Filing Flows › Ormat Technologies (ORA) › Q3 2025
Ormat Technologies (ORA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Ormat Technologies (ORA) reported revenue of $250M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +7% from the quarter before. Operating margin was 16.2%, net earnings $24.1M (9.7% of revenue).
Ormat Technologies, Q3 2025: revenue $250M (+18% year over year), operating margin 16.2%, net earnings $24.1M, operating cash flow $45.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $250M | +7% | +18% |
| Gross profit | $64.0M | +13% | +9% |
| Operating profit | $40.4M | +14% | +13% |
| Net earnings | $24.1M | -14% | +9% |
| Operating cash flow | $45.2M | -53% | -58% |
What changed
Revenue was $249.7M in Q3 2025, up 18% year over year and up 7% from the previous quarter. Electricity was the largest line at 67% of revenue. Product added $24.9M year over year (up 67%), 66% of the total change.
Gross margin was 25.6%, down 2.2 points from a year earlier. Operating profit was $40.4M, a 16.2% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, below the 17% margin then. Operating expenses grew 2% against revenue growth of 18%. Net earnings were $24.1M, up 9% year over year. The effective tax rate was -21.0%.
Operating cash flow was $45.2M (down 58% year over year), 183% of net income including minority interests. Non-cash charges added back $75.0M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $59.5M. Capital expenditures of $147.3M exceeded it, leaving free cash flow of −$102.1M.
Questions
What was Ormat Technologies' revenue in the third quarter 2025?
Ormat Technologies (ORA) reported revenue of $250M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +7% from the quarter before.
Was Ormat Technologies profitable in the third quarter 2025?
Operating profit was $40.4M (16.2% of revenue) and net earnings $24.1M.
Source: Ormat Technologies 10-Q on SEC EDGAR.