Q1 2025 Orion Energy Systems Inc Earnings Call Transcript
Key Points
- Orion Energy Systems Inc (OESX) reported a 13% revenue growth in Q1, driven by strength in the EV charging system installation business.
- The EV charging segment saw a revenue increase of over 200% to $3.8 million, with significant contributions from Eversource Energy's EV Make Ready program.
- The company secured over $11 million in contracts for Eversource customers, contributing to the fiscal 2025 growth outlook.
- Orion's LED lighting solutions achieved modest growth in Q1, supported by major account projects and demand from ESCO and distribution partners.
- Gross profit percentage improved by 360 basis points to 21.6% in Q1 '25, reflecting pricing increases and termination of negative margin contracts.
- Maintenance services revenue declined by 11% in Q1 '25 due to the loss of three legacy Stay-Lite customers following price increases.
- The company incurred severance and restructuring costs totaling $393,000 in Q1 '25 related to the right-sizing of the maintenance segment.
- Net loss for Q1 '25 was $3.8 million, although an improvement from the $6.6 million loss in Q1 '24.
- Operating expenses, although reduced, still amounted to $7.7 million in Q1 '25.
- The company anticipates fiscal '25 revenue to be significantly weighted to the second half of the year, making it subject to the timing of larger projects.
Good morning, everyone, and welcome to Orion Energy Systems fiscal 2025 first quarter conference call. (Operator Instructions)
I will now turn the call over to Bill Jones, Investor Relations, to begin.
Thank you, Alex, and good morning to everyone, and thank you for joining this call. Mike Jenkins, Orion's CEO; and Per Brodin, Orion's CFO, will review the company's Q1 results, its financial position, and its fiscal 2025 outlook in their prepared remarks, and then we will open the call to investor questions.
Today's conference call is being recorded, and a replay will be posted in the Investors section of Orion's corporate website, orionlighting.com. As a reminder, remarks and answers to questions that follow include statements, which are forward-looking for the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include such words as anticipate, believe, expect, project or similar words.
Also any statements describing future targets and goals,
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