Ormat Technologies, Inc 10-Q for FY2025 Q2

Ormat Technologies, Inc. (ORA)

10-Q 2025-08-07 For: 2025-06-30

Added on April 11, 2026

About this 10-Q

Ormat Technologies, Inc filed this 10-Q on August 7, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $234.02M; up 9.9% from $212.96M a year earlier
Net income: $28.05M; up 26.1% from net income of $22.24M a year earlier
Diluted EPS: $0.46; up 24.3% from $0.37 a year earlier

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Delaware			88-0326081
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)
6884 Sierra Center Parkway,, Reno,, Nevada			89511-2210
(Address of principal executive offices)			(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	ORA	NYSE


PART I — FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	4
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	26
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	52
ITEM 4.	CONTROLS AND PROCEDURES	52
PART II — OTHER INFORMATION		53
ITEM 1.	LEGAL PROCEEDINGS	53
ITEM 1A.	RISK FACTORS	53
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	53
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	53
ITEM 4.	MINE SAFETY DISCLOSURES	53
ITEM 5.	OTHER INFORMATION	53
ITEM 6.	EXHIBITS	53
SIGNATURES		55


	June 30, 2025		December 31, 2024
	(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	88,492	$	94,395


Restricted cash and cash equivalents (primarily related to VIEs)	117,572		111,377
Receivables:
Trade less allowance for credit losses of $275 and $224, respectively (primarily related to VIEs)	154,277		164,050

Other	39,227		50,792

Inventories	44,907		38,092
Costs and estimated earnings in excess of billings on uncompleted contracts	12,926		29,243

Prepaid expenses and other	51,508		59,173
Total current assets	508,909		547,122


Investment in unconsolidated companies	160,178		144,585
Deposits and other (primarily related to VIE’s)	102,483		75,383
Deferred income taxes	176,897		153,936

Property, plant and equipment, net ($3,308,167 and $3,271,248 related to VIEs, respectively)	3,544,564		3,501,886
Construction-in-process ($526,053 and $251,442 related to VIEs, respectively)	1,024,241		755,589
Operating leases right of use ($14,789 and $13,989 related to VIEs, respectively)	35,240		32,114
Finance leases right of use (none related to VIEs)	3,648		2,841

Intangible assets, net	289,061		301,745
Goodwill	170,391		151,023
Total assets	$	6,015,612	$	5,666,224

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	212,617	$	234,334

Short term revolving credit lines with banks (full recourse)	96,500		—
Commercial paper (less deferred financing costs of $20 and $23, respectively)	99,980		99,977
Billings in excess of costs and estimated earnings on uncompleted contracts	37,693		23,091
Current portion of long-term debt:
Limited and non-recourse (primarily related to VIEs)	70,570		70,262


Full recourse	201,251		161,313
Financing liability	5,905		4,093
Operating lease liabilities	4,464		3,633
Finance lease liabilities	1,696		1,375
Total current liabilities	730,676		598,078
Long-term debt, net of current portion:
Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $7,833 and $8,849, respectively)	542,437		578,204
Full recourse (less deferred financing costs of $4,665 and $4,671, respectively)	997,139		822,828
Convertible senior notes (less deferred financing costs of $5,456 and $6,820, respectively)	470,981		469,617
Financing liability	213,810		216,476
Operating lease liabilities	25,285		22,523
Finance lease liabilities	2,042		1,529


Liability associated with sale of tax benefits	136,778		152,292

Deferred income taxes	72,544		68,616
Liability for unrecognized tax benefits	7,583		6,272
Liabilities for severance pay	11,984		10,488
Asset retirement obligation	137,266		129,651
Other long-term liabilities	37,314		29,270
Total liabilities	3,385,839		3,105,844

Commitments and contingencies (Note 9)

