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
second quarter (Q2’24) ended September 30, 2023. Orion will hold an
investor call today at 10:00 a.m. ET – details below.
Q2 Financial Summary |
|
Prior Three Quarters |
$ in millions except per share figures |
Q2’24 |
Q2’23 |
Change |
|
Q1’24 |
Q4’23 |
Q3'23 |
Revenue |
$20.6 |
$17.6 |
$3.0 |
|
$17.6 |
$21.6 |
$20.3 |
Gross Profit |
$4.6 |
$4.4 |
$0.1 |
|
$3.2 |
$4.7 |
$4.8 |
Gross Profit % |
22.2% |
25.3% |
(306 bps) |
|
18.0% |
21.9% |
23.6% |
Net Loss (1) |
($4.4) |
($2.3) |
($2.1) |
|
($6.6) |
($5.1) |
($24.1) |
Net Loss per share (1) |
($0.14) |
($0.07) |
($0.07) |
|
($0.21) |
($0.16) |
($0.75) |
Adjusted EBITDA (2) |
($2.2) |
($1.5) |
($0.7) |
|
($4.4) |
($1.6) |
($1.6) |
Cash & Equivalents |
$4.0 |
$12.5 |
($8.5) |
|
$8.2 |
$16.0 |
$8.1 |
(1) Q3’23 Net Loss & EPS reflect $17.8M non-cash charge
recording a valuation allowance against Deferred Tax Assets. Q2’24,
Q1’24, Q4’23 and Q3’23 also include $1.1M, $1.1M, $2.5M and $1.5M
of earnout expense related to the Voltrek acquisition,
respectively.(2) See Adjusted EBITDA reconciliation below. |
Financial Highlights
- EV charging solutions revenue rose to $3.4M in Q2’24 vs. $1.2M
in Q1’24 and no revenue in the year ago quarter prior to the
acquisition of Voltrek. The business has made solid strides
building out its national team and growing a pipeline of
significant EV opportunities which position it for continued growth
in the second half of fiscal 2024.
- Maintenance services revenue rose 5% to $3.6M in Q2’24 vs.
$3.4M in Q2’23 and decreased slightly vs. $3.8M in Q1’24,
benefiting from a new 3-year agreement to provide preventative
lighting maintenance services for a customer’s approximately 2,000
retail locations nationwide. Management has renegotiated pricing on
three of its four most significant legacy contracts, which in the
wake of rising costs were no longer profitable.
- LED Lighting revenue increased to $13.6M in Q2’24 vs. $12.6M in
Q1’24 and decreased slightly vs. $14.1M in Q2’23 as larger projects
for national customers began to engage near the end of Q2’24. LED
projects that began ramping in Q2’24 and are expected to make
material contributions to the balance of FY 2024 include a $9.6M
European retrofit project for the Department of Defense (DoD); an
outdoor lighting project for Orion’s largest customer; and an LED
lighting project in the warehouse/logistics sector, among others.
Additionally, Orion anticipates continued growth from its Energy
Service Company (ESCO) and electrical contractor distribution
channels.
- Orion closed Q2’24 with $12.9M of financial liquidity,
comprised of $4.0M of cash and cash equivalents and $8.9M net
availability on its credit facility.
CEO CommentaryOrion CEO Mike Jenkins commented,
“Q2 revenue grew 17% both sequentially and year-over-year,
reflecting increasing activity across our businesses which should
accelerate meaningfully over the balance of FY’24. Our Voltrek EV
charging solutions revenue rose to $3.4M, reflecting the benefits
of investments we have made to position it for accelerating growth
and an expanded national reach. Our maintenance services business
delivered year-over-year growth, benefiting from a new 3-year
agreement with Orion’s largest customer. We also commenced
installation activity for our $9.6M turnkey LED lighting retrofit
contract for the DoD in Europe, which we expect to be substantially
completed this fiscal year.
“Within our lighting business, we have several other larger
retrofit projects anticipated for this year, including a large
project for a global technology customer. We also expect continued
growth within our Energy Service Company (ESCO) and electrical
contractor distribution businesses over the balance of FY’24. To
enhance our reach in these markets, we recently launched several
new products featuring Orion’s industry leading quality, design,
and energy efficiency that are competitively positioned in the
value segment of the new construction and retrofit markets. These
include our new TritonProTM LED retrofit high-bay lighting
fixtures, as well as our new Harris exterior LED lighting products.
