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Mar 31
Ormat Q1 2025 Earnings Report
Reported financial results for the first quarter ended March 31, 2025.
Key Takeaways
Ormat Technologies had a strong start to 2025, with increased revenue, net income, and adjusted EBITDA driven by improved performance in the Product and Storage segments. The Electricity segment saw a slight decline due to curtailments, but the company anticipates future growth from projects under development and a recent acquisition.
Revenue increased by 2.5% in Q1 2025 compared to Q1 2024.
Net income attributable to stockholders rose by 4.6% year-over-year.
Adjusted EBITDA grew by 6.4% in Q1 2025.
The company acquired the Blue Mountain geothermal power plant for $88 million to expand its U.S. asset base.
Ormat
Ormat
Ormat Revenue by Segment
Revenue by Segment
Electricity Revenue
CapyFin.comProduct Revenue
CapyFin.comEnergy Storage Revenue
CapyFin.com Forward Guidance
Ormat expects continued good performance throughout 2025, with solid generation growth from projects reaching commercial operation by year-end. The company anticipates a transition in the Storage segment to a more predictable portfolio and believes potential easing of permitting timelines will support growth in the Electricity segment.
Positive Outlook
- Expect continued good performance throughout 2025.
- Several projects under development are anticipated to reach commercial operation by the end of 2025, delivering solid generation growth.
- Potential easing of project permitting timelines may further support growth in the Electricity segment.
- Increased focus on geothermal exploration is expected to support growth, expand revenues, and help achieve long-term targets.
- Transitioning the Storage segment to a more predictable portfolio designed to maximize profitability.
Challenges Ahead
- The Electricity segment experienced a slight year-over-year decline in Q1 due to previously disclosed curtailments in California and Nevada.
- Recent reciprocal tariffs are anticipated to have a limited short-term impact on the Storage Segment.
- The company does not provide guidance on net income due to high variability and complexity in estimating certain forward-looking amounts.
- Subject to permit and PPA approval for the planned 13 MW solar facility addition to the Blue Mountain plant.
- Navigating a fluid regulatory environment.