NOTE 17 — SEGMENT DATA

Orion evaluates and reports its business using three segments: Orion lighting segment, Orion maintenance segment and Orion electric vehicle charging segment. Orion configured its fiscal 2025 budget in order to compare actual performance to plan performance for these segments. Orion's CODM is the chief executive officer. The Company's CODM focuses primarily on each segment's ability to generate sufficient revenues and manage cost of services along with operating expenses. As such, the CODM measures operating performance at the segment level based on operating income or loss, including evaluation of budget to actual variances. Reportable segments are components of an entity that have separate financial data that the CODM regularly reviews when allocating resources and assessing performance.

Lighting Segment

The lighting segment develops and sells lighting products and provides construction and engineering services for Orion's commercial lighting and energy management systems. The lighting segment provides engineering, design, lighting products and in many cases turnkey solutions for large national accounts, governments, municipalities, schools and other customers. The lighting segment sells mostly through direct sales, but it also sells lighting products though manufacturer representative agencies and to the wholesale contractor markets through energy service companies and contractors.

Maintenance Segment

The maintenance segment provides retailers, distributors and other businesses with maintenance, repair and replacement services for the lighting and related electrical components deployed in their facilities.

EV Segment

The EV segment offers leading electric vehicle charging expertise, sells and installs sourced electric vehicle charging stations with related software subscriptions and renewals and provides EV turnkey installation solutions with ongoing support to all commercial verticals.

Corporate and Other

Corporate and other is comprised of operating expenses not directly allocated to Orion’s segments and adjustments to reconcile to consolidated results.


For the Year Ended March 31, 2025
(dollars in thousands)
	Lighting			Maintenance			EV			Corporate & Other			Total
Product revenue	$	40,045		$	5,902		$	8,421		$	—		$	54,368
Service revenue		7,659			9,288			8,405			—			25,352
Total revenue		47,704			15,190			16,826			—			79,720
Cost of Sales - Product		28,664			3,215			5,440			—			37,319
Cost of Sales - Service		6,332			9,207			6,626			—			22,165
Total cost of sales		34,996			12,422			12,066			—			59,484
Gross profit		12,708			2,768			4,760			—			20,236
Operating Expenses:
General and Administrative		6,083			3,075			5,423			3,427			18,008
Sales and Marketing		8,800			685			1,578			532			11,595
Research and Development		588			196			115			330			1,229
Total operating expenses		15,471			3,956			7,116			4,289			30,832
Operating loss		(2,763	)		(1,188	)		(2,356	)		(4,289	)		(10,596	)
Other Income (Expense):
Other income														62
Dividend and Interest Income														7
Interest Expense														(1,026	)
Amortization of Debt Issuance Cost														(206	)
Loss on Debt Extinguishment														—
Other income (expense)														(1,163	)
Earnings before tax													$	(11,759	)


For the Year Ended March 31, 2024
(dollars in thousands)
	Lighting			Maintenance			EV			Corporate & Other			Total
Product revenue	$	50,319		$	4,687		$	8,301		$	—		$	63,307
Service revenue		10,783			12,460			4,031			—			27,274
Total revenue		61,102			17,147			12,332			—			90,581
Cost of Sales - Product		36,490			2,339			5,637			-			44,466
Cost of Sales - Service		7,800			14,060			3,344			—			25,204
Total cost of sales		44,290			16,399			8,981			—			69,670
Gross profit		16,812			748			3,351			—			20,911
Operating Expenses:
General and Administrative		6,516			4,517			3,649			2,058			16,740
Impairment of assets		—			456			—			—			456
Sales and Marketing		10,813			928			1,146			101			12,988
Research and Development		809			359			102			225			1,495
Acquisition-Related		21			11			17			7			56
Total operating expenses		18,159			6,271			4,914			2,391			31,735
Operating loss		(1,347	)		(5,523	)		(1,563	)		(2,391	)		(10,824	)
Other Income (Expense):
Other income														39
Dividend and Interest Income														2
Interest Expense														(752	)
Amortization of Debt Issuance Cost														(95	)
Loss on Debt Extinguishment														—
Other income (expense)														(806	)
Earnings before tax													$	(11,630	)


For the Year Ended March 31, 2023
(dollars in thousands)
	Lighting			Maintenance			EV			Corporate & Other			Total
Product revenue	$	49,465		$	3,266		$	4,479		$	—		$	57,210
Service revenue		7,088			11,289			1,796			—			20,173
Total revenue		56,553			14,555			6,275			—			77,383
Cost of Sales - Product		37,897			1,850			3,232			—			42,979
Cost of Sales - Service		4,955			10,325			1,613			—			16,893
Total cost of sales		42,852			12,175			4,845			—			59,872
Gross profit		13,701			2,380			1,430			—			17,511
Operating Expenses:
General and Administrative		7,325			3,667			4,852			3,644			19,488
Sales and Marketing		9,990			665			634			103			11,392
Research and Development		1,028			299			66			459			1,852
Acquisition-Related		508			(30	)		36			250			764
Total operating expenses		18,851			4,601			5,588			4,456			33,496
Operating income (loss)		(5,150	)		(2,221	)		(4,158	)		(4,456	)		(15,985	)
Other Income (Expense):
Dividend and Interest Income														34
Interest Expense														(339	)
Amortization of Debt Issuance Cost														(73	)
Loss on Debt Extinguishment														—
Other income (expense)														(378	)
Earnings before tax														(16,363	)


	Depreciation and Amortization						Capital Expenditures
	For the year ended March 31,						For the year ended March 31,
(dollars in thousands)	2025		2024		2023		2025		2024		2023
Segments:
Lighting Segment	$	868	$	747	$	1,094	$	26	$	92	$	71
Maintenance Segment		386		453		317		2		535		194
EV Segment		1,083		979		465		2		56		5
Corporate and Other		281		411		219		69		154		316
	$	2,618	$	2,590	$	2,095	$	99	$	837	$	586


	Total Assets
(dollars in thousands)	March 31, 2025		March 31, 2024
Segments:
Lighting Segment	$	20,646	$	25,911
Maintenance Segment		4,384		8,827
EV Segment		11,963		15,291
Corporate and Other		15,470		13,140
	$	52,463	$	63,169

Orion’s lighting segment revenue outside the United States in Germany was $1.8 million, $6.4 million and $0.2 in for the fiscal years ended March 31, 2025, 2024 and 2023, respectively. All other revenues are generated from the United States. Orion attributes revenues from external customers to individual countries based on the geographic location in which the work is performed. Orion has no long-lived assets outside the United States.

Historical Timeline

Fiscal Year	Filed
2025	Jun 26, 2025	Showing above
2024	Jun 12, 2024

2023	Jun 12, 2023

2022	Jun 10, 2022

2021	Jun 1, 2021

2020	Jun 5, 2020

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

ORION ENERGY SYSTEMS, INC. Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures