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Ormat Technologies
Ormat Technologies (ORA) investor relations material
Ormat Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Revenue grew 12.5% year-over-year to $990 million for FY 2025, with Q4 revenue up 19.6% to $276 million, reflecting strong execution across product and energy storage segments.
Adjusted EBITDA increased 5.7% year-over-year to $582 million, with Q4 up 9.1%.
Major new PPAs totaling ~200 MW were secured with Google (up to 150 MW for 15 years), Switch (13 MW for 20 years), and other hyperscalers and utilities at elevated prices.
Strategic investments and partnerships in next-generation geothermal technologies, including a $25 million investment in Sage Geosystems and collaboration with SLB, advanced EGS commercialization.
Acquisitions of Hoku (HI) and Blue Mountain (NV), and commissioning of Arrowleaf (CA), expanded the hybrid and geothermal portfolios.
Financial highlights
Full-year gross margin was 27.6%, down from 31% last year, mainly due to electricity segment curtailments and revenue mix shift; Q4 gross margin was 28.6%.
Q4 net income attributable to stockholders was $31.4 million ($0.50/share), down from $40.8 million last year, impacted by asset impairments and higher tax rate.
Adjusted net income for 2025 was $137.3 million ($2.24/share), up from $133.7 million ($2.20/share) in 2024.
Product segment revenue surged 55.2% year-over-year; Storage segment revenue more than doubled (+109.3%), with Q4 Storage revenue up 140.5%.
Cash from operations for 2025 was $335 million; total liquidity at year-end was $680 million.
Outlook and guidance
2026 revenue guidance: $1,110–$1,160 million (+14.6% at midpoint); Adjusted EBITDA: $615–$645 million (+8.2%).
Segment revenue guidance for 2026: Electricity $715–$730 million; Product $300–$320 million; Energy Storage $95–$110 million.
Storage segment revenue expected to grow 42.8% in 2026; Product segment up 29.7%.
Growth plan targets 15–18% CAGR in capacity through 2028, reaching 2.6–2.8 GW.
Curtailment impact expected to drop to $4–$5 million in 2026, with gross margin in electricity segment projected to rise by 1–2%.
EGS development strategy and investment impact
Impact of new PPAs on long-term growth
Energy Storage margin strategy and drivers
EGS equipment sales: timing and market strategy
Future application of Google PPA portfolio model
Electricity segment 2026 revenue growth drivers
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Next Ormat Technologies earnings date
Q1 20267 May, 2026
Ormat Technologies
Next Ormat Technologies earnings date
Q1 20267 May, 2026
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Frequently asked questions
Ormat Technologies Inc. engages in the development, ownership, and operation of renewable energy projects with a primary focus on geothermal and recovered energy generation. The company designs, manufactures, and sells equipment for geothermal power plants, as well as providing services related to resource exploration, development, and plant construction. Ormat also operates energy storage systems to complement its renewable energy portfolio, serving utilities and industrial customers worldwide. The company is headquartered in Reno, Nevada, and its shares are listed on the NYSE.
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