Orion’s Q1’25 Revenue Rose 13% vs Q1’24 to $19.9M Driven by Strength in EV Charging Projects; Maintains FY 2025 Revenue Growth Target of 10-15%
Orion Energy Systems (NASDAQ: OESX) reported Q1'25 results with revenue rising 13% to $19.9M, driven by strength in EV charging projects. Key highlights include:
- EV charging solutions revenue grew over 200% to $3.8M
- LED lighting revenue increased 1% to $12.8M
- Maintenance services revenue declined 11% to $3.3M
- Gross profit increased to $4.3M with a 21.6% margin
- Net loss improved to ($3.8M) or ($0.12) per share
The company maintains its FY 2025 revenue growth target of 10-15%, expecting continued momentum in EV charging and LED lighting segments. Orion's CEO, Mike Jenkins, emphasized the strong competitive position in EV infrastructure and ongoing opportunities in LED lighting retrofits.
Orion Energy Systems (NASDAQ: OESX) ha riportato i risultati del Q1'25 con un aumento del fatturato del 13% a 19,9 milioni di dollari, grazie alla solidità dei progetti di ricarica per veicoli elettrici. I punti salienti includono:
- Il fatturato delle soluzioni di ricarica per veicoli elettrici è cresciuto di oltre il 200% a 3,8 milioni di dollari
- Il fatturato dell'illuminazione a LED è aumentato dell'1% a 12,8 milioni di dollari
- Il fatturato dei servizi di manutenzione è diminuito dell'11% a 3,3 milioni di dollari
- Il profitto lordo è aumentato a 4,3 milioni di dollari con un margine del 21,6%
- La perdita netta è migliorata a ($3,8 milioni) oppure ($0,12) per azione
L'azienda mantiene il suo obiettivo di crescita del fatturato per l'anno fiscale 2025 tra il 10 e il 15%, prevedendo un continuo slancio nei segmenti di ricarica EV e illuminazione a LED. Il CEO di Orion, Mike Jenkins, ha sottolineato la forte posizione competitiva nell'infrastruttura per veicoli elettrici e le opportunità in corso nelle retrofitting dell'illuminazione a LED.
Orion Energy Systems (NASDAQ: OESX) reportó los resultados del Q1'25 con un aumento del 13% en ingresos, alcanzando los 19.9 millones de dólares, impulsado por la fortaleza en los proyectos de carga para vehículos eléctricos. Los aspectos destacados incluyen:
- Los ingresos de soluciones de carga para vehículos eléctricos crecieron más del 200% a 3.8 millones de dólares
- Los ingresos por iluminación LED aumentaron un 1% a 12.8 millones de dólares
- Los ingresos por servicios de mantenimiento disminuyeron un 11% a 3.3 millones de dólares
- La ganancia bruta aumentó a 4.3 millones de dólares con un margen del 21.6%
- La pérdida neta mejoró a ($3.8 millones) o ($0.12) por acción
La compañía mantiene su objetivo de crecimiento de ingresos para el año fiscal 2025 del 10-15%, esperando continuar el impulso en los segmentos de carga de vehículos eléctricos y iluminación LED. El CEO de Orion, Mike Jenkins, enfatizó la sólida posición competitiva en la infraestructura de vehículos eléctricos y las oportunidades en curso en la renovación de iluminación LED.
오리온 에너지 시스템(NASDAQ: OESX)은 1분기 Q1'25 결과를 보고하며 수익이 13% 증가한 1,990만 달러를 기록하며 전기차 충전 프로젝트의 강세로 인해 발생했다고 전했습니다. 주요 사항은 다음과 같습니다:
- 전기차 충전 솔루션 매출이 200% 이상 증가하여 380만 달러에 이르렀습니다.
- LED 조명 매출이 1% 증가하여 1,280만 달러에 도달했습니다.
- 유지보수 서비스 매출이 11% 감소하여 330만 달러가 되었습니다.
- 총 이익이 430만 달러로 증가하며 21.6%의 마진을 기록했습니다.
- 순손실은 ($380만) 또는 주당 ($0.12)로 개선되었습니다.
회사는 2025 회계연도 매출 성장 목표를 10-15%로 유지하며 전기차 충전 및 LED 조명 부문에서 지속적인 모멘텀을 기대하고 있습니다. Orion의 CEO인 마이크 젠킨스는 EV 인프라에서 강력한 경쟁력을 갖추고 있으며 LED 조명 리노베이션에서의 지속적인 기회를 강조했습니다.
