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  Title	Orion Energy Systems, Inc. (NASDAQ:OESX) Q2 2025 Earnings Call Transcript
  ID	4415761
  External ID	7285775854
  Author	Monkey Transcripts
  Published Date	Nov. 8, 2024, 7:53 a.m.
  Summary	Orion Energy Systems, Inc. (NASDAQ: OESX ) Q2 2025 Earnings Call Transcript November 6, 2024 Orion Energy Systems, Inc. misses on earnings expectations. Reported EPS is $-0.11 EPS, expectations were
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  URL	https://www.insidermonkey.com/blog/orion-energy-systems-inc-nasdaqoesx-q2-2025-earnings-call-transcript-1387542
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  Content	Orion Energy Systems, Inc. (NASDAQ: OESX ) Q2 2025 Earnings Call Transcript November 6, 2024 Orion Energy Systems, Inc. misses on earnings expectations. Reported EPS is $-0.11 EPS, expectations were $-0.07. Operator: Good morning, everyone, and welcome to Orion Energy Systems Fiscal 2025 Second Quarter Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I'll now turn the call over to Bill Jones, Investor Relations, to begin. Bill Jones: Thank you, Kathy, and good morning to everyone, and thank you for joining this call. Orion reported its fiscal 2025 second quarter results this morning. And Mike Jenkins, the company's CEO; and Per Brodin, Orion's CFO, will review its Q2 results, financial position and fiscal 2025 Outlook. Following their prepared remarks, we will open the call to investor questions. Today's conference call is being recorded, and a replay will be posted in the investor section of Orion's corporate website, orionlighting.com. As a reminder, remarks and answers to questions that follow include statements which are forward-looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically include words such as anticipate, believe, expect, project, or similar words. Also, any statements describing future objectives and goals, company plans, or its outlook are also forward-looking. These forward-looking statements are subject to various risks that could cause actual results to differ materially from current expectations. Risks include, among other matters, those that Orion has described in its press release issue this morning, as well as in its filings with the SEC. Except as described therein, Orion disclaims any obligation to update or revise such forward-looking statements which are made only as of today. Reconciliations of certain non-GAAP financial metrics to their closest GAAP measures are also provided in today's press release. And now I'll turn the call over to Orion, CEO, Mr. Mike Jenkins. Mike Jenkins : Thanks, Bill, and thank you all for joining us today. Our Q2 results reflect continued strength in our Voltrek EV charging station business and a rebound in our maintenance services business. However, our LED lighting segment was impacted by customer delays as several projects slipped and are now expected to start in the second half of our fiscal year. Distribution channels, including energy service companies or ESCOs and electrical contractors, were also impacted with some timing delays as well as some softness in new construction markets. Year-over-year comparables for the second quarter were influenced by the completion of a large European retrofit project for a global super ESCO in Q1 2025, which commenced in Q1 2024 and benefited the year ago period, but not this quarter. Despite customer delays in the start of new retrofit projects, overall we are seeing robust quoting activity in our LED lighting project business coming from both new and existing customers. We recently received POs that will start a new and expected multi-year relationship for a products distributor with over 500 locations. Orion will be providing LED lighting products and retrofit turnkey project management services and we anticipate the total program value to be in excess of $10 million. This project will be spread over several years and expected to begin this quarter. The multi-year full program contract is in the final stages. And once complete, we plan to make further announcements. Last month, we secured a five-year $25 million contract to supply LED lighting fixtures for new store construction projects for our largest customer, a major national retailer. This contract extends our existing relationship with this customer who expects to increase the number of new stores over the next five years. We are also seeing a nice rebound in automotive OEM activity this year, then expect other projects to commence in this sector in coming quarters. Despite some recent slowness in our LED lighting distribution channels, we are encouraged by progress of our value-oriented LED lighting product lines such as Triton Pro and our new exterior products which were introduced in quarter two of last year. These products were developed to meet the needs of lighting contractors and ESCOs for projects that are more price sensitive and do not require the highest levels of lighting efficiency. Building on the success of these new offerings, we are investing in the expansion of our value price Triton Pro offerings, including recent product launches of round high bays or UFOs, strip lights, and troffers. Triton Pro and our new exterior products released in quarter two of last year have generated over $4 million in revenue in fiscal 2025 with an open pipeline of over $18 million. We anticipate continued strength and acceleration in this category moving forward, which opens a new era of opportunity for Orion to build our brand and broaden our customer base. We're also building sales opportunities related to the growing number of states that are banning the sale of fluorescent fixtures and replacement tubes. These bans are intended to eliminate the waste and pollution created from the disposal of fluorescent tubes while also conserving energy through accelerating the conversion to more energy efficient LED lighting technologies. 