OESXNasdaqElectric Lighting & Wiring EquipmentUS GAAP · USD

Orion Energy Systems, Inc

Orion Energy Systems is a U.S.-based provider of LED lighting systems, IoT-enabled lighting controls, EV charging infrastructure, and lighting and electrical maintenance services. The company serves commercial and industrial customers across North America through direct sales, distributors, contractors, and energy service companies, with manufacturing and assembly centered in Wisconsin.

Revenue86.3m USD
+8.3 %y/y
Operating profit (EBIT)-1.6m USD
+84.5 %y/y
EBIT margin-1.9%
+11.4 ppy/y
Net income-3.2m USD
+73.2 %y/y
Free cash flow-1.2m USD
−332.4 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-50050100150m USD2021: 117 m USD2021: EBIT 6.8 m USD20212022: 124 m USD2022: EBIT 8.4 m USD20222023: 77 m USD2023: EBIT -16 m USD20232024: 91 m USD2024: EBIT -11 m USD20242025: 80 m USD2025: EBIT -11 m USD20252026: 86 m USD2026: EBIT -1.6 m USD202686-1.6
RevenueOperating profit (EBIT)

Business

Share of revenue
Lighting products55 %

LED fixtures, controls, and related lighting systems for commercial and industrial use.

Turnkey installation services20 %

Engineering, project management, and installation for lighting and EV projects.

Maintenance services15 %

Repair, replacement, and ongoing maintenance for lighting and electrical assets.

EV charging solutions10 %

Commercial and industrial EV charging infrastructure and related installation work.

Products

Reported · share of revenue
66.1%33.9%FY2026100 %
  • Products66.1 %
  • Services33.9 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Orion sells to commercial and industrial end users that need energy-efficient lighting, controls, maintenance, or EV charging infrastructure. Its customer base includes large national accounts, regional businesses, government facilities, schools, electrical distributors, electrical contractors, and ESCOs, with many projects delivered on a retrofit or multi-site basis.

Large national account end-users

Buy turnkey lighting retrofits and controls for multiple facilities to reduce energy use and maintenance needs.

Electrical distributors and contractors

Purchase lighting products and related support for resale or installation on customer projects.

ESCOs

Source lighting systems and project support for energy-savings contracts and retrofit programs.

Government and public-sector facilities

Buy lighting and EV infrastructure for schools, municipalities, and federal sites.

Maintenance customers

Retailers, distributors, and other businesses buying repair and replacement services.

Strategy

Orion’s strategy centers on cross-selling lighting, maintenance, and EV charging across its commercial and industrial customer base. The company also emphasizes turnkey project execution, channel partnerships, and broader use of third-party sourcing to expand product flexibility and service reach.

Cross-sell across three platformsMedium term

Combining lighting, maintenance, and EV charging increases wallet share and customer retention.

Grow turnkey project executionMedium term

Large retrofit programs require engineering, project management, and installation capabilities.

Broaden sourcing and product offeringsShort term

Third-party sourcing can improve product variety and reduce dependence on in-house manufacturing.

Strengthen operating systems and infrastructureShort term

ERP and fleet/tooling investments support project delivery and internal control.

Geography

Virtually all of Orion’s sales occur within North America, with a small portion tied to U.S. Department of Defense bases operating in foreign countries. The business is operationally anchored in the United States, including a leased production facility in Manitowoc, Wisconsin, which supports lighting product manufacturing and sourcing coordination.

Risks

Orion’s business depends on project-based demand, customer spending on energy upgrades, and the ability to execute installations efficiently across many sites. Key risks include liquidity and earn-out obligations, supply chain and tariff exposure, reliance on third-party manufacturers, cybersecurity, and impairment risk tied to acquired goodwill and intangibles.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Liquidity and capital resource constraints1Earn-out and dilution risk from Voltrek acquisition2Goodwill and intangible asset impairment3Supply chain and tariff exposure4Dependence on third-party manufacturers5Cybersecurity breach6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Liquidity and capital resource constraintsImpact: HighLikelihood: High

    Working capital needs, debt obligations, and earn-out payments can exceed available resources.

    ExposureDebt serviceWorking capitalAcquisition obligations
  2. Earn-out and dilution risk from Voltrek acquisitionImpact: HighLikelihood: High

    Remaining earn-out obligations may require cash or stock and could dilute shareholders.

    Exposure: Acquisition liabilities

  3. Goodwill and intangible asset impairmentImpact: HighLikelihood: High

    Acquired assets may need write-downs if operating performance or cash flows weaken.

    ExposureAcquisitionsReporting units
  4. Supply chain and tariff exposureImpact: MediumLikelihood: High

    Lighting products rely on components and raw materials that can face shortages or price spikes.

    ExposureLED componentsSourced products
  5. Dependence on third-party manufacturersImpact: MediumLikelihood: Medium

    More sourcing from outside suppliers can reduce control over quality, timing, and cost.

    Exposure: Product development and fulfillment

  6. Cybersecurity breachImpact: MediumLikelihood: Medium

    Connected lighting and business systems create exposure to data and operational disruption.

    ExposureIoT controlsIT systems

Accounting

Judgemental items
Revenue recognition under ASC 606

Turnkey installations, maintenance, and EV projects may be recognized at different times and methods.

Impact: Quarterly revenue mix and margin comparability

Inventory valuation

Lighting components and finished goods may require reserves if demand or pricing changes.

Impact: Cost of sales and gross margin

Goodwill and intangible impairment

Acquired businesses and customer relationships must be tested for recoverability.

Impact: Potential non-cash impairment charges

Earn-out liability accounting

Voltrek-related contingent payments depend on final determination and settlement terms.

Impact: Liabilities, equity dilution, and cash flow

Stock-based compensation

Restricted stock awards require fair value estimation and expense recognition over service periods.

Impact: Operating expenses and diluted share count

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026