The following is a summary of the Ormat Technologies, Inc. (ORA) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Adjusted EBITDA increased by 16.3% year-over-year, driven by contributions from the Enel assets and operational improvements at the Puna facility.

• Revenue rose by 1.8% year-over-year to $211.8 million.

• Net income declined to $22.1 million from $35.5 million year-over-year, primarily due to a previous tax benefit in 2023.

• Gross margin declined slightly from 28.8% to 27.8%.

Business Progress:

• Ormat progressed in its Energy Storage segment with commercial operation commencement of the Bottleneck project and signed tolling agreements in Texas.

• The company expects to grow its operating portfolio to 2.1 to 2.3 gigawatts by the end of 2026.

• Achieved commercial operation for an energy storage and continued to integrate Enel assets which contributed positively to earnings.

• Continued global expansion with projects and new contracts, including a $33 million backlog addition.

Opportunities:

• The increasing demand for renewable energy, particularly to support data center growth, presents significant opportunities for expansion and contract signings at higher prices.

• Potential benefits from government policies supporting renewable energy.

Risks:

• Volatility in ERCOT market prices impacting revenues in the Energy Storage segment.

• Risks related to regulatory changes impacting the PTC and ITC benefits.

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