奥玛特科技 2024年度报告

A leading renewable energyprovider with a proven track recordin geothermal and energy storage Own & operate~1.5GWGeothermal, Storage, Solar & REG(1) with60Years of experience ~1,500Employees 880$M2024 revenues 550$M2024 adj. EBITDA(3) 124$M2024 Net income(2) (1)REG – Recovered Energy Generation(2) Net Income attributable to the Company’s stockholders(3) See appendix for reconciliation of non-GAAP financial measures DEAR FELLOW SHAREHOLDERS, Ormat achieved another remarkable year in 2024,marked by significant strides in our growth strategies,operational excellence across our portfolio, and progresson key corporate initiatives. These accomplishments werereflected in our robust financial performance, while theimpact of our consistent execution against the key pillarsof our growth strategy continues to enhance the overallearnings generation of our business. Throughout the year,we expanded our net income and EBITDA, advancedlong-term objectives in our Electricity segment, andincreased focus on our growing Energy Storage business,all while supporting sustainability efforts and reducinggreenhouse gas emissions. Strategic Growth and Capacity Expansion Our successful growth efforts during 2024 and early 2025were highlighted by our ability to expand our generatingcapacity by 253MW, both through organic developmentand an accretive, strategic acquisition. Of this expansion,133MW was added to our core Electricity segment, and120MW was added to our Energy Storage business. Thisexpansion of our generating portfolio demonstrates ourcontinued alignment with our long-term capacity targetsand positions us for continued growth in 2025 and beyond. strategic steps during the year to ensure that we remainwell-positioned to meet the rising demand for electricityby safe harboring, for production tax credit (PTC) eligibility(pursuant to the current provisions of the Inflation ReductionAct and related guidance), all geothermal projects withexpected commercial operation dates (CODs) through2028, as well as the associated investment tax credit (ITC)benefits for all energy storage projects through 2026 and,in some cases, beyond. These efforts and industry tailwindsgive us great confidence that we remain on track to achieveour long-term growth targets by the end of 2028. We believe our Electricity segment is poised foraccelerated growth and we are witnessing exciting newopportunities driven by our organic development effortsand increased pricing of power purchase agreements(PPAs). As a result, we anticipate accelerated growth forour geothermal projects over the long-term, fueled bya strong secular theme of increased global demand forreliable baseload renewable energy sources. We believewe are exceptionally well-positioned to capitalize on theseopportunities and strengthen our market leadership. Another Year of Strong FinancialPerformance Driven by Growth Across allThree Segments Total revenues for 2024 were $879.7 million, markinggrowth of 6.1% year-over-year. This improvement inour top-line performance was driven by growth acrossall three of our business segments, with the strategicexpansion of our Electricity portfolio representing asignificant contributor to this growth. In our Product segment, we have fully recovered our topline, improved our segment profitability, and reached anall-time high for our segment backlog with the supportof a major engineering, procurement and construction(EPC) contract in New Zealand, and a build, operate andtransfer (BOT) project in Dominica. Our Energy Storage business experienced a remarkable31% increase in revenues, amounting to $37.7 millionfor the full year. This progress underscores our effortsto transition the revenue and margin profile of thesegment towards greater stability and consistency, whilecontributing to our consolidated growth. We anticipatethat this improved performance within the Storagebusiness will continue into 2025, marking the early stagesof our long-term growth trajectory. In the coming year, weexpect to begin to recognize the benefits of recent CODsand the addition of other Energy Storage projects in ourdevelopment pipeline that are expected to come online. In the Energy Storage segment, we made significantstrides in stabilizing margins and enhancing profitability.I am pleased to report that our 2024 results demonstratedsignificant progress in transitioning the segment towardslower overall volatility and more predictable profitabilitywhile increasing its importance within our overall portfolio. Looking ahead, we continue to observe a growing demandfor decarbonized baseload power to support the transitionto a cleaner energy future and meet the rising need forelectricity from AI data centers. Additionally, we have taken In the Product segment, we have fully recovered our topline, improved profitability, and reached a record-highbacklog of $340 million, supported by approximately$210 million in contracts in New Zealand. Furthermore,for the full year, gross margi