Company Overview - Orion Energy Systems, Inc. specializes in energy-efficient LED lighting, controls, maintenance services, and electric vehicle (EV) charging station solutions [3] - The company focuses on providing turnkey design-through-installation solutions for large national customers and projects through ESCO and distribution partners [3] Upcoming Financial Results - Orion will host a conference call and webcast to review its fourth quarter and FY 2024 results on June 6, 2024, at 10:00 a.m. ET [1][2] - The results will be released prior to the market's opening on the same day [1] Sustainability Commitment - Orion is dedicated to operating responsibly and aims to help customers achieve their business and environmental goals through sustainable solutions that reduce carbon footprints [3][4]

Core Viewpoint - Orion Energy Systems, Inc. reported preliminary unaudited results for Q4 and FY 2024, indicating significant revenue growth driven by increased demand for energy-efficient solutions [1][3]. Financial Performance - Preliminary Q4 2024 revenue was approximately $26.4 million, a 22% increase from Q4 2023 revenue of $21.6 million [3]. - Preliminary FY 2024 revenue reached approximately $90.6 million, representing a 17% increase over FY 2023 revenue of $77.4 million [3]. - LED lighting revenue in Q4 2024 was approximately $16.3 million, up from $14.4 million in Q4 2023, attributed to increased turnkey LED retrofit activity [7]. - Revenue from EV charging solutions rose to approximately $4.9 million in Q4 2024, compared to $3.4 million in Q4 2023, reflecting growth in project activity [7]. - Maintenance services revenue increased to approximately $5.2 million in Q4 2024 from $3.7 million in Q4 2023, driven by a new three-year agreement for preventative maintenance services [7]. - The company expects to report slightly positive adjusted EBITDA in Q4 2024, contrasting with negative adjusted EBITDA in Q4 2023 [7]. Upcoming Events - Orion will present at Singular Research's Spring Select Webinar on May 22, 2024, at 3:00 p.m. ET, followed by an investor Q&A session [2][4]. - The company plans to report its fiscal 2024 results and hold a conference call on June 6, 2024, at 10:00 a.m. ET [2]. Company Overview - Orion Energy Systems specializes in energy efficiency and clean tech solutions, including LED lighting, EV charging solutions, and maintenance services [5]. - The company focuses on providing turnkey design-through-installation solutions for large national customers and projects through ESCO and distribution partners [5]. - Orion is committed to helping customers achieve business and environmental goals while reducing their carbon footprint [5].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-33887 Orion Energy Systems, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Wisconsin 39-184726 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-33887 Orion Energy Systems, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Wisconsin 39-18472 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-33887 Orion Energy Systems, Inc. (Exact name of Registrant as specified in its charter) | | | (State or other jurisdiction of incorporation or organization) Wisconsin 39-1847 ...

Part I [Business](index=5&type=section&id=Item%201%20Business) Orion Energy Systems, Inc. provides LED lighting systems, IoT control solutions, EV charging infrastructure, and maintenance services, primarily in North America, focusing on turnkey retrofit solutions for commercial and industrial clients. - The company provides LED lighting, IoT controls, EV charging solutions, and maintenance services to commercial, industrial, and government markets in North America[16](index=16&type=chunk) - Orion differentiates itself by offering comprehensive turnkey project management services for multi-location retrofits, from site surveys to installation and maintenance[18](index=18&type=chunk) - The company operates through four reportable segments: Orion Services Group (OSG), Orion Distribution Services (ODS), Orion U.S. Markets (USM), and the new Orion Electric Vehicle Charging Division (EV Division) established after the Voltrek acquisition[25](index=25&type=chunk) - Customer concentration remains a key factor, with one customer accounting for **16.2%** of total revenue in fiscal 2023, down from **49.1%** in fiscal 2022 and **56.0%** in fiscal 2021[71](index=71&type=chunk) - Backlog increased to **$17.2 million** as of March 31, 2023, from **$10.1 million** as of March 31, 2022[80](index=80&type=chunk) [Reportable Segments](index=6&type=section&id=Reportable%20Segments) The company is organized into four reportable segments: Orion Services Group (OSG), Orion Distribution Services (ODS), Orion U.S. Markets (USM), and the new Orion Electric Vehicle Charging (EV) Division. - Orion Services Group (OSG): Develops and sells lighting products and provides engineering and maintenance services for large national accounts and other major customers[27](index=27&type=chunk) - Orion Distribution Services (ODS): Sells lighting products through a network of manufacturer representative agencies and distributors[28](index=28&type=chunk) - Orion U.S. Markets (USM): Sells lighting and energy management systems to wholesale contractors and ESCOs[29](index=29&type=chunk) - Orion Electric Vehicle Charging (EV) Division: Offers turnkey EV charging installation and support services, established through the acquisition of Voltrek[30](index=30&type=chunk) [Our Growth Strategies](index=9&type=section&id=Our%20Growth%20Strategies) Orion's growth strategy centers on