Please note that the link for the Live Call
Registration has been corrected from the release published
today, August 8th, by Orion Energy Systems, Inc. (NASDAQ: OESX) The
corrected release follows:
Orion Energy Systems, Inc. (NASDAQ: OESX)
(Orion Lighting), a provider of energy-efficient LED lighting,
maintenance services and electric vehicle (EV) charging station
solutions, today reported results for its fiscal 2024 first quarter
(Q1’24) ended June 30, 2023. Orion will hold an investor call today
at 10:00 a.m. ET – details below.
Q1 Financial Summary |
|
Prior Three Quarters |
$ in millions except per share figures |
Q1’24 |
Q1’23 |
Change |
|
Q4’23 |
Q3'23 |
Q2’23 |
Revenue |
$17.6 |
$17.9 |
($0.3) |
|
$21.6 |
$20.3 |
$17.6 |
Gross Profit |
$3.2 |
$3.6 |
($0.4) |
|
$4.7 |
$4.8 |
$4.4 |
Gross Profit % |
18.0% |
19.8% |
(180bps) |
|
21.9% |
23.6% |
25.3% |
Net Loss (1) |
($6.6) |
($2.8) |
($3.8) |
|
($5.1) |
($24.1) |
($2.3) |
Net Loss per share (1) |
($0.21) |
($0.09) |
($0.12) |
|
($0.16) |
($0.75) |
($0.08) |
Adjusted EBITDA (2) |
($4.4) |
($2.9) |
($1.5) |
|
($1.6) |
($1.6) |
($1.5) |
Cash & Equivalents |
$8.2 |
$9.4 |
($1.2) |
|
$16.0 |
$8.1 |
$12.5 |
(1) Net Loss and EPS reflect $17.8M non-cash tax charge to record a
valuation allowance against Deferred Tax Assets in Q3’23 and a
$1.5M, $2.5M, and $1.1M accrual for the earnout associated with the
Voltrek acquisition in Q3’23, Q4’23, and Q1’24, respectively. (2)
See Adjusted EBITDA reconciliation below. |
Financial Highlights
- Lighting revenues were $12.6M in Q1’24, compared to $13.9M in
Q1’23, reflecting variability in timing of larger projects. Several
larger projects for national customers are now ramping in Q2’24.
Decreases in LED Lighting and maintenance services were offset by
revenue from the Voltrek EV charging acquisition completed in
Q3’23.
- LED projects that have begun or are ramping in Q2 include a
retrofit project in Germany for the Department of Defense; an
outdoor lighting project for Orion’s largest customer; and an LED
lighting project in the warehouse/logistics sector, among
others.
- Maintenance services revenues were $3.8M in Q1’24 versus $4.1M
in Q1’23. Management is focused on offsetting inflation pressures
through pricing actions and increasing the percent of self-perform
work to improve margin performance.
- EV charging solutions revenue was $1.2 in Q1’24 versus no
revenue in the prior year quarter. During the quarter, the business
focused on integration and personnel recruiting processes designed
to position the business for accelerating growth on a national
basis. A significant pipeline of EV opportunities has been built
and strong acceleration is expected in Q2.
- Orion’s Q1’24 net loss was ($6.6M), or ($0.21) per share,
compared to ($2.8M) or ($0.09) per share in Q1’23.
- Orion closed Q1’24 with $16.8M of financial liquidity,
comprised of $8.2M of cash and cash equivalents and $8.6M net
availability on its credit facility.
CEO Commentary Orion CEO Mike
Jenkins commented, “We remain confident in our fiscal 2024 outlook
for revenue growth of 30% or more. Given our modest size and the
variability in timing of larger projects, we do expect continued
fluctuation of our revenues on a quarter to quarter basis. However,
we have taken steps to diversify our revenue sources in three
complementary areas. We believe this positions us to build upon our
strong base of long-term customer relationships, enhancing the
value we are able to provide to them and to our shareholders.
“We are pleased with our ability to enhance the
operating infrastructure for our EV charging solutions business
which positions us well to grow this business as we move forward.
While Q1’24 revenues declined on a sequential basis, Voltrek’s
pipeline of project opportunities has grown substantially over the
past few months, supporting our expectation for significant growth
in FY 2024. Our maintenance services business also declined
slightly in the period as we worked to address pricing issues and
complete our national service footprint.
