Orion Energy Sys Inc Financials

OESX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE March

This page shows Orion Energy Sys Inc (OESX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 23/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Orion Energy Sys Inc has an operating margin of -13.3%, meaning the company retains $-13 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -11.9% the prior year.

Growth

Orion Energy Sys Inc's revenue declined 12% year-over-year, from $90.6M to $79.7M. This contraction results in a growth score of 0/100.

Leverage

Orion Energy Sys Inc carries a low D/E ratio of 0.84, meaning only $0.84 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Orion Energy Sys Inc's current ratio of 1.32 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Orion Energy Sys Inc's free cash flow margin of 0.6% results in a low score of 3/100. Capital expenditures of $99K absorb a large share of operating cash flow.

Piotroski F-Score Neutral

5/9

Orion Energy Sys Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.05x

For every $1 of reported earnings, Orion Energy Sys Inc generates $-0.05 in operating cash flow ($599K OCF vs -$11.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Revenue

$79.7M

YoY-12.0%

5Y CAGR-12.0%

10Y CAGR+1.0%

Orion Energy Sys Inc generated $79.7M in revenue in fiscal year 2025. This represents a decrease of 12.0% from the prior year.

EBITDA

-$8.2M

YoY+1.8%

Orion Energy Sys Inc's EBITDA was -$8.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.8% from the prior year.

Free Cash Flow

$500K

YoY+104.6%

5Y CAGR-52.0%

Orion Energy Sys Inc generated $500K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 104.6% from the prior year.

Net Income

-$11.8M

YoY-1.1%

Orion Energy Sys Inc reported -$11.8M in net income in fiscal year 2025. This represents a decrease of 1.1% from the prior year.

EPS (Diluted)

$-0.36

Orion Energy Sys Inc earned $-0.36 per diluted share (EPS) in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Cash & Debt

$6.0M

YoY+15.8%

5Y CAGR-27.0%

10Y CAGR-11.4%

Orion Energy Sys Inc held $6.0M in cash against $10.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Orion Energy Sys Inc had 3M shares outstanding in fiscal year 2025. This represents a decrease of 89.9% from the prior year.

Gross Margin

25.4%

YoY+2.3pp

5Y CAGR+0.8pp

10Y CAGR+27.0pp

Orion Energy Sys Inc's gross margin was 25.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.3 percentage points from the prior year.

Operating Margin

-13.3%

YoY-1.3pp

5Y CAGR-22.0pp

10Y CAGR+30.9pp

Orion Energy Sys Inc's operating margin was -13.3% in fiscal year 2025, reflecting core business profitability. This is down 1.3 percentage points from the prior year.

Net Margin

-14.8%

YoY-1.9pp

5Y CAGR-23.1pp

10Y CAGR+29.6pp

Orion Energy Sys Inc's net profit margin was -14.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$1.2M

YoY-17.8%

5Y CAGR-6.5%

10Y CAGR-7.1%

Orion Energy Sys Inc invested $1.2M in research and development in fiscal year 2025. This represents a decrease of 17.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$99K

YoY-88.2%

5Y CAGR-34.4%

10Y CAGR-26.0%

Orion Energy Sys Inc invested $99K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 88.2% from the prior year.

OESX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$79.7M-12.0%	$90.6M+17.1%	$77.4M-37.8%	$124.4M+6.5%	$116.8M-22.5%	$150.8M
Cost of Revenue	$59.5M-14.6%	$69.7M+16.4%	$59.9M-33.8%	$90.5M+4.3%	$86.7M-23.7%	$113.7M
Gross Profit	$20.2M-3.2%	$20.9M+19.4%	$17.5M-48.4%	$33.9M+12.6%	$30.1M-18.9%	$37.1M
R&D Expenses	$1.2M-17.8%	$1.5M-19.3%	$1.9M+8.9%	$1.7M+0.9%	$1.7M-1.8%	$1.7M
SG&A Expenses	$18.0M+7.6%	$16.7M-14.1%	$19.5M+66.8%	$11.7M+3.7%	$11.3M+0.7%	$11.2M
Operating Income	-$10.6M+2.1%	-$10.8M+32.3%	-$16.0M-290.5%	$8.4M+22.7%	$6.8M-47.9%	$13.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$42K+2.4%	$41K-99.8%	$18.0M+732.7%	$2.2M+111.0%	-$19.6M-12437.1%	$159K
Net Income	-$11.8M-1.1%	-$11.7M+66.0%	-$34.3M-663.8%	$6.1M-76.7%	$26.1M+109.7%	$12.5M
EPS (Diluted)	$-0.36	$-0.36+66.7%	$-1.08-668.4%	$0.19-77.1%	$0.83+107.5%	$0.40

