Business
Orion Energy Systems Reports Q2 Revenue of $17.6M, Gross Profit Percentage of 25.3% and Reiterates FY’23 Revenue Outlook of $90M to $110M
MANITOWOC, Wis., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and controls, maintenance services and electrical vehicle (EV) charging station solutions, today reported results for its fiscal 2023 second quarter ended September 30, 2022 (Q2’23). Orion will hold an investor call today at 10:00 a.m. ET (details below); online pre-registration required to receive the call dial-in information. Q2 Financial Summary Prior Three Quarters$ in millions except per share figuresQ2’23Q2’22 (1)Change Q1’23Q4’22Q3'22Revenue $17.6$36.5($18.9) $17.9$22.1$30.7Gross Profit $4.4$10.8($6.4) $3.6$5.3$7.6Gross Profit % 25.3% 29.5%(430bps) 19.8% 23.8% 24.9%Net (Loss) Income($2.3)$3.7($6.0) ($2.8)($1.2)$1.1EPS($0.08)$0.12($0.20) ($0.09)($0.04)$0.04Adjusted EBITDA (2)($1.5)$4.0($5.5) ($2.9)($0.4)$2.1Cash & Equivalents$12.5$14.7($2.2) $9.4 $14.5 $17.3(1) Q2’22 results include a $1.6M employee retention payroll tax credit which increased gross profit by $0.8M and reduced operating expense by $0.8M.(2) See EBITDA and Adjusted EBITDA reconciliation below. Q2 Financial Highlights Q2’23 revenue was $17.6M compared to revenue of $36.5M in Q2’22 and $17.9M in Q1’23.Q2’23 gross profit percentage was 25.3% vs. 29.5% in Q2’22 and 19.8% in Q1’23. The year-over-year variance was primarily due to the fixed cost absorption impact of lower business volume, while the improvement over Q1’23 reflected a higher margin revenue mix and cost management efforts.Orion had a Q2'23 net loss of ($2.3M), or ($0.08) per share, compared to net income of $3.7M, or $0.12 per share, in Q2’22 and ($2.8M), or ($0.09) per share, in Q1’23.Q2’23 Adjusted EBITDA was negative ($1.5M) compared to $4.0M in Q2’22, reflecting lower revenue and gross profit, but improved over negative ($2.9M) in Q1’23, due to a higher gross profit percentage.Orion ended Q2'23 with $32.5M in working capital, including inventory of $16.8M. Orion had approximately $23.7M of liquidity at the close of Q2’23, comprised of $12.5M of cash and equivalents and $11.2M of availability on its credit facility. CEO CommentaryMike Altschaefl, Orion’s CEO, commented, “The first half of our fiscal year was impacted by the continuation of customer project delays which began in the second half of last year, as well as some project cancelations....