Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion
Lighting), a provider of energy-efficient LED lighting, maintenance
services and electric vehicle (EV) charging station solutions,
today reported results for its fiscal 2024 third quarter (Q3’24)
ended December 31, 2023. Orion will hold an investor call today at
10:00 a.m. ET – details below.
Q3 Financial Summary |
|
Prior Three Quarters |
$ in millions except per share figures |
Q3’24 |
Q3’23 |
Change |
|
Q2’24 |
Q1’24 |
Q4'23 |
Revenue |
$26.0 |
$20.3 |
+$5.7 |
|
$20.6 |
$17.6 |
$21.6 |
Gross Profit |
$6.4 |
$4.8 |
+$1.6 |
|
$4.6 |
$3.2 |
$4.7 |
Gross Profit % |
24.5% |
23.6% |
+95 bps |
|
22.2% |
18.0% |
21.9% |
Net Loss (1) |
($2.3) |
($24.1) |
+$21.8 |
|
($4.4) |
($6.6) |
($5.1) |
Net Loss per share (1) |
($0.07) |
($0.75) |
+$0.68 |
|
($0.14) |
($0.21) |
($0.16) |
Adjusted EBITDA (2) |
($0.1) |
($1.6) |
+$1.5 |
|
($2.2) |
($4.4) |
($1.6) |
Cash |
$5.0 |
$8.1 |
($3.1) |
|
$4.0 |
$8.2 |
$16.0 |
(1) Q3’23 Net Loss & EPS reflect $17.8M non-cash charge
recording a valuation allowance against Deferred Tax Assets. The
2024 quarters each include $1.1M of earnout expense related to the
Voltrek acquisition. Q4’23 and Q3’23 included $2.5M and $1.5M of
earnout expense, respectively.(2) See Adjusted EBITDA
reconciliation below. |
Financial Highlights
- LED Lighting revenue increased to
$18.5M in Q3’24 vs. $14.2M in Q3’23 and $13.6M in Q2’24, driven by
anticipated growth in contract activity for larger customers that
is expected to continue into FY 2025. Ongoing larger projects
include approximately $6M in remaining revenue from a European
retrofit project for the U.S. Department of Defense, an external
lighting project for Orion’s largest customer, and a national LED
lighting project for a global warehouse/logistics customer.
- EV charging solutions revenue was $2.8M
in Q3’24 vs. $3.4M in Q2’24 and $2.8M in the year ago quarter,
principally reflecting the timing of large project activity. The
Voltrek business has substantially expanded and enhanced its team
and geographic reach and is seeing steady growth in its project
pipeline as well as new project quoting activity.
- Maintenance services revenue rose to
$4.6M in Q3’24 compared to $3.6M in Q2’24 and $3.3M in Q3’23,
principally benefitting from a 3-year agreement to provide
preventative lighting maintenance services for a customer’s
approximately 2,000 retail locations nationwide. Orion continues to
focus on the profitability of remaining legacy contracts.
- Orion ended Q3’24 with $17.5M of
financial liquidity, comprised of $5.0M of cash and $12.5M of net
availability on its credit facility. This is an improvement from
Q2’24 liquidity of $12.9M, which included $4.0M of cash and cash
equivalents and $8.9M of net credit facility availability.
CEO Commentary Orion CEO Mike Jenkins
commented, “We are pleased that our revenue grew 28% in Q3
reflecting an anticipated acceleration in contract activity on
large LED lighting projects through ESCO partners, in our
government sector and with our largest customer along with an
increase in maintenance services revenue.
“Looking forward into Q4’24 and FY 2025, we are optimistic about
our growth prospects across the business. In LED lighting we have
several larger retrofit projects that should contribute to our
growth, including the European retrofit project, external lighting
and other potential projects for our largest customer, ongoing
projects for a large warehouse/logistics customer and a large
project for a global technology customer. In our LED distribution
business, we anticipate growth through our ESCO partners who are
responding favorably to our expanded line of fixtures, including
our TritonPro™ LED retrofit high-bay lighting fixtures and our
Harris exterior LED lighting products, targeted more to the value
end of the energy efficient fixture market.
