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.

Kysy yhtiöstä
Liikevaihto990milj. USD
+12,5 %v/v
Liikevoitto (EBIT)169milj. USD
−1,9 %v/v
EBIT-marginaali17,1%
−2,5 %-yks.v/v
Nettotulos124milj. USD
+0,1 %v/v
Vapaa kassavirta−285milj. USD
−270,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

02004006008001 000milj. USD2020: 705 milj. USD2020: EBIT 214 milj. USD20202021: 663 milj. USD2021: EBIT 169 milj. USD20212022: 734 milj. USD2022: EBIT 153 milj. USD20222023: 829 milj. USD2023: EBIT 167 milj. USD20232024: 880 milj. USD2024: EBIT 172 milj. USD20242025: 990 milj. USD2025: EBIT 169 milj. USD2025990169
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Ormat Technologies, Inc

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
70,1%21,9%FY2025100 %
  • Electricity70,1 %
  • Products21,9 %
  • Energy Storage8,0 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Strategia

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 capacityKeskipitkä aikaväli

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

Build utility-scale storage portfolioKeskipitkä aikaväli

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

Develop hybrid and solar-adjacent projectsKeskipitkä aikaväli

Hybrid assets can improve plant utilization and diversify site economics.

Advance next-generation geothermal technologiesPitkä aikaväli

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

Maantiede

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.

USA68 %
Other countries (US filing)32 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →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
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Operational outages and maintenance disruptionsVaikutus: KorkeaTodennäköisyys: Korkea

    Electricity revenue depends on continuous plant availability and storage uptime.

    KohdistuuGeothermal plantsREG assetsSolar PVStorage facilities
  2. Geothermal resource and drilling riskVaikutus: KorkeaTodennäköisyys: Korkea

    Project economics depend on finding and sustaining viable geothermal reservoirs.

    Kohdistuu: New geothermal development and EGS pilots

  3. Regulatory, permitting, and PPA approval riskVaikutus: KorkeaTodennäköisyys: Korkea

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

    Kohdistuu: U.S. and international project pipeline

  4. Competitive pressure in product and development marketsVaikutus: KeskitasoTodennäköisyys: Korkea

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

    Kohdistuu: Product segment and new project tenders

  5. Foreign country and operating-jurisdiction riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuKenyaGuatemalaHondurasGuadeloupeIndonesiaNew ZealandAsia
Kysy Clarifolta: Ormat Technologies, Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition under PPAs and tolling agreements

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

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: Creates earnings volatility and reconciliation complexity

Impairment and write-offs for exploration/storage activities

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

Vaikutus: Can materially affect reported earnings and asset values

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Päivitetty: 24.9.2026

Ormat Technologies, Inc (ORA) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo