v3.26.1
BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2026
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 consolidated financial statements in the 2025 Annual Report. 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 the CODM’s evaluation of performance of each segment.
ElectricityProductEnergy StorageConsolidated
(Dollars in thousands)
Three Months Ended June 30, 2026:
Revenues from external customers:
United States (1)
$118,963 $2,723 $42,772 $164,458 
Foreign (2)
50,290 44,016 — 94,306 
Net revenue from external customers 169,253 46,739 42,772 258,764 
Less:
Depreciation and amortization expenses (3)
60,975 2,299 10,627 73,901 
Other cost of revenues expenses (4)
68,146 39,918 8,101 116,165 
Segment gross profit
40,132 4,522 24,044 68,698 
Less:
Segment operating expenses (income) (5)
16,441 6,329 11,730 34,500 
Segment operating income
$23,691 $(1,807)$12,314 $34,198 
Total depreciation and amortization expense (6)
$67,104 $2,864 $9,612 $79,581 
Segment assets at period end (7) (*)
5,765,690 300,442 722,113 6,788,245 
Expenditures for long-lived assets105,887 4,306 27,823 138,016 
* Including unconsolidated investments 204,154 — — 204,154 
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
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 investments160,178 — — 160,178 
Six Months Ended June 30, 2026:
Revenues from external customers:
United States (1)
$250,560 $4,775 $87,697 $343,032 
Foreign (2)
100,296 219,347 — 319,643 
Net revenue from external customers 350,856 224,122 87,697 662,675 
Less:
Depreciation and amortization expense (3)
120,605 4,415 20,003 145,023 
Other cost of revenues expenses (4)
134,260 177,211 17,114 328,585 
Segment gross profit (loss)
95,991 42,496 50,580 189,067 
Less:
Segment operating expenses (income) (5)
30,725 18,382 25,506 74,614 
Segment operating income
65,266 24,114 25,074 114,453 
Total depreciation and amortization expenses (6)
132,682 5,522 17,741 155,945 
Segment assets at period end (7) (*)
5,765,690 300,442 722,113 6,788,245 
Expenditures for long-lived assets166,500 5,673 79,630 251,803 
* Including unconsolidated investments 204,154 — — 204,154 
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 (loss)
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 
(1)Electricity segment revenues in the United States are all accounted for under lease accounting except for $48.8 million and $97.0 million in the three and six months ended June 30, 2026 and $31.4 million and $71.5 million in the three and six months ended June 30, 2025 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 $10.2 million and $17.7 million for the three and six months ended June 30, 2026 and $2.5 million and $6.1 million for the three and six months ended June 30, 2025 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 $163.4 million, and $165.8 million as of June 30, 2026 and 2025, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million as of June 30, 2026 and 2025. No goodwill is included in the Product segment assets as of June 30, 2026 and 2025.
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,
2026202520262025
(Dollars in thousands)
Reconciliation of profit or loss (segment gross profit):
Total segment gross profit
$68,698 $56,895 $189,067 $129,822 
Less operating expenses:
Research and development expenses
1,501 1,439 2,633 3,981 
Selling and marketing expenses5,968 4,370 11,545 8,542 
General and administrative expenses21,104 19,786 48,440 37,695 
Other operating income(1,000)(4,269)(5,125)(7,394)
Impairment of long-lived assets
316 — 8,428 — 
Write-off of unsuccessful exploration and storage activities
6,6112518,693767
Operating income $34,198 $35,318 $114,453 $86,231 
Interest income 7,071 1,929 8,501 3,242 
Interest expense, net (43,938)(36,682)(88,931)(71,155)
Derivatives and foreign currency transaction gains (losses) 274 5,068 (1,263)7,128 
Income attributable to sale of tax benefits 16,553 16,251 33,174 33,822 
Other non-operating income (expense), net 3,001 76 (20,144)298 
Total consolidated income before income taxes and equity in income of investees
$17,159 $21,960 $45,790 $59,566 
Reconciliation of profit or loss (segment operating income):
Total segment operating income$34,198 $35,318 $114,453 $86,231 
Interest income
7,071 1,929 8,501 3,242 
Interest expenses, net
(43,938)(36,682)(88,931)(71,155)
Derivatives and foreign currency transaction gains (losses)
274 5,068 (1,263)7,128 
Income attributable to sale of tax benefits16,553 16,251 33,174 33,822 
Other non-operating income (expense), net 3,001 76 (20,144)298 
Total consolidated income before income taxes and equity in income of investees
$17,159 $21,960 $45,790 $59,566