Orion Selected by Large Specialty Retailer to Provide Turnkey LED Lighting Retrofit Solutions for its Nationwide Chain of Stores

Rhea-AI Summary

Orion Energy Systems (NASDAQ: OESX) has secured a contract for a turnkey LED lighting retrofit project with a large specialty retailer, covering approximately 390 locations nationwide. This project is expected to generate around $8 million in revenue during the third and fourth quarters of fiscal 2021. Orion plans to retrofit the remaining stores late in fiscal 2021 into early 2022. CEO Mike Altschaefl emphasized the project’s potential due to Orion's quality and efficiency in installations, which aim to minimize disruption to the retailer's operations.

Positive

• Contract secured for LED lighting retrofit at 390 locations, expected to generate $8 million in revenue.
• Project highlights Orion's capability to deliver large-scale turnkey solutions for national retail customers.

Negative

• None.

MANITOWOC, Wis., Sept. 01, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), 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, today provided additional detail regarding a turnkey LED lighting retrofit project for a new customer, a large specialty retailer. Orion referenced this expected opportunity in its Q1’21 quarterly release.

Orion has secured a contract for the turnkey LED lighting retrofit of the specialty retailer’s locations nationwide. The initial phase of the project will be approximately 390 locations and is expected to generate product and services revenue of approximately $8M during the third and fourth quarters of Orion’s fiscal 2021 ending March 31, 2021. Orion expects to retrofit the customer’s remaining stores during late fiscal 2021 and early fiscal 2022.

Mike Altschaefl, Orion’s Board Chair and CEO, commented, “We are pleased to extend the reach of our turnkey LED lighting retrofit solutions to this new, large national retail customer. We believe they chose Orion for this nationwide project because of the quality, value and long-term ROI provided by our turnkey, design-build-install LED lighting and controls solutions. Further, with our efficient fixture designs, installations can be completed quickly and easily with virtually no disruption to their business. Our teams are focused on delivering best-in-class customer service and the highest in quality and energy efficiency, as reliability and long-term ROI are the hallmarks of customer satisfaction, referrals and repeat business. This new retail customer is additional confirmation of confidence in Orion delivering a large-scale turnkey solution for a national roll-out.”

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.

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 plans, objectives or goals, including business relationships with government customers, 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 risks described in our filings with the Securities and Exchange Commission.

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
StockTwits: @Orion_LED_IR

Investor Relations Contacts:
Bill Hull, CFO	William Jones; David Collins
Orion Energy Systems, Inc.	Catalyst IR
bhull@oesx.com	(212) 924-9800
	oesx@catalyst-ir.com

FAQ

What is the new contract announced by Orion Energy Systems?

Orion Energy Systems announced a contract for a turnkey LED lighting retrofit project for a large specialty retailer, covering approximately 390 locations.

How much revenue is Orion expected to generate from this new project?

Orion anticipates generating approximately $8 million in revenue from this project during the third and fourth quarters of fiscal 2021.

When will the lighting retrofit project for the specialty retailer be completed?

The initial phase of the project will cover 390 locations and is expected to be completed by early fiscal 2022.

What benefits does Orion claim from its LED lighting solutions?

Orion claims that their LED lighting solutions offer quality, value, and long-term ROI, with quick installations and minimal disruption to business operations.