Business
LED Lighting, EV Charging and Electrical Maintenance Provider Orion Announces Preliminary Q3’24 Revenue Growing to $25.8M-$26.2M and Improved Cash Position; Updates FY 2024 Anticipated Revenue Outlook to $90M-$95M
MANITOWOC, Wis., Jan. 18, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Jan. 18, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, electric vehicle (EV) charging station solutions, and maintenance services, in anticipation of upcoming investor conferences and sessions, today announced preliminary revenue results for its fiscal 2024 third quarter (Q3’24) ended December 31, 2023 and updated its anticipated revenue outlook for the full fiscal 2024 year ending March 31, 2024. Orion expects to report final Q3’24 financial results on Wednesday, February 7, 2024 and to hold an investor call that day at 10:00 a.m. ET. In addition, management plans to discuss its Q3’24 preliminary results at the Sidoti Microcap Conference on January 18. Orion’s preliminary results described in the press release are subject to adjustment and finalization based on Orion’s quarterly reporting period closing procedures and the related review procedures conducted by its independent auditors. Q3 Snapshot Prior Three Quarters$ in millions except per share figuresQ3’24 Estimated*Q3'23Estimated Change Q2’24Q1’24Q4’23LED Lighting Revenue$18.6$14.2+$4.4 $13.6$12.6$14.5Maintenance Revenue$4.6$3.3+$1.3 $3.6$3.8$3.7EV Charging Revenue$2.8$2.8$0.0 $3.4$1.2$3.4Total Revenue$26.0$20.3+28% $20.6$17.6$21.6 *Based on mid-point of revenue range Revenue Highlights Orion reported a preliminary Q3’24 revenue range of $25.8M to $26.2M, an approximate increase of 28%, compared to Q3’23 revenue of $20.3M. Based on the mid-point of the revenue range, preliminary Q3’24 revenues were comprised as follows: LED Lighting revenue increased to approximately $18.6M in Q3’24 vs. $14.2M in Q3’23 and $13.6M in Q2’24, driven by anticipated growth in contract activity for larger customers that is expected to continue for the balance of FY 2024 and into FY 2025. Larger projects include approximately $6.5M in remaining revenue from a European retrofit project for the U.S. Department of Defense, an ongoing external lighting project for Orion’s largest customer, and an ongoing national LED lighting project for a global warehouse/logistics customer.EV charging solutions revenue was approximately $2.8M in Q3’24 vs. $3.4M in Q2’24 and $2.8M in the year ago quarter. The Voltrek business has substantially expanded and enhanced its team and geographic reach and is seeing steady g...