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. reports news about energy-efficiency and clean-tech solutions for commercial, industrial, public-sector and large national customers. The company provides LED lighting and controls, EV charging stations and infrastructure through Orion/Voltrek, maintenance services, electrical contracting, and turnkey design-through-installation project work delivered directly and through ESCO and distribution partners.
Recurring updates include enterprise project awards, EV charging deployments, lighting product introductions, battery energy storage offerings, industry event participation, customer and partner activity, and management commentary on revenue growth and profitability. Coverage also reflects Orion's role as a licensed electrical contractor and its expansion of infrastructure services across customer facilities.
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.
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.