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- Orion Energy Systems, Inc. OESX reported a fourth-quarter revenue decline of 37.8% year-over-year to $22.1 million, missing the consensus of $26.31 million.
- The gross margin declined 220 bps to 23.8%. EPS declined to $(0.04) from $0.71 in 4Q21.
- Total operating expenses remained nearly flat at $6.6 million in the quarter.
- Orion generated a negative adjusted EBITDA of $(0.4) million in the quarter, compared to an adjusted EBITDA of $3.1 million a year ago.
- Net cash used in operating activities for FY22 was $(0.113) million, compared to cash generated of $1.73 million in FY21.
- Orion ended the fiscal with more than $35 million of liquidity, including $14.5 million of cash and equivalents and $21 million available on the credit facility.
- Outlook: Orion said it envisions a realistic path to meet or exceed FY22 revenue performance in FY23.
- Mike Altschaefl, Orion's CEO and Board Chair, said, "While customer delays on several major LED lighting projects continue to challenge nearer-term revenue visibility, we believe Orion is well positioned with a strong customer base, expanding distribution channels and a growing array of products and services to support our long-term growth objectives."
- Price Action: OESX shares are trading lower by 0.87% at $2.29 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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