“Throughout our product and service offerings, Orion remains
focused on delivering the highest quality, energy efficiency and
value to our customers with industry leading customer service. In
particular, we are focused on the needs of large national accounts
that are best able to benefit from our turnkey solutions. This
starts with site visits followed by custom design and
configuration, project management, securing utility and government
rebates and progresses through to installation and commissioning –
all with just one point of contact and accountability
nationwide.
“Our initiatives to diversify the business over the past two
years have taken some time and effort to develop and integrate but
are starting to make meaningful contributions to our growth from
both new and existing customers. We continue to see significant
cross-selling opportunities between our lines of business,
particularly with large national accounts, where there is potential
to serve customers in each of our three areas of operation. One of
our priorities in the coming quarters is to ensure we are
effectively marketing each of our capabilities across our combined
customer base. We expect our expanded array of solutions to support
increasing growth in the quarters ahead.”
Business Outlook
- Orion expects FY 2024 revenue growth
between 16% and 23% to a range of approximately $90M to $95M. This
outlook implies Q4’24 revenue in the range of $26M to $31M compared
to $21.6M in Q4’23.
- Growth over the balance of FY 2024 is
primarily expected from large national LED lighting projects
including the European retrofit project, an external lighting
project for Orion’s largest customer, and projects for a large
warehouse/logistics sector customer. Additionally, Orion expects
growth in EV charging solutions driven by its current project
pipeline. Maintenance services are expected to decrease slightly
over the balance of FY 2024, reflecting the likely impact of new
pricing on certain legacy customer renewal discussions.
- On a preliminary basis, Orion is
targeting growth in FY 2025 in the range of 10-15% on a
consolidated basis (recognizing the completion of the large DOD
project and top-line headwinds in the maintenance business) and
will update its outlook when it reports full year results in early
June.
Financial Results Orion’s Q3’24 revenue rose
28% to $26.0M versus $20.3M in Q3’23, driven by strength in LED
lighting projects and maintenance services. LED Lighting revenue
increased to $18.6M in Q3’24 vs. $14.2M in Q3’23, reflecting an
anticipated ramp-up of large LED lighting projects, including a
large European retrofit project and a large outdoor lighting
project for Orion’s largest customer. Maintenance services revenue
also rose to $4.6M in Q3’24 compared to $3.3M in Q3’23, principally
benefitting from a 3-year agreement to provide preventative
lighting maintenance services for a customer’s ~2,000 retail
locations nationwide.
Gross profit increased to $6.4M in Q3’24 from $4.8M in Q3’23 and
gross profit percentage (gross margin) increased 95 basis points to
24.5% in Q3’24 from 23.6% in Q3’23, due to sales of higher margin
new products and improved fixed cost absorption on higher sales
volume. Services gross margin has benefited from pricing mix across
various projects, improved fixed cost absorption on increased
revenues and price increases on renewing maintenance contracts, to
better reflect the current cost environment. Orion remains
committed to returning its maintenance business to profit margins
more in line with the overall company.
Total operating expenses declined to $8.4M in Q3’24 from $9.4M
in Q3’23. Operating expenses included $1.1M of expense related to
the Voltrek earnout accrual in Q3’24 vs. $1.5M in Q3’23. The
year-ago period also included $0.5M of Voltrek acquisition costs
versus none in Q3’24.
Orion reported a Q3’24 pretax loss of $2.3M, a $2.4M improvement
over its Q3’23 pretax loss of $4.7M, primarily due to higher
revenues and lower costs.
Orion reported a Q3’24 net loss of $2.3M, or $0.07 per share, as
compared to a Q3’23 net loss of $24.1M, or $0.75 per share, which
included a $17.8M non-cash tax charge to establish a valuation
allowance against the Company’s Deferred Tax Assets.
Balance Sheet and Cash Flow Orion generated
cash of $1.0M from operating activities in Q3’24, reflecting
operating results and positive working capital impacts. Orion
believes it is in a good position to fund its operations and growth
objectives across each of its business segments through fiscal
2025.
