# EDGAR Filing Document

**Accession Number:** 0001296445
**File Stem:** 0001437749-25-025146
**Filing Date:** 2025-8
**Character Count:** 35042
**Document Hash:** c03f84b8201ae69229bec0874c9522bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-025146.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001437749-25-025146

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ORMAT TECHNOLOGIES, INC.
- **CENTRAL INDEX KEY:** 0001296445
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 880326081
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32347
- **FILM NUMBER:** 251190919

**BUSINESS ADDRESS:**
- **STREET 1:** 6884 SIERRA CENTER PARKWAY
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89511
- **BUSINESS PHONE:** 775-356-9029

**MAIL ADDRESS:**
- **STREET 1:** 6884 SIERRA CENTER PARKWAY
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89511

?xml version='1.0' encoding='ASCII'? ora20250806_8k.htm

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

------

**FORM 8-K**

------

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **August 6, 2025 (August 6, 2025)**

**Ormat Technologies, Inc.**

------

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-32347** | **No. 88-0326081** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **6884 Sierra Center Parkway, Reno, Nevada** |  | **89511** |
| (Address of Principal Executive Offices) |  | (Zip Code) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(775) 356-9029**

(Registrant's Telephone Number, Including Area Code)

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Shares | ORA | NYSE |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 6, 2025 Ormat Technologies, Inc. (the "Registrant") reported its earnings for its second fiscal quarter ended June 30, 2025. A copy of the Registrant's press release containing this information is furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The Registrant is making reference to non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

**Item 9.01.**&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and Exhibits.** 

*(d) Exhibits*

---

| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Description of Document</u>** |

---

---

| | |
|:---|:---|
| 99.1 | [Press release of the Registrant dated August 6, 2025, containing financial information for its second fiscal quarter ended June 30, 2025.](ex_849343.htm) |

---

---

| | |
|:---|:---|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| ORMAT TECHNOLOGIES, INC. | ORMAT TECHNOLOGIES, INC. |
| By: | */s/ Doron Blachar* |
| Name:&nbsp;&nbsp;&nbsp;&nbsp;Doron Blachar | Name:&nbsp;&nbsp;&nbsp;&nbsp;Doron Blachar |
| Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer | Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer |

---

Date: August 6, 2025

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| Ormat Technologies Contact:<br> Smadar Lavi<br> VP Head of IR and ESG Planning & Reporting<br> 775-356-9029 (ext. 65726)<br> slavi@ormat.com | Investor Relations Agency Contact:<br> Joseph Caminiti or Josh Carroll<br> Alpha IR Group<br> 312-445-2870<br> ORA@alpha-ir.com |

---

**ORMAT TECHNOLOGIES REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS**

***EXPANDED PORTFOLIO AND FAVORABLE OBBB POLICY SUPPORT LONG TERM GROWTH TARGETS***

**HIGHLIGHTS**

● **NET INCOME AND ADJUSTED EBITDA GROWTH OF 26.1% AND 6.7%, RESPECTIVELY** 

● **SUCCESSFUL COMPLETION OF 20MW BLUE MOUNTAIN GEOTHERMAL POWER PLANT ACQUISITION** 

● **SECURED $300 MILLION IN FUNDING TO SUPPORT FUTURE DEVELOPMENT** 

● **COMPANY REITERATES ITS FULL YEAR REVENUE AND ADJUSTED EBITDA GUIDANCE** 

RENO, Nev. August 6, 2025, Ormat Technologies, Inc. (NYSE: ORA) (the "Company" or "Ormat"), a leading renewable energy company, today announced financial results for the second quarter ended June 30, 2025.

