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 (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.
Orion Energy Systems (NASDAQ: OESX) announced a $40 million contract extension to retrofit 290 locations with LED lighting and controls for a large national retail customer. Revenue from these additional locations is expected to begin recognition in Q4 Fiscal 2021 through Q3 Fiscal 2022. Upon completion, approximately 1,570 locations will have been retrofitted. The project includes energy audits, project engineering, custom design, and IoT integration, which enhance operating performance.
Orion Energy Systems (NASDAQ: OESX) will participate in the LD Micro Virtual Main Event Investor Conference on December 14th, featuring CEO Mike Altschaefl and CFO Per Brodin. The presentation will begin at 10:20am ET and include a Q&A session. The conference, held on December 14-15, highlights over 250 small and micro-cap companies. Orion specializes in LED lighting systems and turnkey project implementation, focusing on energy efficiency and sustainability for clients, including nearly 40% of the Fortune 500.
Orion Energy Systems (NASDAQ: OESX) will participate in the 11th Annual Craig-Hallum Alpha Select Investment Conference on November 17, 2020. CEO Mike Altschaefl and CFO Per Brodin will represent the company in this virtual event. The Alpha Select List, curated by Craig-Hallum, highlights micro-cap companies with significant growth potential. Orion specializes in LED lighting systems and turnkey project implementation, focusing on energy efficiency and carbon footprint reduction for a diverse clientele, including nearly 40% of the Fortune 500.
Orion Energy Systems reported Q2 FY 2021 results with revenue increasing sequentially to $26.3M from $10.8M in Q1, though down from $48.3M year-over-year, primarily due to COVID-19 impacts. The gross profit margin improved to 27.6%, up from 24.4% in Q1. Orion expects Q3 and Q4 revenue of at least $40M each, driven by strong customer demand including a $41M contract extension from a major retailer. Despite challenges, the company aims for full FY 2021 revenue of at least $117M, reflecting improved business momentum and ongoing project activity.
Orion Energy Systems (NASDAQ: OESX) will host a conference call/webcast on November 5, 2020, at 10:00 a.m. ET to discuss FY 2021 Q2 results and future business outlook. The results will be released premarket on the same day. Investors can dial in at (877) 754-5294 or access the webcast online. Orion specializes in LED lighting systems and energy project management, serving nearly 40% of Fortune 500 companies. The company's offerings aim to boost energy efficiency and reduce environmental impact, leveraging patented designs for optimal performance.
Orion Energy Systems has announced new contract extensions worth approximately $41 million for LED lighting retrofits across 295 locations for a major national retailer. This marks a significant increase in retrofit activity, with an estimated total project revenue of $56 million expected from retrofitting at least 400 locations by the end of the fiscal year on March 31, 2021. The contracts also include new construction projects, reflecting Orion's successful track record and growth strategy in providing energy-efficient lighting solutions.
Orion Energy Systems (NASDAQ: OESX) announced the appointment of J. Per Brodin as the new CFO, effective October 19, 2020. Brodin, with over 30 years of experience in finance, replaces William T. Hull, who is retiring after five years. Prior to joining Orion, Brodin served as Interim CFO at Fleet Farm and has held CFO positions at several publicly traded companies. CEO Mike Altschaefl expressed enthusiasm about Brodin's extensive experience and its potential to support Orion's growth in the LED lighting sector.
Orion Energy Systems (NASDAQ: OESX) announced CFO William T. Hull will retire in November after filing the company's Quarterly Report for Q3 2020. Hull, who served since October 2015, has played a pivotal role in advancing Orion's LED lighting and controls retrofit capabilities. CEO Mike Altschaefl praised Hull's contributions and noted the company's solid financial position. Orion is now searching for a new CFO, while Hull expressed confidence in the company's future and commitment to a smooth transition.