Orion Reports Q2’25 Results with Revenue of $19.4M, Reflecting 40% Growth in EV Charging and Significant Improvement in Maintenance Segment Gross Margin
Orion Energy Systems reported Q2'25 results with total revenue of $19.4M, down from $20.6M in Q2'24. The quarter showed mixed performance across segments: EV charging revenue grew 40% to $4.7M, maintenance services revenue increased 5% to $3.8M with improved margins, while LED lighting revenue declined 20% to $10.8M due to project delays and completion of a major European retrofit. The company posted a net loss of ($3.6M) or ($0.11) per share, an improvement from ($4.4M) or ($0.14) per share in Q2'24. Orion maintains its FY'25 revenue growth outlook of approximately 10%, expecting stronger performance in the second half, particularly in Q4.
Orion Energy Systems ha riportato i risultati del secondo trimestre del 2025 con un fatturato totale di $19,4 milioni, in calo rispetto ai $20,6 milioni del secondo trimestre del 2024. Il trimestre ha mostrato una performance mista nei vari segmenti: il fatturato da caricamento per veicoli elettrici è cresciuto del 40% a $4,7 milioni, il fatturato dei servizi di manutenzione è aumentato del 5% a $3,8 milioni con margini migliorati, mentre il fatturato dell'illuminazione LED è diminuito del 20% a $10,8 milioni a causa di ritardi nei progetti e del completamento di un'importante retrofit in Europa. La società ha registrato una perdita netta di ($3,6 milioni) o ($0,11) per azione, un miglioramento rispetto a ($4,4 milioni) o ($0,14) per azione nel secondo trimestre del 2024. Orion mantiene le proiezioni di crescita del fatturato per l'anno fiscale 2025 di circa il 10%, aspettandosi una performance più forte nella seconda metà dell'anno, in particolare nel quarto trimestre.
Orion Energy Systems reportó resultados del segundo trimestre de 2025 con unos ingresos totales de $19,4 millones, en comparación con $20,6 millones en el segundo trimestre de 2024. El trimestre mostró un desempeño mixto en los distintos segmentos: los ingresos de carga de vehículos eléctricos crecieron un 40% a $4,7 millones, los ingresos por servicios de mantenimiento aumentaron un 5% a $3,8 millones con márgenes mejorados, mientras que los ingresos por iluminación LED cayeron un 20% a $10,8 millones debido a retrasos en proyectos y la finalización de una importante renovación en Europa. La empresa reportó una pérdida neta de ($3,6 millones) o ($0,11) por acción, una mejora respecto a ($4,4 millones) o ($0,14) por acción en el segundo trimestre de 2024. Orion mantiene su pronóstico de crecimiento de ingresos para el año fiscal 2025 de aproximadamente el 10%, esperando un desempeño más fuerte en la segunda mitad, especialmente en el cuarto trimestre.
오리온 에너지 시스템즈는 2025년 2분기 실적을 보고했으며 총 수익은 $1940만 달러로, 2024년 2분기의 $2060만 달러에서 감소했습니다. 이번 분기는 다양한 분야에서 혼합된 성과를 보였습니다: 전기차 충전 수익은 40% 증가하여 $470만 달러에 이르렀고, 유지보수 서비스 수익은 5% 증가하여 $380만 달러로 개선된 마진을 보였습니다. 반면 LED 조명 수익은 프로젝트 지연과 주요 유럽 리모델링 완료로 인해 20% 감소하여 $1080만 달러에 그쳤습니다. 회사는 순손실이 ($360만 달러) 또는 주당 ($0.11)로, 이는 2024년 2분기의 ($440만 달러) 또는 ($0.14)에서 개선된 수치입니다. 오리온은 2025 회계연도의 수익 성장 전망을 약 10%로 유지하며, 하반기, 특히 4분기에 더 강한 성과를 기대하고 있습니다.