Orion ended Q3’24 with current assets of $45.7M, including $5.0M
of cash and cash equivalents, $15.7M of accounts receivables, and
$20.8M of inventory. Net of current liabilities, working capital
was $15.0M. Orion had financial liquidity of $17.5M at the close of
Q3’24, a $4.6M improvement from $12.9M at September 30, 2023. The
improved liquidity reflects a $1.0M increase in cash and a $3.1M
increase in net credit availability. Orion had $10.0M of borrowings
outstanding on its credit facility at both December 31, 2023 and
September 30, 2023.
Webcast/Call Detail |
|
Date / Time: |
Wednesday, February 7th at 10:00
a.m. ET |
Live Call Registration: |
https://register.vevent.com/register/BIef444d967570409582fe6bf2e68c1e6e
Live call participants must pre-register using the URL above to
receive the dial-in information. Simply re-register if you lose the
dial-in or PIN #. |
Webcast / Replay: |
https://edge.media-server.com/mmc/p/qy3xvvja |
|
|
About Orion Energy SystemsOrion provides energy
efficiency and clean tech solutions, including LED lighting and
controls, maintenance services and electrical vehicle (EV) charging
solutions. Orion specializes in turnkey design-through-installation
solutions for large national customers as well as projects through
ESCO and distribution partners, with a commitment to helping
customers achieve their business and environmental goals with
healthy, safe and sustainable solutions that reduce their carbon
footprint and enhance business performance.
Orion is committed to operating responsibly throughout all areas
of our organization. Learn more about our Sustainability and
Governance priorities, goals and progress here or visit our website
at www.orionlighting.com.
Non-GAAP Measures In addition to the GAAP
results included in this presentation, Orion has also included the
non-GAAP measures, EBITDA (earnings before interest, taxes,
depreciation and amortization), and Adjusted EBITDA (EBITDA
adjusted for stock-based compensation, payroll tax credit, and
acquisition expenses). The Company has provided these non-GAAP
measures to help investors better understand its core operating
performance, enhance comparisons of core operating performance from
period to period and allow better comparisons of operating
performance to its competitors. Among other things, management uses
these non-GAAP measures to evaluate performance of the business and
believes these measurements enable it to make better
period-to-period evaluations of the financial performance of core
business operations. The non-GAAP measurements are intended only as
a supplement to the comparable GAAP measurements and Orion
compensates for the limitations inherent in the use of non-GAAP
measurements by using GAAP measures in conjunction with the
non-GAAP measurements. As a result, investors should consider these
non-GAAP measurements in addition to, and not in substitution for
or as superior to, measurements of financial performance prepared
in accordance with generally accepted accounting principles.
Consistent with Regulation G under the U.S. federal securities
laws, the non-GAAP measures in this press release have been
reconciled to the nearest GAAP measures, and this reconciliation is
located under the heading “Unaudited EBITDA Reconciliation”
following the Unaudited Condensed Consolidated Statements of Cash
Flows included in this press release.
