30.1% Gross Margin and Lower Operating Expenses Enable Orion to Generate Positive Adjusted EBITDA on Q1’26 Revenue of $19.6M; Reiterates FY 2026 Outlook
Orion Energy Systems (NASDAQ: OESX) reported Q1 FY2026 results with revenue of $19.6M, slightly down from $19.9M in Q1'25. The company achieved a significant milestone with 30.1% gross margin, the highest quarterly margin in six years, driven by pricing and cost improvements across all segments.
Notable achievements include positive adjusted EBITDA of $0.2M for the third consecutive quarter, improved net loss of $1.2M (vs $3.8M in Q1'25), and reduced operating expenses. The company secured new contracts worth up to $7.0M from automotive customers and maintains its FY2026 outlook of 5% revenue growth to approximately $84M.
Segment performance showed LED lighting revenue up 1% to $12.9M, maintenance services revenue increased 21% to $4.0M, while EV charging solutions revenue decreased to $2.7M from $3.8M year-over-year.
Orion Energy Systems (NASDAQ: OESX) ha riportato i risultati del primo trimestre dell'anno fiscale 2026 con un fatturato di 19,6 milioni di dollari, leggermente inferiore ai 19,9 milioni di dollari del primo trimestre 2025. L'azienda ha raggiunto un traguardo importante con un margine lordo del 30,1%, il più alto degli ultimi sei anni, grazie a miglioramenti nei prezzi e nei costi in tutti i segmenti.
I risultati degni di nota includono un EBITDA rettificato positivo di 0,2 milioni di dollari per il terzo trimestre consecutivo, una perdita netta migliorata di 1,2 milioni di dollari (rispetto a 3,8 milioni nel primo trimestre 2025) e una riduzione delle spese operative. L'azienda ha ottenuto nuovi contratti per un valore fino a 7,0 milioni di dollari da clienti del settore automobilistico e mantiene la previsione per l'anno fiscale 2026 di una crescita del fatturato del 5%, raggiungendo circa 84 milioni di dollari.
Per quanto riguarda le performance dei segmenti, il fatturato dell'illuminazione LED è aumentato dell'1% a 12,9 milioni di dollari, i ricavi dai servizi di manutenzione sono cresciuti del 21% a 4,0 milioni di dollari, mentre i ricavi dalle soluzioni di ricarica per veicoli elettrici sono diminuiti a 2,7 milioni di dollari rispetto ai 3,8 milioni dell'anno precedente.
Orion Energy Systems (NASDAQ: OESX) reportó resultados del primer trimestre del año fiscal 2026 con ingresos de 19,6 millones de dólares, ligeramente inferiores a los 19,9 millones del primer trimestre de 2025. La empresa alcanzó un hito significativo con un margen bruto del 30,1%, el margen trimestral más alto en seis años, impulsado por mejoras en precios y costos en todos los segmentos.
Entre los logros destacados se incluye un EBITDA ajustado positivo de 0,2 millones de dólares por tercer trimestre consecutivo, una pérdida neta mejorada de 1,2 millones de dólares (frente a 3,8 millones en el primer trimestre de 2025) y reducción de gastos operativos. La compañía aseguró nuevos contratos por hasta 7,0 millones de dólares con clientes automotrices y mantiene su perspectiva para el año fiscal 2026 de un crecimiento de ingresos del 5%, alcanzando aproximadamente 84 millones de dólares.
En cuanto al desempeño por segmentos, los ingresos por iluminación LED aumentaron un 1% a 12,9 millones de dólares, los ingresos por servicios de mantenimiento crecieron un 21% a 4,0 millones de dólares, mientras que los ingresos por soluciones de carga para vehículos eléctricos disminuyeron a 2,7 millones de dólares desde 3,8 millones año con año.
Orion Energy Systems (NASDAQ: OESX)은 2026 회계연도 1분기 실적을 발표하며 매출액이 1,960만 달러로 2025년 1분기의 1,990만 달러보다 소폭 감소했습니다. 회사는 모든 부문에서 가격 및 비용 개선을 통해 30.1%의 매출총이익률을 기록하며 6년 만에 가장 높은 분기별 이익률이라는 중요한 이정표를 달성했습니다.
