in thousands) (Dollars in thousands)
    Net income42,625  38,833  131,241  133,137 
    Adjusted for:       
    Interest expense, net (including amortization of deferred financing costs)33,136  23,440  126,148  86,898 
    Income tax provision (benefit)(11,771)  8,188  (16,289)  5,983 
    Adjustment to investment in unconsolidated companies: our Proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen4,964  5,243  17,637  16,069 
    Depreciation, amortization and accretion68,907  59,331  259,151  221,415 
    EBITDA137,861  135,035  517,888  463,502 
    Mark-to-market on derivative instruments(14)  (2,490)  856  (2,206) 
    Stock-based compensation5,310  4,243  20,197  15,478 
    Impairment of long-lived assets—  —  1,280  — 
    Allowance for bad debts13  —  355  — 
    Merger and acquisition transaction costs570  816  1,949  1,234 
    Legal fees related to a settlement agreement with a third-party battery systems supplier



    (750)  —  4,000  — 
    Write-off of unsuccessful exploration and Storage activities2,474  1,415  3,930  3,733 
    Adjusted EBITDA145,464  139,019  550,455  481,741 

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

    Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS

    For the Three and twelve-month periods ended December 31, 2024, and 2023

    Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company's stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company's stockholders and Adjusted EPS for the three and twelve -month periods ended December 31, 2024, and 2023.

            
     Three Months Ended December 31, Twelve Months Ended December 31,
     2024  2023 2024

     2023 
            
    GAAP Net income attributable to the Company's stockholders40.8  35.7 123.7 124.4 
    Impact of changes in the Kenya Finance Act 2023—  2.0 — (7.4) 
    Tax asset write-off in Sarulla, our unconsolidated company0.9  1.0 0.9 1.0 
    Impairment of long-lived assets—  — 1.0 — 
    Write-off of unsuccessful exploration activities and Storage activities



    2.0  1.1 3.1 2.9 
    Merger and acquisition transaction costs0.5  0.6 1.5 1.0 
    Allowance for bad debts0.0  — 0.3 — 
    Legal fees related to a settlement agreement with a third-party battery supplier



    (0.6)  — 3.2 — 
    Adjusted Net income attributable to the Company's stockholders43.6  40.5 133.7 121.9 
    GAAP diluted EPS0.67  0.59 2.04 2.08 
    Impact of changes in the Kenya Finance Act 2023—  0.03 — (0.12) 
    Tax asset write-off in Sarulla, our unconsolidated company0.01  0.02 0.01 0.02 
    Impairment of long-lived assets    0.02  
    Write-off of unsuccessful exploration activities and Storage activities



    0.03  0.02 0.05 0.05 
    Merger and acquisition transaction costs0.01  0.01 0.03 0.02 
    Allowance for bad debts0.00  — 0.00 — 
    Legal fees related to a settlement agreement with a third-party battery supplier(0.01)  — 0.05 — 
    Diluted Adjusted EPS ($)0.72  0.67 2.20 2.05 



    Ormat Technologies Contact:Investor Relations Agency Contact:
    Smadar LaviJoseph Caminiti or Josh Carroll
    VP Head of IR and ESG Planning & ReportingAlpha IR Group
    775-356-9029 (ext. 65726)312-445-2870
    [email protected][email protected]


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    3/13/2025$81.00Neutral
    Robert W. Baird
    2/20/2025$73.00 → $78.00Hold → Buy
    Jefferies
    1/10/2025$73.00Hold
    Jefferies
    12/19/2024$78.00Neutral
    Piper Sandler
    5/10/2024$70.00 → $76.00Hold
    TD Cowen
    2/23/2024$74.00 → $70.00Market Perform
    TD Cowen
    8/7/2023$92.00Neutral → Buy
    ROTH MKM
    5/22/2023$89.00Equal Weight
    Barclays
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    • Cyrq Energy Completes Sale of Blue Mountain as Part of Its 5-Year Strategic Plan

      Cyrq Energy, LLC (Cyrq) is pleased to announce an agreement to sell its Blue Mountain geothermal power facility in Nevada for $88 million to a subsidiary of Ormat Technologies, Inc. (NYSE:ORA) as part of its five-year strategic plan. With headquarters in Salt Lake City, Cyrq has been a leader in developing and producing geothermal power since 2007. Currently, Cyrq owns several power generating facilities, including the Soda Lake and Patua geothermal power plants in north central Nevada, the Thermo geothermal power plant in south central Utah, and the Hudson Ranch geothermal power plant in southern California. The sale of the Blue Mountain plant will enable Cyrq to direct more of its busine

      5/7/25 4:34:00 PM ET
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    • Ormat Technologies Reports First Quarter 2025 Financial Results

      REVENUE GROWTH AND RECORD QUARTERLY ADJUSTED EBITDA SUPPORT ONGOING STRATEGIC PORTFOLIO EXPANSION HIGHLIGHTS TOTAL REVENUES AND NET INCOME1 IMPROVED 2.5% AND 4.6%, RESPECTIVELYRECORD ADJUSTED EBITDA OF $150.3 MILLION, AN INCREASE OF 6.4% VS LAST YEARENERGY STORAGE SEGMENT REVENUES INCREASED BY 120% DRIVING MEANINGFUL MARGIN INCREASESIGNED AN AGREEMENT TO ACQUIRE THE 20MW BLUE MOUNTAIN GEOTHERMAL POWER PLANT FROM CYRQ ENERGYCOMPANY REITERATES ITS 2025 FULL-YEAR GUIDANCE, REFLECTING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS OUTLOOK RENO, Nev., May 07, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) (the "Company" or "Ormat"), a leading renewable

      5/7/25 4:15:00 PM ET
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    • Ormat Technologies, Inc. to Host Conference Call Announcing First Quarter 2025 Financial Results

      RENO, Nev., April 09, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA) (the "Company" or "Ormat"), a leading geothermal and renewable energy company, today announced that it plans to publish its first quarter financial results in a press release that will be issued on Wednesday, May 7, 2025, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 09:00 a.m. ET on Thursday, May 8, 2025. Participants within the United States and Canada, please dial 1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling from outside the United States or Canada, please dial +1-646-

      4/9/25 8:30:00 AM ET
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    • SEC Form 10-Q filed by Ormat Technologies Inc.

      10-Q - ORMAT TECHNOLOGIES, INC. (0001296445) (Filer)

      5/8/25 10:58:01 AM ET
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    • SEC Form DEFA14A filed by Ormat Technologies Inc.

      DEFA14A - ORMAT TECHNOLOGIES, INC. (0001296445) (Filer)

      3/27/25 6:14:10 AM ET
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    • SEC Form DEF 14A filed by Ormat Technologies Inc.

      DEF 14A - ORMAT TECHNOLOGIES, INC. (0001296445) (Filer)

      3/26/25 10:00:07 PM ET
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    • Director Stern Stanley converted options into 1,753 shares, increasing direct ownership by 36% to 6,684 units (SEC Form 4)

      4 - ORMAT TECHNOLOGIES, INC. (0001296445) (Issuer)

      5/9/25 8:18:56 PM ET
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    • Director Barniv Ravit converted options into 1,753 shares (SEC Form 4)

      4 - ORMAT TECHNOLOGIES, INC. (0001296445) (Issuer)

      5/9/25 8:18:31 PM ET
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    • Director Marom Michal converted options into 1,753 shares, increasing direct ownership by 79% to 3,975 units (SEC Form 4)

      4 - ORMAT TECHNOLOGIES, INC. (0001296445) (Issuer)

      5/9/25 8:18:03 PM ET
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    • Ormat Technologies Appoints Two New Independent Directors to the Company's Board

      RENO, Nev., June 03, 2022 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) ("Ormat," the "Company," "we" or "us") today announced the election at its annual meeting of stockholders, held on June 2, 2022, of Michal Marom and Karin Corfee to the Company's Board of Directors, effective immediately. Ms. Marom will also serve as the Chair of the Audit Committee and a member of the Compensation Committee. Ms. Marom and Ms. Corfee will replace the departing Board members Dan Falk and Albertus Bruggink, respectively. With these new additions, one third of Ormat's Board of Directors will be represented by women. Ms. Marom joins Ormat's Board of Directors having served in numerous senior exe

      6/3/22 8:46:08 AM ET
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    • Gstaad Enters into Letter of Intent to Acquire Luxhygenix

      Not for distribution to United States newswire services or for release, publication, distribution or dissemination, directly or indirectly, in whole or in part, in or into the United States.VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Gstaad Capital Corp. (the "Company") (TSXV:GTD) is pleased to announce that it has entered into a letter of intent, dated effective November 29, 2021 (the "LOI") with LuxHygenix Inc. ("LuxHygenix"), an arms-length privately held Delaware corporation. The LOI sets out the general terms and conditions pursuant to which the Company will acquire all of the issued and outstanding securities and convertible notes of LuxHygenix in exchange for securities of the Co

      12/15/21 12:15:00 PM ET
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    • Ormat Technologies Reports First Quarter 2025 Financial Results

      REVENUE GROWTH AND RECORD QUARTERLY ADJUSTED EBITDA SUPPORT ONGOING STRATEGIC PORTFOLIO EXPANSION HIGHLIGHTS TOTAL REVENUES AND NET INCOME1 IMPROVED 2.5% AND 4.6%, RESPECTIVELYRECORD ADJUSTED EBITDA OF $150.3 MILLION, AN INCREASE OF 6.4% VS LAST YEARENERGY STORAGE SEGMENT REVENUES INCREASED BY 120% DRIVING MEANINGFUL MARGIN INCREASESIGNED AN AGREEMENT TO ACQUIRE THE 20MW BLUE MOUNTAIN GEOTHERMAL POWER PLANT FROM CYRQ ENERGYCOMPANY REITERATES ITS 2025 FULL-YEAR GUIDANCE, REFLECTING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS OUTLOOK RENO, Nev., May 07, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) (the "Company" or "Ormat"), a leading renewable

      5/7/25 4:15:00 PM ET
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    • Ormat Technologies, Inc. to Host Conference Call Announcing First Quarter 2025 Financial Results

      RENO, Nev., April 09, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA) (the "Company" or "Ormat"), a leading geothermal and renewable energy company, today announced that it plans to publish its first quarter financial results in a press release that will be issued on Wednesday, May 7, 2025, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 09:00 a.m. ET on Thursday, May 8, 2025. Participants within the United States and Canada, please dial 1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling from outside the United States or Canada, please dial +1-646-

      4/9/25 8:30:00 AM ET
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    • Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

      STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH STRONG FULL-YEAR RESULTS REINFORCES ORMAT'S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028 HIGHLIGHTS TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTSFULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELYFOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELYORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) (the "Company" or "Ormat")

      2/26/25 4:15:00 PM ET
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    • Amendment: SEC Form SC 13D/A filed by Ormat Technologies Inc.

      SC 13D/A - ORMAT TECHNOLOGIES, INC. (0001296445) (Subject)

      12/13/24 4:05:21 PM ET
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    • SEC Form SC 13G/A filed by Ormat Technologies Inc. (Amendment)

      SC 13G/A - ORMAT TECHNOLOGIES, INC. (0001296445) (Subject)

      2/13/24 4:55:52 PM ET
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    • SEC Form SC 13G filed by Ormat Technologies Inc.

      SC 13G - ORMAT TECHNOLOGIES, INC. (0001296445) (Subject)

      1/31/24 6:02:30 AM ET
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    • Robert W. Baird initiated coverage on Ormat Tech with a new price target

      Robert W. Baird initiated coverage of Ormat Tech with a rating of Neutral and set a new price target of $81.00

      3/13/25 8:18:37 AM ET
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    • Ormat Tech upgraded by Jefferies with a new price target

      Jefferies upgraded Ormat Tech from Hold to Buy and set a new price target of $78.00 from $73.00 previously

      2/20/25 7:04:19 AM ET
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    • Jefferies initiated coverage on Ormat Tech with a new price target

      Jefferies initiated coverage of Ormat Tech with a rating of Hold and set a new price target of $73.00

      1/10/25 9:01:33 AM ET
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