Business
Orion Energy Systems Reports Q3 Revenue of $20.3M; Reiterates FY’24 Outlook for 30% Revenue Growth
MANITOWOC, Wis., Feb. 09, 2023 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Feb. 09, 2023 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and controls, maintenance services and electric vehicle (EV) charging station solutions, today reported results for its fiscal 2023 third quarter ended December 31, 2022 (Q3’23). Orion will hold an investor call today at 10:00 a.m. ET (details below); online pre-registration required to receive the call dial-in information. Q3 Financial Summary Prior Three Quarters$ in millions except per share figuresQ3’23Q3’22Change Q2’23Q1’23Q4’22Revenue $20.3$30.7($10.4) $17.6$17.9$22.1Gross Profit $4.8$7.6($2.9) $4.4$3.6$5.3Gross Profit %23.6%24.9%(130bps) 25.3%19.8%23.8%Net (Loss) Income (1)($24.1)$1.1($25.2) ($2.3)($2.8)($1.2)EPS (1)($0.75)$0.04($0.79) ($0.08)($0.09)($0.04)Adjusted EBITDA (2)($1.6)$2.1($3.7) ($1.5)($2.9)($0.4)Cash & Equivalents$8.1$17.3($9.2) $12.5$9.4$14.5(1) Net Loss and EPS reflect $17.8M non-cash tax charge to record a valuation allowance against Deferred Tax Assets and a $1.5M accrual for the earnout associated with the Voltrek acquisition in Q3’23.(2) See EBITDA and Adjusted EBITDA reconciliation below. Q3 Financial Highlights Q3’23 revenue of $20.3M, including $2.8M for Voltrek, compared to $30.7M in Q3’22 and $17.6M in Q2’23.Q3’23 gross profit percentage of 23.6% versus 24.9% in Q3’22 and Q2’23 of 25.3%.Net Loss and EPS include $17.8M non-cash tax charge to record a valuation allowance against Deferred Tax AssetsQuarter-end working capital of $24.5M, including net inventory of $19.3M.Quarter-end liquidity of approximately $19.4M, comprised of $8.1M of cash and equivalents and $11.3M credit facility availability. CEO Commentary“Although we achieved a sequential revenue improvement in Q3, delays in the activation of large Department of Defense and automotive projects have shifted much of that revenue into Q4’23 and FY 2024. Lighting distribution channel sales were lower than anticipated, likely due to the impact of rising interest rates and economic uncertainties on construction activity, that also appear to have impacted Q3’23 revenue in our Energy Service Company (ESCO) channel. “As anticipated, we have experienced a $50M decrease in business from our largest customer and an online retailer through the first nine months of FY’23. Despite this, year-to-date, we h...