Ormat Technologies, a company that develops renewable energy like geothermal and energy storage, has released its financial results for the first quarter of 2025. The company showed solid performance, growing its business while making strategic moves to expand further.
Revenue and Profit on the Rise
In the first three months of 2025, Ormat brought in $229.8 million in revenue, which is a 2.5% increase compared to the same time last year. The company also made more profit—$40.4 million—up nearly 5% from last year. That works out to $0.66 per share for investors.
When looking at adjusted numbers (which give a clearer picture by removing one-time items), profit came in at $41.5 million, or $0.68 per share. Adjusted earnings before interest, taxes, and other expenses (EBITDA) also went up 6.4% to $150.3 million.
How Each Part of the Business Performed
- Electricity Sales: This is Ormat’s largest area, but it saw a small drop of about 6% in revenue, mostly because some power generation was paused in California and Nevada due to outside constraints.
- Product Sales: This part of the business grew nearly 28%, thanks to strong demand and the timing of certain projects being completed.
- Energy Storage: This segment had a huge jump—almost 120%—mainly due to new storage sites coming online and better market prices for stored energy in certain regions.
New Acquisition in the Works
Ormat also announced it’s buying a geothermal power plant called Blue Mountain in northern Nevada. The deal is worth $88 million. The plant currently produces 20 megawatts of power and has a contract to sell that power to NV Energy until 2029. Ormat plans to upgrade the plant to produce even more and is exploring adding a solar facility on the site.
Looking Ahead
Ormat is sticking with its full-year financial forecast for 2025. The company expects to make between $935 million and $975 million in revenue and earn between $563 million and $593 million in adjusted EBITDA.
With strong results to start the year and smart investments in growth, Ormat says it’s in a good position to keep building a cleaner energy future.
