EXHIBIT 99.1


Orion Q4’21 Revenue Rose 37% to $35.5M on Strong LED Lighting Retrofit Activity;

FY 2022 Revenue Expected to Rise at least 28% vs. FY 2021 Revenue of $116.8M;

Investor Call Today at 4:30 pm ET

 

Manitowoc, WI – June 1, 2021 – Orion Energy Systems, Inc.

(NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, controls and IoT systems, including turnkey project implementation, program management and system maintenance, today reported results for its fiscal 2021 fourth quarter (Q4’21) and year ended March 31, 2021 (FY 2021). Orion will hold an investor call today at 4:30 p.m. ET – details below.

 

Orion Q4’21 and FY 2021 Highlights

$ in millions except
per share figures

Q4’21

Q4'20

Change

 

FY 2021

FY 2020

Change

Revenue

$35.5

$25.9

+$9.6

 

$116.8

$150.8

-$34.0

Gross Profit

$9.2

$5.8

+$3.4

 

$30.1

$37.1

-$7.0

Gross Profit %

26.0%

22.3%

+370 bps

 

25.8%

24.6%

+120 bps

Net Income (Loss)*

$22.1

($0.5)

+$22.7

 

$26.1

$12.5

+$13.7

EPS*

$0.71

($0.02)

+$0.73

 

$0.83

$0.40

+$0.43

Net Income (Loss) Excluding Tax Benefit*

$1.2

($0.5)

+$1.7

 

$5.2

$12.5

-$7.3

EPS Excluding Tax Benefit*

$0.04

($0.02)

+$0.06

 

$0.17

$0.40

-$0.24

EBITDA**

$2.9

$0.0

+$2.9

 

$8.4

$14.7

-$6.3

*Q4’21 and FY 2021 periods include a non-cash tax benefit of $20.9M, or $0.67 and $0.66 per diluted share, respectively, for the release of the valuation allowance against Orion’s deferred tax assets; see reconciliation below.

**EBITDA reconciliation below.

 

Financial Highlights

Q4’21 revenue rose 37% principally on strength of national account activity and some Q4’20 COVID-19 impact.

Achieved FY 2021 full year revenue of $116.8M despite COVID-19 related business disruptions during the first half of the year.

Gross profit percentage improved to 26.0% in Q4’21 and to 25.8% in FY 2021 primarily due to operational efficiencies and favorable product mix in the FY 2021 periods.

Orion recorded a release of the valuation allowance against its deferred tax assets, resulting in a non-cash tax benefit of $20.9M, or $0.67 and $0.66 per diluted share, in Q4’21 and FY 2021, respectively.

Q4’21 net income excluding the tax benefit improved to $1.2M, or $0.04 per diluted share, compared to a net loss of ($0.5M), or ($0.02) per diluted share, in Q4’20.

FY 2021 net income excluding the tax benefit was $5.2M, or $0.17 per diluted share, versus $12.5M, or $0.40 per diluted share, in FY 2020, principally reflecting COVID-19 related business disruptions during the first half of FY 2021.

Orion ended FY 2021 with $26.2M in net working capital, including $19.4M of cash, with no amounts drawn on its credit facility and all $25M available on the credit facility.

 

1

 


The following information was filed by Orion Energy Systems, Inc. (OESX) on Tuesday, June 1, 2021 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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