Business
Orion Energy Systems Reports FY 2022 Revenue of $124.4M, EPS of $0.19, Gross Profit Percentage of 27.3% and over $35M of Liquidity
MANITOWOC, Wis., June 07, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., June 07, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and control systems, including turnkey project implementation, program management and system maintenance, today reported results for its fiscal 2022 fourth quarter (Q4’22) and full year (FY 2022) ended March 31, 2022. Orion will hold an investor call today at 10:00 a.m. ET – details below. Q4 & FY 2022 Financial Summary$ in millions except per share figuresFY 2022FY 2021ChangeQ4’22Q4’21ChangeRevenue $124.4 $116.8+$7.5$22.1 $35.5-$13.4Gross Profit $33.9 $30.1+3.8$5.3 $9.2-$4.0Gross Profit %27.3% 25.8%+150 bps23.8% 26.0%-220 bpsNet Income (Loss) (1)$6.1 $26.1-$20.0($1.2) $22.1-$23.3EPS (1)$0.19 $0.83-$0.64($0.04) $0.71-$0.75Net Income (Loss) Excluding Tax Benefit (1)$6.1 $5.2+$0.9($1.2) $1.2-$2.4EPS Excluding Tax Benefit (1)$0.19 $0.17+$0.02($0.04) $0.04-$0.08Adj. EBITDA (2)$9.7 $9.1+$0.6($0.4) $3.1-$3.4Cash & Equivalents$14.5 $19.4-$4.9$14.5 $19.4-$4.9(1) FY 2021 and Q4’21 net income included a non-cash income tax benefit of $20.9M, or $0.66 & $0.67 per diluted share, respectively, for the release of the valuation allowance against Orion’s deferred tax assets.(2) Adj. EBITDA reconciliation table follows this earnings release. Financial Highlights FY 2022 revenue rose 6.5% to $124.4M versus $116.8M in the prior year, supported by growth in the company’s energy service company (ESCO) partner channel which rose $8M, or 71%, compared to FY 2021.Orion made progress diversifying its business in FY 2022, growing revenue outside of its largest customer, a major national retailer, by almost 25% over FY 2021. Business from the company’s largest customer was $61M or 49% of FY 2022 revenue, compared to $65M or 56% in FY 2021.FY2022 included $5.8M of maintenance services revenue, achieving a significant contribution from its recent acquisition of Stay-Lite Lighting.FY 2022 gross profit percentage improved to 27.3% versus 25.8% in FY 2021, benefitting from improved pricing, product mix and production cost efficiencies on higher sales.FY 2022 net income improved to $6.1M, or $0.19 per share, compared to FY 2021 net income excluding a one-time non-cash tax benefit in the prior year of $5.2M, or $0.17 per share.FY 2022 adjusted EBITDA improved to $9.7M compared to $9.1M in FY 2021, reflecting h...