Orion Energy Systems a publié ses résultats pour le deuxième trimestre 2025, avec un chiffre d'affaires total de 19,4 millions de dollars, en baisse par rapport à 20,6 millions de dollars au deuxième trimestre 2024. Ce trimestre a montré des performances variées dans les différents segments : le chiffre d'affaires de la charge de véhicules électriques a augmenté de 40 % pour atteindre 4,7 millions de dollars, le chiffre d'affaires des services de maintenance a augmenté de 5 % pour atteindre 3,8 millions de dollars avec des marges améliorées, tandis que le chiffre d'affaires de l'éclairage LED a diminué de 20 % pour atteindre 10,8 millions de dollars en raison de retards de projet et de l'achèvement d'une importante rénovation en Europe. L'entreprise a enregistré une perte nette de ($3,6 millions) ou ($0,11) par action, une amélioration par rapport à ($4,4 millions) ou ($0,14) par action au deuxième trimestre 2024. Orion maintient sa prévision de croissance des revenus pour l'exercice 2025 d'environ 10 %, s'attendant à une performance plus forte dans la seconde moitié de l'année, en particulier au quatrième trimestre.
Orion Energy Systems hat die Ergebnisse für das zweite Quartal 2025 veröffentlicht, mit einem Gesamtumsatz von 19,4 Millionen Dollar, zurückgegangen von 20,6 Millionen Dollar im zweiten Quartal 2024. Das Quartal zeigte eine gemischte Leistung in den verschiedenen Segmenten: Die Umsätze aus Ladevorgängen für Elektrofahrzeuge stiegen um 40% auf 4,7 Millionen Dollar, die Umsätze aus Wartungsdiensten erhöhten sich um 5% auf 3,8 Millionen Dollar mit verbesserten Margen, während die Umsätze aus LED-Beleuchtung aufgrund von Projektverzögerungen und dem Abschluss einer umfangreichen europäischen Sanierung um 20% auf 10,8 Millionen Dollar zurückgingen. Das Unternehmen wies einen Nettoverlust von ($3,6 Millionen) oder ($0,11) pro Aktie aus, was eine Verbesserung im Vergleich zu ($4,4 Millionen) oder ($0,14) pro Aktie im zweiten Quartal 2024 darstellt. Orion hält an seiner Wachstumsprognose für das Geschäftsjahr 2025 von etwa 10% fest und erwartet eine stärkere Leistung in der zweiten Jahreshälfte, insbesondere im vierten Quartal.
- EV charging solutions revenue increased 40% YoY to $4.7M
- Maintenance services gross margin improved by 2,290 basis points from Q2'24
- Secured new 5-Year, $25M contract for LED lighting fixtures with major national retailer
- Operating expenses reduced to $7.7M from $8.7M YoY
- Net loss improved to ($3.6M) from ($4.4M) YoY
- Total revenue declined to $19.4M from $20.6M YoY
- LED lighting revenue dropped 20% to $10.8M
- Posted net loss of ($3.6M) in Q2'25
- $300k restructuring costs in maintenance division
Insights
MANITOWOC, Wis., Nov. 06, 2024 (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 2025 second quarter (Q2’25) ended September 30, 2024. Orion will hold an investor call today at 10:00 a.m. ET – details below.