“We entered Q2’23 with the launch of installation
activity for our $9.6M turnkey LED lighting retrofit contract for
the DoD in Europe, and we expect this project to be largely
complete by the end of our fiscal year. We have several other
larger retrofit projects anticipated for this year, and we expect
continued growth within our distribution business via Energy
Service Companies (ESCOs) and electrical contractors, particularly
due to the recent launch of our new TritonPro and expanded exterior
product lines of LED fixtures. The Triton line combines
high-quality components and proprietary Orion design at a price
point that is more appealing in these channels. Our new expanded
outdoor product line also better positions Orion with a broader
product offering.
“Last week, we announced the finalization of a
3-year preventative lighting maintenance contract with an existing
retail customer providing maintenance services to approximately
2,000 locations nationwide. Orion initiated this work in February
2023 and reached full scale in July. The overall contract was
executed in early Q2 with Orion being selected due to our national
footprint and our proven ability to organize, manage and execute
across all 50 states.
“Orion is committed to providing the highest
quality products and services to support our customers in achieving
their business and environmental goals. We differentiate our
offerings with smart design, high quality components and our unique
turnkey project capabilities that range from initial site designs
and custom products through to installation, system commissioning
and long-term maintenance services.
“What makes us unique is our ability to deliver
highly customized, high-quality solutions at hundreds or even
thousands of national locations, all with one point of contact and
accountability. We believe this high value offering of
complementary solutions and technical expertise will become even
more attractive to customers facing the growing complexity of LED
lighting, IoT solutions, EV charging and other electrical needs and
the ongoing maintenance they require.”
Business Outlook
- Orion continues to expect FY 2024 revenue growth of 30% or more
to approximately $100M, generally building as the year progresses
with Q2’24 and the second half of the year, being stronger than
Q1’24 and the first half of the year.
Financial Results Orion’s Q1’24
revenue was $17.6M vs. $17.9M in fiscal Q1’23, primarily reflecting
the variability in timing of certain LED lighting projects. Several
larger projects have commenced in early Q2, including a Department
of Defense project in Europe and an outdoor lighting project for
Orion’s largest customer.
Gross profit was $3.2M, as compared to $3.6M in
Q1’23, and gross profit percentage was 18.0% versus 19.8% in the
prior-year period. The gross profit percentage on products
increased to 26.4% from 23.0% in Q1’23, primarily due to product
sales mix and improved absorption of fixed costs, while services
margin declined to -11.2% from 10.3% in the prior-year period. The
negative services margin was principally the result of legacy
maintenance services contracts from the Stay-Lite Lighting
acquisition. Certain of Stay-Lite’s contracts are multi-year
contracts and have pricing that is insufficient to absorb cost
increases that have occurred in the past year. Orion is in the
process of implementing price increases that reflect the current
environment for new and existing contracts as they renew.
Total operating expenses increased to $9.6M in
Q1’24 from $7.2M in Q1’23, mainly due to increased G&A expenses
of $2.0M, principally reflecting the addition of Voltrek operations
since Q3’22, including costs of $1.1M for the earnout accrual.
Operating costs were level compared to Q4’23, which was the first
full quarter of consolidating Voltrek operations.
Orion’s Q1’24 net loss was ($6.6M), or ($0.21) per
share, including a $1.1M accrual for the earnout associated with
the Voltrek acquisition versus a net loss of ($2.8M), or ($0.09)
per share in Q1’23.
Balance Sheet and Cash Flow Orion
ended Q1’24 with $20.6M of working capital, including $8.2M of cash
and cash equivalents, $14.6M of accounts receivables, and $17.7M of
inventory. Orion’s quarter-end liquidity was $16.8M, including cash
and $8.6M of availability on its credit facility. The company had
$10.0M of borrowings outstanding on its credit facility at quarter
end.
Orion used cash of $7.3M in operating activities
in Q1’24 due to the operating results during the quarter and
amounts paid during the quarter for a significant project that was
completed in Q4’23. Orion believes it is in a good position to fund
its operations and growth objectives across its business segments
through FY 2024.