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Revenue	$21.1M+5.9%	$19.9M+1.8%	$19.6M0.0%	$19.6M+1.2%	$19.4M-2.7%	$19.9M-23.4%	$26.0M+26.2%	$20.6M
Cost of Revenue	$14.6M+6.1%	$13.7M+0.5%	$13.7M-1.1%	$13.8M-7.1%	$14.9M-4.6%	$15.6M-20.4%	$19.6M+22.4%	$16.0M
Gross Profit	$6.5M+5.3%	$6.2M+4.7%	$5.9M+2.6%	$5.8M+28.7%	$4.5M+4.0%	$4.3M-32.5%	$6.4M+39.4%	$4.6M
R&D Expenses	$237K+2.6%	$231K+11.1%	$208K-27.5%	$287K-12.5%	$328K+24.2%	$264K-24.4%	$349K-8.6%	$382K
SG&A Expenses	$3.4M-11.2%	$3.8M-11.1%	$4.3M+11.2%	$3.9M-15.6%	$4.6M+0.8%	$4.5M-7.7%	$4.9M-2.6%	$5.0M
Operating Income	$386K+259.5%	-$242K+76.1%	-$1.0M+18.9%	-$1.2M+61.8%	-$3.3M+4.7%	-$3.4M-66.4%	-$2.1M+50.5%	-$4.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$18K+80.0%	$10K-23.1%	$13K+1200.0%	$1K-95.7%	$23K+9.5%	$21K+2000.0%	$1K-93.3%	$15K
Net Income	$160K+127.5%	-$581K+53.3%	-$1.2M+17.5%	-$1.5M+58.4%	-$3.6M+3.5%	-$3.8M-66.6%	-$2.3M+48.6%	-$4.4M
EPS (Diluted)	$0.04+123.5%	$-0.17	$-0.04+91.3%	$-0.46+58.2%	$-1.10-816.7%	$-0.12-71.4%	$-0.07+50.0%	$-0.14

OESX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$52.5M-16.9%	$63.2M-11.7%	$71.6M-17.6%	$86.8M-6.5%	$92.8M+27.9%	$72.6M
Current Assets	$35.5M-20.8%	$44.8M-11.0%	$50.4M-1.7%	$51.2M-9.3%	$56.5M+2.8%	$55.0M
Cash & Equivalents	$6.0M+15.8%	$5.2M-67.8%	$16.0M+10.5%	$14.5M-25.4%	$19.4M-32.5%	$28.8M
Inventory	$11.4M-37.6%	$18.2M+0.2%	$18.2M-8.2%	$19.8M+1.4%	$19.6M+34.8%	$14.5M
Accounts Receivable	$12.8M-8.4%	$14.0M+2.1%	$13.7M+15.4%	$11.9M-12.3%	$13.6M+30.2%	$10.4M
Goodwill	$1.5M0.0%	$1.5M0.0%	$1.5M+324.0%	$350K	N/A	N/A
Total Liabilities	$40.6M-0.1%	$40.6M+6.0%	$38.3M+76.5%	$21.7M-37.5%	$34.7M-16.3%	$41.5M
Current Liabilities	$26.8M-4.3%	$28.1M+14.7%	$24.5M+33.1%	$18.4M-39.5%	$30.4M+11.6%	$27.2M
Long-Term Debt	$10.0M-0.3%	$10.0M0.0%	$10.0M+52547.4%	$19K-45.7%	$35K-99.7%	$10.1M
Total Equity	$11.9M-47.3%	$22.5M-32.2%	$33.2M-48.9%	$65.1M+12.1%	$58.1M+87.1%	$31.0M
Retained Earnings	-$114.9M-11.4%	-$103.1M-12.8%	-$91.4M-60.2%	-$57.1M+9.6%	-$63.2M+29.3%	-$89.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Total Assets	$48.3M+0.7%	$47.9M-2.3%	$49.0M-7.0%	$52.7M-6.3%	$56.3M-5.8%	$59.8M-8.6%	$65.4M-0.6%	$65.8M
Current Assets	$32.8M+2.5%	$32.0M-2.0%	$32.7M-12.0%	$37.1M-7.1%	$40.0M-5.2%	$42.1M-7.8%	$45.7M+0.9%	$45.3M
Cash & Equivalents	$4.7M-8.4%	$5.2M+44.6%	$3.6M-52.5%	$7.5M+39.6%	$5.4M-5.7%	$5.7M+14.6%	$5.0M+23.4%	$4.0M
Inventory	$9.9M-5.4%	$10.4M+1.2%	$10.3M-23.5%	$13.5M-10.3%	$15.0M-5.3%	$15.9M-23.9%	$20.8M+3.4%	$20.2M
Accounts Receivable	$13.2M+15.1%	$11.5M-14.9%	$13.5M+10.6%	$12.2M+4.5%	$11.7M-6.1%	$12.5M-20.6%	$15.7M-2.5%	$16.1M
Goodwill	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M0.0%	$1.5M
Total Liabilities	$36.4M-0.3%	$36.5M-4.4%	$38.2M-0.1%	$38.2M-5.5%	$40.5M-0.5%	$40.7M-9.1%	$44.8M+3.6%	$43.2M
Current Liabilities	$24.2M+1.2%	$23.9M-9.8%	$26.6M-0.1%	$26.6M-1.1%	$26.9M+8.5%	$24.8M-19.3%	$30.7M+5.7%	$29.0M
Long-Term Debt	$9.0M-2.3%	$9.3M+13.7%	$8.1M	N/A	$12.2M-8.2%	$13.3M+25.6%	$10.6M+5.6%	$10.0M
Total Equity	$11.8M+4.0%	$11.4M+5.3%	$10.8M-25.3%	$14.5M-8.4%	$15.8M-17.2%	$19.1M-7.6%	$20.7M-8.8%	$22.6M
Retained Earnings	-$116.6M+0.1%	-$116.7M-0.5%	-$116.1M-3.7%	-$112.0M-1.4%	-$110.5M-3.4%	-$106.8M-2.1%	-$104.7M-2.2%	-$102.4M

