Welcome to our dedicated page for Orion Energy Systems news (Ticker: OESX), a resource for investors and traders seeking the latest updates and insights on Orion Energy Systems stock.
Orion Energy Systems, Inc. (NASDAQ: OESX) is a leading developer, manufacturer, and seller of energy-efficient LED lighting and energy management systems. Headquartered in Manitowoc, Wisconsin, Orion has successfully positioned itself at the forefront of the clean tech industry, transforming commercial and industrial buildings with state-of-the-art lighting solutions.
Core Business Segments
- Orion Services Group (OSG): The company's primary revenue generator, dedicated to developing and selling advanced lighting products, construction, and engineering services for commercial lighting and energy management. OSG also provides maintenance, repair, and replacement services for lighting and related electrical components.
- Orion Distribution Services Division (ODS): Focuses on distributing Orion’s lighting and energy management products through various channels.
- Orion U.S. Markets Division (USM): Specializes in serving U.S.-based customers with a wide range of lighting and energy solutions.
- Orion Electric Vehicle Charging Systems: Focuses on providing comprehensive EV charging solutions, including Level 2 and Level 3 chargers, through its Voltrek division.
Recent Achievements and Projects
Orion has recently reported significant growth in its fiscal 2024 third quarter, with revenue increasing by 28% to $26.0 million. Key drivers include large LED lighting projects and an increase in maintenance services revenue. Orion's CEO, Mike Jenkins, highlighted ongoing projects such as a large European retrofit, external lighting for a major customer, and multiple endeavors for national retail and logistics clients.
In addition, Orion's Voltrek division has secured contracts worth over $11 million for EV charging solutions under the Eversource “EV Make Ready” program, showcasing the company's strong market position and commitment to sustainable infrastructure.
Financial Health
Despite a net loss in fiscal 2024, Orion's financial outlook remains positive. The company ended the third quarter with $45.7 million in current assets and a working capital of $15.0 million. Orion generated $1.0 million in operating cash during the quarter, reflecting robust operational performance.
Commitment to Sustainability
Orion is dedicated to operating responsibly across all areas of its organization. The company’s initiatives in energy efficiency and clean tech solutions aim to help customers achieve their business and environmental goals, reduce their carbon footprint, and enhance business performance.
Learn more about Orion Energy Systems and its ESG priorities, goals, and progress on their website.
Orion Energy Systems (NASDAQ: OESX) has secured a new five-year revolving credit facility worth $25 million with Bank of America, which replaces its previous $20.15 million credit line with Western Alliance Bank. This new facility provides a 25% increase in financing capacity and improved terms, aimed at supporting the company's growth and liquidity needs. As of the closing date, no amounts have been drawn against the line of credit, which is secured by a first lien on the company’s assets.
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.
Orion Energy Systems (NASDAQ: OESX) will participate in the LD Micro Virtual Main Event Investor Conference on December 14th, featuring CEO Mike Altschaefl and CFO Per Brodin. The presentation will begin at 10:20am ET and include a Q&A session. The conference, held on December 14-15, highlights over 250 small and micro-cap companies. Orion specializes in LED lighting systems and turnkey project implementation, focusing on energy efficiency and sustainability for clients, including nearly 40% of the Fortune 500.
Orion Energy Systems (NASDAQ: OESX) will participate in the 11th Annual Craig-Hallum Alpha Select Investment Conference on November 17, 2020. CEO Mike Altschaefl and CFO Per Brodin will represent the company in this virtual event. The Alpha Select List, curated by Craig-Hallum, highlights micro-cap companies with significant growth potential. Orion specializes in LED lighting systems and turnkey project implementation, focusing on energy efficiency and carbon footprint reduction for a diverse clientele, including nearly 40% of the Fortune 500.
Orion Energy Systems reported Q2 FY 2021 results with revenue increasing sequentially to $26.3M from $10.8M in Q1, though down from $48.3M year-over-year, primarily due to COVID-19 impacts. The gross profit margin improved to 27.6%, up from 24.4% in Q1. Orion expects Q3 and Q4 revenue of at least $40M each, driven by strong customer demand including a $41M contract extension from a major retailer. Despite challenges, the company aims for full FY 2021 revenue of at least $117M, reflecting improved business momentum and ongoing project activity.
Orion Energy Systems (NASDAQ: OESX) will host a conference call/webcast on November 5, 2020, at 10:00 a.m. ET to discuss FY 2021 Q2 results and future business outlook. The results will be released premarket on the same day. Investors can dial in at (877) 754-5294 or access the webcast online. Orion specializes in LED lighting systems and energy project management, serving nearly 40% of Fortune 500 companies. The company's offerings aim to boost energy efficiency and reduce environmental impact, leveraging patented designs for optimal performance.
Orion Energy Systems has announced new contract extensions worth approximately $41 million for LED lighting retrofits across 295 locations for a major national retailer. This marks a significant increase in retrofit activity, with an estimated total project revenue of $56 million expected from retrofitting at least 400 locations by the end of the fiscal year on March 31, 2021. The contracts also include new construction projects, reflecting Orion's successful track record and growth strategy in providing energy-efficient lighting solutions.
Orion Energy Systems (NASDAQ: OESX) announced the appointment of J. Per Brodin as the new CFO, effective October 19, 2020. Brodin, with over 30 years of experience in finance, replaces William T. Hull, who is retiring after five years. Prior to joining Orion, Brodin served as Interim CFO at Fleet Farm and has held CFO positions at several publicly traded companies. CEO Mike Altschaefl expressed enthusiasm about Brodin's extensive experience and its potential to support Orion's growth in the LED lighting sector.
Orion Energy Systems (NASDAQ: OESX) announced CFO William T. Hull will retire in November after filing the company's Quarterly Report for Q3 2020. Hull, who served since October 2015, has played a pivotal role in advancing Orion's LED lighting and controls retrofit capabilities. CEO Mike Altschaefl praised Hull's contributions and noted the company's solid financial position. Orion is now searching for a new CFO, while Hull expressed confidence in the company's future and commitment to a smooth transition.
Orion Energy Systems (NASDAQ: OESX) will participate in H.C. Wainwright’s 22nd Annual Global Investment Conference, held virtually from September 14-16, 2020. CEO Mike Altschaefl and CFO Bill Hull will represent the company. Known for its innovative LED lighting systems, Orion focuses on energy efficiency and sustainability, serving nearly 40% of the Fortune 500. The conference will showcase leading Greentech and growth companies. For more details, contact H.C. Wainwright or visit Orion’s investor relations.
FAQ
What is the current stock price of Orion Energy Systems (OESX)?
What is the market cap of Orion Energy Systems (OESX)?
What does Orion Energy Systems, Inc. specialize in?
What are Orion's main business segments?
What recent projects has Orion undertaken?
How did Orion perform in its recent financial quarter?
What is Orion's approach to sustainability?
Does Orion offer EV charging solutions?
What financial health indicators are notable for Orion?
How is Orion expanding its customer base?
What are Orion's growth prospects for the future?
How can I learn more about Orion's products and services?
