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EXHIBIT 99.1
Orion Energy Systems Reports FY 2022 Revenue of $124.4M, EPS of $0.19,
Gross Profit Percentage of 27.3% and over $35M of Liquidity
Manitowoc, WI – June 7, 2022 – Orion Energy Systems, Inc.
(NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and control systems, including turnkey project implementation, program management and system maintenance, today reported results for its fiscal 2022 fourth quarter (Q4’22) and full year (FY 2022) ended March 31, 2022. Orion will hold an investor call today at 10:00 a.m. ET – details below.
Q4 & FY 2022 Financial Summary |
||||||
$ in millions except |
FY 2022 |
FY 2021 |
Change |
Q4’22 |
Q4’21 |
Change |
Revenue |
$124.4 |
$116.8 |
+$7.5 |
$22.1 |
$35.5 |
-$13.4 |
Gross Profit |
$33.9 |
$30.1 |
+3.8 |
$5.3 |
$9.2 |
-$4.0 |
Gross Profit % |
27.3% |
25.8% |
+150 bps |
23.8% |
26.0% |
-220 bps |
Net Income (Loss) (1) |
$6.1 |
$26.1 |
-$20.0 |
($1.2) |
$22.1 |
-$23.3 |
EPS (1) |
$0.19 |
$0.83 |
-$0.64 |
($0.04) |
$0.71 |
-$0.75 |
Net Income (Loss) Excluding Tax Benefit (1) |
$6.1 |
$5.2 |
+$0.9 |
($1.2) |
$1.2 |
-$2.4 |
EPS Excluding Tax Benefit (1) |
$0.19 |
$0.17 |
+$0.02 |
($0.04) |
$0.04 |
-$0.08 |
Adj. EBITDA (2) |
$9.7 |
$9.1 |
+$0.6 |
($0.4) |
$3.1 |
-$3.4 |
Cash & Equivalents |
$14.5 |
$19.4 |
-$4.9 |
$14.5 |
$19.4 |
-$4.9 |
(1)FY 2021 and Q4’21 net income included a non-cash income tax benefit of $20.9M, or $0.66 & $0.67 per diluted share, respectively, for the release of the valuation allowance against Orion’s deferred tax assets. (2)Adj. EBITDA reconciliation table follows this earnings release. |
Financial Highlights
• |
Orion made progress diversifying its business in FY 2022, growing revenue outside of its largest customer, a major national retailer, by almost 25% over FY 2021. Business from the company’s largest customer was $61M or 49% of FY 2022 revenue, compared to $65M or 56% in FY 2021. |
• |
FY2022 included $5.8M of maintenance services revenue, achieving a significant contribution from its recent acquisition of Stay-Lite Lighting. |
• |
FY 2022 gross profit percentage improved to 27.3% versus 25.8% in FY 2021, benefitting from improved pricing, product mix and production cost efficiencies on higher sales. |
• |
FY 2022 net income improved to $6.1M, or $0.19 per share, compared to FY 2021 net income excluding a one-time non-cash tax benefit in the prior year of $5.2M, or $0.17 per share. |
• |
FY 2022 adjusted EBITDA improved to $9.7M compared to $9.1M in FY 2021, reflecting higher revenue and gross profit percentage. |
1
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Orion Energy Systems, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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We believe that our estimates and judgments discussed herein are reasonable, however, actual results could differ, which could result in gains or losses that could be material.
As a result, our ability to use our net operating loss carry-forwards attributable to the period prior to such ownership change to offset taxable income will be subject to limitations in a particular year, which could potentially result in increased future tax liability for us.
To the extent we establish a valuation allowance or increase this allowance in a period, we must reflect this increase as an expense within the tax provision in our statements of operations.
Cash used by changes in operating assets and liabilities consisted primarily of an increase in inventory of $5.3 million due to the release of new product lines and pre-ordering due to supply chain delays as a result of COVID-19, a decrease in accounts payable of $2.6 million due to the timing of payments, an increase in accounts receivable of $2.4 million due to the timing of billing and customer collections, and an increase in Revenue earned but not billed of $2.4 million due to timing on revenue recognition compared to invoicing.
Our accounts receivables, inventory and payables may increase to the extent our revenue and order levels increase.
(10) Fiscal 2022 includes an...Read more
The following table summarizes our...Read more
Cash used by changes in...Read more
Effective on January 1, 2022,...Read more
USM segment revenue in fiscal...Read more
This sales decrease led to...Read more
Interest expense in fiscal 2022...Read more
Interest expense in fiscal 2021...Read more
This sales increase led to...Read more
The following table summarizes our...Read more
The following table summarizes our...Read more
Cash provided by changes in...Read more
Revenue from a customer contract...Read more
As of March 31, 2022,...Read more
Loss on debt extinguishment in...Read more
Loss on debt extinguishment in...Read more
Our success in the national...Read more
These turnkey services were the...Read more
IoT capabilities can include the...Read more
The increase in service revenue...Read more
In March 2021, we entered...Read more
This resulted in substantially and...Read more
This resulted in substantially and...Read more
We research, design, develop, manufacture,...Read more
Revenues are recognized over-time and...Read more
The loss of, or substantial...Read more
ODS segment revenue in fiscal...Read more
While such credit losses have...Read more
Gross margin increased to 27.3%...Read more
Gross margin increased from 24.6%...Read more
In fiscal 2022, we continued...Read more
Product revenue associated with turnkey...Read more
If an event of default...Read more
The increase in our working...Read more
This qualitative assessment considered our...Read more
The OTA is structured as...Read more
We believe we can leverage...Read more
In addition, depending upon the...Read more
Service revenue increased by 11.4%,...Read more
We help our customers achieve...Read more
General and administrative expenses increased...Read more
These assessments reflect our assumptions,...Read more
In making this judgment, management...Read more
The increase in product revenue...Read more
Cash used by changes in...Read more
We believe the market for...Read more
In fiscal 2023, we plan...Read more
In addition, if we become...Read more
Borrowings under the Credit Facility...Read more
Our sales and marketing expenses...Read more
The acquisition accelerates the growth...Read more
Indefinite Lived Intangible Assets....Read more
We test indefinite lived intangible...Read more
We performed a qualitative assessment...Read more
If actual results are not...Read more
If we experience significant liquidity...Read more
We recognize penalties and interest...Read more
The following table summarizes our...Read more
Financial Statements, Disclosures and Schedules
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Orion Energy Systems, Inc. provided additional information to their SEC Filing as exhibits
Ticker: OESX
CIK: 1409375
Form Type: 10-K Annual Report
Accession Number: 0001564590-22-022983
Submitted to the SEC: Fri Jun 10 2022 3:42:06 PM EST
Accepted by the SEC: Fri Jun 10 2022
Period: Thursday, March 31, 2022
Industry: Electric Lighting And Wiring Equipment