As of September 30, 2024, Ormat Technologies, Inc. reported total revenues of $211.8 million for the third quarter, reflecting a 1.8% increase from $208.1 million in the same period of 2023. For the nine months ended September 30, 2024, revenues reached $648.9 million, up 10.3% from $588.1 million in the prior year. The increase in revenue was primarily driven by the Electricity segment, which generated $164.6 million in Q3 2024, a 4.7% rise from $157.2 million in Q3 2023. This growth was attributed to contributions from newly acquired geothermal and solar assets, as well as improved performance from existing plants.

Despite the revenue growth, net income for Q3 2024 decreased to $24.3 million, down from $36.3 million in Q3 2023. For the nine-month period, net income was $88.6 million, compared to $94.3 million in the same period last year. The decline in net income was influenced by increased operating costs, particularly in the Electricity segment, which saw a 7.3% rise in cost of revenues due to the acquisition-related expenses and higher generation costs.

Ormat's total assets increased to $5.59 billion as of September 30, 2024, up from $5.21 billion at the end of 2023. Total liabilities also rose to $3.07 billion, compared to $2.76 billion at the end of the previous year. Stockholders' equity increased to $2.39 billion, reflecting a solid equity position despite the rising liabilities.

Strategically, Ormat completed the acquisition of geothermal and solar assets from Enel Green Power North America for $274.6 million on January 4, 2024. This acquisition is expected to enhance the company's generation capacity and profitability through operational synergies. The newly acquired assets contributed $7.5 million to Electricity revenues in Q3 2024 and $25.5 million since the acquisition date.

In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $252.3 million, significantly higher than $170.3 million in the same period of 2023. However, net cash used in investing activities increased to $645.1 million, primarily due to the acquisition costs.

The company also faced challenges, including a significant increase in general and administrative expenses, which rose to $23 million in Q3 2024 from $14 million in Q3 2023. This increase was partly due to acquisition-related costs. Additionally, interest expenses surged to $34.8 million in Q3 2024, up from $25.1 million in the prior year, reflecting the impact of new loan agreements.

Overall, while Ormat Technologies, Inc. demonstrated revenue growth and strategic expansion through acquisitions, it faced pressures on profitability and rising operational costs.