On this page of StockholderLetter.com we present the latest annual shareholder letter from ORION ENERGY SYSTEMS, INC. — ticker symbol OESX. Reading current and past OESX letters to shareholders can bring important insights into the investment thesis.
Orion Energy Systems, Inc.
Shareholders    Letter and Annual Report on Form 10-K
Fiscal Year Ended March 31, 2024
June 28, 2024
Dear Fellow Shareholders:
Once again, we thank you for your investment and your confidence in Orion Energy
Systems, Inc., the Orion team and its Board of Directors. In fiscal 2024, we continued advancing
our mission of helping customers achieve their business and environmental goals, while
diversifying our business.
Our strategic moves have placed Orion in a strong position to continue our    customers for
life    mission by assisting customers with a broader range of their energy efficiency,
environmental and business goals. Fiscal 2024 highlights include:
LED Lighting. We achieved solid revenue growth in our LED lighting business in FY
2024, as larger customer projects moved from planning to implementation stages, which we
expect to continue in FY 2025. FY 2024 LED lighting revenue increased 8.0% to $61.1M,
largely driven by increased turnkey LED retrofit activity and steady growth in LED fixture sales
into our ESCO channel.
EV Charging Solutions. In its first full fiscal year within Orion the segment contributed
13.6% or $12.3M of our total FY 2024 revenue. We envision substantial long-term growth in EV
charging revenue, supported by investments we have made in expanding Voltrek   s team,
capabilities and geographic reach. We are off to a strong start in FY 2025, having secured over
$11M in construction services contracts with a leading utility focused on sustainability and
energy efficiency.
Maintenance Services. Maintenance services revenue grew 17.8% to $17.1M in FY 2024,
reflecting a new three-year preventative lighting maintenance service contract for a customer   s
approximately 2,000 retail locations we also started to experience the initial benefit of pricing
adjustments on certain legacy maintenance contracts. Maintenance services are an ideal
complement to Orion   s business, expanding the value we provide to customers while providing a
recurring base of revenues.
Financial Results and Position. Reflecting the benefits of our diversification efforts, we
achieved 17.1% revenue growth in FY 2024 to $90.6M. We reduced our net loss by about
$22.6M (66%) to ($11.7M), or ($0.36) per share, in FY 2024 from ($34.3M), or ($1.08) per
share, in FY 2023. Our current expectation is for continued revenue growth in a range of 10%15% compared to FY 2024, or roughly to between $100M-$104M. We believe our strategic
initiatives and direction will continue to position the business well in the coming year.
Importantly, Orion entered FY 2025 with $44.8M of current assets, including $5.2M of
cash, $14.0M of accounts receivable, and $18.2M of inventory. Net of current liabilities,
working capital was $16.8M. In April 2024, Orion secured $5.1M in added financial liquidity
through an amendment to our bank credit facility for a $3.525M mortgage on our corporate
headquarters and $1.6M of borrowing base enhancements. We believe these resources provide a
solid financial base to fund our growth goals in FY 2025.
Sincerely,
Mike Jenkins
Chief Executive Officer
 • shareholder letter icon 6/28/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/30/2023 OESX Stockholder Letter
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OESX Shareholder/Stockholder Letter Transcript:

Orion Energy Systems, Inc.
Shareholders    Letter and Annual Report on Form 10-K
Fiscal Year Ended March 31, 2024

June 28, 2024
Dear Fellow Shareholders:
Once again, we thank you for your investment and your confidence in Orion Energy
Systems, Inc., the Orion team and its Board of Directors. In fiscal 2024, we continued advancing
our mission of helping customers achieve their business and environmental goals, while
diversifying our business.
Our strategic moves have placed Orion in a strong position to continue our    customers for
life    mission by assisting customers with a broader range of their energy efficiency,
environmental and business goals. Fiscal 2024 highlights include:
LED Lighting. We achieved solid revenue growth in our LED lighting business in FY
2024, as larger customer projects moved from planning to implementation stages, which we
expect to continue in FY 2025. FY 2024 LED lighting revenue increased 8.0% to $61.1M,
largely driven by increased turnkey LED retrofit activity and steady growth in LED fixture sales
into our ESCO channel.
EV Charging Solutions. In its first full fiscal year within Orion the segment contributed
13.6% or $12.3M of our total FY 2024 revenue. We envision substantial long-term growth in EV
charging revenue, supported by investments we have made in expanding Voltrek   s team,
capabilities and geographic reach. We are off to a strong start in FY 2025, having secured over
$11M in construction services contracts with a leading utility focused on sustainability and
energy efficiency.
Maintenance Services. Maintenance services revenue grew 17.8% to $17.1M in FY 2024,
reflecting a new three-year preventative lighting maintenance service contract for a customer   s
approximately 2,000 retail locations we also started to experience the initial benefit of pricing
adjustments on certain legacy maintenance contracts. Maintenance services are an ideal
complement to Orion   s business, expanding the value we provide to customers while providing a
recurring base of revenues.
Financial Results and Position. Reflecting the benefits of our diversification efforts, we
achieved 17.1% revenue growth in FY 2024 to $90.6M. We reduced our net loss by about
$22.6M (66%) to ($11.7M), or ($0.36) per share, in FY 2024 from ($34.3M), or ($1.08) per
share, in FY 2023. Our current expectation is for continued revenue growth in a range of 10%15% compared to FY 2024, or roughly to between $100M-$104M. We believe our strategic
initiatives and direction will continue to position the business well in the coming year.
Importantly, Orion entered FY 2025 with $44.8M of current assets, including $5.2M of
cash, $14.0M of accounts receivable, and $18.2M of inventory. Net of current liabilities,
working capital was $16.8M. In April 2024, Orion secured $5.1M in added financial liquidity

through an amendment to our bank credit facility for a $3.525M mortgage on our corporate
headquarters and $1.6M of borrowing base enhancements. We believe these resources provide a
solid financial base to fund our growth goals in FY 2025.
Sincerely,
Mike Jenkins
Chief Executive Officer



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