주목할 만한 성과로는 세 번째 연속 분기 0.2백만 달러의 조정 EBITDA 흑자, 순손실이 120만 달러로 개선(2025년 1분기 380만 달러 대비), 운영비용 감소 등이 있습니다. 또한 자동차 고객으로부터 최대 700만 달러 규모의 신규 계약을 확보했으며, 2026 회계연도 매출이 약 8,400만 달러로 5% 성장할 것이라는 전망을 유지하고 있습니다.
부문별 실적은 LED 조명 매출이 1% 증가한 1,290만 달러, 유지보수 서비스 매출이 21% 증가한 400만 달러를 기록했으며, 전기차 충전 솔루션 매출은 전년 동기 대비 380만 달러에서 270만 달러로 감소했습니다.
Orion Energy Systems (NASDAQ : OESX) a annoncé ses résultats du premier trimestre de l'exercice 2026 avec un chiffre d'affaires de 19,6 millions de dollars, en légère baisse par rapport à 19,9 millions de dollars au premier trimestre 2025. L'entreprise a atteint un jalon important avec une marge brute de 30,1%, la plus élevée en six ans, grâce à des améliorations des prix et des coûts dans tous les segments.
Parmi les réalisations notables figurent un EBITDA ajusté positif de 0,2 million de dollars pour le troisième trimestre consécutif, une perte nette améliorée de 1,2 million de dollars (contre 3,8 millions au T1 2025) et une réduction des charges d'exploitation. L'entreprise a obtenu de nouveaux contrats d'une valeur allant jusqu'à 7,0 millions de dollars auprès de clients du secteur automobile et maintient ses prévisions pour l'exercice 2026, avec une croissance des revenus de 5 % pour atteindre environ 84 millions de dollars.
La performance par segment montre une augmentation des revenus de l'éclairage LED de 1 % à 12,9 millions de dollars, une hausse des revenus des services de maintenance de 21 % à 4,0 millions de dollars, tandis que les revenus des solutions de recharge pour véhicules électriques ont diminué à 2,7 millions de dollars contre 3,8 millions d'une année sur l'autre.
Orion Energy Systems (NASDAQ: OESX) meldete die Ergebnisse für das erste Quartal des Geschäftsjahres 2026 mit einem Umsatz von 19,6 Mio. USD, leicht rückläufig gegenüber 19,9 Mio. USD im ersten Quartal 2025. Das Unternehmen erreichte einen bedeutenden Meilenstein mit einer Bruttomarge von 30,1%, der höchsten Quartalsmarge seit sechs Jahren, bedingt durch Preis- und Kostenverbesserungen in allen Segmenten.
Zu den bemerkenswerten Erfolgen zählen ein positives bereinigtes EBITDA von 0,2 Mio. USD im dritten Quartal in Folge, ein verbesserter Nettoverlust von 1,2 Mio. USD (gegenüber 3,8 Mio. USD im Q1 2025) und reduzierte Betriebskosten. Das Unternehmen sicherte sich neue Verträge im Wert von bis zu 7,0 Mio. USD von Automobilkunden und hält an seiner Prognose für das Geschäftsjahr 2026 fest, wonach ein Umsatzwachstum von 5 % auf rund 84 Mio. USD erwartet wird.
Die Segmententwicklung zeigte einen Anstieg der LED-Beleuchtungsumsätze um 1 % auf 12,9 Mio. USD, die Wartungsdienstleistungsumsätze stiegen um 21 % auf 4,0 Mio. USD, während die Umsätze mit Ladelösungen für Elektrofahrzeuge von 3,8 Mio. USD im Vorjahresvergleich auf 2,7 Mio. USD zurückgingen.
- Achieved highest quarterly gross margin (30.1%) in six years
- Third consecutive quarter of positive adjusted EBITDA ($0.2M)
- Reduced net loss to $1.2M from $3.8M year-over-year
- Secured up to $7.0M in new automotive customer projects
- Maintenance services revenue grew 21% to $4.0M
- Paid down $1.75M on revolving credit facility
- Operating expenses decreased to $6.9M from $7.7M year-over-year
- Total revenue declined 2% to $19.6M year-over-year
- EV charging revenue dropped 30% to $2.7M
- Working capital decreased to $6.1M from $8.7M at previous quarter-end
- Financial liquidity reduced to $9.8M from $13.0M at year-end FY'25
Insights
Orion's improved profitability metrics and third consecutive quarter of positive adjusted EBITDA signal operational progress despite modest revenue decline.
