Orion Energy Q3 FY2023 revenue ~$20M, below expectations; FY2023 guidance cut to $77-80M

ORION ENERGY SYSTEMS, INC.

2022-Q3 EPS reported -$0.93 revenue$55,754,000

Q3 FY2023 preliminary revenue ~$20M, sequential improvement from $17.6M in Q2 but down from $30.7M in Q3 last year.
FY2023 revenue guidance lowered to $77M-$80M.
FY2024 revenue growth expected to be 30% or more over FY2023.
$50M decrease in business from largest customer (online retailer) in first nine months of FY2023.
Financial liquidity ~$19M; operating cash flow positive in Q3.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

ORION ENERGY SYSTEMS, INC. reported fiscal third quarter ended December 31, 2022 results: revenue $20M. Guidance lowered.

Period: fiscal third quarter ended December 31, 2022
Revenue: $20M
Guidance: lowered
Result: preliminary results

Exact text from the filing

retail and industrial companies as well as public sector entities. Based on preliminary results, Orion expects to report: • Q3’23 revenue improved sequentially to approximately $20M vs. $17.6M in Q2’23, compared to $30.7M in Q3’22. • Q3’23 gross profit percentage of approximately 25% vs. 25.3% in Q2’23, compared to 24.9% in Q3’22. • Positive cash flow from

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Source: SEC EDGAR

accession 0000950170-23-001031

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