Ormat Technologies (NYSE:ORA) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAssaf Ginzburg - CFODoron Blachar - CEOHannah Velasquez - Equity Research Senior AssociateJoshua Carroll - VPConference Call ParticipantsBen Kallo - Managing Director and Senior Research AnalystJustin Clare - Managing Director and Senior Research AnalystMark Strouse - Executive Director and Senior Equity AnalystNoah Kaye - Managing Director and Senior Research AnalystOperatorGood morning. Welcome to the Orm ...

Ormat Technologies (NYSE:ORA) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAssaf Ginzburg - CFODoron Blachar - CEOHannah Velasquez - Equity Research Senior AssociateJoshua Carroll - VPConference Call ParticipantsBen Kallo - Managing Director and Senior Research AnalystJustin Clare - Managing Director and Senior Research AnalystMark Strouse - Executive Director and Senior Equity AnalystNoah Kaye - Managing Director and Senior Research AnalystOperatorGood morning. Welcome to the Orm ...

Ormat Technologies (NYSE:ORA) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Speaker8Good morning. Welcome to the Ormat Technologies fourth quarter and full year 2025 earnings conference call. All participants will be in a listen-only mode. After today's presentation, there will be a opportunity to ask questions. If you would like to ask a question at that time, please press star, then the number 1 on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your quest ...

STRONG FINANCIAL PERFORMANCE, STRATEGIC PORTFOLIO EXPANSION, AND NEW LONG-TERM PPAS, SUPPORT LONG-TERM GROWTH TARGETS HIGHLIGHTS TOTAL REVENUES FOR THE FULL-YEAR AND FOURTH QUARTER INCREASED 12.5% AND 19.6%, RESPECTIVELY, COMPARED TO 2024LONG-TERM PPA AGREEMENTS SIGNED WITH GOOGLE AND SWITCHADVANCING ENHANCED GEOTHERMAL SYSTEMS (EGS) THROUGH SLB JOINT VENTURE AND SAGE INVESTMENT AND COOPERATION AGREEMENTORMAT ANNOUNCES FULL YEAR 2026 OUTLOOK AND GROWTH EXPECTATIONS RENO, Nev., Feb. 25, 2026 (GLOBE NEWSWIRE ...

美国正在经历一场地热能革命，从浅层地热交换系统到深层增强型地热技术，多层次的技术突破正在重塑该国能源产业。这场变革既包括城市高 层建筑中的创新应用，也涵盖获得比尔·盖茨和谷歌等科技巨头支持的前沿钻探技术。 上月，美国最大的高层地热交换系统The Riverie在布鲁克林投入使用。这座公寓楼下方钻有320个钻孔，通过利用地球自然恒温特性实现供暖和制 冷。据Scientific American报道，与传统住宅建筑相比，该系统预计每年可减少53%的供暖和制冷碳排放。 与此同时，增强型地热技术正获得快速发展。美国能源部预测，到2050年，增强型地热项目可为美国提供约90吉瓦的无碳能源，足以为至少6500 万户家庭供电。这一新兴领域获得了特朗普政府的明确支持，在美国清洁能源技术中获得两党支持的情况并不多见。 人工智能热潮推动的能源需求激增，正成为地热能投资增长的关键催化剂。科技巨头的深度参与和技术创新的双重驱动，使美国有望在这一新兴 领域成为全球领跑者。 浅层地热系统在城市建筑中突破 The Riverie项目代表了地热交换技术在城市环境中的实际应用。该系统通过相对浅层且易于钻探的钻孔，在冬季将地下相对温暖的温度输送 ...

Core Insights - Ormat Technologies Inc. has signed a long-term geothermal Power Purchase Agreement (PPA) with NV Energy to provide up to 150MW of new geothermal capacity for Google's operations in Nevada, with projects expected to come online between 2028 and 2030 [1][2] Group 1: Agreement Details - The PPA establishes a portfolio structure for developing multiple geothermal projects across Nevada, with the contract term lasting 15 years beyond the final project's commercial operations date, ensuring long-term stability for both Ormat and NV Energy [2] - The energy delivered under this PPA is facilitated by NV Energy's Clean Transition Tariff (CTT), which allows large energy users like Google to invest in clean electricity while covering all associated costs [3] Group 2: Strategic Implications - The CEO of Ormat highlighted that the increasing electricity demand driven by AI positions geothermal power as a reliable, carbon-free energy source, contributing to long-term revenue growth and visibility into development plans [4] - The combination of the PPA and favorable terms, along with the extension of geothermal tax credits, enhances Ormat's ability to execute its long-term growth strategy and create shareholder value [4] Group 3: Company Background - Ormat Technologies has over five decades of experience in geothermal energy and is the only vertically integrated company in this sector, with a total generating portfolio of 1,695MW, including 1,310MW from geothermal and solar generation [5] - The company is expanding its activities into energy storage services and aims to establish a leading position in the U.S. energy storage market [5]