Orion Energy's Q1 FY2026 results demonstrate substantial margin improvement despite a slight revenue decline. The company achieved a 30.1% gross margin - the highest in six years - representing an impressive
Revenue showed mixed segment performance with LED lighting up
The company's net loss narrowed significantly to
The balance sheet shows
The company's project pipeline shows promising diversification with multiple new contracts: a multi-year lighting retrofit worth
This marks the third consecutive quarter of positive adjusted EBITDA, suggesting the company's cost-cutting measures and pricing improvements are gaining traction. If this trajectory continues, Orion appears positioned to achieve its goal of full-year positive adjusted EBITDA in FY2026.
MANITOWOC, Wis., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, electric vehicle (EV) charging stations and maintenance services solutions, today reported results for its fiscal 2026 first quarter (Q1’26) ended June 30, 2025, retaining its three segment reporting structure. Orion maintained its FY 2026 revenue growth outlook of
| Q1 Financial Summary | Prior Three Quarters | |||||||
| $ in millions except per share figures | Q1’26 | Q1’25 | Change | Q4'25 | Q3’25 | Q2'25 | ||
| LED Lighting Revenue | $12.9 | + | ||||||
| EV Charging Revenue | $2.7 | - | ||||||
| Maintenance Revenue | $4.0 | + | ||||||
| Total Revenue | $19.6 | - | ||||||
| Gross Profit | $5.9 | + | ||||||
| Gross Profit % | 30.1% | +850 bps | ||||||
| Net Loss (1)(2) | $(1.2) | + | ||||||
| Net Loss per share (1)(2) | $(0.04) | + | ||||||
| Adjusted EBITDA (3) | $0.2 | + | ||||||
| (1) | Voltrek earnout accruals were | |||||||
| (2) | Q1’25 and Q2’25 also included | |||||||
| (3) | Adjusted EBITDA reconciliation provided below. | |||||||
Highlights
- Q1’26 revenue was
$19.6M vs.$19.9M in Q1’25 as higher maintenance and LED lighting segment revenue partially offset lower EV charging revenue compared to the prior-year period. The prior-year period benefitted from the startup of$11M of projects in Eversource Energy’s “EV Make Ready” program and two other significant EV project deliveries.
- Q1’26 gross profit percentage increased to
30.1% , from21.6% in Q1’25, reflecting pricing, revenue mix changes and cost improvements across all three segments.
- Orion achieved Q1’26 adjusted EBITDA of
$0.2M , its third consecutive quarter of positive adjusted EBITDA, compared to an adjusted EBITDA loss of$(1.8M ) in Q1’25. The Company paid down$1.75M on its revolving credit facility in Q1’26.
- Orion reiterated its FY 2026 outlook for revenue growth of approximately
5% to$84M , the achievement of which should position it to approach or achieve positive adjusted EBITDA for the full fiscal year, with potential upside should business, economic, global trade, and government policy uncertainties stabilize.
CEO Commentary
Orion CEO Sally Washlow, commented, “Our Q1 performance benefitted from pricing and cost measures implemented or planned in FY 2025 that should continue to contribute to the bottom-line as we progress through FY 2026. Our Q1’26 gross profit percentage of
“We are on track to achieve our FY 2026 revenue and adjusted EBITDA outlook, and we made meaningful progress in our goal to return the business to profitability, reducing our net loss to
“We have had initial success in our LED lighting distribution business through the introduction of new value-based products, such as our TritonPro™ line of fixtures designed specifically for this channel. TritonPro provides a balance of high-quality design, components and energy efficiency that has proven more compelling to customers in this price competitive channel. We are building on this success with new products, enhancing our go-to-market strategies with an enhanced sales team to leverage their broad base of experience and relationships to strengthen our LED lighting distribution operations. Under new leadership we are confident LED lighting distribution can return to a path of growth.
