Orion Energy sees 2024 revenue $90M-$95M, consensus $99.94M

Orion CEO Mike Jenkins commented, “As anticipated, our LED lighting operations have been ramping to address a growing base of larger client projects and our EV charging business continues to gain traction in building its project pipeline, however its quarter-to-quarter results were impacted by the timing of larger projects. Our Q3’24 results reflected additional customer-related delays on our European LED lighting project, however we expect to complete the vast majority of the work during our fourth quarter. As an outcome of some project delays, we have updated our full year guidance to a range of $90M to $95M – growth of 16-23%, from an earlier expectation of growth to at least $100M.” Growth over the balance of FY 2024 is largely expected from large national account LED lighting projects including the large DoD European retrofit project, an external lighting project for Orion’s largest customer, and projects for a large warehouse/logistics sector customer. Additionally, Orion expects growth in EV charging solutions driven by its current project pipeline. Maintenance services are expected to decrease slightly over the balance of FY 2024, reflecting the impact of new pricing on certain legacy customer renewal discussions.