Ormat Technologies Inc (NYSE: ORA) is a geothermal energy company that develops, builds, owns, and operates geothermal and recovered energy power plants. Revenue comes primarily from long-term power purchase agreements under which utilities and other offtakers pay for electricity generated at Ormat-owned facilities, supplemented by product and service revenues from selling geothermal energy equipment and related services to third parties. The company operates across two reported segments: Electricity, which generates power from geothermal and recovered energy resources, and Product, which designs and manufactures power units and other equipment sold to developers worldwide. Ormat's geothermal portfolio is capital-intensive by nature, with long-lived physical assets tied to specific resource sites and multi-decade offtake contracts that create contracted, recurring cash flows. Key operational terminology in its filings includes Battery Energy Storage Systems (BESS), Advanced Geothermal Systems (AGS), and Build-Operate-Transfer (BOT) arrangements, indicating a mix of owned-generation and third-party project delivery models.

Revenue model

Primarily long-term power purchase agreements for electricity sold from geothermal and recovered energy plants (Electricity segment), plus equipment sales and services to third-party geothermal developers (Product segment). Revenue streams are transactional for product sales and contracted/recurring for electricity generation.

Products and services

Geothermal power plants, recovered energy generation units, Battery Energy Storage Systems (BESS), Advanced Geothermal Systems (AGS), power units sold to third-party developers, Build-Operate-Transfer project arrangements, and plant operations and maintenance services.

Customers and end markets

Utilities, wholesale electricity markets (including CAISO in California and AMM in Guatemala), and independent power developers who purchase Ormat-manufactured equipment. End markets include grid-scale renewable electricity generation and geothermal resource development.

Value-chain role

Vertically integrated developer, manufacturer, owner, and operator of geothermal and recovered energy power assets. Also acts as equipment supplier and project developer for third-party geothermal projects.

Geographic exposure

Operations referenced across the United States (including California, with CalGEM and CAISO cited) and internationally including Guatemala (AMM wholesale market referenced). Broader international footprint implied by third-party product sales but not further specified in available filing excerpts.

Source: SEC 10-K, filed 2026-02-26

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