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Ormat Technologies increases its quarterly revenue by 17.9%

Ormat Technologies reported a rise in revenue for the third quarter, supported by solid performances in its Product and Storage segments, and revised its 2025 annual guidance upward.

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Ormat Technologies posted revenue of $249.7mn in the third quarter of 2025, up 17.9% from $211.8mn in the same period last year. Net income attributable to shareholders increased by 9.3% to $24.1mn, while diluted earnings per share reached $0.39, up 8.3%. The company also raised its annual revenue and adjusted EBITDA forecasts.

Storage ramp-up and order book growth

The Energy Storage segment doubled its revenue to $20.4mn, supported by the commissioning of the Lower Rio, Bottleneck and Montague facilities. The Product segment recorded a 66.6% increase in revenue to $62.2mn, driven by the progress of manufacturing and construction contracts. The order backlog now stands at $295mn.

Electricity operations resilient despite disruptions

Revenue in the Electricity division rose by 1.5% to $167.1mn, supported by the acquisition of the Blue Mountain plant and improved performance at Dixie Valley. These gains offset a combined $5.5mn loss related to a grid failure in California and ongoing works at the Stillwater site, as well as production curtailments at some Nevada plants.

Stable adjusted EBITDA and non-recurring effects

Adjusted EBITDA for the quarter totalled $138.4mn, a slight increase of 0.6%. This was tempered by reduced income from tax benefit sales and the absence of one-off gains recorded in 2024, including a legal settlement with a battery supplier. Over the first nine months of the year, adjusted EBITDA reached $423.3mn, up 4.5%.

Commercial agreements and strategic partnerships

Ormat signed a partnership with SLB to develop Enhanced Geothermal Systems (EGS), aiming to accelerate their market deployment. An agreement was also signed with Sage Geosystems to pilot a pressure-based geothermal technology. These initiatives are intended to diversify geothermal offerings and shorten development cycles.

International deployment and long-term contracts

The company signed two Geothermal Exploration and Energy Conversion Agreements with Indonesian utility PLN, covering up to 40MW of capacity. A 25-year extension was also signed with the Southern California Public Power Authority for the Heber 1 facility. Ormat confirmed the start of commercial operations at its Lower Rio storage facility in Texas.

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