**KEY FINANCIAL RESULTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Q2 2025 | Q2 2024 | <br> Change (%) | H1 2025 | H1 2024 | <br> Change (%) |
| GAAP Measures |  |  |  |  |  |  |
| Revenues ($ millions) |  |  |  |  |  |  |
| Electricity | 159.9 | 166.2 | (3.8)% | 340.2 | 357.5 | (48)% |
| Product | 59.6 | 37.8 | 57.6% | 91.4 | 62.7 | 45.8% |
| Energy Storage | 14.5 | 8.9 | 62.7% | 32.2 | 17 | 89.8% |
| Total Revenues | 234 | 213 | 9.9% | 463.8 | 437.1 | 6.1% |
| Gross Profit | 56.9 | 61.4 | (7.3)% | 129.8 | 140.2 | (7.4)% |
| Gross margin (%) |  |  |  |  |  |  |
| Electricity | 24.2% | 33.5% |  | 29.1% | 36.4% |  |
| Product | 27.7% | 13.7% |  | 25.8% | 14.1% |  |
| Energy Storage | 11.9% | 5.7% |  | 22.2% | 6.6% |  |
| Gross margin (%) | 24.3% | 28.8% |  | 28.0% | 32.1% |  |
| Operating income ($ millions) | 35.3 | 35.1 | 0.5% | 86.2 | 87.7 | (1.7)% |
| Net income attributable to the Company's stockholders | 28 | 22.2 | 26.1% | 68.4 | 60.8 | 12.5% |
| Diluted EPS ($) | 0.46 | 0.37 | 24.3% | 1.12 | 1.00 | 12.0% |
| Non-GAAP Measures |  |  |  |  |  |  |
| Adjusted Net income attributable to the Company's stockholders | 29.1 | 24.3 | 19.8% | 70.6 | 63.9 | 10.5% |
| Adjusted Diluted EPS ($) | 0.48 | 0.40 | 20.0% | 1.16 | 1.05 | 10.5% |
| Adjusted EBITDA<sup>1</sup> ($ millions) | 134.6 | 126.1 | 6.7% | 284.9 | 267.3 | 6.5% |

---

------

"Ormat reported record second quarter Revenue and Adjusted EBITDA results, with an increase of 9.9% in revenue, a 26.1% rise in net income, and a 6.7% improvement in adjusted EBITDA" said Doron Blachar, Chief Executive Officer of Ormat Technologies. "This performance was driven by the continued recovery of our Product segment revenue and margin as well as improved performance in our Energy Storage segment, which continues to benefit from new projects that reached commercial operation in 2024 and higher merchant prices, specifically in the PJM market. Planned well field work at our Puna Power plant, along with planned third-party curtailments in the U.S., negatively impacted our Electricity segment's revenue and EBITDA by approximately $13 million and $12 million, respectively. We anticipate that these curtailments will lessen during the second half of 2025."

"Over the past few months, we completed the acquisition of the 20MW Blue Mountain geothermal power plant and released for construction 50 MW of new projects, including 28 MW of geothermal and 22 MW of solar projects mainly at our Heber complex, while continuing to advance our geothermal development pipeline and benefiting from accelerated permit approvals due to recent federal permitting reforms. Since the end of the first quarter, we secured $300 million of funding for future project development, with $139 million related to tax equity proceeds at our geothermal and storage assets, and the remaining $161 million related to project finance at attractive rates. We expect to receive most of the cash proceeds in the second half of the year.

Blachar continued, "This is an exciting time for Ormat, and we foresee strong growth for our geothermal and storage business in 2025 and beyond, driven by favorable regulatory developments, increased exploration activity, rising demand for baseload renewable energy, and higher PPA pricing. Recent policy support for both geothermal and energy storage, coupled with the accelerating demand for carbon-free baseload power driven in part by the energy needs of AI data centers, highlight our critical role in the energy transition. This momentum bolsters our confidence in achieving our long-term targets. As we look ahead, we remain committed to delivering reliable, sustainable energy solutions while working to leverage our expertise to drive meaningful growth and long-term value for our shareholders."

**FINANCIAL HIGHLIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to the Company's stockholders for the second quarter was $28.0 million, an increase of 26.1% compared to last year. Diluted EPS for the second quarter was $0.46, an increase of 24.3%, compared to the prior year period. This increase is mainly driven by better performance of our Product and Energy Storage segments and tax benefits related to the storage facilities that are expected to commence commercial operation during 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income attributable to the Company's stockholders and Adjusted diluted EPS for the second quarter increased 19.8% and 20.0%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA for the second quarter was $134.6 million, an increase of 6.7% compared to 2024. The year-over-year increase in Adjusted EBITDA was driven from the Product segment with higher revenue and better margins, from the Energy Storage segment, due to the contribution of new assets, higher merchant pricing, and a legal settlement with a battery supplier, and from better performance of the Dixie Valley and Beowawe power plants. The increase was offset by energy curtailments in the U.S., a planned outage at the Stillwater plant, and well-field maintenance work at the Puna power plant. In early July, we completed the Puna planned well-field maintenance work and the power plant resumed normal operation, while we continue to monitor the plant performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electricity segment revenues decreased by 3.8% during the second quarter, compared to last year. The year-over-year decrease in the second quarter's revenue was driven by the previously disclosed well-field work at our Puna facility and energy curtailments, mainly at our McGinness Hills and Tungsten complexes, and the outage at our Stillwater plant related to a planned upgrade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product segment revenues increased by 57.6% in the second quarter 2025, driven largely by the timing of revenue recognition from manufacturing and construction progress. Gross margin increased from 13.7% in the second quarter of 2024 to 27.7% in 2025, reflecting better margin contracts and growth in revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product segment backlog stands at approximately $263.0 million as of August 6<sup>th</sup>, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Energy Storage segment revenues increased 62.7% in the second quarter compared to 2024. The improvement was driven by the contribution of the new assets that came online last year and strong merchant pricing in the PJM market.