Orion Energy Systems (NASDAQ: OESX) a annoncé les résultats du Q1'25, avec un chiffre d'affaires en hausse de 13 % à 19,9 millions de dollars, soutenu par la solidité des projets de recharge pour véhicules électriques. Les points clés incluent :
- Le chiffre d'affaires des solutions de recharge pour véhicules électriques a augmenté de plus de 200 % pour atteindre 3,8 millions de dollars
- Le chiffre d'affaires de l'éclairage LED a augmenté de 1 % pour atteindre 12,8 millions de dollars
- Le chiffre d'affaires des services de maintenance a diminué de 11 % pour atteindre 3,3 millions de dollars
- Le bénéfice brut a augmenté à 4,3 millions de dollars avec une marge de 21,6 %
- La perte nette s'est améliorée à ($3,8 millions) ou ($0,12) par action
L'entreprise maintient son objectif de croissance du chiffre d'affaires pour l'exercice 2025 entre 10 et 15 %, s'attendant à un élan continu dans les segments de la recharge des véhicules électriques et de l'éclairage LED. Le PDG d'Orion, Mike Jenkins, a souligné la solide position concurrentielle dans l'infrastructure des véhicules électriques et les opportunités continues dans les rénovations d'éclairage LED.
Orion Energy Systems (NASDAQ: OESX) hat die Ergebnisse für das 1. Quartal 2025 veröffentlicht, wobei die Einnahmen um 13 % auf 19,9 Millionen Dollar gestiegen sind, das durch die Stärke der Projekte zur Ladung von Elektrofahrzeugen angetrieben wurde. Wichtige Höhepunkte sind:
- Die Einnahmen aus Lösungen zur Ladung von Elektrofahrzeugen stiegen um über 200 % auf 3,8 Millionen Dollar
- Die Einnahmen aus LED-Beleuchtung erhöhten sich um 1 % auf 12,8 Millionen Dollar
- Die Einnahmen aus Wartungsdienstleistungen gingen um 11 % auf 3,3 Millionen Dollar zurück
- Der Bruttogewinn stieg auf 4,3 Millionen Dollar mit einer Marge von 21,6 %
- Der Nettoverlust verbesserte sich auf ($3,8 Millionen) oder ($0,12) pro Aktie
Das Unternehmen hält an seinem Umsatzwachstumsziel für das Geschäftsjahr 2025 von 10-15 % fest und erwartet weiterhin Momentum in den Bereichen Elektrofahrzeug-Ladung und LED-Beleuchtung. Der CEO von Orion, Mike Jenkins, betonte die starke Wettbewerbsposition in der EV-Infrastruktur und die laufenden Möglichkeiten bei der LED-Beleuchtung.
- Revenue increased 13% year-over-year to $19.9M in Q1'25
- EV charging solutions revenue grew over 200% to $3.8M
- Gross profit margin improved by 360 basis points to 21.6%
- Net loss reduced by $2.9M compared to Q1'24
- Secured over $11M in contracts for Eversource Energy's 'EV Make Ready' program
- Maintenance services gross profit improved from negative 1.4% to positive 3.8%
- Enhanced financial liquidity through a $3.525M mortgage on corporate headquarters
- Maintenance services revenue declined 11% due to non-renewal of large legacy contracts
- Expecting $4M-$5M decrease in maintenance services revenue during FY 2025
- Net loss of ($3.8M) or ($0.12) per share in Q1'25
- Cash used in operating activities was $3.0M in Q1'25
- $10.0M of borrowings outstanding on credit facility
Insights
Orion Energy Systems' Q1'25 results show a mixed performance. The
The gross profit margin improvement to
Maintaining the FY 2025 revenue growth target of
The
The
However, investors should note that EV charging is still a relatively small part of Orion's business. The company's ability to scale this segment while maintaining profitability will be crucial. The synergies between EV charging and Orion's core lighting business could provide a competitive edge in securing contracts from existing customers.
Orion's strategic pivot towards EV charging solutions is timely, given the sector's growth potential. However, the core LED lighting business, which still constitutes the majority of revenue, showed only
The company's estimate of
The maintenance services segment's revenue decline is a short-term concern, but the focus on profitability over volume is prudent. The success of this strategy will depend on Orion's ability to acquire new, higher-margin contracts to offset the loss of legacy customers.