Initial feedback has been strong and to date we have achieved over
$1.0M in revenue from these products and are seeing increasing
market interest.
“Our maintenance services business also delivered year-over-year
revenue growth though we continue to face profitability headwinds
due to pricing on certain Stay-Lite legacy contracts which are no
longer profitable due to a range of recent inflationary cost
impacts. We are committed to returning this business to a solid
margin profile, even if it requires that we allow certain contracts
to expire, if we can’t get realistic pricing.
“Orion continues to differentiate its product and service
offerings from the competition with a combination of industry
leading service, product quality and energy efficiency. Our
high-value solutions, significant return on investment profile,
technical expertise and industry leading customer service have
enabled us to develop a growing base of long-term customer
relationships across multiple vertical markets through our go to
market models of turnkey, ESCO and agent / distribution
partners.
“Over the past two years we have diversified our business into
new complementary areas including maintenance services and EV
charging solutions to provide even greater value to customers.
These new capabilities provide new avenues for growth through a
range of cross selling opportunities across our expanded customer
base.
“We have already secured projects leveraging our maintenance and
EV charging solutions to create new revenue opportunities with
existing customers, and we believe these synergies offer
substantial future revenue potential going forward. In summary, our
expanded array of solutions is expected to deliver meaningful
growth in FY’24, and we believe we are well positioned to build on
that platform in the years to come.”
Business Outlook
- Orion continues to expect FY 2024 revenue growth of 30% or more
to approximately $100M, with the bulk of the increase occurring in
the second half of the year.
- EV is anticipated to strengthen in 2H FY24 due to increased
project activation and equipment sales through partners.
- LED lighting growth is also anticipated in 2H FY’24 from a
range of large national account projects currently underway or
anticipated over the balance of the fiscal year. These include the
balance of the $9.6M DoD European retrofit project; an outdoor
lighting project for Orion’s largest customer; and continued ramp
from projects for a large warehouse/logistics sector customer.
Financial Results Orion’s Q2’24 revenue was
$20.6M vs. $17.6M in Q2’23, mainly reflecting the addition of
Voltrek and maintenance revenue growth, partially offset by lower
lighting revenues. Lighting segment volume primarily reflects the
variable timing of larger LED lighting projects. Several larger
projects commenced and began to ramp in Q2’24, including the
European DoD project and a large outdoor lighting project.
Gross profit improved to $4.6M, compared to $4.4M in
Q2’23, despite a decline in gross profit percentage to 22.2% versus
25.3%. Orion was able to improve the Q2’24 gross profit percentage
on products to 30.1% from 27.6%, benefitting from higher-margin new
product sales and the impact of higher overall sales volume on
fixed cost absorption. However, Q2’24 gross margin on services was
-2.4% vs. 18.8% a year ago, reflecting the impact of
inflationary pressures on legacy, multi-year fixed price
maintenance services contracts. Certain of Stay-Lite’s contracts
have pricing that is insufficient to absorb cost increases that
have occurred since 2021. Orion is working to implement price
increases to reflect the current environment for new and existing
contracts as they renew. These initial steps drove a sequential
increase in service margin in Q2’24 from -11.2% in Q1’24. Orion is
committed to adjusting maintenance contract pricing and returning
the segment to gross profit margins more in line with the overall
company, even if this requires not renewing unprofitable
contacts.
Total operating expenses increased to $8.7M in Q2’24 from $7.4M
in the prior-year period, primarily due to $1.5M of increased
SG&A expenses reflecting the addition of Voltrek operations.
Voltrek operating expenses included $1.1M of expense related to the
earnout accrual and $0.2M of intangible amortization in Q2’24.
Orion’s Q2’24 net loss was ($4.4M), or ($0.14) per share,
including the $1.1M earnout accrual associated with Voltrek vs. a
net loss of ($2.3M), or ($0.07) per share in the prior-year
period.
