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BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company has three reporting segments: the Electricity segment, the Product segment and the Energy Storage segment. These segments are managed and reported separately as each offers different products and serves different markets.
•Under the Electricity segment, the Company builds, owns and operates geothermal, solar PV and recovered energy-based power plants ("REG") in the United States and geothermal power plants in foreign countries, and sells the electricity generated by those power plants.
•Under the Product segment, the Company designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and provide services relating to the engineering, procurement and construction ("EPC") of geothermal and recovered energy-based power plants.
•Under the Energy Storage segment, the Company owns and operates grid connected In-Front-of-the-Meter battery energy storage systems ("BESS"), which provide capacity, energy and/or ancillary services directly to the electric grid.
The accounting policies of the segments are the same as those described under Note 1 to the condensed consolidated financial statements. Transfer prices between the segments were determined on current market values or cost plus markup of the seller’s segment. The Company’s Chief Operating Decision Maker (“CODM”) is comprised of its CEO and CFO. To evaluate segment performance and allocate the Company’s resources, the CODM uses segment measures of gross profit and operating income. The CODM reviews budget-to-actual variances of both profit measures on a monthly basis when making decisions about allocation of the Company’s resources to the segments. 
Summarized financial information concerning the Company’s reportable segments is shown in the following tables, including the Company's disaggregated revenues from contracts with customers as required by ASC 606, Revenue from Contracts with Customers (“ASC 606”). Total consolidated revenues, gross profit (loss) and operating income (loss) of the Company’s business segments exclude intersegment revenues, gross profit (loss) and operating income (loss) as these activities are eliminated in consolidation and are not included in CODM’s evaluation of performance of each segment.
ElectricityProductEnergy StorageConsolidated
(Dollars in thousands)
Three Months Ended June 30, 2025:
Revenues from external customers:
United States (1)
$111,417 $3,523 $14,494 $129,434 
Foreign (2)
48,495 56,089 — 104,584 
Net revenue from external customers 159,912 59,612 14,494 234,018 
Less:
Depreciation and amortization expenses (3)
58,106 2,632 7,071 67,809 
Other cost of revenues expenses (4)
63,130 40,486 5,698 109,314 
Segment gross profit (loss)
38,676 16,494 1,725 56,895 
Less:
Segment operating expenses (income) (5)
16,705 6,294 (1,422)21,577 
Segment operating income
$21,971 $10,200 $3,147 $35,318 
Total depreciation and amortization expense (6)
$59,945 $2,955 $7,130 $70,030 
Segment assets at period end (7) (*)
5,225,398 238,082 552,132 6,015,612 
Expenditures for long-lived assets34,405 1,809 98,610 134,824 
* Including unconsolidated investments 160,178 — — 160,178 
Three Months Ended June 30, 2024:
Revenues from external customers:
United States (1)
$119,695 $1,615 $8,908 $130,218 
Foreign (2)
46,531 36,214 — 82,745 
Net revenue from external customers 166,226 37,829 8,908 212,963 
Less:
Depreciation and amortization expenses (3)
52,827 2,467 4,784 60,078 
Other cost of revenues expenses (4)
57,688 30,195 3,616 91,499 
Segment gross profit (loss)55,711 5,167 508 61,386 
Less:
Segment operating expenses (5)
20,297 4,141 1,821 26,259 
Segment operating income (loss)$35,414 $1,026 $(1,313)$35,127 
Total depreciation and amortization expense (6)
$56,256 $2,780 $4,764 $63,800 
Segment assets at period end (7) (*)
4,955,806 192,092 358,904 5,506,802 
Expenditures for long-lived assets106,867 1,690 38,282 146,839 
* Including unconsolidated investments129,664 — — 129,664 
Six Months Ended June 30, 2025:
Revenues from external customers:
United States (1)
$245,631 $6,762 $32,246 $284,639 
Foreign (2)
94,522 84,619 — 179,141 
Net revenue from external customers 340,153 91,381 32,246 463,780 
Less:
Depreciation and amortization expense (3)
114,976 5,203 13,922 134,102 
Other cost of revenues expenses (4)
126,093 62,599 11,165 199,856 
Segment gross profit (loss)
99,084 23,579 7,159 129,822 
Less:
Segment operating expenses (income) (5)
36,270 9,743 (2,422)43,591 
Segment operating income
62,814 13,836 9,581 86,231 
Total depreciation and amortization expenses (6)
119,921 5,849 14,037 139,808 
Segment assets at period end (7) (*)
5,225,398 238,082 552,132 6,015,612 
Expenditures for long-lived assets205,755 3,009 118,662 327,426 
* Including unconsolidated investments 160,178 — — 160,178 
Six Months Ended June 30, 2024:
Revenues from external customers:
United States (1)
$263,511 $2,491 $16,989 $282,991 
Foreign (2)
93,968 60,170 — 154,138 
Net revenue from external customers 357,479 62,661 16,989 437,129 
