Orion Energy sees Q3 revenue approximately $20M, consensus $25.32M

Orion Energy Systems announced preliminary results for its fiscal third quarter ended December 31 and updated its revenue outlook for the full fiscal year 2023 ending on March 31 . Orion plans to report final Q3’23 results on Thursday, February 9th and to host an investor call that day at 10:00 a.m. ET; details of the call will be announced separately. Orion’s Q3’23 preliminary results reflect the continuation of delays in the initiation of certain large customer projects, as well as slower than expected activity in its electrical contractor distribution channel. While Orion believes its long-term growth prospects remain very favorable, current business and economic challenges could continue to impact the pace of projects, as well as new product and service opportunities. As a result, the Company is updating its outlook. Orion’s expanded product offerings and turn-key service capabilities continue to resonate very well with current and prospective customers and are supporting a diversified and growing pipeline of large project opportunities for logistics, automotive, retail and industrial companies as well as public sector entities. Based on preliminary results, Orion expects to report: Q3’23 revenue improved sequentially to approximately $20M vs. $17.6M in Q2’23, compared to $30.7M in Q3’22. Financial liquidity of approximately $19M at the close of Q3’23, including approximately $8M of cash and cash equivalents and $11M in availability under its credit facility. Orion’s cash position reflects approximately $6M of payments in Q3’23 in connection with its acquisition of EV charging solutions provider Voltrek.