Business
LED Lighting, Maintenance and EV Charging Solutions Provider Orion Reports FY 2023 Revenue of $77.4M and Reiterates FY 2024 30% Revenue Growth Outlook
MANITOWOC, Wis., June 06, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, maintenance services and
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., June 06, 2023 (GLOBE NEWSWIRE) -- (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, maintenance services and electric vehicle (EV) charging station solutions, today reported results for its fiscal 2023 fourth quarter (Q4’23) and full year (FY 2023) ended March 31, 2023. Orion will hold an investor call today at 10:00 a.m. ET – details below. Q4 Financial Summary FY 2023 Financial Summary$ in millions except per share figuresQ4’23Q4’22Change FY 2023FY 2022ChangeRevenue $21.6$22.1($0.5) $77.4$124.4($47.0)Gross profit $4.7$5.3($0.6) $17.5$33.9($16.4)Gross profit %21.9%23.8%(190 bps) 22.6%27.3%(470 bps)Net (loss) (1)(2)($5.1)($1.2)($3.9) ($34.3)$6.1($40.3)Net (loss) per share (1)(2)($0.16)($0.04)($0.12) ($1.08)$0.19($1.27)Adjusted EBITDA (3)($1.6)($0.4)($1.2) ($7.6)$9.7($17.3)Cash & cash equivalents$16.0$14.5$1.5 $16.0$14.5$1.5(1) Q4’23 Net Loss and net loss per share reflect a $2.5M Voltrek earnout accrual.(2) FY 2023 Net Loss and net loss per share reflect a $17.8M non-cash charge to record a valuation allowance against Deferred Tax Assets and a $4.0M Voltrek earnout accrual.(3) See Adjusted EBITDA reconciliation below. Financial Highlights As expected, FY 2023 revenue of $77.4M declined from $124.4M in FY 2022, due primarily to lower revenue from the company’s largest customer and a global online retailer, as well as from delays in the start of certain large LED retrofit projects, some of which commenced in Q4’23 and Q1’24.Orion grew FY 2023 revenue outside of its largest customer and a global online retailer by approximately 11% versus FY 2022. This performance reflected progress in diversifying Orion’s customer base and revenues across its LED Lighting, electrical maintenance, and EV charging solutions businesses.Maintenance services revenue rose 152% to $14.6M in FY 2023 versus $5.8M in FY 2022.EV charging solutions contributed initial revenue of $6.3M in Orion’s FY 2023 second half, reflecting the Voltrek acquisition in the first week of Q3’23.Orion’s FY 2023 net loss of ($34.3M), or ($1.08) per share, included a $17.8M non-cash tax charge to record a valuation allowance against Deferred Tax Assets and a $4.0M accrual for the earnout associated with the Voltrek acquisition.Orion closed FY 2023 with $23.2M of financial liquidity, comprised of $16.0M of cash and cash equivalents and ...