Short answer
ORMAT TECHNOLOGIES, INC. (ORA) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $990M (+12.5% year over year) and net income of $124M.
- Top risk flagged: Regulatory risk: Hawaii PUC approved 2024 PPA with fixed prices and extension to 2052 for 25 MW Puna Complex, replacing variable price PPA linked to oil prices
FY2025 key financial metrics · XBRL
- Revenue
- $990M
- +12.5% YoY
- Net income
- $124M
- +0.1% YoY
- Operating margin
- 17.1%
- −2.5 pp YoY
- Gross margin
- 27.6%
- −3.4 pp YoY
- EPS (diluted)
- $2.02
- −1.0% YoY
- ROE
- 4.9%
- −0.2 pp YoY
- Operating cash flow
- $335M
- −18.5% YoY
Source: XBRL data from the ORMAT TECHNOLOGIES, INC. (ORA) FY2025 10-K on SEC EDGAR. USD.
ORMAT TECHNOLOGIES, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Development, construction, and operation of geothermal, recovered energy-based, solar PV, and energy storage power plants globally
- Emphasis this year on new energy storage projects alongside traditional geothermal and solar PV facilities
- Strategic risk highlighted: increased dependence on government incentives subject to change, potentially impacting competitive positioning vs wind and solar developers
- Indebtedness $2.66B as of Dec 31, 2025, including $431.3M convertible senior notes issued in 2022, affecting financial flexibility and growth strategy
- Noteworthy risk: potential loss of insurance claim post-2018 Kilauea volcano eruption and challenges securing future natural disaster coverage
Management Discussion & Analysis
- Revenue details not explicitly provided; net income $127.0M in 2025 vs $131.2M in 2024 vs $133.1M in 2023, showing slight decline
- Adjusted EBITDA $582.0M in 2025, up 5.7% YoY from $550.5M in 2024; EBITDA $545.1M in 2025 vs $517.9M in 2024, margin data not disclosed
- Best segment performance reflected in increase of EBITDA primarily from unconsolidated investments (Sarulla and Ijen), specifics by segment not numerically detailed
- No explicit cash flow figures; noted use of $100M short-term commercial paper, long-term debt principal payments $2.66B with $613.7M interest due over multiple years; no dividend or buyback info provided
- Outlook notes market risks including electricity price volatility limited by PPAs, currency exchange exposure, inflation impact partially offset by contract pricing, interest rates normalized after sharp increases
Risk Factors
- Regulatory risk: Hawaii PUC approved 2024 PPA with fixed prices and extension to 2052 for 25 MW Puna Complex, replacing variable price PPA linked to oil prices
- Macroeconomic threat: U.S. inflation rise may increase expenses, reduce margins; 40% total revenues from foreign markets including Kenya, Honduras, Guatemala
- Operational risk: Product segment revenues highly volatile due to dependence on customer orders, financing contingencies, and raw material delivery timing
- Market disruption: Energy storage revenues exposed to volatility in merchant markets PJM, ISO New England, ERCOT, CAISO; shifting toward long-term tolling agreements to mitigate
- Financial risk: Royalty payments approx. 4.5% of Electricity segment revenues in 2025, creating cost sensitivity to revenue fluctuations
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