Orion Energy Systems Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because one material operating question is open — not because of price. The substance holds up: $18.746 million in shareholders' equity as of June 30, 2026, only $3.0 million of a $25 million credit line drawn (term through 06/30/2030), positive operating cash flow, no going-concern signal, and Nasdaq compliance regained since September 8, 2025. What's open is earning power beyond this one quarter: across seven fiscal years, three profitable years stand against four loss years, one customer brings in 38.1 percent of revenue, and backlog fell — in the record quarter, of all quarters — from $30.1 million to $23.7 million. Anyone investing is betting the order book refills — verifiable against exactly one line in the quarterly report for the period ended September 30, 2026. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Orion Energy Systems delivered in the quarter ended June 30, 2026: $25.743 million in revenue (up 31.5 percent), 34.6 percent gross margin, $1.959 million in profit and $1.352 million in operating cash flow — all three segments positive, shareholders' equity rising for two consecutive periods. But the same report shows backlog falling from $30.1 million to $23.7 million, one customer bringing in 38.1 percent of revenue, and the share count climbing back to 4,089,286 despite the 1-for-10 reverse split of August 2025. The turnaround is documented for this quarter; its continuation is not. Not investment advice.
Operating turnaround
The quarter ended June 30, 2026 is honestly earned: revenue up 31.5 percent to $25.743 million, gross margin from 30.1 to 34.6 percent, SG&A down 13.9 percent, operating income from minus $1.013 million to plus $2.111 million, and operating cash flow of plus $1.352 million after minus $0.515 million. All three segments earned operating profit.
Order backlog
In the same quarter, backlog fell from $30.1 million (03/31/2026) to $23.7 million (06/30/2026), a drop of 21 percent. Against the confirmed fiscal 2027 guidance of $95 to $97 million, roughly half of annual revenue has to come from orders that hadn't been awarded as of the balance-sheet date.
Customer structure
One customer accounted for 38.1 percent of revenue in the quarter ended June 30, 2026 (year-ago quarter: 30.2 percent) and 30.9 percent of receivables. Across fiscal years 2024 through 2026, the same customer's share swung between 18.1 and 26.0 percent — the FY2025 downturn fell exactly in the year with the lowest share. Other than maintenance contracts, there is no recurring revenue.
Balance sheet & financing
Shareholders' equity has risen for the first time in years — from $11.884 million (03/31/2025) through $16.628 million to $18.746 million (06/30/2026) — and the $25 million credit line, extended in May 2026, runs through June 30, 2030 and was only lightly drawn at $3.0 million. Against that stand just $5.165 million of cash and a $116.097 million accumulated deficit.
Share count & dilution
After the 1-for-10 reverse split of August 22, 2025, the share count climbed back from 3,298,389 (03/31/2025) to 4,089,286 (08/04/2026), including 500,000 new shares at $14.00 against a last reported price of $17.27 (01/28/2026). On August 6, 2026, shareholders expanded the equity compensation plan from 600,000 to 900,000 shares — roughly 22 percent of shares outstanding.
Track record over the years
Across seven fiscal years, three profitable years (2020 through 2022, $44.7 million combined) stand against four loss years (2023 through 2026, $61.0 million combined). Revenue swung between $150.8 million and $77.4 million. A single good quarter, in this record, is no proof of a lasting turnaround.
Worth Noting
Orion Energy Systems reached our research list through the U.S. securities regulator's event trail: the Form 8-K (Item 2.02) of August 5, 2026, with the earnings release for the first quarter of fiscal 2027. Every filing dated on or after that day was reviewed (Form 8-K of 08/05 and 08/07/2026, Form S-8 of 08/07/2026); there is no Form 15 and no Form 25.
The fiscal year ends March 31. "Fiscal 2026" covers April 1, 2025 through March 31, 2026; the first quarter of fiscal 2027 covers April through June 2026. Comparing Orion to calendar-year companies means comparing shifted time periods.