Balance Sheet and Cash FlowOrion ended Q2’24
with $45.3M of current assets, including $4.0M of cash and cash
equivalents, $16.1M of accounts receivables, and $20.2M of
inventory. Net of current liabilities, working capital was $16.2M.
Orion had financial liquidity of $12.9M at the close of Q2’24,
reflecting its cash position plus $8.9M of net credit facility
availability. Orion had $10.0M of borrowings outstanding on its
credit facility at quarter end.
Orion used cash of $4.0M in operating activities in Q2’24,
reflecting operating results and a $1.5M earnout payment, partially
offset by positive working capital inflows. Orion believes it is in
a good position to fund its operations and growth objectives across
each of its business segments.
Webcast/Call Detail |
Date /
Time: |
|
Tuesday,
November 7th at 10:00 a.m. ET |
Live Call Registration: |
|
https://register.vevent.com/register/BId0bbd47c7d8a45ebac4be8fb6a17e4ee |
|
|
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/9m58j8sn |
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, 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 ESG priorities, goals and
progress here or visit our website at www.orionlighting.com.
Non-GAAP MeasuresIn 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 Statement
Certain 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
@OrionLightingIRStockTwits: @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 SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands, except share amounts) |
|
|
|
September 30, 2023 |
|
|
March 31, 2023 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,025 |
|
|
$ |
15,992 |
|
Accounts receivable, net |
|
|
16,117 |
|
|
|
13,728 |
|
Revenue earned but not
billed |
|
|
1,827 |
|
|
|
1,320 |
|
Inventories, net |
|
|
20,160 |
|
|
|
18,205 |
|
Prepaid expenses and other
current assets |
|
|
3,153 |
|
|
|
1,116 |
|
Total current assets |
|
|
45,282 |
|
|
|
50,361 |
|
Property and equipment, net |
|
|
10,368 |
|
|
|
10,470 |
|
Goodwill |
|
|
1,484 |
|
|
|
1,484 |
|
Other intangible assets, net |
|
|
5,464 |
|
|
|
6,004 |
|
Other long-term assets |
|
|
3,232 |
|
|
|
3,260 |
|
Total assets |
|
$ |
65,830 |
|
|
$ |
71,579 |
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
Accounts payable |
|
$ |
15,561 |
|
|
$ |
13,405 |
|
Accrued expenses and other |
|
|
11,612 |
|
|
|
10,552 |
|
Deferred revenue, current |
|
|
1,864 |
|
|
|
480 |
|
Current maturities of long-term
debt |
|
|
12 |
|
|
|
17 |
|
Total current liabilities |
|
|
29,049 |
|
|
|
24,454 |
|
Revolving credit facility |
|
|
10,000 |
|
|
|
10,000 |
|
Long-term debt, less current
maturities |
|
|
— |
|
|
|
3 |
|
Deferred revenue, long-term |
|
|
451 |
|
|
|
489 |
|
Other long-term liabilities |
|
|
3,690 |
|
|
|
3,384 |
|
Total liabilities |
|
|
43,190 |
|
|
|
38,330 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.01 par value:
Shares authorized: 30,000,000 at September 30, 2023
and March 31, 2023; no shares issued and outstanding
at September 30, 2023 and March 31, 2023 |
|
|
— |
|
|
|
— |
|
Common stock, no par value:
Shares authorized: 200,000,000 at September 30, 2023
and March 31, 2023; shares issued: 41,973,543 at
September 30, 2023 and 41,767,092 at March 31, 2023; shares
