Ormat Technologies Earnings Call Transcripts
Fiscal Year 2026
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Doubling capacity and revenue by 2030, Ormat is expanding geothermal, storage, and product segments, while pioneering EGS with pilots targeting 1 GW by 2033–2035. Robust financials, disciplined capital allocation, and strong regulatory tailwinds underpin growth, with EGS poised to transform long-term profitability.
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Q2 saw double-digit revenue and gross profit growth, driven by strong energy storage and electricity segments, prompting a full-year guidance raise. The company expanded its portfolio, advanced EGS pilots, and maintained a balanced capital structure, with robust liquidity and rising PPA prices supporting long-term growth.
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Record Q1 revenue grew 75.8% year-over-year, led by energy storage and product segments. Adjusted EBITDA rose 29.7%, and guidance for 2026 was maintained with strong growth expected across all segments. Strategic investments and new PPAs support long-term targets.
Fiscal Year 2025
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Revenue grew 12.5% to $990M and adjusted EBITDA rose 5.7% to $582M, driven by strong product and energy storage segments. Major new PPAs, acquisitions, and EGS partnerships support a 2026 revenue outlook of $1.11–$1.16B and continued margin improvement.
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Q3 saw robust revenue and profit growth, led by energy storage and product segments, with raised 2025 guidance and a strong project backlog. Strategic partnerships and new PPAs are set to drive future expansion, while capital needs are well-covered by cash flow and tax credits.
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Record Q2 results with revenue up 9.9% and net income up 26.1% year-over-year, driven by product and storage segment growth. Secured $300 million in funding, advanced permitting, and maintained strong guidance for 2025, with robust demand and policy support fueling long-term growth.
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Revenue grew 2.5% and adjusted EBITDA hit a record, driven by strong storage and product segments, while electricity faced curtailments. Guidance calls for 9% revenue growth and 5% adjusted EBITDA growth in 2025, with proactive measures to mitigate tariff and regulatory risks.
Fiscal Year 2024
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Delivered 6.1% revenue and 14.3% adjusted EBITDA growth in 2024, driven by acquisitions, new PPAs, and storage expansion. 2025 guidance anticipates 9% revenue growth, with curtailments and weather as key variables. New contracts and safe-harbored projects support long-term growth.
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Q3 saw 16.3% Adjusted EBITDA growth, driven by portfolio expansion and operational gains. Revenue rose 1.8% year-over-year, with strong electricity segment performance and new storage agreements. Guidance was raised, and the SEC closed its investigation with no action.
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Q2 2024 saw 9% revenue and 25% Adjusted EBITDA growth year-over-year, driven by capacity expansion, improved operations, and strong energy storage performance. Guidance for 2024 was raised, with robust liquidity and significant tax benefits expected to fund growth.
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Capacity is set to nearly double by 2028, with a focus on US geothermal and storage growth, supported by regulatory incentives and robust demand from utilities and data centers. Permitting and interconnection risks are being mitigated, and the company expects to self-fund all expansion through cash flow and tax credits.