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Orion Energy Systems (OESX)

Orion provides energy-efficient LED lighting systems and turnkey project implementation including installation and commissioning of fixtures, controls and IoT systems, as well as ongoing system maintenance and program management. The company helps its customers achieve energy savings with healthy, safe and sustainable solutions, enabling them to reduce their carbon footprint and digitize their business.

Company profile

Ticker
OESX
Exchange
CEO
Michael W. Altschaefl
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Great Lakes Energy • Clean Energy • Orion Asset Management, LLC • Orion LED Canada, Inc. • Stay-Lite Lighting, Inc. ...
IRS number
391847269

OESX stock data

Calendar

5 Aug 22
29 Sep 22
31 Mar 23
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Mar 22 Mar 21 Mar 20 Mar 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 9.42M 9.42M 9.42M 9.42M 9.42M 9.42M
Cash burn (monthly) 1.68M 536.58K 1.22M (no burn) 1.67M 179.33K
Cash used (since last report) 5.03M 1.61M 3.64M n/a 5M 537.24K
Cash remaining 4.39M 7.82M 5.78M n/a 4.43M 8.89M
Runway (months of cash) 2.6 14.6 4.8 n/a 2.7 49.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 Jun 22 Otten Anthony L. Common Stock Buy Acquire P No No 2.0983 2,000 4.2K 145,534
24 Jun 22 Altschaefl Michael W Common Stock Buy Acquire P No No 2.0408 10,000 20.41K 1,035,156
10 Jun 22 Altschaefl Michael W Common Stock Grant Acquire A No No 0 163,417 0 1,025,156
10 Jun 22 Altschaefl Michael W Common Stock Option exercise Acquire M No No 2.03 26,646 54.09K 861,739
10 Jun 22 Altschaefl Michael W Stock Options Common Stock Option exercise Dispose M No No 2.03 26,646 54.09K 0
10 Jun 22 Michael H Jenkins Common Stock Grant Acquire A No No 0 124,197 0 174,197
72.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 56 70 -20.0%
Opened positions 5 10 -50.0%
Closed positions 19 13 +46.2%
Increased positions 14 22 -36.4%
Reduced positions 19 18 +5.6%
13F shares Current Prev Q Change
Total value 31.8M 46.87M -32.1%
Total shares 15.82M 16.74M -5.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
North Star Investment Management 3.74M $7.51M -1.0%
Renaissance Technologies 1.64M $3.3M -6.2%
Tieton Capital Management 1.53M $3.08M +23.6%
Heartland Advisors 1.29M $2.59M -8.8%
Vanguard 1.26M $2.53M -1.3%
Acuitas Investments 1.16M $2.33M +23.4%
Wellington Management 1.04M $2.1M -18.0%
Grace & White 440.31K $885K +91.3%
Penbrook Management 421.32K $847K -0.5%
Dimensional Fund Advisors 416.56K $837K +61.8%
Largest transactions Shares Bought/sold Change
BDO Wealth Advisors 0 -558.72K EXIT
MS Morgan Stanley 29.1K -316.28K -91.6%
Tieton Capital Management 1.53M +292.33K +23.6%
Wellington Management 1.04M -229.67K -18.0%
Acuitas Investments 1.16M +219.76K +23.4%
Grace & White 440.31K +210.18K +91.3%
Dimensional Fund Advisors 416.56K +159.07K +61.8%
Heartland Advisors 1.29M -125K -8.8%
Renaissance Technologies 1.64M -108.18K -6.2%
Marshall Wace 0 -81.17K EXIT