outstanding: 32,503,320 at September 30, 2023 and
32,295,408 at March 31, 2023 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
161,321 |
|
|
|
160,907 |
|
Treasury stock, common shares:
9,470,223 at September 30, 2023 and 9,471,684 at March 31,
2023 |
|
|
(36,235 |
) |
|
|
(36,237 |
) |
Retained deficit |
|
|
(102,446 |
) |
|
|
(91,421 |
) |
Total shareholders’ equity |
|
|
22,640 |
|
|
|
33,249 |
|
Total liabilities and shareholders’ equity |
|
$ |
65,830 |
|
|
$ |
71,579 |
|
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended September 30, |
|
|
Six Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Product revenue |
|
$ |
15,588 |
|
|
$ |
12,833 |
|
|
$ |
29,259 |
|
|
$ |
26,316 |
|
Service revenue |
|
|
4,998 |
|
|
|
4,727 |
|
|
|
8,940 |
|
|
|
9,150 |
|
Total revenue |
|
|
20,586 |
|
|
|
17,560 |
|
|
|
38,199 |
|
|
|
35,466 |
|
Cost of product revenue |
|
|
10,897 |
|
|
|
9,287 |
|
|
|
20,956 |
|
|
|
19,672 |
|
Cost of service revenue |
|
|
5,120 |
|
|
|
3,838 |
|
|
|
9,503 |
|
|
|
7,805 |
|
Total cost of revenue |
|
|
16,017 |
|
|
|
13,125 |
|
|
|
30,459 |
|
|
|
27,477 |
|
Gross profit |
|
|
4,569 |
|
|
|
4,435 |
|
|
|
7,740 |
|
|
|
7,989 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
|
5,040 |
|
|
|
3,945 |
|
|
|
10,779 |
|
|
|
7,699 |
|
Acquisition related costs |
|
|
3 |
|
|
|
333 |
|
|
|
56 |
|
|
|
347 |
|
Sales and marketing |
|
|
3,312 |
|
|
|
2,649 |
|
|
|
6,608 |
|
|
|
5,538 |
|
Research and development |
|
|
382 |
|
|
|
451 |
|
|
|
862 |
|
|
|
965 |
|
Total operating expenses |
|
|
8,737 |
|
|
|
7,378 |
|
|
|
18,305 |
|
|
|
14,549 |
|
Loss from operations |
|
|
(4,168 |
) |
|
|
(2,943 |
) |
|
|
(10,565 |
) |
|
|
(6,560 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
12 |
|
|
|
1 |
|
|
|
12 |
|
|
|
— |
|
Interest expense |
|
|
(192 |
) |
|
|
(16 |
) |
|
|
(368 |
) |
|
|
(33 |
) |
Amortization of debt issue
costs |
|
|
(25 |
) |
|
|
(16 |
) |
|
|
(49 |
) |
|
|
(31 |
) |
Interest income |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
Total other expense |
|
|
(205 |
) |
|
|
(31 |
) |
|
|
(403 |
) |
|
|
(64 |
) |
Loss before income tax |
|
|
(4,373 |
) |
|
|
(2,974 |
) |
|
|
(10,968 |
) |
|
|
(6,624 |
) |
Income tax expense |
|
|
15 |
|
|
|
(643 |
) |
|
|
57 |
|
|
|
(1,458 |
) |
Net loss |
|
$ |
(4,388 |
) |
|
$ |
(2,331 |
) |
|
$ |
(11,025 |
) |
|
$ |
(5,166 |
) |
Basic net loss per share
attributable to common shareholders |
|
$ |
(0.14 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.17 |
) |
Weighted-average common shares
outstanding |
|
|
32,502,566 |
|
|
|
31,330,030 |
|
|
|
32,424,623 |
|
|
|
31,240,475 |
|
Diluted net loss per
share |
|
$ |
(0.14 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.17 |
) |
Weighted-average common shares
and share equivalents outstanding |
|
|
32,502,566 |
|
|
|
31,330,030 |
|
|
|
32,424,623 |
|
|
|
31,240,475 |
|
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(in thousands) |
|
|
|
Six Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Operating
activities |
|
|
|
|
|
|
Net loss |
|
$ |
(11,025 |
) |
|
$ |
(5,166 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation |
|
|
707 |
|
|
|
663 |
|
Amortization of intangible assets |
|
|
540 |
|
|
|
104 |
