Orion Energy Systems Q2 loss widens to $811K
A longtime customer's new LED retrofit project is estimated to represent $10 million to $15 million in revenue.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Orion Energy Systems, Inc. reported Q2 FY2027 revenue of $21.691 million for the quarter ended September 30, 2026, up 9% from $19.919 million a year earlier. Gross margin was 28.7%, compared with 31.0%. Net loss was $811,000, versus $581,000, and adjusted EBITDA was $12,000, compared with $451,000.
For FY2027, Orion reiterated expectations for revenue of $100 million to $102 million and positive adjusted EBITDA. A new LED retrofit project for a longtime customer is estimated to represent $10 million to $15 million in revenue; Orion also reported another multimillion-dollar data-center lighting deployment.
For the six months ended September 30, 2026, net income was $1.149 million, versus a $1.825 million loss in the prior-year period, while operating cash flow was $(2.033) million, compared with $1.304 million provided. Working capital was $15 million at September 30, 2026, versus $8 million at September 30, 2025. Cash and cash equivalents were $3.736 million at September 30, 2026. Orion extended its revolving credit facility maturity to June 30, 2030, from June 30, 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue rose 9% to $21.691 million in Q2 FY2027.
- Moderate pointSix-month net income was $1.149 million, versus a $1.825 million loss.
Negative
- Moderate pointQuarterly net loss widened to $811,000 from $581,000 year over year.
- Moderate pointAdjusted EBITDA was $12,000, versus $451,000 a year earlier.
- Moderate pointOperating cash flow was $(2.033) million, versus $1.304 million provided.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
EBITDA financial
Working capital financial
Revenue earned but not billed financial
Earnings Snapshot
For FY2027, Orion reiterated expectations for revenue of $100 million to $102 million and positive adjusted EBITDA.
FAQ
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What was OESX's Q2 FY2027 revenue?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the act:
Title of Each Class |
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Trading Symbol (s) |
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Name of Each Exchange on Which Registered |
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(NASDAQ Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 . Results of Operations and Financial Condition.
On November 5, 2026, Orion Energy Systems, Inc. (the “Company”) issued a press release announcing its quarterly financial results for its fiscal 2026 quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
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Item 9.01(d) . Financial Statements and Exhibits.
Exhibit 99.1 |
Exhibit 99.1 Press Release of Orion Energy Systems, Inc. dated November 5, 2026 |
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Exhibit 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ORION ENERGY SYSTEMS, INC. |
Date: November 5, 2026 |
By: /s/ J. Per Brodin |
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J. Per Brodin |
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Chief Financial Officer |
3
Orion Reports 9% Revenue Increase in Second Quarter FY2027;
Reiterates Revenue Expectation of $100M-$102M for Full Fiscal Year
Manitowoc, WI – November 5, 2026 – Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, electric vehicle (EV) charging stations and maintenance services solutions, today reported results for its fiscal 2027 second quarter (Q2’27) ended September 30, 2026.
Orion’s Q2’27 revenue increased to $21.7M versus $19.9M in Q2’26, while Q2’27 gross margin was 28.7% versus 31.0% in Q2’26. The Company reported a net loss of $0.8M in Q2’27, compared to a net loss of $0.6M in Q2’26. The Company’s adjusted EBITDA was positive in Q2 FY’27 — marking its eighth consecutive quarter of positive adjusted EBITDA.
Orion reiterated its previously increased full fiscal year expectations of positive adjusted EBITDA on revenue of between $100 million and $102 million in FY’27, which began April 1, 2026.
The Company noted that it expects a strong second half, with significant projects to be delivered in the third and fourth quarters. These orders are coming from a broad array of customers and include retailers, manufacturers, logistics providers, data centers and government projects.
“Orion enters the second half of FY’27 accelerating our initiatives to achieve diversified growth, sustainable margins and market expansion,” said Orion’s Chief Executive Officer, Sally Washlow. “Whether it’s rapidly growing engagements with major retail chains and logistics leaders, more and more campuses for hyper-scale data-center operators or expanding incumbencies with global automakers, Orion continues on a trajectory to achieve our profitable growth expectations for the current fiscal year.”
Orion is scheduled to discuss these results in an investor call today at 10:00 a.m. ET (details below).
