Financial Data and Key Metrics Changes - The company achieved a 2.5% increase in revenue for Q1 2025, totaling $229.8 million compared to the same period last year [4][10] - Net income attributable to stockholders rose by 4.6% to $40.4 million, or $0.66 per diluted share [4][11] - Adjusted EBITDA grew by 6.4% to a record $150.3 million, driven by strong performance in the Energy Storage segment [4][11] Business Line Data and Key Metrics Changes - Electricity segment revenues decreased by 5.8% to $180.2 million due to curtailments in California and Nevada [12] - Product segment revenues increased by 27.9% to $31.8 million, supported by a strong backlog [12] - Energy Storage segment revenues surged nearly 120%, primarily due to new facilities and strong merchant prices [12][26] Market Data and Key Metrics Changes - The gross margin for the electricity segment fell to 33.5% from 39% year-over-year, while the product segment's gross margin improved to 22.3% from 14.8% [13] - The Energy Storage segment reported a gross margin of 30.6%, a significant increase from 7.5% in Q1 2024 [14] Company Strategy and Development Direction - The company plans to acquire the 20 megawatt Blue Mountain geothermal power plant for $88 million, with upgrades expected to add 3.5 megawatts by 2027 [6][7] - The company is focusing on securing safe harbor for projects and ensuring eligibility for tax credits to navigate tariff impacts [9][30] - The company aims to reach a portfolio capacity target of 2.6 to 2.8 gigawatts by the end of 2028, supported by geothermal development and energy storage expansion [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the geothermal business growth potential, citing easing project permitting timelines and strong demand for renewable energy [5][30] - The company is actively monitoring tariff impacts and is engaging with suppliers to mitigate risks [9][39] - Management believes that the demand for reliable renewable energy remains strong, positioning the company well for future growth [9][31] Other Important Information - The company declared a quarterly dividend of $0.12 per share, expected to be paid in the upcoming quarters [20] - Total expected capital expenditure for 2025 increased to $597 million, primarily due to geothermal and storage projects [19] Q&A Session Summary Question: Impact of storage project development pipeline on tariffs - Management indicated that they are exploring multiple alternatives for battery acquisition and are continuing business development efforts despite tariff uncertainties [35][39] Question: Tariff impact on geothermal costs - Management stated that the overall impact of tariffs on geothermal CapEx is not material, as a significant portion of costs is incurred in the U.S. [42][44] Question: EGS technology implementation timing - Management noted that EGS technology could enhance existing plants and is being developed with partners, though technological challenges remain [45][46] Question: Regulatory changes to expedite geothermal development - Management highlighted a new executive order aimed at speeding up the permitting process for geothermal projects on federal land [49][50] Question: Updated view on gross margins for segments - Management expects storage margins to be at the higher end of 20% and product segment margins to improve, while electricity segment margins may be lower due to curtailments [52] Question: Blue Mountain acquisition and expected EBITDA contribution - Management indicated that the Blue Mountain asset is expected to enhance growth and will provide more detailed information post-acquisition [55] Question: PPA pricing and contracting opportunities - Management confirmed that PPA pricing remains high, with ongoing negotiations for multiple PPAs [58][59] Question: Exploration and partnership with Schlumberger - Management discussed the cooperation with Schlumberger for new projects, emphasizing their superior technology in building power plants [66][67]

Financial Performance - Revenues increased by 2.5% to $229.8 million compared to Q1 2024[17, 27] - Adjusted EBITDA increased by 6.4% to $150.3 million compared to Q1 2024[16, 24, 34] - Net income attributable to the Company's stockholders increased by 4.6%[16] - EPS/Adj EPS increased by 3.1% / 4.6%[24] - The company successfully raised $200 million of new debt in Q1 2025[44, 45] Segment Performance - Electricity revenues decreased by 5.8% to $180.2 million compared to Q1 2024[30] - Products revenues increased by 27.9% to $31.8 million compared to Q1 2024[30] - Storage revenues increased by 119.7% to $17.8 million compared to Q1 2024[15, 30, 66] - Energy Storage gross margin increased by +2,310 bps vs Q1 2024[71] Growth and Development - The company expects approximately $160 million in annual cash proceeds from tax benefits[42] - The company signed an agreement to acquire the 20MW Blue Mountain geothermal power plant from Cyrq Energy for $88 million[15, 60] - The company is negotiating PPAs for 250MW with hyperscalers at rates above $100/MWh[57, 94] - The company is targeting 2.6GW to 2.8GW of generating capacity by 2028[93]