10 states, including California, now have either passed regulations or have proposed legislation for such bans, several of which go into effect beginning of 2025, and many states are expected to follow this trend. We have been in discussions with a number of significant existing and potential customers about their plans for compliance and have identified some meaningful opportunities that we expect to commence in the second half of our fiscal 2025. For a list of all state bans current and proposed, please see our website at orionlighting.com. Turning to our electric vehicle charging station business, we continue to be pleased with our progress in this segment and anticipate continued momentum in the business for the second half of fiscal 2025 and the foreseeable future. Voltrek quarter two performance benefited from construction contracts for Eversource Energy customers pursuant to Eversource's EV make ready program. Our quarter two performance also benefited from additional work for Boston Public Schools building on an earlier school bus pilot project. We are seeing a growing array of both public and private sector organizations that are developing strategies and plans for implementing EV charging programs to support the expanding population of EV or electric vehicles across the US. We believe Voltrek with its national reach and pioneering leadership in the EV charging station business, is well positioned to meet the needs of large customers nationwide. Importantly, we are also beginning to realize some of the cross-selling synergies we had envisioned when we acquired Voltrek, with EV projects being sourced within our LED lighting customer base, as well as lighting projects being developed with EV charging customers. Voltrek's overall pipeline of project opportunities remains steady at $45 million to $50 million. Meaningful federal stimulus has been appropriated to support EV infrastructure, including $5 billion designated for the National Electric Vehicle Infrastructure Act, or NEVI, program, along with other federal funding vehicles, which include the charging and fueling infrastructure grant program, which provides an additional $2.5 billion over 5 years. This program is targeted at states, municipalities, and other local entities to help accelerate charging infrastructure. While there remains a spectrum of opinions about the near-term rate of increase in future market penetration of electric vehicles, we see broad-based interest from public and private entities for charging infrastructure. We are in the charging infrastructure business. And whether EV sales achieve the high or low end of the range, vast infrastructure is required to be put in place throughout the US over the next decade. Turning to our maintenance services business, I am happy to report that this business delivered a better than expected revenue performance in quarter two. Second quarter performance also benefited from pricing discipline, which returned the maintenance business to solid gross margin profitability from a negative margin in the year ago period. This performance was particularly notable because it was accomplished despite the impact of our strategic decision to not seek the renewal of several legacy contracts from our Stay-Lite acquisition, which had become unprofitable due to inflationary impacts. Entering fiscal 2025, we had expected maintenance segment revenue to decrease $4 million to $5 million, principally due to the non-renewal of these unprofitable contracts. Given our recent progress in developing additional maintenance revenue from existing customers, we now expect our fiscal 2025 decline to be lower than this range. Importantly, our pricing discipline has enabled us to return this business to profitability with a 2,300 basis point improvement. We expect our margin rate to improve further and normalize in quarter three. With our smaller but more profitable go-forward maintenance business, we executed a restructuring of costs by reducing staffing and related items and vacated a leased facility, resulting in roughly $300,000 in restructuring and severance costs in quarter two. Moving forward, our plan is to selectively build this business with customers that offers the greatest potential synergies with our lighting and EV segments. From a macro perspective, we are encouraged by factors that we believe provide tailwinds for Orion over the next five years. Number one, energy prices. While they move up and down, we see more energy needs moving forward than capacity increases that will result in increased focus on energy conservation such as LED lighting. Number two, climate and ESG. While politicized in some circles, we see many companies, especially public entities, continue with their sea level commitments to reduce carbon. Orion's leading, industry leading, LED lights reduce energy consumption by up to 60% versus fluorescent lighting and will help our customers achieve these goals. Number three, transportation electrification. Passenger and commercial electrification is a generational change, and what is required to enable full potential is charging infrastructure. And this is where Orion plays. Number four, state-LED fluorescent lighting bans. This is a very exciting and never before seen accelerator for the LED lighting industry, which will play out over the next 5 years. And lastly, BAA and BABA. Orion is uniquely positioned to capitalize on the increasing focus of bi-American initiatives at the federal and state levels due to our domestic manufacturing capabilities. We also see the potential for decreasing interest rates to act as a catalyst to accelerate customers LED and EV charging projects. While the Fed's recent 50 basis point cut in the federal funds rate was a welcome reversal, we expect it will take time before their planned easing of rates becomes a more meaningful factor than our customers' decision-making, particularly with those customers who are now waiting on further rate reductions. Certainly, a lower-rate environment further enhances the business case for our suite of solutions. We remain excited about our long-term prospects and our revenue growth outlook for fiscal 2025 and moving into next year. Our confidence is based on our competitive strength of our diversified platform of product and services that we have developed to help our customers meet their business, environmental, and sustainability goals. As we previewed last week, we have revised our fiscal 2025 revenue growth outlook to an increase of approximately 10% over fiscal 2024 from a prior outlook of 10% to 15% growth. As we have outlined, this revision is principally due to the delay of certain LED lighting projects into the second half of fiscal 2025. And as a result, we currently expect the balance of our revenue to be weighted more towards our fiscal 2025 fourth quarter. And we expect to generate positive adjusted EBITDA in the second half of fiscal 2025 and neutral for the full year. Let me now turn to Per Brodin, our CFO, for some further details and perspective on our financial performance. Per Brodin : Thank you, Mike. Q2 2025 revenue was $19.4 million versus $20.6 million in Q2 2024, principally reflecting the delay of some anticipated LED lighting projects in the recent period, which we now expect to start later this fiscal year. Additionally, the year-over-year lighting segment revenue comparison was impacted by a large DoD retrofit project in Europe that benefited the year ago results but was completed in the first quarter of the current fiscal year. In contrast, our EV charging station segment revenue grew 40% to $4.7 million in Q2 2025 from $3.4 million in Q2 2024. The Q2 2025 performance benefited from construction contracts for customers of Eversource Energy's EV Make Ready program, as well as follow-on orders from a large Boston Public Schools pilot school bus project. Our maintenance services segment also grew to $3.8 million in Q2 2025 versus $3.6 million in Q2 2024, as new opportunities more than offset the impact of the last legacy Stay-Lite lighting contracts. Looking at the first six months of fiscal 2025, revenue rose 2.8% to $39.3 million from $38.2 million in the prior year period, also driven by EV segment growth. Overall, our gross profit percentage, or gross margin, increased 90 basis points to 23.1% in Q2 2025 versus 22.2% in Q2 2024, driven principally by maintenance, segment profitability improvements as a result of Orion's pricing discipline. Gross margin on Orion's maintenance services improved 2,300 basis points compared to the prior year quarter. Reflecting the turnaround in the maintenance segment margins and our overall growth outlook, we expect Orion's blended gross margin to reign strong in the remainder of fiscal 2025. Operating expenses decline to $7.7 million in Q2 2025 from $8.7 million in Q2 2024, principally due to fixed costs and other compensation-related reductions and a $500,000 reduction in the Voltrek earnout expense accrual versus Q2 2024. Q2 2025 included $300,000 of combined severance and restructuring expense in the maintenance segment, reflecting actions to right-size this business following the roll-off of unprofitable legacy accounts. In total, we have incurred severance and restructuring costs of $700,000 in the first six months of fiscal 2025. We believe our maintenance services restructuring activity is now substantially complete. I do want to highlight that outside of our actions in the maintenance business, we have continued to pursue other efficiency and productivity improvements that have contributed to margin and cost benefits in our LED manufacturing and corporate overhead. The improvement in gross profit percentage and lower operating expenses led to Orion's Q2 2025 net loss improvement to $3.6 million or $0.11 per share from $4.4 million or $0.14 per share in Q2 2024. Cash used in operations