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 figures |
Q4’24 |
Q4’23 |
Change |
|
FY 2024 |
FY 2023 (1) |
Change |
LED 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 bps |
Net income (loss) (2)(3) |
$1.6 |
($5.1) |
+$6.7 |
|
($11.7) |
($34.3) |
+$22.7 |
Net income (loss) per share (2)(3) |
$0.05 |
($0.16) |
+$0.21 |
|
($0.36) |
($1.08) |
+$0.72 |
Adjusted 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 Jenkins
commented, “Orion saw increasing momentum across the business in
Q4’24, enabling us to achieve performance consistent with our FY
2024 revenue outlook and reflecting our strongest revenue quarter
of the year. We expect our momentum to continue in 2025 with full
year growth of 10-15%, driven particularly by anticipated growth in
LED lighting and EV charging solutions segments, supported by
positive tailwinds from several macro themes.
“We expect our LED Lighting segment to be supported by a range
of projects from both new and long-time customers.
“FY 2025 should also see continued growth in sales to Energy
Service Company (ESCO) partners. ESCOs, which provide energy saving
solutions to their customers, have responded very favorably to our
expanded line of fixtures developed for the value segment of the
energy efficient fixture market. Our new lines, which include
TritonPro™ LED retrofit high bay fixtures and Harris exterior
LED lighting products, are expected to build on their initial
success as we progress through FY 2025.
“We expect our LED lighting business to benefit from growing
adoption of state regulations banning the sale of fluorescent
fixtures and replacement tubes over the next few years. There are
now seven states with such regulations, most of which will go into
effect in 2025, and we expect other states will follow with similar
regulations. Given Orion’s strength in LED lighting engineering and
design and our industry-leading energy efficiency, we expect this
growing regulatory mandate to support our growth objectives.
“We are also encouraged by the potential benefits of Federal
funding starting to flow from the Build America, Buy America Act
(part of the $550B Infrastructure Investment and Jobs Act), as well
as $7.5B in funding designated for the National Electric Vehicle
Infrastructure (NEVI) Formula Program.
“Turning to our EV charging business, we are very pleased with
Voltrek’s progress in its first full year of operations within
Orion. Despite inevitable growing pains the past year, related to
integration, building out the team and capabilities, and developing
a solid pipeline of larger opportunities, Voltrek closed out FY
2024 with record Q4’24 revenue and entered FY 2025 with a total
pipeline of $50M, including over $11M in new contracts with one
customer to be completed during the current fiscal year.
“Despite all the ‘noise’ around growth expectations for the EV
market, there remains a strong need for EV charging infrastructure
which we believe will help propel our growth in this segment. As a
result, we see a very robust pipeline of EV charging solution
opportunities from a range of potential customers, along with
meaningful government stimulus to support the build-out of EV
infrastructure. Opportunities range from charging stations for EV
vehicle fleets as well as government, commercial, industrial, and
retail installations. Voltrek’s experience and long-term track
record of successful projects put Orion in very strong position to
compete for EV charging station projects, particularly within our
base of long -term lighting solutions customers.
“In our maintenance services business, Orion was successful in
driving meaningful revenue and profitability improvements during FY
2024. Maintenance revenue grew 17.8% in FY 2024, largely due to
contributions from the previously announced three-year,
preventative lighting maintenance services agreement for a major
customer’s approximately 2,000 retail locations. In addition, we
made great progress this past year in repricing long-term contracts
which were no longer profitable due to a variety of inflationary
impacts over the past two years. Our progress in repricing most of
our contracts enabled us to return the business to positive gross
profit percentage in Q4’24. Our near-term goal is to return the
gross profit margins of this business to approaching our overall
business, and from there, to selectively build the business via
existing customer relationships where we have the greatest
potential synergies.
“Over the past several years, we diversified and strengthened
our business. The benefits of this transformation are clearly
reflected in our fourth quarter and full year results as well as
for our continued growth outlook for our Fiscal 25 and beyond.”