Webcast/Call Detail |
Date /
Time: |
Wednesday,
August 9th at 10:00 a.m. ET |
Live Call Registration: |
https://register.vevent.com/register/BI18c3046d398145808d736f4680aaa403 |
|
Live call participants must pre-register using the URL above to
receive the dial-in information. Simply re-register if you lose the
dial-in or PIN. |
Webcast / Replay: |
https://edge.media-server.com/mmc/p/65gxakct |
|
|
About Orion Energy Systems Orion
provides energy efficiency and clean tech solutions, including LED
lighting and controls, maintenance services and electrical vehicle
(EV) charging solutions. Orion specializes in turnkey
design-through-installation solutions for large national customers,
with a commitment to helping customers achieve their business and
environmental goals with healthy, safe and sustainable solutions
that reduce their carbon footprint and enhance business
performance.
Orion is committed to operating responsibly
throughout all areas of our organization. Learn more about our ESG
priorities, goals and progress here or visit our website at
www.orionlighting.com.
Non-GAAP Measures In addition to
the GAAP results included in this presentation, Orion has also
included the non-GAAP measures, EBITDA (earnings before interest,
taxes, depreciation and amortization), and Adjusted EBITDA (EBITDA
adjusted for stock-based compensation, payroll tax credit, and
acquisition expenses). The Company has provided these non-GAAP
measures to help investors better understand its core operating
performance, enhance comparisons of core operating performance from
period to period and allow better comparisons of operating
performance to its competitors. Among other things, management uses
these non-GAAP measures to evaluate performance of the business and
believes these measurements enable it to make better
period-to-period evaluations of the financial performance of core
business operations. The non-GAAP measurements are intended only as
a supplement to the comparable GAAP measurements and Orion
compensates for the limitations inherent in the use of non-GAAP
measurements by using GAAP measures in conjunction with the
non-GAAP measurements. As a result, investors should consider these
non-GAAP measurements in addition to, and not in substitution for
or as superior to, measurements of financial performance prepared
in accordance with generally accepted accounting principles.
Consistent with Regulation G under the U.S.
federal securities laws, the non-GAAP measures in this press
release have been reconciled to the nearest GAAP measures, and this
reconciliation is located under the heading “Unaudited EBITDA
Reconciliation” following the Unaudited Condensed Consolidated
Statements of Cash Flows included in this press release.
Safe Harbor Statement Certain
matters discussed in this press release are "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements may generally be identified
as such because the context of such statements will include words
such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "will," "would" or words of similar import. Similarly,
statements that describe our future outlook, plans, expectations,
objectives or goals are also forward-looking statements. Such
forward-looking statements are subject to certain risks and
uncertainties that could cause results to differ materially from
those expected, including, but not limited to, the following: (i)
our ability to realize the anticipated benefits of the Voltrek
acquisition; (ii) we may encounter substantial difficulties, costs
and delays involved in integrating our operations with Voltrek’s
business; (iii) disruption of management’s attention from ongoing
business operations due to the Voltrek acquisition; (iv) our
ability to manage general economic, business and geopolitical
conditions, including the impacts of natural disasters, pandemics
and outbreaks of contagious diseases and other adverse public
health developments, such as the COVID-19 pandemic; (v) the
