Business
Orion’s Q3’24 Revenue Rose 28% to $26M on Strength in LED Lighting; Reiterates Revenue Growth Outlook of $90M-$95M for FY 2024
MANITOWOC, Wis., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, maintenance services and electric vehicle (EV) charging station solutions, today reported results for its fiscal 2024 third quarter (Q3’24) ended December 31, 2023. Orion will hold an investor call today at 10:00 a.m. ET – details below. Q3 Financial Summary Prior Three Quarters$ in millions except per share figuresQ3’24 Q3’23Change Q2’24Q1’24Q4'23Revenue $26.0 $20.3+$5.7 $20.6$17.6$21.6Gross Profit $6.4 $4.8+$1.6 $4.6$3.2$4.7Gross Profit % 24.5%23.6%+95 bps 22.2%18.0%21.9%Net Loss (1)($2.3)($24.1)+$21.8 ($4.4)($6.6)($5.1)Net Loss per share (1)($0.07) ($0.75)+$0.68 ($0.14)($0.21)($0.16)Adjusted EBITDA (2)($0.1) ($1.6)+$1.5 ($2.2)($4.4)($1.6)Cash $5.0 $8.1($3.1) $4.0$8.2$16.0(1) Q3’23 Net Loss & EPS reflect $17.8M non-cash charge recording a valuation allowance against Deferred Tax Assets. The 2024 quarters each include $1.1M of earnout expense related to the Voltrek acquisition. Q4’23 and Q3’23 included $2.5M and $1.5M of earnout expense, respectively.(2) See Adjusted EBITDA reconciliation below. Financial Highlights LED Lighting revenue increased to $18.5M in Q3’24 vs. $14.2M in Q3’23 and $13.6M in Q2’24, driven by anticipated growth in contract activity for larger customers that is expected to continue into FY 2025. Ongoing larger projects include approximately $6M in remaining revenue from a European retrofit project for the U.S. Department of Defense, an external lighting project for Orion’s largest customer, and a national LED lighting project for a global warehouse/logistics customer.EV charging solutions revenue was $2.8M in Q3’24 vs. $3.4M in Q2’24 and $2.8M in the year ago quarter, principally reflecting the timing of large project activity. The Voltrek business has substantially expanded and enhanced its team and geographic reach and is seeing steady growth in its project pipeline as well as new project quoting activity.Maintenance services revenue rose to $4.6M in Q3’24 compared to $3.6M in Q2’24 and $3.3M in Q3’23, principally benefitting from a 3-year agreement to provide preventative lighting maintenance services for a customer’s approximately 2,000 retail locations nationwide. Orion continues to focus on the profitability of remaining legacy contracts.Orion end...