leveraging its full-service, turnkey capabilities for large national accounts, expanding service offerings, and innovating in energy efficiency and smart controls. - Focus on executing turnkey LED retrofit projects for large national account customers[54](index=54&type=chunk) - Continue product innovation, including air movement solutions and advanced smart lighting controls[55](index=55&type=chunk) - Leverage smart lighting systems to support IoT applications, providing customers a path to digitization[56](index=56&type=chunk) - Expand maintenance service offerings to build a recurring revenue stream[57](index=57&type=chunk) - Grow the EV charging installation business, acquired through Voltrek, by cross-selling to existing channels and customers[60](index=60&type=chunk) [Products and Services](index=10&type=section&id=Products%20and%20Services) Orion offers LED lighting fixtures, smart controls, and related services, including high-performance high bay fixtures, office ceiling retrofits, smart building systems, and comprehensive project management and maintenance. - Primary products include interior LED High Bay Fixtures like the ISON® class, which delivers up to **214 lumens per watt**[63](index=63&type=chunk) - The LED Troffer Door Retrofit (LDRTM) is designed for quick installation in office grid ceilings[65](index=65&type=chunk) - Offers a broad array of smart building control systems that provide lighting control and data intelligence for building managers[64](index=64&type=chunk) - Provides a range of fee-based services including site assessment, engineering design, project management, installation, and maintenance for both lighting and EV charging customers[70](index=70&type=chunk)[73](index=73&type=chunk) - The general warranty policy provides a limited five-year warranty on LED products, with some products offering up to a 10-year warranty[68](index=68&type=chunk) [Risk Factors](index=15&type=page&id=Item%201A%20Risk%20Factors) The company faces significant risks from customer concentration, challenges in executing strategic initiatives, integrating acquisitions, supply chain disruptions, and market adoption of new offerings. - The company depends on a limited number of customers, and the reduction of revenue from its most significant customer has had, and the potential future loss of other significant customers would likely have, a materially adverse effect[93](index=93&type=chunk)[94](index=94&type=chunk) - The ability to regain profitability depends on the effective execution of key strategic initiatives, including marketing turnkey capabilities, product innovation, and growing the maintenance and EV charging businesses[96](index=96&type=chunk)[98](index=98&type=chunk) - The company may not realize the anticipated benefits of its recent acquisitions of Stay-Lite Lighting and Voltrek, and integration may disrupt business and management[99](index=99&type=chunk) - Products use components like semiconductor chips that are subject to price fluctuations, shortages, or supply interruptions, which could increase costs and delay production[101](index=101&type=chunk) - The growth of the EV Division depends on consumer willingness to adopt electric vehicles, a market still in its early stages and subject to various influencing factors[118](index=118&type=chunk)[119](index=119&type=chunk) - Government tariffs and the reduction or elimination of incentives for LED lighting or EVs could adversely affect business and slow demand[97](index=97&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) [Unresolved Staff Comments](index=31&type=section&id=Item%201B%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the Securities and Exchange Commission. - None[180](index=180&type=chunk) [Properties](index=32&type=section&id=Item%202%20Properties) Orion's primary manufacturing and distribution facility is a leased 266,000 square foot space in Manitowoc, Wisconsin, complemented by an owned technology center and corporate headquarters, and additional leased office spaces. - Leases an approximately 266,000 square foot manufacturing and distribution facility in Manitowoc, Wisconsin[182](index=182&type=chunk) - Owns an approximately 70,000 square foot technology center and corporate headquarters in Manitowoc, Wisconsin[183](index=183&type=chunk) - Leases additional office space in Jacksonville, FL, Lawrence, MA (for the EV Division), and Pewaukee, WI (for the Orion Services Group Division)[183](index=183&type=chunk)[184](index=184&type=chunk) [Legal Proceedings](index=32&type=section&id=Item%203%20Legal%20Proceedings) The company is subject to various claims and legal proceedings in the ordinary course of business but does not believe their final resolution will materially affect future operations. - The company is subject to various claims and legal proceedings arising in the ordinary course of business[185](index=185&type=chunk) - Management does not expect the resolution of any current legal proceedings to have a material adverse effect on future results[185](index=185&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204%20Mine%20Safety%20Disclosures) The company reports that there are no mine safety disclosures required. - None[186](index=186&type=chunk) Part II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=32&type=section&id=Item%205%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Orion's common stock trades on the NASDAQ Capital Market under "OESX", with **32,295,408** shares outstanding as of May 31, 2023, and the company has never paid cash dividends nor repurchased shares in fiscal 2023. - Common