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As used herein, unless otherwise expressly stated or the context otherwise requires, all references to Orion, we, us, our, Company and similar references are to Orion Energy Systems, Inc. and its consolidated subsidiaries. Overview We provide state-of-the-art light emitting diode ( LED ) lighting systems, wireless Internet of Things ( IoT ) enabled control solutions, commercial and industrial e…
The business is unprofitable at the operating level (-13.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 12.0% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -21.23% to -27.68%, capital efficiency is deteriorating. Net debt of $8M represents 15.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$81M
▼ -12.0% YoY
Net Income (TTM)
-$5M
▼ -1.1% YoY
Op. Margin
-4.31%
▼ -1.3pp YoY
ROIC
-11.35%
▼ -6.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$905K
▲ +104.6% YoY
Op. Cash Flow (TTM)
-$292K
▲ +105.9% YoY
Net Debt
$8M
Cash & Equiv.
$5M
5Y CAGR: -12.0%
5Y CAGR: -52.0%
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