Ormat Technologies, Inc. reported a total revenue of $234.0 million for the second quarter of 2025, marking a 9.9% increase from $213.0 million in the same period of 2024. The company's net income attributable to stockholders rose to $28.0 million, compared to $22.2 million in the prior year, reflecting a 26% increase. For the first half of 2025, total revenues reached $463.8 million, up 6.1% from $437.1 million in the first half of 2024, with net income attributable to stockholders increasing to $68.4 million from $60.8 million.
The company's Electricity segment saw a decline in revenue, generating $159.9 million in Q2 2025, down from $166.2 million in Q2 2024, primarily due to reduced power generation at the Puna power plant and curtailments at other facilities. In contrast, the Product segment experienced significant growth, with revenues increasing by 57.6% to $59.6 million, driven by project progress and timing of revenue recognition. The Energy Storage segment also reported a substantial increase, with revenues rising 62.7% to $14.5 million, attributed to new facilities coming online and higher energy rates.
Operationally, Ormat's total cost of revenues increased to $177.1 million in Q2 2025, up from $151.6 million in Q2 2024, largely due to higher depreciation costs associated with power plants. The gross profit for the quarter was $56.9 million, down from $61.4 million a year earlier, reflecting a gross margin of 24.3%. The company also reported a significant increase in operating expenses, which totaled $21.6 million, compared to $20.2 million in the previous year.
Strategically, Ormat has made notable advancements, including the acquisition of the Blue Mountain geothermal power plant for $88.7 million, which is expected to enhance profitability through operational synergies. The company also entered into a partnership agreement for tax equity monetization, generating $62.0 million, and secured loans for various projects, including a $49.8 million loan for a geothermal project in Dominica. Looking ahead, Ormat anticipates continued growth driven by its strategic initiatives and expansion in renewable energy markets, despite facing challenges such as fluctuating energy prices and potential impacts from geopolitical events.
About ORMAT TECHNOLOGIES, INC.
Ormat Technologies, Inc. is a leading vertically integrated renewable energy company specializing in geothermal, recovered energy, and solar PV power generation. It develops, owns, and operates global assets, providing electricity to utilities and markets. The company designs and manufactures power equipment, offers EPC services, and invests in energy storage solutions, emphasizing sustainability, innovation, and expanding its global footprint in clean energy infrastructure.
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