- Orion Energy Systems Inc (NASDAQ:OESX) reported first-quarter FY22 revenue growth of 225% year-on-year to $35.1 million, missing the analyst consensus of $36.88 million.
- Product revenue grew 191% Y/Y to $28.2 million. Service revenue increased 518% Y/Y to $6.9 million.
- Vigorous business activity, including national account retrofit projects versus the pandemic inflicted operating environment in Q1’21, drove the numbers. The quarter benefitted from several large national projects, including a large national retail customer and a global online retailer.
- The gross margin expanded 477 bps to 29.1% due to a favorable product mix, the benefit of more significant revenue absorbing certain fixed costs, and proactive management of supply chain and input costs.
- Orion clocked a positive EBITDA margin of 10.8%. EPS of $0.08 was at par with the analyst consensus.
- It used $3 million in operating cash flow and held $15.9 million in cash and equivalents.
- Outlook: Orion sees FY22 revenue of $150 million – $155 million against the analyst consensus of $153.42 million.
- A diverse and growing base of opportunities across the business, with particular strength from customers in logistics; global online and national retailers; the public sector; healthcare and hospitals; academic institutions; automotive; and the company’s developing maintenance services business support the outlook.
- Price action: OESX shares traded higher by 2.85% at $5.06 on the last check Wednesday.
Russian Defense Ministry Said Russian Warplanes Shot Down Two Ukrainian MIG-29 Over Last 24 Hours
-Reuters Citing Russian-Affiliated News Agency Tass