Core Insights - Ormat Technologies reported revenue of $229.76 million for Q1 2025, a year-over-year increase of 2.5% and an EPS of $0.68, up from $0.65 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $233.11 million by -1.44%, while the EPS exceeded the consensus estimate of $0.58 by +17.24% [1] Revenue Breakdown - Product revenue was $31.77 million, below the five-analyst average estimate of $38.92 million, representing a year-over-year increase of +28.1% [4] - Energy storage revenue reached $17.75 million, significantly surpassing the average estimate of $11.78 million, with a year-over-year change of +119.2% [4] - Electricity revenue was $180.24 million, slightly below the average estimate of $183.92 million, reflecting a year-over-year decrease of -5.8% [4] Profitability Metrics - Gross profit from product sales was $7.09 million, compared to the average estimate of $7.28 million [4] - Gross profit from energy storage was $5.43 million, exceeding the average estimate of $2.21 million [4] - Gross profit from electricity was $60.41 million, below the average estimate of $71.39 million [4] Stock Performance - Ormat Technologies' shares returned +8.5% over the past month, compared to the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Ormat Technologies (ORA) reported quarterly earnings of $0.68 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, and showing an increase from $0.65 per share a year ago, resulting in an earnings surprise of 17.24% [1] - The company posted revenues of $229.76 million for the quarter ended March 2025, which was 1.44% below the Zacks Consensus Estimate, but an increase from $224.17 million year-over-year [2] - Ormat Technologies has outperformed the S&P 500, gaining approximately 6.4% since the beginning of the year, while the S&P 500 has declined by 4.7% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.41, with expected revenues of $225.88 million, and for the current fiscal year, the EPS estimate is $2 on revenues of $955.06 million [7] - The estimate revisions trend for Ormat Technologies is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Alternative Energy - Other industry, to which Ormat Technologies belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges ahead [8]

[Q1 2025 Financial Results Overview](index=1&type=section&id=Q1%202025%20Financial%20Results%20Overview) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Ormat reported a 2.5% increase in total revenue to $229.8 million and a 4.6% rise in net income attributable to stockholders to $40.4 million in Q1 2025, with Adjusted EBITDA reaching a record $150.3 million, up 6.4% year-over-year, driven by strong performance in the Energy Storage and Product segments offsetting a decline in Electricity Q1 2025 Key Financial Results | | Q1 2025 ($M) | Q1 2024 ($M) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | 229.8 | 224.2 | 2.5% | | **Gross Profit** | 72.9 | 78.8 | (7.5%) | | **Operating Income** | 50.9 | 52.6 | (3.2%) | | **Net Income Attributable to Stockholders** | 40.4 | 38.6 | 4.6% | | **Diluted EPS** | 0.66 | 0.64 | 3.1% | | **Adjusted EBITDA** | 150.3 | 141.2 | 6.4% | | **Adjusted Diluted EPS** | 0.68 | 0.65 | 4.6% | - Achieved record Adjusted EBITDA of **$150.3 million**, marking a **6.4% increase** compared to the same period last year[4](index=4&type=chunk) - The Energy Storage segment was a key growth driver, with revenues increasing by **120%**, leading to a significant margin increase for the segment[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) The CEO highlighted a strong start to 2025, driven by the Product and Storage segments, with the latter benefiting from new capacity and higher merchant prices in the PJM market, while the Electricity segment saw a slight decline due to curtailments, the company is confident in future growth from projects coming online by the end of 2025, and management also noted that the impact of recent reciprocal tariffs is expected to be limited in the short term as batteries for current projects have already been procured - The Storage segment's growth was attributed to new capacity added over the last 12 months and higher merchant prices in the PJM market[5](index=5&type=chunk) - The Electricity segment experienced a slight year-over-year decline due to previously disclosed energy curtailments in California and Nevada[5](index=5&type=chunk) - The company anticipates a limited short-term impact from recent reciprocal tariffs, as batteries for all projects under construction have already been procured and its Electricity segment has limited exposure to China[5](index=5&type=chunk) [Business and Strategic Developments](index=2&type=section&id=Business%20and%20Strategic%20Developments) Ormat announced the strategic acquisition of the 20MW Blue Mountain geothermal plant for $88 million, with plans for capacity upgrades and a solar