Financial Data and Key Metrics - Total revenue for Q3 2024 was 211.8million,a1.858.9 million, with a consolidated gross margin of 27.8%, down from 28.8% in Q3 2023 [10] - Net income attributable to stockholders was 22.1million,or0.36 per diluted share, compared to 35.5million,or0.59 per diluted share, in Q3 2023 [10] - Adjusted EBITDA increased by 16.3% YoY to 137.7million,drivenbycontributionsfromacquiredEnelassets,improvedoperationalperformance,andhigherpricingatthePunapowerplant[11]BusinessSegmentPerformanceElectricitySegment−Revenueincreasedby4.7164.6 million, driven by contributions from Enel assets and improved performance at the Puna complex [13] - Gross margin was 30.2%, down from 31.8% in Q3 2023, primarily due to lower generation at the Dixie Valley facility [16] - The segment contributed 82% of total adjusted EBITDA [16] Products Segment - Revenue declined by 6.2% to 37.4million,withabacklogof165 million as of November 5, 2024 [15] Energy Storage Segment - Revenue declined by 11.1% to 9.8million,mainlyduetolowerpricesintheERCOTmarket[15]−Thesegmentcontributed84.2 million and 4.1million,respectively[23]StrategicDirectionandIndustryCompetition−Thecompanyaimstogrowitsoperatingportfolioto2.1−2.3gigawattsbytheendof2026,drivenbystrongdemandforrenewableenergy,particularlyfromdatacenters[8]−ThecompanyistransitioningitsEnergyStoragebusinesstoamorestableandprofitableportfolio,highlightedbynewagreementsandthecommercialoperationofthe80MW/320MWhBottleneckproject[7]−TheU.S.remainstheprimaryfocusforgrowthduetoregulatorysupportandincreasingelectricitydemand[26]ManagementCommentaryonOperatingEnvironmentandFutureOutlook−Thecompanyexpectsfull−year2024revenuestorangebetween875 million and 893million,withadjustedEBITDAbetween540 million and 555million[28]−Managementisconfidentinachievinglong−termgrowthtargets,supportedbystrongcashflow,taxbenefitmonetization,andnewlong−termagreements[29]OtherImportantInformation−TheSECconcludeditsinvestigationintothecompanywithoutrecommendingenforcementaction,allowingthecompanytofocusonitsoperations[9]−Thecompanydeclaredaquarterlydividendof0.12 per share, payable on December 4, 2024 [19] Q&A Session Summary Question: Geothermal Development and CapEx - The company secured all nominated lands in the BLM auction and expects to expedite exploration and permitting due to a proposed categorical exclusion to NEPA [32][33] - CapEx for 2025 is expected to be higher than 2024, with a focus on full-size drilling, which is more expensive than core hole programs [35] Question: Potential Changes to IRA Legislation - The company is prepared to mitigate risks related to potential changes in IRA legislation by using Safe Harbor provisions for geothermal and storage projects [38][39] Question: PPA Pricing Trends - PPA pricing for geothermal projects continues to trend upward, with current prices north of $100 per megawatt hour [40] Question: Pricing of New Tolling Agreements in Texas - The company did not disclose specific pricing details but indicated that margins for storage projects are expected to improve, reaching 20%-30% over the next few years [43] Question: Merchant Pricing Trends - The company expects occasional weather events to positively impact merchant pricing, particularly in Texas, but overall volatility will be reduced due to a shift toward contracted revenues [44][45]