Orion Energy Systems, Inc. - OESX STOCK NEWS

Orion Energy Systems reported its Q3 FY2023 financial results, highlighting a revenue drop to $20.3M from $30.7M in Q3 FY2022. The company faced a $24.1M net loss, impacted by a non-cash tax charge of $17.8M. Despite a 23.6% gross profit margin, a decline from last year, Orion anticipates revenue growth of at least 30% in FY2024. The Voltrek acquisition, contributing $2.8M this quarter, is expected to drive future revenue. Orion forecasts Q4 FY2023 to be its strongest quarter, with projected full-year revenues between $77M and $80M.

Orion Energy Systems (Nasdaq: OESX) has announced that its subsidiary, Voltrek, secured a $1.5 million contract for the design and installation of EV charging infrastructure for a municipal school district’s EV School Bus Pilot program. The project will support the deployment of 20 electric school buses initially, with potential future expansion to 145 buses. This initiative utilizes advanced DC fast-charging technology and is partially funded by the American Rescue Plan Act. CEO Mike Jenkins highlighted Voltrek’s expertise in the EV charging sector, emphasizing the company's commitment to sustainability and carbon reduction.

Orion Energy Systems, Inc. (NASDAQ: OESX) announced a webcast and conference call to discuss its third quarter results, scheduled for February 9, 2023, at 10:00 a.m. ET. The results will be released before the market opens. Participants must pre-register to obtain a dial-in number and unique PIN for the call. Orion specializes in energy-efficient LED lighting, maintenance services, and EV charging solutions, focusing on providing sustainable solutions to large national customers. More information about their ESG priorities is available on their website.

Orion Energy Systems, Inc. (NASDAQ: OESX) announced preliminary Q3’23 results, showing revenue at approximately $20M, an increase from $17.6M in Q2’23 but down from $30.7M in Q3’22. The company attributed revenue fluctuations to delays in large projects and slower activity in its electrical contractor channel. Orion maintains a positive outlook for Q4’23, anticipating revenue growth exceeding $22.1M from Q4’22. Full FY’23 revenue is now expected between $77M to $80M, with FY’24 revenue growth projected at over 30%. Financial liquidity stands at around $19M, bolstered by recent acquisitions.

Orion Energy Systems, Inc. (NASDAQ: OESX) has announced the appointment of Ken Poole as the Executive Vice President of Sales. Poole brings over 23 years of experience, previously serving as Vice President of Strategic Account Sales at Johnson Controls North America, where he managed over $1B in revenue. His leadership background includes significant roles at Tyco Integrated Security and ADT Security Services. CEO Michael Jenkins expressed confidence that Poole's expertise will enhance Orion's growth strategy, particularly in its energy-efficient LED lighting and EV charging solutions.

Orion Energy Systems (NASDAQ: OESX) announced the appointment of Charles McDulin to its board of directors, increasing the board size to six members. McDulin is an investment analyst at Philotimo Fund, LP, a hedge fund with a 5.3% stake in Orion. His appointment reflects a commitment to enhancing investor representation on the board according to Chair Tony Otten. The move follows a Cooperation Agreement that will also be filed with the SEC. Orion continues to focus on energy-efficient LED lighting and EV charging solutions.

Orion Energy Systems (Nasdaq: OESX) has secured a $9.6M contract for turnkey LED lighting retrofits at five U.S. Department of Defense bases in Europe. The contract includes site audits, engineering, project management, installation, and commissioning of over 60,000 energy-efficient lighting fixtures. Orion expects to begin product deliveries and installations in Q4 FY 2023, completing the projects within approximately twelve months. This project marks Orion's first collaboration with the DoD in Europe, reflecting the company's growing partnership with a global Energy Service Company.

Orion Energy Systems will participate in the 13th Annual Craig-Hallum Alpha Select Conference on November 17, 2022, at 8:00 a.m. ET in New York City. CEO Mike Jenkins and CFO Per Brodin will meet with investors at this invitation-only event, showcasing smaller public companies with significant growth potential. The Alpha Select List focuses on companies with market caps below $500M and strong management teams. Orion is a leader in energy-efficient LED lighting and EV charging solutions, committed to sustainability and enhancing business performance.

Orion Energy Systems, Inc. (Nasdaq: OESX) has appointed Michael H. Jenkins as its new Chief Executive Officer, succeeding Mike Altschaefl, who retired on November 10, 2022. Jenkins, who joined Orion last year, was selected for his extensive leadership and operational experience. Altschaefl will remain with the company as a board member and may provide consulting services until the end of 2023. Jenkins thanked Altschaefl for his contributions, noting he returned Orion to financial strength and expanded its customer base during his tenure.