Business OutlookOrion continues to target FY
2025 revenue growth of 10%-15% on a consolidated basis compared to
FY 2024. This outlook is based on expected revenue from large
national LED lighting projects for new and existing customers in
the automotive, retail, technology, logistics/distribution and
banking sectors. In addition, Orion anticipates continued growth in
sales to ESCO and Agent partners who are responding favorably to
the quality, energy efficiency and value of new LED lighting
products developed to meet the needs of this channel.
Additionally, Orion expects robust growth in EV charging
solutions revenue in FY 2025, driven by existing project contracts,
a growing pipeline of opportunities developed by its expanded team,
and synergies with Orion’s other businesses.
Revenue from maintenance services is expected to contract by
$4-5M in FY 2025, primarily due to three large legacy customers
that did not accept long-term pricing increases during recent RFP
processes. These revenue impacts are expected to be partially
offset by maintenance expansion opportunities within the existing
customer base. Importantly, Orion anticipates a meaningful increase
in its maintenance services gross profit percentage in FY 2025,
reflecting the benefit of its pricing discipline.
Financial Results Q4’24 revenue rose 22.1% to
$26.4M versus $21.6M in Q4’23, driven by growth across all three of
Orion’s business segments. FY 2024 revenue increased 17.1% to
$90.6M from $77.4M in FY 2023, reflecting nearly a 100% increase in
EV charging revenues, 17.8% growth in maintenance services revenue
and an 8.0% increase in LED lighting revenue. Both FY 2024 periods
reflect the ramp-up of large LED lighting projects, including a
large European retrofit project and a large outdoor lighting
project for Orion’s largest customer. Maintenance services also
benefitted from a 3-year agreement to provide preventative lighting
maintenance services for a major retail customer’s 2,000 locations
nationwide.
Gross profit increased to $6.8M in Q4’24 from $4.7M in Q4’23 and
gross profit percentage increased 390 basis points to 25.8% from
21.9% in Q4’23. Gross profit increased by $3.4M to $20.9M in FY
2024 from $17.5M in FY 2023 and gross margin increased 50 basis
points to 23.1% from 22.6% in FY 2023. In both periods, gross
margin benefitted from sales mix changes, better fixed cost
absorption on increased revenues and improved pricing on select
maintenance contracts.
Total operating expenses declined to $5.0M in Q4’24 from $9.6M
in Q4’23, primarily due to a net reversal of $3.0M of previously
recognized earnout expense accruals related to Voltrek earnout
compensation in Q4’24 compared to $2.5M of earnout compensation
expense recorded in Q4’23. We continue to accrue earnout expense
according to our expectations of achievement. FY 2024 total
operating expenses decreased 4.3% to $31.7M from $33.5M in FY 2023,
also reflecting the impact of the earnout adjustment. Excluding the
earnout, operating expenses would have increased 6.4% in FY 2024,
due primarily to the inclusion of a full year of Voltrek expenses
in the current year and higher commission expense based on higher
sales levels, partially offset by lower product testing costs.
Given higher revenues and gross profits and lower operating
expenses, Orion’s Q4’24 net income improved to $1.6M, or $0.05 per
share, compared to a net loss of $5.1M, or ($0.16) per share in
Q4’23. Orion’s FY 2024 net loss improved to $11.7M, or ($0.36) per
share, from a FY 2023 net loss of $34.4M, or ($1.08) per share. FY
2023 results included a $17.8M non-cash expense to record a
valuation allowance against Deferred Tax Assets.
Balance Sheet and Cash Flow Orion ended Q4’24
with current assets of $44.8M, including $5.2M of cash and cash
equivalents, $14.0M of accounts receivables, and $18.2M of
inventory. Net of current liabilities, working capital was
$16.8M.
Orion generated cash of $175,000 from operating activities in
Q4’24, reflecting improving operating results and working capital
changes. Orion used $10.1M of cash in operating activities in FY
2024, primarily reflecting its net loss and working capital
investments, partially offset by non-cash expenses, such as
depreciation and amortization.
