ORANYSEElectric ServicesUS GAAP · USD

Ormat Technologies, Inc

Ormat Technologies is a U.S.-based renewable energy company built around geothermal power generation, geothermal equipment, and energy storage. Its business combines ownership and operation of power plants with the design and supply of geothermal and power-plant equipment, serving projects in the United States and multiple international markets.

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Revenue990m USD
+12.5 %y/y
Operating profit (EBIT)169m USD
−1.9 %y/y
EBIT margin17.1%
−2.5 ppy/y
Net income124m USD
+0.1 %y/y
Free cash flow-285m USD
−270.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02004006008001,000m USD2020: 705 m USD2020: EBIT 214 m USD20202021: 663 m USD2021: EBIT 169 m USD20212022: 734 m USD2022: EBIT 153 m USD20222023: 829 m USD2023: EBIT 167 m USD20232024: 880 m USD2024: EBIT 172 m USD20242025: 990 m USD2025: EBIT 169 m USD2025990169
RevenueOperating profit (EBIT)
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Business

Share of revenue
Electricity Segment70 %

Owns and operates geothermal, REG, and solar PV power plants that sell electricity under PPAs and tolling arrangements.

Product Segment22 %

Designs and supplies geothermal power plant equipment, ORC systems, pumps, and related components and services.

Energy Storage Segment8 %

Develops and operates utility-scale battery storage projects and provides storage capacity under long-term contracts.

Products

Reported · share of revenue
70.1%21.9%FY2025100 %
  • Electricity70.1 %
  • Products21.9 %
  • Energy Storage8.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Ormat sells electricity primarily to utilities, grid operators, and energy marketers under long-term PPAs or tolling agreements. Its product customers include geothermal developers, utilities, and engineering/EPC counterparties that buy plant equipment, pumps, and system integration services. Energy storage customers are typically utilities or infrastructure partners seeking dispatchable capacity and grid flexibility.

Electric utilities and power purchasers

Buy geothermal electricity and storage capacity to secure firm, renewable supply under long-term contracts.

Geothermal project developers

Buy ORC systems, pumps, and plant equipment for new geothermal builds and expansions.

Infrastructure and energy partners

Co-invest in storage and geothermal projects or sign tolling agreements to access capacity and flexibility.

Engineering and EPC contractors

Purchase equipment or subcontract project execution for geothermal and hybrid energy projects.

Strategy

Ormat is expanding its geothermal platform through acquisitions, new plant development, and upgrades to existing assets. It is also broadening beyond pure geothermal into utility-scale storage, hybrid geothermal-solar projects, and emerging enhanced geothermal systems, while using its equipment business to support both internal projects and third-party customers.

Expand geothermal generation capacityMedium term

Own and operate more baseload renewable assets with long-duration contracted cash flows.

Build utility-scale storage portfolioMedium term

Storage adds flexible, dispatchable revenue streams and complements intermittent renewables.

Develop hybrid and solar-adjacent projectsMedium term

Hybrid assets can improve plant utilization and diversify site economics.

Advance next-generation geothermal technologiesLong term

EGS and other new approaches could expand the addressable geothermal resource base.

Geography

Q1/2025

Ormat operates a global portfolio with power plants in the United States, Kenya, Guatemala, Honduras, Guadeloupe, and Indonesia, and it also sells product segment equipment internationally. The company’s foreign electricity assets are concentrated in lower-cost operating regions, while the product business is heavily export-oriented, with most product revenues generated outside the United States. Backlog disclosures also show meaningful project concentration in New Zealand and Asia for the product segment.

United States68 %
Other countries (US filing)32 %

Share of the revenue the company reports by geography.

Risks

Ormat’s results depend on the performance of operating power plants, storage assets, and project execution across multiple jurisdictions. The company also faces competition in geothermal equipment and development, regulatory and permitting risk, and technology risk as new geothermal entrants pursue advanced subsurface systems and alternative drilling methods.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Operational outages and maintenance disruptions1Geothermal resource and drilling risk2Regulatory, permitting, and PPA approval risk3Competitive pressure in product and development markets4Foreign country and operating-jurisdiction risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Operational outages and maintenance disruptionsImpact: HighLikelihood: High

    Electricity revenue depends on continuous plant availability and storage uptime.

    ExposureGeothermal plantsREG assetsSolar PVStorage facilities
  2. Geothermal resource and drilling riskImpact: HighLikelihood: High

    Project economics depend on finding and sustaining viable geothermal reservoirs.

    Exposure: New geothermal development and EGS pilots

  3. Regulatory, permitting, and PPA approval riskImpact: HighLikelihood: High

    Projects require permits, interconnection, and contract approvals before monetization.

    Exposure: U.S. and international project pipeline

  4. Competitive pressure in product and development marketsImpact: MediumLikelihood: High

    More suppliers and developers can reduce order wins and pricing power.

    Exposure: Product segment and new project tenders

  5. Foreign country and operating-jurisdiction riskImpact: MediumLikelihood: Medium

    A meaningful share of operations and backlog is outside the U.S.

    ExposureKenyaGuatemalaHondurasGuadeloupeIndonesiaNew ZealandAsia
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Accounting

Judgemental items
Revenue recognition under PPAs and tolling agreements

Contract terms determine when electricity and storage revenue is recorded and how stable it appears.

Impact: Affects reported revenue timing and segment comparability

Project accounting for product segment orders

Equipment and EPC-type contracts may recognize revenue over time or at delivery depending on terms.

Impact: Can move revenue and gross margin between periods

Derivative mark-to-market adjustments

Non-designated derivatives are excluded from Adjusted EBITDA but still affect GAAP results.

Impact: Creates earnings volatility and reconciliation complexity

Impairment and write-offs for exploration/storage activities

Failed projects or underperforming assets may require non-cash charges.

Impact: Can materially affect reported earnings and asset values

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Last updated: 24/09/2026

Ormat Technologies, Inc (ORA) Revenue, Earnings & Financials 2025 – Clarifo