Business
Orion Energy Systems Reports FY 2022 Nine Months Revenue of $102.3M, EPS of $0.23, a 28% Gross Profit Percentage and $41M of Liquidity
MANITOWOC, Wis., Feb. 09, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Feb. 09, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and IoT systems, including turnkey project implementation, program management and system maintenance, today reported results for its fiscal 2022 third quarter (Q3’22) and nine months (9M’22) ended December 31, 2021. Orion will hold an investor call today at 10:00 a.m. ET – details below. Q3 & 9M Financial SummaryPrior Three Quarters$ in millions except per share figuresQ3’22Q3’21Change9M’22 (1)9M’21ChangeQ2’22 (1)Q1’22Q4'21 (2)Revenue $30.7$44.3-$13.6$102.3$81.3+$21.0$36.5$35.1$35.5Gross Profit $7.6$11.0-$3.4$28.7$20.9+$7.8$10.8$10.2$9.2Gross Profit %24.9%24.9%Unch.28.0%25.7%+230 bps29.5%29.1%26.0%Net Income $1.1$4.3-$3.2$7.3$4.0+$3.3$3.7$2.5$22.1EPS$0.04$0.14-$0.10$0.23$0.13+$0.10$0.12$0.08$0.71EBITDA (3)$1.7$4.9-$3.2$10.9$5.5$5.4$5.4$3.8$2.9Cash & Equivalents$17.3$12.3+$5.0$17.3$12.3+$5.0$14.7$15.9$19.4(1) 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. As anticipated, Orion reported Q3’22 revenue of $30.7M versus Q3’21 revenue of $44.3M, reflecting anticipated year-over-year reductions in project activity principally related to the Company’s largest customer, as well as the impact in the current period of customer delays on several larger LED lighting and controls projects. Delays in the quarter were primarily caused by the response of customers to supply chain disruptions and COVID-19 related impacts to their businesses. Revenue for the first nine months of FY 2022 increased to $102.3M versus $81.3M in the year-ago period. Highlights Q3’22 gross profit percentage remained unchanged at 24.9% despite lower sales, and 9M’22 gross profit percentage improved to 28% versus 25.7% in the year ago period, benefitting from higher sales. Both FY 2022 periods benefited from improved pricing, product mix and production cost efficiencies.Q3'22 net income decre...