Overall, Orion's diversification strategy appears sound, but execution in scaling the EV charging business while revitalizing the core lighting segment will be critical for long-term success.
MANITOWOC, Wisc., Aug. 07, 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 first quarter (Q1’25) ended June 30, 2024. Orion will hold an investor call today at 10:00 a.m. ET – details below. Orion is maintaining its revenue growth outlook of 10
| Q1 Financial Summary | Prior Three Quarters | ||||||
| $ in millions except per share figures | Q1’25 | Q1’24 | Change | Q4’24 | Q3'24 | Q2’24 | |
| LED Lighting Revenue | $12.8 | + | |||||
| EV Charging Revenue | $3.8 | + | |||||
| Maintenance Revenue | $3.3 | - | |||||
| Total Revenue | $19.9 | ||||||
| Gross Profit (1) | $4.3 | ||||||
| Gross Profit % | 21.6% | 360bps | |||||
| Net Loss (1) | ($3.8) | ( | ( | ( | |||
| Net Loss per share (1) | ($0.12) | ( | ( | ( | |||
| Adjusted EBITDA (2) | ($1.8) | ( | ( | ( | |||
| (1) Voltrek earnout accruals and net adjustments were (2) Adjusted EBITDA reconciliation provided below. | |||||||
Highlights
- EV charging solutions revenue rose over
200% compared to Q1’24 to$3.8M , including initial activation of construction services contracts for Level 2 and Level 3 charging stations for Eversource Energy’s “EV Make Ready” program, which Orion previously announced as having secured over$11M in contracts for this program. - LED lighting revenue increased approximately
1% compared to Q1’24 to$12.8M in Q1’25, reflecting the completion of a significant Department of Defense (DoD) project in Europe as well as ongoing major account, ESCO and distribution business. Several other significant projects are anticipated in coming quarters in the automotive, retail, technology, logistics/distribution, financial and public sectors, the majority of which are expected to activate in 2H FY’25. - As anticipated, maintenance services revenue declined
11% to$3.3M in Q1’25, reflecting the impact of three large legacy customers that chose not to renew long-term contracts following pricing increases required to return the maintenance business to suitable levels of profitability. Reflecting new pricing and new contracts, maintenance services gross profit increased to3.8% in Q1’25 from negative1.4% in Q1’24. Orion anticipates a$4M -$5M decrease in maintenance services revenue during FY 2025 due to the nonrenewal of certain large legacy Stay-Light customer contracts but expects maintenance services profitability to continue to improve as it progresses through FY 2025.
CEO Commentary
Orion CEO Mike Jenkins commented, “Orion’s overall business grew
“We continue to expect LED lighting segment revenue growth in FY 2025, supported by new and existing customers. We also expect continued sales growth via our Energy Service Company (ESCO) and electrical contractor distribution partners. ESCOs in particular have responded very favorably to our new line of energy-efficient high-bay and exterior LED fixtures developed for the value segment of the market. We estimate that the overall market penetration for LED lighting is still only about
“We also expect our LED lighting business to benefit from state regulations banning the sale of fluorescent fixtures and replacement tubes. Seven states have passed regulations, most of which will go into effect in 2025, and we expect other states will follow this trend. The regulations are intended to reduce energy consumption and the disposal of waste tubes, drivers and fixtures. We are already in discussions with a number of customers about their plans for compliance over the next several quarters, and we have had some success in using the upcoming deadlines to develop new customer dialogues.
“As we anticipated, our maintenance services revenue declined in Q1’25, reflecting the impact of our strategic decision to restore this business to a suitable margin profile by addressing low margin accounts. Repricing was necessary due to a variety of inflationary impacts over the past few years that had eroded our margin on legacy contracts. The revenue impact we saw in Q1 and expect for the full year represents a few customers who chose not to renew their contracts at our higher pricing. Nonetheless, our repricing efforts have enabled us to return this business to profitability and a gross profit percentage that is approaching that of our overall business. We are also trimming some staffing and overhead and writing down some legacy product inventories related to this reduced customer activity. From here we intend to selectively build our maintenance business primarily via existing customers in other segments of our business, leveraging relationships where we have the greatest potential synergies.
“Overall, we believe Orion is on a solid path and we are very excited about the outlook in FY 2025 and beyond as we work to leverage the synergies and expanded growth potential that we believe is possible from our diversified business platform.”
