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) 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.
Orion Energy Systems reported Q2 FY2023 results, showing revenue decline to $17.6M, down from $36.5M in Q2 FY2022. The gross profit percentage decreased to 25.3% versus 29.5% the previous year. The company faced a net loss of $2.3M, or $0.08 per share, compared to a net income of $3.7M, or $0.12 per share in Q2 FY2022. Adjusted EBITDA was negative $1.5M. Despite challenges, Orion anticipates stronger revenue in the second half of FY2023, targeting $90M to $110M total revenue for the year, supported by new project opportunities.
Orion Energy Systems (NASDAQ: OESX) will host a webcast and conference call to discuss its fiscal second-quarter results on November 8, 2022, at 10:00 a.m. ET. Participants must pre-register for the call to obtain a dial-in number and PIN. Orion specializes in energy-efficient LED lighting, maintenance services, and EV charging solutions. The company aims to help clients meet their environmental goals and enhance performance.
Orion Energy Systems (NASDAQ: OESX) announced its acquisition of Voltrek, LLC, expanding into the electric vehicle (EV) charging station market. Voltrek generated $4.8M in revenue in 2021, primarily in New England, providing turnkey EV solutions.
This acquisition positions Orion in a growing market, driven by projected EV sales rising from 6.6M units in 2021 to 20.6M units by 2025. The deal aligns with Orion's strategic goals and offers cross-selling opportunities with its LED lighting solutions.
Orion Energy Systems, Inc. (NASDAQ: OESX) will participate in H.C. Wainwright's 24th Annual Global Investment Hybrid Conference on September 12-13, 2022. CEO Mike Altschaefl, COO Mike Jenkins, and CFO Per Brodin will hold virtual investor meetings. The investor presentation will be accessible online starting at 7:00 a.m. ET on September 12. H.C. Wainwright provides investment banking and advisory services and the event highlights Cleantech and Growth companies. Orion specializes in energy-efficient LED lighting and control systems.
Orion Energy Systems, Inc. (OESX) has secured contracts worth $4.2 million to retrofit two manufacturing facilities for a major automotive manufacturer. These projects, aimed at enhancing workplace safety and energy efficiency, are set for completion in the fiscal year 2023's third and fourth quarters. CEO Mike Altschaefl expressed optimism about the resumed authorization and funding of these delayed projects, reflecting a strong partnership with the automotive sector.
Orion Energy Systems (OESX) reported Q1 fiscal 2023 results, revealing a revenue drop to $17.9M, down from $35.1M in Q1'22. This decline was driven by project completion issues and customer delays amid economic uncertainties. Gross profit percentage also fell to 19.8% from 29.1% last year, contributing to a net loss of $2.8M or ($0.09) per share. Despite challenges, Orion anticipates revenue growth in FY 2023, estimating between $90M to $110M due to new projects and a focus on maintenance services.
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