Report of Periodic or Interim Report

Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

• QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021

or

• TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from	to
	Commission file number: 001-32347
	ORMAT TECHNOLOGIES, INC.
	(Exact name of registrant as specified in its charter)
	Delaware	88-0326081
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
6140 Plumas Street, Reno, Nevada	89519-6075
(Address of principal executive offices)	(Zip Code)
	[phone]
	(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past

90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of R e g u l a t i o n S - T ( § 2 3 2 . 4 0 5 o f t h i s c h a p t e r ) d u r i n g t h e p r e c e d i n g 1 2 m o n t h s ( o r f o r s u c h s h o r t e r p e r i o d t h a t t h e r e g i s t r a n t w a s r e q u i r e d t o s u b m i t s u c h

files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☑	Accelerated filer ☐	Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

As of November 1, 2021, the number of outstanding shares of common stock, par value $0.001 per share, was 56,001,501.

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	ORA	NYSE

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	ORMAT TECHNOLOGIES, INC.
	FORM 10-Q
	FOR THE QUARTER ENDED SEPTEMBER 30, 2021
PART I- FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	4
ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	31
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	61
ITEM 4.	CONTROLS AND PROCEDURES	61
PART II - OTHER INFORMATION	62
ITEM 1.	LEGAL PROCEEDINGS	62
ITEM 1A.	RISK FACTORS	62
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	62
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	62
ITEM 4.	MINE SAFETY DISCLOSURES	62
ITEM 5.	OTHER INFORMATION	62
ITEM 6.	EXHIBITS	62
SIGNATURES		64
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Certain Definitions

Unless the context otherwise requires, all references in this quarterly report to "Ormat", "the Company", "we", "us", "our company", "Ormat Technologies" o r "our" refer to Ormat Technologies, Inc. and its consolidated subsidiaries.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENT

ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

		September 30, 2021			December 31, 2020
		(Dollars in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	267,802		$	448,252
Marketable securities at fair value		45,479			-
Restricted cash and cash equivalents (primarily related to VIEs)		88,498			88,526
Receivables:
Trade less allowance for credit losses of $253 and $597, respectively (primarily related to VIEs)		140,314			149,170
Other		27,346			17,987
Inventories		27,356			35,321
Costs and estimated earnings in excess of billings on uncompleted contracts		9,324			24,544
Prepaid expenses and other		29,320			15,354
Total current assets		635,439			779,154
Investment in unconsolidated companies		109,725			98,217
Deposits and other		61,716			66,989
Deferred income taxes		149,178			119,299
Property, plant and equipment, net ($2,167,620 and $1,978,220 related to VIEs, respectively)		2,298,903			2,099,046
Construction-in-process ($301,687 and $198,812 related to VIEs, respectively)		615,482			479,315
Operating leases right of use ($7,973 and $4,712 related to VIEs, respectively)		19,690			16,347
Finance leases right of use ($224 and $7,001 related to VIEs, respectively)		7,002			11,633
Intangible assets, net		370,889			194,421
Goodwill		91,342			24,566
Total assets	$	4,359,366		$	3,888,987
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	127,432		$	152,763
Billings in excess of costs and estimated earnings on uncompleted contracts		15,829			11,179
Current portion of long-term debt:
Limited and non-recourse (primarily related to VIEs):
Senior secured notes		25,391			24,949
Other loans		36,203			35,897
Full recourse		312,661			17,768
Operating lease liabilities		2,902			2,922
Finance liabilities		13,854			3,169
Total current liabilities		534,272			248,647
Long-term debt, net of current portion:
Limited and non-recourse (primarily related to VIEs):
Senior secured notes (less deferred financing costs of $4,640 and $5,318, respectively)		296,382			315,195
Other loans (less deferred financing costs of $7,313 and $8,557, respectively)		258,916			284,928
Full recourse (less deferred financing costs of $3,659 and $3,426, respectively)		742,978			777,090
Operating lease liabilities		16,650			12,897
Finance liabilities		246,722			9,104
Liability associated with sale of tax benefits		97,714			111,476
Deferred income taxes		85,922			87,972
Liability for unrecognized tax benefits		3,677			1,970
Liabilities for severance pay		16,598			18,749
Asset retirement obligation		71,628			63,457
Other long-term liabilities		6,009			6,235
Total liabilities		2,377,468			1,937,720
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest		9,542			9,830
Equity:
The Company's stockholders' equity:
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 56,001,501 and 55,983,259 issued and
outstanding as of September 30, 2021 and December 31, 2020, respectively		56			56
Additional paid-in capital		1,269,568			1,262,446
Retained earnings		573,408			550,103
Accumulated other comprehensive income (loss)		(9,647)			(6,620)
Total stockholders' equity attributable to Company's stockholders		1,833,385			1,805,985
Noncontrolling interest		138,971			135,452
Total equity		1,972,356			1,941,437
Total liabilities, redeemable noncontrolling interest and equity	$	4,359,366		$	3,888,987

The accompanying notes are an integral part of the condensed consolidated financial statements.

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