• First Solar for geothermal energy.
• NextEra Energy for geothermal power.

• Geothermal Power Generation: Owns and operates geothermal power plants to produce and sell clean, renewable electricity.
• Recovered Energy Power Generation: Owns and operates recovered energy power plants that convert waste heat into electricity.
• Ormat Energy Converters (OEC): Designs, manufactures, and sells proprietary power generation equipment for geothermal and waste heat applications.
• EPC Services: Provides engineering, procurement, and construction services for developing geothermal and recovered energy power plants for clients.

Ormat Technologies (ORA) primarily sells to other companies (B2B model).

Its major customers are generally utility companies that purchase electricity under long-term power purchase agreements (PPAs), as well as other power producers and industrial users who purchase equipment or energy solutions. Based on its significant project portfolio and publicly available information, key utility customers include:

• Southern California Edison (SCE), a subsidiary of Edison International (EIX)
• NV Energy, a subsidiary of Berkshire Hathaway Energy, which is owned by Berkshire Hathaway Inc. (BRK.A, BRK.B)
• Pacific Gas and Electric Company (PG&E), a subsidiary of PG&E Corporation (PCG)

Doron Blachar, Chief Executive Officer

Mr. Blachar became CEO of Ormat in July 2020, having previously served as the company's CFO from April 2013. His prior experience includes serving as CFO of Shikun & Binui Ltd. from 2009 to 2013. He was also Vice President Finance of Teva Pharmaceutical Industries Ltd. from 2005 to 2009 and held various positions, including Vice President Finance, at Amdocs Limited from 1998 to 2005. Mr. Blachar is a Certified Public Accountant and holds a BA in Accounting and Economics and an MBA from Tel Aviv University.

Assaf Ginzburg, Chief Financial Officer

Mr. Ginzburg became Chief Financial Officer of Ormat in May 2020. Before joining Ormat, he served as Executive Vice President and Chief Financial Officer of Delek US Holdings, Inc. (NYSE: DK) and Delek Logistics Partners, LP (NYSE: DKL). He brings over 15 years of experience in the energy industry. Mr. Ginzburg earned a BA in Economics and Accounting from Tel-Aviv University and has been a member of the Israeli Institute of Certified Public Accountants since 2001.

Jessica Woelfel, General Counsel, Chief Compliance Officer, and Corporate Secretary

Ms. Woelfel has served as Ormat's Chief Compliance Officer & General Counsel since March 2021. She joined Ormat in January 2019 as Vice President, U.S. Legal. With nearly 20 years of legal experience, Ms. Woelfel was previously an associate and partner at major law firms in San Francisco, California, and Reno, Nevada. She holds a Bachelor's degree from the University of California, Berkeley, and a J.D. from the University of California, Hastings College of Law.

Ofer Benyosef, Executive Vice President, Energy Storage and Business Development

Mr. Benyosef has served as Ormat's Executive Vice President - Business Development, Sales and Marketing since April 2020. From 2008 to 2019, he served as Division President at Amdocs Ltd., where he also held other operational roles from 2000 to 2008. Earlier, he served as IT manager at AIG Israel from 1996 to 2000. Mr. Benyosef holds a BA in Earth Science from Bar Ilan University, a BA in Software Development from Tel-Aviv University, and an MBA from Bar Ilan University.

Aron Willis, Executive Vice President, Electricity Segment

Mr. Willis joined Ormat in June 2025 as Executive Vice President, Electricity Segment. He brings over 25 years of extensive experience in the power generation industry, with significant leadership roles at TransAlta Corporation and Northwest Digital Power. At TransAlta, he held positions including Executive Vice President of Project Delivery & Construction, Executive Vice President of Growth, and Senior Vice President of Operations & Commercial Management, managing their Australian operations for 10 years.

Key Risks to Ormat Technologies (ORA)

1. Operational and Geological Risks: The core of Ormat's business, geothermal power generation, is inherently exposed to significant operational and geological uncertainties. These include the potential for unexpected maintenance costs, equipment failures, labor disputes, and catastrophic events such as natural disasters. Furthermore, the exploration and development of geothermal resources are subject to geological uncertainties, which can lead to increased costs or reduced operational efficiency. These factors are persistent risks for the company's Electricity segment.
2. Execution Risks of Growth Strategy and Expansion: Ormat has an ambitious strategic plan to expand its energy storage market presence and grow its geothermal business, which involves substantial capital expenditures. The success of this strategy is critical but carries significant execution risks. These risks include potential delays in project completions, cost overruns, and technical challenges in implementing new technologies. The company's ability to maintain margins while expanding its portfolio and navigating these challenges is crucial. This is often cited as a core or near-term risk to the business.
3. Regulatory and Market Risks: As a participant in the renewable energy sector, Ormat is exposed to stringent and evolving regulations, as well as shifts in government policies. Changes in government incentives, tariffs, trade agreements, and environmental compliance requirements can significantly impact the company's operations and financial condition. Additionally, market volatility, fluctuations in merchant prices, and competition from other renewable energy sources and technologies pose threats to Ormat's profitability and investment returns.