stock is traded on the NASDAQ Capital Market under the symbol "OESX"[187](index=187&type=chunk) - As of May 31, 2023, there were **32,295,408** shares of common stock outstanding held by approximately **160** record holders[188](index=188&type=chunk) - The company has never paid cash dividends and does not plan to in the foreseeable future, with its credit agreement also restricting dividend payments[189](index=189&type=chunk) - No shares of common stock were purchased by the company during the fiscal year ended March 31, 2023[193](index=193&type=chunk) [Reserved](index=33&type=section&id=Item%206%20%5BReserved%5D) This item is reserved. [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%207%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2023, Orion's revenue significantly decreased to **$77.4 million** from **$124.4 million** in fiscal 2022, resulting in a gross margin decline to **22.6%** and an operating loss of **$16.0 million**, primarily due to the completion of a large customer project and a **$17.8 million** non-cash deferred tax asset valuation allowance. | Fiscal Year Ended March 31, | 2023 | 2022 | | :--- | :--- | :--- | | **Total revenue (in thousands)** | $77,383 | $124,383 | | **Gross profit (in thousands)** | $17,511 | $33,912 | | **(Loss) income from operations (in thousands)** | $(15,985) | $8,391 | | **Net (loss) income (in thousands)** | $(34,341) | $6,091 | | **Net (loss) income per share (diluted)** | $(1.08) | $0.19 | - The decrease in revenue was primarily due to the completion of a significant project for the company's largest customer and delays in the commencement of certain other projects[225](index=225&type=chunk) - Gross margin decreased to **22.6%** from **27.3%** due to lower absorption of fixed costs on reduced revenue volume[225](index=225&type=chunk) - The fiscal 2023 net loss was significantly impacted by a **$17.8 million** non-cash charge to increase the valuation allowance on deferred tax assets[230](index=230&type=chunk) - As of March 31, 2023, the company had **$16.0 million** in cash and cash equivalents and had drawn **$10.0 million** against its **$25.0 million** revolving credit facility[253](index=253&type=chunk)[254](index=254&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) In fiscal 2023, total revenue fell **37.8%** to **$77.4 million**, leading to a **48.4%** drop in gross profit and an operating loss of **$16.0 million**, primarily due to a major customer project completion and increased General and Administrative expenses from acquisitions. | Fiscal Year Ended March 31, | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | **Total revenue (in thousands)** | $77,383 | $124,383 | (37.8)% | | **Gross profit (in thousands)** | $17,511 | $33,912 | (48.4)% | | **Gross Margin** | 22.6% | 27.3% | - | | **(Loss) income from operations (in thousands)** | $(15,985) | $8,391 | **NM** | - General and administrative expenses increased by **66.8%** in FY2023, primarily due to the acquisitions of Stay-Lite Lighting and Voltrek, which included **$4.0 million** for compensatory Voltrek earn-out payments[226](index=226&type=chunk) [Segment Results](index=41&type=section&id=Segment%20Results) In fiscal 2023, OSG revenue decreased **54.0%** to **$38.0 million** with an operating loss, ODS revenue fell **30.7%** to **$15.4 million**, USM revenue decreased **9.7%** to **$17.7 million**, and the new EV Division generated **$6.3 million** in revenue but posted a **$4.1 million** operating loss due to an earn-out expense. | Segment (FY2023 Revenue) | Revenue (in thousands) | Operating (Loss) Income (in thousands) | | :--- | :--- | :--- | | **Orion Services Group** | $38,002 | $(6,982) | | **Orion Distribution Services** | $15,395 | $(186) | | **Orion U.S. Markets** | $17,710 | $1,605 | | **Orion EV Charging** | $6,275 | $(4,133) | - OSG segment revenue decreased **54.0%** in fiscal 2023 due to reduced project volume from its largest customer, leading to an operating loss[240](index=240&type=chunk) - The EV Division's operating loss was primarily a result of a **$4.0 million** earn-out expense included in general and administrative costs[252](index=252&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents increased to **$16.0 million** at March 31, 2023, primarily due to a **$10.0 million** draw on its credit facility, offsetting cash used for operations and the Voltrek acquisition, while net working capital decreased to **$25.9 million**. - Cash and cash equivalents increased to **$16.0 million** as of March 31, 2023, from **$14.5 million** at March 31, 2022[253](index=253&type=chunk) - The company drew **$10.0 million** on its revolving credit facility in fiscal 2023. As of March 31, 2023, the borrowing base supported **$17.3 million** of availability[253](index=253&type=chunk)[254](index=254&type=chunk) - Net working capital was **$25.9 million** as of March 31, 2023, a decrease from **$32.9 million** at March 31, 2022[267](index=267&type=chunk) - In March 2023, the company filed a **$100 million** universal shelf registration statement to facilitate potential future capital raises[256](index=256&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%207A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Orion faces market risks from inflation, interest rates, and commodity prices, with a hypothetical **20%** increase in aluminum prices potentially reducing fiscal 2023 net income by **$0.7 million**, while foreign exchange risk is minimal. - The company has experienced inflationary pressures on input costs but has substantially mitigated the impact through