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Orion Energy Systems Inc. (OESX+2.11%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $19,584,000 from $25,971,000 in the same quarter the previous year. The decrease is attributed to lower volume across all segments.
Product revenue decreased by 15.9% to $14,308,000, while service revenue decreased by 41.1% to $5,276,000. The gross margin increased to 29.4% from 24.5% due to improved margins in the lighting and maintenance segments.
General and administrative expenses decreased to $3,857,000 from $4,910,000, primarily due to a decrease in acquisition earn-out expenses and restructuring efforts.
Sales and marketing expenses decreased to $2,859,000 from $3,170,000, reflecting lower commission expenses due to decreased sales volume.
The company reported a net loss of $1,508,000 for the quarter, compared to a net loss of $2,256,000 in the previous year.
Cash provided by operating activities was $1,298,000, while cash used in investing and financing activities was $134,000 and $910,000, respectively.
Orion had a working capital of $10,536,000 as of December 31, 2024. The company maintains a revolving credit facility with Bank of America, N.A., with $15.6 million of availability, of which $7.5 million is drawn.
The filing also details a recent amendment to the credit agreement, extending the maturity date to June 30, 2027, and adding a $3.525 million mortgage loan facility.
Orion does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on its lighting, maintenance, and electric vehicle charging segments, with a restructuring plan aimed at achieving $1.5 million in annualized savings through staffing reductions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Orion Energy Systems Inc. quarterly 10-Q report dated February 11, 2025. To report an error, please email earnings@qz.com.