|
Stock-based compensation |
|
|
415 |
|
|
|
987 |
|
Amortization of debt issue costs |
|
|
47 |
|
|
|
31 |
|
Deferred income tax |
|
|
— |
|
|
|
(1,620 |
) |
Loss on sale of property and equipment |
|
|
45 |
|
|
|
10 |
|
Provision for inventory reserves |
|
|
283 |
|
|
|
175 |
|
Provision for credit losses |
|
|
190 |
|
|
|
20 |
|
Other |
|
|
(2 |
) |
|
|
117 |
|
Changes in operating assets and liabilities, net of
acquisition: |
|
|
|
|
|
|
Accounts receivable |
|
|
(2,579 |
) |
|
|
233 |
|
Revenue earned but not billed |
|
|
(507 |
) |
|
|
1,075 |
|
Inventories |
|
|
(2,238 |
) |
|
|
2,808 |
|
Prepaid expenses and other assets |
|
|
(2,056 |
) |
|
|
448 |
|
Accounts payable |
|
|
2,154 |
|
|
|
(3,954 |
) |
Accrued expenses and other |
|
|
1,365 |
|
|
|
(2,486 |
) |
Deferred revenue, current and long-term |
|
|
1,346 |
|
|
|
(40 |
) |
Net cash used in operating activities |
|
|
(11,315 |
) |
|
|
(6,595 |
) |
Investing
activities |
|
|
|
|
|
|
Cash to fund acquisition, net of cash received |
|
|
— |
|
|
|
55 |
|
Purchases of property and equipment |
|
|
(747 |
) |
|
|
(442 |
) |
Additions to patents and licenses |
|
|
— |
|
|
|
(10 |
) |
Proceeds from sale of property, plant and equipment |
|
|
100 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(647 |
) |
|
|
(397 |
) |
Financing
activities |
|
|
|
|
|
|
Payment of long-term debt |
|
|
(7 |
) |
|
|
(8 |
) |
Proceeds from revolving credit facility |
|
|
— |
|
|
|
5,000 |
|
Payments of revolving credit facility |
|
|
— |
|
|
|
— |
|
Payments to settle employee tax withholdings on stock-based
compensation |
|
|
— |
|
|
|
(2 |
) |
Proceeds from employee equity exercises |
|
|
2 |
|
|
|
56 |
|
Net cash (used in) provided by financing
activities |
|
|
(5 |
) |
|
|
5,046 |
|
Net decrease in cash and cash
equivalents |
|
|
(11,967 |
) |
|
|
(1,946 |
) |
Cash and cash equivalents at
beginning of period |
|
|
15,992 |
|
|
|
14,466 |
|
Cash and cash equivalents at
end of period |
|
$ |
4,025 |
|
|
$ |
12,520 |
|
ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIES |
UNAUDITED EBITDA RECONCILIATION |
(in thousands) |
|
|
|
Three Months Ended |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
September 30, 2022 |
|
Net loss |
|
$ |
(4,388 |
) |
|
$ |
(6,637 |
) |
|
$ |
(5,116 |
) |
|
$ |
(24,059 |
) |
|
$ |
(2,331 |
) |
Interest |
|
|
192 |
|
|
|
174 |
|
|
|
208 |
|
|
|
64 |
|
|
|
16 |
|
Taxes |
|
|
15 |
|
|
|
42 |
|
|
|
45 |
|
|
|
19,391 |
|
|
|
(643 |
) |
Depreciation |
|
|
361 |
|
|
|
346 |
|
|
|
395 |
|
|
|
311 |
|
|
|
309 |
|
Amortization of intangible
assets |
|
|
274 |
|
|
|
266 |
|
|
|
280 |
|
|
|
269 |
|
|
|
52 |
|
Amortization of debt issue
costs |
|
|
25 |
|
|
|
24 |
|
|
|
26 |
|
|
|
16 |
|
|
|
16 |
|
EBITDA |
|
|
(3,521 |
) |
|
|
(5,785 |
) |
|
|
(4,162 |
) |
|
|
(4,008 |
) |
|
|
(2,581 |
) |
Stock-based compensation |
|
|
227 |
|
|
|
188 |
|
|
|
177 |
|
|
|
448 |
|
|
|
733 |
|
Acquisition related costs |
|
|
3 |
|
|
|
53 |
|
|
|
(75 |
) |
|
|
493 |
|
|
|
333 |
|
Earnout expenses |
|
|
1,125 |
|
|
|
1,125 |
|
|
|
2,500 |
|
|
|
1,500 |
|
|
|
— |
|
Adjusted
EBITDA |
|
|
(2,166 |
) |
|
|
(4,419 |
) |
|
|
(1,560 |
) |
|
|
(1,567 |
) |
|
|
(1,515 |
) |
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