Safe Harbor StatementCertain matters discussed
in this press release are "forward-looking statements" intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements may generally be identified as such
because the context of such statements will include words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "should," "will,"
"would" or words of similar import. Similarly, statements that
describe our future outlook, plans, expectations, objectives or
goals are also forward-looking statements. Such forward-looking
statements are subject to certain risks and uncertainties that
could cause results to differ materially from those expected,
including, but not limited to, the following: (i) our ability to
realize the anticipated benefits of the Voltrek acquisition; (ii)
we may encounter substantial difficulties, costs and delays
involved in integrating our operations with Voltrek’s business;
(iii) disruption of management’s attention from ongoing business
operations due to the Voltrek acquisition; (iv) our ability to
manage general economic, business and geopolitical conditions,
including the impacts of natural disasters, pandemics and outbreaks
of contagious diseases and other adverse public health
developments, such as the COVID-19 pandemic; (v) the deterioration
of market conditions, including our dependence on customers'
capital budgets for sales of products and services, and adverse
impacts on costs and the demand for our products as a result of
factors such as the COVID-19 pandemic and the implementation of
tariffs; (vi) our ability to adapt and respond to supply chain
challenges, especially related to shipping and logistics issues,
component availability, rising input costs, and a tight labor
market; (vii) our ability to recruit, hire and retain talented
individuals in all disciplines of our company; (viii) our ability
to successfully launch, manage and maintain our refocused business
strategy to successfully bring to market new and innovative product
and service offerings; (ix) potential asset impairment charges
and/or increases on our deferred tax asset reserve; (x) our
dependence on a limited number of key customers, and the potential
consequences of the loss of one or more key customers or suppliers,
including key contacts at such customers; (xi) our ability to
identify and successfully complete transactions with suitable
acquisition candidates in the future as part of our growth
strategy; (xii) the availability of additional debt financing
and/or equity capital to pursue our evolving strategy and sustain
our growth initiatives; (xiii) our risk of potential loss related
to single or focused exposure within the current customer base and
product offerings; (xiv) our ability to achieve and sustain
profitability and positive cash flows; (xv) our ability to
differentiate our products in a highly competitive and converging
market, expand our customer base and gain market share; (xvi) our
ability to manage and mitigate downward pressure on the average
selling prices of our products as a result of competitive pressures
in the LED market; (xvii) our ability to manage our inventory and
avoid inventory obsolescence in a rapidly evolving LED market;
(xviii) our increasing reliance on third parties for the
manufacture and development of products, product components, as
well as the provision of certain services; (xix) our increasing
emphasis on selling more of our products through third party
distributors and sales agents, including our ability to attract and
retain effective third party distributors and sales agents to
execute our sales model; (xx) our ability to develop and
participate in new product and technology offerings or applications
in a cost effective and timely manner; (xxi) our ability to
maintain safe and secure information technology systems; (xxii) our
failure to comply with the covenants in our credit agreement;
