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Orion Energy Systems Preliminarily Expects Q3’22 Revenue of Approximately $30.5M, Reduces FY 2022 Revenue Outlook to $130M and Holds Investor Call Today at 5:00pm ET
MANITOWOC, Wis., Jan. 18, 2022 (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, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and IoT systems, including turnkey project implementation, program management and system maintenance, announced today that it preliminarily expects revenue of approximately $30.5M for its FY 2022 third quarter ended December 31, 2021. Due to customer delays on several larger LED lighting and controls projects, primarily caused by the response of customers to supply chain disruptions and COVID-19 related impacts to their businesses, Orion now anticipates FY 2022 revenue of approximately $130M, as compared to its prior expectation of at least $150M. Orion’s updated FY 2022 revenue outlook represents growth of approximately 11% over FY 2021 revenue of $116.8M. Orion will hold an investor call today at 5:00 p.m. ET to discuss its updated outlook: Webcast/Call Detail Date / Time:Tuesday, January 18th at 5:00 p.m. ET (4:00 p.m. CT)Call Dial-In:(877) 754-5294 or (678) 894-3013 for international Webcast/Replay:https://edge.media-server.com/mmc/p/5mdhkpwuAudio Replay:(855) 859-2056, ID#7427139 (available shortly after the call through 1/25/22) Mike Altschaefl, Orion’s CEO and Board Chair, commented, “Specific project delays driving our revised FY 2022 revenue outlook include a major automotive customer that has postponed approximately $7M in expected FY 2022 project activity, principally due to the impact of component shortages in their operations; a major online retailer that has temporarily halted new facility construction projects due to shortages and delays in obtaining key construction materials and equipment, impacting roughly $5M in expected FY 2022 project activity; the delay of a government-related turnkey LED retrofit project of approximately $7M; and slower than expected activity with our two large national logistics customers. Importantly, Orion has not lost any of these customers or projects and ongoing customer dialogues suggest that the bulk of these projects will likely proceed as these customers overcome supply-chain and COVID-19 related challenges. “Business with our largest customer, a major national retailer, remains strong, and we continue to identify new opportunities. In addition, based on progress we are making in our maintenance business with our majo...