ORMAT TECHNOLOGIES, INC.

Listed Company

ORACIK 0001296445NYSELarge AcceleratedElectric ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$123.90M

Total Assets

$6.25B

Equity

$2.54B

Shares Out

60.85M

Op. Cash Flow

$335.10M

Business

ORMAT TECHNOLOGIES, INC. is a vertically integrated renewable energy company primarily engaged in geothermal electricity generation and related technologies. It develops, builds, owns and operates geothermal, solar PV and recovered-energy power plants, designs and manufactures power units based on its proprietary ORC technology, provides EPC services, and owns and operates grid-scale battery energy storage systems. The company reports three business segments: Electricity, Product and Energy Storage. It operates globally—notably in the United States, Central America, Indonesia, New Zealand, Europe and East Africa—and sells output under long-term PPAs, merchant markets and tolling agreements while marketing equipment and services to third-party customers.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	990	880	829	734	663
Total cost of revenues	717	607	565	465	399
Gross profit	273	273	264	269	264
Research and development expenses	6	7	7	5	4
Selling and marketing expenses	19	18	18	16	15
General and administrative expenses	80	80	68	61	76
Other operating income	−15	−9	0	0	—
Impairment of long-lived assets	12	1	0	33	0
Write-off of unsuccessful exploration and storage activities	1	4	4	800,000	0
Operating income	169	172	167	153	169
Interest income	6	8	12	3	2
Interest expense, net	−142	−134	−99	−88	—
Derivatives and foreign currency transaction gains (losses)	5	−4	−3	−6	−15
Income attributable to sale of tax benefits	67	73	61	34	30
Other non-operating income, net	385,000	188,000	2	−709,000	−134,000
Income from operations before income tax and equity in earnings (losses) of investees	106	115	139	96	104
Income tax (provision) benefit	20	16	−6	−15	−25
Equity in earnings (losses) of investees	960,000	−425,000	35,000	−3	−3
Net income	127	131	133	78	76
Net income attributable to noncontrolling interest	−3	−8	−9	−12	−14
Net income attributable to the Company's stockholders	124	124	124	66	62
Change in foreign currency translation adjustments	10	−8	1	−3	−3
Change in unrealized gains or (losses) in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge	−1	602,000	−470,000	8	—
Change in unrealized gains or losses in respect of an interest rate swap and cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax)	—	—	−4	−2	2
Other changes in comprehensive income	45,000	50,000	53,000	59,000	228,000
Comprehensive income	134	125	130	82	79
Comprehensive income attributable to noncontrolling interest	−5	−6	−9	−11	−13
Comprehensive income attributable to the Company's stockholders	128	118	121	71	67
Basic (in dollars per share)	2.04	2.05	2.09	1.17	1.11
Diluted (in dollars per share)	2.02	2.04	2.08	1.17	1.1
Weighted average number of shares used in computation of earnings per share, basic (in shares)	61	60	59	56	56
Weighted average number of shares used in computation of earnings per share, diluted (in shares)	61	61	60	57	56

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	147	94	196	96	239
Restricted cash and cash equivalents (primarily related to VIEs)	133	111	92	131	104
Trade less allowance for credit losses of $308 and $224, respectively (primarily related to VIEs)	165	164	209	129	123
Other	37	51	45	32	18
Inventories	45	38	45	23	28
Costs and estimated earnings in excess of billings on uncompleted contracts	30	29	18	16	10
Prepaid expenses and other	40	59	42	30	36
Total current assets	598	547	646	457	602
Investment in unconsolidated companies	162	145	125	116	106
Deposits and other (primarily related to VIEs)	138	75	45	40	79
Deferred income taxes	139	154	153	161	143
Property, plant and equipment, net ($3,460,079 and $3,271,248 related to VIEs, respectively)	3,673	3,502	2,999	—	—
Construction-in-process ($392,644 and $251,442 related to VIEs, respectively)	1,048	756	815	893	721
Operating leases right of use ($17,236 and $13,989 related to VIEs, respectively)	42	32	24	23	19
Finance leases right of use (none related to VIEs)	5	3	4	4	6
Intangible assets, net	275	302	308	334	363
Goodwill	168	151	91	90	90
Total assets	6,247	5,666	5,208	4,612	4,426
Accounts payable and accrued expenses	235	234	215	149	143
Short term revolving credit lines with banks (full recourse)	80	0	20	—	—
Commercial paper (less deferred financing costs of $17 and $23, respectively)	100	100	100	0	—
Billings in excess of costs and estimated earnings on uncompleted contracts	13	23	19	9	9
Limited and non-recourse (primarily related to VIEs):	80	70	57	64	62
Full recourse	214	161	117	101	314
Financing liability	10	4	5	16	11
Operating lease liabilities	5	4	3	2	3
Finance lease liabilities	2	1	1	2	3
Total current liabilities	738	598	537	344	544
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $13,488 and $8,849, respectively)	646	578	447	—	—
Full recourse (less deferred financing costs of $4,248 and $4,671, respectively)	1,009	823	698	—	—
Convertible senior notes (less deferred financing costs of $4,103 and $6,820, respectively)	472	470	423	—	—
Financing liability	207	216	221	226	242
Operating lease liabilities	30	23	20	20	16
Finance lease liabilities	3	2	2	2	4
Liability associated with sale of tax benefits	190	152	185	166	135
Deferred income taxes	69	69	67	83	85
Liability for unrecognized tax benefits	10	6	9	7	6
Liabilities for severance pay	12	10	12	—	—
Asset retirement obligation	136	130	114	98	85
Other long-term liabilities	34	29	22	3	5
Total liabilities	3,555	3,106	2,757	2,581	2,418
Commitments and contingencies (Note 20)	—	—	—	—	—
Redeemable noncontrolling interest	10	9	11	10	9
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,845,411 and 60,500,580 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	61,000	61,000	60,000	56,000	56,000
Additional paid-in capital	1,655	1,635	1,615	1,259	1,272
Treasury stock, at cost (258,667 shares held as of December 31, 2025 and 2024, respectively)	−18	−18	−18	−18	—
Retained earnings	909	815	720	624	585
Accumulated other comprehensive loss	−2	−7	−1	3	−2
Total stockholders' equity attributable to Company's stockholders	2,544	2,425	2,315	1,868	1,855
Noncontrolling interest	137	126	126	153	143
Total equity	2,681	2,551	2,441	2,021	1,998
Total liabilities, redeemable noncontrolling interest and equity	6,247	5,666	5,208	4,612	4,426