was $2.5 million through the first six months ended September 30, 2024. So Orion generated positive cash flow from operations in Q2 2025. The year-to-date use of cash is primarily due to our net loss, adjusted for non-cash expenses and working capital requirements. Orion paid down $1 million on its revolving credit facility in Q2 2025, and cash increased to $5.4 million at September 30 versus $5.2 million at year end, which includes the benefit of proceeds from a bank mortgage facility securing Q1 2025. Also effective October 30th, we extended the maturity of our revolving credit facility with Bank of America from December 2025 to June 2027. Current assets less current liabilities or net working capital was $13.1 million at the close of Q2 2025 versus $16.8 million at March 31st, 2024. Orion's financial liquidity was $13.1 million at September 30, 2024 as compared to $15.3 million at March 31, 2024. Considering our growth outlook and financial liquidity, we believe we are in good position to fund our business and growth goals for fiscal 2025. Before I turn the call over to the operator, I want to announce that we have two remaining investor conferences this calendar year, and we welcome your participation. We will participate in the Virtual Investor Summit on Thursday, November 21st. In addition, we plan to present in person at Singular Research's 19th Annual Best of the Uncovered Conference in San Francisco on Thursday, December 12th. Details for these events will be announced separately and posted to our investor relations page. And with that, let's please start the Q&A session. Q&A Session Operator: Thank you. At this time, we'll conduct the question-and-answer session. [Operator Instructions] Our first question comes from the line of Eric Stein with Craig-Hallam Capital Group. Your line is now open. Eric Stein: Hi. Good morning. So maybe as you talked about the 10% year-over-year revenue growth expectation, can you just talk through a little bit how you see that playing out between the various segments I mean — obviously EV charging up I think you tempered your expectation for maintenance you know is this something where you expect even with the project pushouts that LED that the lighting is flat up down how should we think about that? Mike Jenkins: Yeah we do expect our LED lighting business to recover in the second half of the year and accelerate especially into our quarter four. We do expect our EV business to maintain a similar pace or even slightly above, as we head into the second half. And from a maintenance standpoint, we've been very pleased with the revenue recovery that we've seen post restructuring and essentially exiting those several unprofitable contracts and so we do think that the maintenance business now will come in slightly under the range that we announced as we went into the year of being down $4 million to $5 million. Obviously though a much more profitable business in contributing to our bottom-line. Eric Stein: Got it. And you did just touch on this but maybe a little more on it. Is this, and maybe you said it in the prepared remarks and I missed it, but is this something we should think about results being more skewed to 4Q versus 3Q in light of what you just said? Mike Jenkins: Absolutely. Yep. We do expect a stronger Q4. Eric Stein: Got it. And then, I mean, I can appreciate, and I know that these are all really customer-directed project push-outs, but is there any way that you internally are looking at this and saying, how can we better anticipate this in our outlook or just in the overall business going forward because it's been kind of a frequent issue you've had with some of your customers? Mike Jenkins: Yeah, it is a very challenging thing, Eric. I mean, obviously we talk about that quite a bit. It's difficult to anticipate when individual customers may push things out because it's related to other projects that they may have as a company, ex cetera. The best thing that we can do as a company, because we don't necessarily control that, is to continue to build our pipeline so that we have more projects and more contingency around that. So when those things do occur, we have enough other pipeline that can overcome it. So that's really our focus and we're — as I referenced in my remarks, we're pleased to see the growth in our pipeline with some very exciting new projects in the works. Eric Stein: Okay, thank you. Mike Jenkins: Thank you. Operator, are you there? Operator: Oh, yes, excuse me. Our next question comes in the line of Amit Dayal with HC Wainwright. Your line is now open. Amit Dayal: Thank you. Good morning, everyone. Mike Jenkins: Good morning, Amit. Amit Dayal: Just at the macro level, guys, you know, with respect to the election results, Any impact or exposure to the discussed sort of tariff changes that may be implemented? Mike Jenkins: Yeah, I mean that's an interesting point. If there were to be further tariffs that were put in place against China or really across the board any import situation, certainly we do get a number, as the entire industry does, components from abroad. At the same time, you know, being a domestic manufacturer, we have a lot of our content which comes from local and domestic sources as well. So, if that would be put in place, I