Orion had financial liquidity of $15.3M at March 31, 2024
compared to $17.5M at December 31, 2023, primarily due to a
reduction in Orion’s borrowing base. Orion had $10.0M of borrowings
outstanding on its credit facility at both March 31, 2024 and March
31, 2023.
In April 2024, Orion further enhanced its financial liquidity by
approximately $5.1M to over $20M through an amendment to its bank
credit facility. The amendment provided a $3.525M mortgage on the
Company’s Manitowoc corporate headquarters and $1.6M of borrowing
base enhancements from a broadening of the definition of eligible
receivables in the Company’s borrowing base calculation. Orion
believes it is in a good position to fund its operations and growth
objectives across each of its business segments through fiscal
2025.
Webcast/Call Detail
Date / Time: |
Thursday, June 6th at 10:00 a.m. ET |
|
|
Live Call Registration: |
https://register.vevent.com/register/BIb42b504b0c814b608e28b99369b04511 |
|
Live call participants must pre-register using the URL above to
receive the dial-in information. |
|
Simply re-register if you lose the dial-in or PIN #. |
Webcast / Replay: |
https://edge.media-server.com/mmc/p/8xbz42c2 |
|
|
About Orion Energy SystemsOrion provides energy
efficiency and clean tech solutions, including LED lighting and
controls, maintenance services and electrical vehicle (EV) charging
solutions. Orion specializes in turnkey design-through-installation
solutions for large national customers as well as projects through
ESCO and distribution partners, with a commitment to helping
customers achieve their business and environmental goals with
healthy, safe and sustainable solutions that reduce their carbon
footprint and enhance business performance.
Orion is committed to operating responsibly throughout all areas
of our organization. Learn more about our Sustainability and
Governance priorities, goals and progress here or visit our website
at www.orionlighting.com.
Non-GAAP Measures In addition to the GAAP
results included in this presentation, Orion has also included the
non-GAAP measures, EBITDA (earnings before interest, taxes,
depreciation and amortization), and Adjusted EBITDA (EBITDA
adjusted for stock-based compensation, payroll tax credit, and
acquisition expenses). The Company has provided these non-GAAP
measures to help investors better understand its core operating
performance, enhance comparisons of core operating performance from
period to period and allow better comparisons of operating
performance to its competitors. Among other things, management uses
these non-GAAP measures to evaluate performance of the business and
believes these measurements enable it to make better
period-to-period evaluations of the financial performance of core
business operations. The non-GAAP measurements are intended only as
a supplement to the comparable GAAP measurements and Orion
compensates for the limitations inherent in the use of non-GAAP
measurements by using GAAP measures in conjunction with the
non-GAAP measurements. As a result, investors should consider these
non-GAAP measurements in addition to, and not in substitution for
or as superior to, measurements of financial performance prepared
in accordance with generally accepted accounting principles.
Consistent with Regulation G under the U.S. federal securities
laws, the non-GAAP measures in this press release have been
reconciled to the nearest GAAP measures, and this reconciliation is
located under the heading “Unaudited EBITDA Reconciliation”
following the Unaudited Condensed Consolidated Statements of Cash
Flows included in this press release.
