Business
Orion Q1 Revenue Declined to $10.8M on COVID-19 Related Customer Delays; Resumption of New and Existing Large National Account Projects Provides Improved Outlook; Investor Call Today at 10am ET
MANITOWOC, Wis., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), is a provider of LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT systems, ongoing system maintenance and program management, helping customers to digitize their business and reduce their carbon footprint. Today Orion reported results for its FY 2021 first quarter (Q1’21) ended June 30, 2020. Orion will hold an investor call today at 10:00 a.m. ET (9:00 a.m. CT) to review its results and outlook (call details below).\n Highlights Q1’21 revenue decreased to $10.8M from $42.4M in Q1’20, reflecting temporary COVID-19 related project suspensions and delays in new project starts in the recent period, versus significant major account activity in the year ago period.Turnkey installations for a major national account resumed this week and are expected to grow in scale over the balance of the year and continue into FY 2022.Q1 gross profit percentage improved to 24.4% versus 24.3% in Q1’20 despite significantly lower revenue, due to a higher margin revenue mix and proactive cost mitigation efforts in response to COVID-19 related project suspensions.Q1 operating expenses were $4.7M versus $6.1M in Q1’20, a reduction of 23.6% as Orion implemented a range of cost reductions to mitigate the impact of the pandemic.Orion ended the quarter with a solid balance sheet, including cash of $10.8M, working capital of $16.9M, and no amounts outstanding on its revolving credit facility.Orion now anticipates Q2’21 revenue of at least $25M and a sequential improvement in Q3’21, reflecting a ramp-up in project activity from new and existing customers. Q1 Financial Highlights Prior Three Quarters$ in millions except per share figuresQ1’21Q1’20$ Change Q4’20Q3'20Q2’20Revenue $10.8 $42.4$(31.6) $25.9 $34.2$48.3Gross Profit $2.6 $10.3$(7.7) $5.8 $8.3$12.8Net (Loss) Income$(2.2)$4.0$(6.2) $(0.5)$2.3$6.7EPS $(0.07)$0.13$(0.20) $(0.02)$0.07$0.22EBITDA*$(1.7)$4.6$(6.3) $0.0 $2.8$7.3Cash & Equivalents$10.8 $10.2$0.6 $28.8 $13.8$11.1*EBITDA reconciliation table below. CEO CommentaryMike Altschaefl, Orion’s CEO and Board Chair, commented, \"As expected, Q1’21 was very challenging as the COVID-19 pandemic temporarily halted work on most of our large customer projects, resulting in t...