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Jun 30, 2025
Ormat Q2 2025 Earnings Report
Ormat reported record second quarter revenue and adjusted EBITDA results, driven by recovery in the Product segment and improved performance in the Energy Storage segment.
Key Takeaways
Ormat Technologies, Inc. announced strong financial results for the second quarter ended June 30, 2025, with record revenue and Adjusted EBITDA. The company saw a 9.9% increase in revenue, a 26.1% rise in net income, and a 6.7% improvement in Adjusted EBITDA, primarily due to the recovery of its Product segment and enhanced performance in the Energy Storage segment.
Ormat achieved record second quarter revenue of $209.8 million, a 9.9% increase year-over-year.
Net income surged by 26.1% to $38.7 million, while Adjusted EBITDA grew by 6.7% to $100.0 million.
The Product segment's revenue and margin recovered, and the Energy Storage segment benefited from new projects and higher merchant prices.
The company completed the acquisition of the 20MW Blue Mountain geothermal power plant and secured $300 million in funding for future project development.
Revenue by Segment
Forward Guidance
Ormat expects strong growth for its geothermal and storage business in 2025 and beyond, driven by favorable regulatory developments, increased exploration, rising demand for baseload renewable energy, and higher PPA pricing. The company anticipates full-year 2025 total revenues between $820 million and $850 million, and Adjusted EBITDA between $400 million and $420 million.
Positive Outlook
- Anticipated full-year 2025 total revenues between $820 million and $850 million.
- Expected full-year 2025 Adjusted EBITDA between $400 million and $420 million.
- Strong growth foreseen for geothermal and storage business due to favorable regulatory developments.
- Increased exploration activity and rising demand for baseload renewable energy.
- Higher Power Purchase Agreement (PPA) pricing contributing to future growth.
Challenges Ahead
- Planned well field work at Puna Power plant negatively impacted Electricity segment revenue and EBITDA.
- Planned third-party curtailments in the U.S. negatively impacted Electricity segment revenue and EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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