Orion Energy Systems NASDAQ: OESX shareholders re-elected directors Richard A. Shapiro and Heather L. Wishart-Smith, approved executive compensation on an advisory basis, ratified BDO USA P.C. as the company’s independent registered public accounting firm for fiscal 2027, and approved the amended and restated 2016 Omnibus Incentive Plan at the company’s 2026 annual meeting.
Board Chair Tony Otten said the two director nominees each received more than 93% of shareholder votes cast, based on preliminary results. The other proposals were approved by at least a majority of votes cast. Orion said final voting results would be reported in a Form 8-K filing with the Securities and Exchange Commission.
At the virtual meeting, management reviewed fiscal 2026 results and outlined expectations for fiscal 2027. Chief Executive Officer Sally Washlow described fiscal 2026 as a year in which the company expanded its enterprise customer base, added to its product and service portfolio, and pursued cost-containment measures.
“The result was a successful year, with revenue of $86.3 million and positive adjusted EBITDA,” Washlow said. “It was also a year that set this company on a path of profitable growth.”
Fiscal 2026 Revenue and Margin Improvement
Chief Financial Officer, Chief Accounting Officer and Treasurer Per Brodin said Orion’s total revenue rose to $86.3 million in fiscal 2026 from $79.7 million in fiscal 2025. The company’s gross profit percentage improved to 32.6% from 25.4% a year earlier.
Orion reported a fiscal 2026 net loss of $3.2 million, or $0.89 per share, compared with a net loss of $11.8 million, or $3.59 per share, in fiscal 2025. Brodin attributed the improvement to higher revenue, a stronger gross-profit percentage and operating-expense containment.
- LED lighting revenue increased to $55.9 million from $47.7 million, while gross margin expanded to 33.8% from 26.6%.
- EV charging solutions revenue declined to $14.4 million from $16.8 million, which Brodin said was principally related to a changed environment for EV charging solutions. Segment gross margin rose to 37.7% from 28.3%.
- Maintenance services revenue increased to $16 million from $15.2 million, and gross margin improved to 23.7% from 18.2%.
Brodin said lighting margins benefited from targeted price increases, cost reductions and sourcing initiatives. For maintenance services, he cited improved pricing, restructuring and cost-containment efforts.
At the end of fiscal 2026, Orion had current assets of $37.7 million, including $3.3 million in cash and equivalents, $16.3 million in accounts receivable and $10.3 million in inventory. Working capital, net of current liabilities, was $11 million. Brodin said the company believes it has sufficient resources to fund operations and growth objectives for the foreseeable future.
Fiscal 2027 Outlook and Market Focus
Management forecast fiscal 2027 revenue of $95 million to $97 million and expects positive adjusted EBITDA for the full year. Brodin said there could be upside to the revenue outlook depending on the level of increased customer infrastructure investment.
Washlow said Orion is seeking to build on opportunities in LED lighting, EV charging and electrical infrastructure services. She described the company as serving customers across sectors including hyperscale data centers, manufacturing, retail and government.
The company recently entered the data-center market through a multimillion-dollar engagement with one of the world’s largest hyperscale operators, according to Washlow. She said Orion expects additional activity in data centers as well as in legacy markets including automotive, retail, logistics, distribution and public-sector applications.
Washlow also pointed to growth prospects in energy service company and electrical-distribution channels, supported by the company’s Triton Pro high-bay lighting products and an expanded selection of exterior LED fixtures.
On EV charging, Washlow said the U.S. market underwent the reset Orion had expected, but she maintained that demand for nationwide charging infrastructure remains. Orion Voltrek’s offering includes on-site presence, custom design and engineering, and management of deployments through system commissioning, she said.
“FY 2026 was a right-sizing year for Orion and a successful one,” Washlow said, citing product re-engineering, plant efficiency and diversified sourcing. She added that these measures helped the company generate positive adjusted EBITDA in each quarter of fiscal 2026.
About Orion Energy Systems (NASDAQ:OESX)
Orion Energy Systems, Inc is a U.S.-based provider of energy-efficient lighting and building controls solutions. Founded in 1996 and headquartered in Manitowoc, Wisconsin, the company specializes in designing, manufacturing and deploying LED lighting fixtures and integrated energy management systems for commercial and industrial customers.
The company's product portfolio includes a range of LED light fixtures, smart sensors, networked controls and cloud-based energy management software.
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