Ormat Technologies(ORA) GlobeNewswire·2025-02-26 21:15Core Insights - Ormat Technologies, Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2024, with total revenues increasing by 6.1% year-over-year, driven by growth across all business segments [5][6] - The company achieved a 14.3% increase in adjusted EBITDA for the full year, reflecting solid performance in its Electricity, Product, and Energy Storage segments [5][6] - Ormat is on track to meet its generating capacity goals of 2.6 to 2.8 GW by 2028, supported by strategic portfolio expansion and ongoing demand for renewable energy [5][6] Financial Performance - Total revenues for Q4 2024 were 879.7 million, up 6.1% from 2023 [3][7] - The Electricity segment reported revenues of 73.6 million, with a gross margin of 31.9%, compared to 32.5% in Q4 2023 [3][7] - Operating income for the full year improved by 3.5% to 123.7 million, a slight decrease of 0.5% year-over-year [3][7] - Adjusted net income attributable to stockholders for Q4 increased by 7.7% to 0.72 [3][7] Strategic Initiatives - In 2024, Ormat added 253 MW of new capacity, with 133 MW in the Electricity segment and 120 MW in Energy Storage, contributing to overall growth [6][7] - The company is negotiating for approximately 250 MW with hyper-scalers, indicating strong demand for renewable power [6][7] - Ormat has taken strategic actions to ensure eligibility for tax credits under the Inflation Reduction Act, enhancing its growth prospects [6][7] Future Outlook - For 2025, Ormat expects total revenues between 975 million, with adjusted EBITDA projected between 593 million [10][11] - The company anticipates continued growth in its Energy Storage segment, supported by new projects coming online [6][10] - Ormat's strategic focus on renewable energy positions it well to capitalize on the increasing global demand for cleaner energy solutions [6][10]