Redeemable noncontrolling interest	10,985		9,448

Equity:
The Company's stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,723,470 and 60,500,580 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	61		61
Additional paid-in capital	1,644,777		1,635,245
Treasury stock, at cost (258,667 shares held as of June 30, 2025 and December 31, 2024, respectively)	(17,964)		(17,964)
Retained earnings	868,371		814,518
Accumulated other comprehensive income (loss)	(2,297)		(6,731)
Total stockholders' equity attributable to Company's stockholders	2,492,948		2,425,129
Noncontrolling interest	125,840		125,803
Total equity	2,618,788		2,550,932
Total liabilities, redeemable noncontrolling interest and equity	$	6,015,612	$	5,666,224


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(Dollars in thousands, except per share data)				(Dollars in thousands, except per share data)
Revenues:
Electricity	$	159,912	$	166,226	$	340,153	$	357,479
Product	59,612		37,829		91,381		62,661
Energy storage	14,494		8,908		32,246		16,989
Total revenues	234,018		212,963		463,780		437,129
Cost of revenues:
Electricity	121,236		110,515		241,069		227,245
Product	43,118		32,662		67,802		53,816
Energy storage	12,769		8,400		25,087		15,872
Total cost of revenues	177,123		151,577		333,958		296,933
Gross profit	56,895		61,386		129,822		140,196
Operating expenses:
Research and development expenses	1,439		1,730		3,981		3,294
Selling and marketing expenses	4,370		4,167		8,542		9,293
General and administrative expenses	19,786		18,026		37,695		37,563

Other operating income	(4,269)		—		(7,394)		—
Impairment of long-lived assets	—		957		—		957
Write-off of unsuccessful exploration and storage activities	251		1,379		767		1,379
Operating income	35,318		35,127		86,231		87,710
Other income (expense):
Interest income	1,929		2,604		3,242		4,443
Interest expense, net	(36,682)		(33,716)		(71,155)		(64,684)
Derivatives and foreign currency transaction gains (losses)	5,068		(332)		7,128		(1,914)

Income attributable to sale of tax benefits	16,251		15,798		33,822		33,274


Other non-operating income, net	76		74		298		100
Income from operations before income tax and equity in earnings of investees	21,960		19,555		59,566		58,929
Income tax (provision) benefit	5,466		3,178		9,261		3,325
Equity in earnings of investees	773		1,232		406		2,061
Net income	28,199		23,965		69,233		64,315





Net income attributable to noncontrolling interest	(153)		(1,722)		(825)		(3,485)
Net income attributable to the Company's stockholders	$	28,046	$	22,243	$	68,408	$	60,830
Comprehensive income:
Net income	28,199		23,965		69,233		64,315
Other comprehensive income (loss), net of related taxes:
Change in foreign currency translation adjustments	7,547		(266)		10,308		(2,429)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge	(214)		429		(1,110)		939
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge	1,324		(1,189)		(2,142)		(628)
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	(233)		41		(745)		1,107

Other changes in comprehensive income	11		(28)		23		25
Total other comprehensive income (loss), net of related taxes:	8,435		(1,013)		6,334		(986)
Comprehensive income	36,634		22,952		75,567		63,329
Comprehensive income attributable to noncontrolling interest	(1,475)		(1,620)		(2,725)		(2,921)
Comprehensive income attributable to the Company's stockholders	$	35,159	$	21,332	$	72,842	$	60,408


Earnings per share attributable to the Company's stockholders:


Basic:	$	0.46	$	0.37	$	1.13	$	1.01


Diluted:	$	0.46	$	0.37	$	1.12	$	1.00
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:
Basic	60,689		60,451		60,624		60,419
Diluted	61,019		60,755		60,973		60,655


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to


	The Company's Stockholders' Equity
										Accumulated
				Additional						Other
	Common Stock			Paid-in		Treasury		Retained		Comprehensive				Noncontrolling		Total
	Shares	Amount		Capital		Stock		Earnings		Income (Loss)		Total		Interest		Equity
	(Dollars in thousands, except per share data)
Balance at December 31, 2023	60,359	$	60	$	1,614,769	$	(17,964)	$	719,894	$	(1,332)	$	2,315,427	$	125,560	$	2,440,987


