# ORMAT TECHNOLOGIES, INC. (ORA) Informational only - not investment advice. CIK: 0001296445 SIC: 4911 Electric Services SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Electric, Gas, And Sanitary Services](/major-group/49/) > [SIC 4911 Electric Services](/industry/4911/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1296445 Filing source: https://www.sec.gov/Archives/edgar/data/1296445/000129644526000006/ora-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001296445-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001296445.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 989,543,000 USD | 2025 | verified | | Net income | 123,898,000 USD | 2025 | verified | | Assets | 6,246,508,000 USD | 2025 | verified | | Free cash flow | -284,675,000 USD | 2025 | computed | | Net margin | 12.52% | 2025 | computed | | Operating margin | 17.10% | 2025 | computed | | Revenue YoY | +12.49% | 2025 | computed | | ROE | 4.87% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ORA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 12.5% | 12.2% | 52 | 26 | | Operating margin | 17.1% | 20.2% | 40 | 26 | | Revenue growth | 12.5% | 9.2% | 80 | 26 | | FCF margin | -28.8% | -2.0% | 5 | 23 | | ROE | 4.9% | 9.4% | 15 | 28 | | ROA | 2.0% | 2.6% | 26 | 28 | | Liabilities / equity | 1.40 | 2.76 | 11 | 28 | | Current ratio | 0.81 | 0.81 | 52 | 28 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4911 Electric Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 989543000 | USD | 2025 | 2026-02-26 | | Net income | 123898000 | USD | 2025 | 2026-02-26 | | Assets | 6246508000 | USD | 2025 | 2026-02-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001296445.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 662,591,000 | 692,812,000 | 719,267,000 | 746,044,000 | 705,342,000 | 663,084,000 | 734,159,000 | 829,424,000 | 879,654,000 | 989,543,000 | | Net income | 88,708,000 | 132,414,000 | 97,966,000 | 88,095,000 | 85,456,000 | 62,092,000 | 65,841,000 | 124,399,000 | 123,733,000 | 123,898,000 | | Operating income | 201,882,000 | 205,018,000 | 185,110,000 | 193,796,000 | 214,013,000 | 169,357,000 | 152,803,000 | 166,585,000 | 172,470,000 | 169,225,000 | | Gross profit | 270,795,000 | 268,452,000 | 270,435,000 | 269,323,000 | 276,275,000 | 264,338,000 | 268,824,000 | 264,018,000 | 272,619,000 | 272,685,000 | | Diluted EPS | 1.77 | 2.61 | 1.92 | 1.72 | 1.65 | 1.10 | 1.17 | 2.08 | 2.04 | 2.02 | | Operating cash flow | 159,285,000 | 245,575,000 | 145,822,000 | 236,493,000 | 265,005,000 | 258,822,000 | 280,974,000 | 309,401,000 | 410,919,000 | 335,101,000 | | Capital expenditures | 151,930,000 | 259,234,000 | 258,521,000 | 279,986,000 | 320,738,000 | 419,272,000 | 563,476,000 | 618,383,000 | 487,678,000 | 619,776,000 | | Dividends paid | 25,682,000 | 20,511,000 | 26,834,000 | 22,386,000 | 22,471,000 | 26,986,000 | 27,143,000 | 28,412,000 | 29,109,000 | 29,072,000 | | Share buybacks | | | | | 0.00 | 0.00 | 17,964,000 | 0.00 | 0.00 | | | Assets | 2,461,569,000 | 2,623,864,000 | 3,121,350,000 | 3,250,494,000 | 3,888,987,000 | 4,425,678,000 | 4,611,579,000 | 5,208,279,000 | 5,666,224,000 | 6,246,508,000 | | Liabilities | 1,288,525,000 | 1,321,748,000 | 1,667,651,000 | 1,725,834,000 | 1,937,720,000 | 2,417,888,000 | 2,581,014,000 | 2,756,693,000 | 3,105,844,000 | 3,555,232,000 | | Stockholders' equity | 1,076,690,000 | 1,211,378,000 | 1,319,837,000 | 1,392,420,000 | 1,805,985,000 | 1,854,999,000 | 1,867,571,000 | 2,315,427,000 | 2,425,129,000 | 2,543,943,000 | | Cash and cash equivalents | 230,214,000 | 47,818,000 | 98,802,000 | 71,173,000 | 448,252,000 | 239,278,000 | 95,872,000 | 195,808,000 | 94,395,000 | 147,448,000 | | Free cash flow | 7,355,000 | -13,659,000 | -112,699,000 | -43,493,000 | -55,733,000 | -160,450,000 | -282,502,000 | -308,982,000 | -76,759,000 | -284,675,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 13.39% | 19.11% | 13.62% | 11.81% | 12.12% | 9.36% | 8.97% | 15.00% | 14.07% | 12.52% | | Operating margin | 30.47% | 29.59% | 25.74% | 25.98% | 30.34% | 25.54% | 20.81% | 20.08% | 19.61% | 17.10% | | Return on equity | 8.24% | 10.93% | 7.42% | 6.33% | 4.73% | 3.35% | 3.53% | 5.37% | 5.10% | 4.87% | | Return on assets | 3.60% | 5.05% | 3.14% | 2.71% | 2.20% | 1.40% | 1.43% | 2.39% | 2.18% | 1.98% | | Liabilities / equity | 1.20 | 1.09 | 1.26 | 1.24 | 1.07 | 1.30 | 1.38 | 1.19 | 1.28 | 1.40 | | Current ratio | 2.50 | 1.14 | 1.31 | 1.10 | 3.13 | 1.11 | 1.33 | 1.20 | 0.91 | 0.81 | ## As-reported value updates 5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/ORA/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001296445.