Welcome to our dedicated page for Orion Energy Sys news (Ticker: OESX), a resource for investors and traders seeking the latest updates and insights on Orion Energy Sys 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 appointed Richard A. Shapiro to its board of directors, effective immediately. Shapiro, founder of Ridge Run Partners, brings extensive investment experience from Millennium Management and Wexford Capital. His appointment follows a Cooperation Agreement with Philotimo Fund and Kanen Wealth Management, which owns about 5.2% of Orion's stock. This move aims to enhance investor representation on the board, as noted by Chair Tony Otten. Orion specializes in energy-efficient LED lighting, maintenance services, and EV charging solutions, contributing to sustainability goals for large customers.
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.
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