Ormat Technologies Inc

Latest Results (21.11.2025):

Ormat Technologies, Inc. reported results for the third quarter of 2025 showing broad revenue and earnings growth: total Q3 2025 revenues were $249.7 million (up 17.9% year‑over‑year) and net income attributable to the company’s stockholders was $24.1 million (up 9.3% y/y), with diluted EPS of $0.39 (up 8.3%). The quarter was driven by strong Product and Energy Storage performance, portfolio expansion in Electricity, and the company raised its full‑year revenue and adjusted EBITDA guidance.

Key financials

Q3 2025 total revenues: $249.7M (+17.9% vs Q3 2024). Operating income: $40.4M (+13.3%). Net income attributable: $24.1M (+9.3%). Diluted EPS: $0.39 (+8.3%). Adjusted EBITDA: $138.4M (+0.6%).

Segment results

Electricity revenue: $167.1M (+1.5%) aided by the Blue Mountain acquisition and improved Dixie Valley performance, partly offset by storm impacts and curtailments. Product revenue: $62.2M (+66.6%), driven by manufacturing/construction timing; backlog ~ $295M. Energy Storage revenue: $20.4M (+108.1%), benefiting from new facilities including the 60MW/120MWh Lower Rio system and higher PJM merchant prices.

Profitability & margins

Gross profit for the quarter was $64.0M (+8.8% vs prior year) with overall gross margin of 25.6% (down from 27.8% a year ago). Product and Energy Storage both showed improved margins (Product ~21.7%; Energy Storage ~39.4%), while Electricity margin declined versus prior year.

Non‑GAAP metrics

Adjusted net income (Q3): $24.9M (down 5.3% y/y). Adjusted diluted EPS: $0.41 (down 2.4%). Adjusted EBITDA: $138.4M (+0.6%), with Product and Storage growth offset in part by lower tax‑benefit sales and reduced one‑time benefits versus 2024.

Guidance update

Ormat increased its 2025 guidance: total revenues now expected between $960M and $980M. Electricity revenue guidance: $700M–$705M. Product revenue guidance: $190M–$200M. The raise reflects favorable merchant prices and strong Product performance.

Strategic & operational highlights

Company is accelerating EGS efforts via agreements with Sage Geosystems and a subsequent strategic collaboration with SLB to develop Enhanced Geothermal Systems. Other items: 25‑year PPA extension for Heber 1 (52MW), two GEECA agreements in Indonesia, and Lower Rio energy storage facility commenced commercial operations.