$OESX

ORION ENERGY SYSTEMS, INC.

CIK:0001409375|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 25,743	$ 19,575
Total cost of revenue	16,832	13,674
Gross profit	8,911	5,901
Operating expenses:
General and administrative	3,694	4,290
Sales and marketing	2,838	2,416
Research and development	268	208
Total operating expenses	6,800	6,914
Income (loss) from operations	2,111	(1,013)
Other income (expense):
Interest expense	(98)	(169)
Amortization of debt issue cost	(18)	(51)
Royalty income	1	2
Loss on debt extinguishment	(42)	0
Total other expense	(157)	(218)
Income (loss) before income tax	1,954	(1,231)
Income tax expense	(5)	13
Net income (loss)	$ 1,959	$ (1,244)
Basic net income (loss) per share	$ 0.48	$ (0.37)
Weighted-average common shares outstanding	4,059,842	3,331,524
Diluted net loss per share	$ 0.47	$ (0.37)
Weighted-average common shares and share equivalents outstanding	4,162,795	3,331,524
Product revenue
Total revenue	$ 14,219	$ 13,512
Total cost of revenue	8,668	8,822
Service revenue
Total revenue	11,524	6,063
Total cost of revenue	$ 8,164	$ 4,852

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income/(loss)	$ 1,959	$ (1,244)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	115	244
Amortization of intangible assets	118	240
Stock-based compensation	159	166
Amortization of debt issue costs	18	51
Deferred income tax benefit	(56)	0
Loss on debt extinguishment	42	0
Provision for inventory reserves	12	26
Provision for credit losses	15	10
Other	43	(1)
Changes in operating assets and liabilities:
Accounts receivable	1,939	(692)
Revenue earned but not billed	(1,002)	(127)
Inventories	(76)	1,065
Prepaid expenses and other assets	(508)	271
Accounts payable	53	(682)
Accrued expenses and other	(1,378)	227
Deferred revenue, current and long-term	(59)	(69)
Net cash provided by operating activities	1,352	(515)
Investing activities
Purchases of property and equipment	(6)	(55)
Net cash (used in) provided by investing activities	(6)	(55)
Financing activities
Payment of debt	(88)	(88)
Proceeds from debt	642	0
Proceeds from revolving credit facility	600	0
Payments of revolving credit facility	(600)	(1,750)
Net cash (used in) provided by financing activities	554	(1,838)
Net (decrease) increase in cash and cash equivalents	1,900	(2,408)
Cash and cash equivalents at beginning of period	3,265	5,972
Cash and cash equivalents at end of period	5,165	3,564
Supplemental cash flow information:
Cash paid for interest	106	226
Supplemental disclosure of non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$ 420	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Assets
Cash and cash equivalents	$ 5,165	$ 3,265
Accounts receivable, net	14,386	16,340
Revenue earned but not billed	7,411	6,409
Inventories, net	10,368	10,304
Prepaid expenses and other current assets	1,909	1,364
Total current assets	39,239	37,682
Property and equipment, net	6,010	6,114
Goodwill	1,484	1,484
Other intangible assets, net	2,526	2,646
Other long-term assets	4,044	3,679
Total assets	53,303	51,605
Liabilities and Shareholders’ Equity
Accounts payable	15,508	15,451
Accrued expenses and other	9,692	10,728
Deferred revenue, current	96	155
Current maturities of long-term debt	264	353
Total current liabilities	25,560	26,687
Revolving credit facility	3,000	3,000
Long-term debt, less current maturities	3,261	2,619
Other long-term liabilities	2,736	2,671
Total liabilities	34,557	34,977
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2026 and March 31, 2026; no shares issued and outstanding at June 30, 2026 and March 31, 2026	0	0
Common stock, no par value: Shares authorized: 20,000,000 at June 30, 2026 and March 31, 2026; shares issued: 4,834,109 at June 30, 2026 and 4,819,013 at March 31, 2026; shares outstanding 4,071,624 at June 30, 2026 and 4,056,528 at March 31, 2026	0	0
Additional paid-in capital	169,805	169,646
Treasury stock, common shares: 762,472 at June 30, 2026 and 762,485 at March 31, 2026	(34,962)	(34,962)
Accumulated deficit	(116,097)	(118,056)
Total shareholders’ equity	18,746	16,628
Total liabilities and shareholders’ equity	$ 53,303	$ 51,605