A month has gone by since the last earnings report for Ormat Technologies (ORA) . Shares have added about 9.1% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Ormat Technologies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Ormat Q1 Earnings Miss Estimates, Rev ...

Core Insights - Ormat Technologies, Inc. will host an Investor and Analyst Day on June 20, 2024, at the New York Stock Exchange [1] - The event will feature presentations from the executive leadership team, focusing on the company's long-term strategy, growth framework, and updated financial objectives [2] Company Overview - Ormat Technologies is a leading geothermal company with over five decades of experience, recognized as the only vertically integrated company in geothermal and recovered energy generation (REG) [4] - The company has a total generating portfolio of 1,415 MW, which includes 1,225 MW from geothermal and solar generation across various countries, and a 190 MW energy storage portfolio located in the U.S. [4] - Ormat is expanding its activities into energy storage services and solar photovoltaic (PV) systems, aiming to establish a leading position in the U.S. energy storage market [4]

PART I — FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Ormat reported strong Q1 2024 financial results with revenues up **21%** to **$224.2 million** and net income increasing to **$38.6 million** [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets grew to **$5.52 billion** by March 31, 2024, driven by acquisitions and increased property, plant, and equipment Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $609,235 | $646,003 | | **Property, plant and equipment, net** | $3,220,246 | $2,998,949 | | **Goodwill** | $151,122 | $90,544 | | **Total assets** | **$5,516,844** | **$5,208,279** | | **Total current liabilities** | $546,254 | $537,012 | | **Total long-term debt, net** | $1,817,473 | $1,568,680 | | **Total liabilities** | **$3,030,213** | **$2,756,693** | | **Total equity** | **$2,476,519** | **$2,440,987** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME) Total revenues increased **21.0%** to **$224.2 million** in Q1 2024, with net income rising **32.9%** to **$38.6 million** Q1 2024 vs. Q1 2023 Performance (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Total revenues** | $224,166 | $185,232 | | Electricity Revenue | $191,253 | $170,310 | | Product Revenue | $24,832 | $10,042 | | Energy Storage Revenue | $8,081 | $4,880 | | **Gross profit** | $78,810 | $76,069 | | **Operating income** | $52,583 | $53,166 | | **Net income attributable to Company's stockholders** | $38,587 | $29,029 | | **Diluted EPS** | $0.64 | $0.51 | [Condensed Consolidated Statements of Cash Flow](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOW) Operating cash flow more than doubled to **$115.2 million**, while investing activities increased due to a **$274.6 million** acquisition Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $115,209 | $56,456 | | **Net cash used in investing activities** | ($377,834) | ($111,177) | | Cash paid for business acquisition, net of cash acquired | ($274,631) | $0 | | Capital expenditures | ($103,386) | ($106,877) | | **Net cash provided by financing activities** | $273,944 | $350,381 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the **$274.6 million** Enel acquisition, new debt, customer concentration, and a disputed **$79.0 million** tax demand - On January 4, 2024, the Company acquired a portfolio of geothermal and solar assets from Enel Green Power North America for a total cash consideration of **$274.6 million**. The acquired assets contributed **$9.4 million** to revenues for the period[25](index=25&type=chunk)[32](index=32&type=chunk) - To finance the Enel acquisition and other purposes, the company entered into several new loan agreements in Q1 2024: a **$75 million** loan with Hapoalim Bank, a **$125 million** loan with HSBC Bank, and issued **$135.1 million** in Mammoth Senior Secured Notes[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) - The company faces significant customer concentration risk, with SCPPA (**24.7%**), Sierra Pacific/Nevada Power (**16.8%**), and KPLC (**12.2%**) accounting for a combined **53.7%** of total revenues in Q1 2024[49](index=49&type=chunk) - Subsequent to the quarter end, on April 23, 2024, the Company's Kenyan branch received a preliminary demand for approximately **$79.0 million** in back taxes from the Kenya Revenue Authority (KRA), which the Company believes is without merit[105](index=105&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A highlights **21%** revenue growth, Adjusted EBITDA of **$141.2 million**, and planned **$472.0 million** capital expenditures [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Q1 2024 total revenues increased **21.0%** to **$224.2 million**, driven by segment growth, though gross margin declined to **35.2%** Revenue by Segment - Q1 2024 vs Q1 2023 (in millions) | Segment | Q1 2024 | Q1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Electricity | $191.3 | $170.3 | 12.3% | | Product | $24.8 | $10.0 | 147.3% | | Energy Storage | $8.1 | $4.9 | 65.6% | | **Total** | **$224.2** | **$185.2** | **21.0%** | - The increase in Electricity segment revenue was mainly due to the Enel acquisition (**$9.4 million**), the Heber 1 plant resuming operations (**$6.2 million**), the new North Valley plant (**$3.6 million**), and higher generation at Puna (**$4.2 million**)[147](index=147&type=chunk) - Cost of revenues for the Electricity segment increased by **$22.0 million**, partly due to **$6.7 million** in business interruption insurance proceeds that benefited the prior-year period but were absent in 2024[153](index=153&type=chunk) - Net interest expense increased by **$7.3 million** to **$31.0 million**, primarily due to new loans taken out to finance acquisitions and growth[161](index=161&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) Strong liquidity with **$201.5 million** cash and **$324.3 million** unused capacity supports **$635.3 million** in projected capital needs - As of March 31, 2024, the company had **$201.5 million** in cash and cash equivalents and **$324.3 million** in unused borrowing capacity[170](index=170&type=chunk) - Estimated capital needs for the rest of 2024 total approximately **$635.3 million**, comprising **$472.0 million** for capital expenditures and **$163.3 million** for debt repayment[171](index=171&type=chunk) - The company is subject to financial covenants, including maintaining equity of at least **$750 million** (actual: **$2,476.5 million**) and a net debt to Adjusted EBITDA ratio below **6.0** (actual: **4.13**)[177](index=177&type=chunk) [Non-GAAP Measures: EBITDA and Adjusted EBITDA](index=54&type=section&id=Non-GAAP%20Measures%3A%20EBITDA%20and%20Adjusted%20EBITDA) Adjusted EBITDA increased to **$141.2 million** in Q1 2024, reflecting adjustments for non-cash items and M&A costs Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net income** | **$40,350** | **$33,461** | | Interest expense, net | $29,129 | $21,780 | | Income tax provision (benefit) | ($147) | $8,885 | | Depreciation, amortization and accretion | $61,676 | $52,396 | | Other adjustments | $3,352 | $2,982 | | **EBITDA** | **$134,360** | **$119,504** | | Mark-to-market (gains) or losses | $813 | $993 | | Stock-based compensation | $4,769 | $2,990 | | Merger and acquisition transaction costs | $1,299 | $0 | | **Adjusted EBITDA** | **$141,241** | **$123,487** | [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company manages market risks including electricity price volatility, interest rate fluctuations, and foreign currency exposure - The company's exposure to electricity price volatility is limited because the majority of its long-term PPAs have fixed or escalating rates. However, energy storage projects are exposed to merchant market prices[212](index=212&type=chunk) - As of March 31, 2024, **100%** of consolidated long-term debt was at fixed interest rates, but **$100.0 million** in short-term commercial paper bears a variable rate (SOFR + 1.1%)[214](index=214&type=chunk) - The company is exposed to foreign currency risk, particularly the U.S. dollar versus the New Israeli Shekel (NIS) and the Euro. It uses forward contracts and cross-currency swaps to mitigate this exposure[216](index=216&type=chunk) [Controls and Procedures](index=52&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management confirmed the effectiveness of disclosure controls and procedures as of March 31, 2024, with no material changes - Based on an evaluation as of March 31, 2024, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[232](index=232&type=chunk) - There were no material changes to the company's internal control over financial reporting during the first quarter of 2024[233](index=233&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=53&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary legal proceedings and an ongoing anti-corruption investigation, cooperating with authorities - The company is involved in ordinary course legal proceedings, which management does not expect to have a material impact[95](index=95&type=chunk) - A Special Committee continues to investigate claims from a short seller's report concerning anti-corruption compliance, and the company is providing information to the SEC and DOJ[96](index=96&type=chunk) [Risk Factors](index=53&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the company's risk factors were reported during the quarter compared to the 2023 Annual Report - During the quarter, there have been no material changes in the company's risk factors from those disclosed in the 2023 Annual Report on Form 10-K[237](index=237&type=chunk) [Other Part II Items](index=53&type=section&id=Other%20Part%20II%20Items) No unregistered equity sales, defaults on senior securities, or mine safety disclosures were reported for the period - No unregistered sales of equity securities, defaults upon senior securities, or mine safety disclosures were reported for the period[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)