addition, and also expanded its energy storage portfolio by winning a tender for approximately 300MW/1200MWh in Israel, while operationally, the 35MW Ijen geothermal plant in Indonesia commenced commercial operations - Signed an agreement to acquire the **20MW Blue Mountain geothermal power plant** from Cyrq Energy for **$88 million**, with plans to upgrade its capacity by **3.5 MW** and add a **13 MW solar facility**[5](index=5&type=chunk)[13](index=13&type=chunk) - In February 2025, won a tender in Israel for two 15-year tolling agreements for energy storage facilities with a combined capacity of approximately **300MW/1200MWh**[13](index=13&type=chunk) - Commenced commercial operations of the **35MW Ijen geothermal power plant** in Indonesia in February 2025, in which Ormat holds a **49% equity interest**[13](index=13&type=chunk) - Signed a new 10-year Power Purchase Agreement (PPA) with Calpine Energy Solutions for up to **15MW of geothermal capacity**, which will replace a lower-priced PPA in Q1 2027[13](index=13&type=chunk) [Segment Performance Analysis](index=1&type=section&id=Segment%20Performance%20Analysis) The Energy Storage segment was the standout performer with revenues soaring 119.7% due to strong merchant pricing and new assets, the Product segment also saw robust growth, with revenue up 27.9% and an improved gross margin, supported by a strong backlog, conversely, the Electricity segment's revenue declined by 5.8% because of grid curtailments in the U.S - **Energy Storage:** Revenue increased by **119.7% YoY**, driven by new assets, higher merchant pricing in East Coast markets, and a legal settlement with a battery supplier, with gross margin improving significantly from **7.5% to 30.6%**[3](index=3&type=chunk)[6](index=6&type=chunk)[13](index=13&type=chunk) - **Product:** Revenue grew **27.9% YoY** due to the timing of revenue recognition and a higher backlog, with gross margin increasing from **14.8% in Q1 2024 to 22.3% in Q1 2025**, and the segment backlog stands at approximately **$314 million** as of May 7, 2025[3](index=3&type=chunk)[6](index=6&type=chunk)[13](index=13&type=chunk) - **Electricity:** Revenue decreased by **5.8% YoY**, primarily due to energy curtailments at the McGinness complex, transmission line maintenance, and wildfire-related grid issues in California[3](index=3&type=chunk)[6](index=6&type=chunk) [2025 Full-Year Guidance](index=3&type=section&id=2025%20Full-Year%20Guidance) Ormat reiterated its full-year 2025 guidance, projecting total revenues between $935 million and $975 million and Adjusted EBITDA between $563 million and $593 million, reflecting the company's confidence in its strong execution and business prospects across all segments 2025 Full-Year Guidance | Metric | Guidance Range ($ millions) | | :--- | :--- | | **Total Revenues** | $935 - $975 | | Electricity Segment Revenues | $710 - $725 | | Product Segment Revenues | $172 - $187 | | Energy Storage Revenues | $53 - $63 | | **Adjusted EBITDA** | $563 - $593 | - The company is not providing guidance on net income or a reconciliation of its Adjusted EBITDA guidance to net income due to the high variability and complexity of estimating certain forward-looking amounts[9](index=9&type=chunk) [Shareholder Returns](index=3&type=section&id=Shareholder%20Returns) The Board of Directors declared a quarterly dividend of $0.12 per share, payable on June 4, 2025, and the company signaled its intention to maintain this dividend level for the subsequent three quarters - A quarterly dividend of **$0.12 per share** was declared, payable on June 4, 2025, to stockholders of record as of the close of business on May 21, 2025[10](index=10&type=chunk) - The company expects to continue paying a quarterly dividend of **$0.12 per share** in each of the next three quarters[10](index=10&type=chunk) [Financial Statements and Reconciliations](index=6&type=section&id=Financial%20Statements%20and%20Reconciliations) [Condensed Consolidated Statement of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) For Q1 2025, Ormat reported total revenues of $229.8 million, an increase from $224.2 million in Q1 2024, and despite a lower gross profit of $72.9 million, net income attributable to stockholders grew to $40.4 million, or $0.66 per diluted share, up from $38.6 million, or $0.64 per diluted share, in the prior-year period, aided by an income tax benefit and income from the sale of tax benefits Condensed Consolidated Statement of Operations (in thousands) | | Three Months Ended March 31, | | :--- | :--- | | | **2025** | **2024** | | **Total revenues** | **$229,762** | **$224,166** | | Gross profit | $72,927 | $78,810 | | Operating income | $50,913 | $52,583 | | Income from operations before income tax | $37,606 | $39,374 | | **Net income attributable to the Company's stockholders** | **$40,362** | **$38,587** | | **Diluted EPS** | **$0.66** | **$0.64** | [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of March 31, 2025, Ormat's total assets