Webcast and Call Details
Date / Time: Thursday, November 5, 2026, at 10:00 a.m. ET
Live Call Registration: https://register-conf.media-server.com/register/BId664f6fcc4d548fabdfb92d50077908e
Live call participants must pre-register using the URL above to receive the dial-in information. Anyone can re-register if they lose the dial-in or PIN #.
Webcast & Replay: https://register-conf.media-server.com/register/BId664f6fcc4d548fabdfb92d50077908e
Q2'27 and Prior Three Quarters Financial Performance
Q2 Financial Summary |
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Prior Three Quarters |
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$ in millions except per share figures |
Q2’27 |
Q2’26 |
Change |
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Q1'27 |
Q4’26 |
Q3'26 |
LED Lighting Revenue |
$14.9 |
$10.7 |
40% |
|
$17.7 |
$20.3 |
$12.1 |
EV Charging Revenue |
$2.8 |
$4.8 |
-41% |
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$4.0 |
$2.3 |
$4.7 |
Maintenance Revenue |
$4.0 |
$4.5 |
-12% |
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$4.1 |
$3.2 |
$4.4 |
Total Revenue |
$21.7 |
$19.9 |
9% |
|
$25.7 |
$25.7 |
$21.1 |
Gross Profit |
$6.2 |
$6.2 |
1% |
|
$8.9 |
$9.5 |
$6.5 |
Gross Profit % |
28.7% |
31.0% |
-230 bps |
|
34.6% |
37.0% |
30.9% |
Net Income (Loss) (1)(2)(3)(4) |
$(0.8) |
$(0.6) |
$(0.2) |
|
$2.0 |
$(1.5) |
$0.2 |
Net Income (Loss) per share (1)(2)(3)(4) |
$(0.20) |
$(0.17) |
$(0.03) |
|
$0.47 |
$(0.39) |
$0.04 |
Adjusted EBITDA (5) |
$0.0 |
$0.5 |
$(0.4) |
|
$2.5 |
$0.8 |
$0.8 |
(1) Voltrek earnout accrual and net adjustments was $1.7M in Q4'26. (2) Q4'26 included $1.1M of expenses for the non-cash write-off of solar assets. (3) Q4'26 revenue included $1.3M associated with amending a solar energy contract that had no associated costs of goods. (4) The net effect of tariffs for Q1'27 decreased costs of goods by approximately $0.3M. (5) Adjusted EBITDA reconciliation provided below. |
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Q2’27 Business Highlights: Commentary from CEO Sally Washlow
Orion’s second-quarter results and full-year expectations illuminate a continually strengthening sales funnel and expanding wallet share within enterprise customers. They also highlight the power of Orion’s proprietary supply chain, cited as a unique attribute by customers ranging from data-center operators to leading retail chains and logistics providers. Combined with Orion’s diversified-growth initiative and ongoing cost containment, these factors indicate positive prospects for achieving its recently increased guidance for the full fiscal year of FY2027.
Orion’s Q2’27 included a number of additional milestones:
— Increased Guidance for FY’27: Orion announced on September 15 that it expects to achieve total revenue of $100 million to $102 million for FY 2027, representing an increase from its previous outlook of $95 million to $97 million. As previously announced, Orion reiterated that it expected FY’Q2 revenues to decrease compared to the recently announced FY’Q1 revenue of $25.7M. The Company also said that it continues to expect to achieve positive adjusted EBITDA for the fiscal year as a whole.
— Another Data Center Win: Orion announced an additional deployment of its MPHL2 LED Lighting solution for one of the world’s largest data-center operators. The multimillion-dollar order followed June’s announcement of Orion’s first multimillion-dollar deployment for the global hyperscaler.
The customizable MPHL2 LED Lighting solution, manufactured in Orion’s home state of Wisconsin, is capable of delivering higher energy efficiency, resiliency and decarbonization in LED lighting to thousands of data centers in the current hyperscaler building boom. The high efficiency linear lighting fixture is designed and built to accommodate nearly every data center’s floor plan while reducing the energy usage for lighting
— $10M-$15M New Retailer Engagement. Orion announced that a longtime customer has made a follow-on commitment to the Company for a new LED lighting project estimated to represent revenue of $10 million to $15 million.
This latest commitment involves retrofitting interior LED Lighting and IoT system installations. Orion maintains that this most recent expansion of work demonstrates the confidence that Orion has earned with this leading retailer over the course of numerous projects spanning several years.