would say that in general should be favorable for Orion, particularly in the lighting business relative to our competitors. Amit Dayal: Understood. And then along those lines, right, I mean, you know, we've seen a lot of manufacturing build-out happening here in the US. How are you positioned to, you know, participate in some of those opportunities? It looks like from the commentary that you may already be involved in, at least bidding on some of this on-shoring related infrastructure build-out. Can you give us any clarity on what from there is in the pipeline that you are trying to participate in? Mike Jenkins: I'm going to repeat the question back to make sure I have it correctly, Amit. So basically it's about some of the on-shoring investments in terms of new capacity and buildings and those types of things as a result of on-shoring. Amit Dayal: Manufacturing buildings that are coming up, warehouses are coming up, you know, to support all of this on-shoring activity. Just want to understand, you know, if you're already participating in some of that or are you — [indiscernible] to participate in that? Mike Jenkins: Yeah. Okay. I understand now. Thank you. Absolutely, we do. We — that's — new builds is a significant part of our distribution business and really our focus there and that's still a project business through our distribution channel. So that market in general for new builds has been a little soft for everyone due to cost of capital reasons and those types of things. So the on-shoring is a counter to some of those trends from cost to capital but we are very active in that space and as I referenced in my remarks Triton Pro which is our new product line launched last year is doing quite well and is very well-positioned for that new build market as well as retrofits. Amit Dayal: Understood. That's all I have guys. I'll take my other questions offline. Thank you so much. Mike Jenkins: Thank you, Amit. Operator: Thank you. [Operator Instructions] Your next question comes to the line of Bill Dezellem with Tieton Capital Management. Your line is now open Bill. Bill Dezellem: Thank you. Good morning. Group of questions here. Let me start, if I may, with the restructuring that you did. Would you please walk through in a bit more detail what it was that you did? Mike Jenkins: Morning, Bill. Say that there were a couple of primary components within the maintenance division. As part of the lapse of the contracts that did not achieve the kind of pricing levels that we had hoped. We scaled back on the level of our self-performed technician force. So that would have been within COGS that we took out personnel that were self-performing within our maintenance division. Then there were some also supporting people that also supported those contracts which were also a component of COGS. So that's what that severance related to. There were some G&A costs also taken out, the largest of which was the lease facility that they operated out of, which the $300,000 charge that we incurred in Q2, about half of that was a lease breakage fee to get out of that lease. Bill Dezellem: Great. Thank you. And then you had – I'm sorry Per go ahead. Per Brodin: And I… Oh, I'm sorry, Per. Go ahead. Per Brodin: Yeah, I was going to clarify one thing. For the Q2 costs of $300,000, all those costs would have been, I'll say, charged to G&A, just if you're considering that from what line those hit. Bill Dezellem: Great, thank you. And then relative to the comments that you expect a larger weighting of LED in the second half, does that imply that the EV charging is going to be more challenging, either because projects are finishing or for some other reason? Mike Jenkins: Hi Bill, it's Mike. No, that was not what I meant to imply at all. What my comments were meant to say is that we exceed, we plan to see LED lights grow in the second half. The EV business will — we were up 40% in the quarter. We continue to see that level of growth plus in the second half of the year. So, LED will continue to be our strongest growth component, but we do expect lighting to grow significantly in the second half as well. Bill Dezellem: Okay, great. That's helpful. And then I'm going to ask one question that maybe is a bit unfair, but I'd love your perspective. As you think about these lighting projects that were delayed, why were they not forecasted? And I recognize almost inherently in the question, a delay would imply not forecastable. But I guess I'm going to toss that out and try to understand your perspective, please. Mike Jenkins: Sure. You know, I'll give you an example. You know, we were working with a large technology company. The projects have been in the works for several years and you know they had given us indications as to what their schedule was and when these projects would start and so — we try and be as conservative as we can, and so we take a portion of that, but obviously we have to recognize when customers say the projects are going to be active. So we want it to be realistic but conservative at the same time. And the reality was that due to some of the internal workings of that company, they were pushed-off as a project. And so those are things which are difficult for us to forecast exactly when we can initiate with a company because