Business Outlook
Having achieved top-line growth of
Orion expects robust growth in its Voltrek EV charging solutions business to continue, driven by existing project contracts, a growing pipeline of opportunities developed by its expanded team, and synergies with Orion’s other businesses. Voltrek is a leader in the EV charging solutions business, with over 12 years’ experience completing projects in 29 states and counting.
As experienced in Q1’25, Orion expects maintenance services revenue to contract in FY 2025, due to three large legacy customers that did not accept long-term pricing increases. Expansion opportunities within the existing customer base should partially offset negative revenue impacts as the year progresses. Importantly, Orion expects pricing discipline to continue to benefit its maintenance services gross profit percentage as it progresses through FY 2025.
Financial Results
Q1’25 revenue rose
Gross profit increased to
Total operating expenses declined to
Higher revenue, stronger gross profit and lower operating expenses led to a
Balance Sheet and Cash Flow
Orion ended Q1’25 with currents assets of
Orion’s financial liquidity declined to approximately
Orion used cash of
| Webcast/Call Details | |
| Date / Time: | Wednesday, August 7th at 10:00 a.m. ET |
| Call Dial-In: | (800) 715-9871 (toll free) or (646) 307-1963, ID# 5328422 |
| Webcast / Replay: | https://edge.media-server.com/mmc/p/r5d8p33v |
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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| 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, | |||||||||
| 2024 | 2023 | ||||||||
| Product revenue | $ | 12,767 | $ | 13,671 | |||||
| Service revenue | 7,139 | 3,942 | |||||||
| Total revenue | 19,906 | 17,613 | |||||||
| Cost of product revenue | 8,541 | 10,059 | |||||||
| Cost of service revenue | 7,066 | 4,383 | |||||||
| Total cost of revenue | 15,607 | 14,442 | |||||||
| Gross profit | 4,299 | 3,171 | |||||||
| Operating expenses: | |||||||||
| General and administrative | 4,530 | 5,739 | |||||||
| Acquisition related costs | — | 53 | |||||||
| Sales and marketing | 2,937 | 3,296 | |||||||
| Research and development | 264 | 480 | |||||||
| Total operating expenses | 7,731 | 9,568 | |||||||
| Loss from operations | (3,432 | ) | (6,397 | ) | |||||
| Other income (expense): | |||||||||
| Royalty income | 15 | — | |||||||
| Interest expense | (262 | ) | (176 | ) | |||||
| Amortization of debt issue costs | (58 | ) | (24 | ) | |||||
| Interest income | — | 2 | |||||||
| Total other expense | (305 | ) | (198 | ) | |||||
| Loss before income tax | (3,737 | ) | (6,595 | ) | |||||
| Income tax expense | 21 | 42 | |||||||
| Net loss | $ | (3,758 | ) | $ | (6,637 | ) | |||
| Basic net loss per share attributable to common shareholders | $ | (0.12 | ) | $ | (0.21 | ) | |||
| Weighted-average common shares outstanding | 32,610,604 | 32,345,823 | |||||||
| Diluted net loss per share | $ | (0.12 | ) | $ | (0.21 | ) | |||
| Weighted-average common shares and share equivalents outstanding | 32,610,604 | 32,345,823 | |||||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) | ||||||||
| June 30, 2024 | March 31, 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 5,692 | $ | 5,155 | ||||
| Accounts receivable, net | 12,475 | 14,022 | ||||||
| Revenue earned but not billed | 4,841 | 4,539 | ||||||
| Inventories | 15,860 | 18,246 | ||||||
| Prepaid expenses and other current assets | 3,272 | 2,860 | ||||||
| Total current assets | 42,140 | 44,822 | ||||||
| Property and equipment, net | 9,275 | 9,593 | ||||||
| Goodwill | 1,484 | 1,484 | ||||||
| Other intangible assets, net | 4,214 | 4,462 | ||||||
| Other long-term assets | 2,642 | 2,808 | ||||||
| Total assets | $ | 59,755 | $ | 63,169 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Accounts payable | 14,421 | $ | 18,350 | |||||
| Accrued expenses and other | 9,835 | 9,440 | ||||||
| Deferred revenue, current | 245 | 260 | ||||||