| Q2 Financial Summary | Prior Three Quarters | ||||||
| $ in millions except per share figures | Q2'25 | Q2'24 | Change | Q1'25 | Q4'24 | Q3'24 | |
| LED Lighting Revenue | $10.8 | - | |||||
| EV Charging Revenue | $4.7 | ||||||
| Maintenance Revenue | $3.8 | ||||||
| Total Revenue | $19.4 | ||||||
| Gross Profit (1) | $4.5 | ||||||
| Gross Profit % | 23.1% | 90bps | |||||
| Net Income (Loss) (1) | $(3.6) | ||||||
| Net Income (Loss) Per Share | $(0.11) | ||||||
| Adjusted EBITDA (2) | $(1.4) | ||||||
| (1) Voltrek earnout accruals and net adjustments were (2) Adjusted EBITDA reconciliation provided below. | |||||||
Q2 Highlights
- EV charging solutions revenue rose
40% to$4.7M compared to Q2’24, benefitting from construction services contracts for Eversource Energy’s “EV Make Ready” program and additional work for Boston Public Schools building on an earlier school bus pilot project. - LED lighting revenue declined approximately
20% to$10.8M in Q2’25 vs. Q2’24, following the completion of a large European retrofit project in Q1’25. This project benefitted the prior-year period versus no revenue in Q2’25. Due to customer delays, several projects did not commence in Q2’25 as anticipated but are expected to start in Q3’25 or Q4’25. Anticipated projects are in the automotive, retail, technology, logistics/distribution, financial and public sectors, from a mix of existing and new customers. - Maintenance services revenue rose
5% to$3.8M in Q2’25 compared to the year-ago quarter, delivering better than anticipated performance following the Q1’25 revenue decrease that resulted from the intentional non-renewal of unprofitable customer contracts. Reflecting higher revenue and the benefit of Orion’s new pricing, maintenance services gross profit percentage rebounded 2,290 basis points in Q2’25 from a negative margin in Q2’24. Orion expects maintenance services profitability to remain strong over the balance of FY 2025.
CEO Commentary
Orion CEO Mike Jenkins commented, “Despite continued strong performance in our Voltrek EV charging station business and the rebound in maintenance services, our Q2’25 revenue was below both the year ago and sequential quarters, principally due to delays in the commencement of several larger LED lighting projects, as well as slower than expected activity within our Energy Service Company (ESCO) and electrical contractor distribution channels. We now expect the delayed LED projects to commence in the second half, along with other already anticipated work, contributing to a greater weighting of LED Lighting revenue in the second half and particularly the fourth quarter of FY’25.
“We are seeing robust and growing quoting activity in our LED project business coming from a mix of long-time customers as well as significant new customers. Last month we secured a new 5-Year,
“As we move into calendar 2025, we expect to benefit from LED retrofit activity driven by state regulations banning the sale of fluorescent fixtures and replacement tubes. Ten states have either passed regulations that will be going into effect starting in January 2025 (most notably California) or have proposed legislation for fluorescent bans. We expect more states will follow this trend. We have been in discussions with a number of customers about their plans for compliance and have identified some meaningful opportunities that we hope to secure in the coming months.
“Turning to our EV charging segment, we are very pleased with the performance of the business to date and the outlook going forward. We continue to anticipate additional project opportunities from new and existing customers as well as further support as government EV infrastructure funding works its way through the system. We believe Voltrek, with its industry-leading experience and national track record for successful project implementation, is very well positioned to continue its path of growth.
“Our maintenance services business delivered better than expected revenue in Q2’25, largely due to an expanded base of projects from our largest customer. The business also delivered improved profitability in Q2’25 reflecting the benefit of contract repricing as well as the intentional run-off of legacy customer contracts that were no longer profitable due inflationary impacts over the past few years. In right sizing this business to its new scope, we recorded
“Though our quarterly performance is likely to continue to be impacted by project timing that is outside our control, we remain confident that Orion is on a solid path for growth in FY 2025 and moving forward. Our confidence is based on the competitive strength of our products and services and the expanding array of opportunities we are developing across our businesses. We have built a strong platform of solutions to meet our customers’ business, energy savings, mobility, workplace safety and sustainability goals – all delivered with the highest levels of expertise and customer service.”
Business Outlook
Orion’s FY’25 revenue outlook is for growth of approximately
Orion continues to expect an overall decrease in maintenance services revenue in FY’25 principally reflecting the impact of the loss of unprofitable legacy contracts. Importantly, Orion expects its pricing discipline to benefit the maintenance services gross profit percentage as the business progresses through FY’25.
