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Ormat Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in electricity segment revenues to $164.6 million from $157.2 million in the same quarter the previous year. The increase is attributed to new acquisitions and higher power generation at certain plants.
Product segment revenues decreased to $37.4 million from $39.8 million, primarily due to the timing of revenue recognition on ongoing projects.
Energy storage segment revenues declined to $9.8 million from $11.0 million, impacted by lower prices in Texas.
Total cost of revenues increased to $152.9 million from $148.1 million, primarily due to costs related to new acquisitions and increased operations.
Net income attributable to the company's stockholders was $22.1 million, down from $35.5 million in the previous year. The decrease is attributed to increased general and administrative expenses and interest expenses.
General and administrative expenses rose to $23.0 million from $14.0 million, largely due to consulting fees and insurance costs.
Interest expense, net increased to $34.8 million from $25.1 million, due to new loan agreements and higher interest rates.
Ormat continues to focus on expanding its geothermal and solar assets, with several projects under construction and expected to come online in the coming years.
The company maintains a strong liquidity position with $88.1 million in cash and cash equivalents and $440.2 million of unused corporate borrowing capacity.
Ormat's future growth strategy includes significant capital expenditures for new projects and enhancements, with an estimated $378.0 million budgeted for ongoing and future developments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ormat Technologies Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.