Ormat Technologies(US:ORA)2025-11-03 21:33Financial Performance - Total revenues for Q3 2025 increased by 17.9% to $249.7 million compared to Q3 2024, driven by strong performance in the Product and Energy Storage segments[3]. - Net income attributable to the Company's stockholders rose by 9.3% to $24.1 million, with diluted EPS increasing by 8.3% to $0.39[7]. - The Product segment saw a revenue increase of 66.6% in Q3 2025, while the Energy Storage segment experienced a remarkable growth of 108.1%[10]. - Adjusted EBITDA for Q3 2025 was $138.4 million, reflecting a year-over-year increase of 0.6%[7]. - Total revenues for Q3 2025 reached $249.7 million, a 17.9% increase from $211.8 million in Q3 2024[19]. - Product revenues increased by 66.7% year-over-year, from $37.4 million in Q3 2024 to $62.2 million in Q3 2025[19]. - Energy storage revenues grew by 108.1% year-over-year, from $9.8 million in Q3 2024 to $20.4 million in Q3 2025[19]. - Gross profit for Q3 2025 was $64.0 million, compared to $58.9 million in Q3 2024, reflecting a gross margin of 25.6%[19]. - Operating income for Q3 2025 was $40.4 million, up from $35.7 million in Q3 2024, representing a 21.5% increase[19]. - Adjusted EBITDA for Q3 2025 was $138.4 million, compared to $137.7 million in Q3 2024, indicating stable operational performance[24]. Guidance and Future Projections - The Company has updated its 2025 guidance, projecting total revenues between $960 million and $980 million and adjusted EBITDA between $575 million and $593 million[10]. - The Company signed a new contract that increased its backlog to approximately $295 million, expected to support elevated revenues in 2026[5]. Assets and Cash Flow - Total assets increased to $6.1 billion as of September 30, 2025, up from $5.7 billion at the end of 2024[20]. - Cash and cash equivalents decreased to $79.6 million from $94.4 million at the end of 2024[20]. Earnings and Shareholder Returns - The Company announced a quarterly dividend of $0.12 per share, payable on December 1, 2025[12]. - The company reported a basic earnings per share of $0.40 for Q3 2025, compared to $0.37 for Q3 2024, reflecting a 8.1% increase[19]. - GAAP Net income attributable to the Company's stockholders for Q3 2025 was $24.1 million, up from $22.1 million in Q3 2024, representing an increase of 9.05%[26]. - Adjusted Net income attributable to the Company's stockholders for the nine months ended September 30, 2025, was $95.5 million, compared to $90.2 million for the same period in 2024, reflecting a growth of 5.77%[26]. - GAAP diluted EPS for Q3 2025 was $0.39, an increase from $0.36 in Q3 2024, marking an 8.33% rise[26]. - Adjusted Diluted EPS for the nine months ended September 30, 2025, was $1.56, compared to $1.49 in the same period of 2024, indicating a growth of 4.69%[26]. Costs and Expenses - The company incurred $0.4 million in merger and acquisition transaction costs in Q3 2025, compared to $0.06 million in Q3 2024[26]. - Write-off of unsuccessful exploration and storage activities amounted to $0.3 million in Q3 2025, slightly up from $0.26 million in Q3 2024[26]. - Legal fees related to a settlement agreement were $3.75 million in Q3 2024, with no such costs reported in Q3 2025[26]. - Impairment of long-lived assets was recorded as $0.06 million in Q3 2024, with no impairment reported in Q3 2025[26]. - The allowance for bad debts was $0.1 million in Q3 2025, consistent with the $0.1 million reported in Q3 2024[26]. - The company reported a total of $1.18 million in merger and acquisition transaction costs for the nine months ended September 30, 2025, compared to $1.09 million for the same period in 2024[26]. Strategic Initiatives - A strategic partnership with SLB aims to accelerate the development of Enhanced Geothermal Systems (EGS) solutions, enhancing the Company's market position[4]. - The successful commencement of commercial operations at the 60MW/120MWh Lower Rio energy storage facility in Texas marks a significant milestone for the Company[10].