| Current maturities of long-term debt | 264 | 3 | ||||||
| Total current liabilities | 24,765 | 28,053 | ||||||
| Revolving credit facility | 10,000 | 10,000 | ||||||
| Long-term debt, less current maturities | 3,261 | — | ||||||
| Deferred revenue, long-term | 394 | 413 | ||||||
| Other long-term liabilities | 2,256 | 2,161 | ||||||
| Total liabilities | 40,676 | 40,627 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2024 and March 31, 2024; shares issued: 41,973,543 at June 30, 2024 and 41,767,092 at March 31, 2024; shares outstanding: 32,502,558 at June 30, 2024 and 32,295,408 at March 31, 2024 | — | — | ||||||
| Additional paid-in capital | 162,163 | 161,869 | ||||||
| Treasury stock, common shares: 9,470,985 at June 30, 2024 and 9,471,684 at March 31, 2024 | (36,234 | ) | (36,235 | ) | ||||
| Retained deficit | (106,850 | ) | (103,092 | ) | ||||
| Total shareholders’ equity | 19,079 | 22,542 | ||||||
| Total liabilities and shareholders’ equity | $ | 59,755 | $ | 63,169 | ||||
| ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Operating activities | ||||||||
| Net loss | $ | (3,758 | ) | $ | (6,637 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 348 | 346 | ||||||
| Amortization of intangible assets | 248 | 266 | ||||||
| Stock-based compensation | 294 | 188 | ||||||
| Amortization of debt issue costs | 47 | 24 | ||||||
| Loss (gain) on sale of property and equipment | (6 | ) | 28 | |||||
| Provision for inventory reserves | 33 | 161 | ||||||
| Provision for credit losses | 40 | 190 | ||||||
| Other | 196 | 1 | ||||||
| Changes in operating assets and liabilities, net of acquisition: | ||||||||
| Accounts receivable | 1,507 | (1,075 | ) | |||||
| Revenue earned but not billed | (301 | ) | 89 | |||||
| Inventories | 2,156 | 355 | ||||||
| Prepaid expenses and other assets | (293 | ) | (257 | ) | ||||
| Accounts payable | (3,929 | ) | (1,906 | ) | ||||
| Accrued expenses and other | 490 | 666 | ||||||
| Deferred revenue, current and long-term | (34 | ) | 234 | |||||
| Net cash used in operating activities | (2,962 | ) | (7,327 | ) | ||||
| Investing activities | ||||||||
| Purchases of property and equipment | (24 | ) | (508 | ) | ||||
| Proceeds from sale of property, plant and equipment | — | 95 | ||||||
| Net cash used in investing activities | (24 | ) | (413 | ) | ||||
| Financing activities | ||||||||
| Payment of long-term debt | (3 | ) | (4 | ) | ||||
| Proceeds from long-term debt | 3,525 | — | ||||||
| Proceeds from employee equity exercises | 1 | 1 | ||||||
| Net cash (used in) provided by financing activities | 3,523 | (3 | ) | |||||
| Net decrease in cash and cash equivalents | 537 | (7,743 | ) | |||||
| Cash and cash equivalents at beginning of period | 5,155 | 15,992 | ||||||
| Cash and cash equivalents at end of period | $ | 5,692 | $ | 8,249 | ||||
| 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 | ||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | ||||||||||||||||
| Net income (loss) | $ | (3,758 | ) | $ | 1,610 | $ | (2,256 | ) | $ | (4,388 | ) | $ | (6,637 | ) | ||||||
| Interest | 262 | 191 | 193 | 192 | 174 | |||||||||||||||
| Taxes | 21 | (17 | ) | 1 | 15 | 42 | ||||||||||||||
| Depreciation | 348 | 344 | 360 | 361 | 346 | |||||||||||||||
| Amortization of intangible assets | 248 | 272 | 273 | 274 | 266 | |||||||||||||||
| Amortization of debt issue costs | 58 | 21 | 25 | 25 | 24 | |||||||||||||||
| EBITDA | (2,821 | ) | 2,421 | (1,404 | ) | (3,521 | ) | (5,785 | ) | |||||||||||
| Stock-based compensation | 294 | 269 | 266 | 227 | 188 | |||||||||||||||
| Acquisition related costs | — | — | — | 3 | 53 | |||||||||||||||
| Restructuring & Severance costs | 393 | 138 | — | — | — | |||||||||||||||
| Impairment on assets | — | 525 | — | — | — | |||||||||||||||
| Earnout expenses | 329 | (2,953 | ) | 1,050 | 1,125 | 1,125 | ||||||||||||||
| Adjusted EBITDA | $ | (1,805 | ) | $ | 401 | $ | (88 | ) | $ | (2,166 | ) | $ | (4,419 | ) | ||||||
FAQ
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