deterioration of market conditions, including our dependence on
customers' capital budgets for sales of products and services, and
adverse impacts on costs and the demand for our products as a
result of factors such as the COVID-19 pandemic and the
implementation of tariffs; (vi) our ability to adapt and respond to
supply chain challenges, especially related to shipping and
logistics issues, component availability, rising input costs, and a
tight labor market; (vii) our ability to recruit, hire and retain
talented individuals in all disciplines of our company; (viii) our
ability to successfully launch, manage and maintain our refocused
business strategy to successfully bring to market new and
innovative product and service offerings; (ix) potential asset
impairment charges and/or increases on our deferred tax asset
reserve; (x) our dependence on a limited number of key customers,
and the potential consequences of the loss of one or more key
customers or suppliers, including key contacts at such customers;
(xi) our ability to identify and successfully complete transactions
with suitable acquisition candidates in the future as part of our
growth strategy; (xii) the availability of additional debt
financing and/or equity capital to pursue our evolving strategy and
sustain our growth initiatives; (xiii) our risk of potential loss
related to single or focused exposure within the current customer
base and product offerings; (xiv) our ability to achieve and
sustain profitability and positive cash flows; (xv) our ability to
differentiate our products in a highly competitive and converging
market, expand our customer base and gain market share; (xvi) our
ability to manage and mitigate downward pressure on the average
selling prices of our products as a result of competitive pressures
in the LED market; (xvii) our ability to manage our inventory and
avoid inventory obsolescence in a rapidly evolving LED market;
(xviii) our increasing reliance on third parties for the
manufacture and development of products, product components, as
well as the provision of certain services; (xix) our increasing
emphasis on selling more of our products through third party
distributors and sales agents, including our ability to attract and
retain effective third party distributors and sales agents to
execute our sales model; (xx) our ability to develop and
participate in new product and technology offerings or applications
in a cost effective and timely manner; (xxi) our ability to
maintain safe and secure information technology systems; (xxii) our
failure to comply with the covenants in our credit agreement;
(xxiii) our ability to balance customer demand and production
capacity; (xxiv) our ability to maintain an effective system of
internal control over financial reporting; (xxv) price fluctuations
(including as a result of tariffs), shortages or interruptions of
component supplies and raw materials used to manufacture our
products; (xxvi) our ability to defend our patent portfolio and
license technology from third parties; (xxvii) a reduction in the
price of electricity; (xxviii) the reduction or elimination of
investments in, or incentives to adopt, LED lighting or the
elimination of, or changes in, policies, incentives or rebates in
certain states or countries that encourage the use of LEDs over
some traditional lighting technologies; (xxix) the cost to comply
with, and the effects of, any current and future industry and
government regulations, laws and policies; (xxx) potential warranty
claims in excess of our reserve estimates; and (xxxi) the other
risks described in our filings with the Securities and Exchange
Commission. Shareholders, potential investors and other readers are
urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are made only as of the date of this press
release and we undertake no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More detailed information about factors
