Orion Energy Systems Files Q1 2024 10-Q, Voltrek Acquisition Noted

TL;DR

Orion Energy Systems Q1 10-Q is in, Voltrek acquisition is on the horizon.

AI Summary

Orion Energy Systems, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial performance, including details on its operating segments and financial instruments. Key events mentioned include the Voltrek Acquisition, which is expected to impact the company in the upcoming fiscal year.

Why It Matters

This filing provides investors with a quarterly update on Orion Energy Systems' financial health and strategic initiatives, such as the recent Voltrek acquisition.

Risk Assessment

Risk Level: medium — The filing details financial performance and strategic acquisitions, which inherently carry financial and operational risks.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-07 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-04-01 — Quarter Start Date (Marks the beginning of the first fiscal quarter of 2024.)

Key Players & Entities

• ORION ENERGY SYSTEMS, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240807 (date) — Filing Date
• Voltrek Acquisition (event) — Subsequent Event

FAQ

Filing Documents

• oesx-20240630.htm (10-Q) — 1401KB
• oesx-ex31_1.htm (EX-31.1) — 13KB
• oesx-ex31_2.htm (EX-31.2) — 12KB
• oesx-ex32_1.htm (EX-32.1) — 7KB
• oesx-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-092909.txt ( ) — 7674KB
• oesx-20240630.xsd (EX-101.SCH) — 1272KB
• oesx-20240630_htm.xml (XML) — 1439KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3 ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 3 Condensed Consolidated Statements of Operations for the Three Months Ended June 30, 2024 and June 30, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended June 30, 2024 and June 30, 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2024 and June 30, 2023 6 Notes to the Condensed Consolidated Financial Statements 7 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 19 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 26 ITEM 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II OTHER INFORMATION 27 ITEM 1.

Legal Proceedings

Legal Proceedings 27 ITEM 1A.

Risk Factors

Risk Factors 27 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 ITEM 5. Other Information 27 ITEM 6. Exhibits 28 SIGNATURE 29

– 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) June 30, 2024 March 31, 2024 Assets Cash and cash equivalents $ 5,692 $ 5,155 Accounts receivable, net 12,475 14,022 Revenue earned but not billed 4,841 4,539 Inventories 15,860 18,246 Prepaid expenses and other current assets 3,272 2,860 Total current assets 42,140 44,822 Property and equipment, net 9,275 9,593 Goodwill 1,484 1,484 Other intangible assets, net 4,214 4,462 Other long-term assets 2,642 2,808 Total assets $ 59,755 $ 63,169 Liabilities and Shareholders' Equity Accounts payable $ 14,421 $ 18,350 Accrued expenses and other 9,835 9,440 Deferred revenue, current 245 260 Current maturities of long-term debt 264 3 Total current liabilities 24,765 28,053 Revolving credit facility 10,000 10,000 Long-term debt, less current maturities 3,261 — Deferred revenue, long-term 394 413 Other long-term liabilities 2,256 2,161 Total liabilities 40,676 40,627 Commitments and contingencies Shareholders' equity: Preferred stock, $ 0.01 par value: Shares authorized: 30,000,000 at June 30, 2024 and March 31, 2024; no shares issued and outstanding at June 30, 2024 and March 31, 2024 — — Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2024 and March 31, 2024; shares issued: 42,214,171 at June 30, 2024 and 42,038,967 at March 31, 2024; shares outstanding: 32,743,409 at June 30, 2024 and 32,567,746 at March 31, 2024 — — Additional paid-in capital 162,163 161,869 Treasury stock, common shares: 9,470,762 at June 30, 2024 and 9,471,221 at March 31, 2024 ( 36,234 ) ( 36,235 ) Retained deficit ( 106,850 ) ( 103,092 ) Total shareholders' equity 19,079 22,542 Total liabilities and shareholders' equity

View Full Filing

View this 10-Q filing on SEC EDGAR