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.32 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.51 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.40 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 208,056,000 | 35,453,000 | 0.59 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 241,340,000 | 35,726,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 224,166,000 | 38,587,000 | 0.64 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 212,963,000 | 22,243,000 | 0.37 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 211,784,000 | 22,082,000 | 0.36 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 230,741,000 | 40,821,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 229,762,000 | 40,362,000 | 0.66 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 234,018,000 | 28,046,000 | 0.46 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 249,727,000 | 24,137,000 | 0.39 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 276,036,000 | 31,353,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 403,911,000 | 44,068,000 | 0.71 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 258,764,000 | 27,086,000 | 0.43 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ORA's latest 10-K: [/company/ORA/business/](/company/ORA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ORA's latest 10-K: [/company/ORA/risk-factors/](/company/ORA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1296445/000129644526000014/ora-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  Cautionary Note Regarding Forward-Looking Statements  This quarterly report on Form 10-Q includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this quarterly report that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this quarterly report on Form 10-Q, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “contemplate”, or “target” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. The forward-looking statements in this quarterly report are primarily located in the material set forth under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Risk Factors”, and “Notes to Condensed Consolidated Financial Statements”, but are found in other locations as well. These forward-looking statements generally relate to our plans, objectives and expectations for future operations and are based upon management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. You should read this quarterly report on Form 10-Q completely and with the understanding that actual future results and developments may be materially different from what we expect attributable to a number of risks and uncertainties, many of which are beyond our control.  These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.  During the period covered by this quarterly report on Form 10-Q, there have been no material changes in our risk factors previously disclosed in our 2025 Annual Report. A summary of the risks that may cause actual results to differ from our expectations include, but are not limited to the following: Risks Related to the Company’s Business and Operation •Our financial performance depends on the successful operation of our geothermal, REG, solar PV power plants under the Electricity segment as well as our energy storage facilities, which are subject to various operational risks. •Our exploration, development, and operation of geothermal energy resources are subject to geological risks and uncertainties. •We may decide not to implement, or may not be successful in implementing, one or more elements of our multi-year strategic plan, and the plan may not achieve its goal of enhancing shareholder value. •Changes in U.S. and foreign government policy, including the imposition of or increases in tariffs and changes to existing trade agreements, could have a material adverse effect on global economic conditions and our business, results of operations, prospects and financial condition. •Our investments and profitability in Battery Energy Storage Systems (BESS) may be negatively affected by a number of factors, including major change in battery technology, increases in storage costs, expanded trade restrictions, risk of fire, volatility in merchant prices and competition. •Our investments in EGS projects involve substantial technical, operational, and geological uncertainties, including risks related to reservoir creation and sustainability, drilling success rates, well productivity, thermal recovery, induced seismicity, permitting, and long-term system performance. There can be no assurance that EGS projects in which we invest will achieve expected technical milestones, operate reliably, or produce energy at commercially viable levels. •Concentration of customers, specific projects and regions may expose us to heightened financial risk. •Our international operations expose us to risks related to the application of foreign laws and regulations. •Political, economic and other conditions in the emerging economies where we operate, including Israel, may subject us to greater risk than in the developed U.S. economy. •Conditions in and around Israel (including conflicts involving Iran and its proxies) where much of our senior management and our main Product segment production and manufacturing facilities are