Safe Harbor
Statement Certain
matters discussed in this press release are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements may generally be identified
as such because the context of such statements will include words
such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "will," "would" or words of similar import. Similarly,
statements that describe our future outlook, plans, expectations,
objectives or goals are also forward-looking statements. Such
forward-looking statements are subject to certain risks and
uncertainties that could cause results to differ materially from
those expected, including, but not limited to, the following: (i)
our ability to realize the anticipated benefits of the Voltrek
acquisition; (ii) we may encounter substantial difficulties, costs
and delays involved in integrating our operations with Voltrek’s
business; (iii) disruption of management’s attention from ongoing
business operations due to the Voltrek acquisition; (iv) our
ability to manage general economic, business and geopolitical
conditions, including the impacts of natural disasters, pandemics
and outbreaks of contagious diseases and other adverse public
health developments, such as the COVID-19 pandemic; (v) the
deterioration of market conditions, including our dependence on
customers' capital budgets for sales of products and services, and
adverse impacts on costs and the demand for our products as a
result of factors such as the COVID-19 pandemic and the
implementation of tariffs; (vi) our ability to adapt and respond to
supply chain challenges, especially related to shipping and
logistics issues, component availability, rising input costs, and a
tight labor market; (vii) our ability to recruit, hire and retain
talented individuals in all disciplines of our company; (viii) our
ability to successfully launch, manage and maintain our refocused
business strategy to successfully bring to market new and
innovative product and service offerings; (ix) potential asset
impairment charges and/or increases on our deferred tax asset
reserve; (x) our dependence on a limited number of key customers,
and the potential consequences of the loss of one or more key
customers or suppliers, including key contacts at such customers;
(xi) our ability to identify and successfully complete transactions
with suitable acquisition candidates in the future as part of our
growth strategy; (xii) the availability of additional debt
financing and/or equity capital to pursue our evolving strategy and
sustain our growth initiatives; (xiii) our risk of potential loss
related to single or focused exposure within the current customer
base and product offerings; (xiv) our ability to achieve and
sustain profitability and positive cash flows; (xv) our ability to
differentiate our products in a highly competitive and converging
market, expand our customer base and gain market share; (xvi) our
ability to manage and mitigate downward pressure on the average
selling prices of our products as a result of competitive pressures
in the LED market; (xvii) our ability to manage our inventory and
avoid inventory obsolescence in a rapidly evolving LED market;
(xviii) our increasing reliance on third parties for the
manufacture and development of products, product components, as
well as the provision of certain services; (xix) our increasing
emphasis on selling more of our products through third party
distributors and sales agents, including our ability to attract and
retain effective third party distributors and sales agents to
execute our sales model; (xx) our ability to develop and
participate in new product and technology offerings or applications
in a cost effective and timely manner; (xxi) our ability to
maintain safe and secure information technology systems; (xxii) our
failure to comply with the covenants in our credit agreement;
(xxiii) our ability to balance customer demand and production
capacity; (xxiv) our ability to maintain an effective system of
internal control over financial reporting; (xxv) price fluctuations
(including as a result of tariffs), shortages or interruptions of
component supplies and raw materials used to manufacture our
products; (xxvi) our ability to defend our patent portfolio and
license technology from third parties; (xxvii) a reduction in the
price of electricity; (xxviii) the reduction or elimination of
investments in, or incentives to adopt, LED lighting or the
elimination of, or changes in, policies, incentives or rebates in
certain states or countries that encourage the use of LEDs over
some traditional lighting technologies; (xxix) the cost to comply
with, and the effects of, any current and future industry and
government regulations, laws and policies; (xxx) potential warranty
claims in excess of our reserve estimates; and (xxxi) the other
risks described in our filings with the Securities and Exchange
Commission. Shareholders, potential investors and other readers are
urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com in the
Investor Relations section of our Website.