Rapid advancement and commercialization of next-generation Advanced Geothermal Systems (AGS) and Enhanced Geothermal Systems (EGS) by new industry players. These technologies promise to unlock geothermal resources in more diverse geological settings and potentially at lower costs than traditional hydrothermal methods, challenging Ormat's established project development and equipment supply business in the geothermal sector.

Ormat Technologies (ORA) operates in the geothermal power and energy storage markets, with products and services also encompassing recovered energy generation and the sale of power plant equipment.

Addressable Markets:

Geothermal Power

• The global geothermal power market was valued at approximately USD 8.75 billion in 2024 and is projected to reach about USD 12.68 billion by 2033.
• Another estimate for the global geothermal power market size was USD 6.95 billion in 2025 and is anticipated to reach approximately USD 10.78 billion by 2034.
• North America is a significant region in the global geothermal power market.
• The Asia Pacific region dominated the geothermal energy market with a 34.7% revenue share in 2023.

Energy Storage Solutions

• The global stationary energy storage market was valued at USD 90.36 billion in 2024 and is projected to reach USD 231.06 billion by 2032.
• The global battery energy storage market size is estimated to be USD 50.81 billion in 2025 and is projected to reach USD 105.96 billion by 2030.
• The broader global energy storage market is estimated at USD 295 billion in 2025 and is expected to reach USD 465 billion by 2030.

Recovered Energy Generation and Product Segment (Equipment Sales)

Specific addressable market sizes for recovered energy generation as a standalone product or service, separate from the broader geothermal or industrial waste heat recovery sectors, were not identified in the available information. Similarly, a distinct addressable market size for Ormat's product segment (selling equipment like turbines, generators, and heat exchangers) was not readily available as a separate market from the power plant construction and operation markets it serves.

Ormat Technologies (ORA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in the Energy Storage Segment: Ormat's energy storage segment has demonstrated significant expansion, with a remarkable 108% increase in revenue in Q3 2025. This growth is anticipated to continue, fueled by the successful commissioning of new storage facilities and an elevated 2025 revenue forecast for this segment.
2. Expansion of Geothermal Energy Footprint: As a leader in geothermal energy, Ormat is focused on expanding its global presence, particularly through strategic initiatives in international markets such as Indonesia and New Zealand. The company aims to grow its total portfolio capacity to 2.6-2.8 GW by 2028, with the electricity segment, its largest revenue contributor, benefiting from increased generation and higher electricity prices.
3. Robust Product Segment Performance and Backlog: The product segment, which involves the sale of geothermal equipment and power plants, experienced substantial growth with a 66.6% revenue increase in Q3 2025. This segment's robust backlog, which increased by 79% compared to Q3 2024, provides strong visibility and underpins future revenue generation.
4. Strategic Partnerships in Enhanced Geothermal Systems (EGS): Ormat has formed strategic collaborations with companies like SLB and Sage Geosystems to develop and pilot Enhanced Geothermal Systems (EGS) technology. These partnerships are expected to unlock new project opportunities and allow Ormat to deploy next-generation geothermal technology beyond conventional resource areas.
5. Favorable Policy Support and Regulatory Environment: The company benefits from a supportive regulatory environment, including extensions of production and investment tax credits (PTC/ITC). These policy tailwinds are expected to lower project costs, boost net margins, and accelerate project development, thereby contributing to revenue growth.

Share Repurchases

• Ormat Technologies reported stock buybacks valued at $1.80 billion for the period ending June 29, 2022.

Share Issuance

• Ormat Technologies' basic shares outstanding increased from $0.056 billion in 2022 to $0.06 billion in 2024, and further to $0.061 billion by June 30, 2025.
• Net total equity issued by Ormat Technologies in 2023 was $0.342 billion.

Inbound Investments

• On May 20, 2025, Ormat Technologies entered a hybrid tax equity partnership where a private investor acquired indirect membership interests in two energy storage facilities for an estimated total of $62.0 million, with $32.7 million paid during the second and third quarters of 2025.

Outbound Investments

• Ormat Technologies completed the acquisition of the Blue Mountain geothermal power plant from Cyrq Energy for $88 million on June 18, 2025, adding 20MW to its electricity generation portfolio.
• On January 4, 2024, Ormat Technologies completed the acquisition of a 150 MW portfolio of geothermal and solar PV assets from Enel Green Power North America for approximately $270 million.
• In July 2021, Ormat Technologies agreed to acquire two contracted geothermal assets in Nevada from TG Geothermal Portfolio, LLC for approximately $380 million.

Capital Expenditures

• Capital expenditures for the nine months ending September 30, 2025, were $474.7 million.
• The capital expenditure budget for 2024 was revised up to $550 million to $570 million, primarily driven by heightened demand for storage projects.
• Estimated capital needs for the remainder of 2025 include $140 million for capital expenditures on new projects under development or construction, exploration activity, and maintenance.