ORMAT TECHNOLOGIES, INC. (ORA) Q3 2025 10-Q Quarterly Report
ORMAT TECHNOLOGIES, INC. (ORA) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 5, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
ORMAT TECHNOLOGIES, INC. Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Electricity segment revenue exposure limited by fixed/escalating rate PPAs; Puna Complex 25MW PPA benefits from high 2025 energy prices above floor
- • No specific quarterly revenue or YoY change figures disclosed for Q3 2025 versus 2024
- • 87.3% consolidated long-term debt fixed interest; short-term commercial paper at $100M as of Sept 30, 2025 with variable SOFR-based interest
- • Inflation increased operating costs 2022-24; U.S. PPAs not CPI linked; some PPAs include escalating price provisions to partially offset inflation effects
- • Major customers’ revenue shares decreased slightly YoY: Sierra Pacific 12.1% vs 13.5%, SCPPA 15.1% vs 17.9%, KPLC 11.9% vs 13.5% for Q3 2025 vs Q3 2024; overdue receivables $36.3M from KPLC and $16.0M from ENEE, partial payments made in Oct 2025
Risk Factors
- • New regulatory risk from OBBB law signed July 4, 2025, with updated rules in August 2025; impact under evaluation, currently deemed immaterial
- • Materially updated revenue risk due to 2024 fixed-price PPA extension in Hawaii until 2052, reducing exposure to oil price fluctuations
- • Legal risk from ring-fenced project subsidiaries limiting recourse of consolidated debt holders to project-level assets only
- • Operational risk from severe seasonal and weather-related variations affecting geothermal electricity generation and revenue predictability
- • Market risk from Energy Storage segment revenue volatility due to merchant market price fluctuations, partially mitigated by increasing fixed tolling agreements
ORMAT TECHNOLOGIES, INC. Q3 2025 Quarterly FinancialsXBRL
Revenue
$250M
▲ +17.9% YoY▲ +6.7% QoQ
Net Income
$24M
▲ +9.3% YoY▼ -13.9% QoQ
Gross Margin
25.6%
▼ -215bp YoY▲ +133bp QoQ
Operating Margin
16.2%
▼ -65bp YoY▲ +110bp QoQ
Net Margin
9.7%
▼ -76bp YoY▼ -232bp QoQ
ROE
1.0%
Total Assets
$6.1B
EPS (Diluted)
$0.39
▲ +5.4% YoY▼ -15.2% QoQ
Operating Cash Flow
$45M
▼ -57.6% YoY▼ -53.4% QoQ
Source: XBRL data from ORMAT TECHNOLOGIES, INC. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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