MANITOWOC, Wis., February 9, 2023 (GLOBE NEWSWIRE) — Orion Energy Systems, Inc. OESX (Orion Illumination), a provider of energy-efficient LED lighting and controls, maintenance services and electric vehicle (EV) charging station solutions, today reported results for the third quarter of fiscal 2023 (Q3’23) ended December 31, 2022. Orion will hold an investor conference today at 10:00 am ET (details below); Online pre-registration required to obtain dial-in information for the call.
| Q3 financial overview | Previous three quarters | ||||||||
| $ in millions except Numbers per share |
Q3’23 | Q3’22 | Change | Q2’23 | Q1’23 | Q4’22 | |||
| revenue | $20.3 | $30.7 | ($10.4) | $17.6 | $17.9 | $22.1 | |||
| gross profit | $4.8 | $7.6 | ($2.9) | $4.4 | $3.6 | $5.3 | |||
| gross profit % | 23.6% | 24.9% | (130fps) | 25.3% | 19.8% | 23.8% | |||
| Net Income (Loss). (1) | ($24.1) | $1.1 | ($25.2) | ($2.3) | ($2.8) | ($1.2) | |||
| eps (1) | ($0.75) | $0.04 | ($0.79) | ($0.08) | ($0.09) | ($0.04) | |||
| Adjusted EBITDA (2) | ($1.6) | $2.1 | ($3.7) | ($1.5) | ($2.9) | ($0.4) | |||
| cash equivalents | $8.1 | $17.3 | ($9.2) | $12.5 | $9.4 | $14.5 | |||
| (1) Net loss and earnings per share reflect a $17.8 million non-cash tax charge to account for a valuation allowance for deferred tax assets and a $1.5 million provision for the earnout related to of the Voltrek acquisition in Q3 23. (2) See EBITDA and Adjusted EBITDA reconciliation below. |
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Third quarter financial highlights
- 3Q23 revenue of $20.3 million, including $2.8 million for Voltrek, compared to $30.7 million in 3Q22 and $17.6 million in 2Q23.
- Q3’23 gross profit percentage of 23.6% versus 24.9% in Q3’22 and Q2’23 of 25.3%.
- Net loss and earnings per share include a $17.8 million non-cash tax charge to record an allowance for deferred tax assets
- Working capital at quarter end of $24.5 million, including net inventory of $19.3 million.
- Liquidity at quarter-end of approximately $19.4 million comprised of $8.1 million in cash and equivalents and $11.3 million of available credit facility.
CEO comment
“While we delivered sequential revenue growth in Q3, delays in capitalizing major DoD and automotive projects have shifted much of this revenue into Q4’23 and FY2024. .
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