(xxiii) our ability to balance customer demand and production
capacity; (xxiv) our ability to maintain an effective system of
internal control over financial reporting; (xxv) price fluctuations
(including as a result of tariffs), shortages or interruptions of
component supplies and raw materials used to manufacture our
products; (xxvi) our ability to defend our patent portfolio and
license technology from third parties; (xxvii) a reduction in the
price of electricity; (xxviii) the reduction or elimination of
investments in, or incentives to adopt, LED lighting or the
elimination of, or changes in, policies, incentives or rebates in
certain states or countries that encourage the use of LEDs over
some traditional lighting technologies; (xxix) the cost to comply
with, and the effects of, any current and future industry and
government regulations, laws and policies; (xxx) potential warranty
claims in excess of our reserve estimates; and (xxxi) the other
risks described in our filings with the Securities and Exchange
Commission. Shareholders, potential investors and other readers are
urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com in
the Investor Relations section of our Website.
Twitter: @OrionLighting and @OrionLightingIR
StockTwits: @Orion_IR
Investor Relations
Contacts |
|
Per Brodin, CFO |
William Jones; David Collins |
Orion Energy Systems, Inc. |
Catalyst IR |
pbrodin@oesx.com |
(212) 924-9800 or OESX@catalyst-ir.com |
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED CONDENSED
CONSOLIDATED 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 liabilities and shareholders’ equity |
|
$ |
65,410 |
|
|
$ |
71,579 |
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except share and per
share amounts) |
|
|
|
Three Months Ended December 31, |
|
|
Nine Months Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Product revenue |
|
$ |
17,007 |
|
|
$ |
15,399 |
|
|
$ |
46,266 |
|
|
$ |
41,715 |
|
Service
revenue |
|
|
8,964 |
|
|
|
4,889 |
|
|
|
17,904 |
|
|
|
14,039 |
|
Total revenue |
|
|
25,971 |
|
|
|
20,288 |
|
|
|
64,170 |
|
|
|
55,754 |
|
Cost of
product revenue |
|
|
12,302 |
|
|
|
11,480 |
|
|
|
33,258 |
|
|
|
31,152 |
|
Cost of
service revenue |
|
|
7,302 |
|
|
|
4,027 |
|
|
|
16,805 |
|
|
|
11,832 |
|
Total cost of revenue |
|
|
19,604 |
|
|
|
15,507 |
|
|
|
50,063 |
|
|
|
42,984 |
|
Gross profit |
|
|
6,367 |
|
|
|
4,781 |
|
|
|
14,107 |
|
|
|
12,770 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative |
|
|
4,910 |
|
|
|
5,484 |
|
|
|
15,689 |
|
|
|
13,183 |
|
Acquisition related costs |
|
|
— |
|
|
|
493 |
|
|
|
56 |
|
|
|
840 |
|
Sales
and marketing |
|
|
3,170 |
|
|
|
2,983 |
|
|
|
9,778 |
|
|
|
8,521 |
|
Research
and development |
|
|
349 |
|
|
|
409 |
|
|
|
1,211 |
|
|
|
1,374 |
|
Total operating expenses |
|
|
8,429 |
|
|
|
9,369 |
|
|
|
26,734 |
|
|
|
23,918 |
|
Loss
from operations |
|
|
(2,062 |
) |
|
|
(4,588 |
) |
|
|
(12,627 |
) |
|
|
(11,148 |
) |
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Other
income |
|
|
25 |
|
|
|
— |
|
|
|
37 |
|
|
|
— |
|
Interest
expense |
|
|
(193 |
) |
|
|
(64 |
) |
|
|
(561 |
) |
|
|
(97 |
) |
Amortization of debt issue costs |
|
|
(25 |
) |
|
|
(16 |
) |
|
|
(74 |
) |
|
|
(47 |
) |
Interest
income |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
Total other expense |
|
|
(193 |
) |
|
|
(80 |
) |
|
|
(596 |
) |
|
|
(144 |
) |
Loss
before income tax |
|
|
(2,255 |
) |
|
|
(4,668 |
) |
|
|
(13,223 |
) |
|
|
(11,292 |
) |
Income
tax expense |
|
|
1 |
|
|
|
19,391 |
|
|
|
58 |
|
|
|
17,933 |
|
Net loss |
|
$ |
(2,256 |
) |
|
$ |
(24,059 |
) |
|
$ |
(13,281 |
) |
|
$ |
(29,225 |
) |
Basic
net loss per share attributable to common shareholders |
|
$ |
(0.07 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.93 |
) |
Weighted-average common shares outstanding |
|
|
32,531,563 |
|
|
|
32,047,755 |
|
|
|
32,460,398 |
|
|
|
31,510,547 |
|
Diluted
net loss per share |