OESX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$599K+105.9%	-$10.1M-340.5%	-$2.3M-1927.4%	-$113K-106.5%	$1.7M-91.5%	$20.3M
Capital Expenditures	$99K-88.2%	$837K+42.8%	$586K+13.1%	$518K-42.6%	$902K+10.8%	$814K
Free Cash Flow	$500K+104.6%	-$10.9M-279.9%	-$2.9M-355.9%	-$631K-176.3%	$827K-95.8%	$19.5M
Investing Cash Flow	$128K+117.5%	-$731K+88.2%	-$6.2M-26.0%	-$4.9M-419.9%	-$946K-1.1%	-$936K
Financing Cash Flow	$90K+742.9%	-$14K-100.1%	$10.0M+9526.9%	$104K+101.0%	-$10.1M-1748.9%	$615K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Operating Cash Flow	-$897K-149.3%	$1.8M+453.2%	-$515K-113.7%	$3.8M+655.4%	$498K+116.8%	-$3.0M-382.6%	$1.0M+126.3%	-$4.0M
Capital Expenditures	-$252K-198.8%	$255K+363.6%	$55K+189.5%	$19K+280.0%	$5K-79.2%	$24K-80.2%	$121K-49.4%	$239K
Free Cash Flow	-$1.1M-173.5%	$1.6M+374.4%	-$570K-115.2%	$3.7M+659.2%	$493K+116.5%	-$3.0M-422.1%	$927K+121.9%	-$4.2M
Investing Cash Flow	$251K+197.7%	-$257K-367.3%	-$55K-161.9%	-$21K-111.7%	$179K+845.8%	-$24K+76.7%	-$103K+56.0%	-$234K
Financing Cash Flow	$212K+631.0%	$29K+101.6%	-$1.8M-13.9%	-$1.6M-61.3%	-$1.0M-128.4%	$3.5M+117533.3%	-$3K-50.0%	-$2K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OESX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	25.4%+2.3pp	23.1%+0.5pp	22.6%-4.6pp	27.3%+1.5pp	25.8%+1.2pp	24.6%
Operating Margin	-13.3%-1.3pp	-11.9%+8.7pp	-20.7%-27.4pp	6.8%+0.9pp	5.9%-2.8pp	8.7%
Net Margin	-14.8%-1.9pp	-12.9%+31.5pp	-44.4%-49.3pp	4.9%-17.5pp	22.4%+14.1pp	8.3%
Return on Equity	N/A	N/A	N/A	9.4%-35.6pp	45.0%+4.8pp	40.2%
Return on Assets	-22.5%-4.0pp	-18.5%+29.5pp	-48.0%-55.0pp	7.0%-21.1pp	28.2%+11.0pp	17.2%
Current Ratio	1.32-0.3	1.60-0.5	2.06-0.7	2.79+0.9	1.86-0.2	2.02
Debt-to-Equity	0.84+0.4	0.44+0.1	0.30+0.3	0.000.0	0.00-0.3	0.32
FCF Margin	0.6%+12.7pp	-12.1%-8.3pp	-3.7%-3.2pp	-0.5%-1.2pp	0.7%-12.2pp	13.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23	Q2'23
Gross Margin	30.9%-0.2pp	31.0%+0.9pp	30.1%+0.8pp	29.4%+6.3pp	23.1%+1.5pp	21.6%-2.9pp	24.5%+2.3pp	22.2%
Operating Margin	1.8%+3.0pp	-1.2%+4.0pp	-5.2%+1.2pp	-6.4%+10.5pp	-16.9%+0.3pp	-17.2%-9.3pp	-7.9%+12.3pp	-20.3%
Net Margin	0.8%+3.7pp	-2.9%+3.4pp	-6.4%+1.3pp	-7.7%+11.0pp	-18.7%+0.2pp	-18.9%-10.2pp	-8.7%+12.6pp	-21.3%
Return on Equity	1.4%	N/A	N/A	N/A	N/A	7.1%	N/A	N/A
Return on Assets	0.3%+1.5pp	-1.2%+1.3pp	-2.5%+0.3pp	-2.9%+3.6pp	-6.4%-0.2pp	-6.3%-2.8pp	-3.5%+3.2pp	-6.7%
Current Ratio	1.35+0.0	1.34+0.1	1.23-0.2	1.40-0.1	1.49-0.2	1.70+0.2	1.49-0.1	1.56
Debt-to-Equity	0.76-0.0	0.81+0.1	0.75-1.9	2.64+1.9	0.77+0.1	0.70+0.2	0.51+0.1	0.44
FCF Margin	-5.5%-13.3pp	7.8%+10.8pp	-2.9%-22.0pp	19.1%+16.6pp	2.5%+17.5pp	-15.0%-18.6pp	3.6%+24.1pp	-20.5%