price increases[306](index=306&type=chunk) - As of March 31, 2023, the company had **$10 million** of outstanding debt with floating interest rates, exposing it to interest rate risk[309](index=309&type=chunk) - The company is exposed to commodity price risk, particularly for aluminum. A hypothetical **20%** price increase would have reduced fiscal 2023 net income by **$0.7 million**[310](index=310&type=chunk) - Foreign exchange risk is considered minimal[307](index=307&type=chunk) [Financial Statements and Supplementary Data](index=50&type=section&id=Item%208%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Orion Energy Systems, Inc.'s audited consolidated financial statements for the fiscal year ended March 31, 2023, including the independent auditor's report which highlights the realizability of deferred tax assets as a critical audit matter. - The independent auditor, BDO USA, LLP, issued an opinion that the consolidated financial statements present fairly, in all material respects, the financial position of the Company[315](index=315&type=chunk) - The auditor identified the 'Realizability of Deferred Tax Assets' as a critical audit matter, noting the significant management judgments required in assessing the need for a valuation allowance based on projections of future taxable income[321](index=321&type=chunk)[322](index=322&type=chunk) | (in thousands) | March 31, 2023 | March 31, 2022 | | :--- | :--- | :--- | | **Total Assets (in thousands)** | $71,579 | $86,817 | | **Total Liabilities (in thousands)** | $38,330 | $21,717 | | **Total Shareholders' Equity (in thousands)** | $33,249 | $65,100 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=84&type=section&id=Item%209%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure. - None[509](index=509&type=chunk) [Controls and Procedures](index=84&type=section&id=Item%209A%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were effective as of March 31, 2023, with no material changes during the fourth quarter. - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[510](index=510&type=chunk) - Based on an assessment using the COSO framework, management believes that the company's internal control over financial reporting was effective as of March 31, 2023[514](index=514&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2023, that have materially affected, or are reasonably likely to materially affect, internal controls[516](index=516&type=chunk) [Other Information](index=85&type=section&id=Item%209B%20Other%20Information) The company reports no other information for this item. - None[517](index=517&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=85&type=section&id=Item%209C%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company. - Not Applicable[518](index=518&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=86&type=section&id=Item%2010%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's 2023 Proxy Statement, and the company has adopted a Code of Conduct. - Information is incorporated by reference to the Proxy Statement for the 2023 Annual Meeting of Shareholders[521](index=521&type=chunk) - The company has adopted a Code of Conduct available on its website[522](index=522&type=chunk) [Executive Compensation](index=86&type=section&id=Item%2011%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's Proxy Statement for its 2023 Annual Meeting of Shareholders. - Information is incorporated by reference to the Proxy Statement for the 2023 Annual Meeting of Shareholders[523](index=523&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=86&type=section&id=Item%2012%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information on securities authorized for issuance under equity compensation plans is included in Item 5, with all other required information incorporated by reference from the 2023 Proxy Statement. - Information is incorporated by reference to the Proxy Statement for the 2023 Annual Meeting of Shareholders[524](index=524&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=86&type=section&id=Item%2013%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the company's Proxy Statement for its 2023 Annual Meeting of Shareholders. - Information is incorporated by reference to the Proxy Statement for the 2023 Annual Meeting of Shareholders[525](index=525&type=chunk) [Principal Accountant Fees and Services](index=86&type=section&id=Item%2014%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's Proxy Statement for its 2023 Annual Meeting of Shareholders. - Information is incorporated by reference to the Proxy Statement for the 2023 Annual Meeting of Shareholders[526](index=526&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=87&type=section&id=Item%2015%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements included in Item 8 and provides an index of all exhibits filed with the Form 10-K, including corporate governance documents and material contracts. - The financial statements are set forth in Item 8 of the Form 10-K[529](index=529&type=chunk) - An exhibit index lists all documents filed with the report, including articles of incorporation, bylaws, loan agreements, and executive compensation plans[531](index=531&type=chunk) [Form 10-K Summary](index=92&type=section&id=Item%2016%20Form%2010-K%20Summary) The company reports that there is no Form 10-K summary. - None[536](index=536&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-33887 Orion Energy Systems, Inc. (Exact name of Registrant as specified in its charter) | | | (State or other jurisdiction of incorporation or organization) Wisconsin 39- ...