Stock-based compensation	—	—		4,769		—		—		—		4,769		—		4,769
Exercise of stock-based awards by employees and directors (*)	63	—		55		—		—		—		55		—		55


Cash paid to noncontrolling interest	—	—		—		—		—		—		—		(2,587)		(2,587)
Cash dividend declared, $0.12 per share	—	—		—		—		(7,243)		—		(7,243)		—		(7,243)







Net income	—	—		—		—		38,587		—		38,587		1,924		40,511
Other comprehensive income (loss), net of related taxes:
Currency translation adjustments	—	—		—		—		—		(1,701)		(1,701)		(462)		(2,163)

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		510		510		—		510
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		561		561		—		561
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		1,066		1,066		—		1,066
Other	—	—		—		—		—		53		53		—		53

Balance at March 31, 2024	60,422	$	60	$	1,619,593	$	(17,964)	$	751,238	$	(843)	$	2,352,084	$	124,435	$	2,476,519


Balance as of the beginning of the period	60,422	$	60	$	1,619,593	$	(17,964)	$	751,238	$	(843)	$	2,352,084	$	124,435	$	2,476,519
Stock-based compensation	—	—		5,077		—		—		—		5,077		—		5,077
Exercise of stock-based awards by employees and directors (*)	31	1		93		—		—		—		94		—		94


Cash paid to noncontrolling interest	—	—		—		—		—		—		—		(90)		(90)
Cash dividend declared, $0.12 per share	—	—		—		—		(7,344)		—		(7,344)		—		(7,344)







Net income	—	—		—		—		22,243		—		22,243		1,777		24,020
Other comprehensive income (loss), net of related taxes:						—
Currency translation adjustment	—	—		—		—		—		(164)		(164)		(102)		(266)

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		429		429		—		429
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(1,189)		(1,189)		—		(1,189)
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		41		41		—		41
Other	—	—		—		—		—		(28)		(28)		—		(28)

Balance at June 30, 2024	60,453	$	61	$	1,624,763	$	(17,964)	$	766,137	$	(1,754)	$	2,371,243	$	126,020	$	2,497,263


























Balance at December 31, 2024	60,501	$	61	$	1,635,245	$	(17,964)	$	814,518	$	(6,731)	$	2,425,129	$	125,803	$	2,550,932


Stock-based compensation	—	—		4,911		—		—		—		4,911		—		4,911
Exercise of stock-based awards by employees and directors (*)	162	—		—		—		—		—		—		—		—


Cash paid to noncontrolling interest	—	—		—		—		—		—		—		(2,767)		(2,767)
Cash dividend declared, $0.12 per share	—	—		—		—		(7,273)		—		(7,273)		—		(7,273)







Net income	—	—		—		—		40,362		—		40,362		955		41,317
Other comprehensive income (loss), net of related taxes:
Currency translation adjustments	—	—		—		—		—		2,183		2,183		578		2,761

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of an unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		(896)		(896)		—		(896)
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(3,466)		(3,466)		—		(3,466)
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		(512)		(512)		—		(512)
Other	—	—		—		—		—		12		12		—		12

Balance at March 31, 2025	60,663	$	61	$	1,640,156	$	(17,964)	$	847,607	$	(9,410)	$	2,460,450	$	124,569	$	2,585,019

Cumulative effect of changes in accounting principles	—	—		—				—		—		—		—		—
Balance as of the beginning of the period	60,663	$	61	$	1,640,156	$	(17,964)	$	847,607	$	(9,410)	$	2,460,450	$	124,569	$	2,585,019
Stock-based compensation	—	—		4,621		—		—		—		4,621		—		4,621
Exercise of stock-based awards by employees and directors (*)	60	—		—		—		—		—		—		—		—