increased to $5.84 billion from $5.67 billion at year-end 2024, primarily driven by growth in construction-in-process, while total liabilities also rose to $3.24 billion from $3.11 billion, and total stockholders' equity grew to $2.59 billion from $2.55 billion over the same period Key Balance Sheet Items (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $600,854 | $547,122 | | Property, plant and equipment, net | $3,497,915 | $3,501,886 | | Construction-in-process | $844,873 | $755,589 | | **Total assets** | **$5,838,947** | **$5,666,224** | | **Total current liabilities** | $619,223 | $598,078 | | Total long-term debt (net) | $1,988,150 | $1,870,649 | | **Total liabilities** | **$3,243,601** | **$3,105,844** | | **Total equity** | **$2,585,773** | **$2,550,932** | [Reconciliation of Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The company provides reconciliations for non-GAAP measures to their closest GAAP equivalents, with Q1 2025 Adjusted EBITDA reconciled from a net income of $41.0 million to $150.3 million, and Adjusted Net Income attributable to stockholders at $41.5 million, or $0.68 per diluted share, after accounting for items like unsuccessful exploration write-offs and a settlement agreement [Reconciliation of EBITDA and Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20EBITDA%20and%20Adjusted%20EBITDA) Net income of $41.0 million for Q1 2025 was reconciled to an Adjusted EBITDA of $150.3 million, with key positive adjustments including adding back interest expense ($33.2M), depreciation and amortization ($69.2M), and stock-based compensation ($4.9M) Reconciliation of Net Income to Adjusted EBITDA (in thousands) | | Three Months Ended March 31, 2025 | | :--- | :--- | | **Net income** | **$41,034** | | Interest expense, net | $33,160 | | Income tax provision (benefit) | ($3,795) | | Depreciation, amortization and accretion | $69,157 | | **EBITDA** | **$142,977** | | Stock-based compensation | $4,911 | | Settlement agreement | $900 | | Write-off of unsuccessful exploration and storage activities | $516 | | Other adjustments | $965 | | **Adjusted EBITDA** | **$150,269** | [Reconciliation of Adjusted Net Income and Adjusted EPS](index=10&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20and%20Adjusted%20EPS) For Q1 2025, GAAP Net Income of $40.4 million ($0.66 per diluted share) was adjusted for several items, including a $0.41 million write-off and a $0.71 million settlement agreement, resulting in an Adjusted Net Income of $41.5 million ($0.68 per diluted share) Reconciliation of Adjusted Net Income and EPS (in millions, except per share data) | | Three Months Ended March 31, 2025 | | :--- | :--- | | **GAAP Net income attributable to the Company's stockholders** | **$40.4** | | Write-off of unsuccessful exploration and storage activities | $0.41 | | Settlement agreement | $0.71 | | Allowance for bad debts | $0.02 | | **Adjusted Net income attributable to the Company's stockholders** | **$41.5** | | **GAAP diluted EPS** | **$0.66** | | **Adjusted Diluted EPS** | **$0.68** |

Core Insights - Ormat Technologies reported a strong start to 2025 with a 2.5% increase in total revenues, driven by significant growth in the Product and Energy Storage segments [4][8] - The company achieved a record adjusted EBITDA of $150.3 million, reflecting a 6.4% year-over-year increase, supported by improved performance in its Storage segment [4][8] - The Electricity segment experienced a slight decline in revenues due to curtailments in California and Nevada, but overall geothermal operations remained solid [4][5] Financial Highlights - Total revenues for Q1 2025 were $229.8 million, up from $224.2 million in Q1 2024, marking a 2.5% increase [3][20] - Net income attributable to the Company's stockholders rose to $40.4 million, a 4.6% increase compared to $38.6 million in the previous year [3][30] - Diluted EPS increased by 3.1% to $0.66 from $0.64 year-over-year [3][30] - Adjusted net income attributable to stockholders was $41.5 million, up 4.8% from $39.6 million in Q1 2024 [3][30] - The Energy Storage segment saw a remarkable revenue increase of 119.7%, driven by higher merchant prices in the PJM market [3][8] Business Developments - Ormat signed an agreement to acquire the 20 MW Blue Mountain geothermal power plant from Cyrq Energy for $88 million, expected to close by the end of Q2 2025 [4][5] - The company plans to upgrade the Blue Mountain facility, increasing its capacity by 3.5 MW, and intends to add a 13 MW solar facility to support the plant [5][16] - The company reiterated its full-year guidance for 2025, reflecting strong execution and confidence in its business outlook [4][9] Segment Performance - The Electricity segment's revenues decreased by 5.8% to $180.2 million, primarily due to curtailments and maintenance issues [3][8] - The Product segment revenues increased by 27.9% to $31.8 million, attributed to higher backlog and improved contract margins [3][8] - The gross margin for the Electricity segment fell to 33.5% from 39.0% year-over-year, while the Product segment's gross margin improved to 22.3% from 14.8% [3][8] Guidance and Future Outlook - The company expects continued strong performance throughout 2025, particularly in the Storage segment, as it transitions to a more predictable portfolio [4][5] - Ormat anticipates that easing project permitting timelines and increased focus on geothermal exploration will further support growth [5][8] - The company provided guidance for total revenues between $935 million and $975 million for 2025, with adjusted EBITDA expected to be between $563 million and $593 million [16][9]