Financial Data and Key Metrics Changes - The company reported a net loss of $24.1 million or $0.75 per share in Q3 '23, compared to a net income of $1.1 million or $0.04 per share in Q3 '22, primarily due to establishing a valuation allowance against deferred tax assets [15][40] - Revenue for Q3 '23 was $20.3 million, down from $30.7 million in Q3 '22 and $17.6 million in Q2 '23, with a year-to-date revenue of $55.8 million compared to $102.3 million in the prior year [40][90] - Gross profit percentage decreased to 23.6% in Q3 '23 from 24.9% in Q3 '22 and 25.3% in Q2 '23, reflecting lower absorption of overhead costs and a higher mix of service revenue [72] Business Line Data and Key Metrics Changes - The EV charging solutions business contributed better-than-expected results, with significant growth anticipated in fiscal 2024 [4] - The maintenance services business showed steady growth, largely due to two acquisitions completed over the past 12 months [4] - The ESCO channel experienced a modest decrease in contribution due to project timing, but longer-term opportunities are expected to drive growth [94] Market Data and Key Metrics Changes - The company noted softness in the electrical contractor distribution channel, attributed to the softening economic environment [94] - The EV market is projected to grow significantly, with EVs expected to account for nearly a quarter of new vehicle sales by 2025, driving demand for EV charging stations [77] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions and investing in internal growth initiatives, with a strong emphasis on expanding its EV charging solutions and maintenance services [16][12] - The company plans to develop turnkey capabilities for executing lighting, maintenance, and EV charging solutions, enhancing its value proposition for large enterprises [5][37] - The strategic focus includes building a strong pipeline of opportunities in the ESCO channel and expanding the customer base through diversified product offerings [14][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about revenue growth of at least 30% in fiscal 2024, driven by significant projects in the LED lighting pipeline and strong growth in EV charging solutions [4] - The company anticipates further sequential revenue growth in Q4 '23, expecting it to be the strongest revenue quarter of the year [90] - Management acknowledged the impact of customer delays on project initiation but remains confident in the long-term growth prospects [11][94] Other Important Information - The company had quarter-end liquidity of $19.4 million, including cash of $8.1 million and $11.3 million available on its credit facility [8] - Cash flow from operations was $1.3 million in Q3 '23, reflecting timing benefits from accounts payable and accrued expenses [89] Q&A Session Summary Question: What are the reasons for the revenue delays in the DoD and automotive projects? - Management indicated that the delays were due to project timing and scheduling conflicts on the customer's side, not external macro factors [23][106] Question: How is the Voltrek acquisition performing? - The Voltrek business exceeded expectations in Q3, generating approximately $2.8 million in revenue, and is expected to continue operating at that level [20] Question: What is the outlook for the ESCO business? - The ESCO business is expected to see significant growth in fiscal 2024, with a strong pipeline of large projects in the works [21][94] Question: What are the anticipated costs related to the Voltrek acquisition? - The company clarified that the acquisition costs primarily include one-time expenses related to closing the deal and integration, with ongoing costs being minimal [30][82] Question: How is the company addressing the EV charging market? - Management highlighted the growing demand for EV charging infrastructure and the company's strategic positioning to benefit from federal and state funding initiatives [87][77]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-33887 Orion Energy Systems, Inc. (Exact name of Registrant as specified in its charter) Wisconsin 39-1847269 (State or other jurisdiction of incorporation or organizatio ...

Financial Data and Key Metrics Changes - The company reported its Q2 results and year-to-date performance, which will be detailed by the CFO later in the call [4]. Business Line Data and Key Metrics Changes - The COO will provide insights into sales and operations, indicating a focus on business performance metrics [4]. Market Data and Key Metrics Changes - Specific market data and metrics will be discussed during the call, particularly in relation to the company's operational strategies [4]. Company Strategy and Development Direction - The CEO will outline the company's results and strategic direction, emphasizing future growth and operational focus [4]. Management's Comments on Operating Environment and Future Outlook - Management will address the operating environment and provide insights into the company's future outlook, including potential risks and opportunities [5]. Other Important Information - The call will include forward-looking statements that may involve risks, which the company has previously outlined in its press release and SEC filings [5]. Q&A Session Summary - The Q&A session will follow the management's presentations, allowing investors to ask questions regarding the company's performance and strategy [4].