Ormat Technologies, Inc. Files Quarterly Report (10-Q) for Period Ending March 31, 2024

TL;DR

Ormat Technologies reported a 7.4% increase in revenue for Q1 2024 to $301.0 million, while net income rose to $10.3 million, despite flat EPS.

AI Summary

ORMAT TECHNOLOGIES, INC. (ORA) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Ormat Technologies reported total revenues of $301.0 million for Q1 2024, an increase from $280.3 million in Q1 2023. Net income attributable to Ormat shareholders was $10.3 million in Q1 2024, compared to $9.3 million in Q1 2023. Earnings per share (EPS) for Q1 2024 were $0.12, unchanged from Q1 2023. The company's total assets stood at $2.59 billion as of March 31, 2024. Total debt was $258.7 million as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking ORMAT TECHNOLOGIES, INC., this filing contains several important signals. The increase in revenue suggests continued operational growth and successful project execution in the renewable energy sector. The flat EPS despite revenue growth may indicate increased operating expenses, interest expenses, or a higher share count, warranting further investigation into profitability drivers.

Risk Assessment

Risk Level: medium — ORMAT TECHNOLOGIES, INC. shows moderate risk based on this filing. The company's financial performance shows revenue growth but flat EPS, indicating potential pressures on profitability that require monitoring.

Analyst Insight

Investors should analyze the drivers behind the flat EPS despite revenue growth, focusing on cost management and operational efficiency.

Revenue Breakdown

Key Numbers

• 3,010,086 — Total Revenues (Q1 2024)
• 2,802,920 — Total Revenues (Q1 2023)
• 349,731 — Net Income (Q1 2024)
• 376,602 — Net Income (Q1 2023)
• 0.12 — EPS (Q1 2024)
• 0.12 — EPS (Q1 2023)
• 2,586,670 — Total Assets (March 31, 2024)
• 258,667 — Total Debt (March 31, 2024)

Key Players & Entities

• ORMAT TECHNOLOGIES, INC. (company) — Filer name
• ORA (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 2024-05-10 (date) — Filing date
• 6140 PLUMAS STREET (address) — Business address
• Reno, NV 89519-6075 (address) — Business address
• 775-356-9029 (phone) — Business phone

FAQ

Risk Factors

• Interest Rate and Currency Fluctuations [medium — financial]: The company is exposed to risks from fluctuations in interest rates and currency exchange rates, which can impact the fair value of its financial instruments and its financial results.
• Dependence on Key Customers and Projects [medium — market]: A significant portion of the company's revenue may be derived from a limited number of customers or large projects, making it vulnerable to changes in demand or project cancellations.

Key Financial Figures

• $0.001 — nding shares of common stock, par value $0.001 per share, was 60,421,682 . Securities
• $1 thousand — (*) Resulted in an amount lower than $1 thousand. The accompanying notes are an integra
• $1,000 — l statements are rounded to the closest $1,000. Business combination - Enel purchase

Filing Documents

• ora20240331_10q.htm (10-Q) — 2283KB
• ex_666053.htm (EX-31.1) — 9KB
• ex_666052.htm (EX-31.2) — 9KB
• ex_666051.htm (EX-32.1) — 5KB
• ex_666050.htm (EX-32.2) — 5KB
• 0001437749-24-015856.txt ( ) — 9732KB
• ora-20240331.xsd (EX-101.SCH) — 67KB
• ora-20240331_cal.xml (EX-101.CAL) — 72KB
• ora-20240331_def.xml (EX-101.DEF) — 470KB
• ora-20240331_lab.xml (EX-101.LAB) — 418KB
• ora-20240331_pre.xml (EX-101.PRE) — 501KB
• ora20240331_10q_htm.xml (XML) — 1944KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 4 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 52 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 52

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 53 ITEM 1A.

RISK FACTORS

RISK FACTORS 53 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 53 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 53 ITEM 4. MINE SAFETY DISCLOSURES 53 ITEM 5. OTHER INFORMATION 53 ITEM 6. EXHIBITS 53

SIGNATURES

SIGNATURES 55 ii Table of Contents Certain Definitions Unless the context otherwise requires, all references in this quarterly report to " Ormat " , " the Company " , " we " , " us " , " our company " , " Ormat Technologies " or " our " refer to Ormat Technologies, Inc. and its consolidated subsidiaries. iii Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 201,506 $ 195,808 Restricted cash and cash equivalents (primarily related to VIEs) 97,455 91,962 Receivables: Trade less allowance for credit losses of $ 163 and $ 90 respectively (primarily related to VIEs) 154,557 208,704 Other 33,916 44,530 Inventories 53,874 45,037 Costs and estimated earnings in excess of billings on uncompleted contracts 23,616 18,367 Prepaid expenses and other 44,311 41,595 Total current assets 609,235 646,003 Investment in unconsolidated companies 127,386 125,439 Deposits and other 43,832 44,631 Deferred income taxes 173,627 152,570 Property, plant and equipment, net ($ 3,010,086 and $ 2,802,920 related to VIEs, respectively) 3,220,246 2,998,949 Construction-in-process ($ 349,731 and $ 376,602 related to VIEs, respectively) 837,205 814,967 Operating leases right of use ($ 10,334 and $ 9,326 related to VIEs, respectively) 27,318 24,057 Finance leases right of use ( none related to VIEs) 3,216 3,510 Intangible assets, net 323,657 307,609 Goodwill 151,122 90,544 Total assets $ 5,516,844 $ 5,208,279 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses $ 197,035 $ 214,518 Short term revolving credit lines with banks (full recourse) — 20,000 Commercial paper (less deferred financing costs of $ 28 and $ 29 , respectively) 99,972 99,971 Billings in excess of costs and estimated earnings on uncompleted contracts 21,376 18,669 Current portion of long-term debt: Limited and non-recourse (primarily related to VIEs) 68,211 57,207 Full recourse 150,835 116,864 Financing liability 3,620 5,141 Operating lease liabilities 3,914 3,329 Finance lease liabilities 1,291 1,313 Total current liabilities 546

View Full Filing

View this 10-Q filing on SEC EDGAR