Strong Financial Performance
Ormat delivered a 17.9% increase in revenue, a 13.3% increase in operating income, and a 9.3% growth in net income attributable to stockholders. The company also raised its revenue and adjusted EBITDA guidance for 2025.
Significant Strategic Milestones
Ormat secured a 25-year extension to the PPA for the 52MW Heber 1 facility, obtained two Geothermal exploration licenses in Indonesia totaling 40MW, and successfully commissioned the Lower Rio Energy Storage facility in Texas.
Product Segment Growth
The Product segment revenue increased by 66.6% to $62.2 million, with a backlog expansion to $295 million, representing a 79% increase compared to the third quarter of 2024.
Energy Storage Segment Success
Revenues in the Energy Storage segment increased by 108% to $20.4 million, driven by the successful commissioning of various facilities.
Innovative Partnerships
Ormat entered into a partnership with SLB and a collaboration with Sage to advance Enhanced Geothermal System (EGS) technology, aiming to accelerate the development and commercialization of EGS projects.