obviously this is one of several CapEx projects they have in the works and has to tie in with the rest of the company's financial performance and those types of things. So we certainly do our best and try and be conservative but realistic at the same time. And that was the nature of it. That's an example. Bill Dezellem: Thank you. Mike Jenkins: Thank you. Operator: Thank you. Our next question comes from the line of Gowshi Sri. Your line is now open with singular research. Thank you. Gowshihan Sriharan: Good morning. Can you hear me? Mike Jenkins: Yes we can. Good morning, Gowshi. Gowshihan Sriharan: Just on the project delays, going back to, is that a broader market trend or is there particularly sector focus affecting those projects and how will that the cadence for the revenue when those delays do come back? Is that primarily a fiscal 2025 event, or is that a flow through into fiscal 2026 as well? Per Brodin: Yeah so these delays that we've experienced you know there is been a variety of individual circumstances you know, I think there certainly has been some level of macro uncertainty, you know, now that we've gotten through the elections and those types of things and we see interest rates falling. As I referenced earlier in my comments, we are incredibly excited about the quoting activity that's going on right now. And I should reference that we had a very strong October in terms of orders. In fact, the strongest month of the year from an order standpoint and on or above kind of what our projections would be to realize our current annual projection. So these delays that occurred, they occurred for a variety of reasons. Some of them will activate in quarter three, some will activate in quarter four, and then some of them will carry over into fiscal 2026. Gowshihan Sriharan: Okay, okay. And on the EV pipeline, I know I think you guys mentioned it and updated it to $45 million to $50 million. I know last quarter you mentioned you had a target of around $18 million for the year and the highlight would be $11 million for the Eversource contract. I just want to get of that $18 million is there potential for exceeding that target and on the Eversource contract how much of that $11 million has been recognized as revenue to date? Per Brodin: Sure. On the Eversource contract, less than half of it has been realized in the first semester of the year. And then relative to the overall target for EV, we said our budget was $18 million and that we thought we could exceed that. And that's still our projection is that we will exceed the $18 million. Gowshihan Sriharan: Okay. On the Triton Pro product line, I think you gave it some color. What was the feedback that you received from customers? And I know you probably was part of that, was taking some market share. What are the numbers compared to your expectations? Per Brodin: The numbers are strong, as I indicated, $4 million year-to-date, over an $18 million pipeline for that product line. So I would say we're exceeding our expectations and we believe we will for this year. Customer feedback across the board is when we launched this product line, we believe that we were missing a ban of the market from a project standpoint. We certainly see that, that there are opportunities that we could not get had we not had this offering. And so some of those customers, we end up selling Triton Pro 2, which is great. We're happy to do that. Others, ultimately, that's a starting point, and we can trade up to higher performing products that are in Orion's offering. So overall, very happy with Triton Pro. Gowshihan Sriharan: Okay, awesome. And on the DoD project in Europe, I think if I understand you correctly, that has no further impact on the numbers. And I think you mentioned that there was a $10 million project that might commence soon. When will that start impacting the revenue line? Per Brodin: So you are correct on the DoD project that we referenced that we did in Germany last year. There was no revenue in the quarter for that. And relative to this new opportunity, yes, we do expect we have received POs. We expect that to start doing performing work for them yet this quarter. And again, that is a turnkey lighting project. We're providing both light products as well as turnkey management services to these clients. We are in the final stages of working through an extended multi-year contract for the entire project which we expect to be completed shortly. And once that's done, we will make further announcements. Gowshihan Sriharan: Awesome. Thank you, guys. Congratulations. And thank you for taking my questions. Per Brodin: Thank you, Gowshi. Operator: This concludes our Q&A session. I'll now turn the call back to Mike Jenkins for concluding remarks. Mike Jenkins: Thank you all for joining us today. We look forward to updating investors as we progress through the balance of fiscal 2025 and hope to see or speak with you at upcoming investor conferences. Please contact our investor relations team for details of upcoming events with any questions regarding today's call or to schedule a meeting. Their contact information is in today's press release. Thanks again. Operator: Thank you. This concludes today's conference call.
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