Business
Orion’s Q4’24 Revenue Rose 22% to $26.4M; FY’24 Revenue of $90.6M Driven by Growth Across LED Lighting, EV Charging and Maintenance Businesses; Targets FY 2025 Revenue Growth of 10-15%
MANITOWOC, Wis., June 06, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting,
About this update from Orion Energy Systems, Inc.
[{"type":"text","content":"MANITOWOC, Wis., June 06, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, electric vehicle (EV) charging station, and maintenance services solutions, today reported results for its fiscal 2024 fourth quarter (Q4’24) and full year ended March 31, 2024 (FY 2024). Orion will hold an investor call today at 10:00 a.m. ET – details below. Q4 Financial Summary FY 2024 Financial Summary$ in millions except per share figuresQ4’24Q4’23Change FY 2024FY 2023 (1)ChangeLED Lighting Revenue$16.3$14.4+13.1% $61.1$56.5+8.0%EV Charging Revenue(1)$4.9$3.4+42.1% $12.3$6.3+96.5%Maintenance Revenue$5.2$3.7+37.4% $17.1$14.6+17.8%Total Revenue$26.4$21.6+22.1% $90.6$77.4+17.1%Gross profit$6.8$4.7+43.5% $20.9$17.5+19.4%Gross profit %25.8%21.9%+390 bps 23.1%22.6%+50 bpsNet income (loss) (2)(3)$1.6($5.1)+$6.7 ($11.7)($34.3)+$22.7Net income (loss) per share (2)(3)$0.05($0.16)+$0.21 ($0.36)($1.08)+$0.72Adjusted EBITDA (4)$0.4($1.6)+$2.0 ($6.3)($7.6)+$1.3(1) FY 2023 results reflect 6 months of operations from Voltrek which was acquired October 5, 2022.(2) Includes a net $3.0M reversal of prior earnout expense in Q4’24, resulting in a net $0.3 expense for full year FY24. Voltrek earnout accruals were $2.5M in Q4’23 and $4.0M in FY 2023.(3) FY 2023 Net income (loss) and net income (loss) per share reflect a $17.8M non-cash charge to record a valuation allowance against Deferred Tax Assets.(4) Adjusted EBITDA reconciliation provided below. Highlights LED Lighting revenue increased in Q4’24 and FY 2024, driven by increased turnkey activity particularly related to the DOD project in Germany.EV charging solutions revenue increased 42.1% in Q4’24 vs. the year ago quarter, reflecting a growing base of project activity supported by growth in the segment’s team and geographic scope. FY 2024 EV charging revenue reflected a full year of operations in FY 2024 vs. a half year in FY 2023, following the October 2022 purchase of Voltrek.Maintenance services revenue increased in Q4’24 and FY 2024, principally reflecting a new three-year agreement to provide preventative lighting maintenance services for a customer’s approximately 2,000 retail locations, as well as the initial benefit of pricing improvements Orion has secured in certain legacy maintenance contracts. CEO Commentary Orion CEO Mike J...