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Orion Energy Systems, Inc. (OESX) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

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Orion Energy Systems, Inc.

HISTORY TOOLS
CIK: 1409375 Ticker: OESX

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
per share figures

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

•

FY 2022 revenue rose 6.5% to $124.4M versus $116.8M in the prior year, supported by growth in the company’s energy service company (ESCO) partner channel which rose $8M, or 71%, compared to FY 2021.

•

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

 

The following information was filed by Orion Energy Systems, Inc. (OESX) on Tuesday, June 7, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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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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Inside Orion Energy Systems, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Statements Of Shareholders' Equity
Accounts Receivable
Accounts Receivable (Accounts Receivable And Allowance For Doubtful Accounts) (Details)
Accounts Receivable (Narrative) (Details)
Accounts Receivable (Tables)
Accrued Expenses And Other
Accrued Expenses And Other (Accrued Expenses And Other) (Details)
Accrued Expenses And Other (Narrative) (Details)
Accrued Expenses And Other (Tables)
Accrued Expenses And Other (Warranty Accrual) (Details)
Acquisition
Acquisition (Narrative) (Details)
Acquisition (Tables)
Acquisition - Schedule Of Intangible Assets Acquired At Date Of Acquisition (Details)
Acquisition - Schedule Of Preliminary Allocation Of Purchase Consideration To Fair Value Of Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Business
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Summary Of Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Summary Of Components And Changes In Other Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Summary Of Estimated Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets (Useful Lives) (Details)
Impact Of Covid-19
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Reconciliation Of Tax Rates) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense Or Benefit) (Details)
Income Taxes (Schedule Of Deferred Tax Assets) (Details)
Income Taxes (Tables)
Income Taxes (Unrecognized Tax Benefit Activity) (Details)
Inventories
Inventories (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Revenue And Cost Of Sales Arising From Sales-Type Leases) (Details)
Leases (Summary Of Assets Leased From Third Parties) (Details)
Leases (Summary Of Estimated Maturity Of Lease Liabilities) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Aggregate Maturities) (Details)
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Summary Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share (Earnings Per Share) (Details)
Net Income (Loss) Per Common Share (Potentially Dilutive Securities Excluded From The Calculation Of Diluted Net Income (Loss) Per Common Share ) (Details)
Net Income (Loss) Per Common Share (Tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Narrative) (Details)
Prepaid Expenses And Other Current Assets (Summary Of Prepaid Expenses And Other Current Assets) (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property And Equipment (Narrative) (Details)
Property And Equipment (Summary Of Property And Equipment) (Details)
Property And Equipment (Useful Lives) (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Parenthetical) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Restructuring Expense
Restructuring Expense (Narrative) (Details)
Restructuring Expense (Restructuring By Segment) (Details)
Restructuring Expense (Restructuring By Statement Of Operations Location) (Details)
Restructuring Expense (Tables)
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Revenue - Summary Of Contract Assets And Liabilities (Details)
Segment Data
Segment Data (Reconciliation Of Segment Assets And Liabilities) (Details)
Segment Data (Reconciliation Of Segment Operations) (Details)
Segment Data (Tables)
Shareholders' Equity
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Schedule Of Espp Activity) (Details)
Shareholders' Equity (Tables)
Stock Options And Restricted Shares
Stock Options And Restricted Shares (Narrative) (Details)
Stock Options And Restricted Shares (Schedule Of Restricted Shares) (Details)
Stock Options And Restricted Shares (Stock-Based Compensation) (Details)
Stock Options And Restricted Shares (Summary Of Exercise Price Range) (Details)
Stock Options And Restricted Shares (Summary Of Outstanding Stock Options) (Details)
Stock Options And Restricted Shares (Summary Of Unrecognized Compensation Cost) (Details)
Stock Options And Restricted Shares (Tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
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

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