“We were recently awarded up to
“Orion has a very strong platform of quality, industry-leading solutions to meet our customers’ needs for LED lighting, energy savings, workplace safety, electrical project management, maintenance services and sustainability goals. I am excited about Orion’s potential to deliver both growth and improving bottom-line performance in FY’26 and in years to come. We have made significant reductions in overhead, meaningful progress in enhancing margins though pricing and cost actions, and we have been building a diversified pipeline of revenue opportunities that support our growth goals.”
Outlook
Orion’s FY’26 outlook anticipates revenue growth of five percent to approximately
Below are updates and additions to contracts, projects and initiatives expected to contribute to FY’26 and future periods’ results:
- A Multi-year LED lighting retrofit contract for a building products distributor’s 400+ locations has begun with orders in-house approaching
$2M to be completed over FY’26. The project is expected to generate revenue of$12M -$18M over several years.
- New construction and LED retrofit lighting projects in multiple U.S. Government Agency facilities have expanded from
$5M to$7M in total revenue to be completed in FY’26.
- Up to
$7M in electrical infrastructure and LED lighting projects for three long-time, top-tier automotive customers are expected in FY’26. The projects are part of the customers’ ongoing updating of their LED lighting, electrical infrastructure, and managed services for manufacturing and distribution facilities in North America.
- A major retail customer increased the number of new store construction projects over the next 5 years. Orion now expects new store construction for these new stores’ revenue potential to range from
$30M -$32M over the 5-year period.
- The 400-site LED retrofit project with a national bank has commenced with revenue potential of
$2 -$3M over the next 3 to 4 years.
- Orion’s EV charging backlog was approximately
$8M at the close of Q1’26. With current uncertainty around the near-term scope, pace, and funding availability for EV charging projects, Orion’s revenue outlook anticipates flat to slightly lower EV charging station-related revenue in FY’26.
Financial Results
Orion reported Q1’26 revenue of
- LED lighting revenue increased approximately
1% to$12.9M compared to$12.8M in Q1’25, reflecting increased large project activity offset by lower sales activity in the electrical distribution business. Orion’s expanded project pipeline as well as efforts to drive growth in its distribution business are expected to contribute to higher FY’26 LED lighting revenue compared to FY’25.
- Maintenance services revenue increased
21% to$4.0M in Q1’26 from$3.3M in Q1’25, reflecting the benefit of new customer contracts as well as the expansion of certain existing customer relationships.
- EV charging solutions revenue was
$2.7M compared to$3.8M in Q1’25, reflecting the variability in timing of larger projects. Given current uncertainty around the near-term scope, pace, and funding availability for EV charging projects, Orion currently expects segment revenues to be relatively flat to slightly lower in FY’26 vs. FY’25.
Orion’s Q1’26 gross profit percentage increased 850 basis points to
Total operating expenses declined to
Primarily reflecting stronger gross margin and lower operating expenses, Orion’s Q1’26 net loss improved to (
Balance Sheet and Cash Flow
Orion used
Orion ended the quarter with current assets of
Webcast and Call Details
| Date / Time: | Wednesday, August 6th at 10:00 a.m. ET |
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| Webcast & Replay: | https://edge.media-server.com/mmc/p/3xdtb9oh |
About Orion Energy Systems
Orion provides energy efficiency and clean tech solutions, including LED lighting and controls, electrical vehicle (EV) charging solutions, and maintenance services. Orion specializes in turnkey design-through-installation solutions for large national customers as well as projects through ESCO and distribution partners, with a commitment to helping customers achieve their business and environmental goals with healthy, safe, and sustainable solutions that reduce their carbon footprint and enhance business performance.
Orion is committed to operating responsibly throughout all areas of our organization. Learn more about our sustainability and governance priorities, goals and progress here, or visit our website at www.orionlighting.com.
Non-GAAP Measures
In addition to the GAAP results included in this presentation, Orion has also included the non-GAAP measures, EBITDA (earnings before interest, taxes, depreciation and amortization), and Adjusted EBITDA (EBITDA adjusted for stock-based compensation, acquisition related costs, deferred financing costs, restructuring and severance costs, asset impairment and, earnout expenses). The Company has provided these non-GAAP measures to help investors better understand its core operating performance, enhance comparisons of core operating performance from period to period, and allow better comparisons of operating performance to its competitors. Among other things, management uses these non-GAAP measures to evaluate the performance of the business and believes these measurements enable it to make better period-to-period evaluations of the financial performance of core business operations. The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and Orion compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with generally accepted accounting principles.
