Filing Flows › Ormat Technologies (ORA) › Q2 2025
Ormat Technologies (ORA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Ormat Technologies (ORA) reported revenue of $234M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +2% from the quarter before. Operating margin was 15.1%, net earnings $28.0M (12.0% of revenue).
Ormat Technologies, Q2 2025: revenue $234M (+10% year over year), operating margin 15.1%, net earnings $28.0M, operating cash flow $96.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $234M | +2% | +10% |
| Gross profit | $56.9M | -22% | -7% |
| Operating profit | $35.3M | -31% | +0.5% |
| Net earnings | $28.0M | -31% | +26% |
| Operating cash flow | $96.9M | +10% | +216% |
What changed
Revenue was $234.0M in Q2 2025, up 10% year over year and up 2% from the previous quarter. Electricity was the largest line at 68% of revenue. Product added $21.8M year over year (up 58%), 103% of the total change. Electricity declined 4%.
Gross margin was 24.3%, down 4.5 points from a year earlier. Operating profit was $35.3M, a 15.1% margin (down 1.4 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 16% margin then. Operating expenses fell 18% while revenue rose 10%. Net earnings were $28.0M, up 26% year over year. The effective tax rate was -24.0%.
Operating cash flow was $96.9M (up 216% year over year), 344% of net earnings. Non-cash charges added back $70.0M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $6.0M. Capital expenditures of $134.8M exceeded it, leaving free cash flow of −$37.9M.
Questions
What was Ormat Technologies' revenue in the second quarter 2025?
Ormat Technologies (ORA) reported revenue of $234M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +2% from the quarter before.
Was Ormat Technologies profitable in the second quarter 2025?
Operating profit was $35.3M (15.1% of revenue) and net earnings $28.0M.
Source: Ormat Technologies 10-Q on SEC EDGAR.