Orion Energy Systems, Inc. - OESX STOCK NEWS

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.

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.

Orion Energy Systems reported Q1 FY 2021 financial results, with revenue dropping to $10.8M from $42.4M year-over-year due to COVID-19 disruptions. Despite lower revenue, the gross profit margin slightly improved to 24.4%. Operating expenses were reduced by 23.6% to $4.7M. The company anticipates Q2 FY 2021 revenue of at least $25M and expects to return to profitability in both Q2 and Q3 FY 2021. Key projects are set to resume, indicating a potential rebound in business activity.

Orion Energy Systems (NASDAQ: OESX) will host a webcast and conference call to discuss its FY 2021 first quarter results on August 5, 2020, at 10:00 a.m. ET. The company plans to release its financial results before the market opens. Orion specializes in LED lighting systems and related project services, helping businesses reduce their carbon footprint and digitize operations. Interested parties can access the call through a provided link or by dialing in directly. An audio replay will be available post-call until August 12, 2020.

Orion Energy Systems (NASDAQ: OESX) announced its inclusion in the US small-cap Russell 2000® Index effective June 29, 2020. This membership is part of the 2020 Russell indexes reconstitution, which depends on being in the Russell 3000® Index. Orion's CEO, Mike Altschaefl, stated that this reflects the company's progress and record results in fiscal 2020. The membership is expected to enhance visibility and ownership of the company's stock among institutional investors.

Orion Energy Systems reported significant progress in its FY 2020 results, with a 129% revenue increase to $150.8M primarily due to major national accounts. The company achieved profitability with a net income of $12.5M, or $0.40 per share. Gross profit rose by 155% to $37.1M, reflecting a gross margin of 24.6%, up from 22.1% in FY 2019. Despite these successes, the company faced project delays related to COVID-19, anticipating approximately $5M in revenue pushed to FY 2021 and 2022. Orion maintains strong cash reserves of $28.8M and aims for growth in the coming fiscal year.

Orion Energy Systems, a leader in LED lighting solutions, will hold a conference call on June 4, 2020, at 10:00 a.m. ET, to discuss its FY 2020 fourth quarter results and future business outlook. CEO Mike Altschaefl and CFO Bill Hull will host the call, which will precede the release of the financial results during premarket hours. Investors can access the call by dialing (877) 754-5294 or (678) 894-3013. A webcast of the event is available, along with audio replay options. Orion aims to improve energy efficiency for clients, including nearly 40% of the Fortune 500.