Consistent with Regulation G under the U.S. federal securities laws, the non-GAAP measures in this press release have been reconciled to the nearest GAAP measures, and this reconciliation is located under the heading “Unaudited EBITDA Reconciliation” following the Unaudited Condensed Consolidated Statements of Cash Flows included in this press release.
Safe Harbor Statement
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe our future outlook, plans, expectations, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (i) our existing liquidity and capital resources may not be sufficient to allow us to fund or sustain our working capital requirements or pay our contractual or debt obligations; (ii) our payment of our remaining Voltrek acquisition earnout obligations may involve either payments in cash or our issuance of our common stock, which could materially affect our liquidity and/or result in significant dilution to our shareholders; (iii) the amount of our remaining Voltrek acquisition earnout is subject to resolution by an independent accounting firm, and such finally determined earnout amount may exceed our current accrued liability for such earnout amount and could materially affect our liquidity; (iv) we may need to raise additional equity capital or subordinated or convertible debt to provide us with additional liquidity and capital resources to help fund our operations, pay our senior debt obligations and pay our remaining Voltrek earnout obligations; (v) over the past several years, we have incurred substantial net losses and negative cash flow, and if these trends continue, our liquidity and financial condition will be further materially adversely affected; (vi) we are experiencing ongoing increasing pressures to reduce the selling price of our lighting products and incur the related negative impact on our gross margins, driven largely by the ongoing increase in competition from foreign competitors; (vii) if we are unable to comply with NASDAQ’s minimum bid price requirement, including by effecting a reverse stock split, prior to September 15, 2025, our common stock may be delisted from NASDAQ; (viii) a reverse stock split may result in decreased trading volume and liquidity for our shares; (ix) our ability to achieve our budgeted fiscal 2026 revenue expectations, and related public fiscal 2026 revenue guidance, will have a significant impact on our cash flow and stock price and ability to fund our operations and satisfy our debt obligations; (x) government tariffs and other actions have adversely affected, and may continue to adversely affect, our business, resulting in increased costs and reduced gross margins; (xi) the reduction or elimination of incentives from the United States government for investments in electric vehicle (“EV”) charging infrastructure may reduce demand for public EV charging products, in addition to reducing overall demand for EVs; (xii) we do not have major sources of recurring revenue, and we depend upon a limited number of customers in any given period to generate a substantial portion of our revenue. The reduction of revenue from our most significant customer over the past several fiscal years has had, and the potential future loss of other significant customers or a major customer would likely have, a materially adverse effect on our results of operations, financial condition and cash flows; (xiii) the reduction or elimination of investments in, or incentives to adopt, light emitting diode (“LED”) lighting or the elimination of, or changes in, policies, incentives or rebates in certain states or countries that encourage the use of LEDs over some traditional lighting technologies, including due to federal funding restrictions in the United States, could cause the demand for our lighting products to slow; (xiv) we are currently implementing a new ERP system, which will involve substantial cost and potential disruption to our normal operations, and our inability to successfully manage the implementation of our new ERP system could adversely affect our ability to operate our business and otherwise negatively affect our financial reporting and the effectiveness of our internal control over financial reporting; (xv) a substantial portion of our revenues is derived from major project-based retrofit work that is awarded through a competitive bid process. It is generally difficult to predict the timing of projects that will be awarded, which can impact our ability to achieve our expected financial results; (xvi) our continued emphasis on indirect distribution channels to sell our products and services to supplement our direct distribution channels has had limited success to date; (xvii) goodwill and other intangibles acquired through acquisitions could be impacted by our continued net losses and low levels of liquidity, thus resulting in a potential valuation impairment; (xviii) our products use components and raw materials that may be subject to price fluctuations, shortages or interruptions of supply, particularly resulting from tariffs and other trade restrictions; (xix) we increasingly rely on third-party manufacturers for the manufacture and development of our products and product components; (xx) we are subject to the risk of a cybersecurity breach; (xxi) macroeconomic pressures in the markets in which we operate may adversely affect our financial results; (xxii) adverse conditions in the global economy have negatively impacted, and could in the future negatively impact, our customers, suppliers and business; (xxiii) the success of our LED lighting retrofit solutions depends, in part, on our ability to claim market share away from our competitors; and (xxiv) the other risks described in our filings with the Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com in the Investor Relations section of our website.
