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 significant progress in its FY 2020 results, with a 129% revenue increase to $150.8M primarily due to major national accounts. The company achieved profitability with a net income of $12.5M, or $0.40 per share. Gross profit rose by 155% to $37.1M, reflecting a gross margin of 24.6%, up from 22.1% in FY 2019. Despite these successes, the company faced project delays related to COVID-19, anticipating approximately $5M in revenue pushed to FY 2021 and 2022. Orion maintains strong cash reserves of $28.8M and aims for growth in the coming fiscal year.
Orion Energy Systems, a leader in LED lighting solutions, will hold a conference call on June 4, 2020, at 10:00 a.m. ET, to discuss its FY 2020 fourth quarter results and future business outlook. CEO Mike Altschaefl and CFO Bill Hull will host the call, which will precede the release of the financial results during premarket hours. Investors can access the call by dialing (877) 754-5294 or (678) 894-3013. A webcast of the event is available, along with audio replay options. Orion aims to improve energy efficiency for clients, including nearly 40% of the Fortune 500.