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Ormat Technologies (ORA) investor relations material
Ormat Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue grew 17.9% year-over-year to $249.7 million, with net income up 9.3% and operating income up 13.3%, driven by strong Product and Energy Storage segment performance.
Strategic partnerships with SLB and Sage Geosystems advanced enhanced geothermal system (EGS) development, with pilots expected to start drilling in late 2026.
Secured a 25-year extension for a 52 MW PPA, obtained geothermal licenses in Indonesia, and expanded international presence.
Commissioned the Lower Rio energy storage facility in Texas and expanded the product segment backlog to $295 million, up 79% year-over-year.
Secured $254 million in project financing and tax equity transactions to fund development.
Financial highlights
Q3 2025 revenue reached $249.7 million (+17.9% YoY), with growth across all segments; 9M 2025 revenue was $713.5 million (+10% YoY).
Gross profit was $64 million (8.8% increase), with a consolidated gross margin of 25.6% (down from 27.8% YoY).
Net income attributable to stockholders was $24.1 million ($0.39 per diluted share, up 8.3%); adjusted net income was $24.9 million ($0.41 per share, down 2.4%).
Adjusted EBITDA was $138.4 million (+0.6% YoY); 9M 2025: $423.3 million (+4.5% YoY).
Product segment revenue up 66.6% in Q3 and 53.6% for 9M; Energy Storage up 108.1% in Q3 and 96.5% for 9M.
Outlook and guidance
2025 revenue guidance raised to $960–$980 million; adjusted EBITDA guidance increased to $575–$593 million.
Segment revenue guidance: Electricity $700–$705 million, Product $190–$200 million, Energy Storage $70–$75 million.
2028 targets: $1.2–$1.25 billion revenue, $775–$825 million adjusted EBITDA, 8.6% and 9.8% CAGRs respectively.
Growth plan targets 15–17% CAGR in capacity through 2028, with 2.6–2.8 GW total capacity.
Adjusted EBITDA attributable to minority interest projected at ~$17.5 million.
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