Ormat Technologies, Inc.

Good morning and welcome to the ORMAT Technologies first quarter 2025 earnings conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. If you would like to ask a question, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Please note that this event is being recorded. I would now like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

Thank you, operator. Hosting the call today are Dharam Boshar, Chief Executive Officer, and Ozzie Ginsberg, Chief Financial Officer, and Siddharth Lavit, Vice President of Investor Relations and ESG Planning Reporting. Before beginning, we'd like to remind you that the information provided during this column may contain forward-looking statements relating to current expectations, estimates, forecasts, and projections about future events that are forward-looking as defined in the Private Security Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives, and expectations for future operations that are based on management's current estimates and projections, future results, or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, please see the risk factors as described in ORMET's Technologies and Report on Form 10-K and Core Reports on Form 10-Q that are filed with the SEC. In addition, during the call, the company will present non-GAAP financial measures such as adjusted EBITDA. Reconciliation to the most directly comparable GAAP measures and management reasons for presenting such information is set forth in the press release that was issued last night, as well as in the slides posted on the website. Because these measures are not calculated in accordance with GAAP, they should not be considered in isolation from the financial statements prepared in accordance with GAAP. Before I turn the call over to management, I'd like to remind everyone This slide presentation accompanying this call may be accessed on the company's website at ormat.com, under the presentation link that's found on the investor relations tab. With all that said, I would now like to turn the call over to Ormat's CEO, Daron Bouchard. Daron?

Thank you, Josh. Good morning, everyone, and thank you for joining us today. We began 2025 with a strong first quarter, achieving a 2.5% increase in revenue, 4.6% rise in net income attributable to the company's stockholders, and the record quarterly adjusted EBITDA growth of 6.4% compared to the first quarter of last year. This growth was driven by robust performance and significant expansion in both our storage and product segments year-over-year. In our storage segment, our strategic approach to maintaining approximately 50% market exposure has yielded favorable outcomes. We benefited from stable contracted revenues due to the bottleneck toiling agreement, while on the other hand, capitalized on higher merchant prices and additional capacity in the PGA market due to the colder winter weather. This improved performance was supported by revenue generation from our expanded portfolio, notably our East Leamington, Montague, and Bottleneck energy storage facilities, which commenced commercial operation in 2024. Despite near-term uncertainty in energy storage project development due to tariff changes and IRA uncertainty, we believe we will continue to see a solid performance in our storage segment throughout 2025 and 2026 due to the progress in securing safe harbor and batteries with low tariffs. Despite a slight year-over-year decline in our electricity segment due to curtailments in California and Nevada, our geothermal operations have continued to deliver consistent, solid performance and results in line with our expectations. We are optimistic about the growth potential of our geothermal business in 2025 and beyond, supported by potential easing of project permitting timelines, increased focus on geothermal exploration, strong demand for baseload renewable sources, and high PPA pricing. I am pleased to announce that we have signed an agreement to acquire the 20 megawatt Blue Mountain geothermal power plant from Cirq Energy for $88 million, subject to standard working capital adjustment. This plant, located in Humboldt County, Nevada, was originally built by OMAC in 2009 and currently sells power to NV Energy under a PPA expiring at the end of 2029. We plan to upgrade the plan, adding an additional 3.5 megawatts of capacity expected by 2027. In addition, we plan to install 13 megawatts of solar to support the plant auxiliary system subject to permitting and TPA approval. We anticipate finalizing this acquisition towards the end of the second quarter. Now, before I turn the call over to Afi to review the financial results for the quarter, I would like to briefly address the impact of tariffs announced by the US government, a situation which is very fluid and being monitored closely by us. We expect minimal impact to the electricity segment project development due to its limited exposure to China and the improved permitting process expected to be implemented in the United States. Our energy storage segment may face interim headwinds due to the tariffs on China affecting the import of storage equipment components. We are actively engaging with our suppliers and offtakers to mitigate this impact and are evaluating other alternatives, including the evaluation of alternative supply chain strategies, increased procurement from the United States, and other diversification strategies to ensure our project timeline and budget remain on top. We have also taken proactive measures to safeguard our growth in light of recent executive orders related to IRA tax credits. We have ensured that our geothermal project qualified for PPC eligibility through 2028, and that our energy storage projects are eligible for ITC benefits through 2026 and beyond, securing our near-term growth trajectory. The demand for reliable renewable energy remains strong and we believe that our proactive measures will allow us to effectively execute our strategy and grow in line with this demand. I will now turn the call over to Asi to discuss our financial results. Asi?