that may affect our performance may be found in our filings with
the Securities and Exchange Commission, which are available at
http://www.sec.gov or at http://investor.oriones.com in the
Investor Relations section of our Website.
Twitter: @OrionLighting and
@OrionLightingIR StockTwits: @Orion_LED_IR
Investor Relations Contacts
Per Brodin, CFO |
William Jones; David Collins |
Orion Energy
Systems, Inc. |
Catalyst
IR |
pbrodin@oesx.com |
(212)
924-9800 or OESX@catalyst-ir.com |
|
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in
thousands, except share amounts) |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
8,249 |
|
|
$ |
15,992 |
|
Accounts
receivable, net |
|
14,613 |
|
|
|
13,728 |
|
Revenue
earned but not billed |
|
1,231 |
|
|
|
1,320 |
|
Inventories,
net |
|
17,689 |
|
|
|
18,205 |
|
Prepaid
expenses and other current assets |
|
1,172 |
|
|
|
1,116 |
|
Total current assets |
|
42,954 |
|
|
|
50,361 |
|
Property and
equipment, net |
|
10,534 |
|
|
|
10,470 |
|
Goodwill |
|
1,484 |
|
|
|
1,484 |
|
Other
intangible assets, net |
|
5,738 |
|
|
|
6,004 |
|
Other
long-term assets |
|
3,436 |
|
|
|
3,260 |
|
Total assets |
$ |
64,146 |
|
|
$ |
71,579 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
Accounts
payable |
$ |
11,524 |
|
|
$ |
13,405 |
|
Accrued
expenses and other |
|
10,045 |
|
|
|
10,552 |
|
Deferred
revenue, current |
|
732 |
|
|
|
480 |
|
Current
maturities of long-term debt |
|
16 |
|
|
|
17 |
|
Total current liabilities |
|
22,317 |
|
|
|
24,454 |
|
Revolving
credit facility |
|
10,000 |
|
|
|
10,000 |
|
Long-term
debt, less current maturities |
|
— |
|
|
|
3 |
|
Deferred
revenue, long-term |
|
470 |
|
|
|
489 |
|
Other
long-term liabilities |
|
4,558 |
|
|
|
3,384 |
|
Total liabilities |
|
37,345 |
|
|
|
38,330 |
|
Commitments
and contingencies |
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
Preferred
stock, $0.01 par value: Shares authorized: 30,000,000 at June 30,
2023 and March 31, 2023; no shares issued and outstanding at June
30, 2023 and March 31, 2023 |
|
— |
|
|
|
— |
|
Common
stock, no par value: Shares authorized: 200,000,000 at June 30,
2023 and March 31, 2023; shares issued: 41,973,543 at June 30, 2023
and 41,767,092 at March 31, 2023; shares outstanding: 32,502,558 at
June 30, 2023 and 32,295,408 at March 31, 2023 |
|
— |
|
|
|
— |
|
Additional
paid-in capital |
|
161,095 |
|
|
|
160,907 |
|
Treasury
stock, common shares: 9,470,985 at June 30, 2023 and 9,471,684 at
March 31, 2023 |
|
(36,236 |
) |
|
|
(36,237 |
) |
Retained
deficit |
|
(98,058 |
) |
|
|
(91,421 |
) |
Total shareholders’ equity |
|
26,801 |
|
|
|
33,249 |
|
Total liabilities and shareholders’ equity |
$ |
64,146 |
|
|
$ |
71,579 |
|
|
|
|
|
|
|
|
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in
thousands, except share and per share amounts) |
|
|
Three Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
Product revenue |
$ |
13,671 |
|
|
$ |
13,483 |
|
Service
revenue |
|
3,942 |
|
|
|
4,423 |
|
Total revenue |
|
17,613 |
|
|
|
17,906 |
|
Cost of
product revenue |
|
10,059 |
|
|
|
10,385 |
|
Cost of
service revenue |
|
4,383 |
|
|
|
3,967 |
|
Total cost of revenue |
|
14,442 |
|
|
|
14,352 |
|
Gross profit |
|
3,171 |
|
|
|
3,554 |
|
Operating
expenses: |
|
|
|
|
|
General and
administrative |
|
5,739 |
|
|
|
3,754 |
|
Acquisition
related costs |
|
53 |
|
|
|
14 |
|
Sales and
marketing |
|
3,296 |
|
|
|
2,889 |
|
Research and
development |
|
480 |
|
|
|
514 |
|
Total operating expenses |
|
9,568 |
|
|
|
7,171 |
|
Loss from
operations |
|
(6,397 |
) |
|
|
(3,617 |
) |
Other income
(expense): |
|
|
|
|
|
Other
income |
|
— |
|
|
|
(1 |
) |
Interest
expense |
|
(176 |
) |
|
|
(17 |
) |
Amortization
of debt issue costs |
|
(24 |
) |
|
|
(15 |
) |
Interest
income |
|
2 |
|
|
|
— |
|
Total other expense |
|
(198 |
) |
|
|
(33 |
) |
Loss before
income tax |
|
(6,595 |
) |
|
|
(3,650 |
) |
Income tax
expense |
|
42 |
|
|
|
(815 |
) |
Net loss |
$ |
(6,637 |
