Business
Orion’s Q1’25 Revenue Rose 13% vs Q1’24 to $19.9M Driven by Strength in EV Charging Projects; Maintains FY 2025 Revenue Growth Target of 10-15%
MANITOWOC, Wisc., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wisc., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, electric vehicle (EV) charging stations and maintenance services solutions, today reported results for its fiscal 2025 first quarter (Q1’25) ended June 30, 2024. Orion will hold an investor call today at 10:00 a.m. ET – details below. Orion is maintaining its revenue growth outlook of 10-15% which is expected to be more weighted to the second half of fiscal 2025. Q1 Financial Summary Prior Three Quarters$ in millions except per share figuresQ1’25Q1’24Change Q4’24Q3'24Q2’24LED Lighting Revenue$12.8$12.6+1% $16.3$18.5$13.6EV Charging Revenue$3.8$1.2+209% $4.9$2.8$3.4Maintenance Revenue$3.3$3.8-11% $5.2$4.6$3.6Total Revenue $19.9$17.6$2.3 $26.4$26.0$20.6Gross Profit (1)$4.3$3.2$1.1 $6.8$6.4$4.6Gross Profit %21.6%18.0%360bps 25.8%24.5%22.2%Net Loss (1)($3.8)($6.6)$2.9 $1.6($2.3)($4.4)Net Loss per share (1)($0.12)($0.21)$0.09 $0.05($0.07)($0.14)Adjusted EBITDA (2)($1.8)($4.4)$2.6 $0.4($0.1)($2.2)(1) Voltrek earnout accruals and net adjustments were $0.3M in Q1’25, ($3.0M) in Q4’24, and $1.1M in each of Q3’24, Q2’24, and Q1’24. (2) Adjusted EBITDA reconciliation provided below. Highlights EV charging solutions revenue rose over 200% compared to Q1’24 to $3.8M, including initial activation of construction services contracts for Level 2 and Level 3 charging stations for Eversource Energy’s “EV Make Ready” program, which Orion previously announced as having secured over $11M in contracts for this program.LED lighting revenue increased approximately 1% compared to Q1’24 to $12.8M in Q1’25, reflecting the completion of a significant Department of Defense (DoD) project in Europe as well as ongoing major account, ESCO and distribution business. Several other significant projects are anticipated in coming quarters in the automotive, retail, technology, logistics/distribution, financial and public sectors, the majority of which are expected to activate in 2H FY’25.As anticipated, maintenance services revenue declined 11% to $3.3M in Q1’25, reflecting the impact of three large legacy customers that chose not to renew long-term contracts following pricing increases required to return the maintenance business to suitable levels of profitability. Reflecting new pricing and new contracts, maint...