------

**BUSINESS HIGHLIGHTS:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Secured $300 million in funding from tax equity partnerships and project finance loans to support future development:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ At the end of July, we signed a project finance loan agreement with a consortium of French lenders for our new Bouillante power plant in Guadeloupe, under which we will borrow up to $111 million aggregate principal. The loan is in euro and carries an average interest rate of 4.65%. We expect to receive the full amount in installments by the time the project is completed in 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We also signed project finance loan agreements with the Caribbean Development Bank and Caricom Development Fund to support the 10MW geothermal Project in Dominica. Under these agreements, we will borrow up to $49.8 million aggregate principal at an interest rate of 2.4%, with payments expected by the end of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In July we entered into a tax partnership agreement with a private investor, through which we received $77 million for the Heber 1 & 2 Geothermal power plants tax benefits, with an additional $25.6 million expected over the next eight years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We also signed a $62 million Hybrid Tax Equity partnership with Morgan Stanley Renewables, Inc and expect to receive the full proceeds by the end of 2025. This transaction supports the Lower Rio 60MW/120MWh storage facility and the Arrowleaf 35MW/140MWh storage and 42MW solar projects, all of which are expected to achieve COD by the end of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed the acquisition of the 20MW Blue Mountain geothermal power plant in June, which allows for the potential to unlock additional value through expected PPA renewal and asset upgrades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Released for construction 25 MW of geothermal capacity and an additional 22 MW of Solar PV capacity to our Heber Complex, in California and a 3.5 MW addition to the Blue Mountain power plant in Nevada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The signed OBBB helped to create a longer PTC and ITC runway for both our geothermal and energy storage projects and enables Ormat to receive 100% of tax credits for projects starting construction by December 31, 2033.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Announced the appointments of Aron Willis as Executive Vice President of the Electricity Segment and Daniel Moelk as Senior Vice President of Resources, Drilling & EGS, which we expect to help drive the next phase of growth and development for Ormat's industry-leading geothermal operations.

**2025 GUIDANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues of between $935 million and $975 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electricity segment revenues between $710 million and $725 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product segment revenues of between $172 million and $187 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Energy Storage revenues of between $53 million and $63 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA to be between $563 million and $593 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA attributable to minority interest is approximately $21 million.

The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three months ended June 30, 2025. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

------

**DIVIDEND** 

On August 6, 2025, the Company's Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company's dividend policy. The dividend will be paid on September 3, 2025, to stockholders of record as of the close of business on August 20, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next two quarters.

**CONFERENCE CALL DETAILS**

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, August 7, 2025, at 10:00 a.m. ET.

Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 3818407. Please request the "Ormat Technologies, Inc. call" when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the <u>Investor Relations section of the Company's website</u>.

A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 3818407. The webcast will also be archived on the Investor <u>Relations section of the Company's website</u>.

**ABOUT ORMAT TECHNOLOGIES**

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation ("REG"), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium-, and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company's activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat's current total generating portfolio is 1,558MW with a 1,268MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

**ORMAT**'**S SAFE HARBOR STATEMENT**

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release 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 and Adjusted EBITDA, 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, legal, market, industry and geopolitical developments and incentives, demand for renewable energy, and the growth of our business and operations, are forward-looking statements. When used in this press release, the words "may", "will", "could", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", or "contemplate" 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. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its 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. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat's most recent annual report, and in subsequent filings.

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.