Cash dividend declared, $0.12 per share	—	—		—		—		(7,282)		—		(7,282)		—		(7,282)

Increase in noncontrolling interest related to tax monetization transaction	—	—		—		—		—		—		—		276		276





Net income	—	—		—		—		28,046		—		28,046		(327)		27,719
Other comprehensive income (loss), net of related taxes:
Currency translation adjustment	—	—		—		—		—		6,225		6,225		1,322		7,547

Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge	—	—		—		—		—		(214)		(214)		—		(214)
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge	—	—		—		—		—		1,324		1,324		—		1,324
Change in unrealized gains or losses in respect of an interest rate swap derivative instrument that qualifies as a cash flow hedge	—	—		—				—		(233)		(233)		—		(233)
Other	—	—		—		—		—		11		11		—		11

Balance at June 30, 2025	60,723	$	61	$	1,644,777	$	(17,964)	$	868,371	$	(2,297)	$	2,492,948	$	125,840	$	2,618,788


Trade receivables and others (1)	$	1.7
Deferred income taxes	5.3
Property, plant and equipment and construction-in-process (2)	86.2
Operating lease right-of-use	1.4
Total assets acquired	$	94.6

Accounts payable, accrued expenses and others	$	0.3
Long-term operating lease liabilities	1.2
Other long-term liability (3)	16.8
Asset retirement obligation	3.7
Total liabilities assumed	$	22.0

Total assets acquired, and liabilities assumed, net	$	72.6
Goodwill (4)	$	16.1


	June 30,		December 31,
	2025		2024
	(Dollars in thousands)
Cash and cash equivalents	$	88,492	$	94,395
Restricted cash and cash equivalents	117,572		111,377
Total cash and cash equivalents and restricted cash and cash equivalents	$	206,064	$	205,772


			June 30, 2025
			Fair Value
	Carrying Value at June 30, 2025		Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)	$	42,797	$	42,797	$	42,797	$	—	$	—


Derivatives: interest rate swap (3)	40		40		—		40		—



Derivatives: currency forward contracts (2)	2,954		2,954		—		2,954		—
Long-term assets:
Cross currency swap (1)	3,341		3,341		—		3,341		—

Liabilities:
Current liabilities:




Derivatives: cross-currency swap (1)	(655)		(655)		—		(655)		—

Long term liabilities:
Derivatives: interest rate swap (3)	(672)		(672)		—		(672)		—

	$	47,805	$	47,805	$	42,797	$	5,008	$	—


			December 31, 2024
			Fair Value
	Carrying Value at December 31, 2024		Total		Level 1		Level 2		Level 3
	(Dollars in thousands)
Assets:
Current assets:
Cash equivalents (primarily restricted cash accounts)	$	52,031	$	52,031	$	52,031	$	—	$	—


Derivatives: interest rate swap (3)	180		180		—		180		—



Derivatives: currency forward contracts (2)	550		550		—		550		—


Liabilities:
Current liabilities:




Derivatives: cross-currency swap (1)	(3,500)		(3,500)		—		(3,500)		—
Long-term liabilities:
Derivatives: cross-currency swap (1)	(6,653)		(6,653)		—		(6,653)		—



	$	42,607	$	42,607	$	52,031	$	(9,424)	$	—


		Amount of recognized gain (loss)				Amount of recognized gain (loss)
Derivative instruments	Location of recognized gain (loss)	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
		(Dollars in thousands)				(Dollars in thousands)







Derivatives not designated as hedging instruments
Currency forward contracts (1)	Derivative and foreign currency transaction gains (losses)	$	4,040	$	(185)	$	3,693	$	(513)
Derivatives designated as cash flow hedging instruments
Cross currency swap (2)	Derivative and foreign currency transaction gains (losses)	$	18,648	$	(2,127)	$	14,983	$	(5,363)
Interest rate swap (2)	Interest expense, net	$	101	$	433	202		890
Total		$	18,749	$	(1,694)	$	15,185	$	(4,473)