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Frequently Asked Questions

What is Orion Energy Sys Inc's annual revenue?

Orion Energy Sys Inc (OESX) reported $79.7M in total revenue for fiscal year 2025. This represents a -12.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Orion Energy Sys Inc's revenue growing?

Orion Energy Sys Inc (OESX) revenue declined by 12% year-over-year, from $90.6M to $79.7M in fiscal year 2025.

Is Orion Energy Sys Inc profitable?

No, Orion Energy Sys Inc (OESX) reported a net income of -$11.8M in fiscal year 2025, with a net profit margin of -14.8%.

What is Orion Energy Sys Inc's earnings per share (EPS)?

Orion Energy Sys Inc (OESX) reported diluted earnings per share of $-0.36 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Orion Energy Sys Inc's EBITDA?

Orion Energy Sys Inc (OESX) had EBITDA of -$8.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Orion Energy Sys Inc have?

As of fiscal year 2025, Orion Energy Sys Inc (OESX) had $6.0M in cash and equivalents against $10.0M in long-term debt.

What is Orion Energy Sys Inc's gross margin?

Orion Energy Sys Inc (OESX) had a gross margin of 25.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Orion Energy Sys Inc's operating margin?

Orion Energy Sys Inc (OESX) had an operating margin of -13.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Orion Energy Sys Inc's net profit margin?

Orion Energy Sys Inc (OESX) had a net profit margin of -14.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Orion Energy Sys Inc's free cash flow?

Orion Energy Sys Inc (OESX) generated $500K in free cash flow during fiscal year 2025. This represents a 104.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Orion Energy Sys Inc's operating cash flow?

Orion Energy Sys Inc (OESX) generated $599K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Orion Energy Sys Inc's total assets?

Orion Energy Sys Inc (OESX) had $52.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Orion Energy Sys Inc's capital expenditures?

Orion Energy Sys Inc (OESX) invested $99K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Orion Energy Sys Inc spend on research and development?

Orion Energy Sys Inc (OESX) invested $1.2M in research and development during fiscal year 2025.

How many shares does Orion Energy Sys Inc have outstanding?

Orion Energy Sys Inc (OESX) had 3M shares outstanding as of fiscal year 2025.

What is Orion Energy Sys Inc's current ratio?

Orion Energy Sys Inc (OESX) had a current ratio of 1.32 as of fiscal year 2025, which is considered adequate.

What is Orion Energy Sys Inc's debt-to-equity ratio?

Orion Energy Sys Inc (OESX) had a debt-to-equity ratio of 0.84 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Orion Energy Sys Inc's return on assets (ROA)?

Orion Energy Sys Inc (OESX) had a return on assets of -22.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Orion Energy Sys Inc's Piotroski F-Score?

Orion Energy Sys Inc (OESX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Orion Energy Sys Inc's earnings high quality?

Orion Energy Sys Inc (OESX) has an earnings quality ratio of -0.05x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Orion Energy Sys Inc?

Orion Energy Sys Inc (OESX) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.