------

**ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES**

**Condensed Consolidated Statement of Operations**

For the Three and Six-Month periods Ended June 30, 2025, and 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** |
| Revenues: |  |  |  |  |
| Electricity | 159912 | 166226 | 340153 | 357479 |
| Product | 59612 | 37829 | 91381 | 62661 |
| Energy storage | 14494 | 8908 | 32246 | 16989 |
| Total revenues | 234018 | 212963 | 463780 | 437129 |
| Cost of revenues: |  |  |  |  |
| Electricity | 121236 | 110515 | 241069 | 227245 |
| Product | 43118 | 32662 | 67802 | 53816 |
| Energy storage | 12769 | 8400 | 25087 | 15872 |
| Total cost of revenues | 177123 | 151577 | 333958 | 296933 |
| Gross profit | 56895 | 61386 | 129822 | 140196 |
| Operating expenses: |  |  |  |  |
| Research and development expenses | 1439 | 1730 | 3981 | 3294 |
| Selling and marketing expenses | 4370 | 4167 | 8542 | 9293 |
| General and administrative expenses | 19786 | 18026 | 37695 | 37563 |
| Other operating income | (4269) |  | (7394) |  |
| Impairment of long-lived assets |  | 957 |  | 957 |
| Write-off of unsuccessful exploration and storage activities | 251 | 1379 | 767 | 1379 |
| Operating income | 35318 | 35127 | 86231 | 87710 |
| Other income (expense): |  |  |  |  |
| Interest income | 1929 | 2604 | 3242 | 4443 |
| Interest expense, net | (36682) | (33716) | (71155) | (64684) |
| Derivatives and foreign currency transaction gains (losses) | 5068 | (332) | 7128 | (1914) |
| Income attributable to sale of tax benefits | 16251 | 15798 | 33822 | 33274 |
| Other non-operating income, net | 76 | 74 | 298 | 100 |
| Income from operations before income tax and equity in earnings of investees | 21960 | 19555 | 59566 | 58929 |
| Income tax (provision) benefit | 5466 | 3178 | 9261 | 3325 |
| Equity in earnings of investees, net | 773 | 1232 | 406 | 2061 |
| Net income | 28199 | 23965 | 69233 | 64315 |
| Net income attributable to noncontrolling interest | (153) | (1.722) | (825) | (3485) |
| Net income attributable to the Company's stockholders | 28046 | 22243 | 68408 | 60830 |
| Earnings per share attributable to the Company's stockholders: |  |  |  |  |
| Basic: | 0.46 | 0.37 | 1.13 | 1.01 |
| Diluted: | 0.46 | 0.37 | 1.12 | 1.00 |
| Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: |  |  |  |  |
| Basic | 60689 | 60451 | 60624 | 60419 |
| Diluted | 61019 | 60755 | 60973 | 60655 |

---

------

**ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES**

**Condensed Consolidated Balance Sheet**

For the Periods Ended June 30, 2025 and December 31, 2024

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br> **2025** | **December 31,**<br> **2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| Cash and cash equivalents | 88492 | 94395 |
| Restricted cash and cash equivalents (primarily related to VIEs) | 117572 | 111377 |
| Receivables: |  |  |
| Trade less allowance for credit losses of $275 and $224, respectively (primarily related to VIEs) | 154277 | 164050 |
| Other | 39227 | 50792 |
| Inventories | 44907 | 38092 |
| Costs and estimated earnings in excess of billings on uncompleted contracts | 12926 | 29243 |
| Prepaid expenses and other | 51508 | 59173 |
| Total current assets | 508909 | 547122 |
| Investment in an unconsolidated companies | 160178 | 144585 |
| Deposits and other | 102483 | 75383 |
| Deferred income taxes | 176897 | 153936 |
| Property, plant and equipment, net ($3,308,167 and $3,271,248 related to VIEs, respectively) | 3544564 | 3501886 |
| Construction-in-process ($526,053 and $251,442 related to VIEs, respectively) | 1024241 | 755589 |
| Operating leases right of use ($14,789 and $13,989 related to VIEs, respectively) | 35240 | 32114 |
| Finance leases right of use (none related to VIEs) | 3648 | 2841 |
| Intangible assets, net | 289061 | 301745 |
| Goodwill | 170391 | 151023 |
| Total assets | 6015612 | 5666224 |
| **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** | **LIABILITIES AND EQUITY** |
| Current liabilities: |  |  |
| Accounts payable and accrued expenses | 212617 | 234334 |
| Short term revolving credit lines with banks (full recourse) | 96500 |  |
| Commercial paper (Less deferred financing costs of $20 and $23, respectively) | 99980 | 99977 |
| Billings in excess of costs and estimated earnings on uncompleted contracts | 37693 | 23091 |
| Current portion of long-term debt: |  |  |
| Limited and non-recourse (primarily related to VIEs): | 70570 | 70262 |
| Full recourse | 201251 | 161313 |
| Financing liability | 5905 | 4093 |
| Operating lease liabilities | 4464 | 3633 |
| Finance lease liabilities | 1696 | 1375 |
| Total current liabilities | 730676 | 598078 |
| Long-term debt, net of current portion: |  |  |
| Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $7,833 and $8,849, respectively) | 542437 | 578204 |
| Full recourse: Full recourse (less deferred financing costs of $4,665 and $4,671, respectively) | 997139 | 822828 |
| Convertible Note-LT (less deferred financing costs of $5,456 and $6,820, respectively) | 470981 | 469617 |
| Financing liability | 213810 | 216476 |
| Operating lease liabilities | 25285 | 22523 |
| Finance lease liabilities | 2042 | 1529 |
| Liability associated with sale of tax benefits | 136778 | 152292 |
| Deferred income taxes | 72544 | 68616 |
| Liability for unrecognized tax benefits | 7583 | 6272 |
| Liabilities for severance pay | 11984 | 10488 |
| Asset retirement obligation | 137266 | 129651 |
| Other long-term liabilities | 37314 | 29270 |
| Total liabilities | 3385839 | 3105844 |
| Redeemable noncontrolling interest | 10985 | 9448 |
| Equity: |  |  |
| The Company's stockholders' equity: |  |  |
| Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,723,470 and 60,500,580 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 61 | 61 |
| Additional paid-in capital | 1644777 | 1635245 |
| Treasury stock, at cost (258,667 shares held as of June 30, 2025, and December 31, 2024, respectively) | (17964) | -17964 |
| Retained earnings | 868371 | 814518 |
| Accumulated other comprehensive income (loss) | (2297) | (6731) |
| Total stockholders' equity attributable to Company's stockholders | 2492948 | 2425129 |
| Noncontrolling interest | 125840 | 125803 |
| Total equity | 2618788 | 2550932 |
| Total liabilities, redeemable noncontrolling interest and equity | 6015612 | 5666224 |