	Fair Value Hierarchy Level	Fair Value				Carrying Amount (*)
		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
		(Dollars in millions)				(Dollars in millions)
Limited and non-recourse loans: fixed rate	3	$	604.0	$	636.5	$	622.6	$	657.3
Full recourse loans:
Fixed-rate	3	849.8		920.4		862.3		940.4
Variable-rate	3	348.3		48.5		340.6		48.4
Financing liability: fixed-rate	3	222.9		223.4		219.7		220.6
Convertible senior note	2	525.2		471.2		476.4		476.4


Risk-free interest rates	3.95%	—	4.08%
Expected life (in years)	1	—	3
Dividend yield	0.69%
Expected volatility (weighted average)	27.0%	—	31.0%


Form 10-Q


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Southern California Public Power Authority (“SCPPA”)	17.0	%	19.7	%	19.5	%	22.3	%
Sierra Pacific Power Company and Nevada Power Company	12.9		14.7		14.5		15.8

Kenya Power and Lighting Co. Ltd. ("KPLC")	12.5		13.1		12.3		12.7


	June 30,		December 31,
	2025		2024
	(Dollars in thousands)
Raw materials and purchased parts for assembly	$	20,860	$	20,575
Self-manufactured assembly parts and finished products	24,047		17,517
Total inventories	$	44,907	$	38,092


	Electricity		Product		Energy Storage		Consolidated
	(Dollars in thousands)
Three Months Ended June 30, 2025:
Revenues from external customers:
United States (1)	$	111,417	$	3,523	$	14,494	$	129,434
Foreign (2)	48,495		56,089		—		104,584
Net revenue from external customers	159,912		59,612		14,494		234,018
Less:
Depreciation and amortization expenses (3)	58,106		2,632		7,071		67,809
Other cost of revenues expenses (4)	63,130		40,486		5,698		109,314
Segment gross profit (loss)	38,676		16,494		1,725		56,895
Less:
Segment operating expenses (income) (5)	16,705		6,294		(1,422)		21,577
Segment operating income	$	21,971	$	10,200	$	3,147	$	35,318
Total depreciation and amortization expense (6)	$	59,945	$	2,955	$	7,130	$	70,030
Segment assets at period end (7) (*)	5,225,398		238,082		552,132		6,015,612
Expenditures for long-lived assets	34,405		1,809		98,610		134,824
* Including unconsolidated investments	160,178		—		—		160,178

Three Months Ended June 30, 2024:
Revenues from external customers:
United States (1)	$	119,695	$	1,615	$	8,908	$	130,218
Foreign (2)	46,531		36,214		—		82,745
Net revenue from external customers	166,226		37,829		8,908		212,963


Less:
Depreciation and amortization expenses (3)	52,827		2,467		4,784		60,078
Other cost of revenues expenses (4)	57,688		30,195		3,616		91,499
Segment gross profit (loss)	55,711		5,167		508		61,386
Less:
Segment operating expenses (5)	20,297		4,141		1,821		26,259
Segment operating income (loss)	$	35,414	$	1,026	$	(1,313)	$	35,127
Total depreciation and amortization expense (6)	$	56,256	$	2,780	$	4,764	$	63,800
Segment assets at period end (7) (*)	4,955,806		192,092		358,904		5,506,802
Expenditures for long-lived assets	106,867		1,690		38,282		146,839
* Including unconsolidated investments	129,664		—		—		129,664

Six Months Ended June 30, 2025:
Revenues from external customers:
United States (1)	$	245,631	$	6,762	$	32,246	$	284,639
Foreign (2)	94,522		84,619		—		179,141
Net revenue from external customers	340,153		91,381		32,246		463,780
Less:
Depreciation and amortization expense (3)	114,976		5,203		13,922		134,102
Other cost of revenues expenses (4)	126,093		62,599		11,165		199,856
Segment gross profit (loss)	99,084		23,579		7,159		129,822
Less:
Segment operating expenses (income) (5)	36,270		9,743		(2,422)		43,591
Segment operating income	62,814		13,836		9,581		86,231
Total depreciation and amortization expenses (6)	119,921		5,849		14,037		139,808
Segment assets at period end (7) (*)	5,225,398		238,082		552,132		6,015,612
Expenditures for long-lived assets	205,755		3,009		118,662		327,426
* Including unconsolidated investments	160,178		—		—		160,178

Six Months Ended June 30, 2024:
Revenues from external customers:
United States (1)	$	263,511	$	2,491	$	16,989	$	282,991
Foreign (2)	93,968		60,170		—		154,138
Net revenue from external customers	357,479		62,661		16,989		437,129
Less
Depreciation and amortization expense (3)	105,016		5,030		9,235		119,281
Other cost of revenues expenses (4)	122,229		48,786		6,637		177,652
Segment gross profit (loss)	130,234		8,845		1,117		140,196
Less:
Segment operating expenses (income) (5)	42,139		6,977		3,370		52,486
Segment operating income (loss)	88,095		1,868		(2,253)		87,710
Total depreciation and amortization expenses (6)	111,305		5,653		9,194		126,152
Segment assets at period end (7) (*)	4,955,806		192,092		358,904		5,506,802


Expenditures for long-lived assets	199,030	3,012	48,183	250,225
* Including unconsolidated investments	129,664	—	—	129,664


	Revenue				Increase (Decrease)				% of Revenues for Period Indicated
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2025		2024		2025				2025		2024
	(Dollars in thousands)
Revenues:
Electricity	$	159,912	$	166,226	$	(6,314)	(3.8)	%	68.3	%	78.1	%
Product	59,612		37,829		21,783		57.6		25.5		17.8
Energy storage	14,494		8,908		5,586		62.7		6.2		4.2
Total	$	234,018	$	212,963	$	21,055	9.9	%	100.0	%	100.0	%

	Revenue				Increase (Decrease)				% of Revenues for Period Indicated
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025				2025		2024
	(Dollars in thousands)
Revenues:
Electricity	$	340,153	$	357,479	$	(17,326)	(4.8)	%	73.3	%	81.8	%
Product	91,381		62,661		28,720		45.8		19.7		14.3
Other	32,246		16,989		15,257		89.8		7.0		3.9
Total	$	463,780	$	437,129	$	26,651	6.1	%	100.0	%	100.0	%


Credit Agreements	Amount Issued		Issued and Outstanding as of June 30, 2025		Termination Date
	(Dollars in millions)				358.6
Committed lines for credit and letters of credit	$	533.0	$	174.4	August 2025-June 2028
Committed lines for letters of credit	155.0		91.9		August 2025-March 2026
Non-committed lines	—		44.9		October 2025
Total	$	688.0	$	311.2


	(Dollars in thousands)
Year ending December 31:
2025	$	134,914
2026	299,907
2027	769,283
2028	318,660
2029	295,675
Thereafter	881,551
Total	$	2,699,990


Loan	Amount Outstanding as of June 30, 2025		Interest Rate Range	Maturity Date
	(Dollars in millions)
Limited and non-recourse loans: fixed rate	$	622.6	1.7% - 7.0%	March-26 - July-47
Full recourse loans:
Fixed-rate	862.3		2.9% - 7.9%	January-28- February-33
Variable-rate	340.6		6.6% - 6.7%	September-28 - May-33
Financing liability (1)	219.7		6.0%	June-38
Convertible senior notes (2)	476.4		2.5%	July-27
Short term revolving credit lines with banks	96.5		6.5% - 8.8%	December-25 - June-26


	Assuming a 10% Increase in Rates				Assuming a 10% Decrease in Rates
Risk	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		Change in the Fair Value of:
	(Dollars in thousands)
Foreign currency	$	188	$	(700)	$	4,453	$	2,078	Foreign currency forward contracts
Interest rate	(1,024)		—		1,058		—		Mizrahi 2025 Loan
Interest rate	(1,041)		—		1,076		—		Discount 2025 Loan
Interest rate	(1,109)		—		1,147		—		Discount 2025 II Loan
Interest rate	(3,082)		—		3,184		—		Hapoalim 2025 Loan
Interest rate	(2,865)		(2,986)		3,045		3,180		Bottleneck Loan
Interest rate	(4,823)		(5,096)		5,170		5,469		Mammoth Senior Secured Notes
Interest rate	(424)		(574)		430		584		Mizrahi Loan
Interest rate	(726)		(886)		746		914		Mizrahi Loan 2023
Interest rate	(498)		(679)		506		691		Hapoalim Loan
Interest rate	(1,576)		(1,708)		1,625		1,762		Hapoalim Loan 2023
Interest rate	(1,115)		(1,295)		1,145		1,333		Hapoalim 2024 Loan
Interest rate	(214)		(289)		217		294		HSBC Loan
Interest rate	(904)		(1,213)		917		1,233		HSBC Bank 2024 Loan
Interest rate	(594)		(759)		605		776		Discount Loan
Interest rate	(529)		(599)		544		617		Discount 2024 Loan
Interest rate	(645)		(851)		658		871		Discount 2024 II Loan
Interest rate	(8,903)		(9,275)		9,467		9,882		Financing Liability
Interest rate	(2,389)		(2,617)		2,466		2,704		OFC 2 Senior Secured Notes
Interest rate	(1,566)		(1,909)		1,607		1,965		Olkaria III - DFC Loan
Interest rate	(824)		(924)		852		960		DEG 4 Loan
Interest rate	(3,226)		(3,542)		3,323		3,661		Senior Unsecured Bonds
Interest rate	(178)		(240)		181		245		DEG 2 Loan
Interest rate	(1,053)		(1,142)		1,095		1,189		DAC 1 Senior Secured Notes
Interest rate	(2,074)		(2,491)		2,125		2,561		Senior Unsecured Loan (Migdal)
Interest rate	(792)		(835)		839		886		Prudential - NV
Interest rate	(519)		(583)		535		603		DOE Loan
Interest rate	(1,916)		(2,026)		2,043		2,164		Prudential - Idaho Refinancing Loan
Interest rate	(1,361)		(1,517)		1,410		1,574		Platanares DFC Loan
Interest rate	(146)		(197)		148		201		DEG 3 Loan
Interest rate	(21)		(22)		21		22		Commercial paper
Interest rate	(17)		(17)		17		17		Other long-term loans


Exhibit No.			Document
10.1+			Employment Agreement, dated June 4 , 2025, between Ormat Technologies, Inc. and Aron John Willis.
31.1*			Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
31.2*			Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
32.1#			Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
32.2#			Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, furnished herewith.
101.SC*			Inline XBRL Taxonomy Extension Schema Document.
101.CA*			Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DE*			Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LA*			Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PR*			Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104			Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101).

*			Filed herewith
#			Furnished herewith.
+			Management contract or compensatory plan in which directors and/or executive officers are eligible to participate.


			ORMAT TECHNOLOGIES, INC.


			By:			/s/ ASSAF GINZBURG
			Name:			Assaf Ginzburg
			Title:			Chief Financial Officer and Authorized Signatory


			By: /s/ Doron Blachar
			Name: Doron Blachar Title: Chief Executive Officer
			(Principal Executive Officer)


			By: /s/ Assaf Ginzburg
			Name: Assaf Ginzburg Title: Chief Financial Officer
			(Principal Financial Officer)



			By:			/s/ Doron Blachar
						Name: Doron Blachar
						Title: Chief Executive Officer
						(Principal Executive Officer)