ORAHIGH SIGNALFINANCIAL10-K

ORA shows concerning financial deterioration with operating cash flow declining 18.5% while debt increased 13.5% and capital expenditures surged 27.1%, despite revenue growth of only 12.9%.

The company is experiencing a classic cash flow squeeze where operational performance is weakening while capital investment demands are accelerating, forcing increased reliance on debt financing. The combination of declining operating cash flow generation and rising debt levels creates potential liquidity and leverage concerns that investors should monitor closely.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

ORA's financial position shows mixed signals with revenue growing a modest 12.9% to $179.4M, but this growth came at a significant cost as operating cash flow declined 18.5% to $335.1M while capital expenditures surged 27.1% to $619.8M. The company compensated for this cash flow shortfall by increasing total debt 13.5% to $2.7B and saw cash reserves grow 56.2% to $147.4M, likely from debt issuance, while total liabilities expanded 14.5% to $3.6B. This pattern suggests ORA is in a capital-intensive growth phase that is straining operational cash generation and requiring increased leverage to fund expansion.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+56.2%
$94.4M→$147.4M

Cash position surged 56.2% — strong cash generation or capital raise providing significant financial cushion.

Capital Expenditure
Cash Flow
+27.1%
$487.7M→$619.8M

Capex increased 27.1% — ongoing investment in capacity or infrastructure for future growth.

Current Liabilities
Balance Sheet
+23.5%
$598.1M→$738.4M

Current liabilities rose 23.5% — increased short-term obligations, watch current ratio.

Inventory
Balance Sheet
+18.8%
$38.1M→$45.3M

Inventory built 18.8% — monitor whether demand supports this build or if write-downs may follow.

Operating Cash Flow
Cash Flow
-18.5%
$410.9M→$335.1M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Total Liabilities
Balance Sheet
+14.5%
$3.1B→$3.6B

Liabilities increased 14.5% — monitor debt-to-equity ratio and interest coverage.

Total Debt
Balance Sheet
+13.5%
$2.3B→$2.7B

Debt rose 13.5% — additional borrowing for investment or operations; monitor coverage ratios.

Revenue
P&L
+12.9%
$158.9M→$179.4M

Revenue growing 12.9% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+10.2%
$5.7B→$6.2B

Asset base grew 10.2% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of February 20, 2026, the number of outstanding shares of common stock, par value $0.001 per share was 60,845,411 .
NYSE New York Stock Exchange NYISO New York Independent System Operator, Inc OEC Ormat Energy Converter OBBBA One Big Beautiful Bill Act Opal Geo Opal Geo LLC OPC OPC LLC, a consolidated subsidiary of the Company OrCal OrCal Geothermal Inc., a wholly owned subsidiary of the Company ORC Organic Rankine Cycle - A process in which an organic fluid such as a hydrocarbon or fluorocarbon (but not water) is boiled in an evaporator to generate high pressure vapor.
Qualifying Facility status provides an exemption from PUHCA 2005 and grants certain other benefits to the Qualifying Facility) RCEA Redwood Coast Energy Authority REC Renewable Energy Credit REG Recovered Energy Generation RER Renewable Energy Resource certificate RPS Renewable Portfolio Standards RTE Round Trip Efficiency RTO Regional Transmission Organization SAGE Sage Geosystems Inc.
SCE Southern California Edison SCPPA Southern California Public Power Authority SDCP San Diego Community Power SDG E San Diego Gas and Electric SEC U.S.
Securities Act of 1933, as amended SLB SLB (NYSE: SLB) SOFR Secured Overnight Financing Rate SOL Sarulla Operations Ltd.
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REMOVED
As of February 20, 2025, the number of outstanding shares of common stock, par value $0.001 per share was 60,500,580 .
NYSE New York Stock Exchange NYISO New York Independent System Operator, Inc.
OEC Ormat Energy Converter Opal Geo Opal Geo LLC OPC OPC LLC, a consolidated subsidiary of the Company OrCal OrCal Geothermal Inc., a wholly owned subsidiary of the Company ORC Organic Rankine Cycle - A process in which an organic fluid such as a hydrocarbon or fluorocarbon (but not water) is boiled in an evaporator to generate high pressure vapor.
Qualifying Facility status provides an exemption from PUHCA 2005 and grants certain other benefits to the Qualifying Facility) RCEA Redwood Coast Energy Authority REC Renewable Energy Credit REG Recovered Energy Generation RER Renewable Energy Resource certificate RPS Renewable Portfolio Standards RTE Round Trip Efficiency RTO Regional Transmission Organization SCE Southern California Edison SCPPA Southern California Public Power Authority SDCP San Diego Community Power SDG E San Diego Gas and Electric SEC U.S.
Securities Act of 1933, as amended SOL Sarulla Operations Ltd.
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