---

------

**ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES**

**Reconciliation of EBITDA and Adjusted EBITDA**

For the Three- and Six-Month Periods Ended June 30, 2025, and 2024

We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) cost related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration and storage activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor's ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) | (Dollars in thousands) |
| Net income | 28199 | 23965 | 69233 | 64315 |
| Adjusted for: |  |  |  |  |
| Interest expense, net (including amortization of deferred financing costs) | 34753 | 31112 | 67913 | 60241 |
| Income tax provision (benefit) | (5466) | (3178) | (9261) | (3325) |
| Adjustment to investment in an unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen | 3856 | 3418 | 7277 | 6770 |
| Depreciation, amortization and accretion | 70676 | 62683 | 139832 | 124359 |
| EBITDA | 132018 | 118000 | 274994 | 252360 |
| Mark-to-market gains or losses from accounting for derivative | (3343) | 466 | (2404) | 1279 |
| Stock-based compensation | 4621 | 5077 | 9533 | 9845 |
| Allowance for bad debts | 25 | 221 | 51 | 221 |
| Impairment of long-lived assets |  | 957 |  | 957 |
| Merger and acquisition transaction costs | 1009 |  | 1009 | 1299 |
| Settlement agreement |  |  | 900 |  |
| Write-off of unsuccessful exploration and storage activities | 251 | 1379 | 767 | 1379 |
| Adjusted EBITDA | 134581 | 126100 | 284850 | 267341 |

---

------

**ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES**

**Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS** 

For the Three and Six-month Periods Ended June 30, 2025, and 2024

Adjusted Net Income attributable to the Company's stockholders and Adjusted diluted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company's stockholders and Adjusted diluted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

The following tables reconciles Net income attributable to the Company's stockholders and Adjusted diluted EPS for the three and six months ended June 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **(in millions, except for EPS)** |  |  |  |  |
| **GAAP Net income attributable to the Company's stockholders** | **28.0** | **22.2** | **68.4** | **60.8** |
| Impairment of long-lived assets |  | 0.8 |  | 0.8 |
| Write-off of unsuccessful exploration and storage activities | 0.2 | 1.1 | 0.6 | 1.1 |
| Merger and acquisition transaction costs | 0.8 |  | 0.8 | 1 |
| Allowance for bad debts | 0 | 0.2 | 0.1 | 0.2 |
| Settlement agreement |  |  | 0.7 |  |
| **Adjusted Net income attributable to the Company's stockholders** | $**29.1** | $**24.3** | $**70.6** | $**63.9** |
| **GAAP diluted EPS** | **0.46** | **0.37** | **1.12** | **1.00** |
| Impairment of long-lived assets |  | 0.01 |  | 0.01 |
| Write-off of unsuccessful exploration and storage activities | 0.00 | 0.02 | 0.01 | 0.02 |
| Merger and acquisition transaction costs | 0.02 |  | 0.02 | 0.02 |
| Allowance for bad debts | 0.00 | 0.00 | 0.00 | 0.00 |
| Settlement agreement |  |  | 0.01 |  |
| **Adjusted Diluted EPS** | $**0.48** | $**0.40** | $**1.16** | $**1.05** |

---