Orion's Q4'24 Revenue Rose 22% to $26.4M; FY'24 Revenue of $90.6M Driven by Growth Across LED Lighting, EV Charging and Maintenance Businesses; Targets FY 2025 Revenue Growth of 10-15%

Core Insights - Orion Energy Systems, Inc. reported strong financial results for Q4'24 and FY 2024, with significant revenue growth across all business segments, particularly in LED lighting and EV charging solutions [3][4][18]. Financial Performance - Q4'24 revenue increased by 22.1% to $26.4 million compared to $21.6 million in Q4'23, driven by growth in LED lighting, EV charging, and maintenance services [18]. - FY 2024 revenue rose 17.1% to $90.6 million from $77.4 million in FY 2023, with nearly 100% increase in EV charging revenues and 17.8% growth in maintenance services revenue [18]. - Gross profit for Q4'24 was $6.8 million, up 43.5% from $4.7 million in Q4'23, with gross profit margin increasing to 25.8% from 21.9% [19][30]. - Net income for Q4'24 improved to $1.6 million, or $0.05 per share, compared to a net loss of $5.1 million, or ($0.16) per share in Q4'23 [12][30]. Business Segments - LED lighting revenue grew by 13.1% in Q4'24 and 8.0% for FY 2024, supported by large projects including a significant DOD project in Germany [3][30]. - EV charging solutions revenue surged 42.1% in Q4'24 and nearly doubled for FY 2024, reflecting a full year of operations following the acquisition of Voltrek [3][30]. - Maintenance services revenue increased by 37.4% in Q4'24 and 17.8% for FY 2024, driven by a new three-year agreement for preventative maintenance services across 2,000 retail locations [3][8][30]. Future Outlook - The company anticipates continued growth of 10-15% in FY 2025, particularly in LED lighting and EV charging segments, supported by favorable macroeconomic trends and regulatory changes [4][36]. - Orion expects robust growth in sales to Energy Service Company (ESCO) partners, driven by new product lines designed for energy efficiency [5][36]. - The EV charging business is projected to benefit from a strong pipeline of opportunities, with a total pipeline valued at $50 million entering FY 2025 [7][35]. Operational Efficiency - Total operating expenses decreased to $5.0 million in Q4'24 from $9.6 million in Q4'23, primarily due to a reversal of earnout expense accruals related to Voltrek [39]. - The company generated cash of $175,000 from operating activities in Q4'24, reflecting improved operating results and working capital changes [40]. Balance Sheet - As of March 31, 2024, Orion had current assets of $44.8 million, including $5.2 million in cash and cash equivalents, and a working capital of $16.8 million [20][21].