Engage with
UsTwitter: @OrionLighting and
@OrionLightingIRStockTwits: @OESX_IR
Investor Relations
Contacts |
|
Per Brodin, CFO |
William Jones; David Collins |
Orion Energy Systems, Inc. |
Catalyst IR |
pbrodin@oesx.com |
(212) 924-9800 or OESX@catalyst-ir.com |
|
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIESUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in
thousands, except share and per share amounts) |
|
|
Three Months Ended March 31, |
|
Twelve Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Product
revenue |
|
$ |
17,041 |
|
|
$ |
15,495 |
|
|
$ |
63,307 |
|
|
$ |
57,210 |
|
Service
revenue |
|
|
9,370 |
|
|
|
6,134 |
|
|
|
27,274 |
|
|
|
20,173 |
|
Total revenue |
|
|
26,411 |
|
|
|
21,629 |
|
|
|
90,581 |
|
|
|
77,383 |
|
Cost of
product revenue |
|
|
11,208 |
|
|
|
11,827 |
|
|
|
44,466 |
|
|
|
42,979 |
|
Cost of
service revenue |
|
|
8,399 |
|
|
|
5,061 |
|
|
|
25,204 |
|
|
|
16,893 |
|
Total cost of revenue |
|
|
19,607 |
|
|
|
16,888 |
|
|
|
69,670 |
|
|
|
59,872 |
|
Gross profit |
|
|
6,804 |
|
|
|
4,741 |
|
|
|
20,911 |
|
|
|
17,511 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
General and
administrative |
|
|
1,051 |
|
|
|
6,304 |
|
|
|
16,740 |
|
|
|
19,487 |
|
Impairment
on Intangibles |
|
|
456 |
|
|
|
— |
|
|
|
456 |
|
|
|
— |
|
Acquisition
related costs |
|
|
— |
|
|
|
(75 |
) |
|
|
56 |
|
|
|
765 |
|
Sales and
marketing |
|
|
3,210 |
|
|
|
2,871 |
|
|
|
12,988 |
|
|
|
11,392 |
|
Research and
development |
|
|
284 |
|
|
|
478 |
|
|
|
1,495 |
|
|
|
1,852 |
|
Total operating expenses |
|
|
5,001 |
|
|
|
9,578 |
|
|
|
31,735 |
|
|
|
33,496 |
|
Income
(loss) from operations |
|
|
1,803 |
|
|
|
(4,837 |
) |
|
|
(10,824 |
) |
|
|
(15,985 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
Other
income |
|
|
2 |
|
|
|
— |
|
|
|
39 |
|
|
|
0 |
|
Interest
expense |
|
|
(191 |
) |
|
|
(242 |
) |
|
|
(752 |
) |
|
|
(339 |
) |
Amortization
of debt issue costs |
|
|
(21 |
) |
|
|
(26 |
) |
|
|
(95 |
) |
|
|
(73 |
) |
Interest
income |
|
|
— |
|
|
|
34 |
|
|
|
2 |
|
|
|
34 |
|
Total other expense |
|
|
(210 |
) |
|
|
(234 |
) |
|
|
(806 |
) |
|
|
(378 |
) |
Income
(loss) before income tax |
|
|
1,593 |
|
|
|
(5,071 |
) |
|
|
(11,630 |
) |
|
|
(16,363 |
) |
Income tax
(benefit) expense |
|
|
(17 |
) |
|
|
45 |
|
|
|
41 |
|
|
|
17,978 |
|
Net income (loss) |
|
$ |
1,610 |
|
|
$ |
(5,116 |
) |
|
$ |
(11,671 |
) |
|
$ |
(34,341 |
) |
Basic net
loss per share attributable to common shareholders |
|
$ |
0.05 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.08 |
) |
Weighted-average common shares outstanding |
|
|
32,486,240 |
|
|
|
32,293,937 |
|
|
|
32,486,240 |
|
|
|
31,703,712 |
|
Diluted net
loss per share |
|
$ |
0.05 |
|
|
$ |
(0.16 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.08 |
) |
Weighted-average common shares and share equivalents
outstanding |
|
|
33,965,007 |
|
|
|
32,293,937 |
|
|
|
32,486,240 |
|
|
|
31,703,712 |
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(in thousands, except share
amounts) |
|
|
March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
Assets |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