Financial Results
Orion reported Q2’25 revenue of
EV segment revenue grew
Gross profit was
Total operating expenses declined to
Lower operating expenses drove a
Balance Sheet and Cash Flow
Orion ended Q2’25 with currents assets of
Orion used cash of
Orion's financial liquidity was approximately
Effective October 30, 2024, Orion extended its bank credit facility with Bank of America by 18 months with the amended expiration date now being June 30, 2027.
| Webcast/Call Details | |
| Date / Time: | Wednesday, November 6th at 10:00 a.m. ET |
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| Live call participants must pre-register using the URL above to receive the dial-in information. Simply re-register if you lose the dial-in or PIN #. | |
| Webcast / Replay: | https://edge.media-server.com/mmc/p/ggbzb2uw/ |
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, payroll tax credit, and acquisition 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 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 ability to manage and respond to ongoing increasing pressures to reduce the selling price of our products driven largely by a return to a more normalized supply chain and reduction in shipping costs for our imported products, coupled with the related increase in competition from foreign competitors; (ii) our ability to regain and sustain our profitability and positive cash flows; (iii) our ability to achieve our budgeted revenue expectations for fiscal 2025; (iv) our dependence on a limited number of key customers, and the consequences of the loss of one or more key customers or suppliers, including key contacts at such customers; (v) our existing risk that liquidity and capital resources may not be sufficient to allow us to fund or sustain our growth; (vi) our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments; (vii) our ability to successfully launch, manage and maintain our refocused business strategy to successfully bring to market new and innovative product and service offerings; (viii) our ability to recruit, hire and retain talented individuals in all disciplines of our company; (ix) price fluctuations (including as a result of tariffs), shortages or interruptions of component supplies and raw materials used to manufacture our products; (x) our risk of potential loss related to single or focused exposure within our current customer base and product offerings; (xi) our ability to maintain effective information technology systems security measures and manage risks related to cybersecurity; (xii) our ability to differentiate our products in a highly competitive and converging market, expand our customer base and gain market share; (xiii) our ability to manage and mitigate downward pressure on the average selling prices of our products as a result of competitive pressures in the light emitting diode (“LED”) market; (xiv) our ability to manage our inventory and avoid inventory obsolescence in a rapidly evolving LED market; (xv) our increasing reliance on third parties for the manufacture and development of products, product components, as well as the provision of certain services; (xvi) our increasing emphasis on selling more of our products through third party distributors and sales agents, including our ability to attract and retain effective third party distributors and sales agents to execute our sales model; (xvii) our ability to develop and participate in new product and technology offerings or applications in a cost effective and timely manner; (xviii) our ability to maintain safe and secure information technology systems; (xix) our ability to balance customer demand and production capacity; (xx) our ability to maintain an effective system of internal control over financial reporting; (xxi) our ability to defend our patent portfolio and license technology from third parties; (xxii) a reduction in the price of electricity; (xxiii) the reduction or elimination of investments in, or incentives to adopt, 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; (xxiv) our failure to comply with the covenants in our credit agreement; (xxv) the electric vehicle (“EV”) market and deliveries of passenger