|
$ |
(0.07 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.41 |
) |
|
$ |
(0.93 |
) |
Weighted-average common shares and share equivalents
outstanding |
|
|
32,531,563 |
|
|
|
32,047,755 |
|
|
|
32,460,398 |
|
|
|
31,510,547 |
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands) |
|
|
|
Nine Months Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
Operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(13,281 |
) |
|
$ |
(29,225 |
) |
Adjustments to reconcile net loss to net cash used inoperating
activities: |
|
|
|
|
|
|
Depreciation |
|
|
1,067 |
|
|
|
974 |
|
Amortization of intangible assets |
|
|
813 |
|
|
|
373 |
|
Stock-based compensation |
|
|
681 |
|
|
|
1,435 |
|
Amortization of debt issue costs |
|
|
74 |
|
|
|
47 |
|
Deferred income tax |
|
|
— |
|
|
|
17,804 |
|
Loss on sale of property and equipment |
|
|
84 |
|
|
|
10 |
|
Provision for inventory reserves |
|
|
325 |
|
|
|
407 |
|
Provision for credit losses |
|
|
170 |
|
|
|
25 |
|
Other |
|
|
1 |
|
|
|
150 |
|
Changes in operating assets and liabilities, net of
acquisition: |
|
|
|
|
|
|
Accounts receivable |
|
|
(2,156 |
) |
|
|
(431 |
) |
Revenue earned but not billed |
|
|
(372 |
) |
|
|
(321 |
) |
Inventories |
|
|
(2,963 |
) |
|
|
1,001 |
|
Prepaid expenses and other assets |
|
|
(1,189 |
) |
|
|
609 |
|
Accounts payable |
|
|
5,506 |
|
|
|
2,418 |
|
Accrued expenses and other |
|
|
1,337 |
|
|
|
(566 |
) |
Deferred revenue, current and long-term |
|
|
(364 |
) |
|
|
42 |
|
Net cash used in operating activities |
|
|
(10,267 |
) |
|
|
(5,248 |
) |
Investing activities |
|
|
|
|
|
|
Cash to fund acquisition, net of cash received |
|
|
— |
|
|
|
(5,508 |
) |
Purchases of property and equipment |
|
|
(868 |
) |
|
|
(573 |
) |
Additions to patents and licenses |
|
|
— |
|
|
|
(9 |
) |
Proceeds from sale of property, plant and equipment |
|
|
118 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(750 |
) |
|
|
(6,090 |
) |
Financing activities |
|
|
|
|
|
|
Payment of long-term debt |
|
|
(11 |
) |
|
|
(12 |
) |
Proceeds from revolving credit facility |
|
|
— |
|
|
|
5,000 |
|
Payments of revolving credit facility |
|
|
— |
|
|
|
— |
|
Payments to settle employee tax withholdings on stock-based
compensation |
|
|
— |
|
|
|
(2 |
) |
Deferred financing costs |
|
|
— |
|
|
|
(29 |
) |
Proceeds from employee equity exercises |
|
|
3 |
|
|
|
57 |
|
Net cash (used in) provided by financing
activities |
|
|
(8 |
) |
|
|
5,014 |
|
Net
decrease in cash and cash equivalents |
|
|
(11,025 |
) |
|
|
(6,324 |
) |
Cash and
cash equivalents at beginning of period |
|
|
15,992 |
|
|
|
14,466 |
|
Cash and
cash equivalents at end of period |
|
$ |
4,967 |
|
|
$ |
8,142 |
|
ORION ENERGY SYSTEMS, INC. AND
SUBSIDIARIESUNAUDITED EBITDA
RECONCILIATION (in thousands) |
|
|
|
Three Months Ended |
|
|
|
December 31, 2023 |
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
Net loss |
|
$ |
(2,256 |
) |
|
$ |
(4,388 |
) |
|
$ |
(6,637 |
) |
|
$ |
(5,116 |
) |
|
$ |
(24,059 |
) |
Interest |
|
|
193 |
|
|
|
192 |
|
|
|
174 |
|
|
|
208 |
|
|
|
64 |
|
Taxes |
|
|
1 |
|
|
|
15 |
|
|
|
42 |
|
|
|
45 |
|
|
|
19,391 |
|
Depreciation |
|
|
360 |
|
|
|
361 |
|
|
|
346 |
|
|
|
395 |
|
|
|
311 |
|
Amortization of intangible assets |
|
|
273 |
|
|
|
274 |
|
|
|
266 |
|
|
|
280 |
|
|
|
269 |
|
Amortization of debt issue costs |
|
|
25 |
|
|
|
25 |
|
|
|
24 |
|
|
|
26 |
|
|
|
16 |
|
EBITDA |
|
|
(1,404 |
) |
|
|
(3,521 |
) |
|
|
(5,785 |
) |
|
|
(4,162 |
) |
|
|
(4,008 |
) |
Stock-based compensation |
|
|
266 |
|
|
|
227 |
|
|
|
188 |
|
|
|
177 |
|
|
|
448 |
|
Acquisition related costs |
|
|
— |
|
|
|
3 |
|
|
|
53 |
|
|
|
(75 |
) |
|
|
493 |
|
Earnout
expenses |
|
|
1,050 |
|
|
|
1,125 |
|
|
|
1,125 |
|
|
|
2,500 |
|
|
|
1,500 |
|
Adjusted EBITDA |
|
|
(88 |
) |
|
|
(2,166 |
) |
|
|
(4,419 |
) |
|
|
(1,560 |
) |
|
|
(1,567 |
) |
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