Ormat Q1 2022 Earnings Report
Key Takeaways
Ormat Technologies reported a 10.4% year-over-year increase in total revenues for Q1 2022, driven by the Electricity segment. Net income attributable to the company's stockholders grew by 20.8% year-over-year, and adjusted EBITDA increased by 8.7%. The company is on track to increase its combined geothermal, energy storage, and solar generating portfolio to more than 1.5 GW by 2023 and deliver an annual Adjusted EBITDA of $500 million on a run-rate basis towards the end of 2022.
Total revenues for the first quarter increased by 10.4% year-over-year, led by the Electricity segment.
Net income attributable to the company’s stockholders grew 20.8% year-over-year.
Adjusted EBITDA grew 8.7% year-over-year.
Product segment backlog stands at $45.7 million as of May 2, 2022.
Ormat
Ormat
Ormat Revenue by Segment
Forward Guidance
Ormat anticipates total revenues between $710 million and $735 million, electricity segment revenues between $630 million and $640 million, product segment revenues between $50 million and $60 million, energy storage revenues between $30 million and $35 million, and adjusted EBITDA between $430 million and $450 million.
Positive Outlook
- Total revenues of between $710 million and $735 million
- Electricity segment revenues between $630 million and $640 million, adjusted down by $15 million due to the expected impact from Heber 1 shutdown following February fire.
- Product segment revenues of between $50 million and $60 million
- Energy Storage revenues of between $30 million and $35 million
- Adjusted EBITDA to be between $430 million and $450 million, including $15.0 million for insurance proceeds