and fleet vehicles may not grow as expected; (xxvi) incentives from governments or utilities may not materialize or may be reduced, which could reduce demand for EVs, or the portion of regulatory credits that customers claim may increase, which would reduce our revenue from such incentives; (xxvii) the cost to comply with, and the effects of, any current and future industry and government regulations, laws and policies; (xviii) potential warranty claims in excess of our reserve estimates; and (xxix) 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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StockTwits: @OESX_IR
| 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 September 30, | Six Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Product revenue | $ | 12,367 | $ | 15,588 | $ | 25,134 | $ | 29,259 | ||||||||
| Service revenue | 6,994 | 4,998 | 14,133 | 8,940 | ||||||||||||
| Total revenue | 19,361 | 20,586 | 39,267 | 38,199 | ||||||||||||
| Cost of product revenue | 8,888 | 10,897 | 17,429 | 20,956 | ||||||||||||
| Cost of service revenue | 6,001 | 5,120 | 13,067 | 9,503 | ||||||||||||
| Total cost of revenue | 14,889 | 16,017 | 30,496 | 30,459 | ||||||||||||
| Gross profit | 4,472 | 4,569 | 8,771 | 7,740 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | 4,568 | 5,040 | 9,098 | 10,779 | ||||||||||||
| Acquisition related costs | — | 3 | — | 56 | ||||||||||||
| Sales and marketing | 2,848 | 3,312 | 5,785 | 6,608 | ||||||||||||
| Research and development | 328 | 382 | 592 | 862 | ||||||||||||
| Total operating expenses | 7,744 | 8,737 | 15,475 | 18,305 | ||||||||||||
| Loss from operations | (3,272 | ) | (4,168 | ) | (6,704 | ) | (10,565 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other income | — | 12 | — | 12 | ||||||||||||
| Interest expense | (283 | ) | (192 | ) | (545 | ) | (368 | ) | ||||||||
| Amortization of debt issue costs | (48 | ) | (25 | ) | (106 | ) | (49 | ) | ||||||||
| Royalty income | 1 | — | 16 | 2 | ||||||||||||
| Interest income | — | — | — | — | ||||||||||||
| Total other expense | (330 | ) | (205 | ) | (635 | ) | (403 | ) | ||||||||
| Loss before income tax | (3,602 | ) | (4,373 | ) | (7,339 | ) | (10,968 | ) | ||||||||
| Income tax expense | 23 | 15 | 44 | 57 | ||||||||||||
| Net loss | $ | (3,625 | ) | $ | (4,388 | ) | $ | (7,383 | ) | $ | (11,025 | ) | ||||
| Basic net loss per share attributable to common shareholders | $ | (0.11 | ) | $ | (0.14 | ) | $ | (0.23 | ) | $ | (0.34 | ) | ||||
| Weighted-average common shares outstanding | 32,825,477 | 32,502,566 | 32,718,628 | 32,424,623 | ||||||||||||
| Diluted net loss per share | $ | (0.11 | ) | $ | (0.14 | ) | $ | (0.23 | ) | $ | (0.34 | ) | ||||
| Weighted-average common shares and share equivalents outstanding | 32,825,477 | 32,502,566 | 32,718,628 | 32,424,623 | ||||||||||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except share amounts) | ||||||||
| September 30, 2024 | March 31, 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 5,369 | $ | 5,155 | ||||
| Accounts receivable, net | 11,709 | 14,022 | ||||||
| Revenue earned but not billed | 5,918 | 4,539 | ||||||
| Inventories | 15,026 | 18,246 | ||||||
| Prepaid expenses and other current assets | 1,947 | 2,860 | ||||||
| Total current assets | 39,969 | 44,822 | ||||||
| Property and equipment, net | 8,662 | 9,593 | ||||||
| Goodwill | 1,484 | 1,484 | ||||||
| Other intangible assets, net | 3,973 | 4,462 | ||||||
| Other long-term assets | 2,184 | 2,808 | ||||||
| Total assets | $ | 56,272 | $ | 63,169 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Accounts payable | $ | 14,450 | $ | 18,350 | ||||
| Accrued expenses and other | 11,707 | 9,440 | ||||||
| Deferred revenue, current | 359 | 260 | ||||||
| Current maturities of long-term debt | 352 | 3 | ||||||
| Total current liabilities | 26,868 | 28,053 | ||||||
| Revolving credit facility | 9,000 | 10,000 | ||||||
| Long-term debt, less current maturities | 3,173 | — | ||||||
| Deferred revenue, long-term | 375 | 413 | ||||||
| Other long-term liabilities | 1,053 | 2,161 | ||||||
