The following is a summary of the Orion Energy Systems, Inc. (OESX) Q3 2024 Earnings Call Transcript:
Financial Performance:
Orion's Q3 2024 revenue was reported at $26 million, up 28% year-over-year and 26% sequentially.
Gross margin increased by 95 basis points to 24.5% in Q3 due to a more favorable sales mix of products, higher sales volume, and improved service margin.
Net loss in Q3 2024 was $2.3 million, a decrease from the net loss of $24.1 million reported in Q3 2023.
Cash generated from operations was approximately $1 million in Q3 2024 with current assets of $45.7 million including investments.
Orion updated fiscal 2024 revenue expectations to be between $90 million to $95 million, indicating growth of 16-23%.
Business Progress:
Orion reported progress on several larger retrofit LED lighting projects which will contribute to growth over the next few quarters.
The firm is making progress with Volterek EV charging solutions in building out the team and its geographical reach.
Orion's electrical contractor channel is showing strong pipeline build since the launch of TritonPro and exterior Harris lines.
Revenue from its Voltrek EV charging solutions remained flat, however, Orion's project pipeline for its Voltrek EV solutions is now over $50 million.
The company is implementing a project for a national specialty retailer using TritonPro, expected to generate revenue of $3 million to $4 million over the next 24 months.
More details: Orion Energy Systems IR
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