Engage with Us
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Investor Relations Contacts
| Per Brodin, CFO | William Jones; David Collins |
| Orion Energy Systems, Inc. | Catalyst IR |
| pbrodin@oesx.com | (212) 924-9800 or OESX@catalyst-ir.com |
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Product revenue | $ | 13,512 | $ | 12,767 | ||||
| Service revenue | 6,063 | 7,139 | ||||||
| Total revenue | 19,575 | 19,906 | ||||||
| Cost of product revenue | 8,822 | 8,541 | ||||||
| Cost of service revenue | 4,852 | 7,066 | ||||||
| Total cost of revenue | 13,674 | 15,607 | ||||||
| Gross profit | 5,901 | 4,299 | ||||||
| Operating expenses: | ||||||||
| General and administrative | 4,290 | 4,530 | ||||||
| Sales and marketing | 2,416 | 2,937 | ||||||
| Research and development | 208 | 264 | ||||||
| Total operating expenses | 6,914 | 7,731 | ||||||
| Loss from operations | (1,013 | ) | (3,432 | ) | ||||
| Other income (expense): | ||||||||
| Interest expense | (169 | ) | (262 | ) | ||||
| Amortization of debt issue costs | (51 | ) | (58 | ) | ||||
| Royalty income | 2 | 15 | ||||||
| Total other expense | (218 | ) | (305 | ) | ||||
| Loss before income tax | (1,231 | ) | (3,737 | ) | ||||
| Income tax expense | 13 | 21 | ||||||
| Net loss | $ | (1,244 | ) | $ | (3,758 | ) | ||
| Basic net loss per share | $ | (0.04 | ) | $ | (0.12 | ) | ||
| Weighted-average common shares outstanding | 33,315,237 | 32,610,604 | ||||||
| Diluted net loss per share | $ | (0.04 | ) | $ | (0.12 | ) | ||
| Weighted-average common shares and share equivalents outstanding | 33,315,237 | 32,610,604 | ||||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) | ||||||||
| June 30, 2025 | March 31, 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 3,564 | $ | 5,972 | ||||
| Accounts receivable, net | 13,527 | 12,845 | ||||||
| Revenue earned but not billed | 3,477 | 3,350 | ||||||
| Inventories, net | 10,301 | 11,392 | ||||||
| Prepaid expenses and other current assets | 1,798 | 1,939 | ||||||
| Total current assets | 32,667 | 35,498 | ||||||
| Property and equipment, net | 7,833 | 8,026 | ||||||
| Goodwill | 1,484 | 1,484 | ||||||
| Other intangible assets, net | 3,139 | 3,379 | ||||||
| Other long-term assets | 3,894 | 4,076 | ||||||
| Total assets | $ | 49,017 | $ | 52,463 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Accounts payable | $ | 12,587 | $ | 13,272 | ||||
| Accrued expenses and other | 13,172 | 12,728 | ||||||
| Deferred revenue, current | 441 | 491 | ||||||
| Current maturities of long-term debt | 353 | 353 | ||||||
| Total current liabilities | 26,553 | 26,844 | ||||||
| Revolving credit facility | 5,250 | 7,000 | ||||||
| Long-term debt, less current maturities | 2,883 | 2,971 | ||||||
| Deferred revenue, long-term | 319 | 337 | ||||||
| Other long-term liabilities | 3,206 | 3,427 | ||||||
| Total liabilities | 38,211 | 40,579 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, June 30, 2025 and March 31, 2025; no shares issued and outstanding at June 30, 2025 and March 31, 2025 | — | — | ||||||
| Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2025 and March 31, 2025; shares issued: 43,039,975 at June 30, 2025 and 42,470,231 at March 31, 2025; shares outstanding: 33,553,632 at June 30, 2025 and 32,983,888 at March 31, 2025 | — | — | ||||||
| Additional paid-in capital | 163,191 | 163,025 | ||||||
| Treasury stock, common shares: 9,486,093 at June 30, 2025 and 9,486,343 at March 31, 2025 | (36,248 | ) | (36,248 | ) | ||||
