Ormat Technologies Files Q2 2024 10-Q
Ticker: ORA · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1296445
| Field | Detail |
|---|---|
| Company | Ormat Technologies, INC. (ORA) |
| Form Type | 10-Q |
| Filed Date | Aug 7, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.001, $1,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, energy
TL;DR
Ormat Tech's Q2 2024 10-Q is in. Check financials.
AI Summary
Ormat Technologies, Inc. filed its 10-Q for the period ending June 30, 2024. The company, based in Reno, NV, operates in the electric services sector. Key financial data and operational details for the second quarter of 2024 are presented in this filing.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational updates for Ormat Technologies, crucial for understanding the company's current standing and future prospects in the energy sector.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- N/A — Revenue (Specific revenue figures are not detailed in the provided header information.)
- N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
- N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)
Key Players & Entities
- ORMAT TECHNOLOGIES, INC. (company) — Filer
- Reno, NV (location) — Business Address
- 20240630 (date) — Period of Report
- 20240807 (date) — Filed as of Date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the period ending June 30, 2024.
What is the company's primary business sector?
Ormat Technologies, Inc. is listed under Standard Industrial Classification: ELECTRIC SERVICES [4911].
Where is Ormat Technologies, Inc. headquartered?
The company's business and mail address is 6140 PLUMAS STREET, RENO, NV 89519-6075.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240807.
What types of power generation assets does Ormat Technologies operate?
The filing mentions assets such as ora:geothermalPowerPlant, ora:tripleHybridPowerPlant, ora:solarPowerPlant, and ora:greenfieldDevelopmentAsset.
Filing Stats: 4,845 words · 19 min read · ~16 pages · Grade level 16.8 · Accepted 2024-08-07 08:49:53
Key Financial Figures
- $0.001 — nding shares of common stock, par value $0.001 per share, was 60,453,143 . Securities
- $1,000 — (*) Resulted in an amount lower than $1,000. The accompanying notes are an integra
Filing Documents
- ora-20240630.htm (10-Q) — 2432KB
- ex311.htm (EX-31.1) — 4KB
- ex312.htm (EX-31.2) — 4KB
- ex321.htm (EX-32.1) — 2KB
- ex322.htm (EX-32.2) — 2KB
- ex311001.jpg (GRAPHIC) — 193KB
- ex312001.jpg (GRAPHIC) — 195KB
- ex321001.jpg (GRAPHIC) — 81KB
- ex322001.jpg (GRAPHIC) — 81KB
- 0001628280-24-035397.txt ( ) — 11252KB
- ora-20240630.xsd (EX-101.SCH) — 57KB
- ora-20240630_cal.xml (EX-101.CAL) — 97KB
- ora-20240630_def.xml (EX-101.DEF) — 377KB
- ora-20240630_lab.xml (EX-101.LAB) — 703KB
- ora-20240630_pre.xml (EX-101.PRE) — 548KB
- ora-20240630_htm.xml (XML) — 1786KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
FINANCIAL STATEMENTS 4
ITEM 1. FINANCIAL STATEMENTS 4
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 62
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 62
CONTROLS AND PROCEDURES 62
ITEM 4. CONTROLS AND PROCEDURES 62
— OTHER INFORMATION
PART II — OTHER INFORMATION 63
LEGAL PROCEEDINGS 63
ITEM 1. LEGAL PROCEEDINGS 63
RISK FACTORS 63
ITEM 1A. RISK FACTORS 63
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 63
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 63
DEFAULTS UPON SENIOR SECURITIES 63
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 63
MINE SAFETY DISCLOSURES 63
ITEM 4. MINE SAFETY DISCLOSURES 63
OTHER INFORMATION 63
ITEM 5. OTHER INFORMATION 63
SIGNATURES
SIGNATURES 65 ii 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
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 (Dollars in thousands) ASSETS Current assets: Cash and cash equivalents $ 66,262 $ 195,808 Restricted cash and cash equivalents (primarily related to VIEs) 97,480 91,962 Receivables: Trade less allowance for credit losses of $ 200 and $ 90 respectively (primarily related to VIEs) 147,328 208,704 Other 44,568 44,530 Inventories 44,647 45,037 Costs and estimated earnings in excess of billings on uncompleted contracts 29,719 18,367 Prepaid expenses and other 86,991 41,595 Total current assets 516,995 646,003 Investment in unconsolidated companies 129,664 125,439 Deposits and other 48,737 44,631 Deferred income taxes 186,194 152,570 Property, plant and equipment, net ($ 3,115,955 and $ 2,802,920 related to VIEs, respectively) 3,328,676 2,998,949 Construction-in-process ($ 292,650 and $ 376,602 related to VIEs, respectively) 799,868 814,967 Operating leases right of use ($ 8,795 and $ 9,326 related to VIEs, respectively) 26,192 24,057 Finance leases right of use (none related to VIEs) 2,887 3,510 Intangible assets, net 316,515 307,609 Goodwill 151,074 90,544 Total assets $ 5,506,802 $ 5,208,279 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued expenses $ 183,386 $ 214,518 Short term revolving credit lines with banks (full recourse) — 20,000 Commercial paper (less deferred financing costs of $ 26 and $ 29 , respectively) 99,974 99,971 Billings in excess of costs and estimated earnings on uncompleted contracts 16,277 18,669 Current portion of long-term debt: Limited and non-recourse (primarily related to VIEs) 67,921 57,207 Full recourse 154,246 116,864 Financing liability 3,620 5,141 Operating lease liabilities 4,041 3,329 Finance lease liabilities 1,267 1,313 Total current liabilities 530,732 537,012 Long-term debt, net of current portion: L