Core Insights - The U.S. government is auctioning off rights to 245 million acres of public land for geothermal energy development, attracting interest from major companies like Google, Meta, and Shell, as well as influential billionaires [1][4][5] - The Bureau of Land Management (BLM) is facilitating the increase of geothermal projects, with a notable auction planned for Spring 2025 [2][3] - Enhanced Geothermal Systems (EGS) technology is being touted as a revolutionary energy breakthrough, with potential to disrupt global energy markets [7][10][12] Geothermal Energy Development - Geothermal leasing activity is currently low compared to oil and gas, with only a few states actively participating in leasing [3] - The upcoming auction in New Mexico is part of a broader trend of increasing interest in geothermal energy, with land leases spiking significantly in recent years [14][15] - The U.S. Department of Energy is heavily supporting EGS technology, aiming for a 90% cost reduction by 2035 [13] Investment Opportunities - Companies like Ormat Technologies are positioned as leaders in the geothermal sector, having a long history and significant market presence [19][20] - Other firms, such as GE Vernova, are also involved in geothermal projects, including contracts with major corporations like Amazon and the U.S. Army [26][29] - The geothermal sector is attracting significant investment, with early-stage companies like Fervo Energy gaining attention for their innovative approaches [32] Market Dynamics - The geothermal market is characterized by high valuations, with companies trading at elevated price-to-earnings ratios, reflecting investor enthusiasm [22][29] - The potential for growth in geothermal energy is substantial, but companies may face challenges in sustaining revenue and earnings growth [21][25] - The historical context of geothermal investments shows a cycle of enthusiasm and consolidation, with many past players exiting the market [39]

Core Insights - The U.S. is a leading country in geothermal energy production, generating approximately 4 GW, with California being the top state due to the Geysers field, the largest dry steam geothermal field globally [1] - Rodatherm Energy Corp. is pioneering advanced geothermal technology with its Advanced Geothermal System (AGS), focusing on a closed-loop system that converts Earth's thermal energy into electricity [1][4] - The geothermal industry is at an inflection point, with advancements in technology and financial aspects expected to drive growth and attract investment by 2026 [2] Industry Overview - The U.S. has 99 geothermal power plants, with the majority located in California and Nevada, and additional plants in states like Alaska, Hawaii, and Utah [1] - Indonesia has the highest estimated reserve capacity for geothermal energy at nearly 28 GW, indicating significant potential for future production [1] Company Insights - Rodatherm completed a $38 million Series A funding round, marking the largest first-round venture raise for a geothermal startup to date, with notable investors including Toyota Ventures and Evok Innovations [1] - The company is conducting a pilot project in Utah to validate its closed-loop technology against traditional water-based systems [1][4] Technology and Economic Factors - Geothermal projects require substantial investments, often in the billion-dollar range, and must demonstrate cost-effectiveness through metrics like CAPEX per MWh and OPEX [2] - Rodatherm's technology utilizes an organic working fluid, which is more efficient than water, potentially increasing power output by 50% and reducing operational costs [4] Market Trends - The integration of geothermal energy with data centers and residential communities is expected to grow, providing secure and affordable energy solutions [3] - The oil and gas industry's involvement in geothermal through hydraulic fracturing is seen as a positive development, potentially accelerating growth and bringing experienced operators into the sector [2]

Core Insights - Vallourec and XGS Energy have formed a strategic partnership to accelerate a multi-gigawatt geothermal project pipeline in the western United States, focusing on a three-gigawatt initiative [1][2] Group 1: Partnership Details - The partnership will secure the supply of tubulars, essential for XGS's water-independent geothermal systems, as XGS begins construction on a 150 MW project with Meta in New Mexico [2] - Vallourec will leverage its engineering expertise and manufacturing capabilities to support XGS's solid-state, closed-loop geothermal system [2][3] Group 2: Strategic Importance - For Vallourec, this partnership is a strategic move to expand its New Energies portfolio and aims to position the company as a leading supplier of tubular solutions for advanced geothermal applications [3] - Vallourec's THERMOCASE Vacuum Insulated Tubing (VIT) is highlighted as a critical component for enhancing the efficiency and reliability of geothermal wells [3] Group 3: Leadership Perspectives - Philippe Guillemot, CEO of Vallourec, emphasized the collaboration's role in energy transformation and the significance of geothermal energy within their New Energies portfolio [4] - Josh Prueher, CEO of XGS Energy, noted that their projects in New Mexico and California will make XGS one of the largest consumers of tubular goods globally by 2027 and 2028 [4] Group 4: Company Backgrounds - Vallourec is recognized as a leader in premium tubular solutions for energy markets and demanding industrial applications, with a workforce of nearly 13,000 across more than 20 countries [5] - XGS Energy focuses on providing clean, round-the-clock energy through its proprietary solid-state geothermal system, which offers geographic flexibility and faster deployment [6]

Core Insights - Ormat Technologies Inc. announced a $25 million equity investment in Sage Geosystems Inc. as part of a Series B funding round exceeding $97 million, aimed at advancing geothermal power generation and energy storage solutions [1][2] Group 1: Investment and Strategic Collaboration - The investment is a significant step in Ormat's strategy to enhance its Enhanced Geothermal Systems (EGS) portfolio and capabilities, expected to accelerate the commercialization of advanced geothermal technologies [2] - Ormat and Carbon Direct Capital co-led the Series B financing, which will support Sage in developing its first commercial next-generation geothermal facility [1][2] Group 2: Technology Development - Sage plans to pilot its proprietary Pressure Geothermal technology at an existing Ormat power plant, focusing on extracting geothermal heat from hot dry rock to expedite the market entry of next-generation geothermal solutions [3] - Upon successful completion of the pilot, Ormat will have the rights to develop, build, own, and operate geothermal power plants and energy storage projects utilizing Sage's technology [3] Group 3: Company Overview - Ormat Technologies has over five decades of experience in the geothermal industry and is the only vertically integrated company engaged in geothermal and recovered energy generation, with plans to grow in the energy storage market [4] - The company currently has a total generating portfolio of 1,695 MW, including 1,310 MW from geothermal and solar generation, and a 385 MW energy storage portfolio located in the U.S. [4]