Ormat Technologies, Inc. (NYSE:ORA) Q1 2024 Earnings Conference Call May 9, 2024 10:00 AM ET Company Participants Josh Carroll - Alpha IR Group, IR Doron Blachar - CEO Assaf Ginzburg - CFO Conference Call Participants Andre Adams - Oppenheimer Justin Clare - Roth MKM Ryan Levine - Citi Derek Podhaizer - Barclays Jeff Osborne - TD Cowen Operator Good morning, and welcome to the Ormat Technologies First Quarter 2024 Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference ove ...

Ormat Technologies Inc. (ORA) reported first-quarter 2024 adjusted earnings per share of 65 cents, which missed the Zacks Consensus Estimate of 68 cents by 4.4%. The bottom line, however, improved a solid 27.5% on a year-over-year basis.The company reported GAAP earnings of 64 cents per share compared with 51 cents in the year-ago quarter.RevenuesORA generated revenues of $224.2 million, which missed the Zacks Consensus Estimate by 0.1%. However, the top line rose 21.1% year over year, driven by higher reve ...

Ormat Technologies (ORA) came out with quarterly earnings of $0.65 per share, missing the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.41%. A quarter ago, it was expected that this geothermal company would post earnings of $0.60 per share when it actually produced earnings of $0.67, delivering a surprise of 11.67%.Over the last four quarters, ...

Ormat Technologies Contact: Smadar Lavi VP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726) slavi@ormat.com Investor Relations Agency Contact: Joseph Caminiti or Josh Carroll Alpha IR Group 312-445-2870 ORA@alpha-ir.com ORMAT TECHNOLOGIES REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS SIGNIFICANT EXPANSION OF PROFITABILITY AND EARNINGS, SUPPORTED BY ALL THREE OPERATING SEGMENTS HIGHLIGHTS RENO, Nev. May 8, 2024, Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today a ...

HIGHLIGHTS TOTAL REVENUES FOR THE FIRST QUARTER INCREASED BY 21.0% YEAR-OVER-YEAR, WITH GROWTH ACROSS ALL THREE OPERATING SEGMENTSRECORD QUARTERLY ELECTRICITY SEGMENT REVENUES OF $191.3 MILLION, LED BY STRATEGIC PORTFOLIO EXPANSIONS AND IMPROVED OPERATIONAL PERFORMANCECOMPANY REITERATES ITS FULL YEAR REVENUE AND EBITDA GUIDANCE, DEMONSTRATING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS'S OUTLOOK RENO, Nev., May 08, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy ...

The market expects Ormat Technologies (ORA) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rel ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ Annual Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-32347 ORMAT TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 88-0326081 (State or other jurisdiction of incorporation or orga ...