ORMAT TECHNOLOGIES INC

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 23, 2024

ORA$92.38-2.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Operations and Comprehensive Income (Loss)

	Year Ended December 31,
	2023	2022	2021
(Dollars in thousands, except earnings per share data)
Revenues:
Electricity	$666,767	$631,727	$585,771
Product	133,763	71,414	46,920
Energy storage	28,894	31,018	30,393
Total revenues	829,424	734,159	663,084
Cost of revenues:
Electricity	422,549	380,361	337,019
Product	115,802	60,479	41,374
Energy storage	27,055	24,495	20,353
Total cost of revenues	565,406	465,335	398,746
Gross profit	264,018	268,824	264,338
Operating expenses:
Research and development expenses	7,215	5,078	4,129
Selling and marketing expenses	18,306	16,193	15,199
General and administrative expenses	68,179	61,274	75,901
Impairment of long-lived assets	—	32,648	—
Write-off of unsuccessful exploration activities	3,733	828	—
Business interruption insurance income	—	—	(248)
Operating income	166,585	152,803	169,357
Other income (expense):
Interest income	11,983	3,417	2,124
Interest expense, net	(98,881)	(87,743)	(82,658)
Derivatives and foreign currency transaction gains (losses)	(3,278)	(6,044)	(14,720)
Income attributable to sale of tax benefits	61,157	33,885	29,582
Other non-operating income (expense), net	1,519	(709)	(134)
Income from operations before income tax and equity in earnings (losses) of investees	139,085	95,609	103,551
Income tax (provision) benefit	(5,983)	(14,742)	(24,850)
Equity in earnings (losses) of investees	35	(3,072)	(2,624)
Net income	133,137	77,795	76,077
Net income attributable to noncontrolling interest	(8,738)	(11,954)	(13,985)
Net income attributable to the Company's stockholders	124,399	$65,841	$62,092
Comprehensive income:
Net income	133,137	77,795	76,077
Other comprehensive income (loss), net of related taxes:
Change in foreign currency translation adjustments	1,257	(2,486)	(3,236)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge	(470)	8,370	3,892
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge (net of related tax of $1,511 and $464, respectively)	(4,237)	(1,825)	2,379
Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)	—	40	(40)
Other changes in comprehensive income	53	59	228
Comprehensive income	$129,740	81,953	79,300
Comprehensive income attributable to noncontrolling interest	(9,173)	(11,421)	(12,779)
Comprehensive income attributable to the Company's stockholders	$120,567	$70,532	$66,521
Earnings per share attributable to the Company's stockholders:
Basic:	$2.09	$1.17	$1.11
Diluted:	$2.08	$1.17	$1.10
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:
Basic	59,424	56,063	56,004
Diluted	59,762	56,503	56,402

The accompanying notes are an integral part of the consolidated financial statements.

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