All share and price figures refer to the period after the 1-for-10 reverse split effective August 22, 2025; older, pre-split prices aren't directly comparable. Valuation figures carry the data date of August 8, 2026 and are orders of magnitude, not buy arguments — this analysis is deliberately evergreen.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at OESX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.00 $ to 30.50 $ · Last price: 29.00 $ (As of: September 22, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/22/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electrical Equipment & Parts
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Orion Energy Systems Inc OESX | 0.1 | – | 48.5 | 33.6 | 8.2 | 8.3 | 202.0 |
| Vertiv Holdings Co VRT | 109.5 | 58.3 | 38.8 | 38.0 | 16.4 | 27.7 | 67.0 |
| Bloom Energy Corp BE | 78.7 | – | 232.5 | 31.7 | 9.6 | 37.3 | 220.5 |
| nVent Electric PLC NVT | 26.4 | 52.4 | 23.6 | 36.4 | 16.0 | 29.5 | 63.3 |
| Hubbell Inc HUBB | 24.5 | 27.2 | 19.4 | 35.3 | 17.8 | 3.8 | 5.9 |
| Forgent Power Solutions, Inc. FPS | 11.7 | 1,926.0 | 44.0 | 35.0 | 10.4 | 315.4 | – |
| Advanced Energy Industries Inc AEIS | 11.6 | 53.9 | 31.6 | 40.0 | 14.3 | 21.4 | 50.9 |
| Acuity Brands Inc AYI | 9.4 | 20.8 | 11.7 | 48.7 | 16.1 | 13.1 | -8.8 |
| Powell Industries Inc POWL | 7.0 | 38.1 | 23.8 | 30.1 | 19.4 | 9.1 | 89.7 |
| Median of companies shown | 11.7 | 52.4 | 31.6 | 35.3 | 16.0 | 21.4 | 65.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 70 | -13 | -12 | -4.36 | -2 | 35 | 62 |
| 2018 | 60 | -13 | -13 | -4.56 | -4 | 23 | 45 |
| 2019 | 66 | -6 | -7 | -2.27 | -5 | 18 | 56 |
| 2020 | 151 | 13 | 12 | 4.02 | 20 | 31 | 73 |
| 2021 | 117 | 7 | 26 | 8.35 | 2 | 58 | 93 |
| 2022 | 124 | 8 | 6 | 1.95 | 0 | 65 | 87 |
| 2023 | 77 | -16 | -34 | -10.83 | -2 | 33 | 72 |
| 2024 | 91 | -11 | -12 | -3.59 | -10 | 23 | 63 |
| 2025 | 80 | -11 | -12 | -3.59 | 1 | 12 | 52 |
| 2026 | 86 | -2 | -3 | -0.89 | -1 | 17 | 52 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.81 | 19.00 | 19 | -6.00 | -18.70 | 1 | 1 |
| 2024: Q4 | -0.30 | 18.90 | 20 | -24.60 | -7.70 | 4 | 4 |
| 2025: Q1 | -0.09 | -250.00 | 21 | -21.00 | -13.90 | -1 | -1 |
| 2025: Q2 | -0.20 | 78.50 | 20 | -1.70 | -6.40 | -1 | -1 |
| 2025: Q3 | -0.17 | 79.00 | 20 | 2.90 | -2.90 | 2 | 2 |
| 2025: Q4 | 0.04 | 113.30 | 21 | 7.70 | 0.80 | -1 | -1 |
| 2026: Q1 | 0.04 | 144.40 | 26 | 23.30 | -5.80 | -2 | -2 |
| 2026: Q2 | 0.47 | 335.00 | 26 | 31.50 | 7.60 | 1 | 1 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Breakout & Setup
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 03/31/2027 | 0.95 | 0.95 – 0.95 | 96 | 474.2% | 1 |
| 03/31/2028 | 1.64 | 1.64 – 1.64 | 109 | 72.6% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 34.8% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $753.0K |
|---|---|
| Market cap | $106.0M |
| Free cash flow in year ten | $15.0M |
| Terminal value as a share of market value | 74.3% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 08.08.2026 gegen die vier jüngsten Quartalsberichte (10-Q, eingereicht 06.08.2025 bis 05.08.2026) und die zwei jüngsten Geschäftsberichte (10-K für die Geschäftsjahre 2025 und 2026, eingereicht 26.06.2025 und 04.06.2026). In keinem der sechs ausgewerteten SEC-Filings von Orion Energy Systems findet sich ein Treffer für „artificial intelligence", „AI" oder verwandte Begriffe — weder als Umsatzquelle, als operatives Werkzeug noch als Geschäftsrisiko. Das Kerngeschäft (LED-Beleuchtung mit Funksteuerung, Wartungsdienste, Ladeinfrastruktur für Elektroautos) wird in Item 1 Business, MD&A und den Risk Factors durchgängig ohne KI-Bezug beschrieben, auch die Steuerungssoftware der Leuchten wird nirgends als KI-gestützt dargestellt. Negativ-Befund, keine Kategorie höher als „neutral" begründbar.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-02-05 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-K 2026-06-04 · 10-K 2025-06-26
Rated on August 8, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 3.7%
- More than 10% revenue growth is expected for the coming year -72.5%
