Orion Secures Approx. $40M Contract Extension Expanding Turnkey LED Lighting & Controls Retrofit Project for Major National Retail Customer
Orion Energy Systems (NASDAQ: OESX) announced a $40 million contract extension to retrofit 290 locations with LED lighting and controls for a large national retail customer. Revenue from these additional locations is expected to begin recognition in Q4 Fiscal 2021 through Q3 Fiscal 2022. Upon completion, approximately 1,570 locations will have been retrofitted. The project includes energy audits, project engineering, custom design, and IoT integration, which enhance operating performance.
- Secured a $40 million contract extension for LED retrofit projects.
- Estimated revenue recognition from the new contract expected to start in Q4 Fiscal 2021.
- Completion of additional locations will bring the total to approximately 1,570 retrofitted locations.
- Revenue recognition timing is uncertain due to COVID-19 pandemic impacts.
MANITOWOC, Wis., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT capabilities, ongoing system maintenance and program management. Orion today announced it has secured a new contract extension totaling approximately
Orion currently expects to recognize product and service revenue from the additional locations starting in the fourth quarter of Fiscal 2021 through the third quarter of Fiscal 2022. This estimated timing is subject to uncertainty related to the COVID-19 pandemic and related business and other economic impacts. Following completion of these added locations, Orion will have completed LED lighting and controls retrofits at approximately 1,570 of this customer’s locations nationwide.
The turnkey retrofit projects include the installation of LED lighting fixtures along with state-of-the-art IoT control integration, to deliver enhanced functionality and data gathering capabilities designed to help facility managers enhance operating performance. Contract services include initial energy audits, project engineering, custom fixture design, fixture manufacturing, IoT enabled control systems, IoT system commissioning and full project management through installation at customer locations nationwide.
Mike Altschaefl, Orion’s CEO and Board Chair, commented, “These contract extensions demonstrate the expanding relationship and trust that we have developed with this national retail customer. It’s more than just delivering exceptional service, value and return on investment with our turnkey customized, energy-efficient, lighting systems and IoT solutions integration. We have also consistently completed projects throughout this extensive project on-time and on-budget, to the customer’s satisfaction. We believe our commitment to delivering high-quality, industry leading products and outstanding customer service is an excellent formula for building long-term customer relationships and success for our company.”
About Orion Energy Systems
Orion is a provider of LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT solutions, ongoing system maintenance and program management, helping customers to digitize their business and reduce their carbon footprint.
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Shareholders, potential investors and other readers are urged to consider risks and uncertainties 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. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Twitter: @OrionLighting and @OrionLightingIR
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| Investor Relations Contacts: | ||
| Per Brodin, CFO | William Jones; David Collins | |
| Orion Energy Systems, Inc. pbrodin@oesx.com | Catalyst IR (212) 924-9800 oesx@catalyst-ir.com | |
FAQ
What is the value of the new contract extension by Orion Energy Systems (OESX)?
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