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 reported its fiscal 2022 Q3 and 9M results, with Q3 revenue declining to $30.7M from $44.3M due to project delays linked to supply chain issues and COVID-19. Net income fell to $1.1M, or $0.04 per share, while 9M revenue rose 25.8% to $102.3M. Gross profit percentage remained unchanged at 24.9% for Q3, with 9M gross profit improving to 28%. Orion acquired Stay-Lite Lighting, expecting over $20M in maintenance services revenue for FY 2023. The company anticipates FY 2022 revenue of approximately $130M, indicating 11% growth compared to FY 2021.
Orion Energy Systems (NASDAQ: OESX) will host a conference call and webcast on February 9, 2022, at 10:00 a.m. ET to review its fiscal 2022 third quarter results. The financial results will be released prior to the market opening on that day. Investors can join the call by dialing (877) 754-5294 for U.S. participants or (678) 894-3013 for international access. An audio replay will be available shortly after the call through February 16, 2022.
Orion specializes in LED lighting systems and energy-efficient solutions, helping customers reduce their carbon footprint.
Orion Energy Systems (OESX) announced preliminary revenue expectations of approximately $30.5 million for FY 2022 Q3, ending December 31, 2021. This is a decrease from previous estimates of $150 million to $130 million for the fiscal year due to customer project delays linked to supply chain disruptions and COVID-19 impacts. Despite this, Orion expects an 11% revenue growth over FY 2021’s $116.8 million. The company remains confident in its long-term growth strategy, aiming for $500 million in annual revenue in five years, supported by a $17 million cash position.
Orion Energy Systems (NASDAQ: OESX) announced the acquisition of Stay-Lite Lighting, enhancing its Maintenance Services business. This strategic move adds high-profile retail clients and self-performing capabilities across 15 states, bolstering the company's service network.
The acquisition is expected to accelerate Orion's growth in recurring revenues by leveraging Stay-Lite's 50 years of industry experience, thus expanding the scale and quality of its offerings.
Orion Energy Systems (NASDAQ: OESX) announced its Board of Directors has decided to let its shareholder rights plan expire on January 7, 2022. CEO Mike Altschaefl stated that the expiration reflects the company's current profitability and solid growth, deeming the plan unnecessary. Originally implemented in 2009 to protect against hostile takeovers, the board believes that Orion’s improved financial performance justifies this decision. The company specializes in energy-efficient LED lighting and IoT systems, aiming to help clients reduce energy consumption and carbon footprints.
Orion Energy Systems reported strong Q2 2022 results, with revenues rising to $36.5M, up 38.9% from $26.3M in Q2 2021, primarily driven by national account projects. Gross profit improved to $10.8M, with a gross margin of 29.5%, aided by a $1.6M employee retention payroll tax credit. Net income reached $3.7M, up from $1.9M in the prior year. Despite supply chain challenges, Orion maintains a solid liquidity position with approximately $40M and anticipates FY 2022 revenues of at least $150M, although risks remain due to economic uncertainties.
Orion Energy Systems, Inc. (NASDAQ: OESX) announced the appointment of Michael H. Jenkins as Chief Operating Officer (COO), effective immediately. Jenkins has over 25 years of experience in operations and business leadership, previously serving at Bostik, Inc., where he significantly increased revenue and transformed business operations. This management change aims to bolster Orion's growth strategy and operational capabilities. Scott Green has been promoted to President of Orion Services Group, ensuring continuity in leadership for the company's turnkey lighting services.
Orion Energy Systems, Inc. (NASDAQ: OESX) will host a conference call on November 9, 2021, at 10:00 a.m. ET to discuss its fiscal 2022 second quarter results. The company will release the results prior to the market open, allowing investors to gain insights into its performance. Orion specializes in energy-efficient LED lighting solutions and IoT systems, focusing on project implementation and maintenance to help clients reduce energy costs and environmental impact.
Orion Energy Systems (NASDAQ: OESX) has announced new LED lighting retrofit projects for two school districts in Long Island, NY, in partnership with Synergy Investment, Inc. This addition brings the total number of lighting projects in the area to four. Collectively, the projects are anticipated to save over 7.2 million kilowatt hours (kWh) annually. The installation of approximately 26,000 Harris LDR LED Troffer Retrofit lighting fixtures will enhance energy efficiency and improve lighting conditions in the schools.
Orion Energy Systems (NASDAQ: OESX), a leader in energy-efficient LED solutions, will participate in H.C. Wainwright's 23rd Annual Global Investment Virtual Conference on September 13-14, 2021. CEO Mike Altschaefl will present a webcast starting at 7:00 a.m. ET on September 13. Both Altschaefl and CFO Per Brodin will be available for virtual meetings during the conference. Orion specializes in LED lighting systems, IoT solutions, and project management, helping clients lower energy costs and reduce carbon footprints.