Orion Energy Systems Files Q2 2024 10-Q

TL;DR

OESX Q2 10-Q filed. Financials and segments detailed. Watch accounts receivable.

AI Summary

Orion Energy Systems, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results for the second quarter and first half of its fiscal year. Key financial data and operational segments, including Maintenance Services and Solar Energy, were detailed. The filing also noted credit concentration risks related to accounts receivable from specific customers.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Orion Energy Systems, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing highlights credit concentration risk in accounts receivable, indicating potential vulnerability to customer defaults.

Key Numbers

• 2024-09-30 — Reporting Period End (The company's financial status as of this date is detailed in the filing.)
• 2024-11-06 — Filing Date (This is when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ORION ENERGY SYSTEMS, INC. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-06 (date) — Filing Date
• Manitowoc, WI (location) — Business Address
• Maintenance Services (business_segment) — Operating Segment
• Solar Energy (business_segment) — Operating Segment
• Voltrek LLC (company) — Subsidiary/Related Entity

FAQ

Key Financial Figures

• $0.6 million — m the advances of these receivables was $0.6 million for the three and six months ended Sept
• $18 thousand — 024. Orion's losses on these sales were $18 thousand for the three and six months ended Sept
• $0.2 million — d revenue (2) $ 241 $ 124 (1) $0.2 million of our revenue earned but not billed is
• $0.1 million — fulfilled the promises included. Of the $0.1 million outstanding as of March 31, 2024, $0.1

Filing Documents

• oesx-20240930.htm (10-Q) — 1997KB
• 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
• 0000950170-24-122360.txt ( ) — 9382KB
• oesx-20240930.xsd (EX-101.SCH) — 1284KB
• oesx-20240930_htm.xml (XML) — 2016KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 3 ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 3 Condensed Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2024 and September 30, 2023 4 Condensed Consolidated Statements of Shareholders' Equity for the Three and Six Months Ended September 30, 2024 and September 30, 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2024 and September 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 20 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 ITEM 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II OTHER INFORMATION 30 ITEM 1.

Legal Proceedings

Legal Proceedings 30 ITEM 1A.

Risk Factors

Risk Factors 30 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 ITEM 5. Other Information 30 ITEM 6. Exhibits 31 SIGNATURE 32

– 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) September 30, 2024 March 31, 2024 Assets Cash and cash equivalents $ 5,369 $ 5,155 Accounts receivable, net 11,709 14,022 Revenue earned but not billed 5,918 4,539 Inventories 15,026 18,246 Prepaid expenses and other current assets 1,947 2,860 Total current assets 39,969 44,822 Property and equipment, net 8,662 9,593 Goodwill 1,484 1,484 Other intangible assets, net 3,973 4,462 Other long-term assets 2,184 2,808 Total assets $ 56,272 $ 63,169 Liabilities and Shareholders' Equity Accounts payable $ 14,450 $ 18,350 Accrued expenses and other 11,707 9,440 Deferred revenue, current 359 260 Current maturities of long-term debt 352 3 Total current liabilities 26,868 28,053 Revolving credit facility 9,000 10,000 Long-term debt, less current maturities 3,173 — Deferred revenue, long-term 375 413 Other long-term liabilities 1,053 2,161 Total liabilities 40,469 40,627 Commitments and contingencies Shareholders' equity: Preferred stock, $ 0.01 par value: Shares authorized: 30,000,000 at September 30, 2024 and March 31, 2024; no shares issued and outstanding at September 30, 2024 and March 31, 2024 — — Common stock, no par value: Shares authorized: 200,000,000 at September 30, 2024 and March 31, 2024; shares issued: 42,375,801 at September 30, 2024 and 42,038,967 at March 31, 2024; shares outstanding: 32,905,731 at September 30, 2024 and 32,567,746 at March 31, 2024 — — Additional paid-in capital 162,511 161,869 Treasury stock, common shares: 9,470,070 at September 30, 2024 and 9,471,221 at March 31, 2024 ( 36,233 ) ( 36,235 ) Retained deficit ( 110,475 ) ( 103,092 ) Total shareholders' equity 15,803 22,542 Total liab

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