Orion Energy Systems, Inc. - OESX STOCK NEWS

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.

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.