ORION ENERGY SYSTEMS, INC.

Listed Company

OESXCIK 0001409375NasdaqNon-AcceleratedSmaller ReportingElectric Lighting & Wiring EquipmentWisconsinFY ends Mar 31

Period

FY 2025

Revenue

$79.72M

Net Income

$-11.80M

Total Assets

$52.46M

Equity

$11.88M

Shares Out

3.55M

Op. Cash Flow

$599.0K

Business

ORION ENERGY SYSTEMS, INC. provides LED lighting systems, wireless IoT-enabled control solutions, commercial and industrial electric vehicle charging infrastructure, and lighting and electrical maintenance services. Its main products and services include LED fixtures with integrated controls, turnkey installation and commissioning, site assessments, utility incentive management, project management, recycling of legacy fixtures, and ongoing maintenance and EV support. The company operates through three reportable segments: lighting, maintenance, and electric vehicle charging. It sells primarily into commercial and industrial verticals—including retail, manufacturing, warehousing, office, government, healthcare and education—mainly in North America via direct sales, distributors, ESCOs and contractors.

Summary from filing dated 2025-06-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Revenues	80	91	77	124	117
Cost of revenue	59	70	60	90	87
Gross profit	20	21	18	34	30
General and administrative	18	17	19	12	11
Impairment on Intangibles	0	456,000	0	0	—
Acquisition related costs	0	56,000	765,000	512,000	0
Sales and marketing	12	13	11	12	10
Research and development	1	1	2	2	2
Total operating expenses	31	32	33	26	23
(Loss) income from operations	−11	−11	−16	8	7
Other income	62,000	39,000	0	1,000	56,000
Interest expense	−1	−752,000	−339,000	−80,000	−127,000
Amortization of debt issue costs	−206,000	−95,000	−73,000	−62,000	−157,000
Interest income	7,000	2,000	34,000	0	0
Total other expense	−1	−806,000	−378,000	−141,000	−318,000
Loss before income tax	−12	−12	−16	8	7
Income tax expense	42,000	41,000	18	2	−20
Net (loss) income	−12	−12	−34	6	26
Basic net (loss) income per share attributable to common shareholders	−0.36	−0.36	−1.08	0.2	0.85
Weighted-average common shares outstanding	33	32	32	31	31
Diluted net (loss) income per share	−0.36	−0.36	−1.08	0.19	0.83
Weighted-average common shares and share equivalents outstanding	33	32	32	31	31

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Cash and cash equivalents	6	5	16	14	19
Accounts receivable, net	13	14	14	12	14
Revenue earned but not billed	3	5	1	2	3
Inventories	11	18	18	20	20
Prepaid expenses and other current assets	2	3	1	3	1
Total current assets	35	45	50	51	57
Property and equipment, net	8	10	10	11	11
Goodwill	1	1	1	350,000	—
Other intangible assets, net	3	4	6	2	2
Other long-term assets	4	3	3	4	3
Total assets	52	63	72	87	93
Accounts payable	13	18	13	10	17
Accrued expenses and other	13	9	11	8	13
Deferred revenue, current	491,000	260,000	480,000	76,000	87,000
Current maturities of long-term debt	353,000	3,000	17,000	16,000	14,000
Total current liabilities	27	28	24	18	30
Revolving credit facility	7	10	10	0	—
Long-term debt, less current maturities	3	0	3,000	19,000	35,000
Deferred revenue, long-term	337,000	413,000	489,000	564,000	640,000
Other long-term liabilities	3	2	3	3	4
Total liabilities	41	41	38	22	35
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 shares at March 31, 2024 and 2023; no shares issued and outstanding at March 31, 2024 and 2023	0	0	0	0	0
Common stock, no par value: Shares authorized: 200,000,000 at March 31, 2025 and 2024; shares issued: 42,470,231 and 42,038,967 at March 31, 2024 and 2023; shares outstanding:32,983,888 and 32,567,746 at March 31, 2025 and 2024	0	0	0	0	0
Additional paid-in capital	163	162	161	158	157
Treasury stock: 9,486,343 and 9,471,221 common shares at March 31, 2025 and 2024	−36	−36	−36	−36	−36
Retained deficit	−115	−103	−91	−57	−63
Total shareholders equity	12	23	33	65	58
Total liabilities and shareholders equity	52	63	72	87	93

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Net loss	−12	−12	−34	6	26
Depreciation	1	1	1	1	1
Amortization of intangible assets	1	1	653,000	227,000	290,000
Stock-based compensation	1	950,000	2	813,000	753,000
Impairment on intangibles	0	456,000	0	0	—
Deferred income tax benefit	7,000	−5,000	18	2	−20
Impairment of property and equipment	20,000	69,000	0	0	—
Loss on sale of property and equipment	91,000	84,000	27,000	−77,000	1,000
Provision for inventory reserves	552,000	562,000	628,000	623,000	275,000
Provision for credit losses/bad debts	378,000	170,000	65,000	10,000	—
Other	197,000	12,000	96,000	26,000	106,000
Accounts receivable	800,000	−464,000	−586,000	4	−2
Revenue earned but not billed	1	−3	1	851,000	−2
Inventories	6	−603,000	2	−420,000	−5
Prepaid expenses and other assets	2	−1	2	−888,000	−396,000
Accounts payable	−5	5	2	−8	−3
Accrued expenses and other liabilities	2	−2	2	−7	6
Deferred revenue, current and long-term	155,000	−295,000	329,000	−87,000	−95,000
Net cash (used in) provided by operating activities	599,000	−10	−2	−113,000	2
Cash to fund acquisitions, net of cash received	0	0	−6	−4	0
Purchase of property and equipment	−99,000	−837,000	−586,000	−518,000	−902,000
Additions to patents and licenses	−6,000	0	−9,000	−10,000	−51,000
Proceeds from sales of property, plant and equipment	233,000	106,000	0	122,000	7,000
Net cash provided by (used in) investing activities	128,000	−731,000	−6	−5	−946,000
Payment of long-term debt	−206,000	−15,000	−15,000	−14,000	−35,000
Proceeds from revolving credit facility	500,000	0	10	—	—
Payments of revolving credit facility	−4	0	0	0	−18
Proceeds from long-term debt	4	0	0	—	—
Payments to settle employee tax withholdings on stock-based compensation	0	−2,000	−2,000	−5,000	−84,000
Debt issue costs	−216,000	0	−29,000	−4,000	−245,000
Proceeds from employee equity exercises	−13,000	3,000	58,000	127,000	236,000
Net cash provided by (used in) financing activities	90,000	−14,000	10	104,000	−10
Net (decrease) increase in cash and cash equivalents	817,000	−11	2	−5	−9
Cash paid for interest	−962,000	−691,000	−346,000	−68,000	−118,000
Cash paid for income taxes	−26,000	−59,000	−87,000	−203,000	−175,000
Issuance of common stock in connection with acquisition	0	0	800,000	0	0

Filings

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