| Accumulated deficit | (116,137 | ) | (114,893 | ) | ||||
| Total shareholders’ equity | 10,806 | 11,884 | ||||||
| Total liabilities and shareholders’ equity | $ | 49,017 | $ | 52,463 | ||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Operating activities | ||||||||
| Net loss | $ | (1,244 | ) | $ | (3,758 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 244 | 348 | ||||||
| Amortization of intangible assets | 240 | 248 | ||||||
| Stock-based compensation | 166 | 294 | ||||||
| Amortization of debt issue costs | 51 | 58 | ||||||
| Gain on sale of property and equipment | — | (6 | ) | |||||
| Provision for inventory reserves | 26 | 33 | ||||||
| Provision for credit losses | 10 | 40 | ||||||
| Other | (1 | ) | 196 | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (692 | ) | 1,507 | |||||
| Revenue earned but not billed | (127 | ) | (301 | ) | ||||
| Inventories | 1,065 | 2,156 | ||||||
| Prepaid expenses and other assets | 271 | (304 | ) | |||||
| Accounts payable | (682 | ) | (3,929 | ) | ||||
| Accrued expenses and other | 227 | 490 | ||||||
| Deferred revenue, current and long-term | (69 | ) | (34 | ) | ||||
| Net cash used in operating activities | (515 | ) | (2,962 | ) | ||||
| Investing activities | ||||||||
| Purchases of property and equipment | (55 | ) | (24 | ) | ||||
| Net cash used in investing activities | (55 | ) | (24 | ) | ||||
| Financing activities | ||||||||
| Payment of long-term debt | (88 | ) | (3 | ) | ||||
| Proceeds from long-term debt | — | 3,525 | ||||||
| Payments of revolving credit facility | (1,750 | ) | — | |||||
| Proceeds from employee equity exercises | — | 1 | ||||||
| Net cash (used in) provided by financing activities | (1,838 | ) | 3,523 | |||||
| Net (decrease) increase in cash and cash equivalents | (2,408 | ) | 537 | |||||
| Cash and cash equivalents at beginning of period | 5,972 | 5,155 | ||||||
| Cash and cash equivalents at end of period | $ | 3,564 | $ | 5,692 | ||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED EBITDA RECONCILIATION (in thousands) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | ||||||||||||||||
| Net income (loss) | $ | (1,244 | ) | $ | (2,912 | ) | $ | (1,508 | ) | $ | (3,625 | ) | $ | (3,758 | ) | |||||
| Interest | 169 | 220 | 254 | 283 | 262 | |||||||||||||||
| Taxes | 13 | (1 | ) | 1 | 23 | 21 | ||||||||||||||
| Depreciation | 244 | 385 | 278 | 333 | 348 | |||||||||||||||
| Amortization of intangible assets | 240 | 315 | 259 | 247 | 248 | |||||||||||||||
| Amortization of debt issue costs | 51 | 51 | 49 | 48 | 58 | |||||||||||||||
| EBITDA | (527 | ) | (1,942 | ) | (667 | ) | (2,691 | ) | (2,821 | ) | ||||||||||
| Stock-based compensation | 166 | 335 | 180 | 348 | 294 | |||||||||||||||
| Acquisition related costs | — | — | — | — | — | |||||||||||||||
| Deferred cost write-off for ATM | — | 385 | — | — | — | |||||||||||||||
| Sign-on bonus | 500 | |||||||||||||||||||
| Restructuring costs | — | — | 20 | 163 | 270 | |||||||||||||||
| Severance | 66 | 948 | 20 | 158 | 123 | |||||||||||||||
| Impairment on assets | — | 20 | — | — | — | |||||||||||||||
| Earnout expenses | — | 480 | 479 | 630 | 329 | |||||||||||||||
| Adjusted EBITDA | 205 | 226 | 32 | (1,392 | ) | (1,805 | ) | |||||||||||||
FAQ
What were Orion Energy's (OESX) key financial metrics for Q1 2026?
How did Orion's different business segments perform in Q1 2026?
What is Orion Energy's (OESX) revenue guidance for FY 2026?
What new contracts did Orion Energy secure for FY 2026?
How much debt did Orion Energy (OESX) pay down in Q1 2026?
