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 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.
Orion Energy Systems (NASDAQ: OESX) will participate in H.C. Wainwright’s 22nd Annual Global Investment Conference, held virtually from September 14-16, 2020. CEO Mike Altschaefl and CFO Bill Hull will represent the company. Known for its innovative LED lighting systems, Orion focuses on energy efficiency and sustainability, serving nearly 40% of the Fortune 500. The conference will showcase leading Greentech and growth companies. For more details, contact H.C. Wainwright or visit Orion’s investor relations.
Orion Energy Systems (NASDAQ: OESX) has secured a contract for a turnkey LED lighting retrofit project with a large specialty retailer, covering approximately 390 locations nationwide. This project is expected to generate around $8 million in revenue during the third and fourth quarters of fiscal 2021. Orion plans to retrofit the remaining stores late in fiscal 2021 into early 2022. CEO Mike Altschaefl emphasized the project’s potential due to Orion's quality and efficiency in installations, which aim to minimize disruption to the retailer's operations.
Orion Energy Systems reported Q1 FY 2021 financial results, with revenue dropping to $10.8M from $42.4M year-over-year due to COVID-19 disruptions. Despite lower revenue, the gross profit margin slightly improved to 24.4%. Operating expenses were reduced by 23.6% to $4.7M. The company anticipates Q2 FY 2021 revenue of at least $25M and expects to return to profitability in both Q2 and Q3 FY 2021. Key projects are set to resume, indicating a potential rebound in business activity.
Orion Energy Systems (NASDAQ: OESX) will host a webcast and conference call to discuss its FY 2021 first quarter results on August 5, 2020, at 10:00 a.m. ET. The company plans to release its financial results before the market opens. Orion specializes in LED lighting systems and related project services, helping businesses reduce their carbon footprint and digitize operations. Interested parties can access the call through a provided link or by dialing in directly. An audio replay will be available post-call until August 12, 2020.
Orion Energy Systems (NASDAQ: OESX) announced its inclusion in the US small-cap Russell 2000® Index effective June 29, 2020. This membership is part of the 2020 Russell indexes reconstitution, which depends on being in the Russell 3000® Index. Orion's CEO, Mike Altschaefl, stated that this reflects the company's progress and record results in fiscal 2020. The membership is expected to enhance visibility and ownership of the company's stock among institutional investors.