Financial report summary

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Risks
  • Risks Related to Our Business
  • Our business has been, and could again in the future be, negatively impacted by the COVID-19 pandemic.
  • Our ability to balance customer demand and production capacity and increased difficulty in obtaining permanent employee staffing could negatively impact our business.
  • Our inability to attract and retain key employees, our reseller network members or manufacturer representative agencies could adversely affect our operations and our ability to execute on our operating plan and growth strategy.
  • We may not realize the anticipated benefits of past or future acquisitions, including our recent acquisition of Stay-Lite Lighting, and integration of Stay-Lite Lighting or other acquired businesses may disrupt our business and management, which could adversely affect our business, financial condition, or results of operations.
  • If our information technology systems security measures are breached or fail, our products may be perceived as not being secure, customers may curtail or stop buying our products, we may incur significant legal and financial exposure, and our results of operations, financial condition and cash flows could be materially adversely affected.
  • Some of our existing information technology systems are in need of enhancement, updating and replacement. If our information technology systems fail, or if we experience an interruption in their operation, then our business, results of operations and financial condition could be materially adversely affected.
  • The success of our business depends upon market acceptance of our energy management products and services.
  • We operate in a highly competitive industry and, if we are unable to compete successfully, our results of operations, financial condition and cash flows will likely be materially adversely affected.
  • If we fail to establish and maintain effective internal controls over financial reporting, our business and financial results could be harmed.
  • We do not have major sources of recurring revenue and we depend upon a limited number of customers in any given period to generate a substantial portion of our revenue. The loss of any significant customers or a major customer would likely have a materially adverse effect on our results of operations, financial condition and cash flows.
  • Our net operating loss carry-forwards provide a future benefit only if we continue to be profitable and may be subject to limitation based upon ownership changes.
  • We are subject to financial and operating covenants in our credit agreement and any failure to comply with such covenants, or obtain waivers in the event of non-compliance, could limit our borrowing availability under the credit agreement, resulting in our being unable to borrow under our credit agreement and materially adversely impact our liquidity.
  • We may not be able to obtain equity capital or debt financing necessary to effectively pursue our evolving strategy and sustain our growth initiatives.
  • Our financial performance is dependent on our ability to achieve growth in our average selling price of our products.
  • The success of our LED lighting retrofit solutions depends, in part, on our ability to claim market share away from our competitors. If we are unable to expand our customer base and increase sales in our targeted markets, our results of operations, financial condition and cash flows will likely be materially adversely affected.
  • Our retrofitting process frequently involves responsibility for the removal and disposal of components containing hazardous materials.
  • Government tariffs and other actions may adversely affect our business.
  • 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 could cause the growth in demand for our products to slow, which could have a material adverse affect on our results of operations, financial condition and cash flows.
  • The elimination of, or changes in, policies, incentives or rebates in certain states that encourage the use of solar power over other traditional power sources could cause the revenue from our sale of solar-related tax credits to third parties to decrease, which could have a material adverse effect on our results of operations, financial condition and cash flows.
  • Changes in government budget priorities and political gridlock, and future potential government shutdown, could negatively impact our results of operations, financial condition and cash flows.
  • Product liability claims could adversely affect our business, results of operations and financial condition.
  • Our inability to protect our intellectual property, or our involvement in damaging and disruptive intellectual property litigation, could adversely affect our results of operations, financial condition and cash flows or result in the loss of use of the related product or service.
  • The cost of compliance with environmental laws and regulations and any related environmental liabilities could adversely affect our results of operations, financial condition and cash flows.
  • We expect our quarterly revenue and operating results to fluctuate. If we fail to meet the expectations of market analysts or investors, the market price of our common stock could decline substantially, and we could become subject to securities litigation.
  • If securities or industry analysts do not continue to publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • The market price of our common stock could be adversely affected by future sales of our common stock in the public market by us or our executive officers and directors.
  • Anti-takeover provisions included in the Wisconsin Business Corporation Law, provisions in our amended and restated articles of incorporation or bylaws and the common share purchase rights that accompany shares of our common stock could delay or prevent a change of control of our company, which could adversely impact the value of our common stock and may prevent or frustrate attempts by our shareholders to replace or remove our current board of directors or management.
Management Discussion
  • Effective on January 1, 2022, we acquired all of the issued and outstanding capital stock of Stay-Lite Lighting, a nationwide lighting and electrical maintenance service provider, for a cash purchase price of $4.0 million. In addition, depending upon the relative gross profit growth of Stay-Lite Lighting’s legacy business over the next two calendar years, Orion could pay up to an additional $0.7 million in earn out related purchase price. The acquisition was funded from existing cash resources. Stay-Lite Lighting will operate as Stay-Lite, an Orion Energy Systems business. The acquisition accelerates the growth of our maintenance services offerings through our Orion Services Group, which provides lighting and electrical services to customers.

Content analysis

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