Orion Energy Systems, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Orion Energy Systems, Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023, providing an update on its financial status and operations.</b>

AI Summary

ORION ENERGY SYSTEMS, INC. (OESX) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. Orion Energy Systems, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter ending December 31, 2023. The company's fiscal year ends on March 31. The filing was made on February 7, 2024. Orion Energy Systems, Inc. is in the Electric Lighting & Wiring Equipment industry (SIC 3640).

Why It Matters

For investors and stakeholders tracking ORION ENERGY SYSTEMS, INC., this filing contains several important signals. This 10-Q filing provides crucial, up-to-date financial and operational information for investors and analysts to assess the company's performance and outlook. Understanding the details within this filing is essential for making informed investment decisions regarding Orion Energy Systems, Inc. (OESX).

Risk Assessment

Risk Level: medium — ORION ENERGY SYSTEMS, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but does not inherently signal significant positive or negative developments without further analysis of the specific numbers and narrative.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to identify trends in revenue, expenses, and profitability for Orion Energy Systems, Inc.

Key Numbers

• 20231231 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240207 — Filing Date (FILED AS OF DATE)
• 3640 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 0331 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• ORION ENERGY SYSTEMS, INC. (company) — FILER
• OESX (company) — tk
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240207 (date) — FILED AS OF DATE
• 3640 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• WI (state) — STATE OF INCORPORATION
• 0331 (fiscal_year_end) — FISCAL YEAR END
• 10-Q (form_type) — FORM TYPE

Forward-Looking Statements

• Orion Energy Systems will continue to face revenue challenges in the near term due to ongoing weakness in lighting product sales. (Orion Energy Systems, Inc.) — medium confidence, target: 2024-09-30
• The company's net loss will likely persist or widen in the next fiscal quarter if sales trends do not reverse. (Orion Energy Systems, Inc.) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Orion Energy Systems operates within the Electric Lighting & Wiring Equipment sector, a segment of the broader manufacturing industry.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the revenue and expense details for the quarter ending December 31, 2023.
2. Examine any disclosed changes in assets, liabilities, and equity.
3. Review management's discussion and analysis for insights into business performance and outlook.

Key Dates

• 2023-12-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, providing a quarterly update. Specific comparisons to the previous filing (e.g., 10-K or prior 10-Q) would require access to those documents and their data.

Filing Documents

• oesx-20231231.htm (10-Q) — 2076KB
• oesx-ex31_1.htm (EX-31.1) — 12KB
• oesx-ex31_2.htm (EX-31.2) — 12KB
• oesx-ex32_1.htm (EX-32.1) — 7KB
• oesx-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-012204.txt (&nbsp;) — 9298KB
• oesx-20231231.xsd (EX-101.SCH) — 1134KB
• oesx-20231231_htm.xml (XML) — 2014KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3 ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 3 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2023 and December 31, 2022 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended December 31, 2023 and December 31, 2022 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2023 and December 31, 2022 7 Notes to the Condensed Consolidated Financial Statements 8 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 31 ITEM 4.

Controls and Procedures

Controls and Procedures 31

OTHER INFORMATION

PART II OTHER INFORMATION 32 ITEM 1.

Legal Proceedings

Legal Proceedings 32 ITEM 1A.

Risk Factors

Risk Factors 32 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 ITEM 5. Other Information 32 ITEM 6. Exhibits 33 SIGNATURE 34

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL S TATEMENTS

ITEM 1. FINANCIAL S TATEMENTS ORIO N ENERGY SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONS OLIDATED BALANCE SHEETS (in thousands, except share amounts) December 31, 2023 March 31, 2023 Assets Cash and cash equivalents $ 4,967 $ 15,992 Accounts receivable, net 15,714 13,728 Revenue earned but not billed 1,692 1,320 Inventories, net 20,843 18,205 Prepaid expenses and other current assets 2,472 1,116 Total current assets 45,688 50,361 Property and equipment, net 10,026 10,470 Goodwill 1,484 1,484 Other intangible assets, net 5,191 6,004 Other long-term assets 3,021 3,260 Total assets $ 65,410 $ 71,579 Liabilities and Shareholders' Equity Accounts payable $ 18,866 $ 13,405 Accrued expenses and other 11,657 10,552 Deferred revenue, current 172 480 Current maturities of long-term debt 7 17 Total current liabilities 30,702 24,454 Revolving credit facility 10,000 10,000 Long-term debt, less current maturities — 3 Deferred revenue, long-term 432 489 Other long-term liabilities 3,618 3,384 Total liabilities 44,752 38,330 Commitments and contingencies Shareholders' equity: Preferred stock, $ 0.01 par value: Shares authorized: 30,000,000 at December 31, 2023 and March 31, 2023; no shares issued and outstanding at December 31, 2023 and March 31, 2023 — — Common stock, no par value: Shares authorized: 200,000,000 at December 31, 2023 and March 31, 2023; shares issued: 42,021,341 at December 31, 2023 and 41,767,092 at March 31, 2023; shares outstanding: 32,551,737 at December 31, 2023 and 32,295,408 at March 31, 2023 — — Additional paid-in capital 161,594 160,907 Treasury stock, common shares: 9,469,604 at December 31, 2023 and 9,471,684 at March 31, 2023 ( 36,234 ) ( 36,237 ) Retained deficit ( 104,702 ) ( 91,421 ) Total shareholders' equity 20,658 33,249 Total liabili

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View this 10-Q filing on SEC EDGAR