Business
LED Lighting, Maintenance and EV Charging Solutions Provider Orion Reports Q1’24 Revenue of $17.6M; Maintains 30% Revenue Growth Outlook for FY 2024
MANITOWOC, Wis., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, maintenance services and electric vehicle (EV) charging station solutions, today reported results for its fiscal 2024 first quarter (Q1’24) ended June 30, 2023. Orion will hold an investor call today at 10:00 a.m. ET – details below. Q1 Financial Summary Prior Three Quarters$ in millions except per share figuresQ1’24Q1’23Change Q4’23Q3'23Q2’23Revenue $17.6$17.9($0.3) $21.6$20.3$17.6Gross Profit $3.2$3.6($0.4) $4.7$4.8$4.4Gross Profit %18.0%19.8%(180bps) 21.9%23.6%25.3%Net Loss (1)($6.6)($2.8)($3.8) ($5.1)($24.1)($2.3)Net Loss per share (1)($0.21)($0.09)($0.12) ($0.16)($0.75)($0.08)Adjusted EBITDA (2)($4.4)($2.9)($1.5) ($1.6)($1.6)($1.5)Cash & Equivalents$8.2$9.4($1.2) $16.0$8.1$12.5(1) Net Loss and EPS reflect $17.8M non-cash tax charge to record a valuation allowance against Deferred Tax Assets in Q3’23 and a $1.5M, $2.5M, and $1.1M accrual for the earnout associated with the Voltrek acquisition in Q3’23, Q4’23, and Q1’24, respectively. (2) See Adjusted EBITDA reconciliation below. Financial Highlights Lighting revenues were $12.6M in Q1’24, compared to $13.9M in Q1’23, reflecting variability in timing of larger projects. Several larger projects for national customers are now ramping in Q2’24. Decreases in LED Lighting and maintenance services were offset by revenue from the Voltrek EV charging acquisition completed in Q3’23.LED projects that have begun or are ramping in Q2 include a retrofit project in Germany for the Department of Defense; an outdoor lighting project for Orion’s largest customer; and an LED lighting project in the warehouse/logistics sector, among others.Maintenance services revenues were $3.8M in Q1’24 versus $4.1M in Q1’23. Management is focused on offsetting inflation pressures through pricing actions and increasing the percent of self-perform work to improve margin performance.EV charging solutions revenue was $1.2 in Q1’24 versus no revenue in the prior year quarter. During the quarter, the business focused on integration and personnel recruiting processes designed to position the business for accelerating growth on a national basis. A significant pipeline of EV opportunities has been built and strong acceleration is expected in Q2.Orion’s Q1’24 net l...