— Additionally, Orion/Voltrek continued to navigate a U.S. EV Charging Infrastructure environment that continues to evolve. Orion/Voltrek maintains numerous multi-year customer relationships as they progress through historically reliable funding cycles. The Company also foresees increased inclusion of EV Charging infrastructure in its LED Lighting engagements, typified by Orion’s recent announcement of related LED Lighting and EV Charging deployments for a leading global automaker.
Q2’27 Financial Results
Orion’s Q2’27 revenue was $21.7M versus $19.9M in Q2’26, while Q2’27 gross margin was 28.7% versus 31.0% in Q2’26. The Company reported a net loss of $0.8M in Q2’27 versus a net loss of $0.6M in Q2’26. The Company achieved Q2’27 adjusted EBITDA of $0.0M — marking its eighth consecutive quarter of positive adjusted EBITDA — compared to adjusted EBITDA of $0.5M in Q2’26.
Orion also reported the following Q2’27 segment performance:
Primarily reflecting lower gross margin and increased commissions and equity compensation, Orion reported a net loss of $0.8M in Q2’27, or $(0.20) per share, versus a net loss of $0.6M, or $(0.17) per share, in Q2’26. Orion’s adjusted EBITDA decreased to $0.0M in Q2’27 compared to $0.5M in Q2’26, reflecting relatively strong performance in the face of temporary margin headwinds.
Balance Sheet and Cash Flow
Orion ended the quarter with current assets of $35.9M, including $3.7M of cash, $15.0M of accounts receivable, $5.7M of revenue earned but not billed, and $10.0M of inventories. Net of current liabilities, working capital was $15.4M at September 30, 2026, compared to $8.1M at September 30, 2025. Orion’s financial liquidity at September 30, 2026, was $16.2M as compared to $13.5M at September 30, 2025. As previously reported, Orion recently extended the maturity date of its revolving credit facility from June 30, 2027, to June 30, 2030.
About Orion Energy Systems
Orion provides energy efficiency and clean tech solutions, including LED lighting and controls, electric vehicle (EV) charging solutions, and maintenance services. Orion specializes in turnkey design-through-installation solutions for large national customers as well as projects through ESCO and distribution partners, with a commitment to helping customers achieve their business and environmental goals with healthy, safe, and sustainable solutions that reduce their carbon footprint and enhance business performance.
Non-GAAP Measures
In addition to the GAAP results included in this presentation, Orion has also included the non-GAAP measures, EBITDA (earnings before interest, taxes, depreciation and amortization), and adjusted EBITDA (EBITDA adjusted for stock-based compensation, restructuring and severance costs, asset impairment and, earnout expenses). The Company has provided these non-GAAP measures to help investors better understand its core operating performance, enhance comparisons of core operating performance from period to period, and allow better comparisons of operating performance to its competitors. Among other things, management uses these non-GAAP measures to evaluate the performance of the business and believes these measurements enable it to make better period-to-period evaluations of the financial performance of core business operations. The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and Orion compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for or as superior to, measurements of financial performance prepared in accordance with generally accepted accounting principles.
