Business
LED Lighting, Maintenance and EV Charging Solutions Provider Orion’s Q2’24 Revenue Rose 17% to $20.6M; Maintains 30% Revenue Growth Outlook for FY 2024
MANITOWOC, Wis., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, maintenance services and electric vehicle (EV) charging station solutions, today reported results for its fiscal 2024 second quarter (Q2’24) ended September 30, 2023. Orion will hold an investor call today at 10:00 a.m. ET – details below. Q2 Financial Summary Prior Three Quarters$ in millions except per share figuresQ2’24Q2’23Change Q1’24Q4’23Q3'23Revenue $20.6$17.6$3.0 $17.6$21.6$20.3Gross Profit $4.6$4.4$0.1 $3.2$4.7$4.8Gross Profit %22.2%25.3%(306 bps) 18.0%21.9%23.6%Net Loss (1)($4.4)($2.3)($2.1) ($6.6)($5.1)($24.1)Net Loss per share (1)($0.14)($0.07)($0.07) ($0.21)($0.16)($0.75)Adjusted EBITDA (2)($2.2)($1.5)($0.7) ($4.4)($1.6)($1.6)Cash & Equivalents$4.0$12.5($8.5) $8.2$16.0$8.1(1) Q3’23 Net Loss & EPS reflect $17.8M non-cash charge recording a valuation allowance against Deferred Tax Assets. Q2’24, Q1’24, Q4’23 and Q3’23 also include $1.1M, $1.1M, $2.5M and $1.5M of earnout expense related to the Voltrek acquisition, respectively.(2) See Adjusted EBITDA reconciliation below. Financial Highlights EV charging solutions revenue rose to $3.4M in Q2’24 vs. $1.2M in Q1’24 and no revenue in the year ago quarter prior to the acquisition of Voltrek. The business has made solid strides building out its national team and growing a pipeline of significant EV opportunities which position it for continued growth in the second half of fiscal 2024.Maintenance services revenue rose 5% to $3.6M in Q2’24 vs. $3.4M in Q2’23 and decreased slightly vs. $3.8M in Q1’24, benefiting from a new 3-year agreement to provide preventative lighting maintenance services for a customer’s approximately 2,000 retail locations nationwide. Management has renegotiated pricing on three of its four most significant legacy contracts, which in the wake of rising costs were no longer profitable.LED Lighting revenue increased to $13.6M in Q2’24 vs. $12.6M in Q1’24 and decreased slightly vs. $14.1M in Q2’23 as larger projects for national customers began to engage near the end of Q2’24. LED projects that began ramping in Q2’24 and are expected to make material contributions to the balance of FY 2024 include a $9.6M European retrofit project for the Department of Defense (DoD); an outdoor lighting project for Orio...