BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 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 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.

	Electricity		Product		Energy Storage		Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2025:
Revenues from external customers:
United States (1)	$	134,213	$	3,239	$	17,752	$	155,204
Foreign (2)	46,028		28,530		—		74,558
Net revenue from external customers	180,241		31,769		17,752		229,762
Less:
Depreciation and amortization expenses (3)	56,870		2,571		6,851		66,293
Other cost of revenues expenses (4)	62,963		22,113		5,467		90,542
Segment gross profit (loss)	60,408		7,085		5,434		72,927
Less:
Segment operating expenses (income) (5)	19,565		3,449		(1,000)		22,014
Segment operating income	$	40,843	$	3,636	$	6,434	$	50,913
Total depreciation and amortization expense (6)	$	59,976	$	2,894	$	6,908	$	69,777
Segment assets at period end (7) (*)	5,124,073		244,796		470,078		5,838,947
Expenditures for long-lived assets	171,350		1,200		20,052		192,602
* Including unconsolidated investments	158,618		—		—		158,618
Three Months Ended March 31, 2024:
Revenues from external customers:
United States (1)	$	143,816	$	876	$	8,081	$	152,773
Foreign (2)	47,437		23,956		—		71,393
Net revenue from external customers	191,253		24,832		8,081		224,166
Less:
Depreciation and amortization expenses (3)	52,189		2,563		4,451		59,203
Other cost of revenues expenses (4)	64,541		18,591		3,021		86,153
Segment gross profit (loss)	74,523		3,678		609		78,810
Less:
Segment operating expenses (5)	21,842		2,836		1,549		26,227
Segment operating income (loss)	$	52,681	$	842	$	(940)	$	52,583
Total depreciation and amortization expense (6)	$	55,049	$	2,873	$	4,429	$	62,351
Segment assets at period end (7) (*)	4,961,483		190,210		365,151		5,516,844
Expenditures for long-lived assets	92,163		1,322		9,901		103,386

* Including unconsolidated investments 127,386  —  —  127,386 

(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $40.2 million, in the three months ended March 31, 2025, and $44.8 million in the three months ended March 31, 2024, 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 $3.5 million for the three months ended March 31, 2025, and $0.7 million for the three months ended March 31, 2024, 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 $146.7 million, and $146.5 million as of March 31, 2025 and 2024, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 million as of March 31, 2025 and 2024, respectively. No goodwill is included in the Product segment assets as of March 31, 2025 and 2024.

Reconciling information between reportable segments and the Company’s consolidated totals is shown in the following table:

	Three Months Ended March 31,
	2025		2024
	(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit (loss)	$	72,927	$	78,810
Less operating expenses:
Research and development expenses	2,542		1,564
Selling and marketing expenses	4,172		5,126
General and administrative expenses	17,909		19,537
Other operating income	(3,125)		—
Write-off of unsuccessful exploration and storage activities	516		—
Operating income	$	50,913	$	52,583
Interest income	1,313		1,839
Interest expense, net	(34,473)		(30,968)
Derivatives and foreign currency transaction gains (losses)	2,060		(1,582)
Income attributable to sale of tax benefits	17,571		17,476
Other non-operating income, net	222		26
Total consolidated income before income taxes and equity in income of investees	$	37,606	$	39,374
Reconciliation of profit or loss (segment operating income):
Total segment operating income	$	50,913	$	52,583
Interest income	1,313		1,839
Interest expenses, net	(34,473)		(30,968)
Derivatives and foreign currency transaction gains (losses)	2,060		(1,582)
Income attributable to sale of tax benefits	17,571		17,476
Other non-operating income, net	222		26
Total consolidated income before income taxes and equity in income of investees	$	37,606	$	39,374