Ormat Technologies ( (ORA) ) has released its Q4 earnings. Here is a breakdown of the information Ormat Technologies presented to its investors.
Ormat Technologies, Inc. is a prominent player in the renewable energy sector, specializing in geothermal and recovered energy generation, with a focus on expanding its energy storage market presence. The company operates globally, with a diverse portfolio of geothermal, solar, and energy storage facilities.
In its latest earnings report, Ormat Technologies announced a 6.1% increase in total revenues for the full year 2024, driven by growth across all business segments. The company also reported a 14.3% rise in adjusted EBITDA, highlighting its strong financial performance and strategic expansion efforts.
Key financial metrics revealed a 14.3% increase in fourth-quarter net income, while adjusted net income rose by 7.7% year-over-year. The company’s electricity segment saw a 5.3% revenue increase for the full year, despite a slight decline in the fourth quarter due to maintenance issues. The energy storage segment experienced significant growth, with revenues up 56.7% in the fourth quarter and 30.6% for the year.
Ormat’s strategic initiatives included the acquisition of Enel assets, enhancing its electricity segment, and the commencement of operations at new energy storage facilities. The company also secured new contracts and expanded its project pipeline, positioning itself for continued growth in the renewable energy market.
Looking ahead, Ormat Technologies remains optimistic about its growth trajectory, with plans to achieve generating capacity goals of 2.6 to 2.8 GW by 2028. The company anticipates benefiting from increasing global demand for renewable energy and has taken strategic actions to secure tax benefits and favorable conditions for future projects.