Group 1 - The company has a total of 2,660,056,599 shares as of the end of April 2025 [2] - The number of treasury shares without voting rights decreased from 3,835,000 on January 31, 2025, to 1,541,848 by April 30, 2025 [2] - The theoretical number of voting rights increased from 3,172,669,760 on January 31, 2025, to 3,177,421,164 by April 30, 2025 [2] Group 2 - The number of exercisable voting rights was 3,169,834,760 on January 31, 2025, and increased to 3,175,879,316 by April 30, 2025 [2] - The company follows the regulations set forth in the French Commercial Code regarding voting rights and shareholding [1] - A double voting right is granted to fully paid-up shares held in registered form for at least two years [1]

The Dividend is not subject to withholding taxes at the time of payment by the Company. Rodrigo Barbosa, President & CEO commented, "In 2020, we outlined Aura's strategic vision to the market, focusing on three key pillars: (i) advancing greenfield projects to boost production, (ii) investing in exploration to grow Resources and Reserves, and (iii) pursuing M&A opportunities while also committing to pay dividends to our shareholders. Since then, we have successfully commissioned and ramped up Almas, expande ...

Core Viewpoint - Aura Minerals Inc. has reported its Q1 2025 financial and operational results, highlighting a strong start to the year with expectations for improved performance in upcoming quarters, particularly with the Borborema project entering commercial production in Q3 2025 [2][4]. Financial Performance - Total production in Q1 2025 was 60,087 gold equivalent ounces (GEO), a decrease of 10% from Q4 2024 and 12% from Q1 2024 [2][4]. - Net revenue for Q1 2025 reached $161.8 million, a 23% increase compared to Q1 2024 but a 6% decrease from Q4 2024 [2][6]. - Adjusted EBITDA for Q1 2025 was $81.5 million, marking a 53% increase year-over-year and setting a record high for the company [2][6]. Production Details - The Borborema project has commenced operations and is expected to produce between 33,000 and 40,000 ounces in 2025, with commercial production anticipated by Q3 2025 [4][5]. - Aranzazu produced 20,456 GEO in Q1 2025, a 10% decrease from Q4 2024, primarily due to reduced ore milled and increased maintenance downtime [4][6]. - Minosa's production totaled 17,654 GEO, reflecting a 9% decrease from the previous quarter, attributed to lower ore grades [6]. Cost Metrics - Cash cost per GEO sold was $1,149, a 5% increase from Q4 2024, while All In Sustaining Cost (AISC) was $1,461, up 6% from the previous quarter [2][6]. - The net debt at the end of Q1 2025 was $271.9 million, with a net debt-to-last-12-months EBITDA ratio of 0.92x [2][6]. Market Conditions - The average realized gold sales price in Q1 2025 was $2,786 per ounce, an 8% increase from Q4 2024 and 39% higher than Q1 2024 [6]. - Average copper sales prices rose to $4.26 per pound, reflecting a 3% increase from Q4 2024 and 11% higher than the same period in 2024 [6]. Strategic Outlook - The company is focused on developing efficient operations and has set a benchmark for ESG performance with the Borborema project, which incorporates renewable energy and local water resources [5][6]. - Management anticipates a supportive economic environment for commodity prices in the short to medium term, despite potential volatility [7].

Core Viewpoint - Aura Minerals Inc. has confidentially submitted a draft registration statement to the SEC for a proposed public offering of its common shares in the United States, aiming to enhance shareholder value and improve stock liquidity [1][2][3] Company Overview - Aura is a mid-tier gold and copper production company focused on operating and developing projects in the Americas, with five operating mines and several development projects [6] - The company owns over 630,000 hectares of mineral rights, indicating significant exploration potential [6] Proposed Public Offering - The public offering will include the registration and listing of common shares in the U.S., expected to commence after SEC review and subject to market conditions [2][3] - The specific number of shares and price range for the offering have not yet been determined [2] Strategic Goals - The U.S. listing is part of Aura's strategy to unlock value for shareholders and consolidate liquidity in the U.S. equity market [3]