Consistent with Regulation G under the U.S. federal securities laws, the non-GAAP measures in this press release have been reconciled to the nearest GAAP measures, and this reconciliation is located under the heading “Unaudited EBITDA Reconciliation” following the Unaudited Condensed Consolidated Statements of Cash Flows included in this press release.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe our future outlook, plans, expectations, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected, including, but not limited to, the following: (i) our ability to achieve our budgeted fiscal 2027 revenue expectations, and related public fiscal 2027 revenue guidance, will have a significant impact on our cash flow and stock price and ability to fund our operations and satisfy our debt obligations; (ii) we are currently implementing a new ERP system, which will involve substantial cost and potential disruption to our normal operations; our inability to successfully manage the implementation of our new ERP system could adversely affect our ability to operate our business and otherwise negatively affect our financial reporting and the effectiveness of our internal control over financial reporting; (iii) government tariffs and other actions have adversely affected, and may continue to adversely affect, our business, resulting in increased costs and reduced gross margins; (iv) the reduction or elimination of incentives from the United States government for investments in electric vehicle (“EV”) charging infrastructure may reduce demand for public EV charging products, in addition to reducing overall demand for EVs; (v) we do not have major sources of recurring revenue, a substantial portion of our revenues is derived from major project-based retrofit work that is awarded through a competitive bid process and we depend upon a limited number of customers in any given period to generate a substantial portion of our revenue, and it is generally difficult to predict the timing of projects that will be awarded, which can impact our ability to achieve our expected financial results; (vi) the reduction of revenue from our most significant customer over the past several fiscal years has had, and the potential future loss of other significant customers or a major customer would likely have, a materially adverse effect on our results of operations, financial condition and cash flows; (vii) the reduction or elimination of investments in, or incentives to adopt, light emitting diode (“LED”) lighting or the elimination of, or changes in, policies, incentives or rebates in certain states or countries that encourage the use of LEDs over some traditional lighting technologies, including due to federal funding restrictions in the United States, could cause the demand for our lighting products to slow; (viii) we are experiencing ongoing increasing pressures to reduce the average selling price of our products and related negative impact on our gross margins, driven largely by the ongoing increase in competition from foreign competitors; (ix) our products use components and raw materials that may be subject to price fluctuations, shortages or interruptions of supply, particularly resulting from tariffs and other trade restrictions; (x) we increasingly rely on third-party manufacturers for the manufacture and development of our
products and product components; (xi) we are subject to the risk of a cybersecurity breach; (xii) macroeconomic pressures in the markets in which we operate may adversely affect our financial results; (xiii) adverse conditions in the global economy, including due to changes in diplomatic and trade relationships, have negatively impacted, and could in the future negatively impact, our customers, suppliers and business; (xiv) the success of our LED lighting retrofit solutions depends, in part, on our ability to claim market share away from our competitors; and (xv) the other risks described in our filings with the Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com in the Investor Relations section of our website.
Engage with Us
X: @OrionLighting and @OrionLightingIR
StockTwits: @OESX_IR
Investor Relations Contacts |
|
Per Brodin, CFO |
Robert Ferri |
Orion Energy Systems, Inc. |
Robert Ferri Partners |
pbrodin@oesx.com |
(415) 575-1589 or ir@oesx.com |
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
|
|
Three Months Ended September 30, |
|
|
Six Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Product revenue |
|
$ |
13,410 |
|
|
$ |
12,813 |
|
|
$ |