) |
|
$ |
(2,835 |
) |
Basic net
loss per share attributable to common shareholders |
$ |
(0.21 |
) |
|
$ |
(0.09 |
) |
Weighted-average common shares outstanding |
|
32,345,823 |
|
|
|
31,138,398 |
|
Diluted net
loss per share |
$ |
(0.21 |
) |
|
$ |
(0.09 |
) |
Weighted-average common shares and share equivalents
outstanding |
|
32,345,823 |
|
|
|
31,138,398 |
|
|
|
|
|
|
|
|
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIES |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in
thousands) |
|
|
Three Months Ended June 30, |
|
|
2023 |
|
|
2022 |
|
Operating activities |
|
|
|
|
|
Net loss |
$ |
(6,637 |
) |
|
$ |
(2,835 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation |
|
346 |
|
|
|
354 |
|
Amortization of intangible assets |
|
266 |
|
|
|
52 |
|
Stock-based compensation |
|
188 |
|
|
|
254 |
|
Amortization of debt issue costs |
|
25 |
|
|
|
15 |
|
Deferred income tax |
|
— |
|
|
|
(978 |
) |
Loss on sale of property and equipment |
|
28 |
|
|
|
(1 |
) |
Provision for inventory reserves |
|
161 |
|
|
|
100 |
|
Provision for credit losses |
|
190 |
|
|
|
— |
|
Other |
|
1 |
|
|
|
(9 |
) |
Changes in operating assets and liabilities, net of
acquisition: |
|
|
|
|
|
Accounts receivable |
|
(1,075 |
) |
|
|
109 |
|
Revenue earned but not billed |
|
89 |
|
|
|
527 |
|
Inventories |
|
355 |
|
|
|
979 |
|
Prepaid expenses and other assets |
|
(258 |
) |
|
|
160 |
|
Accounts payable |
|
(1,906 |
) |
|
|
(2,491 |
) |
Accrued expenses and other |
|
666 |
|
|
|
(1,273 |
) |
Deferred revenue, current and long-term |
|
234 |
|
|
|
32 |
|
Net cash used in operating activities |
|
(7,327 |
) |
|
|
(5,005 |
) |
Investing activities |
|
|
|
|
|
Cash to fund acquisition, net of cash received |
|
— |
|
|
|
55 |
|
Purchases of property and equipment |
|
(508 |
) |
|
|
(139 |
) |
Additions to patents and licenses |
|
— |
|
|
|
(1 |
) |
Proceeds from sale of property, plant and equipment |
|
95 |
|
|
|
— |
|
Net cash used in investing activities |
|
(413 |
) |
|
|
(85 |
) |
Financing activities |
|
|
|
|
|
Payment of long-term debt |
|
(4 |
) |
|
|
(4 |
) |
Proceeds from revolving credit facility |
|
— |
|
|
|
— |
|
Payments of revolving credit facility |
|
— |
|
|
|
— |
|
Payments to settle employee tax withholdings on stock-based
compensation |
|
— |
|
|
|
(2 |
) |
Proceeds from employee equity exercises |
|
1 |
|
|
|
54 |
|
Net cash (used in) provided by financing
activities |
|
(3 |
) |
|
|
48 |
|
Net decrease
in cash and cash equivalents |
|
(7,743 |
) |
|
|
(5,042 |
) |
Cash and
cash equivalents at beginning of period |
|
15,992 |
|
|
|
14,466 |
|
Cash and
cash equivalents at end of period |
$ |
8,249 |
|
|
$ |
9,424 |
|
|
|
|
|
|
|
|
|
ORION ENERGY
SYSTEMS, INC. AND SUBSIDIARIES |
UNAUDITED
EBITDA RECONCILIATION |
(in
thousands) |
|
|
Three Months Ended |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
September 30, 2022 |
|
|
June 30, 2022 |
|
Net loss |
$ |
(6,637 |
) |
|
$ |
(5,116 |
) |
|
$ |
(24,059 |
) |
|
$ |
(2,331 |
) |
|
$ |
(2,835 |
) |
Interest |
|
174 |
|
|
|
208 |
|
|
|
64 |
|
|
|
16 |
|
|
|
17 |
|
Taxes |
|
42 |
|
|
|
45 |
|
|
|
19,391 |
|
|
|
(643 |
) |
|
|
(815 |
) |
Depreciation |
|
346 |
|
|
|
395 |
|
|
|
311 |
|
|
|
309 |
|
|
|
354 |
|
Amortization
of intangible assets |
|
266 |
|
|
|
280 |
|
|
|
269 |
|
|
|
52 |
|
|
|
52 |
|
Amortization
of debt issue costs |
|
24 |
|
|
|
26 |
|
|
|
16 |
|
|
|
16 |
|
|
|
15 |
|
EBITDA |
|
(5,785 |
) |
|
|
(4,162 |
) |
|
|
(4,008 |
) |
|
|
(2,581 |
) |
|
|
(3,212 |
) |
Stock-based
compensation |
|
188 |
|
|
|
177 |
|
|
|
448 |
|
|
|
733 |
|
|
|
254 |
|
Acquisition
related costs |
|
53 |
|
|
|
(75 |
) |
|
|
493 |
|
|
|
333 |
|
|
|
14 |
|
Earnout
expenses |
|
1,125 |
|
|
|
2,500 |
|
|
|
1,500 |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDA |
|
(4,419 |
) |
|
|
(1,560 |
) |
|
|
(1,567 |
) |
|
|
(1,515 |
) |
|
|
(2,944 |
) |
Orion Energy Systems (NASDAQ:OESX)
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