Orion Energy Sys Inc Stock Price, News & Analysis

Orion Energy Systems (NASDAQ: OESX) announced a $0.5 million strategic investment in ndustrial, a software provider optimizing industrial facilities. This investment was part of ndustrial's $6 million Series A financing, co-led by ENGIE New Ventures and Clean Energy Ventures. Orion CEO Mike Altschaefl highlighted the synergy between the two companies, aiming to enhance energy-efficient solutions and customer service. Orion's collaboration with ndustrial is expected to drive innovation, efficiency, and competitive advantage across various industries.

Orion Energy Systems (NASDAQ: OESX) has secured $16.4 million in follow-on orders from major retail customers. This includes a $14.9 million contract extension with a national retail customer and an additional $1.5 million award from a specialty retail customer, expected to be completed in FY’22. These projects will involve the installation of energy-efficient LED lighting and IoT controls, aimed at enhancing operational performance. CEO Mike Altschaefl expressed confidence in achieving a revenue target of at least $150 million for FY’22, following a revenue of approximately $117 million in FY’21.

Orion Energy Systems (NASDAQ: OESX) announced new commitments to provide custom LED lighting fixtures for ten additional facilities of a global online retail customer, generating approximately $7.6 million in revenue. These projects are set to commence in the fiscal 2021 fourth quarter and conclude in fiscal 2022. CEO Mike Altschaefl emphasized the ongoing partnership's strength and the company's commitment to quality and energy efficiency, highlighting the competitive edge of their custom products.

Orion Energy Systems announced participation in the 33rd Annual Roth Conference from March 15-17, 2021. CEO Mike Altschaefl and CFO Per Brodin will hold virtual investor meetings during the event. A pre-recorded presentation will be available on March 5, 2021, at 3PM ET. The Roth Conference will feature around 400 companies, offering small group meetings and industry panels, focusing on growth sectors.

Orion specializes in energy-efficient LED lighting and IoT systems, aiding businesses in energy savings and sustainability.

Orion Energy Systems (NASDAQ: OESX) announced the appointment of Tim Rooney as Executive Vice President of Sales, enhancing its senior management team. Rooney, an industry veteran with over 30 years of experience in sales management within the electrical and lighting sectors, will oversee all sales operations. CEO Mike Altschaefl emphasized that this move supports the company's long-term growth and expansion goals. Rooney expressed enthusiasm about joining a team committed to innovation and customer service in the LED lighting and controls industry.

Orion Energy Systems reported strong Q3 FY 2021 results, with revenue rising to $44.3M, a 29.2% increase from $34.2M in Q3 FY 2020. The gross profit margin improved to 24.9% despite increased service revenue from national account projects. Net income rose to $4.3M, or $0.14 per share, reflecting higher revenue. The company announced a new $25M revolving credit facility to support growth and anticipates yearly revenue of at least $117M for FY 2021, driven by strong demand across various sectors, although COVID-19 risks remain.

Orion Energy Systems (NASDAQ: OESX) announced plans to expand its product line with a new family of ceiling air movement solutions, including models that incorporate LED lighting and UVC light waves to kill viruses and bacteria. The company has signed a licensing agreement with Go Fan Yourself to utilize their patented technologies. The ISON-branded products will enhance energy efficiency and workplace safety, addressing growing concerns about air quality in the wake of the COVID-19 pandemic. This expansion reflects Orion's commitment to sustainable and healthy solutions for work environments.

Orion Energy Systems (NASDAQ: OESX) will host a conference call/webcast on February 11, 2021, at 10:00 a.m. ET to discuss its FY 2021 third quarter results. The financial results will be released premarket on the same day. Orion specializes in LED lighting, controls, and IoT systems, providing turnkey project implementation and ongoing maintenance, enabling businesses to reduce their carbon footprint.

Orion Energy Systems (NASDAQ: OESX) has secured a new five-year revolving credit facility worth $25 million with Bank of America, which replaces its previous $20.15 million credit line with Western Alliance Bank. This new facility provides a 25% increase in financing capacity and improved terms, aimed at supporting the company's growth and liquidity needs. As of the closing date, no amounts have been drawn against the line of credit, which is secured by a first lien on the company’s assets.