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	292	263	225	199	183
Accretion of asset retirement obligation	8	8	6	5	4
Stock-based compensation	19	20	15	12	9
Income attributable to sale of tax benefits, net of interest expense	−26	−22	−23	−13	−12
Equity in losses (earnings) of investees, net	−960,000	425,000	−35,000	3	3
Mark-to-market of derivative instruments	550,000	856,000	−2	2	741,000
Loss (gain) on disposal of property, plant and equipment	−303,000	101,000	35,000	−89,000	0
Loss (gain) on severance pay fund asset	−294,000	−413,000	154,000	1	−1
Loss (gain) on foreign currency exchange rate	−8	3	0	0	—
Deferred income tax provision	−33	5	−6	−19	−3
Liability for unrecognized tax benefits	4	−2	2	829,000	4
Receivables	4	27	−98	−20	27
Costs and estimated earnings in excess of billings on uncompleted contracts	−210,000	−12	−2	−7	—
Long-term costs and estimated earnings in excess of billings on uncompleted contracts	−49	−26	0	0	—
Inventories	−7	7	−22	6	4
Prepaid expenses and other	821,000	−9	−3	5	−19
Change in operating lease right of use asset	5	4	4	3	—
Deposits and other	6	−4	−8	3	−4
Accounts payable and accrued expenses	−2	11	69	−2	−22
Billings in excess of costs and estimated earnings on uncompleted contracts	−11	5	10	−463,000	−2
Liabilities for severance pay	1	−1	−989,000	−3	−3
Change in operating lease liabilities	−6	−9	−3	−4	—
Other liabilities, net	−3	5	11	−2	−102,000
Net cash provided by operating activities	335	411	309	281	259
Capital expenditures	−620	−488	−618	−563	−419
Investment in unconsolidated companies	−18	−19	−10	−5	−6
Cash paid for acquisition of a business, net of cash acquired	−89	−275	0	0	−171
Decrease (increase) in severance pay fund asset, net of payments made to retired employees	−213,000	1	221,000	1	3
Net cash used in investing activities	−726	−780	−628	−523	−638
Proceeds from long-term loans, net of transaction costs	549	515	150	135	—
Proceeds from exercise of options by employees	0	0	314,000	39,000	0
Proceeds from issuance of common stock, net of stock issuance costs	0	0	342	0	311,000
Proceeds from issuance of convertible notes, net of transaction costs	0	44	0	—	—
Proceeds related to tax monetization transactions	152	0	42	—	—
Proceeds from issuance of commercial paper, net of transaction costs	0	0	100	0	0
Proceeds from revolving credit lines with banks	1,974	186	55	0	0
Repayment of revolving credit lines with banks	−1,894	−206	−35	0	—
Cash received from noncontrolling interest	10	12	7	5	5
Transaction with noncontrolling interest	0	−10	−30	0	0
Repayments of long-term debt and financing liability	−265	−209	−207	—	—
Cash paid to noncontrolling interest	−8	−6	−10	−6	−7
Payments under finance lease obligations	−2	−1	−2	−3	−3
Deferred debt and tax monetization transactions issuance costs	−21	−7	−4	−2	−1
Cash dividends paid	−29	−29	−28	−27	−27
Net cash provided by (used in) financing activities	466	288	380	126	186
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	682,000	−579,000	72,000	−609,000	−348,000
Net change in cash and cash equivalents and restricted cash and cash equivalents	75	−82	61	−117	−193
Interest, net of interest capitalized	112	103	72	69	67
Income taxes, net of refunds	10	26	26	29	34
Increase (decrease) in accounts payable related to purchases of property, plant and equipment	−9	−3	−12	5	8
Right of use assets obtained in exchange for new lease liabilities	16	13	6	9	—
Increase in asset retirement cost and asset retirement obligation	−6	740,000	11	8	—

Filings

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