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Ormat Technologies (ORA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Ormat Technologies (ORA) reported revenue of $230M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -0.4% from the quarter before. Operating margin was 22.2%, net earnings $40.4M (17.6% of revenue).
Ormat Technologies, Q1 2025: revenue $230M (+2% year over year), operating margin 22.2%, net earnings $40.4M, operating cash flow $88.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $230M | -0.4% | +2% |
| Gross profit | $72.9M | -0.9% | -7% |
| Operating profit | $50.9M | +4% | -3% |
| Net earnings | $40.4M | -1% | +5% |
| Operating cash flow | $88.0M | -45% | -24% |
What changed
Revenue was $229.8M in Q1 2025, up 2% year over year and roughly flat from the previous quarter. Electricity was the largest line at 78% of revenue. Energy Storage added $9.7M year over year (up 120%), 173% of the total change. Electricity declined 6%.
Gross margin was 31.7%, down 3.4 points from a year earlier. Operating profit was $50.9M, a 22.2% margin (down 1.3 points year over year). Operating profit fell $1.7M even though revenue rose $5.6M versus a year earlier, so costs grew faster than sales. Operating expenses fell 16% while revenue rose 2%. Net earnings were $40.4M, up 5% year over year. The effective tax rate was -10.2%.
Operating cash flow was $88.0M (down 24% year over year), 214% of net earnings. Non-cash charges added back $69.8M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $27.7M. Capital expenditures of $192.6M exceeded it, leaving free cash flow of −$104.6M.
Questions
What was Ormat Technologies' revenue in the first quarter 2025?
Ormat Technologies (ORA) reported revenue of $230M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -0.4% from the quarter before.
Was Ormat Technologies profitable in the first quarter 2025?
Operating profit was $50.9M (22.2% of revenue) and net earnings $40.4M.
Source: Ormat Technologies 10-Q on SEC EDGAR.