Every material Form 8-K Ormat Technologies filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
On December 11, 2024, Ormat entered into an underwriting agreement with Goldman Sachs & Co. LLC and ORIX Corporation for a secondary offering of 3,700,000 shares of Ormat common stock, at an initial price of $76.20 per share. Ormat issued no new shares and receives no proceeds, so the sale is by an existing shareholder rather than a capital raise by the company. The offering is expected to close on or about December 13, 2024.
ORIX agreed to sell 3,700,000 Ormat common shares at an initial offering price of $76.20 per share.
Goldman Sachs & Co. LLC is the underwriter; the underwriter holds a 30-day option to buy 555,000 additional shares from ORIX.
Ormat did not issue any new shares and received no proceeds from the offering.
The offering is expected to close on or about December 13, 2024, subject to customary closing conditions.
Ormat Technologies reported third-quarter 2024 results for the period ended September 30, 2024. Total revenue rose 1.8% to $211.8 million, and Adjusted EBITDA rose 16.3% to $137.7 million, but net income attributable to stockholders fell 37.7% to $22.1 million and diluted EPS fell to $0.36 from $0.59. The company raised its full-year Adjusted EBITDA guidance to $540 million to $555 million and narrowed its full-year revenue guidance to $875 million to $893 million.
Q3 2024 total revenue was $211.8 million, up from $208.1 million a year earlier; net income attributable to stockholders was $22.1 million versus $35.5 million, which the company attributed mainly to a $9.4 million Kenya tax income recorded
Adjusted EBITDA was $137.7 million, up 16.3% from $118.3 million, with the Enel assets acquired in Q1 2024 among the contributors
2024 guidance: Adjusted EBITDA of $540 million to $555 million (raised); total revenues of $875 million to $893 million (narrowed)
Board declared a quarterly dividend of $0.12 per share, payable December 4, 2024, to holders of record as of November 20, 2024
Ormat Technologies reported second-quarter 2024 total revenues of $213.0 million, up 9.3% from a year earlier, and operating income up 45%. GAAP net income attributable to stockholders fell 8.1% to $22.2 million, and diluted EPS dropped to $0.37 from $0.40, while adjusted EBITDA rose 25% to $126.1 million and the company raised its full-year EBITDA guidance range.
Total revenues $213.0 million vs. $194.8 million in Q2 2023; Electricity, Product and Energy Storage segments all grew.
Net income attributable to stockholders $22.2 million vs. $24.2 million; diluted EPS $0.37 vs. $0.40, including about $2.0 million in after-tax write-offs.
Adjusted EBITDA $126.1 million, up 25.0%; adjusted diluted EPS $0.40, flat year over year.
2024 guidance: total revenues $875 million to $910 million; adjusted EBITDA $520 million to $550 million. Quarterly dividend of $0.12 per share declared, payable September 3, 2024.
Ormat Technologies issued an additional $45,187,000 of its 2.50% Convertible Senior Notes due 2027 on July 15, 2024, to refinance existing debt. The additional notes form a single series with $431.25 million of notes issued in June 2022, bringing the total in the series to about $476 million.
Additional principal of $45,187,000 issued July 15, 2024, under a first supplemental indenture to the June 27, 2022 indenture
Notes pay 2.50% interest semiannually on January 15 and July 15 and mature July 15, 2027
Initial conversion price of approximately $90.27 per share; the Company may redeem for cash on or after July 21, 2025 under specified conditions
At its 2024 Annual Meeting, Ormat Technologies stockholders elected nine directors and approved all five proposals, including an increase in the shares reserved under its incentive compensation plan and a limit on the monetary liability of certain officers. The company filed its amended certificate of incorporation and the updated incentive plan, which took effect upon stockholder approval.
Nine directors were elected to serve until the 2025 annual meeting; David Granot received 43,023,962 votes for and 11,018,822 against, the lowest support among the nominees.
Stockholders approved the Second Amended and Restated 2018 Incentive Compensation Plan by 40,700,111 votes for and 13,336,561 against.
Stockholders approved the advisory say-on-pay vote on named executive officer compensation by 46,240,931 votes for and 7,790,175 against.
Stockholders approved the Fifth Amended and Restated Certificate of Incorporation limiting officer liability, with 48,395,243 votes for and 5,639,460 against.
Ormat Technologies reported first-quarter 2024 results on May 8, 2024. Total revenues rose 21.0% year over year and diluted EPS rose 25.5% to $0.64, while operating income fell 1.1% to $52.6 million. The company reiterated its full-year 2024 revenue and Adjusted EBITDA guidance and declared a quarterly dividend of $0.12 per share.
Total revenues were $224.2 million, up 21.0% from $185.2 million; diluted EPS was $0.64 versus $0.51.
Net income attributable to stockholders was $38.6 million, up 32.9%; operating income was $52.6 million, down 1.1%.
Adjusted EBITDA was $141.2 million, up 14.4%; 2024 guidance reiterated at $860 million to $910 million in total revenues and $515 million to $545 million in Adjusted EBITDA.
Quarterly dividend of $0.12 per share is payable June 5, 2024, to holders of record as of May 22, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Ormat Technologies filing is on SEC EDGAR ↗. 8-K briefs of other companies →