- Share count grows by less than 3% a year 3.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 6.9%
- Gross margin at 40% or higher and without meaningful erosion 32.6%
- Goodwill from acquisitions does not grow faster than revenue 2,875.7%
- Net debt below twice EBITDA 3,256 m net cash
- Operating cash flow covers the profits of the last three years 16 m
- Return on capital at 15% or higher, or up versus two years ago -6.6%
- Insiders hold at least 10% or are net buyers 13.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 2.3%
- Exp. sales growth 3Y > 5% 12.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 12.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% -6.6%
- Expected return > 10% 11.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Wishart-Smith Heather L | Director | Buy | 1,054 | 18.96 | 19,988 |
| Aug 11, 2026 | Wishart-Smith Heather L | Director | Other | 2,532 | 0.00 | – |
| Aug 11, 2026 | Washlow Sally A. | Chief Executive Officer | Other | 12,000 | 0.00 | – |
| Aug 11, 2026 | Shapiro Richard A | Director | Other | 2,532 | 0.00 | – |
| Aug 11, 2026 | Richstone Ellen B | Director | Other | 2,532 | 0.00 | – |
| Aug 11, 2026 | Otten Anthony L. | Director | Other | 2,532 | 0.00 | – |
| Aug 11, 2026 | Green Scott A. | President and COO | Other | 9,000 | 0.00 | – |
| Aug 11, 2026 | Brodin J Per | EVP, CFO, CAO & Treasurer | Other | 9,000 | 0.00 | – |
The company
About the Company
Orion Energy Systems, Inc., together with its subsidiaries, research, designs, develops, manufactures, markets, sells, installs, and implements energy management systems for commercial office and retail, area lighting, industrial applications, and government in North America and Germany. It operates through three segments: Lighting, Maintenance, and Electric Vehicle (EV). The company offers light emitting diode LED lighting products; construction and engineering services for commercial lighting and energy management system; lighting and electrical system maintenance, repair, and replacement services; and EV charging station and turnkey installation solutions. It also provides LED high bay fixtures and LED troffer retrofits; smart lighting controls, a wireless Internet of Things enabled control solution that provides lighting control options and data intelligence capabilities for building managers; and various LED fixtures for lighting and energy management needs comprising fixtures for agribusinesses, parking lots, retail, mezzanine, outdoor applications, and private label resale. In addition, the company offers lighting-related energy management services, such as site assessment, site field verification, utility incentive and government subsidy management, engineering design, project engineering, project management, facility design commissioning, lighting and electrical system, and recycling. Further, it serves customers directly and through independent sales agencies and distributors, turnkey installation services national, account end-users, federal and state government facilities, regional account end-users, electrical distributors, electrical contractors, and energy service companies. Orion Energy Systems, Inc. was incorporated in 1996 and is headquartered in Manitowoc, Wisconsin.
- Employees
- 174
- Headquarters
- Manitowoc, WI
- Address
- 2210 Woodland Drive, 54220 Manitowoc, United States
- Phone
- 920 892 9340
- Website
- orionlighting.com
- IPO Date
- 12/19/2007
- ISIN
- US6862752077
- Stock Split
- 1:10 on 08/22/2025
Management
| Name | Title | Birth Year |
|---|---|---|
| Sally A. Washlow | CEO & Director | 1971 |
| Scott A. Green | President & COO | 1958 |
| John Per Brodin CPA | Executive VP, CFO, Chief Accounting Officer & Treasurer | 1962 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/15/2026 ORION ENERGY SYSTEMS, INC. (OESX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/07/2026 ORION ENERGY SYSTEMS, INC. (OESX): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Submission of Matters to a Vote of Security Holders; Financial Statements and Exhibits SEC ↗
Data as of: September 22, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.