located, may adversely 30 affect our operations and may limit our ability to produce and sell our products, and may limit our ability to support our operations. •Some of our leases will terminate if we do not extract geothermal resources in “commercial quantities” or fail to comply with such leases or applicable law or if the lessor under any such lease defaults on any debt secured by the relevant property. •Our business development activities may not be successful and our projects under construction or facilities undergoing enhancement and repowering may be delayed due to permitting, regulatory, interconnection and other factors. •Our future growth depends, in part, on the successful enhancement of a number of our existing facilities. •We rely on power transmission facilities that we do not own or control. •Our use of joint ventures may limit our flexibility with jointly owned investments. •Our operations could be adversely impacted by climate change and other extreme weather events. •We could be impacted by regulatory and other responses to climate change. •We may not be able to successfully complete acquisitions, and we may not be able to successfully integrate, or realize anticipated synergies from, companies that we have acquired and may acquire in the future. •Competition for power purchase agreements, development sites, interconnection capacity, and skilled personnel may adversely affect our ability to grow our business or maintain favorable contract terms. •Changes in costs and technology may significantly impact our business by making our power plants and products less competitive, resulting in our inability to sign new or recontracted PPAs for our Electricity segment and new supply and EPC contracts for our Product segment. •Our intellectual property rights may not be adequate to protect our business. •We may experience a cyber-incident, cyber security breach, severe natural event or physical attack on our operational networks and information technology systems. Risks Related to Governmental Regulations, Laws and Taxation •Our financial performance could be adversely affected by changes in the legal and regulatory environment affecting our operations. •Pursuant to the terms of some of our PPAs with investor-owned electric utilities and publicly-owned electric utilities in states that have renewable portfolio standards, the failure to supply the contracted capacity and energy thereunder may result in the imposition of penalties. •If any of our domestic power plants lose their current Qualifying Facility status under the U.S. Public Utility Regulatory Policies Act of 1978 (“PURPA”), or if amendments to PURPA are enacted that substantially reduce the benefits currently afforded to Qualifying Facilities, our domestic operations could be adversely affected. •The absence of new or renewed BLM permits for solar PV projects on U.S. federal lands could impair our development activities, project pipeline and growth prospects. •The reduction, elimination or inability to monetize government incentives and tax credits could adversely affect our business, financial condition, future results and cash flows. •Our operations are primarily conducted through our subsidiaries, which are separate legal entities, and our ability to generate cash depends substantially on the performance of our subsidiaries and the power plants they operate, most of which are subject to restrictions and taxation on dividends and distributions. •The costs of compliance with federal, state, local and foreign environmental laws and our ability to obtain and maintain environmental permits and governmental approvals required for development, construction and/or operation, may result in liabilities, increased costs and delays in construction (as well as fines or penalties that may be imposed upon us in the event of non-compliance with such laws or regulations). •We could be exposed to significant liability for violations of hazardous substances laws because of the use or presence of such substances at our power plants. •U.S. federal, state and foreign country income tax reform could adversely affect us. 31 •Litigation, legal proceedings, regulatory investigations or other administrative proceedings could expose us to significant liabilities and reputational damage that could have a material adverse effect on us. Risks Related to Economic and Financial Conditions •We may be unable to obtain the financing we need on favorable terms to pursue our growth strategy and any future financing we receive may be less favorable to us than our current financing arrangements. •We have incurred substantial indebtedness that may decrease our business flexibility, access to capital, and/or increase our borrowing costs, and we may still incur substantially more debt, which may adversely affect our operations and financial results. •Our debt obligations may adversely affect our ability to raise additional capital