| Total liabilities | 40,469 | 40,627 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, no par value: Shares authorized: 200,000,000 at September 30, 2024 and March 31, 2024; shares issued: 42,375,801 at September 30, 2024 and 42,038,967 at March 31, 2024; shares outstanding: 32,905,731 at September 30, 2024 and 32,567,746 at March 31, 2024 | — | — | ||||||
| Additional paid-in capital | 162,511 | 161,869 | ||||||
| Treasury stock, common shares: 9,470,070 at September 30, 2024 and 9,471,221 at March 31, 2024 | (36,233 | ) | (36,235 | ) | ||||
| Retained deficit | (110,475 | ) | (103,092 | ) | ||||
| Total shareholders’ equity | 15,803 | 22,542 | ||||||
| Total liabilities and shareholders’ equity | $ | 56,272 | $ | 63,169 | ||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| Six Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Operating activities | ||||||||
| Net loss | $ | (7,383 | ) | $ | (11,025 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 681 | 707 | ||||||
| Amortization of intangible assets | 495 | 540 | ||||||
| Stock-based compensation | 642 | 414 | ||||||
| Amortization of debt issue costs | 106 | 49 | ||||||
| Loss on sale of property and equipment | 91 | 45 | ||||||
| Provision for inventory reserves | 86 | 283 | ||||||
| Provision for credit losses | 55 | 190 | ||||||
| Other | 195 | (1 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 2,259 | (2,579 | ) | |||||
| Revenue earned but not billed | (1,379 | ) | (507 | ) | ||||
| Inventories | 2,936 | (2,238 | ) | |||||
| Prepaid expenses and other assets | 1,431 | (2,058 | ) | |||||
| Accounts payable | (3,900 | ) | 2,154 | |||||
| Accrued expenses and other | 1,158 | 1,365 | ||||||
| Deferred revenue, current and long-term | 63 | 1,346 | ||||||
| Net cash used in operating activities | (2,464 | ) | (11,315 | ) | ||||
| Investing activities | ||||||||
| Purchases of property and equipment | (29 | ) | (747 | ) | ||||
| Proceeds from sale of property, plant and equipment | 189 | 100 | ||||||
| Additions to patents and licenses | (5 | ) | — | |||||
| Net cash provided by (used in) investing activities | 155 | (647 | ) | |||||
| Financing activities | ||||||||
| Payment of long-term debt | (3 | ) | (7 | ) | ||||
| Proceeds from long-term debt | 3,525 | — | ||||||
| Payments of revolving credit facility | (1,000 | ) | — | |||||
| Proceeds from employee equity exercises | 1 | 2 | ||||||
| Net cash provided by (used in) financing activities | 2,523 | (5 | ) | |||||
| Net increase (decrease) in cash and cash equivalents | 214 | (11,967 | ) | |||||
| Cash and cash equivalents at beginning of period | 5,155 | 15,992 | ||||||
| Cash and cash equivalents at end of period | $ | 5,369 | $ | 4,025 | ||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Operating lease assets obtained in exchange for new operating lease liabilities | $ | — | $ | 363 | ||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES | ||||||||||||||||||||
| UNAUDITED EBITDA RECONCILIATION | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| Net income (loss) | $ | (3,625 | ) | $ | (3,758 | ) | $ | 1,610 | $ | (2,256 | ) | $ | (4,388 | ) | ||||||
| Interest | 283 | 262 | 191 | 193 | 192 | |||||||||||||||
| Taxes | 23 | 21 | (17 | ) | 1 | 15 | ||||||||||||||
| Depreciation | 333 | 348 | 344 | 360 | 361 | |||||||||||||||
| Amortization of intangible assets | 247 | 248 | 272 | 273 | 274 | |||||||||||||||
| Amortization of debt issue costs | 48 | 58 | 21 | 25 | 25 | |||||||||||||||
| EBITDA | (2,691 | ) | (2,821 | ) | 2,421 | (1,404 | ) | (3,521 | ) | |||||||||||
| Stock-based compensation | 348 | 294 | 269 | 266 | 227 | |||||||||||||||
| Acquisition related costs | — | — | — | — | 3 | |||||||||||||||
| Restructuring costs | 163 | 270 | 138 | — | — | |||||||||||||||
| Severance | 158 | 123 | — | — | — | |||||||||||||||
| Impairment on assets | — | — | 525 | — | — | |||||||||||||||
| Earnout expenses | 630 | 329 | (2,953 | ) | 1,050 | 1,125 | ||||||||||||||
| Adjusted EBITDA | (1,392 | ) | (1,805 | ) | 401 | (88 | ) | (2,166 | ) | |||||||||||
FAQ
What was Orion Energy Systems (OESX) revenue in Q2 2025?
How much did OESX EV charging revenue grow in Q2 2025?
What was OESX's net loss per share in Q2 2025?
What is Orion Energy Systems' (OESX) revenue growth outlook for FY 2025?