5,155 |
|
|
$ |
15,992 |
|
|
Accounts
receivable, net |
|
|
14,022 |
|
|
|
13,728 |
|
|
Revenue
earned but not billed |
|
|
4,539 |
|
|
|
1,320 |
|
|
Inventories |
|
|
18,246 |
|
|
|
18,205 |
|
|
Prepaid
expenses and other current assets |
|
|
2,860 |
|
|
|
1,116 |
|
|
Total current assets |
|
|
44,822 |
|
|
|
50,361 |
|
|
Property and
equipment, net |
|
|
9,593 |
|
|
|
10,470 |
|
|
Goodwill |
|
|
1,484 |
|
|
|
1,484 |
|
|
Other
intangible assets, net |
|
|
4,462 |
|
|
|
6,004 |
|
|
Other
long-term assets |
|
|
2,808 |
|
|
|
3,260 |
|
|
Total assets |
|
$ |
63,169 |
|
|
$ |
71,579 |
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
Accounts
payable |
|
$ |
18,350 |
|
|
$ |
13,405 |
|
|
Accrued
expenses and other |
|
|
9,440 |
|
|
|
10,552 |
|
|
Deferred
revenue, current |
|
|
260 |
|
|
|
480 |
|
|
Current
maturities of long-term debt |
|
|
3 |
|
|
|
17 |
|
|
Total current liabilities |
|
|
28,053 |
|
|
|
24,454 |
|
|
Revolving
credit facility |
|
|
10,000 |
|
|
|
10,000 |
|
|
Long-term
debt, less current maturities |
|
|
- |
|
|
|
3 |
|
|
Deferred
revenue, long-term |
|
|
413 |
|
|
|
489 |
|
|
Other
long-term liabilities |
|
|
2,161 |
|
|
|
3,384 |
|
|
Total
liabilities |
|
|
40,627 |
|
|
|
38,330 |
|
|
Commitments
and contingencies |
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
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 |
|
|
— |
|
|
|
— |
|
|
Common
stock, no par value: Shares authorized: 200,000,000 at March 31,
2024 and 2023; shares issued: 42,038,967 and 41,767,092 at March
31, 2024 and 2023; shares outstanding: 32,567,746 and 32,295,408 at
March 31, 2024 and 2023 |
|
|
— |
|
|
|
— |
|
|
Additional
paid-in capital |
|
|
161,869 |
|
|
|
160,907 |
|
|
Treasury
stock: 9,471,221 and 9,471,684 common shares at March 31, 2024 and
2023 |
|
|
(36,235 |
) |
|
|
(36,237 |
) |
|
Retained
deficit |
|
|
(103,092 |
) |
|
|
(91,421 |
) |
|
Total shareholders’ equity |
|
|
22,542 |
|
|
|
33,249 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
63,169 |
|
|
$ |
71,579 |
|
|
|
|
|
|
|
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIESUNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (in
thousands) |
|
|
Fiscal Year Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
|
Net (loss) income |
|
$ |
(11,671 |
) |
|
$ |
(34,341 |
) |
Adjustments to reconcile net income to net cash (used in) |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation |
|
|
1,410 |
|
|
|
1,369 |
|
Amortization of intangible assets |
|
|
1,085 |
|
|
|
653 |
|
Stock-based compensation |
|
|
950 |
|
|
|
1,612 |
|
Impairment on intangibles |
|
|
456 |
|
|
|
- |
|
Amortization of debt issue costs |
|
|
95 |
|
|
|
73 |
|
Deferred income tax benefit |
|
|
- |
|
|
|
17,881 |
|
Impairment of fixed assets |
|
|
69 |
|
|
|
- |
|
Loss (gain) on sale of property and equipment |
|
|
84 |
|
|
|
27 |
|
Provision for inventory reserves |
|
|
562 |
|
|
|
628 |
|
Provision for credit losses/bad debts |
|
|
170 |
|
|
|
65 |
|
Other |
|
|
7 |
|
|
|
96 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
Accounts receivable |
|
|
(464 |
) |
|
|
(586 |
) |