and will be a burden on our future cash resources, particularly if we elect to settle these obligations in cash upon conversion or upon maturity or required repurchase. •Our foreign power plants and foreign manufacturing operations expose us to risks related to fluctuations in currency rates, which may reduce our profits from such power plants and operations. •If our project subsidiaries default on their obligations under debt or lease financing arrangements, we may be required to make payments to the relevant debt holders, and if the collateral is foreclosed upon, we may lose certain of our power plants. •We may experience fluctuations in the costs of construction, raw materials, commodities and drilling. •Our commodity derivative activity may limit potential gains, increase potential losses, result in earnings volatility and involve other risks. •We are exposed to various credit risks. •We may not be able to obtain sufficient insurance coverage to cover damages to our assets and profitability. Risks Related to Force Majeure •The existence of a prolonged force majeure event or a forced outage affecting a power plant, or the transmission systems could reduce our net income. •Threats of terrorism may impact our operations in unpredictable ways and could adversely affect our business, financial condition, future results and cash flow. Risks Related to Ownership of our Common Stock •Future equity issuances, including through our current or any future equity compensation plans, could result in dilution, which could cause the price of our shares of common stock to decline. •The price of our common stock has in the past and may in the future fluctuate substantially, and your investment may decline in value. The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes included el [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1296445/000129644526000006/ora-20251231.htm Complete FY 2025 MD&A: /company/ORA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS    You should read the following discussion and analysis of our results of operations, financial condition and liquidity in conjunction with our consolidated financial statements and the related notes. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report including information with respect to our plans and strategies for our business, statements regarding the industry outlook, our expectations regarding the future performance of our business, and the other non-historical statements contained herein are forward-looking statements. See “Cautionary Note Regarding Forward-Looking Statements.” You should also review Item 1A — “Risk Factors” for a discussion of important factors that could cause actual results to differ materially from the results described herein or implied by such forward-looking statements. General Recent Developments  The most significant recent developments for our Company and business during 2025 and 2026 to date are described below: •In February 2026, we entered into a long-term geothermal portfolio PPA to supply up to 150MW of new geothermal capacity to support Google’s data center’s energy needs, through NV Energy’s Clean Transition Tariff program. The portfolio structure is expected to enable the development of multiple new geothermal projects across Nevada, with energy deliveries anticipated to commence between 2028 and 2030 as projects reach commercial operations. Per the PPA structure, the contract term begins with the first geothermal project achieving commercial operations and extends 15 years beyond the final project’s commercial operations date. The agreement and related energy supply arrangements are subject to approval by the Nevada PUC, which is expected in the second half of 2026. •In January 2026, we acquired Hoku, a recently built operational solar-plus-storage facility on the Big Island of Hawaii, from Innergex Renewable Energy Inc. for total cash consideration of $80.5 million. The acquired assets include a 30MW solar PV facility paired with a 30MW/120MWh battery energy storage system, which achieved commercial operation in March 2025 and is fully operational. All output from the facility is sold under a 25-year fixed-price power purchase agreement with HECO. •In January 2026, we made a $25 million investment in Sage Geosystems Inc. (“Sage”) as part of Sage’s Series B financing round. This investment represents an important milestone in our strategy to expand our EGS portfolio and capabilities and supports the continued development and commercialization of next-generation geothermal technology. In August 2025, we also announced the signing of a strategic commercial agreement with Sage. Under the terms of the agreement, Sage will pilot its advanced pressure geothermal technology to extract geothermal heat energy from hot dry rock at an existing Ormat power plant. This collaboration aims to significantly reduce the time needed to bring geothermal energy to market and is expected to enhance the Company’s operational efficiency while accelerating the implementation of next-generation geothermal solutions. The strategic commercial agreement was closed. •In January 2026, we were awarded the Telaga Ranu geothermal working area concession in Indonesia following a competitive tender process. The concession is located in Halmahera, North Maluku, within one of Indonesia’s highest approved feed-in tariff zones and has the potential to support up to approximately 40MW of baseload geothermal generation capacity. This award strengthens our long-term development pipeline and supports our continued growth strategy in Indonesia. •In January 2026, we entered into a new 20-year PPA with Switch, Inc., a leading provider of data center infrastructure, pursuant to which Switch will purchase approximately 13MW of carbon-free geothermal capacity from our Salt Wells geothermal power plant located near Fallon, Nevada. Under the agreement, energy deliveries are scheduled to commence in the first quarter of 2030, following the completion of a planned major upgrade to the Salt Wells facility. As part of the agreement, we also have the option to further expand the facility’s output through the addition of an approximately 17MW solar PV facility to support the plant’s auxiliary power needs. •In December 2025, we reached the COD for Arrowleaf, our first hybrid solar-plus-storage project, consisting of approximately 42MW of solar generation capacity and 35MW/140MWh of energy storage. The project operates 72 under a long-term tolling agreement with San Diego Community Power. In connection with the project’s COD, the related hybrid tax equity partnership transaction with Morgan Stanley Renewables, Inc. closed in December 2025 and resulted in approximately $38 million of upfront proceeds to the Company. •In October 2025, the Company and SLB announced an agreement to fast-track the development and commercialization of integrated geothermal assets, including EGS. Together, Ormat and SLB intend to streamline project deployment, from concept to power generation. As part of this effort, SLB will develop, pilot and scale EGS solutions to enable wide-scale EGS adoption. This collaboration will include the design and construction of an EGS pilot at an Ormat site. •In September 2025, we successfully commenced the commercial operations of our 60MW/120MWh Lower Rio energy storage facility, located in Texas. •In August 2025, we signed two Geothermal Exploration and Energy Conversion Agreements (“GEECA”), a novel form of power purchase agreement, with Perusahaan Listrik Negara (“PLN”), each covering up to 20 MW of geothermal capacity each in Songa Wayaua and Atadei located in Indonesia. Under the terms of these agreements, the Company, through its project companies, will undertake the exploration drilling, financing, designing, constructing, installing, and operating the Geothermal Power Plant on a BOT (“Build, Operate and Transfer”) basis , with a 23 year operating term. PLN will reimburse the cost of successful drilling and retains the option to acquire up to a 30% equity interest in the project companies. •In August 2025, we announced the signing of a 25-year extension to our existing power purchase agreement with SCPPA, for the 52MW from Heber 1 geothermal facility. This long-term agreement, which is effective February 2026, will ensure the continued delivery of clean, baseload geothermal energy to the Los Angeles Department of Water and Power and the Imperial Irrigation District. The Company will supply the SCPPA with electricity from the Ormat Heber 1 geothermal facility, located in the Imperial Valley of Southern California. •In July 2025, we entered into loan agreements with a consortium of French banks pursuant to which we will borrow up to approximately €99.8 million aggregate principal amount in connection with our new Bouillante geothermal power plant in Guadeloupe. •In July 2025, we entered into a tax partnership agreement with a private investor, under which the private investor paid approximately $77.1 million for the tax benefits related to the Heber 1&2 Geothermal power plants that are part of our Heber Complex. The private investor will pay over eight years additional installments that are expected to amount to approximately $25.7 million. •In June, 2025, we entered into loan agreements with the Caribbean Development Bank and Caricom Development Fund pursuant to which we will borrow up to $49.8 million aggregate principal amount in connection with the 10MW Geothermal Project in Dominica. •In June 2025, we closed the acquisition of the Blue Mountain geothermal power plant from Cyrq Energy. The 20MW facility, located in Humboldt County, NV, was purchased for $88.7 million for 100% of the equity interest in the power plant. The power plant, built using Ormat technology, features an existing 51MW interconnection capacity and a PPA with NV Energy that expires