27,629 |
|
|
$ |
26,325 |
|
Service revenue |
|
|
8,281 |
|
|
|
7,106 |
|
|
|
19,805 |
|
|
|
13,169 |
|
Total revenue |
|
|
21,691 |
|
|
|
19,919 |
|
|
|
47,434 |
|
|
|
39,494 |
|
Cost of product revenue |
|
|
8,732 |
|
|
|
8,777 |
|
|
|
17,400 |
|
|
|
17,599 |
|
Cost of service revenue |
|
|
6,738 |
|
|
|
4,965 |
|
|
|
14,902 |
|
|
|
9,817 |
|
Total cost of revenue |
|
|
15,470 |
|
|
|
13,742 |
|
|
|
32,302 |
|
|
|
27,416 |
|
Gross profit |
|
|
6,221 |
|
|
|
6,177 |
|
|
|
15,132 |
|
|
|
12,078 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative |
|
|
3,943 |
|
|
|
3,812 |
|
|
|
7,636 |
|
|
|
8,102 |
|
Sales and marketing |
|
|
2,757 |
|
|
|
2,376 |
|
|
|
5,595 |
|
|
|
4,792 |
|
Research and development |
|
|
255 |
|
|
|
231 |
|
|
|
523 |
|
|
|
439 |
|
Total operating expenses |
|
|
6,955 |
|
|
|
6,419 |
|
|
|
13,754 |
|
|
|
13,333 |
|
Income (loss) from operations |
|
|
(734 |
) |
|
|
(242 |
) |
|
|
1,378 |
|
|
|
(1,255 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(128 |
) |
|
|
(280 |
) |
|
|
(226 |
) |
|
|
(449 |
) |
Amortization of debt issue costs |
|
|
(19 |
) |
|
|
(50 |
) |
|
|
(37 |
) |
|
|
(101 |
) |
Royalty income |
|
|
4 |
|
|
|
1 |
|
|
|
5 |
|
|
|
3 |
|
Other |
|
|
35 |
|
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
Total other expense |
|
|
(108 |
) |
|
|
(329 |
) |
|
|
(265 |
) |
|
|
(547 |
) |
Income (loss) before income tax |
|
|
(842 |
) |
|
|
(571 |
) |
|
|
1,113 |
|
|
|
(1,802 |
) |
Income tax (benefit) expense |
|
|
(31 |
) |
|
|
10 |
|
|
|
(36 |
) |
|
|
23 |
|
Net income (loss) |
|
$ |
(811 |
) |
|
$ |
(581 |
) |
|
$ |
1,149 |
|
|
$ |
(1,825 |
) |
Basic net income (loss) per share |
|
$ |
(0.20 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.28 |
|
|
$ |
(0.53 |
) |
Weighted-average common shares outstanding |
|
|
4,098,123 |
|
|
|
3,498,786 |
|
|
|
4,079,087 |
|
|
|
3,415,612 |
|
Diluted net income (loss) per share |
|
$ |
(0.20 |
) |
|
$ |
(0.17 |
) |
|
$ |
0.27 |
|
|
$ |
(0.53 |
) |
Weighted-average common shares and share |
|
|
4,098,123 |
|
|
|
3,498,786 |
|
|
|
4,201,435 |
|
|
|
3,415,612 |
|
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
|
|
September 30, 2026 |
|
|
March 31, 2026 |
|
||
Assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
3,736 |
|
|
$ |
3,265 |
|
Accounts receivable, net |
|
|
15,014 |
|
|
|
16,340 |
|
Revenue earned but not billed |
|
|
5,662 |
|
|
|
6,409 |
|
Inventories, net |
|
|
9,971 |
|
|
|
10,304 |
|
Prepaid expenses and other current assets |
|
|
1,566 |
|
|
|
1,364 |
|
Total current assets |
|
|
35,949 |
|
|
|
37,682 |
|
Property and equipment, net |
|
|
5,924 |
|
|
|
6,114 |
|
Goodwill |
|
|
1,484 |
|
|
|
1,484 |
|
Other intangible assets, net |
|
|
2,388 |
|
|
|
2,646 |
|
Other long-term assets |
|
|
3,913 |
|
|
|
3,679 |
|
Total assets |
|
$ |
49,658 |
|
|
$ |
51,605 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
10,251 |
|
|
$ |
15,451 |
|
Accrued expenses and other |
|
|
9,719 |
|
|
|
10,728 |
|
Deferred revenue, current |
|
|
266 |
|
|
|
155 |
|
Current maturities of long-term debt |
|
|
352 |
|
|
|
353 |
|
Total current liabilities |
|
|
20,588 |
|
|
|
26,687 |
|
Revolving credit facility |
|
|
5,000 |
|
|
|
3,000 |
|
Long-term debt, less current maturities |
|
|
3,173 |
|
|
|
2,619 |
|
Other long-term liabilities |
|
|
2,516 |
|
|
|
2,671 |
|
Total liabilities |
|
|
31,277 |
|
|
|
34,977 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Shareholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at |
|
|
— |
|
|
|
— |
|
Common stock, no par value: Shares authorized: 20,000,000 at |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
170,251 |
|
|
|
169,646 |
|
Treasury stock, common shares: 762,466 at September 30, 2026 and 762,485 at March 31, 2026 |
|
|
(34,962 |
) |
|
|
(34,962 |
) |
Accumulated deficit |
|
|
(116,908 |
) |
|
|
(118,056 |
) |
Total shareholders’ equity |
|
|
18,381 |
|
|
|
16,628 |
|
Total liabilities and shareholders’ equity |
|
$ |
49,658 |
|
|
$ |
51,605 |
|
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
