Short answer
ORMAT TECHNOLOGIES, INC. (ORA) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $250M (up 17.9% year over year) with net income of $24M.
Q3 2025 key financials · XBRL
- Revenue
- $250M
- +17.9% YoY · +6.7% QoQ
- Net income
- $24M
- +9.3% YoY · −13.9% QoQ
- Operating margin
- 16.2%
- Gross margin
- 25.6%
- EPS (diluted)
- $0.39
- +5.4% YoY · −15.2% QoQ
Source: XBRL data from the ORMAT TECHNOLOGIES, INC. (ORA) Q3 2025 10-Q on SEC EDGAR. USD.
ORMAT TECHNOLOGIES, INC. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
- 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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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