Orion Energy Systems Files 2024 10-K

TL;DR

Orion Energy Systems filed its 2024 10-K, detailing financials and business segments like EV charging.

AI Summary

Orion Energy Systems, Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, based in Manitowoc, WI, reported on its financial performance and business operations. Key segments include Product Sale of Tax Credit and Electric Vehicle Charging. The filing also details credit concentration risks related to accounts receivable from Customer Two.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Orion Energy Systems' financial health, operational performance, and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing highlights credit concentration risk with a specific customer, indicating potential vulnerability.

Key Numbers

• 03-31 — Fiscal Year End (The end date of the reporting period for the 10-K filing.)
• 2024-03-31 — Reporting Period End (Specific end date of the fiscal year covered by the 10-K.)
• 2023-04-01 — Reporting Period Start (Specific start date of the fiscal year covered by the 10-K.)

Key Players & Entities

• ORION ENERGY SYSTEMS, INC. (company) — Filer
• 2024-03-31 (date) — Fiscal Year End
• Manitowoc, WI (location) — Company Address
• Customer Two (company) — Customer with Accounts Receivable Risk
• Product Sale of Tax Credit (business_segment) — Reportable Segment
• Electric Vehicle Charging (business_segment) — Reportable Segment

FAQ

Key Financial Figures

• $22.0 million — rch 31, 2024 and March 31, 2023 totaled $22.0 million and $17.2 million, respectively. We gen
• $17.2 m — arch 31, 2023 totaled $22.0 million and $17.2 million, respectively. We generally expec

Filing Documents

• oesx-20240331.htm (10-K) — 3286KB
• oesx-ex4_1.htm (EX-4.1) — 45KB
• oesx-ex10_12.htm (EX-10.12) — 18KB
• oesx-ex10_24.htm (EX-10.24) — 68KB
• oesx-ex10_25.htm (EX-10.25) — 61KB
• oesx-ex10_26.htm (EX-10.26) — 59KB
• oesx-ex21_1.htm (EX-21.1) — 8KB
• oesx-ex23_1.htm (EX-23.1) — 4KB
• oesx-ex31_1.htm (EX-31.1) — 12KB
• oesx-ex31_2.htm (EX-31.2) — 12KB
• oesx-ex32_1.htm (EX-32.1) — 8KB
• 0000950170-24-072435.txt ( ) — 14899KB
• oesx-20240331.xsd (EX-101.SCH) — 1832KB
• oesx-20240331_htm.xml (XML) — 3196KB

Risk Factors

Item 1A Risk Factors 12

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 26

Cybersecurity

Item 1C Cybersecurity 26

Properties

Item 2 Properties 27

Legal Proceedings

Item 3 Legal Proceedings 27

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 27 PART II

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 27

[Reserved]

Item 6 [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 43

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 44

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79

Controls and Procedures

Item 9A Controls and Procedures 79

Other Information

Item 9B Other Information 80

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 81

Executive Compensation

Item 11 Executive Compensation 81

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 81

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 81

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 81 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 82

Form 10-K Summary

Item 16 Form 10-K Summary 85

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements that are based on Orion Energy Systems, Inc.'s ("Orion", "we", "us", "our" and similar references) beliefs and assumptions and on information currently available to us. When used in this Form 10-K, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, these plans, intentions or expectations are based on assumptions, are subject to risks and uncertainties, and may not be achieved. These statements are based on assumptions made by us based on our experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the current circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond our control. Our actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this Form 10-K. Important factors could cause actual results to differ materially from our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our beliefs and assumptions only as of the date of this Form 10-K, including particularly the Risk Factors described under Part I. Item 1A. of this Form 10-K. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this Form 10-K. Actual events, results and outcomes may differ materially from our expectations due to a variety of factors. Althoug

BUSINESS

ITEM 1. BUSINESS As used herein, unless otherwise expressly stated or the context otherwise requires, all references to "Orion," "we," "us," "our," "Company" and similar references are to Orion Energy Systems, Inc. and its consolidated subsidiaries. Overview We provide state-of-the-art light emitting diode ("LED") lighting systems, wireless Internet of Things ("IoT") enabled control solutions, commercial and industrial electric vehicle "EV" charging infrastructure solutions and lighting and electrical maintenance services. We help our customers achieve their sustainability, energy savings and carbon footprint reduction goals through innovative technology and exceptional service. We sell our products and services into many vertical markets within the broader commercial and industrial market segment. Primary verticals include: big box retail, manufacturing, warehousing/logistics, commercial office, federal and municipal government, healthcare and schools. Our services consist of turnkey installation (lighting and EV) and system maintenance. Virtually all of our sales occur within North America. Our principal lighting customers include large national account end-users, electrical distributors, electrical contractors and energy service companies ("ESCOS"). Currently, a significant amount of our lighting products are manufactured at our leased production facility located in Manitowoc, Wisconsin, although as the LED and related IoT market continues to evolve, we are increasingly sourcing products and components from third parties in order to diversify our product offerings. We differentiate ourselves from our competitors by offering very efficient light fixtures (measured in lumens per watt) coupled with our project management services to national account customers to retrofit their multiple locations. Our comprehensive services include initial site surveys and audits, utility incentive and government subsidy management, engineering design, and project managemen

View Full Filing

View this 10-K filing on SEC EDGAR