at the end of 2029. The Company plans to upgrade the power plant and increase its capacity by 3.5MW. Additionally, subject to permit and PPA approval, Ormat intends to add a 13MW solar facility to support the plant's auxiliaries. •In May 2025, we announced the signing of a $62.0 million Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc. The partnership’s transaction covers the Lower Rio 60MW/120MWh storage facility and the Arrowleaf 35MW/140MWh storage and 42MW solar projects, which are expected to achieve COD by the end of 2025. •In February 2025, we won a tender issued by the Israeli Electricity Authority and have been awarded two separate 15-year tolling agreements for two Energy Storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh. The ownership of the projects will be shared, 50/50 between Ormat and Allied Infrastructure LTD, a leading infrastructure company in Israel. •In February 2025, we announced the successful COD for the Ijen geothermal power plant that is owned jointly with PT Medco Power Indonesia (“Medco Power”). The Ijen Geothermal Power Plant, equipped with Ormat Energy Converter, began operations with its first phase, delivering 35MW of electricity power to the Java grid, Ormat’s share of the facility is 17MW. •In January 2025, we announced the signing of a 10-year PPA with Calpine Energy Solutions, one of North America’s largest energy suppliers. Under this agreement, Calpine Energy Solutions agreed to purchase up to 15MW of clean, renewable energy from the Mammoth 2 geothermal power plant located near Mammoth Lakes, California, to support demand within its retail portfolio. Energy deliveries under the PPA are scheduled to begin 73 in the first quarter of 2027 and will replace the existing PPA with Southern California Edison. The new PPA includes an increase in production capacity and a higher price point. Opportunities, Trends and Uncertainties  Different trends, factors and uncertainties may impact our operations and financial condition, including many that we do not or cannot foresee. However, we believe that our results of operations and financial condition for the foreseeable future will be primarily affected by the following trends, factors and uncertainties that are from time to time also subject to market cycles: •Increased Demand for Baseload and Data Centers: Demand for electricity generated from geothermal and other renewable resources in the United States has increased due to the need for reliable baseload power and the growing energy requirements of data centers. This demand is supported by legislative and regulatory initiatives, including state RPS and clean energy mandates, which encourage or require the procurement of renewable energy. •Higher PPA Pricing in the United States: Increasing electricity demand from data centers and hyperscale customers has contributed to higher PPA pricing in the United States for new geothermal projects and for the renewal of PPAs scheduled to expire over the next few years. This trend may support improved profitability and increased future revenues from our operating assets; however, actual outcomes will depend on market conditions, and timing of contract renewals. •Enhanced Geothermal Systems (“EGS”) Opportunities: Advancements in and viability of EGS technology may create opportunities for growth in both our Electricity and Product segments by expanding the range of geothermal resources that can be economically developed. EGS has the potential to enable power generation and equipment sales in locations that do not have naturally occurring hydrothermal resources, which could increase the addressable market for geothermal energy. The timing, scale and commercial viability of EGS development remain uncertain and will depend on technological progress, regulatory frameworks, cap [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ORA/mda/fy2025/ All MD&A years: /company/ORA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ORA/mda/fy2024/): filed 2025-02-27; accession 0001628280-25-008531 (https://www.sec.gov/Archives/edgar/data/1296445/000162828025008531/ora-20241231.htm) - [FY 2023 MD&A](/company/ORA/mda/fy2023/): filed 2024-02-23; accession 0001437749-24-005322 (https://www.sec.gov/Archives/edgar/data/1296445/000143774924005322/ora20231231_10k.htm) - [FY 2022 MD&A](/company/ORA/mda/fy2022/): filed 2023-02-24; accession 0001437749-23-004477 (https://www.sec.gov/Archives/edgar/data/1296445/000143774923004477/ora20221231_10k.htm) - [FY 2021 MD&A](/company/ORA/mda/fy2021/): filed 2022-02-25; accession 0001437749-22-004440 (https://www.sec.gov/Archives/edgar/data/1296445/000143774922004440/ora20211231_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4911 Electric Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ORA.md · JSON record: /company/ORA.json · verified financials: /company/ORA/financials.json / /company/ORA/financials.csv · machine TOC for the whole site: /llms.txt