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Ormat Technologies (ORA) investor relations material
Ormat Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue grew 17.9% year-over-year to $249.7 million, with net income up 9.3% and operating income up 13.3%, driven by strong Product and Energy Storage segment performance.
Strategic partnerships with SLB and Sage Geosystems advanced enhanced geothermal system (EGS) development, with pilots expected to start drilling in late 2026.
Secured a 25-year extension for a 52 MW PPA, obtained geothermal licenses in Indonesia, and expanded international presence.
Commissioned the Lower Rio energy storage facility in Texas and expanded the product segment backlog to $295 million, up 79% year-over-year.
Secured $254 million in project financing and tax equity transactions to fund development.
Financial highlights
Q3 2025 revenue reached $249.7 million (+17.9% YoY), with growth across all segments; 9M 2025 revenue was $713.5 million (+10% YoY).
Gross profit was $64 million (8.8% increase), with a consolidated gross margin of 25.6% (down from 27.8% YoY).
Net income attributable to stockholders was $24.1 million ($0.39 per diluted share, up 8.3%); adjusted net income was $24.9 million ($0.41 per share, down 2.4%).
Adjusted EBITDA was $138.4 million (+0.6% YoY); 9M 2025: $423.3 million (+4.5% YoY).
Product segment revenue up 66.6% in Q3 and 53.6% for 9M; Energy Storage up 108.1% in Q3 and 96.5% for 9M.
Outlook and guidance
2025 revenue guidance raised to $960–$980 million; adjusted EBITDA guidance increased to $575–$593 million.
Segment revenue guidance: Electricity $700–$705 million, Product $190–$200 million, Energy Storage $70–$75 million.
2028 targets: $1.2–$1.25 billion revenue, $775–$825 million adjusted EBITDA, 8.6% and 9.8% CAGRs respectively.
Growth plan targets 15–17% CAGR in capacity through 2028, with 2.6–2.8 GW total capacity.
Adjusted EBITDA attributable to minority interest projected at ~$17.5 million.
EGS development timeline acceleration
Electricity segment margin decline drivers?
Indonesian GEECA: new business model impact?
EGS pilot project timeline and expected scale?
Quantify 2025 non-recurring Electricity impacts?
Product segment margin sustainability beyond 2025?
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Next Ormat Technologies earnings date
Q4 202526 Feb, 2026
Next Ormat Technologies earnings date
Q4 202526 Feb, 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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