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Orion Energy Systems Q2’22 Revenue Rose Sequentially and Year-over-Year to $36.5M, Driven Principally by National Account LED Lighting Retrofit Projects
MANITOWOC, Wis., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Nov. 09, 2021 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and IoT systems, including turnkey project implementation, program management and system maintenance, today reported results for its fiscal 2022 second quarter (Q2’22). Orion will hold an investor call today at 10:00 a.m. ET – details below. Q2 Financial Highlights Prior Three Quarters$ in millions except per share figuresQ2’22 (1)Q2’21Change Q1’22Q4'21 (2)Q3’21Revenue $36.5$26.3+$10.2 $35.1$35.5$44.3Gross Profit $10.8$7.3+$3.5 $10.2$9.2$11.0Gross Profit %29.5%27.6%+191bps 29.1%26.0%24.9%Net Income $3.7$1.9+$1.7 $2.5$22.1$4.3EPS$0.12$0.06+$0.06 $0.08$0.71$0.14EBITDA (3)$5.4$2.3+$3.1 $3.8$2.9$4.9Cash & Equivalents$14.7$12.1+$2.6 $15.9$19.4$12.3(1) Q2’22 period results include a $1.6M employee retention payroll tax credit provided under the American Rescue Plan Act of 2021. The credit increased gross profit in the period by $0.8M and reduced operating expense by $0.8M.(2) Q4’21 Net Income and EPS include a non-cash income tax benefit of $20.9M and $0.67 per diluted share, respectively, for the release of the valuation allowance against Orion’s deferred tax assets.(3) EBITDA reconciliation table follows this earnings release. Q2’22 Financial Highlights Q2’22 revenue increased to $36.5M reflecting strong national account activity, versus $26.3M in Q2’21, which was impacted by COVID-19 project delays, and $35.1M in Q1’22.Gross profit improved to $10.8M in Q2’22, including an $0.8M employee retention payroll tax credit, compared to $7.3M in Q2’21.Gross profit percentage improved to 29.5%, inclusive of the payroll tax credit, compared to 27.6% In Q2'21.Q2'22 net income improved to $3.7M, or $0.12 per share, including the $1.6M payroll tax credit, compared to net income of $1.9M, or $0.06 per share, in Q2’21.Q2'22 EBITDA improved to $5.4M vs. $2.3M in Q2’21, primarily due to earnings flow through on higher revenue, ongoing operating cost management and the benefit of the payroll tax credit.Orion ended Q2'22 with nearly $40M of liquidity, including $14.7M of cash and cash equivalents and full availability on its $25M credit facility. CEO CommentaryMike Altschaefl, Orion’s CEO and Board Chair, commented, “As expected, Orion delivered solid top-line and bottom-line improvements...