Six Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Operating activities |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
1,149 |
|
|
$ |
(1,825 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) |
|
|
|
|
|
|
||
Depreciation |
|
|
229 |
|
|
|
508 |
|
Amortization of intangible assets |
|
|
260 |
|
|
|
486 |
|
Stock-based compensation |
|
|
605 |
|
|
|
323 |
|
Amortization of debt issue costs |
|
|
37 |
|
|
|
101 |
|
Deferred income tax |
|
|
(56 |
) |
|
|
— |
|
Loss on fixed assets |
|
|
16 |
|
|
|
— |
|
Provision for inventory reserves |
|
|
52 |
|
|
|
185 |
|
Provision for credit losses |
|
|
12 |
|
|
|
30 |
|
Other |
|
|
(36 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
1,314 |
|
|
|
1,301 |
|
Revenue earned but not billed |
|
|
747 |
|
|
|
(418 |
) |
Inventories |
|
|
281 |
|
|
|
782 |
|
Prepaid expenses and other assets |
|
|
(474 |
) |
|
|
1,077 |
|
Accounts payable |
|
|
(5,204 |
) |
|
|
275 |
|
Accrued expenses and other |
|
|
(1,077 |
) |
|
|
(1,330 |
) |
Deferred revenue, current and long-term |
|
|
112 |
|
|
|
(191 |
) |
Net cash provided by (used in) operating activities |
|
|
(2,033 |
) |
|
|
1,304 |
|
Investing activities |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(50 |
) |
|
|
(310 |
) |
Additions to patents and licenses |
|
|
— |
|
|
|
(2 |
) |
Net cash provided by (used in) investing activities |
|
|
(50 |
) |
|
|
(312 |
) |
Financing activities |
|
|
|
|
|
|
||
Payment of debt |
|
|
(88 |
) |
|
|
(176 |
) |
Proceeds from debt |
|
|
642 |
|
|
|
— |
|
Proceeds from revolving credit facility |
|
|
2,600 |
|
|
|
1,250 |
|
Payments of revolving credit facility |
|
|
(600 |
) |
|
|
(2,500 |
) |
Cash incurred related to issuance of subordinated debt |
|
|
— |
|
|
|
(383 |
) |
Net cash provided by (used in) financing activities |
|
|
2,554 |
|
|
|
(1,809 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
471 |
|
|
|
(817 |
) |
Cash and cash equivalents at beginning of period |
|
|
3,265 |
|
|
|
5,972 |
|
Cash and cash equivalents at end of period |
|
$ |
3,736 |
|
|
$ |
5,155 |
|
Supplemental cash flow information: |
|
|
|
|
|
|
||
Cash paid for interest |
|
$ |
217 |
|
|
$ |
414 |
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
|
|
||
Operating lease assets obtained in exchange for new operating lease liabilities |
|
$ |
420 |
|
|
$ |
— |
|
Issuance of common stock to Final Frontier, LLC as partial payment of earnout obligation |
|
$ |
— |
|
|
$ |
1,000 |
|
Issuance of subordinated debt for earnout obligation |
|
$ |
— |
|
|
$ |
1,388 |
|
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED EBITDA RECONCILIATION
(in thousands)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
|
September 30, 2025 |
|
|||||
Net income (loss) |
|
$ |
(811 |
) |
|
$ |
1,959 |
|
|
$ |
(1,498 |
) |
|
$ |
160 |
|
|
$ |
(581 |
) |
Interest |
|
|
128 |
|
|
|
98 |
|
|
|
128 |
|
|
|
203 |
|
|
|
280 |
|
Taxes |
|
|
(31 |
) |
|
|
(5 |
) |
|
|
19 |
|
|
|
18 |
|
|
|
10 |
|
Depreciation |
|
|
116 |
|
|
|
114 |
|
|
|
164 |
|
|
|
206 |
|
|
|
263 |
|
Amortization of intangible assets |
|
|
142 |
|
|
|
119 |
|
|
|
121 |
|
|
|
126 |
|
|
|
247 |
|
Amortization of debt issue costs |
|
|
19 |
|
|
|
18 |
|
|
|
18 |
|
|
|
51 |
|
|
|
50 |
|
EBITDA |
|
|
(437 |
) |
|
|
2,303 |
|
|
|
(1,048 |
) |
|
|
764 |
|
|
|
269 |
|
Stock-based compensation |
|
|
446 |
|
|
|
159 |
|
|
|
163 |
|
|
|
(3 |
) |
|
|
157 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
562 |
|
|
|
— |
|
|
|
— |
|
Solar contract amendment |
|
|
— |
|
|
|
— |
|
|
|
(1,338 |
) |
|
|
— |
|
|
|
— |
|
Deferred revenue - solar grants |
|
|
— |
|
|
|
— |
|
|
|
(337 |
) |
|
|
— |
|
|
|
— |
|
Solar asset disposal |
|
|
— |
|
|
|
— |
|
|
|
1,118 |
|
|
|
— |
|
|
|
— |
|
Loss on fixed assets |
|
|
16 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Severance |
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
Earnout expenses |
|
|
— |
|
|
|
— |
|
|
|
1,663 |
|
|
|
— |
|
|
|
— |
|
Other |
|
|
(35 |
) |
|
|
42 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
12 |
|
|
$ |
2,504 |
|
|
$ |
783 |
|
|
$ |
761 |
|
|
$ |
451 |
|