Less
Depreciation and amortization expense (3)
105,016 5,030 9,235 119,281 
Other cost of revenues expenses (4)
122,229 48,786 6,637 177,652 
Segment gross profit (loss)130,234 8,845 1,117 140,196 
Less:
Segment operating expenses (income) (5)
42,139 6,977 3,370 52,486 
Segment operating income (loss)
88,095 1,868 (2,253)87,710 
Total depreciation and amortization expenses (6)
111,305 5,653 9,194 126,152 
Segment assets at period end (7) (*)
4,955,806 192,092 358,904 5,506,802 
Expenditures for long-lived assets199,030 3,012 48,183 250,225 
* Including unconsolidated investments 129,664 — — 129,664 
(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $31.4 million and $71.5 million, in the three and six months ended June 30, 2025, respectively, and $37.5 million and $82.3 million, in the three and six months ended June 30, 2024, respectively, that are accounted for under ASC 606. Product and Energy Storage segment revenues in the United States are accounted for under ASC 606, except for Energy Storage revenues of $2.5 million and $6.1 million, for the three and six months ended June 30, 2025, respectively, and $0.7 million and $1.4 million, for the three and six months ended June 30, 2024, respectively, that are accounted for under lease accounting.
(2)Electricity segment revenues in foreign countries are all accounted for under lease accounting. Product segment revenues in foreign countries are all accounted for under ASC 606.
(3)Depreciation and amortization expense amounts align with the segment-level information that is regularly provided to the CODM, and do not include intersegment transactions. Depreciation and amortization expenses included in the segment measure of gross profit are related to the specific tangible and intangible assets associated with each of the reportable segments.
(4)Other cost of revenues expenses for each reportable segment include:
Electricity: primarily cost of manpower, utilities, repair and maintenance, royalties, and property taxes.
Products: primarily cost of raw materials and finished goods used in manufacturing, manpower, transportation, and third-party subcontractors.
Energy Storage: primarily cost of manpower, utilities, and insurance.
(5)Segment operating expenses include research and development expenses, selling and marketing expenses, and general and administrative expenses such as manpower, depreciation and amortization, legal and professional services. Such expenses do not include intersegment transactions. Segment operating expenses related to the Energy Storage segment are directly related to this segment. Segment operating expenses related to the Electricity and Product segments are allocated between these two segments based on their weighted contribution to revenues, except for certain specific expenses or gains that are specifically allocated to one of these segments, as applicable, such as impairment of long-lived assets, write-off of unsuccessful exploration activities, and other operating income.
(6)Total depreciation and amortization expenses for each segment are related to the specific tangible and intangible assets associated with the respective reportable segment.
(7)Electricity segment assets include goodwill in the amount of $165.8 million, and $146.4 million as of June 30, 2025 and 2024, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million, and $4.6 million as of June 30, 2025 and 2024, respectively. No goodwill is included in the Product segment assets as of June 30, 2025 and 2024.
Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(Dollars in thousands)(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit (loss)
$56,895 $61,386 $129,822 $140,196 
Less operating expenses:
Research and development expenses
1,439 1,730 3,981 3,294 
Selling and marketing expenses4,370 4,167 8,542 9,293 
General and administrative expenses19,786 18,026 37,695 37,563 
Other operating income(4,269)— (7,394)— 
Impairment of long-lived assets
— 957 — 957 
Write-off of unsuccessful exploration and storage activities
2511,3797671,379
Operating income $35,318 $35,127 $86,231 $87,710 
Interest income 1,929 2,604 3,242 4,443 
Interest expense, net (36,682)(33,716)(71,155)(64,684)
Derivatives and foreign currency transaction gains (losses) 5,068 (332)7,128 (1,914)
Income attributable to sale of tax benefits 16,251 15,798 33,822 33,274 
Other non-operating income, net 76 74 298 100 
Total consolidated income before income taxes and equity in income of investees
$21,960 $19,555 $59,566 $58,929 
Reconciliation of profit or loss (segment operating income):
Total segment operating income$35,318 $35,127 $86,231 $87,710 
Interest income
1,929 2,604 3,242 4,443 
Interest expenses, net
(36,682)(33,716)(71,155)(64,684)
Derivatives and foreign currency transaction gains (losses)
5,068 (332)7,128 (1,914)
Income attributable to sale of tax benefits16,251 15,798 33,822 33,274 
Other non-operating income, net76 74 298 100 
Total consolidated income before income taxes and equity in income of investees
$21,960 $19,555 $59,566 $58,929