Revenue earned but not billed |
|
|
(3,219 |
) |
|
|
1,426 |
|
Inventories |
|
|
(603 |
) |
|
|
1,879 |
|
Prepaid expenses and other assets |
|
|
(1,384 |
) |
|
|
2,017 |
|
Accounts payable |
|
|
4,990 |
|
|
|
2,372 |
|
Accrued expenses and other liabilities |
|
|
(2,334 |
) |
|
|
2,209 |
|
Deferred revenue, current and long-term |
|
|
(295 |
) |
|
|
329 |
|
Net cash (used in) operating activities |
|
|
(10,092 |
) |
|
|
(2,291 |
) |
Investing activities |
|
|
|
|
Cash to fund acquisitions, net of cash received |
|
|
— |
|
|
|
(5,600 |
) |
Purchase of property and equipment |
|
|
(837 |
) |
|
|
(586 |
) |
Additions to patents and licenses |
|
|
- |
|
|
|
(9 |
) |
Proceeds from sales of property, plant and equipment |
|
|
106 |
|
|
|
- |
|
Net cash used in investing activities |
|
|
(731 |
) |
|
|
(6,195 |
) |
Financing activities |
|
|
|
|
Payment of long-term debt |
|
|
(15 |
) |
|
|
(15 |
) |
Proceeds from revolving credit facility |
|
|
— |
|
|
|
10,000 |
|
Payments to settle employee tax withholdings on stock-based
compensation |
|
|
(2 |
) |
|
|
(2 |
) |
Debt issue costs |
|
|
- |
|
|
|
(29 |
) |
Net proceeds from employee equity exercises |
|
|
3 |
|
|
|
58 |
|
Net cash provided by (used in) financing
activities |
|
|
(14 |
) |
|
|
10,012 |
|
Net increase
(decrease) in cash and cash equivalents |
|
|
(10,837 |
) |
|
|
1,526 |
|
Cash and
cash equivalents at beginning of period |
|
|
15,992 |
|
|
|
14,466 |
|
Cash and
cash equivalents at end of period |
|
$ |
5,155 |
|
|
$ |
15,992 |
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIESUNAUDITED EBITDA
RECONCILIATION (in thousands) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
March 31, 2024 |
|
Dec. 31, 2023 |
|
March 31, 2023 |
|
March 31, 2024 |
|
March 31, 2023 |
Net income (loss) |
|
$ |
1,610 |
|
|
$ |
(2,256 |
) |
|
$ |
(5,116 |
) |
|
$ |
(11,671 |
) |
|
$ |
(34,341 |
) |
Interest |
|
|
191 |
|
|
|
193 |
|
|
|
208 |
|
|
|
750 |
|
|
|
305 |
|
Taxes |
|
|
(17 |
) |
|
|
1 |
|
|
|
45 |
|
|
|
41 |
|
|
|
17,978 |
|
Depreciation |
|
|
344 |
|
|
|
360 |
|
|
|
395 |
|
|
|
1,410 |
|
|
|
1,369 |
|
Amortization
of intangible assets |
|
|
272 |
|
|
|
273 |
|
|
|
280 |
|
|
|
1,085 |
|
|
|
653 |
|
Amortization
of debt issue costs |
|
|
21 |
|
|
|
25 |
|
|
|
26 |
|
|
|
95 |
|
|
|
73 |
|
EBITDA |
|
$ |
2,421 |
|
|
$ |
(1,404 |
) |
|
$ |
(4,162 |
) |
|
$ |
(8,290 |
) |
|
$ |
(13,963 |
) |
Stock-based
compensation |
|
|
269 |
|
|
|
266 |
|
|
|
177 |
|
|
|
950 |
|
|
|
1,612 |
|
Acquisition
related costs |
|
|
— |
|
|
|
— |
|
|
|
(75 |
) |
|
|
56 |
|
|
|
765 |
|
Restructuring costs |
|
|
138 |
|
|
|
— |
|
|
|
— |
|
|
|
138 |
|
|
|
— |
|
Impairment
on assets |
|
|
525 |
|
|
|
— |
|
|
|
— |
|
|
|
525 |
|
|
|
— |
|
Earnout
expenses |
|
|
(2,953 |
) |
|
|
1,050 |
|
|
|
2,500 |
|
|
|
347 |
|
|
|
4,000 |
|
Adjusted EBITDA |
|
$ |
401 |
|
|
$ |
(88 |
) |
|
$ |
(1,560 |
) |
|
$ |
(6,273 |
) |
|
$ |
(7,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
Orion Energy Systems (NASDAQ:OESX)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Orion Energy Systems (NASDAQ:OESX)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024